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BTW, I don't see a doom and gloom scenario or the end of the Eurozone either...
apples vs oranges
Greece currency isn't sovereign... the US just has to keep an eye in inflation.
BTW, I don't see a doom and gloom scenario or the end of the Eurozone either...
we'll see with the recent elections in france.
seems like germany is the one holding the EU together. sounds oddly familiar (as i've stated before) to previous european conflicts 70 years ago.
hope you're right
http://www.imackgroup.com/mathematic...crewed-greece/Greece’s secret loan from Goldman Sachs Group Inc. (GS) was a costly mistake from the start.
On the day the 2001 deal was struck, the government owed the bank about 600 million euros ($793 million) more than the 2.8 billion euros it borrowed, said Spyros Papanicolaou, who took over the country’s debt-management agency in 2005. By then, the price of the transaction, a derivative that disguised the loan and that Goldman Sachs persuaded Greece not to test with compe ors, had almost doubled to 5.1 billion euros, he said.
Papanicolaou and his predecessor, Christoforos Sardelis, revealing details for the first time of a contract that helped Greece mask its growing sovereign debt to meet European Union requirements, said the country didn’t understand what it was buying and was ill-equipped to judge the risks or costs.
“The Goldman Sachs deal is a very sexy story between two sinners,” Sardelis, who oversaw the swap as head of Greece’s Public Debt Management Agency from 1999 through 2004, said in an interview.
Goldman Sachs’s instant gain on the transaction illustrates the dangers to clients who engage in complex, tailored trades that lack comparable market prices and whose fees aren’t disclosed. Harvard University, Alabama’s Jefferson County and the German city of Pforzheim all have found themselves on the losing end of the one-of-a-kind private deals typically pitched to them by securities firms as means to improve their finances.
The greeks are so weak. They want it all:
The rest of Europe to support them, while living their lives as they used to.
Germany should just kick them off the euro.
Last edited by Spur_Fanatic; 05-25-2012 at 12:19 PM.
Apologies if this was already posted:
This article deals with both Greece and now Spain.
http://www.cbsnews.com/8301-500395_1...-the-billions/
(AP) ATHENS, Greece - In Europe's most economically stricken countries, people are taking their money out of their banks as a way to protect their savings from the growing financial storm.
Worried that their savings could be devalued, or that banks are on the verge of collapse and that governments cannot make good on deposit insurance, people in Greece, Spain and beyond are withdrawing euros by the billions — behavior that is magnifying their countries' financial stresses.
The money is being hoarded at home or deposited in banks in more stable economies.
Europe ed itself by trying so hard to save a backwater hole country with only 11,000,000 people
^didn't just europe tbh, we bout to feel the pain me and you i'm afraid
i'm sittin on just a couple G's of savings left from before i quit my job in order to go balls to the wall and finish my degree, seriously thinking about investing on a gun and some seeds
It's not that simple. Germany relies on the PIGS buying their goods and services with the euro. So when they get kicked off the euro Germany's economy will take a big hit. So with the PIGS the euro is ed and without them the euro is ed. It was a bad concept from the beginning.
http://www.cnbc.com/id/48090854New steps by three major central banks to boost global growth failed to impress investors on Friday, sending Spanish borrowing costs back near unsustainable levels and hitting European stocks.
Reflecting the impact of the European Central Bank'sdecision to cut lending rates to 0.75 percent and deposit rates to zero, German government bond yields were weaker with the yield on two-year debt briefly turning negative.
German two-year government bond yields fell to zero and briefly turned negative on Friday after the European Central Bank cut interest rates the previous day.
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