Posted on 04/18/2011 5:41:04 AM PDT by PapaBear3625
LONDON - Global stocks sank Monday as investors fretted over a possible Greek debt default, a day after China's central bank took another anti-inflation move in an attempt to get a grip on fast-rising consumer prices.
In addition, huge election gains for a nationalist euroskeptic party in Finland added to the tensions over Europe's debt crisis, on a day that Portugal began discussions on a financial bailout and Spain had to pay much higher interest rates to borrow in the markets.
...
"The victory of the True Finns party in yesterday's general election in Finland will make further bailouts much more difficult to achieve," said Gabriel Stein, an analyst at Lombard Street Research. "Conversely, it makes sovereign defaults far more likely."
(Excerpt) Read more at 570news.com ...
The potential for a Greek default puts additional pressure on those who declare that throwing more money down the rat hole is a good idea
I thought Greece was all fixed by the EU?
Nah, their PM said that Greece will pay it all back down to the last cent...unlike the other 5 times they went bankrupt.
Finnish “Tea Party” rattles Europe...
No more bailouts. Let these countries slide into the abyss. Even with the bailouts, Greece has failed to put it’s fiscal house in order. They are like a chronic alcoholic. All the 28-day programs are not going to help. They need to hit rock bottom before they can hope to recover. Bailouts just make the problem worse and delay the inevitable. As does lifting the debt ceiling in the U.S..
Let the Greeks go belly up! They all cheat on their taxes & claim false junk to get extra $ & the rest of Europe is paying for it...just like they will pay for Spain, Portugal & Ireland.
The best thing would be for Germany to pull out of the eurozone & tell the rest of ‘em to go pound sand. The Germans would be happy again w/ the Deutsch Mark & soon all of the eurozone would go belly up. Next, bankrupt free spending socialist states like Greece, Portugal, Spain & Ireland would have to face the music. As it is now, EVERYONE knows that regardless of what they do, the EU will bail ‘em out. One day, they might just find out that their free lunch will end... Best thing for ‘em, actually!
I need the Euro to be about $1.24 and the GBP to be at $1.40 by June 14th. K? thx
My 401k holds very little bonds so I feel pretty safe in assuming there’s no Greek, Irish or Portugese bonds in my portfolio. Junk bonds in the 80’s = government bonds of 2011....
Just like politicians everywhere in the Western world, the Greeks are addicted to social spending for political gain. Some hard lessons are going to be re-learned.
As Margaret Thatcher once said about socialism : “Eventually, you run out of other people’s money”.
The True Finns posted big gains in yesterday's election, gaining 34 seats where EVERY other party lost seats. Business Insider says:
If the True Finns are excluded from the new Finnish national government, its numbers will likely grow. If their "message" is ignored by the new government, the True Finns will likely grow faster. Who knew that Finnish politics was so interesting?
Greece acts like a bunch of drunks. Can’t we put them on a 12-step program or something? “Hi. I’m Greece and I’m a stupid spender.” “Hi Greece.”
“Hi. I’m Greece and I’m a stupid spender.” “Hi Greece.”
“Hi. I’m USA and I’m a stupid spender too.” “Hi USA.”
No doubt, we’ll be sitting in the same class like greece.
It looks like we’re in a synchronous downfall with the euro.
Comex Gold Rallies, Closing in on $1,500.00, as U.S. Debt Outlook Downgraded
http://www.freerepublic.com/focus/f-news/2706581/posts
Well, yeah-—this is the same bunch of inbred greaseballs that can’t get around to fixing the roof on their own Parthenon. It seems like they are all out of room to “build new” and just let the old stuff waste away. We have a bit of the same problem here when politicians would rather get money for new stuff than maintain the existing plants/buildings. And while the Krautz are better off they have the same socialist welfare class problems that the rest of Euro does. Angela seems to have quit mailing 20 billion euro checks to the rest of the deadbeats.
Why don’t the Greeks just raise their debt ceiling? Apparently that’s the only thing needed to keep from going into default.
I work with a Greek who lives here. Nice guy named Makis.
He is going back to Greece to visit family in Athens so he can have about $75,000 worth of medical tests done.
Want an MRI? no problem 100% covered.
Think you would like a $25,000 cardiac cath done? just ask.
He went on for awhile about how wonderful it was before I asked. “Then why are you here?”
Blank stare.
Wonder why Greece will default?
>Why don’t the Greeks just raise their debt ceiling? Apparently that’s the only thing needed to keep from going into default.
Because they do not have their own sovereign currency, thats why.
They gave that away to the Gods of the EU
Your reply was serious... :-)
I was being sarcastic with regard to the current debate here that seems to indicate we can just endlessly raise the debt ceiling to keep from going into default.
the government is the drunk and they are the moochers and have put the producers on the program to fund the government drunkeness.
I would bet that many of the cronys have taken aid money and put it in personal accounts offshore/outside of the country.
Private business should not be mistaken for the ecconomic failure of governments.
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