LATEST NEWS ON DEBT CRISIS IN GREECE

There is a General Strike today in Greece, weaker growth suggests Greek needs another 40 to 50 Billion but Germany
refuses to lend any more until IMF report on efforts to reduce deficit.

EU decide on Greece Aid by end of June. EU insists Greece do more to reduce debt, Greece says more should be done to reduce Tax rate on Loan.

Investment experts say another crisis around the corner .

Thousands protest peacefully against drastic cuts necessary to help the EU determine Greece is doing all it can to ease the 158 billion dollars debt.
The EU says it won"t restructure because that would mean they would have to do the same for Spain, Italy, and Ireland.

Thanks for posting these updates, Panda. This affects all of us.

AnnaEsse wrote:Thanks for posting these updates, Panda. This affects all of us.

I know AnnaEsse the stock market rallied on the News but a discussion with Economists and Investment Managers suggest this is shortlived and Japan
has been downgraded as well. The only reason Angela Merkl changed her mind was she was made to realise that a default by Greece would have
enormous consequences. It really is rather scary and where will it all end?

Panda wrote:

AnnaEsse wrote:Thanks for posting these updates, Panda. This affects all of us.

I know AnnaEsse the stock market rallied on the News but a discussion with Economists and Investment Managers suggest this is shortlived and Japan
has been downgraded as well. The only reason Angela Merkl changed her mind was she was made to realise that a default by Greece would have
enormous consequences. It really is rather scary and where will it all end?

Well, according to the American trends forecaster, Gerald Celente, this is the year when there will be food riots in the US and elsewhere.

AnnaEsse wrote:

Panda wrote:

AnnaEsse wrote:Thanks for posting these updates, Panda. This affects all of us.

I know AnnaEsse the stock market rallied on the News but a discussion with Economists and Investment Managers suggest this is shortlived and Japan
has been downgraded as well. The only reason Angela Merkl changed her mind was she was made to realise that a default by Greece would have
enormous consequences. It really is rather scary and where will it all end?

Well, according to the American trends forecaster, Gerald Celente, this is the year when there will be food riots in the US and elsewhere.

The American debt at the last count was $134 TRILLION and the Politicians need to get their act together instead of petty politics. Apparently they have borrowed up to the hilt and if they default China can walk in and take their pick of properties etc without the Owner having a say.

Angela Merkel would sell her soul to prop up the Euro the only reason she may have been persuaded to err on the side of caution is because the German people are fed up with all these bail outs and frau Merkel is'nt flavour of the month with the electorate.Her party have lost a few important local elections one here in NRW the most populated state, so she is maybe concerned about what a general election might result in .

halfamo wrote:Angela Merkel would sell her soul to prop up the Euro the only reason she may have been persuaded to err on the side of caution is because the German people are fed up with all these bail outs and frau Merkel is'nt flavour of the month with the electorate.Her party have lost a few important local elections one here in NRW the most populated state, so she is maybe concerned about what a general election might result in .

Hi halfamo

Greece has had two General Strikes , Spain has had a sit in all week, Britain staged a massive March with people from all Professions and walks of
life protesting. Unforunately , yobbos with black masks damaged a lot of Properties, Banks mostly, did a lot of damage and stretched the Police Force
to the limit.

I don"t understand the intricacies of it all, but listening to debates this afternoon, the Banks apparently have no more money to lend and this crisis
has proved how the banks can no longer be run as they have been, a new Monetary system must be devised.

[quote="Panda"]

halfamo wrote:Angela Merkel would sell her soul to prop up the Euro the only reason she may have been persuaded to err on the side of caution is because the German people are fed up with all these bail outs and frau Merkel is'nt flavour of the month with the electorate.Her party have lost a few important local elections one here in NRW the most populated state, so she is maybe concerned about what a general election might result in .

Hi halfamo

Greece has had two General Strikes , Spain has had a sit in all week, Britain staged a massive March with people from all Professions and walks of
life protesting. Unforunately , yobbos with black masks damaged a lot of Properties, Banks mostly, did a lot of damage and stretched the Police Force
to the limit.

