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Greece Debt Crisis: Europe, With Fed Help, Unveils Dramatic Moves To Contain Crisis

admin — Sun, 09 May 2010 22:15:04 +0000

May 10 (Bloomberg) — European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that … Read More

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News Media

EU Crafts $962 Billion Show of Force to Halt Euro Crisis – BusinessWeek
The steps came after failure to contain Greece's fiscal crisis triggered a 4.1 percent drop in the euro last week, the biggest weekly decline since the …

TREASURIES-Dive in Asia after EU agrees debt crisis package – Reuters
In addition, the Federal Reserve said it has reopened currency swap facilities, established during the 2007-2008 financial crisis, with other major central …

European Debt Crisis May Benefit India, Adviser Basu Tells PTI – Bloomberg
By Rajhkumar K Shaaw May 9 (Bloomberg) — The European debt crisis may be advantageous for India's capital markets if it is contained, Kaushik Basu, …

Identity Crisis: Half Yankees Half Rays Equals No Playoffs For Red Sox – Bleacher Report
As the old saying goes, you can't win the World Series in April, but you sure can lose it. Unfortunately this looks to be the case for the struggling Boston …

Central Banks Step In to Shore Up Confidence – Wall Street Journal
The Federal Reserve quickly joined with the ECB, agreeing to reopen a program employed during the 2008 financial crisis in which it lends US dollars to the …

Poll: Obama to blame for US-Israel crisis – Ynetnews
Despite the ongoing tension between Washington and Jerusalem, a clear majority ” 61% ” of the overall Israeli public defines the relations between the two …

How crisis is like toothpaste or tsunamis or … – MarketWatch
Henry Paulson, the former Treasury Department secretary, took his turn in front of the Financial Crisis Inquiry Commission on Thursday, armed with an …

China’s Stocks Rise as European Loan Package May Ease Crisis – BusinessWeek
… time in three days on speculation an emergency loan fund to bail out debt-laden European countries will keep the region's credit crisis from spreading. …

U.S. Presses Europe to Contain Crisis – Wall Street Journal
At the Federal Reserve, meanwhile, officials were considering whether to reopen a program, launched during the financial crisis, to ship US dollars to the …

Latest News: Greece Debt Crisis

Eurozone Leaders Act to Stop Crisis From Spreading- Greece Debt Crisis Coming to United States–
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Greece Debt Crisis: Sarkozy Says Europe Will Help Greece During Meeting With Georges Papandreou
PARIS — Speculators beware: The euro zone’s biggest powers will back Greece through the debt crisis that has jeopardized all 16 nations in the common currency, French President Nicolas Sarkozy said Sunday. Greek Prime Minister George Papandreou, in Paris as part of a four-city tour seeking firmer EU and U.S. support for new austerity measures to rein in its massive budget gap, received from Sarkozy the most outspoken support for his plans yet. The French leader, coveting the chance to play the statesman with regional French elections to begin next Sunday, issued a warning to traders who would bet against the euro zone’s willingness to defend a member state. And in a show of high-stakes poker with speculators, he purposely didn’t detail what measures the bloc might take. Papandreou’s government has committed to a severe austerity plan to reduce Greece’s massive 12.7 percent budget deficit, and has warned that going to the International Monetary Fund is an option if a European solution is not found. “The Greek government … took the measures asked of it. Euro zone states must now be ready to take theirs,” Sarkozy told a news conference alongside Papandreou at the French presidential palace. “Of course, the future of Greece is in question, but it’s also that of Europe being played out,” Sarkozy said. “Europeans have created a common currency – all the countries that share this currency must show solidarity.” Sarkozy, who along with German Chancellor Angela Merkel is seeking to calm markets and bring down Greece’s high borrowing costs, didn’t spell out any specific ideas. “Concrete, precise methods exist – ones we don’t need to communicate about tonight, certainly not,” he said.

Greece debt crisis FAQ
Why is Greece still in crisis– Don’t the bankers deserve it– Could the UK be next–Why is Greece still in crisis, wasn’t there a bailout–After months of uncertainty, the EU and IMF had finally offered a â‚¬45bn rescue package (â‚¬30bn from Europe and â‚¬15bn from the IMF), which might have seen Greece through its short-term borrowing needs. But political opposition in Germany led investors to lose confidence and drove up Greek borrowing costs to the point where a far bigger rescue package now looks necessary.What happens if a bigger bailout can’t be agreed–With short-term borrowing rates hitting 38% on Wednesday, investors fear Greece will have no choice but to default on some of its existing debt obligations, or at the very least negotiate a partial debt restructuring. In short, refuse to pay. The latest crisis was sparked on Tuesday when credit rating agency Standard & Poors downgraded Greek sovereign bonds to junk status.Why is this so bad– Don’t the bankers deserve it–It is bad for Greece because it will make it almost impossible to borrow its way out of trouble in future, making it difficult to pay all its public sector employees and deepening its recession. It is bad for everyone because most fund managers invest in these bonds on behalf of international pensioners and savers. Though Goldman Sachs has been criticised for helping Greece hide its problems and hedge funds are blamed for exacerbating the market reaction, the banking industry is far less culpable in this crisis than it was last year.Will Greece leave the euro–If its domestic economic crisis gets bad enough, Athens may decide a currency devaluation is the only way to restore international competitiveness.

The Greece debt crisis is far from over
With government bond yields still high, Greece may not be able to service its debt, making a joint eurozone and IMF rescue ever more likely..

Europe in Crisis Control over Greece Debt Woes
Key EU Nations Approve Greek Rescue Package as Leaders Look to Soothe Market Fears.

Debt crisis: The EU is waterboarding Greece | Poul Nyrup Rasmussen
The austerity measures forced on to the Greeks are not only unfair, they set a bad precedent for the rest of EuropeOn the day of the eurozone leaders’ meeting in Brussels, it is essential that we look at what is really going on in the European Union. The Conservative majority in the EU has again lost sight of the big picture. Its punishment of Greece is like the nation-state equivalent of waterboarding. It seems that it is unable to grasp the gravity of the situation. It is targeting Greece but refusing to see the dangers of its lack of EU coordination and inaction.For four months, EU centre-right governments have applied a torturous drip-drip approach with no less than four separate austerity programmes being demanded. These agonising tactics are due solely to Angela Merkel’s “policy of prevarication”.

Greece debt crisis: timeline
Greece’s economy has been in the balance for months, but the seeds of the crisis were sown a decade ago1 January 2001: Greece joins the euro Having been left out when the single European currency began at the beginning of 1999, Greece becomes the 12th member two years later after dramatically cutting inflation and interest rates, and bringing the drachma smoothly into line with the euro. The Greek government hails the achievement, saying it promised greater stability and prosperity. But the then president of the European Central Bank, Wim Duisenberg, warns that the country must keep working hard to improve its economy, and some analysts fret that the euro could suffer from the inclusion of weaker European nations.15 November 2004: Greece admits fudging euro entryClose scrutiny of Greece’s budget figures shows that the country has not actually met the conditions to join the eurozone. Greek government admits that its deficit has never been below 3% since 1999, as EU rules demand.29 March 2005: Austerity measuresHaving ousted the Greece’s socialist government a year earlier, the right-wing New Democracy party imposes an austerity budget to try to slash Greece’s deficit and get the public finances back on track after the cost of hosting the 2004 Olympics. It includes tax hikes on alcohol and tobacco, and an increase in VAT from 18% to 19%.Spring 2006: Bouncing back–A year after the austerity budget, Greece’s economy appears to be growing strongly again, with GDP up 4.1% in the first three months of 2006.4 October 2009: George Papandreou becomes Greece’s prime ministerPapandreou’s Panhellenic Socialist Movement (PASOK) party wins power after New Democracy calls a snap general election, asking the Greek people for a new mandate to tackle the looming financial crisis. The Greek economy has contracted by 0.3%, and the national debt has risen to â‚¬262bn, from â‚¬168bn in 2004.

