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 [...]
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 [...]
Riots in Greece protesting cuts in government spending. As you know, budget reform was one of the conditions of the IMF led bailout of the free-spending idiots who ran the government (Mr. Papandreou).
When the inevitable hits us, will recipients of government largess take to the streets to protect their entitlements? This is the problem when [...]