@09:00, 02/11/12 4

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The Greeks are finding the burden of bank debt unbearable.
Default now is almost certain.  When, not if.



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  TimesPeople recommended a user:

  Feb 10, 2012

  Michael. Delepine

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    Henry recommended a blog post:

    Mar 7, 2011

    Does IMF Stand for Impressive Macroeconomic Flexibility?

    So the IMF is holding a meeting on rethinking macroeconomic policy (I was invited but couldn’t make the timing work.) And the Fund’s chief economist has already made it clear that he’s open to some serious revision of the prevailing paradigm.

    
    

    http://www.calculatedriskblog.com/2012/02/greece-update-more-delays-and.html

    Update: from CNBC: Greek Cabinet Approves Reform Bill; Parliament Expected to Vote on Sunday
    
    From the NY Times: Greece Plunged Into Political Turmoil Over Austerity Measures
    

    Political turmoil deepened here Friday as Prime Minister Lucas Papademos threatened to eject from his fragile interim coalition government any ministers who objected to the country’s new austerity deal with
    
    “It goes without saying that whoever disagrees and does not vote for the new program cannot stay in the government,” he said in a televised speech to his cabinet following the resignation of several ministers and their deputies.
    ...
    According to local news media outlets, Mr. Papademos plans to announce a reshuffled cabinet on Monday, putting in doubt a parliamentary vote on the new measures that was scheduled for Sunday.

    From the Athens News: Parties delay crisis meetings, but Venizelos meets minister

    Pasok and New Democracy pushed crisis meetings at their parties back by a day to Saturday, as the coalition government grappled with cabinet resignations and a fierce backlash against minimum wage cuts and other new austerity measures.
    ...
    The finance minister got a hostile reception in Brussels on Thursday, when top eurozone officials told Greece to finalize austerity measures, provide written commitments from the three coalition parties, and push the new measures through parliament before the 130bn deal is approved.

    The conservatives have left the coalition.  

    These conditions cannot be met.
    
    
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  TimesPeople recommended a video:

  Feb 10, 2012

  Business Day Live | February 1, 2012

  I cannot guess when the Facebook I.P.O. will occur.
  "It is better to be thought a fool than to speak and so remove all doubt."
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  TimesPeople recommended a user:

  Feb 10, 2012

  mch

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    mch commented on an article:

    Feb 16, 2010

    Tea Party Movement Lights Fuse for Rebellion on Right

    Please, isn't it time for an experiment? Let the Tea Bags have Texas. Let them make into law all their theories and beliefs. Bring in their guns, no taxes, no Medicare, no immigrants, their own brand of Christianity (no Hindus, no Muslims, etc), bring in Beck and Limbaugh as their high priests, no "choice" for women (that means no abortion, baggers), no "Husseins" born in Hawaii, that foreign country, and so on. Just imagine......

    
    

    These are very fearful people.

    They are being exploited.

    They had very little impact on the last election.

    "We have nothing to fear but fear itself."  F.D.R.

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