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Greece downgraded to CCC by S&P, Greek MPs plan their getaway!

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Comments

  • Wookster
    Wookster Posts: 3,795 Forumite
    vivatifosi wrote: »
    Interesting article in Friday's Economist. Who would have thought that Slovakia is the european country with the hardman attitude?

    Slovakia is quite a poor country. They are asking, quite rightly so, why on earth they should bailout out the Greeks.
  • ILW
    ILW Posts: 18,333 Forumite
    It does appear that state benefits in Greece and Ireland are way higher than the UK. Yet we and others are expected to bail them out. Seems rather odd to me.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Loan has been delayed.
    Eurozone finance ministers have postponed their decision on a 12bn euro ($17bn; £10bn) loan to Greece until it introduces further austerity measures.
    The ministers said they expected to pay the latest tranche of a 110bn euro EU and IMF aid package by mid-July.
    But it will depend on the Greek parliament passing 28bn euros of new spending cuts and economic reforms.
    The ministers also committed to put together a second bail-out package to keep the country afloat.
    Jean-Claude Juncker, Luxembourg's prime minister who chairs the meetings of the 17 eurozone finance ministers, said that as long as the Greek parliament supported the new measures, he was certain Greece would get a second bail-out.
    Surprised at that to be honest.

    Down to the greeks now. Interesting few days ahead.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    And Spain now seem to be protesting about cuts?
    Tens of thousands of protesters have taken to the streets of Madrid and other Spanish cities in a mass march against austerity measures, social spending cuts and unemployment.
    Youth activists dubbed "the indignant" recently started a three-week sit-in in Madrid to pressure the government.
    The rallying slogan of protesters is A Europe for its Citizens.
    They fear that the Euro-pact, which is intended to improve eurozone competitiveness, will mean more cuts.
    On Sunday, the protesters streamed in from all sides of the capital, chanting, banging drums and waving placards. Some walked for as long as five hours - and by early afternoon a vast crowd had converged close to parliament.
    The slogans and chants are the same: against mass unemployment and social spending cuts, and in opposition to European-wide austerity measures.

    http://www.bbc.co.uk/news/world-europe-13833093

    Don't look too good for Spains debts.
  • MikeR71
    MikeR71 Posts: 3,852 Forumite
    Greeks believe that none of this mess is their own fault. Everything is someone else's fault. They may admit that yes, they made mistakes, but...(there is always a 'but') so and so shouldn't have done such and such...etc etc.

    As long as Greek people to a man has this attitude nothing is likely to change.
  • all the debts in the whole of europe are down to the left wing and the massively inflated public sectors.

    ed balls makes me laugh and you see an insight into the crazy lefty mind. he is currently saying that the public sector workers should not strike as it is a tory trap, so they can blame the bad economy on the public sector workers.

    but the public sector is a drain on the economy. it can be a larger and smaller drain depending on who is in charge, but it is always a drain. it is a cost to the economy. a drain on it. it produces nothing. it just takes.

    stupid lefties.

    don't they see, they are taking us down the greek route. it may take another few decades, but sooner or later the unions and lefties will destroy us.
  • System
    System Posts: 178,227 Community Admin
    10,000 Posts Photogenic Name Dropper
    Don't worry- if you look at the picture the Irish Portuguese and Greek dominos are falling away from the other two and so won't knock them over.



    I noticed that. Obviously drawn by someone who has never actually watched dominoes falling over.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • michaels
    michaels Posts: 28,778 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Don't forget Belgium and Italy : http://www.bbc.co.uk/news/business-13818112
    I think....
  • FTBFun
    FTBFun Posts: 4,273 Forumite
    michaels wrote: »
    Don't forget Belgium

    Easier said then done.
  • I put this on the other Greece thread

    Peston on Greece:
    So, putting all this together leads to two inescapable conclusions.
    First, that when people talk about Greece as Europe's Lehman moment, they are wrong. Letting Greece default in a disorderly, uncontrolled way would probably be a good deal worse for the global economy than Lehman's collapse - for all that banks in general have more capital to absorb losses than was the case in the autumn of 2008, and are less dangerously inter-connected with each other.
    Second, the eurozone ministers' decision to postpone the definitive decision on a further 12bn euros of bridging loans for Greece is not likely to scare Greece's austerity objectors into submission.
    It could well persuade the Greek opponents of fiscal retrenchment that eurozone ministers are all talk and no trousers, that they are so disunited on how to fashion a fundamental solution to Greece's excessive debts that Greece is better off taking direct control of its own economic destiny.
    However, if this eurozone brinkmanship nudges the Greek parliament to reject the further budget squeeze, we'll be closer than is remotely prudent or sensible to a 1930s-style financial and economic disaster.
    It's worth reading the whole thing. This is just the conclusion.

    http://www.bbc.co.uk/news/business-13838819
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