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Greece was able to float enough new debt to pay its old debt and avoid default. What a charade. They got the money from the bailout fund and used it to pay back the bailout fund: The auction, which attracted more than €4.2 billion in bids, was more show than substance, mainly reflecting Greek banks’ [...] This story this morning from Athens News on Greece’s growing problem with homeless citizens: The health and welfare ministry on Monday promised to take targeted action to provide shelter for thousands of new homeless created as a result of the economic crisis. The ministry intends to give 400,000 euro to the Athens municipality and another [...] There are several things that you need to know about the eurozone crisis and Wednesday’s Summit agreement: It isn’t over. The European Monetary Union’s (EMU) “architecture” is a failure. They spent too much and can’t possibly repay the debt. Banks will need to be bailed out. They will print money. In order to understand the [...] The Financial Times is reporting tonight (Tuesday) that Berlusconi’s government looks shaky and could fall. Italy is under pressure from it’s fellow EU eurozone members to reform its budget and economy: The demand came as European officials attempted to reach a final agreement on giving the eurozone’s €440bn rescue fund more firepower [EFSF] so that it can [...] Greece’s government Sunday acknowledged that it will miss its deficit target this year, as it moved ahead with a controversial plan to slash thousands of public-sector jobs to meet the demands of its international creditors. “I want to repeat that we will be unswerving in our goal: to fulfill all that we have promised [...] |
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