The problem imo is the euro a single currency can't work successfully if each country has its own finacial system. I do get Sky news here so i can keep up with all the home news but we have to pay our cable provider for it.

Economies around the World are in a fragile state and anything could trigger off a meltdown. I do resent that Ireland and Greece are paying about 9%
interest on their loans , but Germany 4%

Panda wrote:
Economies around the World are in a fragile state and anything could trigger off a meltdown. I do resent that Ireland and Greece are paying about 9%
interest on their loans , but Germany 4%

Hi Panda did'nt realise Germany pays such a small amount , this euro has brought nothing but problems , when i came here 12yrs ago the DM was still in euro came in about 1yr later .The German people never wanted the euro it caused prices to double over night .

halfamo wrote:

Panda wrote:
Economies around the World are in a fragile state and anything could trigger off a meltdown. I do resent that Ireland and Greece are paying about 9%
interest on their loans , but Germany 4%

Hi Panda did'nt realise Germany pays such a small amount , this euro has brought nothing but problems , when i came here 12yrs ago the DM was still in euro came in about 1yr later .The German people never wanted the euro it caused prices to double over night .

Hi halfamo

There is no way one Currency fits all and I would"nt be surprised to see Countries going back to their own currency after this crisis is over.Britain was right to stay out but the cheeky B***ers in the Ec want Britian to contribute 4 Billion to the emergency fund.

Panda wrote:

halfamo wrote:

Panda wrote:
Economies around the World are in a fragile state and anything could trigger off a meltdown. I do resent that Ireland and Greece are paying about 9%
interest on their loans , but Germany 4%

Hi Panda did'nt realise Germany pays such a small amount , this euro has brought nothing but problems , when i came here 12yrs ago the DM was still in euro came in about 1yr later .The German people never wanted the euro it caused prices to double over night .

Hi halfamo

There is no way one Currency fits all and I would"nt be surprised to see Countries going back to their own currency after this crisis is over.Britain was right to stay out but the cheeky B***ers in the Ec want Britian to contribute 4 Billion to the emergency fund.

The UK should imo get out of the EU its gone too far way too much interference by Brussels, i think they've got a nerve asking UK for money to bankrole a currency we're not part of.

Moody"s downgraded Greece to a CAAA1 grade, on a par with Cuba. BondHolders to be asked to roll over their Bond when it matures to avoid a
restructure.

The problem is for all the Countries who have received a bail out is , their own economies are shrinking and the cuts required to ease the debt mean
an even bigger shrinkage it"s like catch 22. Stock Markets around the World are going down.

Looking increasingly likely that Greece will default on their debt, Trichet will not use any more ECB money to lend until Government makes more effort
to reduce debt. Germany trying to put to-gether a monetary package for fear it will affect all the European Countries.

New Blow To Struggling Greek Economy
16 Comments7:43am UK, Tuesday June 14, 2011

The Greek government's efforts to pull its economy out of crisis have been dealt a massive blow as its debt rating has been slashed.

The country is now only two notches away from Standard & Poor's (S&P) benchmark default rating after its credit rating was cut to CCC, the lowest in the world.

Greek sovereign debt is now rated below Ecuador, Jamaica, Pakistan and Grenada.

The company said it believes there is a higher likelihood that Greece will see one or more defaults over the next 12 months.

Speaking on Jeff Randall Live, Roger Bootle, managing director of Capital Economics, said it had been just a matter of time before such an announcement would be made.

"Well, surprise, surprise. It's really academic isn't it? The Greek government's been bust for ages, I think. This is a game, essentially."

Appearing alongside him, George Buckley, chief UK economist at Deutsche Bank warned that the move could cause yet more problems for Greece.

"It's not good news. We were hoping we would get some voluntary rollovers.

"In other words, the investors in Greece were actually going to say 'well, we'll continue to invest when that debt comes up for reinvestment', but that's going to become increasingly difficult when you have a downgrade of this magnitude."






In response to S&P's move, Greece said the decision is based on rumours of a default and does not take into account current talks for a second bailout by the European Union (EU) and the International Monetary Fund (IMF).

