Page 2 of 4 FirstFirst 1234 LastLast
Results 11 to 20 of 34

Thread: Greek Prime Minister to Form New Government

  1. #11
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Greek Prime Minister to Form New Government

    today: Greece Budget Hole Threatens to Swallow Europe - Bloomberg

    some of the salient sub headlines: pretty hopeless, reform fatigue, north-south split, investor flight...

    default, anyone?

    debt ceilings?

  2. #12
    Sage

    Join Date
    Oct 2007
    Location
    New York
    Last Seen
    12-13-17 @ 12:40 PM
    Gender
    Lean
    Centrist
    Posts
    11,691

    Re: Greek Prime Minister to Form New Government

    From CNBC:

    Breaking News: Greece Agrees on 5-Year Austerity Plan With EU, IMF - Reuters (Story developing)
    The big issue remains as to whether Greece will succeed in using the time this deal/next installment of EU/IMF funding gives it to begin to tackle its structural fiscal problems.

  3. #13
    Sage

    Join Date
    Nov 2009
    Last Seen
    Today @ 12:11 AM
    Gender
    Lean
    Slightly Liberal
    Posts
    8,358

    Re: Greek Prime Minister to Form New Government

    Quote Originally Posted by donsutherland1 View Post
    From CNBC:



    The big issue remains as to whether Greece will succeed in using the time this deal/next installment of EU/IMF funding gives it to begin to tackle its structural fiscal problems.
    No the big issue is can Greece hold on long enough for the European banks to get healthy enough to sustain the losses they will take when it has to default.

  4. #14
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Greek Prime Minister to Form New Government

    last we heard (june 13), s&p was particularly worried that this latest greek bailout IS in itself a default

    "risk of implementation," is what s&p calls it

    a "debt writedown" is how the former moody's head of sovereign risk quoted by bloomberg describes things

    Greece Branded With World's Lowest Rating

    "a default is inevitable," even alan greenspan said as much

    it's a lot like our debt ceiling debate here in the states

    there are two models---cuomo's and the eu's

    which way will washington and the world wander?

  5. #15
    Banned
    Join Date
    Feb 2011
    Location
    Everywhere and Nowhere
    Last Seen
    03-07-12 @ 03:28 AM
    Lean
    Independent
    Posts
    3,692

    Re: Greek Prime Minister to Form New Government

    All I can do is shake my head.

    How was this allowed to happen? Whoever is responsible needs to be brought to justice.

  6. #16
    Sage

    Join Date
    Oct 2007
    Location
    New York
    Last Seen
    12-13-17 @ 12:40 PM
    Gender
    Lean
    Centrist
    Posts
    11,691

    Re: Greek Prime Minister to Form New Government

    Quote Originally Posted by washunut View Post
    No the big issue is can Greece hold on long enough for the European banks to get healthy enough to sustain the losses they will take when it has to default.
    One would hope that during the interval in place that the banks will take measures to improve their capacity to deal with any possible default by Greece. Such preparation can't hurt, even if Greece never defaults, as it would lead to gains in competitiveness.

  7. #17
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Greek Prime Minister to Form New Government

    today: CNBC: Greece is still going to default

    This is how quickly the European debt crisis devolves: Austerity, viewed by markets as saving grace for Greece just a day ago, has quickly moved into irrelevance as banks and insurers continue to find a path around default.

    No doubt cutbacks are an integral part of the Greek future.

    Violent street protests aside, the county’s financial standing simply won’t allow it to continue along the path of bloated government, massive public giveaways and the debt-on-top-of-debt strategy it has employed for too long.

    But without some type of structural default on its current obligations, all the austerity in the world won’t make Greece’s problems go away.

    “Greece and a number of other European countries cannot repay their debt. In fact they will never be able to repay their debt under current conditions because their economies are not competitive globally,” banking analyst Dick Bove at Rochdale Securities wrote in an analysis. “Therefore, these countries must, and in my judgment will, repudiate their debt.”

    Indeed, looking at Greece’s onerous debt maturity schedule, it is almost impossible to imagine another alternative.

    Starting with a 2.4 billion-euro repayment on July 15, Greece then has to pay, in euros: 900 million on July 19, 1.5 billion on July 20 and 1.6 billion on July 22. August doesn’t get much better, when the nation has a 1.6 billion-euro payment due on Aug. 19 and 9 billion euros due to the next day.

    The main problem with default, of course, is that it will lead to a financial crisis.
    debt ceilings, anyone?

  8. #18
    Banned
    Join Date
    Feb 2011
    Location
    Everywhere and Nowhere
    Last Seen
    03-07-12 @ 03:28 AM
    Lean
    Independent
    Posts
    3,692

    Re: Greek Prime Minister to Form New Government

    ^ The financial institutions have entire countries by the balls. I think Greece should just not pay, and look after itself.

  9. #19
    Sage

    Join Date
    Jul 2009
    Last Seen
    05-16-15 @ 02:32 PM
    Lean
    Undisclosed
    Posts
    12,537

    Re: Greek Prime Minister to Form New Government

    Billionaire investor George Soros said it’s “probably inevitable” that a mechanism will be put in place to allow weaker economies to exit the euro.

    “There’s no arrangement for any countries leaving the euro, which in current circumstances is probably inevitable,” Soros, 80, said at a panel discussion in Vienna yesterday on whether liberal democracy is at risk in Europe. “We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread. The financial system remains extremely vulnerable.”

    “I think most of us actually agree that” Europe’s crisis “is actually centered around the euro,” said Soros. “It’s a kind of financial crisis that is really developing. It’s foreseen. Most people realize it. It’s still developing. The authorities are actually engaged in buying time. And yet time is working against them,” he said.
    Soros Says a Euro Exit Mechanism Is Probably Inevitable
    Last edited by The Prof; 06-28-11 at 08:39 AM.

  10. #20

Page 2 of 4 FirstFirst 1234 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •