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Thread: Greek Prime Minister to Form New Government

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    Re: Greek Prime Minister to Form New Government


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    Re: Greek Prime Minister to Form New Government

    From Reuters:

    A deeper-than-expected recession caused Greece's central government deficit to widen by almost one third in the first half of the year, widely missing an interim budget target under the country's bailout plan, the finance ministry said on Monday...

    The budget data refer to the state budget deficit which excludes local authorities and social security spending and does not coincide with the general government shortfall -- the benchmark for the EU's assessment of Greece's fiscal progress.
    Greek budget gap widens, misses targets | Reuters

    The outcome of a steeper-than-expected recession is actually par for the course for austerity programs. IMO, the design of such programs needs to take that outcome into consideration e.g., reaching for more ambitious targets than those that are necessary to stabilize a country's finances. In other words, revenue increases/expenditure reductions need to be greater than what is needed to close budget gaps. Otherwise, when economic growth is weaker than expected/contraction is greater than expected, the austerity measures will be inadequate. That's what happened in Greece to date. Such an outcome raises issues as to whether the latest agreement will prove adequate down the road.

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    Re: Greek Prime Minister to Form New Government

    yes, the issue is certainly raised

    greenspan: "you almost have to say there's no way out"

    bloomberg: "pretty hopeless"

    cnbc: even with the bailout "greece is still going to default"

    soros: "exit mechanism inevitable"

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    Re: Greek Prime Minister to Form New Government

    today:

    European Union leaders are poised to hold an emergency summit after finance ministers acknowledged for the first time that some form of Greek default may be needed to cut Athens' debts and stop contagion to Italy and Spain.
    Europe considers Greek default, leaders to meet - Yahoo! News

    existential threat to eu?

    reuters raises the question

    is the wire service out of line?

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    Re: Greek Prime Minister to Form New Government

    today: RPT-UPDATE 2-European summit needs to be game-changer - Irish PM | Reuters

    ireland downgraded to junk, moody's warns of 2nd bailout for emerald isle

    portugal called junk last week

    this latest freakout in brussels precipitated by "market attack" on italy late last week---yields on 10 yr bonds suddenly soared to 6+%

    fyi

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    Re: Greek Prime Minister to Form New Government

    today: Italy's borrowing costs soar - FT.com

    Italy’s borrowing costs soared to their highest level in over a decade amid highly volatile trading as market contagion from Greece forced Silvio Berlusconi to appeal for national unity and “sacrifices” to cut the nation’s debt mountain.
    berlusconi's feud with finance minister tremonti plays a part

    the pm wants his austerity plan passed by friday

    french yields on 10 year's up .7%

    "france is now trading like spain and italy did"

    contagion, anyone?

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    Re: Greek Prime Minister to Form New Government

    today: Italy under fire in widening euro debt crisis - Yahoo! Finance

    Financial market pressure on Italy intensified on Tuesday, sucking Europe's second biggest debtor nation deeper into the euro area danger zone and prompting emergency consultations in Rome and among European capitals.

    Italian and Spanish bond yields hit their highest levels in 14 years, with five-year Italian yields reaching the same level as Spain's in a sign Rome is overtaking Madrid as a key focus of investors' concern about debt sustainability.

    Italy's stock index fell 2.5 percent to its lowest in more than 27 months, dragged down by banks that have heavy exposure to Italian debt. European shares hit a 9-month low amid worries that slowing economic growth will make it even harder to overcome the euro zone's debt troubles.

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    Re: Greek Prime Minister to Form New Government

    Quote Originally Posted by Lord Tammerlain View Post
    I cant see Greece being able to avoid default

    The culture within Greece is too ingrained to allow for the various self interest groups to work together to see the required changes within the Greek economy, let alone within the government. It will require a default and the collapse of the economy to see the required changes being made. What will benifit Greece (or at least the mobile) is membership in the EU, which will allow many to move to other parts of the EU to seek work in the short term
    I read a German article about their political system and how corrupt it is over there... it really sounds like they could do a lot more to fix the issues, but the government doesn't have the balls to make the necessary changes so everybody is suffering. I wish I could find that article, because it was very revealing about the stubborn culture of politics and how it's working against the people.

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    Re: Greek Prime Minister to Form New Government

    today: Silent Bank Run in Greece | World news | The Guardian

    In one of the biggest banks in the centre of Athens a clerk is explaining how his savers have been thronging to pull out their cash.

    Wary of giving his name, he glances around the marble-floored, wood-panelled foyer before pulling out a slim A4-sized folder. It is about the size of a small safety-deposit box and those, ever since the financial crisis hit Greece 18 months ago, have become the most sought-after financial products in the country. Worried about whether the banks will stay in business, Greeks have been taking their life savings out of accounts and sticking them in metal slits in basement vaults.

    The boxes are so popular that the bank has doubled the rent on them in the past year and still every day between five and 10 customers request one. This bank ran out of spares months ago. The clerk leans over: "I've been working in a bank for 31 years, and I've never seen a panic like this."

    Official figures back him up. In May alone, almost 5bn (4.4bn) was pulled out of Greek deposits, as part of what analysts describe as a "silent bank run". This version is also disorderly and jittery, just not as obvious. Customers do not form long queues outside branches, they simply squirrel out as much as they can. Some of that money will have been used to pay debts or supplement incomes, of course, but bankers put the sheer volume of withdrawals down to a general fear about the outlook for Greece, one that runs all the way from the humble rainy-day saver to the really big money.

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