I bring it up again because it really describes european politicians. Sarkozy laughs about the Italian situation? OECD report government DEFICIT: (2010 2011 2012) Germany -3,3 -2,1 -1,2 Italy -4,5 -3,9 -2,6 France -7,0 -5,6 -4,6 Numbers don't seem to mean anything to markets, until someone at a high level points out the collapse of the French banking system and the enormous deficit.
I'm afraid Merkel+Sarkozy love to insult Italy and other countries only to show a scapegoat to their own dumb electorate, but they never read this paper from the BIS. That's the Bank of International Settlement, the central bank of central banks. http://seekingalpha.com/article/252495-a-look-at-the-future-of-public-debt They better shut the f*** up and think about their own budgets, before the market does it, sooner or later.
Someone must have lent them the money. Who? People pension funds that's who. So pension funds will be hit and default. So forget public and private funded retirement.
I don't know the future pension liabilities in France and Germany are high. Are you going to reply to my pm.
question. If Greece owes the world 500b, this is not a large amount. Lehman's bk was 650b , which was 1 bank in one building in new york. The eu is going to collapse over 500b? I am missing something here.
Greece, taken by itself, is irrelevant. Just like in the case of Leh, it's the ripple effects that matter.
http://www.spiegel.de/international/europe/0,1518,793719,00.html and $1T on bailout fund. At 60% forgiveness, whoever owns those Greek bond are virtually finish
Just heard on the radio....but not clearly. The decision on greece has been made, investors who owned greek bonds lost 50%. Can you confirm if this is the case? and what is the effect for the rest of the world?