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Greece secures biggest debt deal in history

Alfie · 16 · 425

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Offline Alfie

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Greece secures biggest debt deal in history

Greece's private creditors agreed Friday to take cents on the euro in the biggest debt writedown in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being dragged further into chaos.
Greece would have risked defaulting on its debt in two weeks without the agreement, sparking turmoil in the markets and sending shock waves through the other 16 countries that use the euro.

Prime Minister Lucas Papademos called the deal — which shaves some euro105 billion ($138 billion) off Greece's euro368 billion ($487 billion) debt load — an important "historic success" in a televised address to the nation Friday night. "For the first time, Greece is not adding but taking debt off the backs of its citizens."

The country said 83.5 percent of private investors holding its government debt had agreed to a bond swap, taking a cut of more than half the face value of their investments as well as accepting softer repayment terms for Greece.

The swap aiming to turn around the country's debt-ridden economy was a key condition to secure a euro130 billion ($172 billion) rescue package from other eurozone countries and the International Monetary Fund.

The managing director of the Institute of International Finance, which negotiated the deal with Greece for large investors, called the bond swap "the largest ever" debt restructuring.


More here
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Toddy

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A dodgy country, financially, aided and abetted by the corrupt EU. It will still all end in tears, eventually.  :(


Offline sulasno

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Offline Newshound

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Overnight riots after Greek suicide in Athens over austerity cuts

The suicide of an elderly Greek man over the government's harsh austerity measures triggered violent clashesovernight in Athens' central Syntagma Square, radio reports saidThursday.

Riot police, firing tear gas, clashed with some 1,500 protesters who hurled petrol bombs and chunks of marble outside parliament in the early hours on Thursday. Officials said ten people were arrested but no injuries were reported.

The protests took place hours after the 77-year-old retired pharmacist man shot himself in the head near a metro exit crowded with commuters in the busy square on Wednesday morning.

Private Skai television said a suicide note, which was found in the man’s pocket, attributed his decision to the debt crisis, sayinghe wanted to avoid being a financial burden on his children after the government slashed his pension.

The man said the government had made it impossible for him to survive on the pension he had paid into for 35 years.

The note said "that I find no other solution than a dignified end before I resort to rummaging through garbage in search of food." The suicide has shocked public opinion, with hundreds of people leaving flowers and written notes pinned to the tree under which the man shot himself.

NMM


Toddy

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The BBC would have us believe that the Liberal Pinko led coalition is making savage cuts in UK. This is, of course, a lie.

Government spending (that's the taxpayers dosh, remember) is still 65% higher in real terms than in 1997 when phoney Tony grabbed the levers of power. I know because I read it in the Daily Mail.  ;D


Offline Alfie

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Government spending (that's the taxpayers dosh, remember) is still 65% higher in real terms than in 1997 when phoney Tony grabbed the levers of power. I know because I read it in the Daily Mail.  ;D

Hot news, Toddy.  ;D


"We didn't used to have so specific a term for how the Daily Mail operates, but now we do: it's trolling. The internet is full of trolls, lurking on messageboards and in the "comments" sections, leaving little titbits of poison for others to become enraged by and react to."  :D

http://www.independent.co.uk/opinion/commentators/harriet-walker-roll-up-roll-up-womanbaiting-is-back-in-fashion-7619128.html
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Buadhai

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British government spending as a percentage of GDP is about the same now (44%) as it was when Margaret Thatcher was PM.

Since World War II it has always hovered around 40%; some years higher, some lower.


Toddy

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I, of course, read the original article about the so called "beautiful woman". Many newspapers carry this type of article.

The Indie is being thoroughly snobbish. No surprise. ;D


Toddy

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British government spending as a percentage of GDP is about the same now (44%) as it was when Margaret Thatcher was PM.

Since World War II it has always hovered around 40%; some years higher, some lower.

So no "savage" cuts then.  ;D


Buadhai

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So no "savage" cuts then.  ;D

I didn't say that. I was just noting that cherry picking data can misrepresent the facts. Comparing government spending over a fifteen year span in real terms (not adjusted for inflation) is meaningless. Comparing government spending as a percentage of GDP is a little more meaningful; but still problematic. In Britain, GDP has been static over the last three or four years meaning your now have a denominator problem.

As to whether or not the cuts are savage (and there have been significant cuts), I guess that depends on how they affect you. If you're the government employee who lost his job or the student who can no longer afford university, the cuts might seem savage. If you're a City banker, who cares?

<a href="http://www.youtube.com/watch?v=5eBT6OSr1TI" target="_blank">http://www.youtube.com/watch?v=5eBT6OSr1TI</a>
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Online nookiebear

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A dodgy country, financially, aided and abetted by the corrupt EU. It will still all end in tears, eventually.  :(
Very true............They cooked the books to join the EU in the 1st place.
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Buadhai

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The reason a single currency works in the US (it wasn't always that way) is that we have:

  • A strong central bank to guarantee sovereign debt
  • A mobile, culturally cohesive workforce

The Eurozone has neither. No wonder the Euro is in trouble.


Offline Alfie

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<a href="http://www.youtube.com/watch?v=5eBT6OSr1TI" target="_blank">http://www.youtube.com/watch?v=5eBT6OSr1TI</a>
The Daily Mail Song - Dan & Dan

That's a great video. And it must be true because I found it on the internet and watched it on Youtube.  :D
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Offline Newshound

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SET rebounds on Greece’s good news

The Stock Exchange of Thailand main index rebounded more than ten points in the afternoon trading session on the back of the good news that the European Union will continue to help Greece remain in the eurozone.

Leaders of the European Union met on Wednesday to discuss the Greek debt crisis and confirmed that they would support the debt stricken country to enable it to remain within the eurozone.

At 3.58pm, the SET index was up 10.16 points, 0.91 per cent, to stand at 1,120.86. The main index, at 4.19pm, stood at 1,123.19 points, an increase of 12.49 points or 1.12 per cent.

At 4.35pm, the SET index further rose 12.87 points, or 1.16 per cent, to 1,123.57 points. The trade value was reported at 28.72 billion baht.

The main index went down 4.42 points or 0.40% to close at 1,106.28 points at the end of the trading session on Thursday morning. The trade value was 13.35 billion baht, with 1.88 billion shares traded.


Bangkok Post


Offline Wizard

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Citibank announced today that they believe Greece will drop out of the Euro first quarter of 2013.


Offline Alfie

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No sympathy for Greeks from the IMF chief. I guess not many people have.


In an interview with the Guardian newspaper, Ms Lagarde suggested it was payback time for Greece. "As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time. All these people in Greece who are trying to escape tax. I think they should also help themselves collectively," Ms Lagarde said. She added: "I think more of the little kids from a school in a little village in Niger who get teaching two hours a day, sharing one chair for three of them, and who are very keen to get an education. I have them in my mind all the time. Because I think they need even more help than the people in Athens." And when asked if she was saying to the Greeks and other European nations that they had had a nice time and it was now payback time, Ms Lagarde responded: "That's right."
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