|
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’ [...] While the pieces in the Greek post-electoral puzzle begin to fall into place after weeks of nail-biting suspense, a small window of opportunity seems to open again for Europe to devise and deploy a rational plan that will keep the European Monetary Union together. In the Greek general election on Sunday, conservative New Democracy (ND) [...] Here is S&P’s view of the elections in Greece. The bottom line is that they are nonplussed. You have Germany on the one hand opposed to ameliorating the austerity conditions imposed on Greece and on the other hand what may be a leaderless Greece, depending on what kind of coalition they are able to form. [...] I have not really preferred the word “contagion.” When an effect happens, even in the monetary system, it has a cause. This is generally not merely that a similar thing is happening across a nearby border. The word contagion has connotations that because something is happening in Country X, then that by itself means it [...] There is no real solution for Greece. They are bankrupt and their economic foundation is rotten. They have bred a society that wants generous benefits on the one hand, and on the other, cynical producers who don’t want to pay taxes. They are similar to Eastern Bloc countries post-Soviet collapse. They [...]
While the headlines say that a new agreement has been reached by Greece’s political leaders, you should be guided by their past behavior. In other words, it ain’t over ’til it’s over. From Bloomberg: Greece will pledge permanent spending cuts, including lower pension payments and a 20 percent reduction in the minimum wage, as the [...] 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 [...] Bloomberg.com is out after the close of trading with EU to Have No Deadline for End of Greek Talks. Bloomberg was flogging the story all weekend that a deal was at hand between the Greek government and its private debtholders. Now comes this anodyne brief piece that appears to give a Roseanne Roseannadanna spin on it: [...] Greece: Papademos heads new government November 14, 2011 Former ECB vice-president Lucas Papademos has finally been chosen to head a Greek interim government which was sworn in on Friday. According to the local press, representatives of the two largest parties, PASOK and Nea Dimokratia (ND), will hold key positions in the new government. The EU [...] |
|
© 2013 The Daily Capitalist - Nothing in this blog should be considered to be investment advice. The opinions expressed herein are those of the author and not necessarily those of The Daily Capitalist. The Daily Capitalist is published by Montecito Analytics, LLC. All Rights Reserved. |
