Bild on the Greek bailout – It is only a matter of days until Germany starts handing out billions in aid to the Greeks, according to Chancellor Angela Merkel. But for some experts, Greece is just a bottomless pit. And now anger is increasing in Germany, with many asking why they should pay for things like the luxury Greek pension system. They highlight superior Greek pensions, that German workers will now be paying for – The fact is that in …
Argentina entered recession in 1999 and defaulted on it’s public debt in 2001. According to Wikipedia In the meantime, government spending continued to be high and corruption was rampant. Argentina’s public debt grew enormously during the 1990s, and the country showed no true signs of being able to pay it . Enormously eh? It hit the heady heights of.. Ratio of debt to GDP grows to 41% in 1998, then 47% in 1999. Ratio of debt to GDP grows to …
The Greeks have called in the IMF. RTE report that Greek Prime Minister George Papandreou has asked for the activation of an aid package from the European Union and International Monetary Fund aimed at pulling the eurozone member out of a debt crisis.
Known as Doctor Doom because he correctly identified the imbalances that led to the credit crunch, Nouriel Roubini appears to be unimpressed with attempts to solve the emerging sovereign debt crisis in the Eurozone. Over at RGE monitor he warns – A Modern Greek Tragedy May Soon Turn Into a Broader PIIGS Disaster These issues within the eurozone stem primarily from a loss of competiveness, high wage growth and labor costs which outstripped productivity, undisciplined fiscal policies and, crucially, the …
