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from Silver Vigilante: The IMF announced Friday that Greece might need more financing to the tune of 5.5 billion and 9.5 billion euros for 2015 and 2016 and said it had assurances from Europe the aid would be forthcoming for Athens in the final years of its international bailout. This is the first instance in which the IMF estimated the range of possible financing needs for Greece’s international bailout between 5.5 billion and 9.5 [...] GLOBAL markets are on a journey into the unknown, with asset prices increasingly determined by a handful of politicians and technocrats without the bedrock once provided by risk-free sovereign debt. UBS head of global sovereign research Michael Dow said that the explosion in public debt, and the frantic efforts by politicians and policymakers to deal with the consequences, had produced an environment where “policy risk” now determined asset prices. “The actions of [...]  Greek Economy Shrank By 7.2 Pct In Q3 Worse Than Expected While Mayors Are Deciding To Disobey The Federal Government On Austerity Greece’s economy contracted by 7.2 percent of gross domestic product in the third quarter of this year, according to data published by the Hellenic Statistical Authority (ELSTAT) on Wednesday. “Available non-seasonally-adjusted data indicate that, in the third quarter of 2012, the Gross Domestic Product (GDP) at constant prices of year [...] New Turn in the Euro Zone Financial Crisis The eurozone financial crisis is set to deepen following this week’s release of debt projections for the Greek economy. Budget estimates show that instead of peaking at 167 percent of gross domestic product, as predicted last March when the so-called bailout package was put in place, the debt ratio will hit 189 percent this year, rising to 192 percent in 2014—well above the [...] by Michael It turns out that the poster child for the European debt crisis is not actually poor at all. In fact, the truth is that the nation of Greece is sitting on absolutely massive untapped reserves of gold, oil and natural gas. If the Greeks were to fully exploit the natural resources that are literally right under their feet, they would no longer have any debt problems. Fortunately, this recent [...] by Michael A devastating economic depression is rapidly spreading across the largest economy in the world. Unemployment is skyrocketing, money is being pulled out of the banks at an astounding rate, bad debts are everywhere and economic activity is slowing down month after month. So who am I talking about? Not the United States – the economy that I am talking about has a GDP that is more than two trillion [...] by Michael What happens when debt-fueled false prosperity disappears? Just look at Spain. The 4th largest economy in Europe was riding high during the boom years, but now the Spanish economy is collapsing with no end in sight. When a debt bubble gets interrupted, the consequences can be rather chaotic. Just like we saw in Greece, austerity is causing the economy to slow down in Spain. But when the economy slows [...] Greece’s economy will have shrunk by a quarter by the time the recession ends, according to the country’s finance minister, as pressure grew on international creditors to give Athens more time to catch up. Yiannis Stournaras forecast on Tuesday that by 2014, the Greek economy would have shrunk by 25pc since the start of the crisis, saying “the cumulative reduction (of gross domestic product) since 2008 is just under 20pc and [...] Pressure in the eurozone increased again yesterday as the Spanish government began talks over a bailout, leaders struggled to prevent Greece leaving the single currency and economic data indicated a return to recession. In a move that will renew fears of a collapse of the single currency, Spanish officials have discussed an aid package for its sovereign debts from the eurozone’s trillion euro rescue fund. The country has already received support to [...] Since 2010, more than 2,500 people have taken their own lives in Greece. The Eurozone can deal with a Greek insolvency, German Economy Minister Philipp Roesler said an interview with Germany’s Spiegel Online published Tuesday. http://www.efxnews.com/story/14061/german-econmin-can-deal-greece-insolvency Wolf Richter, Testosterone Pit
“Dire” is no longer the right word to describe the situation in Greece.
