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Thread: Economic Crisis in Greece - Financial Crisis

  1. #21
    Before we see a lot more people in debtors prison in the next few years, I hope all the predators lenders or financial manipulators will go first
    Those who can make you believe absurdities can make you commit atrocities.

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  2. #22
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    Quote Originally Posted by Natural Elements View Post
    Before we see a lot more people in debtors prison in the next few years, I hope all the predators lenders or financial manipulators will go first

    Moody's warns that the US will be required to make fiscal agjustment that could test social cohesion.

    Moody’s Warns U.S. Debt Could Test Triple-A Rating - NYTimes.com

  3. #23
    The situation in Greece has a potential of a ripple effect. However, the main problem in certain EU nations is the regulatory mechanisms in terms of borrowing and lending. The richer EU nations like France, Germany and England have a moral responsibility and the regulatory processes to withstand a EU collapse. But the bigger worry is how many other debt ridden European Economies are ticking bombs. For example Ukraine has borrowed 27 Billion from IMF and the world Bank 2 years ago. They have already defaulted on the first interest payment last year.

    The Greek issue highlights years of massive irregularities and unchecked financial institutions that have manipulated government jurisdiction leading to the crisis. The same situation does exist in many Eu countries.

  4. #24
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    Quote Originally Posted by Priyojeet View Post
    The situation in Greece has a potential of a ripple effect. However, the main problem in certain EU nations is the regulatory mechanisms in terms of borrowing and lending. The richer EU nations like France, Germany and England have a moral responsibility and the regulatory processes to withstand a EU collapse. But the bigger worry is how many other debt ridden European Economies are ticking bombs. For example Ukraine has borrowed 27 Billion from IMF and the world Bank 2 years ago. They have already defaulted on the first interest payment last year.

    The Greek issue highlights years of massive irregularities and unchecked financial institutions that have manipulated government jurisdiction leading to the crisis. The same situation does exist in many Eu countries.
    Ukraine isn't so big at $27 Billion. I've read that Greece is looking for $140 billion over 3 years.

    The bigger danger is that Spain and Portugal are near collapse.

    On Wednesday, fears of what analysts are calling "contagion" mounted after Standard & Poor's cut Spain's credit rating one level to AA and maintained its negative outlook. The move came just one day after the rating agency dropped Greece three levels to junk status and pulled also-troubled Portugal down two notches.

    Source:
    http://www.usatoday.com/money/economy/2010-04-29-eurocrisis29_ST_N.htm

  5. Quote Originally Posted by Priyojeet View Post
    The richer EU nations like France, Germany and England have a moral responsibility and the regulatory processes to withstand a EU collapse.
    Why would you say that FG&E have a moral responsibility in this regard?

    Are the Greeks and others such children that they are not responsible for the results of their own decisions?
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  6. #26
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  7. #27
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    Quote Originally Posted by Will.Spencer View Post
    Why would you say that FG&E have a moral responsibility in this regard?

    Are the Greeks and others such children that they are not responsible for the results of their own decisions?
    I wonder how much the US taxpayer will need to provide to bailout the PIGS. So basically the Europeans want the Socialism and have the US pay for it. No wonder President Bush couldn't deal with these clowns.

    The US Government is bailing out Europe through the IMF and the Federal Reserve has opened a credit line to Europe. The bailout plan has the EU Commission make euro60 billion ($75 billion) available while the eurozone and the IMF would loans and guarantees for up to euro440 billion ($570 billion).

    http://news.yahoo.com/s/ap/20100510/ap_on_bi_ge/us_europe_financial_crisis_fed

  8. #28
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    US Treasury Secretary Tim Geithner says the U.S. is unlikely to be hurt by any fallout from the European debt crisis. That's because "our economy is too big to fail.

    Geithner Says Europe's Crisis Won't Hurt U.S. Economy - DailyFinance



    European Central Bank chief Jean-Claude Trichet says Europe's economy is in its deepest crisis since World War II, or even World War I

  9. Maybe he means that the failure of European socialism won't hurt his finances?
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  10. #30
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    Merkel: $1 trillion rescue package only buys time
    Merkel: $1 trillion rescue package only buys time - Yahoo! News

    For what? A couple of more years of socialism.

    The situation is buying the dollar some time. The Euro is under downward pressure which benefits the dollar. The Euro closed at $1.23 on Friday.

    Dick Morris in Spring 2009 was predicting that the US had at most 18 months if we were lucky until inflation started to kick in. The falling Euro could give us a couple of more years. The big question is whether the collapse occurs before or after the 2012 Presidential Elections.

    Jimmy Carter almost made it through the 1980 Presidential Elections. But fell short due to the 1980 recession which actually get worse leading to the 1981-82 recession or double dip.

    Quote Originally Posted by Will.Spencer View Post
    Maybe he means that the failure of European socialism won't hurt his finances?
    You can be sure that this is an indirect bailout of big US Banks and Hedge Funds that have high exposure to European sovereign debt. A good chunk of the AIG bailout went to payoff Goldman.

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