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Greece is in dire straits, with total debt at 134% of GDP. The government could go bankrupt within the next six months, threatening the stability of the entire Eurozone.Timebomb for the Euro: Greek Debt Poses a Danger to Common Currency - SPIEGEL ONLINE - News - International
As economic indicators have improved, concern about the financial crisis has abated. But the next big problem could be approaching. Greece's public deficit is skyrocketing and the country may become insolvent. The effect on Europe's common currency could be dire.
Josef Ackermann, the CEO of Deutsche Bank, has given the all-clear signal many times in the past. He has repeatedly said that the worst was over, only to see the financial crisis strengthen its grip on the world economy.
Last week, however, Ackermann was singing a completely different tune. Although many indicators are once again pointing skyward, he said at a Berlin summit on the economy, Chancellor Angela Merkel, the assembled cabinet ministers, corporate CEOs and union leaders should not to be deluded. He warned emphatically that the financial situation could deteriorate once again. "A few time bombs" are still ticking, Ackermann told his audience, noting that the growing problems of highly leveraged small countries could lead to new tremors. And then, almost casually, Ackermann mentioned the problem child of the European financial world by name: Greece.
Ackermann isn't alone in his opinion. Practically unnoticed by the public, an issue has returned to the forefront in recent weeks -- one that was a cause for great concern at the height of the financial crisis but then, as optimism about the economy began to grow, was eventually forgotten: the fear of a national bankruptcy in the euro zone. And the question as to whether such a bankruptcy, should it come about, could destroy the common European currency.
Greece was always at the very top of the list of countries at risk. But now the danger appears to be more acute than ever.
Greece is in dire straits, with total debt at 134% of GDP. The government could go bankrupt within the next six months, threatening the stability of the entire Eurozone.Timebomb for the Euro: Greek Debt Poses a Danger to Common Currency - SPIEGEL ONLINE - News - International
As economic indicators have improved, concern about the financial crisis has abated. But the next big problem could be approaching. Greece's public deficit is skyrocketing and the country may become insolvent. The effect on Europe's common currency could be dire.
Josef Ackermann, the CEO of Deutsche Bank, has given the all-clear signal many times in the past. He has repeatedly said that the worst was over, only to see the financial crisis strengthen its grip on the world economy.
Last week, however, Ackermann was singing a completely different tune. Although many indicators are once again pointing skyward, he said at a Berlin summit on the economy, Chancellor Angela Merkel, the assembled cabinet ministers, corporate CEOs and union leaders should not to be deluded. He warned emphatically that the financial situation could deteriorate once again. "A few time bombs" are still ticking, Ackermann told his audience, noting that the growing problems of highly leveraged small countries could lead to new tremors. And then, almost casually, Ackermann mentioned the problem child of the European financial world by name: Greece.
Ackermann isn't alone in his opinion. Practically unnoticed by the public, an issue has returned to the forefront in recent weeks -- one that was a cause for great concern at the height of the financial crisis but then, as optimism about the economy began to grow, was eventually forgotten: the fear of a national bankruptcy in the euro zone. And the question as to whether such a bankruptcy, should it come about, could destroy the common European currency.
Greece was always at the very top of the list of countries at risk. But now the danger appears to be more acute than ever.
America's national debt is 85% of its GDP, and is increasing by 10% each year.
I could offer up a hypothesis:My question would be, considering a global economy, how would Greece's financial failure affect the US?
From what I understand from Greek friends (Americans now), Greece makes some of its own difficulties. I know of one who inherited property in Greece, but she is unable to sell it if she takes all or some the money out of Greece. I know of others who had similar difficulties if they inherited money from a Greek relative. If they treat importers in a similar fashion, it would prove difficult to encourage companies to trade with them.
And Obomites wonder why people are insisting he Change spending patterns by reducing our deficit in the Hope the USA won't go belly up.Greece is in dire straits, with total debt at 134% of GDP. The government could go bankrupt within the next six months, threatening the stability of the entire Eurozone.
America's national debt is 85% of its GDP, and is increasing by 10% each year.
Greece is in dire straits, with total debt at 134% of GDP. The government could go bankrupt within the next six months, threatening the stability of the entire Eurozone.
America's national debt is 85% of its GDP, and is increasing by 10% each year.
So after getting into office on the promise of change Obama refuses to follow through.Why would Obama reduce the defecit? Just so the next republican cand spend it up and say it does not matter?
So after getting into office on the promise of change Obama refuses to follow through.Why would Obama reduce the defecit? Just so the next republican cand spend it up and say it does not matter?
No surprise there.
Perhaps the next Republican will cancel Social Security, Medicare, Medicaid, drop the military to the minimum needed to keep foreign troops off our shores, end Welfare, and pay off the debt.
Whoever does that will benefit the nation far more than any horde of socialists.
Greece's bankruptcy domestically will lead to riots and perhaps even the overthrow of the government, as we saw in Iceland.
Greece is in dire straits, with total debt at 134% of GDP. The government could go bankrupt within the next six months, threatening the stability of the entire Eurozone.Timebomb for the Euro: Greek Debt Poses a Danger to Common Currency - SPIEGEL ONLINE - News - International
As economic indicators have improved, concern about the financial crisis has abated. But the next big problem could be approaching. Greece's public deficit is skyrocketing and the country may become insolvent. The effect on Europe's common currency could be dire.
Josef Ackermann, the CEO of Deutsche Bank, has given the all-clear signal many times in the past. He has repeatedly said that the worst was over, only to see the financial crisis strengthen its grip on the world economy.
Last week, however, Ackermann was singing a completely different tune. Although many indicators are once again pointing skyward, he said at a Berlin summit on the economy, Chancellor Angela Merkel, the assembled cabinet ministers, corporate CEOs and union leaders should not to be deluded. He warned emphatically that the financial situation could deteriorate once again. "A few time bombs" are still ticking, Ackermann told his audience, noting that the growing problems of highly leveraged small countries could lead to new tremors. And then, almost casually, Ackermann mentioned the problem child of the European financial world by name: Greece.
Ackermann isn't alone in his opinion. Practically unnoticed by the public, an issue has returned to the forefront in recent weeks -- one that was a cause for great concern at the height of the financial crisis but then, as optimism about the economy began to grow, was eventually forgotten: the fear of a national bankruptcy in the euro zone. And the question as to whether such a bankruptcy, should it come about, could destroy the common European currency.
Greece was always at the very top of the list of countries at risk. But now the danger appears to be more acute than ever.
America's national debt is 85% of its GDP, and is increasing by 10% each year.
Greece relies on the tourist trade and has always been a poor country, the big problem with them is they are mega socialists who fully embrace the nanny state, and like many such folks, they have no idea how to pay for it.
Greece relies on the tourist trade and has always been a poor country, the big problem with them is they are mega socialists who fully embrace the nanny state, and like many such folks, they have no idea how to pay for it.
Greek wine sucks too.
Greece relies on the tourist trade and has always been a poor country, the big problem with them is they are mega socialists who fully embrace the nanny state, and like many such folks, they have no idea how to pay for it.
Greek wine sucks too.
You drank it and survived
on Santorini,, it was hard to keep from puckering!
