Greek Deficit Tops Forecasts as Euro-Area Debt Reaches Record

Discussion in 'Economics' started by TGregg, Apr 26, 2011.

  1. TGregg

    TGregg

    I am shocked, shocked that Greece cannot get it's financial house in order. But retain hope, they say they won't have to restructure. Never mind that they've been wrong about everything else so far.

    April 26 (Bloomberg) -- Greece’s budget deficit exceeded goverment estimates and the euro area’s overall debt reached a record, narrowing Europe’s options for putting an end to the fiscal crisis.

    Greece’s shortfall was 10.5 percent of gross domestic product in 2010, higher than a 9.4 percent estimate made by the Greek government in February, official European Union figures showed today.

    Read the rest at http://noir.bloomberg.com/?b=0
     
  2. Eurozone deficit comes in at 6%.

    That's not so bad is it...
     
  3. AK100

    AK100

    Politicians mis-managing a country is par for the course these days.

    Nobody should expect much from them anymore.
     
  4. Wish their mismanagement weren't so damned destructive... intentional, even.

    The President is an ASS for proposing such deficits in his budget. Congress is just as much to blame for rubber stamping whatever the president asks for.
     
  5. Tsing Tao

    Tsing Tao

    EUR/USD at multi-month highs on this great news!
     
  6. What do you expect people? The same thugs that got Greeks into this situation are still in government. They got the IMF/ EU loans and they used it to carry business as usual. The large public sector remains intact because that is where they draw power and votes from and the private sector is crashed by escallating tax rates. This is what is going to happen to America too if things do not change.

    Greece and America and many other countries need new governemnt, new ideas, strict policies that protect innovation and private initiative from the public sector carrions.
     
  7. TGregg

    TGregg

    Wealth destruction is delfationary, so massive restructuring means the good ship QE3 can set sail and carry us to the promised land!
     
  8. Greece shoudl default and exit the European Currency Union at the same time and introduce the Drachme again. That´s a "real" solution!

    I think the safe haven demand for US Dollars would be "bombastic"

    :D
     
  9. lol thanks for that
     
  10. elon

    elon

    Do they even have a timeline they'll use as a guide? Or are they trying to do it all at once?
     
    #10     Apr 26, 2011