Greece debt crisis deferred, not cured
Investors have good reason to think Greece’s debt crisis has not been solved by the IMF bailout packageThere’s a pattern here. European politicians stand up on a Sunday and declare that they have found a solution to Greece’s financial crisis. A day or two later, investors respond by shouting “no, you haven’t”. Today’s performance of this drama was the most alarming to date. The â‚¬110bn three-year bailout for Greece was meant to be the final word on the matter from the eurozone members and the IMF. It was greeted with big falls in stock markets around the world while the euro hit a 12-month low against the dollar.Unfortunately, investors have good reasons to think the Greek bailout will succeed only in deferring pain.

News Analysis: Deflation Could Stall Efforts to Revive Greece in Debt Crisis
There are serious questions about whether the harsh austerity measures Greece committed to are sustainable..

EU debt crisis: Greece granted â‚¬110bn aid to avert meltdown
Package agreed in return for pledges on most drastic overhaul of a European economy ever attempted European countries stepped into uncharted territory tonight, deciding on the first bailout of a single currency member state by agreeing a three-year package worth ¤110bn (£95bn) to rescue Greece from financial meltdown in return for pledges on the most drastic overhaul of a European economy ever attempted.Finance ministers from the 16 countries using the single currency met yesterday in Brussels to seal the pact following months of sitting on the fence and two weeks of tough negotiations in Athens involving the International Monetary Fund, the European commission, and the European central bank, which concluded on Saturday night.JosÃ© Manuel Barroso, head of the European commission, described the bailout as decisive in preserving “the stability of the euro area”. The guardian of the euro and head of the European central bank, Jean-Claude Trichet, said the package was needed to shore up the single currency.Heads of government from the 16 countries are to gather for an emergency summit in Brussels on Friday to throw their weight behind the deal, after months of procrastination during which the crisis has deepened and spread.”This programme is unprecedented … in the scale of the financial support,” Olli Rehn, European commissioner for monetary affairs, said last night.”It’s not an easy day,” added George Papaconstantinou, the Greek finance minister who earlier put his country’s dilemma starkly: “The choice is collapse or salvation.”A day after May Day protests rocked Greece, the prime minister, George Papandreou, outlined his commitments to the EU and the IMF, making clear his programme envisaged the biggest shake-up of Greece’s welfare state ever contemplated. A homemade bomb later exploded outside an HSBC branch in Athens.”The problem has taken on huge dimensions. The fire risked extending not only to Greece but to the eurozone and beyond,” he said. “The cost of extinguishing it is very high, and it’s very high for Greek citizens.” Papandreou told Greeks they faced years of great sacrifice, but would be rewarded with the “rebirth” of their country.Barack Obama rang Papandreou to welcome “the ambitious reform programme announced by the Greek authorities”.

News Activity for Greece Debt Crisis

SEC Ogled Porn As The Financial Crisis Unfolded! So Did You
One SEC accountant tried to access porn 1,800 times in two weeks, another tried 16,000 times in one month. In another case, an SEC attorney spent eight hours a day looking at and downloading porn— as reported by the Associated Press and ABC News— when his disk drive was full he resorted to CDs and DVDs. Gross.Over the last five years, the SEC has launched “33 probes of employees looking at…

BBC News – Asian stocks slide amid Greek debt crisis
Greek drama sends Asian markets sliding: Asian stock markets fall because of the Greek debt crisis, as the IMF .. http://bit.ly/bugPCv

Did Porn Cause the Financial Crisis– – Business – The Atlantic
The above headline might seem like a joke. It isn’t. Senior staffers at the Securities and Exchange Commission were surfing Internet pornography when they should have been policing the financial system. A deeply disturbing SEC memo to Senator Chuck Grassley (R-IA) exposing this problem was reported Thursday night by ABC News. Here are some highlights via the Associated Press: _A senior attorney…

BBC News – Greek crisis set to overshadow IMF meeting
Greek crisis hangs over IMF talks http://bit.ly/byc4Ej #follow

BBC News – Greece crisis: Europe ‘must act fast’ ex-minister warns
Europe ‘must act fast’ on Greece- Greece must be prevented from becoming “the Lehman Brothers of the sovereign debt… http://bit.ly/djIFmm

Recent Twitter Activity

EUROZONE: EU finance ministers agree multi-billion-euro bailout fund for crisis-hit members, http://www.myfeedme.com/article/10666195.html
MAY 2010 A.D.
WORLD RACES TO AVERT CRISIS
GLOBAL MARKETS-Euro rises, stocks rally on EU crisis plan – Ninemsn http://url4.eu/3HYZR
Ah titanic and doctor who are on at the same time. I’m glad that this is a major crisis in my life right now lol
"The solution to a debt crisis is……. more debt–" http://ow.ly/1ITYu via @tickerguy
EU in monster eurozone aid deal, euro surges: BRUSSELS: Europe on Monday agreed a package of crisis aid for troubl… http://bit.ly/ctvHHd
Obama ‘very concerned’ about Greece’s economic crisis – http://bit.ly/bw4AWB #cnn
EU Crafts $962 Billion Show of Force to Halt Euro Crisis – BusinessWeek http://is.gd/c238W
EU comes up with a $962 Billion loan package to stop debt crisis. http://bit.ly/bjUXtG
EU set up new stabilisation mechanism to prevent Greek debt crisis from spreading. JKSE goes green–
The definition of an existential crisis: not knowing what that means.
@InGoldWeTrust2 Learn how Brazilian music can help you to overcome financial turmoil. CAS CRISIS â†’ http://bit.ly/CASpod
www.Europe-VIP.com Europe unveils trillion-dollar crisis fund
(AFP): AFP – Europe on Monday announced a trill… http://bit.ly/bNwSun
#news: Europe unveils trillion-dollar crisis fund
(AFP) http://bit.ly/bp5V0W
@Natassianu5 Learn how Brazilian music can help you to overcome financial turmoil. CAS CRISIS â†’ http://bit.ly/CASpod

Greece Debt Crisis Images

Greece Debt Crisis

admin — Thu, 29 Apr 2010 05:51:35 +0000

While a controlled burn has been taking place to stop the oil from reaching the Louisiana shoreline and spreading to three other states, tonight Admiral Landry of the US Coast Guard announced a new leak spilling additional oil into the Gulf. Read More

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News Media

Volcano Crisis: Europe to Fast-Track Single Sky, Compensate Airlines – Environment News Service
"Stronger European co-ordination will not solve every problem. But faced with such a pan-European crisis, it would have enabled a much more agile response."