Athens also said the government is continuing with efforts to bring its debt under control.

The cut comes just days after the Greek government unveiled a new 28bn euro (£24.6bn) austerity plan.

It is seen as essential in securing the fifth instalment of a 110bn euro (£96.8bn) bailout package agreed on in May 2010 with the EU and the IMF.

The previous day more than 20,000 Greeks protested against austerity measures in Athens and workers at state-owned utility PPC announced strikes to oppose the privatisation the company.

In the 19th straight day of demonstrations against cutbacks, protesters gathered in front of parliament shouting "Thieves! Thieves! Thieves!".

Talks between the EU, eurozone countries and the IMF over a second bailout for Greece, expected to total as much as 120bn euros (£105.5bn), appear to be deadlocked with Germany insisting it wants private investors involved.


4

Panda

Did you catch the news - they are demonstrating in Athens - masses and masses of people fighting and trying to get in the Parliament Building.

[quote="Angelique"]Panda

Did you catch the news - they are demonstrating in Athens - masses and masses of people fighting and trying to get in the Parliament Building.[/quote

It is a very serious situation . Greece has borrowed millions of Euros and issued Bonds with big Interest rates to tempt buyers but it"s a catch 22
situation. High unemployment means lack of Income for the Government and because the Citizens of Greece go on strike to protest at any attempt to
make Government cuts in spending , the debt will never be repaid. The catch is, Germany tried to call halt on lending Greece any more money until
the Government shows a firm committment to reduce the debt, but if Greece defaults on the debt the Whole house of European Countries could come
tumbling down because of the one Currency. It was a ridiculous idea anyway to have one currency fits all, good job Maggie Thatcher resisted. Yet
Croatia is to become the next Country to join the EU, crazy.!!!

Panda

Tell me about it - why do they keep bringing in more and more countries that don't really have good economies. We will only end up supporting ore and more countries which will put a strain once again on the Euro.

It's like a Death Wish!

When you look back we had to meet certain criteria to join but not so all these other countries. Didn't our GPD have to be an a certain level of something. What does Croatia export ?

Angelique wrote:Panda

Tell me about it - why do they keep bringing in more and more countries that don't really have good economies. We will only end up supporting ore and more countries which will put a strain once again on the Euro.

It's like a Death Wish!

When you look back we had to meet certain criteria to join but not so all these other countries. Didn't our GPD have to be an a certain level of something. What does Croatia export ?

When Britain first joined there was a rule which said no Country should go beyond 3% of it"s GDP, Italy and Spain were the first Countries to go over, but were never penalised. The EU accounts havn"t passed an Audit for several Years and it is a known fact that France and Germany rule the Roost. I think the concept of the EU was to have a system like the U.S. but it became too dictatorial, Farmers paid not to grow crops, bananas to be a certain
shape ,, each Country to abide by EU Human Rights Laws, and too much imbalance between say Croatia , whose only source of income appears to be
Tourism and will be a new Member in two weeks, and other Countries. Britain should have had that Referendum promised by Tony Blair all those
years ago.

Have you noticed how slow other European Countries are to send troops to these war torn Countries? it"s only Britain who gets involved. I think had
the EU just been satisfied with a Free Trade principle and a EU Defense Force it could have worked, but now we are lumbered with paying MEP"s in
addition to our own MP"s and I wouldn"t be at all surprised to see a gigantic overhaul when this crisis affects every Member State.

Right, off the Orange Box, time for a cuppa.

That old prediction that "the yellow race will rule the World " looks like coming true.

GUARDIAN SAYS GREECE HAS 300 BILLION EUROS WORTH OF DEBT

AnnaEsse

Many thanks for the video - but I know this already I have been saying this elsewhere for ages - what I didn't know that it was already being espoused on Youtube and was being reported. But it will come to nought - we the people are not strong enough, there are too many willing to be led and still remain slaves!

Badboy wrote:GUARDIAN SAYS GREECE HAS 300 BILLION EUROS WORTH OF DEBT

Well, Greece are financially irresponsible.