By Ralph Shell: Once again the European Finance Ministers met to address the Greek debt situation. The ?31.5B tranche originally scheduled to provide bail-out funds in June has yet to be dispersed. While the hapless Greeks legislate more austerity, the debt-to-GDP ratio is expected to increase to 190% next year, well in excess of the 120% target set by the IMF.The problem is the IMF and EU austerity plans do not work. They shrink the economy. As a result, the Greece GDP is down 20/25% over the past four years, tax receipts have diminished, the debt remains and the economic death spiral continues.Clearly debt forgiveness is needed if Greece is to survive but the problem is private-sector debt has been written off, and all that remains is ECB, and IMF guaranteed debt. Neither ECB President Draghi nor IMF director Lagarde want to take the loss. Doling out another tranche of fundsComplete Story ?
Source: http://www.bullfax.com/?q=node-dysfunctional-euro-finance-ministers-send-currency-trad
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