Merkel Tested as Escalating Greek Crisis Hurts Euro – New York Times
BERLIN — Chancellor Angela Merkel's strategy for dealing with Greece's untenable debt problem was to stall and hope the crisis did not …

Financial Crisis in Greece, Europe Could Threaten US> and World Economy – Los Angeles Times
And despite German officials' pledge to act swiftly, many economists saw a likelihood damaging fallout from the crisis. Jacob Kirkegaard, a European …

In Crisis, Catholics’ Response Is Ad Hoc – Wall Street Journal
After the sex-abuse crisis began to rumble in November last year, Father Lombardi began to tighten up the Vatican's media operations, creating a small …

US Households Lost $100000 From Crisis, Study Says (Correct) – BusinessWeek
April 28 (Bloomberg) — The financial crisis and recession cost US households an average of about $100000 in lost wealth and income, …

Credit Agricole, SocGen Face Greek Risks as Debt Crisis Deepens – BusinessWeek
Contagion from the Greek crisis is threatening the stability of the financial system like the Ebola virus, Organization for Economic Cooperation and …

In Spain, Crisis Stays Low-Key – Wall Street Journal
MADRID–Spain's worsening financial crisis remains a strangely low-key affair. One in five people here are out of work, but generous …

The VAT may resolve debt crisis, but for politicians it’s too soon to be right – Washington Post
By ruling out a VAT when it could keep the federal deficit in check, politicians have all but guaranteed that the debt crisis, when it comes, …

Gold climbs as eurozone debt crisis intensifies – Xinhua
Fears of prospective debt defaults drove investors to flock to hard assets like gold as a flight to safety in times of crisis. Meanwhile, Federal Reserve's …

Greece Debt Crisis: Recent News

The Greece debt crisis is far from over
With government bond yields still high, Greece may not be able to service its debt, making a joint eurozone and IMF rescue ever more likely..

Greece must do more to tackle debt crisis, EU says
ATHENS (Reuters) – Greece needs to take further action quickly to tackle its debt crisis and meet its budget goals, European Union Economic and Monetary Affairs Commissioner Olli Rehn said on Monday..

Debt crisis: UK banks sitting on £100bn exposure to Greece, Spain and Portugal
Shares in UK lenders slide amid fears of renewed credit crunch but French, German and Swiss most at risk from Greek defaultFears of a fresh banking crisis stalked the markets today as the risk of Greece defaulting on its debt repayments raised concerns about the exposure of major banks to indebted countries in Europe.As analysts estimated that Britain’s banks have a combined exposure of £100bn to Greece, Portugal and Spain ” the three countries causing most concern on the financial markets ” the Financial Services Authority was closely watching the markets and assessing exposures to the vulnerable countries.After the ratings agency Standard & Poor’s had downgraded Greek debt to “junk” yesterday, bank shares were knocked today but spared further falls as the downgrade of Spain’s crucial credit rating came just as the stock market was closing. With UK banks standing to lose more in Spain than in Greece and Portugal, analysts said there might have been a more severe reaction if London had remained open longer today.Analysts at Credit Suisse calculated that UK banks had £25bn of exposure to Greece and Portugal but £75bn to Spain, where the collapse in the property market has already forced banks such as Barclays to admit to bad debt problems and left Royal Bank of Scotland facing questions about its exposure.”Lloyds’ exposure to the three regions is likely to be negligible, we estimate that Barclays has £40bn exposure (predominantly loans in Spain and Portugal, excluding daily positions in Barclays Capital), and RBS has around £30bn”£35bn (again predominantly Spain, although we estimate £3bn to £4bn in Portugal and Greece as well),” the Credit Suisse analysts said.Money markets, in which major banks lend to each other, also reflected the tension caused by the Greek downgrade with eurozone interbank lending rates enduring their biggest rise in nearly a year.Much of the anxiety was targeted at French, German and Swiss banks. Howard Wheeldon, of BGC Partners, said: “If Greece defaults that means the pressure will then be felt and exerted on national banks that hold the Greek debt. That includes very many German, French and Swiss banks and it just may be that with so many banks involved one of these might just go down.”At today’s annual meeting, RBS’s chairman, Sir Philip Hampton, played down any exposure to Greece, while Lloyds’ finance director, Tim Tookey, said on Tuesday that the bank had no “material [significant] exposure”. Barclays publishes a trading update on Friday and will face questions about its exposure to the countries being downgraded.In early trading today banks were the biggest fallers, with RBS tumbling 7%, Lloyds down by 6.5% and Barclays off 4%, though they recovered much of their losses by the time market closed.Among continental European banks, analysts at Evolution calculated that Fortis, Dexia, CASA and SociÃ©tÃ© GÃ©nÃ©rale were most affected because of the value of their Greek debt holdings relative to their size.According to Barclays Capital, UK banks account for only 3% of the exposure to Greek bonds, while data from the Bank for International Settlements shows that, at the end of 2009, Greece owed about $240bn (£160bn) overseas. Of this, France and Germany have the biggest exposures of $75bn and $45bn respectively.Analysts expressed concern about the problems spreading.

Greece shaken by growing debt crisis
A rollercoaster ride for European markets as the Greek contagion appeared ready to spread to other nations.

Greece debt crisis: the role of credit rating agencies
¢ EU wants agency understanding for Greek bailout plans¢ Rating agencies’ views are critical to investment decisionsCredit agencies came under fire today after their rating of eurozone countries sparked the latest market jitters.Rattled by Standard & Poor’s (S&P) reduction of Greece to junk status on Monday, the EU launched a thinly veiled attack on the agency, saying it had confidence in action being taken by the Greek government to tackle its debts of â‚¬300bn.Without naming S&P, an EU spokesman said it expected that when credit rating agencies (CRAs) “assess the Greek risk, they take due account of the fundamentals of the Greek economy and the support package being prepared by the European Central Bank and the International Monetary Fund.”We, of course, expect the credit rating agencies, like all other financial players, and in particular during this very difficult and sensitive period, to act in a responsible and rigorous way.”S&P is one of a handful of credit rating agencies that wield enormous clout in the financial markets where investors await their opinions with a mixture of intense interest, fear and trepidation.The agencies provide investment and credit opinions on the ability of companies and countries to meet their debt obligations and their views are critical to investment decisions made by banks, pension funds and other financial institutions.Bondholders and shareholders rely on the advice of the three big credit rating agencies: Standard & Poor’s, Moody’s and Fitch ” which must register with the US Securities and Exchange Commission. Their views can wipe millions off bond and share prices, as well as make credit more expensive.S&P has effectively said it views Greece as a much riskier place to invest, which increases the interest rate investors will charge the Greek government to borrow money on the open market. But S&P is also implying that the risk of Greece defaulting on its loans has increased, a frightening prospect for bondholders and European politicians.The CRAs have never been far from controversy: at the turn of the millennium they came under fire for giving Enron a clean bill of health right up until the company collapsed in 2001. More recently, they have been subject to criticism in the wake of large losses, beginning in 2007 in the collateralised debt obligation (CDO) market, that occurred despite products being assigned top ratings.In the US, a Senate report last week said the agencies deserve some of the blame for the recent financial meltdown. According to the report, the agencies helped banks disguise the risks of the investments they marketed, selling high risk securities with low risk labels.Senator Carl Levin said there was “an inherent conflict of interest” because the rating agencies received fees from the very firms whose products they were grading.Levin said the Obama administration’s financial overhaul should more closely address how CRAs are paid.There is legislation in both the House of Representatives and Senate that would increase regulation of the CRAs. A new bill would create an office of credit rating agencies within the SEC.

Greece debt crisis: Standard and Poor’s country credit ratings in full
Standard and Poor’s country credit ratings in full ” from AAA’s for the likes of the US and UK (albeit with a negative outlook) to CCC+ for EcuadorStandard and Poor’s country credit ratings in fullCountries in bold have junk statusEuropeGreeceFinancial crisisEuroguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds.

Greece debt crisis: should Germany support a bailout–
Germans are balking at paying for a bailout or Greek politicians amid talk of a breakup of the eurozone.

Greece, Portugal debt crisis hits stocks
U.S. stocks followed European markets sharply lower Tuesday after Standard & Poor’s downgraded the debt of Greece and Portugal. Business – Portugal – Financial Services – Financial Planning – Debt Consolidation.

