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Merkel: There Is "No Possibility" Of Bailing Out Greece
Business Insider ^ | 02/28/10 | Joe Weisenthal

Posted on 02/28/2010 6:09:52 PM PST by TigerLikesRooster

Merkel: There Is "No Possibility" Of Bailing Out Greece

Joe Weisenthal | Feb. 28, 2010, 8:00 PM | 761 | comment 13

As Europe begins what's sure to be a very hectic week, the volume of conflicting statements about the Greek bailout is truly stunning.

There have been multiple reports of some kind of deal worth $30-$34 billion, and yet check out what Germany's Angela Merkel told German TV, according to the Sydney Morning Herald:

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Foreign Affairs; Germany; News/Current Events
KEYWORDS: bailout; economy; eu; euro; germany; germnay; greece; merkel
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So they must be punting the job of bailout to IMF. I think that is what EU wants.
1 posted on 02/28/2010 6:09:52 PM PST by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

P!


2 posted on 02/28/2010 6:10:10 PM PST by TigerLikesRooster (LUV DIC -- L,U,V-shaped recession, Depression, Inflation, Collapse)
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To: TigerLikesRooster

Big lost of face if the IMF does the bailout.


3 posted on 02/28/2010 6:10:51 PM PST by C19fan
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To: TigerLikesRooster

Give that lady a whip and a leather coat and let her beat those Greeks into submission.


4 posted on 02/28/2010 6:12:01 PM PST by BRL
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To: BRL
She is looking a little tense, like she's missing GWB and his magic touch:
5 posted on 02/28/2010 6:15:44 PM PST by RC one (WHAT!!!!)
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To: BRL

Did someone say leather?


6 posted on 02/28/2010 6:16:55 PM PST by OKSooner (NoMoBHO)
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To: TigerLikesRooster

No need for the Germans or the EU to do it.

The US will bail them out.

As long as China and Japan continues to loan us money and congress continues to raise taxes, we will be the savior (bank) of the World.

Any time the Fed says they aren’t going to do it, we know they will.


7 posted on 02/28/2010 6:17:03 PM PST by VicVega ( SAINTS WIN THE SUPER BOWL)
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To: TigerLikesRooster
Merkel: There Is "No Possibility" Of Bailing Out Greece

Then the Euro gets stomped flat.

George Soros is betting on it...

8 posted on 02/28/2010 6:19:10 PM PST by THX 1138 ("Harry, I have a gift.")
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To: TigerLikesRooster

“So they must be punting the job of bailout to IMF. I think that is what EU wants.”

Once Greece gets a whiff of IMF economic reforms required for their assistance, they’ll exit the EU, rather than accept IMF help with the strings that are attached.


9 posted on 02/28/2010 6:24:28 PM PST by RFEngineer
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To: TigerLikesRooster

I think the package will be combination of financial assistance plus tough IMF rules to get the Greek financial situation into line. They don’t have a choice because Greece can’t easily “produce” its way out of a recession given its heavily tourism-oriented economy.


10 posted on 02/28/2010 6:25:25 PM PST by RayChuang88 (FairTax: America's economic cure)
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To: TigerLikesRooster
Word now is that it's not just Greece but Spain,Portugal and Italy as well.Pretty soon imports from Eurozone countries could be a whole lot cheaper here.
11 posted on 02/28/2010 6:26:39 PM PST by Gay State Conservative (Host The Beer Summit-->Win The Nobel Peace Prize!)
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To: RFEngineer

That’s fine, then they will still go bankrupt and they will make those changes involuntarily.


12 posted on 02/28/2010 6:27:08 PM PST by McGavin999
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To: C19fan

And an even bigger set of problems if Germany does attempt some sort of bailout.

In this situation, given the parameters laid down by the Maastrict Treaty, all options suck. Then again, this was always one of the problems with the Euro and Maastrict: there was no escape valve, no provision what to do with Greece, Italy, Spain, etc. The Germans and Dutch originally wanted a way to kick non-performing nations out of the compact, and the French refused, saying (in effect) that the Euro could not be seen as a club where the Germans got to say who was in and who was out.

Now they’re down to a point where the Germans are, in effect, saying whether or not Greece will remain a member.

So much for good intentions and PR on the part of the French.


13 posted on 02/28/2010 6:30:40 PM PST by NVDave
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To: Gay State Conservative

And that’s one of the reasons why the Fed might try to meddle in this - to prop up the Euro and keep our trade advantage of a cheap dollar (or expensive Euro, depending on your perspective) in place.

If Euro-zone products become cheap here, our GDP takes a hit.


14 posted on 02/28/2010 6:32:30 PM PST by NVDave
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To: Gay State Conservative

It’s the PIIGS. Portugal, Ireland, Italy, Greece, and Spain.


15 posted on 02/28/2010 6:32:53 PM PST by greeneyes (Moderation in defense of your country is NO virtue. Let Freedom Ring.)
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To: RC one

That is so funny. I love W but he is obviously unaware of the notorious “German reserve.”


16 posted on 02/28/2010 6:37:11 PM PST by Persevero (Satan tries to separate what God puts together and join together what God separates.)
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To: McGavin999

“That’s fine, then they will still go bankrupt and they will make those changes involuntarily.”

They can then devalue their currency, such as it is, to stimulate exports and tourism.

It’s much easier to dismantle benefits that way - devaluation and inflation. It’s so much easier, that that is what our politicians will do, when it becomes our time.


17 posted on 02/28/2010 6:42:26 PM PST by RFEngineer
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To: RFEngineer
I agree, the point is the changes will be made one way or the other and the Greeks who think they can keep it from happening have a surprise coming. It's the same with California. Unsustainable expenditures are exactly that....unsustainable.

Ironic that the state that is filled with so many people who are into the word "unsustainable" are the ones who can't recognize the fact that while caring for Mother Earth, they are raping their own future.

18 posted on 02/28/2010 6:49:29 PM PST by McGavin999
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To: RFEngineer

The US press is downplaying the talk of conditions surrounding the current negotiations - yet more budget cuts that Greece must make on top of those already being pushed down upon them.

These cuts will effectively bring a depression down on Greece, and the Greeks know this.

So it comes down to this: bail out the Greeks and impose draconian conditions on them, thereby making the Greeks furious at Germany for being the agent of involuntary change, or let the Greeks hate the IMF with a flaming passion, and the Euro takes a hit in valuation vs. the dollar.

Well, letting the IMF take the brunt of the fury is an easy choice. Everyone hates the IMF. The people who give it money and the people who take their money all hate it.


19 posted on 02/28/2010 6:50:38 PM PST by NVDave
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To: Persevero

yeah, that was probably the funniest thing I have ever seen in politics. It still cracks me up.


20 posted on 02/28/2010 6:51:18 PM PST by RC one (WHAT!!!!)
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