By Michael Steininger, Christian Science Monitor | 08:54 am
Greece’s European partners are increasingly skeptical that Athens can avoid default.The highly indebted country is working feverishly to secure a debt write-off to avoid default, but international investors see even that as a default of sorts.
With only weeks to go before a crucial bond repayment date, statements from European leaders reveal a growing mistrust in the Greek political class’s ability and willingness to implement deficit cutting measures.Without those measures, Greece will not receive a necessary second bailout from international lenders, and without the bailout, it will likely Συνέχεια
By Matthias Sobolewski and Dina Kyriakidou
BERLIN/ATHENS (Reuters) – Standard & Poor’s downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area.
«Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,» the U.S.-based ratings agency said in a statement.
In a potentially more ominous setback, negotiations on a debt swap by private creditors seen as crucial Συνέχεια
As Johan Van Overtveldt, the editor-in-chef of Trends magazine states, Greece is «condemned to go down in a vicious circle of more recession, more unemployment, larger government deficits or budget deficits and so an endless need of additional money to fill up the gaps.»
So why continue the loans? Why continue the Euro sham? Since Italy is next, and France’s banking system will follow suit, why fix something that already smells putrid?
Brussels will undoubtedly push the situation to its advantage and demand to step in at any time. Συνέχεια
by Jérôme E. Roos on June 24, 2011
In a short BBC interview today, I argued that the media’s witch hunt against Greece perpetuates a false impression that the Greeks themselves are to blame.
With special thanks to Naveena Kottoor, I was able to appear on BBC World Have Your Say today, for a brief segment on the international media’s coverage of the Greek debt crisis.
Asked whether I agreed that the international media are engaged in a ‘witch hunt’ against the Greek people, I pointed out that all talk about the Greeks being profligate, lazy and spoilt is simply not true (video below, my contribution from 34m50s onwards — somehow the audio got messed up):
Unfortunately, however, I didn’t get the time to back up these assertions with hard facts — so I would like this to use the opportunity to do so here.
Special thanks for the data below go out to Alex Andreou and Ingeborg Beugel.
MYTH #1: The Greeks are profligate Συνέχεια
BOSTON (TheStreet) — The euro is about to go the way of the dodo, if Credit Suisse researchers are correct.
In a research note making the rounds Monday carrying the title The «Last Days» of the Euro, a team of Credit Suisse analysts argue that «we seem to have entered the last days of the euro as we currently know it.»
While a break-up of the 17 eurozone nations isn’t a strong likelihood, Credit Suisse researchers say that Συνέχεια
This is going to end badly for the world. I do not believe that Asia will escape, it may suffer less but will suffer nevertheless.
By Emily Fox for www.express.co.uk
FEARS of contagion in Europe intensified today as the debt crisis spread to Spain. Spain was forced to pay nearly 7 per cent to borrow 3.56 billion euros (£3billion) on bond markets. Italian Συνέχεια