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Pls RT: Scotland’s National Rape Crisis Hotline 0800 027 1234
@gammawaif #HugSlack – its a national crisis
Obama, Merkel discuss Greece’s financial crisis (AP)http://bit.ly/bGP5X5
Greek crisis carries all before it (Reuters)http://bit.ly/awwiSq
RT @beulahgg: Democrats in their own words Covering up the Fannie.. , Freddie.. Scam that caused Economic Crisis. http://bit.ly/CFCjo #tcot]
S&P Cuts Spain As Greek Crisis Spreads In EU (Investor’s Business Daily)http://bit.ly/diFLAb
Merkel Tested as Escalating Greek Crisis Hurts Euro – New York Times http://is.gd/bMrqd
RT @clusterstock Mohammad El Erian And Paul Krugman Both Wildly Gloomy About Spiraling Crisis In Greece by @thestalwart http://bit.ly/acy7Ok
Debt crisis: European markets fluctuate as financial turmoil spreads to Spain http://url4.eu/32hQC
@KOSMOSNET Human rights crisis–! What about my human rights– What about my rights as an American citizen!
"Waiting is a necessary component of the crisis"
RT @polyglotwit: RT @smittytabb: RT @katiealley A New Great Wall: Why The Crisis in Translation Matters by Edith Grossman http://bit.ly/ckccyU via @addthis
Fresh strikes rattle Greece: Strikes erupted in Greece as its crisis-hit economy drew another scathing debt downgrade. http://bit.ly/bPQ3m0
Hispanic May Day rallies: Will they protest migrant abuse crisis in Mexico or AZ’s non-abusive law–
A New Great Wall: Why The Crisis in Translation Matters – By Edith Grossman | Foreign Policy http://ow.ly/1Evo8

Greece Debt Crisis Images

Crude futures end lower on fears of European debt crisis – Greece Debt Crisis

admin — Wed, 28 Apr 2010 00:27:06 +0000

ATHENS (AP) — The government debt crisis that has shaken Europe’s shared currency widened and intensified Tuesday as Portugal saw its credit rating cut — and Greece’s was reduced to junk status. Keep Reading

Greece Debt Crisis: Breaking News

The Greece debt crisis is far from over
With government bond yields still high, Greece may not be able to service its debt, making a joint eurozone and IMF rescue ever more likely..

Greece not looking for EU handouts with debt crisis, says Papandreou
But prime minister says if country is to avoid a bailout it needs political backing of other EU nationsThe Greek prime minister, George Papandreou, insisted today that his country was not looking for EU “handouts” to solve its debt crisis.But he said that to avoid succumbing to a bailout the country needed the political backing of other EU nations to restore credibility with investors. “Let us [sit down] with the EU authorities, the commission and the European Central Bank, let’s look at our progress and how we are doing with the stability and growth plan we have tabled,” he said. “[Let us] show you that what we are saying is being implemented.”In an interview on the BBC’s Andrew Marr Show, he said the key to the country’s economic recovery was being able to borrow money at the same rates as other countries. “We need the help so that we can borrow at the same rate as other countries, not at high rates which undermine our ability to make the changes we need to make [to Greece's deficit].”Greece insists it can tackle its â‚¬300bn (£260bn) debt alone, but concerns over its ability to do so have weighed on the euro. It needs to raise some â‚¬54bn this year to cover its budget shortfall and a report in the German magazine Der Spiegel claimed the finance ministry plans to ask eurozone countries for a â‚¬25bn aid package.Papandreou’s socialist government says it will cut the public deficit, which accounted for 12.7% of GDP at the end of 2009 ” more than four times the level allowed under EU rules ” by 4% this year, with a goal of bringing it under 3% by 2012. Papandreou did not comment on the specifics of the government’s plans but said it could be anything from a “guarantee” from Brussels to finding other ways of borrowing money.

Greece and Brussels clash over debt crisis
Doubts over Greek efforts to resolve the debiltating debt and deficit crisis that is imperilling the euro’s stabilityAthens and Brussels clashed today over whether Greece was doing enough to resolve the debilitating debt and deficit crisis that is imperilling the stability of the euro.George Papaconstantinou, the Greek finance minister, pleaded for time and argued that the radical austerity programme aimed at slashing 4% from the ballooning budget deficit this year was unprecedented in his country’s history.But Olli Rehn, the European commissioner for economic and monetary affairs, cast doubt on the Greek package, demanding extra action.”Risks are materialising, and therefore there is a clear case for additional measures,” said Rehn of the programme that has already been endorsed by the commission and is supposed to be supported by European finance ministers tomorrow.”We’re embarking on reforms never attempted before,” replied Papaconstantinou. “Let’s go with common sense.”The spat between Brussels and Athens came as the finance ministers from the 16 countries using the single currency met to finesse their plans for overseeing rigorous implementation of the package, which is aimed at warding off the threat of Greek insolvency and reducing market pressures on the euro.A European summit last week made tough demands on the Greek government while also offering vague promises of help if needed to avert a sovereign default.The Greek finance minister dismissed talk of “imminent collapse” as “absurd” and insisted that his centre-left Pasok government had broad public support at home as it tackles the eurozone’s worst ever crisis.”We’re trying to change the course of the Titanic,” he said. “Anyone else doing this would get applause. But they tell us: ‘You’re not doing enough. You won’t be able to do it anyway.’”Papaconstantinou “partly” blamed the hedge funds for betting against the euro and Greece, aimed at engineering a “self-fulfilling prophecy”. He voiced support for tighter regulation of hedge funds trading in credit default swaps on Greek debt.

Greece Downgraded As Europe’s Debt Crisis Worsens
Greece asks for EU-IMF bailout.

Greece Debt Crisis Deepens; S&P Rates Bonds As Junk
The Greek debt crisis deepened Tuesday with the Standard & Poor’s cutting the rating on that nation’s debt to junk-bond level, helping to trigger a sell-off in the financial markets. The Dow was down around 150 points at one point but as of around 1 pm it had regained some ground and was off around 138 points..

Debt Crisis in Greece Top Issue at Finance Meeting
Financial leaders pledge to address risks posed to global recovery by high government debt.

Debt Crisis In Greece Top Issue At Finance Meeting
IMF expects global economic growth of 4.2 pct.

User-Submitted Links

Using social media for crisis communication
What Toyota can teach us about using social media for crisis communication

And Germany made the Greek crisis much, much worse
The Greeks are mainly responsible for their current predicament. But the German government has made the country’s situation worse with its lectures and reluctance to provide assistance.

Recent Activity on Twitter

Crisis: I have run out of peanut butter AND nutella. Without them, not sure if I can make it to the store to buy more.
Having an identity crisis– Get graphic goodies with your (business) name and face on them! Make them know who you are! www.cliffdigital.com
Goldman CEO denies wrongdoing in crisis: |
The CEO of Goldman Sachs is testily defending his company’s ethics and… http://bit.ly/aVJnsG
Rwanda denies political crisis before August vote: KIGALI (Reuters) – Rwanda Tuesday denied there was a political … http://bit.ly/9ePt6W
Hasn’t the financial crisis proved that we need to have genuinely nationalised banks (and remutualised building (cont) http://tl.gd/123s63
Wall Street and the Crisis of Urban Violence by Chris Butler http://ow.ly/1DOdt
Greece downgraded as Europe’s debt crisis worsens (AP) – AP – Europe’s government debt crisis worsened ominous… http://ow.ly/17c6xu
Teacher Librarian Virtual Cafe Crisis Webinar Archive chris harris http://bit.ly/bDd8JU
RT @LisaGraas: via @rsmccain Dow Loses 213 Points on Debt Crisis in Greece, Portugal; http://dlvr.it/fLGs
@AP:Not us: Goldman execs deny wrongdoing in crisis
Our Giant Banking Crisis–What to Expect | Essay based on Reinhart and Rogoff’s "This Time It’s Different& – http://subdomainz.com/xst
Goldman Sachs Comes Before the New Pecora Commission | FDL News Desk: But in looking at this crisis, it’s hard not to echo the concl..
Big Banks Are Back as JPMorgan, Citigroup Turn Corner on… http://bit.ly/bWf9dq #back #banks #citigroup #corner‘ #crisis #jpmorgan #turn
www.Europe-VIP.com Treasurys jump as Europe’s debt crisis deepens
(AP): AP – Interest rates are falling in th… http://bit.ly/cgEQbj
Gold Settles Higher On Sovereign Debt Crisis Fears: Gold Settles Higher On Sovereign Debt Crisis Fears http://bit.ly/b2ogc9

