Quote from article Demanding that Greece, Ireland and Portugal repay rather than restructure their debts despite "popular backlashes", the BIS says the turmoil in those countries "would pale beside the devastation that would follow a loss of investor confidence in the sovereign debt of a major economy". Near-zero interest rates in mainland Europe, Britain and the United States are delaying financial adjustments and "magnifying the risk that the distortions that arose ahead of the crisis will return". "If we are to build a stable future, our attempts to cushion the blow from the last crisis must not sow the seeds of the next one," the report warns. See article from Age newspaper Edit , added link http://www.theage.com.au/business/n...risis-alert-20110626-1glud.html#ixzz1QOKSf4r9
I think this is it http://www.theage.com.au/business/new-global-financial-crisis-alert-20110626-1glud.html
"Demanding that Greece, Ireland and Portugal repay rather than restructure their debts" That will be a clever trick - HOW??? They are BANKRUPT!
Paying debt off with more debt, while killing off your gdp and tax base will work wonders, I see Greece has only 6000 people that claim to earn more than $140k a year and the shipping barons are not allowed to be taxed at all. As some one said if they privatise state owned,over staffed assets there will be hole sale layoffs from the new owners= more welfare and less tax income, Greese's 40% youth unemployment going to 50% after cuts ect is not going to be fun.
So tired of hearing that some collapse is going to happen any minute. We've been on tenterhooks for years now, it's exhausting. It's like getting extension after extension for an assignment that's due, which always only prolongs the stress and anticipation, when it's better to just hand the thing in, face the music and move on. Not that it matters what I feel about it. (That's not irony, it really doesn't.)
Come on down to Detroit, Dublin, Mardrid, Athens, Tunis, Newcastle, Napoli, Tampa Bay, Thessoniki, Sheffield, Tripoli, Lisbon, Phoenix, Malaga, etc. and get all the flavours of a real live GFC right now while it's still hot. Don't delay. We're completely overstocked with GFC, but come in now while it lasts. See and feel what a real tent city feels like in Cali. Get moved on from a place you used to live and earn a wage. Join the ranks of the "discouraged workers" and feel what it's like to earn a pittance and/or live off handouts. It's yours now for this limited time. P.S. if you're "sick of waiting" for it to happen you're one of the lucky ones, as I hazard most on this forum are.
Oh absolutely! I know. I've seen people comment "for goshsake collapse already!" on other sites and it shows a rather self centred approach to it all, which is why I added that it doesn't matter what I feel about it. As you can see, I didn't say "sick of waiting" at all, I said "so tired of hearing....any minute" Which to me is an entirely different concept. It was more of a dig at the kind of journalism that constantly screams that we're on the edge, poised to collapse, on the precipice... They like to put dates and timeframes on it too, and when they pass without anything significant happening around that date, they never recant it, they just put forward another date. It's as ridiculous as that rapture guy. I think it's ok to have tenterhooks-fatigue when your news begs for "act now or it will be too late" month after month. I could stop listening, but it's coming anyway, and they're going to be right eventually.
Stuff zero interest, I am waiting for negative interest. Countries would slowly come out of debt, that's good right?! People would empty their bank accounts and stop selfishly saving when they could be stimulating the economy by buying. The tent cities along the motorways in Greece back in 2008 had a 'permanent' look about them and I doubt they are any better than they were. Apparently they have been there for a long time and are full of gypsies.
The banks do not want to see the Greek default before they are paid first on the non guaranteed loans, but the French banks for example are very happy to lend again, but only, if this time the ECB guarantee their money first. What is the point to involve the French banks in this second lending if the money is guaranteed by the ECB anyway? They are just taking profit out of this deal and making the bailout even more expensive without any risk or benefit whatsoever. Once everything is guaranteed by the ECB these same banks can and will bet on the Greek default and they will make profit twice, because Greek will default anyway, but the banks will be guaranteed to be paid on both way.
