Watch how EU politicians who are earning in excess of FOURTEEN THOUSAND Euro's a month, turn up at the EU headquarters in Strasbourg in their droves, sign in, and then simply go straight back home again.AND THEN THEY PAY 'NO TAXES AT ALL' ON THEIR ILL GOTTEN GAINS. You tell me, how can this possibly be right?........Euroland is just that, fantasy land, and the UK and the other EU members who don't use the ill currency not far behind, anyone who invests in a Company that spends more than it earns deserves what they get, the same with Government bonds, anyone who backs a Government that spends more than it taxes deserves what they get, no smart money is going to Europe, just more paper generated by fantasy land Governments and the ECB.
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Finance ministers will meet in Brussels tomorrow to give their final approval to the second bail-out, worth €130bn (£108bn).
Part of the aid package was immediately unblocked after the country pushed through a sovereign debt restructuring last week, persuading investors to forgive more than €100bn of debt.
That will lead to the declaration of a "credit event" that will trigger about $3.2bn (£2bn) of credit default swap insurance payouts.
There remains uncertainty over the effect the insurance payouts will have on markets, despite assurances from the head of the International Swaps and Derivatives Association that he did not see a significant market impact given the relatively small exposure.
"...But he cautioned that markets were choosing to overlook "the myriad of
headwinds springing up elsewhere in the eurozone".
Meanwhile the only wind in the markets is being generated by a load of fat old bankers printing cash at their respective Central Banks. Thus inflating the stock market asset bubble and the credit markets. In fact the intervention is so naked its hardly a market. People are just waiting around with nothing to do, which in any normal situation would mean bankruptcy, for the bankers to lend the "extend and pretend," (taxpayer!) cash.
This has now gone way past the point of living in hope, rather than any serious expectation. It is now entering the realms of the totally surreal. This is la la land
'With the debt swap, it was agreed that Greece had met the terms for its
rescue.'
Not so. There are several Troika conditions still to be approved...and new liabilities appearing daily.
hat4uk.wordpress.com/2012/03/1...
Wolfgang Schaeuble, Germany's finance minister, said: "Nobody can rule out that Greece will not need a third package, I spoke in parliament about that completely frankly. But now is not the time to discuss a third package, it is the time to implement the second package."
Jeremy Batstone-Carr, chief economist at Charles Stanley, said the past week had been "dominated by a return of volatility to the financial markets". He added that markets had recovered their poise on the assumption that a Greek default "is a good thing as long as it protects the banks".
But he cautioned that markets were choosing to overlook "the myriad of headwinds springing up elsewhere in the eurozone".
Mr. Venizelos emerged Sunday as the only candidate to head the Socialists, also known as Pasok, after two rivals failed to garner the necessary support.
"Mr. Venizelos is the only candidate for the position," a party official said. "His election as party president will be formally ratified in a party vote to be held across the country March 18."
Until then, former Prime Minister George Papandreou will stay on as president, the official said.
Greece's interim government, backed by Pasok and the conservative New Democracy party, took power in November with the task of bringing the country's €130 billion ($170 billion) bailout to fruition. Last week Greece clinched a debt swap with private-sector creditors, satisfying a condition for the fresh aid. Top European Union officials have indicated they will approve the second bailout for the cash-strapped nation in coming days
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