Posted on 08/08/2013 10:08:33 AM PDT by whitedog57
Today, President Obama is meeting with the Greek Prime Minister. Hopefully the President isn’t seeking fiscal tips from Greece!
Sadly, unemployment in Greece continues to rise and is at 27.6%.
greekunemp
Even more sad, Eurostat Unemployment Greece People Under 25 Year of Age is 58.7%. Appartently, Greece is “No Country For Young Men,” like the USA.
greekyouthunemo
Clearly, unemployment in Greece is a sad and terrible problem. To rub salts in their wounds, Greece’s international lenders are pressuring the coalition government led by Prime Minister and New Democracy Conservative leader Antonis Samaras again to lift a ban prohibiting banks from confiscating homes worth more than 200,000 euros ($260,000) of Greeks who can’t afford to pay their mortgages because of daunting austerity measures.
In other words, Greece has a moratorium of sorts on mortgage foreclosures (similar to California’s moratorium). California attorney general Kamala Harris even asked Fannie Mae and Freddie Mac for a foreclosure moratorium.
And The Troika now wants the Greek moratorium to end.
Non-performing loans in Greece are still rising and have hit 22.505. So you can see the problem facing Greece.
greecenploans
I advise Greece not to adopt the eminent domain idea for mortgages as is being considered in California.
The Troika is NOT recommending mortgage house or mortgage seizures like the California cities of Richmond and El Monte are considering. The Troika is requesting that the moratorium be lifted.
The Greeks sought to prevent mortgage foreclosures much like the California AG Kamara Harris. Moratoriums are a BAD idea if you want markets to heal.
Kalamata Harris?
220px-Kamala_Harris_Official_Attorney_General_Photo
Waiting for the part of the story where President Urkel gives Greece a multi-billion dollar bailout check (from his private stash of obama-money).
The Greek Prime Minister is apparently looking into the bonanza that might be called OBAMANOMICS ...
AKA as monetary insanity.
The end result of this will be a “new Eastern Bloc” of countries willing to band together and give the finger to the IMF and international bankers.
Greece's international lenders are pressuring the coalition government led by Prime Minister and New Democracy Conservative leader Antonis Samaras again to lift a ban prohibiting banks from confiscating homes worth more than 200,000 euros ($260,000)... a moratorium of sorts on mortgage foreclosures (similar to California's moratorium). California attorney general Kamala Harris even asked Fannie Mae and Freddie Mac for a foreclosure moratorium.And Zero said the two FMs should be got rid of.
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