News Media

EU Proposes Measures to Help Airlines After Ash – New York Times
Airport slot coordinators calculate slot use on a six-month basis, which means the lost week caused by the ash crisis represented about 4 percent of normal …

Goldman CEO denies wrongdoing in crisis – Fort Worth Star Telegram
While the famous firm fights for its reputation, senators said the company's behavior leading up to the financial crisis clearly demonstrated a need for …

Why the Greek crisis won’t go away like the ‘Asian flu’ of ‘97 – Seattle Times
Commentators keep worrying about the "contagion" of the so-called sovereign debt crisis, not only in Greece but also Portugal, Ireland and even Spain. …

Europe debt crisis spreads to Portugal – Philippine Star
"We have the makings of a market crisis here," said Neil Mackinnon, global macro strategist at VTB Capital. Greece is struggling with massive debt, …

Rwanda denies political crisis before August vote – Washington Post
By Kezio-Musoke David KIGALI (Reuters) – Rwanda Tuesday denied there was a political crisis in the run-up to the August presidential election despite the …

In pictures: Niger’s food crisis – BBC News
He warned the crisis is only just beginning. Only a small part of Niger has fertile soils and arable land – most of the country is in the Sahara Desert. …

Crisis as red shirts shut rail system – Daily Nation
… system to shut on Tuesday, and the government warned of tougher operations to quell growing unrest in a seven-week crisis that has killed 26 people. …

Greek crisis begets a German backlash – Financial Times
When Josef Joffe, then foreign editor of the German daily SÃ¼ddeutsche Zeitung, wrote a 4000-word essay in December 1997 attacking the planned …

ECBs Trichet: No Comment on Greece; Ongoing Talks – Market News International
Speaking at a morning event at The Chicago Council on Global Affairs on "Lessons from the Financial and Economic Crisis," Trichet said central bankers faced …

Greece Debt Crisis Images

Greece’s Deficit Crisis to Top European Union Summit

admin — Thu, 11 Feb 2010 08:47:39 +0000

Leaders have agreed on a political statement but left the details to be worked out among finance ministers Monday.

Recent Twitter Posts

Alexander McQueen, such a tragic loss. If in crisis call @800273TALK, learn suicide warning signs here: http://bit.ly/8tUGk RT
RT @ft: Credit Suisse wealth arm draws in new money: Swiss financial institution returns to pre-crisis levels of profitabi… http://bit.ly/bjVG0Z
Government Programs for Credit Card Debt Relief: Don’t suffer in a debt crisis. Government programs help credit ca… http://bit.ly/axAomq
RT @monkchips: RT @timoreilly Citigroup Plans "Financial Crisis Derivatives" http://bit.ly/bhWF84 but what bona fides does it have in risk management– none
Financial crisis threatens to set back education worldwide, UNESCO … http://bit.ly/bx1zPZ
UNCTAD Report- Responding to the Global Economic Crisis http://is.gd/8a8VB
RT @DopePoets: [new poetry] Identity Crisis. http://bit.ly/bhSinV by @missbrittab
Housing Crisis Takes Psychological Toll On Americans – http://bit.ly/bsGMTS #realestate #foreclosures
RT @businessinsider: Citi’s Financial Crisis Derivatives Should Be Banished From Earth by @carney http://bit.ly/dxI1U5

Germany and France strike deal to rescue Greece from debt crisis – Telegraph.co.uk http://url4.eu/1NDKj
Germany and France strike deal to rescue Greece from debt crisis – Telegraph.co.uk http://is.gd/89zC5
RT @TelegraphNews: EU leaders reach deal to rescue Greece from debt crisis, President Barroso says http://bit.ly/dvszB1
RT @HiddenEloise: #Paperchase has not made any attempt to contact me… – Where is their SM monitoring–! *ahem*crisis management*ahem*
Houston: EU says it has a deal on Greek debt crisis http://bit.ly/cZU9US

Latest News: Greece Debt Crisis

Greece braced for crisis meeting
A European summit will discuss whether to bail out Greece – whose crippling debts and lack of probity threaten to tip it out of the eurozone and wreck global stability..

Size of public debt catches up with Greece
¢ Value of Greek black economy estimated at 30% of GDP¢ Budget deficit at 12.7% of national income From the empty shops, to the half-full theatres, restaurants, concert halls and hotels, the signs are everywhere: economic crisis has come to Greece and it is biting hard. Nationwide, in islands and far-flung towns, the refrain is the same and it conjures the sombre mood. “People have no money,” says Yannis Barbas, the owner of a once popular but now eerily quiet taverna in Corfu. “And they are worried about the future.”Like a natural disaster, Greece’s financial tsunami has been unexpectedly swift and sudden. Despite the concern, long raised abroad, over the perilous state of the eurozone member’s public finances it has taken much longer for the same alarm to be sounded in Athens.”Our politicians like to cover things up,” said Gerasimos Papafloratos, who runs a tourist shop in the city’s historic centre. “They have failed to implement the right policies for our economy, education and health and, in the case of the last [centre-right] government, actually went out of their way to hide the scale of our debt and deficit.”Greeks know that hiding is no longer an option.

Most-Discussed News Articles

La crisis de Twitter | Ediciones Impresas Milenio
“La crisis de Twitter”, oportuna y documentada advertencia de @leonwradio en su columna de este dÃa http://bit.ly/9jSOcq

Blame the childish, ignorant American public–not politicians–for our political and economic crisis. – By Jacob Weisberg – Slate Magazine
In trying to explain why our political paralysis seems to have gotten so much worse over the past year, analysts have rounded up a plausible collection of reasons including: President Obama’s tactical missteps, the obstinacy of congressional Republicans, rising partisanship in Washington, the blustering idiocracy of the cable-news stations, and the Senate filibuster, which has devolved into a…

Toyota’s Brake-Safety Crisis: Made in Japan – WSJ.com
A Crisis Made in Japan http://bit.ly/c80MCb #PR

Euro zone seeks to calm Greek crisis fears at G7| Reuters
Euro zone seeks to calm Greek crisis fears at G7 http://bit.ly/ddvAZ7

BBC News – UK economy ‘faces crisis’ warns former IMF economist
Ex-IMF economist warns on UK debt http://bit.ly/aGlvqq #news

News Media

Elizabeth Warren Warns About Commercial Real Estate Crisis, ‘Downward Spiral … – Huffington Post (blog)
Even as the economy shows signs of recovery, a government watchdog is warning that another financial crisis is coming round the bend — and that the …

Greece’s financial crisis explained – CNN
There are reports that the eurozone's dominant economy, Germany, is leading calls for a "firewall" to prevent Greece's crisis from spreading, …

Geithner Trumpets Crisis Response – Barron’s (blog)
Geithner repeats the call to Congress to back Obama's tax on banks, the Financial Crisis Responsibility Fee, which would eliminate the entire remaining cost …

