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Author Topic: Another bail-out for Greece?  (Read 10275 times)

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The Prophet

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Another bail-out for Greece?
« on: June 04, 2011, 07:25:33 am »
Greece received €110bn of laons from the European Central Bank (ECB)  last May. 
It is now unlikely to be able to return to the markets for more cash next year and now needs another €60bn to keep going until 2013.

Without more help Greece will run out of money by the ned of July 2011.
 
The ECB warn that a Greek default could cause a "Lehman-like meltdown in the closely connected European banking system"



Philofacts

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Re: Another bail-out for Greece?
« Reply #1 on: June 18, 2011, 10:13:42 am »
Eurozone working on a bailout-of-the-bailout for Greece
The Greek employment minister said that thousands of Greeks were still receiving pensions despite having been dead for many years.
He said this kind of fraud is costing Greece €16m a year.

Meanwhile the new 'bailout-of-the-bailout' to tide Greece over until 2014 is expected to reach €170bn including the €60bn already given.

The ECB is keen to avoid anything that could be viewed as a default or as they now term this a 'credit rollover' for fear of a meltdown of the European banking system.

New realistic stress tests should be carried out on all European banks to show in advance, whether or not they could cope with losses from a Greek default on their debt.  Governments may even be required to re capitalise some banks.

The debt crisis both in the Eurozone and the US is now turning into a farcical bankrupt show that is becoming "Too Stupid to Stop" in the opinion of Bill Blain of brokers Newedge in London.
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Banjo

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Re: Another bail-out for Greece?
« Reply #2 on: June 18, 2011, 11:49:07 am »
How is that Britain chose not to join the Euro and what a good idea that was, yet it looks as if, by default, we are still
suffering financially as if we had joined in the first place.
What with the EU payments and propping up our banks!

Philofacts

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Re: Another bail-out for Greece?
« Reply #3 on: June 19, 2011, 12:57:44 pm »
Some people are saying that they are preparing for a Greek default.
Let's face it it must be inevitable and shouldnt hurt most UK banks too much.
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The Prophet

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Greece is a lost cause and has been all along
« Reply #4 on: November 16, 2011, 11:09:07 am »
The IMF has been "rescuing" Greece since May 2010.
Greece isn’t doing such a great job that it deserves continued help so it can go on with the same failing policies.

The only "fix" for Greece now is to leave the Euro and go back to the Drachma.
It is the end of the line – time for tough love!