Friday, July 22, 2011

Greece close to deal to save euro economies

Nicholas Cecil, Chief Political Correspondent

Greece may be allowed to default on its debt under a crisis deal to stop economic meltdown in Europe.

Eurozone leaders in Brussels were scrambling to stitch together an agreement on a second £100 billion bailout for Athens amid market jitters.
The deal could include a bond buyback and a debt swap, but no new tax on banks, according to EU sources.

The euro dived today after Dutch finance minister Jan Kees de Jager said a short-term or "selective default" for Greece's debt, previously opposed by the European Central Bank, was now a possibility.

But the currency recovered later after more details emerged of a proposed statement at the summit.

A "selective default" is when a borrower misses a payment on a specific bond or loan; if a borrower repeatedly postpones repayments; or if a borrower exchanges old debt for new debt, leaving the lender worse off but better than if the loan was not repaid at all.


  1. " new tax on banks..." Of course there will be no new tax for the banks because the bailouts were for the benefit of the banks to begin with.

  2. Idiots since Greece will collapse...This is basically throwing away good money to postpone what will happen no matter what...In the meantime the Central Bankers will loot Greece for it's gold and wealth.

    Now though I do feel bad for the Greeks...BUT they wanted to live a life they never paid for and are now quite angry that that seems to have ended.

    I have fat, lazy coworkers who have been overpaid for say 15 years...Now cuts are coming and they are bitter and mad...It's hilarious...Instead of being happy to having lived well for so long without deserving it...They're sad because they will no longer be allowed to steal from the department.

    They're pissed to have to go back to getting making a fair wage and the drop of their lifestyles...Same for the Greeks...They just wanted the party to go on no matter who paid as long as it wasn't them.

    Time to tighten ALL our belts...Yeah yeah it might be the bankers fault but in the end I'm just as tired of the 5th generation welfare people, the illegal getting benefits, the unskill or lazy middle management or paper pushers pretending to be valuable employees.

    We in the US NEED a kick in the ass to wake us up and make us smart and hungry again...A culling of the herd is needed.

    I'll suffer also but if 10-15-20 years from now we're a stronger, happier, better prepared, more socially and politically aware country then it'll be worth it.


Everyone is encouraged to participate with civilized comments.