Debate Grows As Housing Crisis Continues – ABC News
For years, owning a home was "the American dream" — until the recent housing crisis turned owning a home into a nightmare …

HK Dollar Down Late; Greece Debt Crisis Remains A Concern – Wall Street Journal
… fell against the US dollar late Thursday, as risk appetite remains weak ahead of the meeting of European Union leaders to discuss the Greek debt crisis. …

Price Cuts Boost Danone Results – Wall Street Journal
"The group leveraged the crisis to reinforce our positioning," said Chief Executive Franck Riboud. "The number that's the most important for us is volume, …

Stocks lower amid cautious response to Greece debt crisis – Toronto Star
… market opened lower Thursday amid investor disappointment with measures announced by the European Union to deal with the growing debt crisis in Greece. …

Foreclosure crisis: mortgage defaults up 15 percent – WKOW-TV.com
UNDATED (WKOW) — Some financial experts say a surge of homeowners who have fallen behind on mortgages could be on the way. The number of US households …

Australia’s Treasury Secretary: Global Financial Crisis Has Passed – Wall Street Journal
CANBERRA (Dow Jones)–Australian Treasury Secretary Ken Henry said Thursday the global financial crisis has passed, but future shocks can't be ruled out, …

Greece Debt Crisis Images

‘Raging crisis’ now over, Fed’s Dudley says – Greece Debt Crisis

admin — Wed, 10 Feb 2010 06:44:37 +0000

So what’s the problem in Greece–How big are these debts–National debt, put at –300 billion ($413.6 billion) is bigger than the country’s economy, with some estimates predicting it will reach 120 percent of gross domestic product in 2010. More

News Activity for Greece Debt Crisis

BBC Sport – Football – Crisis club Portsmouth have fourth owner of the season
Premier League crisis club Portsmouth have their fourth owner of the season after being taken over by Hong .. http://bit.ly/99pkuq

Nathan Bransford – Literary Agent: The Kindle Missile Crisis
As I’m sure you’ve heard by now, here was a major kerfuffle between Amazon and Macmillan over the weekend that is so hugely important it will necessitate the postponement of my planned "Last Week in Publishing" post. I KNOW. Didn’t Macmillan and Amazon realize the implications to my blog——Stay with me, because I’m going to go into the weeds a bit to break this down. And to do that I need to…

Ford sales surge, focus on Toyota crisis| Reuters
[Reuters Business] Ford sales surge, focus on Toyota crisis: DETROIT (Reuters) – Ford Motor Co said on Tuesday it… http://bit.ly/cuqfVc

Funds flee Greece as Germany warns of “fatal” eurozone crisis – Telegraph
Germany has triggered a near-panic flight from southern European debt markets by warning that there will be no EU bail-outs, even though it fears the region’s economic crisis has turned dangerous and could prove "fatal" for the entire eurozone.

U.S. official’s remark fans flames in Toyota crisis| Reuters
U.S. official’s remark fans flames in Toyota crisis: WASHINGTON/DETROIT (Reuters) – The top U.S. transportation of… http://bit.ly/9cOk7G

Twitter Activity Snapshot for Greece Debt Crisis

Superhero Shows: Batman to be Hoodwinked: Plenty of of fanboys are anticipating the new Justice League DVD "Crisis… http://bit.ly/dCvIDc
The real-life Crisis Of Conformity, Breach (who were f***ing great by the way) – http://www.youtube.com/watch–v=LX8P5kBBI5w – (thanks Noel)
how’s everyone–rotating brownout and water cut off’s are driving me nuts this past few days!=( this is really what crisis is..=(
@markwschaefer Didn’t follow basic crisis PR: Tell it first; tell it fast; be brief; & never lie to or mislead the media
Financial Crisis Paves the Way for Chinese Solar Giants – http://bit.ly/abvelB
RT @chrisyelland: Eskom not alone– RT @TheIET: Britain on brink of energy crisis http://ow.ly/15QVF
Steel giant ArcelorMittal posts profit despite crisis (AFP)http://bit.ly/a6SiNO
World stocks rise as Europe debt crisis fears ease (AP)http://bit.ly/bhOq0m
I favorited a YouTube video — Frances Fox Piven on leveraging the foreclosure crisis http://youtu.be/eWjY5lfYCK4–a
A crisis-driven leap to European integration–: An unambiguous message of solidarity among eurozone states will com… http://bit.ly/b8tuln
A crisis-driven leap to European integration–: An unambiguous message of solidarity among eurozone states will com… http://bit.ly/aaoCCO
Natnl seminar on Economic Reforms&Social Crisis in India commncd in MDU,Rohtak today.Speakers opined eco policies causing social upheavels.
Never let a crisis go to waste. Learn.
Amid debt crisis, Greece’s prime minister vows to ‘take any necessary measures’ to reduce the country’s deficit. http://viigo.im/2nwg

News Media

The Coming Pan-European Sovereign Debt Crisis: What Country Is Next– – Seeking Alpha (blog)
In part two of my series on the Pan-European Sovereign Debt Crisis, we will review Italy and Ireland in comparison to the whipping child of the media …

Glendale feeling an identity crisis, bringing in consultants – Los Angeles Times
A firm hired to develop a strategy to promote Glendale as a destination for businesses, visitors and potential residents expects to begin a research effort …

ECB’s Trichet, Eurogroup to Discuss Greek Crisis, Aid Options – Bloomberg
10 (Bloomberg) — European Central Bank President Jean-Claude Trichet will discuss Greece's budget crisis with euro-area finance ministers today before …

Toyota faces new crisis on Corolla – Telegraph.co.uk
The crisis engulfing Toyota is threatening to hit new heights with safety fears extended to the Corolla, the world's best selling car. …

Governor Gibbons vows to shrink government, blames lawmakers for crisis – Reno Gazette-Journal
Jim Gibbons struck a combative tone in a 25-minute televised speech Monday, blaming lawmakers for worsening Nevada's fiscal crisis by raising taxes last …

Health crisis in Haiti enters new phase – Mohave Valley News
PORT-AU-PRINCE, Haiti (AP) 'Ã„Ã® Fourteen-month-old Abigail Charlot survived Haiti'Ã„Ã´s cataclysmic earthquake but not its miserable aftermath. …

Toyota Employees Hit Washington to Help Automaker in Crisis – BusinessWeek
The crisis-spawned calls on lawmakers follow a surge in spending that has made Toyota one of the auto industry's biggest lobbyists in Washington. …

LA Council Tackles Budget Crisis, Runs Away – LA Weekly (blog)
‹You can count on the Los Angeles City Council for one thing: Putting off hard decisions. …

Can John McCain Chew Gum And Work On The Mortgage Crisis At The Same Time– – Unconfirmed Sources (satire)
The fact that the Arizona Senator seems to be trying to make political hay out the crisis doesn't seem to be up for debate. Barak Obama later appeared at a …

Greece Debt Crisis: Breaking News

Europe searches for way out of debt crisis
Financial markets are betting heavily that Greece’s crushing debt could drag down the entire eurozone, and that could force reluctant EU leaders into an embarrassing bailout..

