Greece's hopes of quickly securing a €130bn bailout looked to be dashed on Monday after a weekend of rioting and parliamentary tumult when the Papademos government pushed through a new austerity package. Eurozone finance ministers are expected to meet in Brussels on Wednesday and had been preparing to endorse the rescue programme for Greece. But in the wake of the drama in Athens, it became clear that the eurozone was not yet ready to wave through Greece's second bailout in two years. Olli Rehn, the European commissioner for monetary affairs, made plain that the Athens vote was not a clincher. It was a "crucial step" towards qualifying for the second "programme", but not the final step. It looked as though a definitive decision would be left to an EU summit on 1 March. The German parliament has to support the new bailout and will not debate it until 27 February. Eurozone finance ministers met last week, postponed a Greek decision, delivered an ultimatum to Athens on what it had to do, and called another meeting for Wednesday that had been expected to agree the bailout. But the best that Greece can now hope for is an agreement "in principle"....Well, it was a "crucial step" towards qualifying for the second "programme", but not the final step.... Only to be expected I suppose. This is what blackmailers always do. Move the goalposts when you give them what they want. The Greek government were expected to sign off on a deal that enslaves a whole generation in less than 24 hours to the accompaniment of wails of exasparation from the Troika of lenders (headed by "Horst Rechenbach" - a German ) they were dragging their feet in 'typical Greek fashion' (when will Europe ever break away from this lethal stereotyping?). But now that they are doing the same, they are "just being careful". ---- This is a Greek tragedy. We are witnessing financial sadism on the part of the IMF, ECB and the Germans. Merkel is up for re-election and these shocking austerity measures are to appease her German electorate and secure victory in the forthcoming elections.Look at the Greek government. They are now an unelected rabble led by a former Goldman Sachs crony. These austerity measures are being implemented in order to pay off the International bankers. They will not work because the Greek economy is shrinking( we will be next in this country, going down that very same road) You have to ask yourselves the question why is Greece increasing its military hardware when the people are heading for starvation? Answer...........The Germans have badgered the spineless Greek government into buying German armaments while the country goes down the pan. I feel for the Greek people and the real culprits are the bankers and spineless politicians who should all be in prison, not only in Greece but here also. Its seems civil unrest will be the order of the day all around the world in the coming decade. We are entering a very dark age. Sunday nights vote was meaningless. Elections are due in April, and for those who voted for the measures last night the majority will not be re-elected. Quite what the make up of the new Greek parliment will look like it anyones guess, but it is highly doubtful they will honour any vote taken last night. These measures will not be implimented. I know that, you know that, so do all the EU finance ministers, the Troika know that, so what will they do? ... Turn their faces and vote for the bailout, even when they know it is unworkable.
Access Investments-Building Awareness - European Union-ROMANIA
Tuesday, February 14, 2012
I wonder how much more the people of Greece can take before they collectively snap.
Greece's hopes of quickly securing a €130bn bailout looked to be dashed on Monday after a weekend of rioting and parliamentary tumult when the Papademos government pushed through a new austerity package. Eurozone finance ministers are expected to meet in Brussels on Wednesday and had been preparing to endorse the rescue programme for Greece. But in the wake of the drama in Athens, it became clear that the eurozone was not yet ready to wave through Greece's second bailout in two years. Olli Rehn, the European commissioner for monetary affairs, made plain that the Athens vote was not a clincher. It was a "crucial step" towards qualifying for the second "programme", but not the final step. It looked as though a definitive decision would be left to an EU summit on 1 March. The German parliament has to support the new bailout and will not debate it until 27 February. Eurozone finance ministers met last week, postponed a Greek decision, delivered an ultimatum to Athens on what it had to do, and called another meeting for Wednesday that had been expected to agree the bailout. But the best that Greece can now hope for is an agreement "in principle"....Well, it was a "crucial step" towards qualifying for the second "programme", but not the final step.... Only to be expected I suppose. This is what blackmailers always do. Move the goalposts when you give them what they want. The Greek government were expected to sign off on a deal that enslaves a whole generation in less than 24 hours to the accompaniment of wails of exasparation from the Troika of lenders (headed by "Horst Rechenbach" - a German ) they were dragging their feet in 'typical Greek fashion' (when will Europe ever break away from this lethal stereotyping?). But now that they are doing the same, they are "just being careful". ---- This is a Greek tragedy. We are witnessing financial sadism on the part of the IMF, ECB and the Germans. Merkel is up for re-election and these shocking austerity measures are to appease her German electorate and secure victory in the forthcoming elections.Look at the Greek government. They are now an unelected rabble led by a former Goldman Sachs crony. These austerity measures are being implemented in order to pay off the International bankers. They will not work because the Greek economy is shrinking( we will be next in this country, going down that very same road) You have to ask yourselves the question why is Greece increasing its military hardware when the people are heading for starvation? Answer...........The Germans have badgered the spineless Greek government into buying German armaments while the country goes down the pan. I feel for the Greek people and the real culprits are the bankers and spineless politicians who should all be in prison, not only in Greece but here also. Its seems civil unrest will be the order of the day all around the world in the coming decade. We are entering a very dark age. Sunday nights vote was meaningless. Elections are due in April, and for those who voted for the measures last night the majority will not be re-elected. Quite what the make up of the new Greek parliment will look like it anyones guess, but it is highly doubtful they will honour any vote taken last night. These measures will not be implimented. I know that, you know that, so do all the EU finance ministers, the Troika know that, so what will they do? ... Turn their faces and vote for the bailout, even when they know it is unworkable.
