“Working at my desk today was somewhat surreal. Global risk markets were closing out a dreadful week. Newswires were full of disconcerting articles – J.P. Morgan, Greece, Spain, Italy, China, etc. Meanwhile, CNBC was in the midst of blanket coverage of the Facebook initial public offering. Mark Zuckerberg rang the bell to open NASDAQ [...]
|
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 [...] This just in from Standard & Poor’s: LONDON Feb. 27, 2012–Standard & Poor’s Ratings Services said today that it has lowered its ‘CC’ long-term and ‘C’ short-term sovereign credit ratings on the Hellenic Republic (Greece) to ‘SD’ (selective default). Our recovery rating of ’4′ on Greece’s foreign-currency issue ratings is unchanged. Our country transfer and [...] We need to follow Greece because their default and withdrawal from the eurozone would set off major consequences to the European Monetary Union, and thus the EU, that are unforeseeable. A default would impact Greek banks who are major lenders to the government, as well as major German, French, and Belgian banks. These defaults would [...] The Wall Street Journal is reporting tonight that the EU leaders are giving Greece an ultimatum on their continued membership in the EMU. Do they want to dump the euro and go their own way? This is evidence of the fury created by George Papandreou by his deceitful actions. “Does Greece want to remain part [...] 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 [...] TOP DEVELOPMENTS SO FAR (as of 16:45 p.m. EDT): European Union leaders arrived in Brussels for a EU Summit Germany’s parliament approves Chancellor Angela Merkel’s resolution to boost the firepower of the euro zone’s bailout fund EU leaders remain split on the size of a haircut on Greek bonds held by private investors, a sticking point [...] This is the key to the eurozone mess: will Greece be able to shore up its finances and balance its budget by cutting spending and raising revenue, or not? The answer today is: apparently not: Greece’s budget deficit for the first nine months of 2011 widened 15.1% from a year earlier, as revenues continued to [...] 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 [...] |
|
© 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. |