Greece Debt Crisis Images

Greece Debt Crisis: Greece’s Debt Crisis Saddles Germany

admin — Tue, 09 Feb 2010 04:14:44 +0000

Bueno, no es que quiera decir que la crisis es un problema de que lo hemos comunicado mal, como parece decir el gobierno. Me refiero, mas bien, a cosas que podemos hacer, preparandonos, para cuando el tiempo escampe. Las crisis, y esta es de las Keep Reading

Twitter Recent Posts for Greece Debt Crisis

Crisis averted. Broadway.com posted a new Side by Side by Susan Blackwell that will sub nicely: http://bit.ly/b2huiQ
Great Vox column by Charles Wyplosz on greek crisis and the single currency http://twurl.nl/drpuym
S Roach of M Stanley at Nasscom: "markets are in for a rude awakening and we are seeing that now" "this crisis is not over"
Nigeria : Stock Market Crisis|Alhaji Rasheed Ola Yussuff , the chairman of the Association of Stockbroking Houses .. http://oohja.com/x6Go5
Health care woes are a crisis of culture http://bit.ly/98fRjb
Quake crisis a defining moment for Queens priests: Fr Robert Robinson was sitting at his office computer … http://bit.ly/d1npdx #catholic
More hospital fun @luftypants. I’m due for magnetic imaging tests on my brain, nervous system and wrist. Sounds like the banana crisis.
Cuban Midi Crisis – http://www.djtechtools.com/2010/02/04/diy-mod-cuban-midi-crisis/
What lessons marketers can learn from the Toyota crisis: By UTalkMarketing Editor, Clark Turner.Toyota is facing t… http://bit.ly/aAPaHg

The Marital Crisis Time does not heal all wounds.
@bryzee86 Earth Crisis / Destroy the Machines / Deliverance
RT @PRKanzlei #Toyota Crisis communications team has been criticised by leading Japanese PR Exec for easygoing attitude http://bit.ly/dqgJ7D
Rugby League facing fresh crisis after five Catalans Dragons …: Rugby league was embroiled in more controversy a… http://bit.ly/dBAu5j
Coca Cola acknowledges the impact of the global financial crisis in Hard Times, a television commercial featuring… http://bit.ly/9uyA3Y
Crisis Management 101: Lessons from Mr. Wolf http://goo.gl/fb/szgC

News Media

Nevada financial crisis forces hard choices | Philadelphia Inquirer | 02/09/2010 – Philadelphia Inquirer
AP CARSON CITY, Nev. – Nevada Gov. Jim Gibbons yesterday called for education reforms and smaller government, and scheduled a Feb. …

Toyota slammed for ‘easygoing’ attitude to recall crisis – PRWeek UK
Toyota has come under sustained fire from crisis experts for its global response to the brand crisis that has seen millions of cars recalled worldwide. …

BREAKINGVIEWS-Fading crisis should galvanize bank boards – Reuters
One worth repeating, with the financial crisis slowly fading and 2009 results heralding a possible return to normality for some US and European banks: "Why …

California budget crisis’ teachable moment – Los Angeles Times
Maybe, one day, something good will come out of California's budget crisis. Yeah, that's probably an overly optimistic thought. …

Despite budget crisis, state spent $75 million on vehicles, office furniture – Los Angeles Times
By Patrick McGreevy Reporting from Sacramento – Even as the state grappled with a budget crisis last year, bureaucrats spent nearly $45 million on new …

Venezuela’s Chavez Declares ‘Emergency’ on Electricity Crisis – BusinessWeek
The emergency declaration will allow the country to speed up its response to the crisis, Electricity Minister Ali Rodriguez said yesterday on Chavez's radio …

Crisis-Level CME Volume On Global Debt Woes, Jobs – Wall Street Journal
… levels last seen at the onset of the financial crisis, amid a drop in the US unemployment rate and stock market turbulence driven by European debt woes. …

‘PIGS’ Crisis Is Opportunity for Euro to Stand Up: Matthew Lynn – BusinessWeek
9 (Bloomberg) — You never want a serious crisis to go to waste, Rahm Emanuel, US President Barack Obama's chief of staff, said during the 2008 credit …

PLANT EXPLOSION: Multiple crisis hotlines established – Middletown Press
Multiple crisis hotlines have been established to help those affected by the explosion Sunday at the Kleen Energy power plant in Middletown. …

Popular News for Greece Debt Crisis

Ford sales surge, focus on Toyota crisis| Reuters
[Reuters Business] Ford sales surge, focus on Toyota crisis: DETROIT (Reuters) – Ford Motor Co said on Tuesday it… http://bit.ly/cuqfVc

Greece Debt Crisis: Latest News Updates

Greeks protest over debt crisis
George Papandreou faces mounting unrest as he tries to fix the â‚¬300bn debt problemFor the first time in the modern history of Greece, anti-government protesters last night pitched tents outside the large standstone building of the Athenian parliament amid growing public anger and unprecedented international concern over the country’s dire public finances.As Greeks attempt to get to grips with an economic crisis that has begun to spill over the borders of their tiny state into the rest of Europe, the sight of tents lined up in Sydagma Square has conjured the mood of the nation: one that is veering, perilously, between bewilderment and despair.”It is a simple issue of survival,” said Anna Tsounara, a protester sitting in a tent lined with sleeping bags and blankets. “I am a divorced mother-of-two. I have never demonstrated like this before but now I want answers. All of us here worked in the public sector on contracts for years and now we are told the state is bankrupt by a government that comes in and says it wants to get rid of us. Just like that. That’s not fair.”Tsounara is not alone.

Greek strikes threaten plans to tackle debt crisis
Customs and tax officials walk out in first action against government austerity programmeGreek customs and tax officials walked off the job today in the first strike against a government austerity programme designed to lift Greece out of a debt crisis that has shaken the entire European Union.The 48-hour customs strike is expected to choke imports entering the market until next week, as the walkout will end just as the weekend begins. Fuel supplies in particular are likely to be badly affected.Greece is under intense pressure from markets and other EU governments to bring its budget deficit down from 12.7% of economic output last year to 2% in 2013. Doubts about Greece’s finances have affected market sentiment toward the debt of Portugal and Spain, two other countries struggling with deficits.Market worries focus on the risk that political resistance to cutbacks will keep Greece from sticking to its plan. A Greek default would be a serious blow to the shared euro currency, but Greece and the EU say that won’t happen.Greece’s prime minister, George Papandreou, is pushing austerity measures such as a blanket civil service pay freeze, higher retirement ages and an increase in fuel tax ” although he has not given details. The EU has backed the plan but warned it may demand even more cutbacks.The EU economy commissioner, Joaqin Almunia, called the Greek programme “achievable” and a European commission report pressed Greece to tackle problems of competitiveness, including high public and private sector wage levels.Wages are one of the few levers eurozone governments have to make their economies more competitive because the 16 members of the shared currency cannot unilaterally devalue the euro or change interest rates to calm rising prices.Greece has agreed to report regularly to the EU on what it is doing, starting in mid-March.But unions, which had so far been muted, have begun reacting. The customs and tax officials’ strike will be followed next Wednesday by a nationwide 24-hour civil servants’ strike, while one of Greece’s largest umbrella unions, GSEE, which represents private sector works, is aiming to call a 24-hour strike on 24 February.Farmers have already been blocking major highways across the country on and off for about three weeks, frequently closing the northern border with Bulgaria and hampering the transportation of goods.

