Greece has admitted it’s still not able to deal with its deficit – the key demand of its international creditors. That’s even taking into account mass layoffs announced yesterday, and a new round of austerity cuts which still need Parliament’s approval. RT on Twitter twitter.com RT on Facebook www.facebook.com
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Flights are grounded, schools, shops and factories all quiet – as the country endures what’s being called the 48-hour ‘mother of all strikes’. But parliament’s still considering squeezing spending even further, to stave off national bankruptcy. Financial analyst Patrick Young says the situation is Greece is so dire, that more belt-tightening won’t help it shed its debt. RT on Twitter twitter.com RT on Facebook www.facebook.com
After seven hours of talks Eurozone finance ministers meeting in Luxembourg decided to delay a final decision on extending a further 12 billion-euro loan to Greece. The ministers said Athens would first have to introduce further austerity measures to the tune of 28bn euros worth of spending cuts and economic reforms Didier Reynders, Belgian Finance Minister said: … www.euronews.net
March 19 (Bloomberg) — James Rogers, chairman of Rogers Holdings, talks with Bloomberg’s Andrea Catherwood about his investment strategy for the euro and the pound. Rogers, speaking in London, also discusses the prospect of an international bailout for debt-stricken Greece. Copyright Bloomberg 2010 Jim James Rogers euro investment strategy short bailout Greece Germany dollar eurozone credit default swaps cds derivatives sterling UK US trade imbalance wars equities stocks correction
maxkeiser.com Sorry about bad quality audio; but that was the Realplayer stream; higher resolution will be posted tomorrow.
maxkeiser.com Better quality version to be posted tomorrow when available.
The European Union has stunned the markets with a massive rescue package for the euro. It’s making available more than 750 billion euros in a mix of loans and guarantees – about seven times the sum it had discussed lending to Greece last week.
In which John explains the Greek debt crisis, which has pushed the Greek government close to defaulting on its loans, the reasons why the Euro zone and the IMF are desperately trying to bail Greece out, and what the rising cost of sovereign debt means for the massive budget deficits throughout the developed world. Thanks to Karen Kavett at www.youtube.com for the illustration. Debt Chart: en.wikipedia.org
US Debt www.youtube.com
There was another civil servants’ strike in Greece and a march in Athens Thursday, as people protested government austerity measures. And the Greek government got more bad financial news as the EU revised its deficit figures upward. (April 22)