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) -- Greeceâs budget deficit exceeded goverment estimates and the euro areaâs overall debt reached a record, narrowing Europeâs options for putting an end to the fiscal crisis. Greeceâs 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
Politicians mis-managing a country is par for the course these days. Nobody should expect much from them anymore.
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.
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.
Wealth destruction is delfationary, so massive restructuring means the good ship QE3 can set sail and carry us to the promised land!
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"