sounds like Obama’s ‘stairstepping’ down our economy, eh?
He thinks he's 'stairsteppin' it up': 
(Thanks pookie18. )
Posted on 07/21/2011 4:45:33 PM PDT by DeaconBenjamin
• Private lenders to contribute €37bn to second Greek bail-out
• Deal paves way for European monetary Fund and economic integration
• Debt interest rates cut for Greece, Ireland and Portugal
• Equity and debt markets rise on back of historic deal
• 'We now have a programme and a package of decisions which create a sustainable path for Greece’ - Greek prime minister George Papandreou
Greece is set to lead the eurozone's first-ever default as European leaders agreed that the private holders of Greek debt will take a hit of €50bn over three years.
Breaking weeks of deadlock, the heads of the 17 eurozone governments conceded that a "controlled" failure was the only way to prevent the collapse of the single currency and a global financial rout.
As part of the deal Greece will also receive another bailout package - from Europe, the International Monetary Fund and the private sector - worth €159bn. The second bail-out, which follows the €110bn rescue funds agreed last May, will cut Greece’s debt by a quarter. The private sector will provide €49.6bn via a variety of measures in the next three years including a €12.6bn debt buy-back programme. The fresh rescue attempt has been agreed to “decisively improve the debt sustainability and refinancing profile of Greece”.
In a bid to prevent the contagion seeping out across Europe, Brussels was granted radical new economic powers that pave the way for far greater economic union between members.
The eurozone's bailout fund, the European Financial Stability Facility (EFSF), was boosted with unprecendented powers of intervention and fundraising. The leaders also agreed to new governance commitments which Nicolas Sarkozy said would lead to greater economic integration.
Experts described the deal as a "significant step towards financial integration in Europe".
(Excerpt) Read more at telegraph.co.uk ...
‘controlled failure’.
sounds like Obama’s ‘stairstepping’ down our economy, eh?
Using a crisis to further an agenda to force European integration and the subordination of the various national governments.
“Brussels was granted radical new economic powers that pave the way for far greater economic union between members”
Was this the goal all along?
Was Dominique Strauss-Kahn against this (and is that why he had to be removed?)
Sounds like a businessman going to Don Corleone for a loan to keep his restaurant from going under. What could possibly go wrong?
Actually george soros used that quote I believe when describing what needed to happen to the US.
The Euro bankers and governments may think they are solving something but they are just establishing the baseline of permanent subsidy to Greece which will have to rise continually into the future. Greeks won’t produce anything like enough to sustain the lifestyle to which they feel they are entitled. The rest of Europe seems to agree with that entitlement even as they grouse about paying for it.
He thinks he's 'stairsteppin' it up': (Thanks pookie18. )
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