Unemployment hit 23.1% in May, according to ELSTAT, the Greek statistical agency, which released the report on August 9. That it takes over two months to do a job—producing unemployment numbers—that other countries accomplish in a couple of weeks may be symptomatic of Greece’s calamity economy. And a calamity it is. Youth unemployment (15-24) jumped to 54.9%—but even before the crisis, during [...] Wolf Richter www.testosteronepit.com “Dire” is no longer the right word to describe the situation in Greece. Unemployment hit 23.1% in May, according to ELSTAT, the Greek statistical agency, which released the report on August 9. That it takes over two months to do a job—producing unemployment numbers—that other countries accomplish in a couple of weeks may be symptomatic of Greece’s calamity economy. And a calamity it is. Youth unemployment (15-24) jumped to 54.9%—but even before the crisis, [...] In a really interesting article at defencenet which uses the analysis of Russ Winter, it is mentioned that a Grexit is underway and can become true as soon as next weekend. Per defencenet.gr: An impressive … “Honest” article entitled “The US Looks To Exploit The Greek Re-Default”, the valid analyst Russ Winter published in various media that the U.S. cooperate with the analyst a few days ago. And we say “remarkably honest” because that just [...] Per google translate: Doubts about whether the Greek government managed to convince the inspectors Troika able to restore the fiscal consolidation program on track to deliver today’s article in British magazine «Ecomomist». “Greece has only two weeks to convince lenders that can bring back on track economic reforms”, typically referred to journal article. If the new plans to launch in Athens spending cuts amounting to EUR 14.5 billion over the next two years [...] by Michael
Where have we seen this before? Bond yields soar above the 7 percent danger level. Check. The stock market crashes to new lows. Check. Industrial activity plummets like a rock and the economy contracts. Check. The unemployment rate skyrockets to more than 20 percent. Check. The bursting of a massive real estate bubble pushes the banking system to the brink of implosion. Check. Broke local governments beg the broke [...] The whole financial system of the planet is in panic mode…
GREECE WILL LEAVE EURO via google translate: Spiegel.de The fate of Greece in the Euro-zone is less likely. The country can not realize the savings targets, the IMF wants to hire his help – and now comes the Greek Economy Minister Philipp Rösler little chance of keeping the euro. Berlin / Madrid / Athens – Germany’s Economics Minister Philipp Rösler (FDP) sees little chance of [...] The president of the Republic of Cyprus has said his country is “not for sale” after talks in Nicosia on its EU bailout request. Questioned by a reporter, Demetris Christofias said his people had their dignity, and he added: “Don’t challenge me with such questions.” Finance Minister Vassos Shiarly said reports Cyprus was seeking 10bn euros (£8bn; $12.5bn) were speculation. Formal negotiations with the EU have yet to begin. The Republic of Cyprus, which [...] Spain formally became the fourth country to ask for bailout aid from the euro zone on Monday, June 25. Spain’s short-term borrowing costs nearly tripled at auction on Tuesday. Market participants expect Moody’s to further downgrade Spain’s sovereign debt to Junk status. Meanwhile, Cyprus also beat Italy to officially become the fifth Euro Zone bailout nation as ‘‘negative spillover effects through its financial sector, due to its large exposure in the Greek economy,’’ according to a government [...] DONETSK, Ukraine – A double bill of German strength and Greek tragedy. Two for the price of one. Football’s gods clearly speak German. Because if they had a heart, Greece, not Germany, would have won the quarterfinal Friday at Euro 2012 – for sympathy reasons, alone. The bottom has fallen out of the Greek economy. More than one in five Greeks are out of work. They are miserable and surviving on rescue [...] by Michael The election results from Greece are in and the pro-bailout forces have won, but just barely. It is being projected that the pro-bailout New Democracy party will have about 130 seats in the 300 seat parliament, and Pasok (another pro-bailout party) will have about 33 seats. Those two parties have alternated ruling Greece for decades, and it looks like they are going to form a coalition government which will [...] After all of the election coverage by the BBC ( which has been excellent ) and joe’s on the street reporting … i’ve come to a conclusion on the entire Greek crisis …. That it doesn’t matter who wins the election , or if Greece stays in the Euro zone or leaves .. Now when i say it doesn’t matter , i’m talking about for world wide investors , not for the [...] |
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