European Commission to support Greek plans to tackle debt crisis
¢ Greece intends to cut and tax its way out of debt¢ Credibility and stability of single currency under threatThe European Commission is to voice support on Wednesday for the embattled Greek government’s attempt to cut and tax its way out of a debt and deficit crisis that will have a large impact on the credibility and stability of Europe’s single currency.But Brussels also signalled wariness and caution today over the plans, calling for further action beyond that mooted by prime minister George Papandreou and hoping to introduce the most intrusive scrutiny of an EU member state’s bookkeeping ever attempted.The commission is to report on the Greek government’s drive to slash a ballooning budget deficit from almost 13 to 3% in three years, including a 4% reduction this year ” a feat that strains credulity for many observers.While the big eurozone economies, crucially Germany, repeat the mantra that there can be no bailout for a single currency country in the throes of a public finances crisis and at risk of defaulting, plans are being hatched behind the scenes in Brussels to come to the aid of the Greeks if push comes to shove.”The eurogroup has powers and mechanisms,” said a senior official in Brussels of the 16 countries using the single currency. “For political reasons there can be no bailout, but the eurogroup can act with the Greeks to reform. We have a monetary union, a system for supporting the currency, interdependence.”The commission today described the Papandreou plan as risky but plausible, while signalling that it did not go far enough.”What we are saying to the Greek authorities is: your stability programme has established ambitious targets and objectives and we fully endorse these ambitious objectives,” the outgoing commissioner for monetary affairs, JoaquÃn Almunia, said.”We consider that the achievement of these objectives in the coming three years, before the end of 2012, is absolutely necessary. These objectives are achievable but they are surrounded by risks,” he said.While Almunia praised the Greek end, but not necessarily the means, the German foreign minister, Guido Westerwelle, told a Greek newspaper that Berlin was standing by Athens. Germany’s economics minister, Rainer BrÃ¼derle, however, reiterated previous dismissals of any talk of bailing out the Greeks.With Ireland, Portugal, Spain and Italy also wrestling with soaring budget deficits coupled with chronic national debt levels, the Germans are anxious about the moral hazard of coming to the rescue of the weakest link in the eurozone lest that encourage others to demand similar treatment.The Greek crisis, which erupted in October when the Papandreou government came to power and disclosed serial lying and obfuscation over years of budget data and fiscal policies, is seen as the biggest test the single currency has confronted.Last week traders were offloading euros at the fastest rate since the Lehman Brothers collapse in September 2008, while the euro has been weakening against the US dollar and the pound sterling in recent months, good news for German exporters. The Greeks are currently having to pay almost twice as much as the Germans to sell government debt.Given the record of dismal bookkeeping and the lack of transparency over Greek economic data, the commission is to demand that its statistical arm, Eurostat, be given unprecedented powers to audit Greek government accounts down to the levels of tax collection, pension funds, hospital spending and the like.EuropeGlobal economyGlobal recessionEuropean commissionGreeceIan Traynorguardian.co.uk © Guardian News & Media Limited 2010 | Use of this content is subject to our Terms & Conditions | More Feeds.

User-Submitted Links

Se agrava crisis en España y preocupa al mundo — hyipn
Una oleada de malas noticias economicas que renovo las dudas sobre las finanzas publicas espanolas provoco el viernes un derrumbe en la bolsa local, que se extendio por Europa y afecto tambien a EE.UU y Latinoamerica

Greece Debt Crisis Images

Jobs Data, Stock Moves Drive Crisis – Greece Debt Crisis

admin — Sun, 07 Feb 2010 11:02:39 +0000

in the aftermath of the Iranian 2009 elections, another fleeting image of young Iranian student protesters helping a beat officer to safety a fleeting image captured on an ephemeral online video with an Italian voice-over– changed the way I saw Tehran, forever. Continue

News Media

UK economy ‘faces crisis’ warns former IMF economist – BBC News
His comments to the BBC came as G7 finance ministers discussed the growing crisis in some Eurozone nations. Treasury sources said all three major credit …

In Compromise, Iraq Court to Review Candidates – New York Times
BAGHDAD — Iraq staggered toward a resolution of its election crisis on Sunday as the country's leaders gave an appeals court time to …

Crisis-hit Toyota ’set to announce recall of 270000 Prius cars to fix brake fault’ – Daily Mail
By Daily Mail Reporter Crisis-hit Toyota is gearing up to recall hundreds of thousands of its hybrid Prius cars as the firm faces mounting pressure over …

Dexia, EU Agree on Restructuring – Wall Street Journal
The lender, which was handed a â‚¬6.4 billion ($8.7 billion) lifeline when it became engulfed in debt during the credit crisis, promised to sell off about 35% …

Geithner Says EU to Manage Greece Debt Crisis With ‘Great Care’ – BusinessWeek
Feb. 6 (Bloomberg) — US Treasury Secretary Timothy F. Geithner said that European officials offered a comprehensive review of …

Big Confidence Crisis For France’s Cornet – New York Times
… exit in the Fed Cup after losing their first two singles to the US on Saturday with French number one Alize Cornet suffering a severe confidence crisis. …

Gov. Jim Gibbons to address state’s budget crisis Monday night – Nevada Appeal
Jim Gibbons will address the state Monday night in a televised speech designed to tell Nevadans how serious the state's budget crisis is. …

Debt crisis unsettles European economy – Washington Post
Greece's economy has suffered from a major deficit crisis. (Marita Pappa/associated Press) By Anthony Faiola LONDON — Governments in Athens, …

Battle Creek church rebuilding after fiscal crisis – Chicago Tribune
We're in crisis mode. Now we have to roll up our sleeves." Douglas has a penchant for confronting the reality of this church's time of crisis, …

Twitter Activity Snapshot for Greece Debt Crisis

Why so many of my favourite bands has decided to come here in this spring/summer. I don’t have money for all tickets. Crisis!
@HumanOfToonces Haha, that’s awesome. Poor guy going through a mid-life crisis is so clueless!
thesis crisis (somewhat) averted. feeling much better now, but somehow i predict that tears will be shed before this thesis is finished…
Stress is short for distress.Stress triggers a flood of hormones that sacrifice healthy organs in order to solve the crisis.
RT @producergirl: That is a real crisis! RT @navarrotells OK, south florida is officially out of Chicken wings at the supermarket it must be Super Bowl Sunday
Cardiff City News: Midfield Crisis– http://cardiffcity.gloryfootball.com/2010/02/07/midfield-crisis/
That is a real crisis! RT @navarrotells OK, south florida is officially out of Chicken wings at the supermarket it must be Super Bowl Sunday
News: Toyota a perfect case study in poor crisis management – Business Daily Africa http://bit.ly/avSSth
RT @TopProsTopPicks: Where Will the Next Crisis Hit– http://www.moneyshow.com/video/video.asp–wid=5043&t=3&scode=012789
Job Creation Key to Ending Economic Crisis http://bit.ly/afE9i3 via @AFLCIO
Alright back to the grind. Apparently the snake crisis is over….
3 News Latest Video NZ and Oz came through financial crisis well http://bit.ly/aeVT7y
@Laa_Vaa @KanchanGupta Media will claim credit for bringing a crisis facing the nation (MNIK release) to peaceful closure. Padma Shri any1
RT @bakadesuyo: Blame the childish, ignorant American public–not politicians–for our political and economic crisis: http://su.pr/1WFX2t
RT @socialmedia2day: Crisis Management & Social Media Vodafone gained Twitter followers after bad tweet http://bit.ly/cmiBjU #socialmedia

User-Submitted Links

World renowned water expert speaks about global crisis
As part of UT’s H2Oh! Series, Canadian author and activist Maude Barlow lectured Wednesday night at the Baker Center about water resources and scarcity. She emphasized moving away from the myth of abundance and instead suggested conservation and sustainability to deal with the global water crisis.

Can Toyota Digg its way out of recall crisis–
At a hastily-called news conference in Nagoya on Feb. 5, Akio Toyoda — Toyota president and grandson of the company’s legendary founder Kiichiro Toyoda — bowed deeply in remorse before a gaggle of Japanese photographers. He then, dutifully, uttered phrases like “personal responsibility,” “deeply regretted,” and “very sorry.”

Africa’s Economy after Financial Crisis
The African economy generally consists of industry, trade and abundant natural resources, which the people greatly benefit from. In 2006, more than 922 million…

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Greece Debt Crisis: Europe, With Fed Help, Unveils Dramatic Moves To Contain Crisis

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