Posted on 11/29/2009 7:45:07 PM PST by dynachrome
After you've gotten your Dubai fill, take a break and check out the situation in Greece.
Here's the Telegraph from earlier this week:
When the European Central Bank's Jean-Claude Trichet said last week that certain sinners on the edges of the eurozone were "very close to losing their credibility", everybody knew he meant Greece.
The interest spread between 10-year Greek bonds and German bunds has jumped to 178 basis points. Greek debt has decoupled from Italian debt. Athens can no longer hide behind others in EMU's soft South.
"As far as the bond vigilantes are concerned, the Bat-Signal is up for Greece," said Francesco Garzarelli in a Goldman Sachs client note, Tremors at the EMU Periphery.
The newly-elected Hellenic Socialists (PASOK) of George Papandreou confess that the budget deficit will be more than 12pc of GDP this year, four times the original claim of the last lot. After campaigning on extra spending, it will have to do the exact opposite. "We need to save the country from bankruptcy," he said.
Good luck. Communist-led shipyard workers have already clashed violently with police. Some 200 anarchists were arrested in Athens last week after they torched streets of cars in a tear gas battle.
(Excerpt) Read more at businessinsider.com ...
This could be like dominoes... with country after country going down and taking the next with it.
Socialism is failing world wide.
B.O.H.I.C.A. Greece(!), oh wait they’re used to it.
It was the Greeks themselves who voted for a socialist government. They got it. Now let them have their fun with it.
I thought Greece was already an economic basket case already.
It is the first developed country on either side of the Atlantic to push unfunded welfare largesse to the limits of market tolerance.
From the Telegraph how telling.
Dubai Crisis May End in ‘Major’ Default, BofA Says (Update3)
http://www.bloomberg.com/apps/news?pid=20601087&sid=a8RD8uqjoLCQ&pos=2
Greece is an example of how the European Union will pauperise the outlying countries like Greece, which has no natural resources, but is saddled with double transport costs to market of its manufactured goods. Result, permanent higher unemployment or lower wages.
That is what these jackasses don't seem to understand.
The American consumer held these societies up for the last 50 years. If we go down their path and destroy the American consumer, we usher in a new dark ages for everyone.
Soon, there would be no one to compare to or to remember that bread lines are not normal or necessary and that store shelves weren't always empty.
It is Sweden that loaned billions to Greece and other Balkan and SE European countries...look for big trouble in Swedish Banks as fallout....and, then?...
Some more detail:
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