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"Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout...It found that even if Greece implemented all the austerity measures expected of it, and if it achieves highly optimistic economic growth targets, it will still fall short of what is needed, with debt likely to total 129 per cent of GDP in 2020. But the European Central Bank and the Eucopean Commission are, for now, lining up with Mrs Merkel to push for the rescue attempt to continue, fearful that the financial tsunami that would be unleashed if it failed would swamp the eurozone."
The article goes on to say that the German finance minister thinks that the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that no government would be able to implement them. They are asking Greece to reduce the minimum wage, cut mass redundancies in the public sector, and slash both the health and defence budgets.
March 20 is the drop dead date when Greece has to come up with €14.5 billion before the EU-IMF will give them any money. They expect banks, insurance companies and funds (?) to give up 70 percent of their claims and that Wall Street is rumored to be preparing for a default.
There is talk that China will fund more EU debt and less US debt.
What do you think? Will they default? Will they be kicked out of the EU? And what is the implication for the US? Could this possibly impact the November elections here?
It is something you have to weigh in mind when investing. It is a small world, it will definitely effect us. Only someone who has killed off too many brain cells would think otherwise.
It is something you have to weigh in mind when investing. It is a small world, it will definitely effect us. Only someone who has killed off too many brain cells would think otherwise.
I definitely agree.
This is a lesson to the U.S. that we better start addressing our debt issues. We're already oversold to China and our economy isn't in the best shape.
"Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout...It found that even if Greece implemented all the austerity measures expected of it, and if it achieves highly optimistic economic growth targets, it will still fall short of what is needed, with debt likely to total 129 per cent of GDP in 2020. But the European Central Bank and the Eucopean Commission are, for now, lining up with Mrs Merkel to push for the rescue attempt to continue, fearful that the financial tsunami that would be unleashed if it failed would swamp the eurozone."
The article goes on to say that the German finance minister thinks that the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that no government would be able to implement them. They are asking Greece to reduce the minimum wage, cut mass redundancies in the public sector, and slash both the health and defence budgets.
March 20 is the drop dead date when Greece has to come up with €14.5 billion before the EU-IMF will give them any money. They expect banks, insurance companies and funds (?) to give up 70 percent of their claims and that Wall Street is rumored to be preparing for a default.
There is talk that China will fund more EU debt and less US debt.
What do you think? Will they default? Will they be kicked out of the EU? And what is the implication for the US? Could this possibly impact the November elections here?
Greeks want to live as Gods and they produce no money.
That is a difficult child the EU has to feed constantly.
"Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout...It found that even if Greece implemented all the austerity measures expected of it, and if it achieves highly optimistic economic growth targets, it will still fall short of what is needed, with debt likely to total 129 per cent of GDP in 2020. But the European Central Bank and the Eucopean Commission are, for now, lining up with Mrs Merkel to push for the rescue attempt to continue, fearful that the financial tsunami that would be unleashed if it failed would swamp the eurozone."
The article goes on to say that the German finance minister thinks that the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that no government would be able to implement them. They are asking Greece to reduce the minimum wage, cut mass redundancies in the public sector, and slash both the health and defence budgets.
March 20 is the drop dead date when Greece has to come up with €14.5 billion before the EU-IMF will give them any money. They expect banks, insurance companies and funds (?) to give up 70 percent of their claims and that Wall Street is rumored to be preparing for a default.
There is talk that China will fund more EU debt and less US debt.
What do you think? Will they default? Will they be kicked out of the EU? And what is the implication for the US? Could this possibly impact the November elections here?
Where does that leave the US? Err... Western Hemisphere?
What kind of shape was Greece in when they let them join the EU? Anyone know? I'm trying to figure out if they could have seen this coming back then.
I know. They were almost a third world country. Their infrastructure was very poor, nothing was run on time, tax evasion was widespread, government was corrupt, they had budget deficits of 10% per year, and had run up debt from 30% to 100% in 10 years.
Greece should never have been let into the EU, but the EU bureaucrats are uneducated in financial issues, in economics, and they are living in an idealistic bobble. They thought Greece would change, but they never did. Greece got help from Goldman Sachs to hide their finances. EU never bothered to check if the numbers were correct or not, because they trusted the Greeks.
This crisis could have been resolved if the politicians did what was needed in 2010 or even in 2011. They never did, just kicked the can further along. EU is a mess due to politicians, and will keep being a mess till they resolve the problem of democratic deficit, and lack of national sovereignty.
The EU is EUROPE, not the US.
The US needs to mind its own business and stay out of the rest of the world.
Isolationist or you don't believe in the ripple effect?
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