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Here's a closer look at the downgrades:
Italy: downgraded to A3 from A2, negative outlook
Malta: downgraded to A3 from A2, negative outlook
Portugal: downgraded to Ba3 from Ba2, negative outlook
Slovakia: downgraded to A2 from A1, negative outlook
Slovenia: downgraded to A2 from A1, negative outlook
Spain: downgraded to A3 from A1, negative outlook
In addition, the AAA rated countries of Britain, France and Austria have been but on "negative outlook". This means the ratings agency could downgrade these countries in the next 12 to 18 months.
Just watched a report on Greece on the ITV news, stock markets in Europe, UK and Europe up on news of the debt deal while the ordinary people of Greece are being financially raped and pillaged by the Euro Crats. People talk about the possibility of the Generals stepping in but they seem to forget that the top brass of the military were all replaced with ones who would be more loyal to the Papademaos government. Big stitch up
Just watched a report on Greece on the ITV news, stock markets in Europe, UK and Europe up on news of the debt deal while the ordinary people of Greece are being financially raped and pillaged by the Euro Crats. People talk about the possibility of the Generals stepping in but they seem to forget that the top brass of the military were all replaced with ones who would be more loyal to the Papademaos government. Big stitch up
These rating agencies are simply criminals and financial terrorists that want to undermine Europe and the Euro. All of this is pay-back for the introduction of the Tobin tax. Nothing more.
They want to avoid regulation of the financial activities i.e. the same activities that led to this global recession, because those activities fill many politician pockets, and cutting their pocket money is not on....
It must be very clearly pointed out that these agencies rated toxic financial assets as AAA, the same assets that cause global recession. Their credibility is therefore toxic.
I think Europe should re-evaluate and re-think its strategic alliances very cautiously.
well done eurocrats, great work! how many people do you want to drag down before you act like real men, admit the mistakes made and correct the dire situation you created?
oh i forgot, you're too busy stroking each other at the big socialist love in to give a toss about the proletariat. if this all goes wrong, we're coming after you first...
Britain's AAA credit rating was thrown into doubt after the ratings agency Moody's said the ongoing euro crisis and a credit squeeze on the banking sector put the country at a higher risk of defaulting on its debts.
Moody's said that countries including the UK, France and Italy would be put on negative watch after citing "uncertainty" over Europe's handling of its ongoing debt crisis.
The possible loss of the UK's much coveted triple-A status will be a bitter blow for the chancellor George Osborne who has staked his reputation on distancing Britain from the ailing eurozone.
Riots and looting on the streets of Athens highlighted the confusion at the highest levels of the European political establishment over how to deal with the mounting debts faced by Greece. Brussels rejected handing over €130bn without further commitments from the Athens parliament and proposals for further cuts to be implemented this year
At 10.59pm last night the agency decided to put the UK 's triple-A credit rating under review for possible downgrade, citing contagion from the eurozone and the difficulty of imposing austerity measures given moribund growth.
The decision drew an immediate response from George Osborne – the review only showed how important debt reduction is for the UK was the gist.
Others to feel Moody’s heat were France and Austria – which saw similar outlook reviews – and Italy, Portugal and Spain which were all downgraded.
But however down George is feeling this morning – we’re still looking pretty rosy compared with our Greek counterparts. The embattled euro minnow is set to release fourth quarter GDP data for 2011 this morning and the numbers are likely to lend succour to those claiming Greece is being pushed further into crisis by all those austerity measures. Check out our debt crisis live blog to keep abreast of developments.
Also on the Chancellor’s mind today will be inflation as the Bank of England prepares to release the latest prices data. Economists expect CPI to drop to 3.5pc in January – still way above target but heading in the right direction as the VAT rise drops out of the equation. Log on here for the latest.
I respectfully disagree. Buy and hold is denigrated by people who believe in an illusion, too. Buy and hold does not mean buy and forget, or buy and ignore. Most importantly buy and hold is not a one time thing as the investor continues adding money to their portfolio.
Your example of a 35 year old in 2000 with a portfolio of 100k leaves out the fact that over those 12 years they were adding money, buying low.
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