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Greece is not saved yet
Greece is at the center of all attention. The European leaders say to have find an exceptional solution to help the country from defaulting. However, when we watch more clearly what decisions have been taken, this “effet d’annonce” sounds more like a marketing message in order to reassure the markets but doesn’t cure the problem. A lot is still to be done if Euro Zone wants to get out of the crisis.
Last May 2010, when Greece financial budget was already at a breaking point, the ECB plan of aid to Greece involved mainly the purchases of Greek bonds in the secondary market, a loan of 110 billion euros by countries in the euro area and the IMF. Currently, a second plan is on its way. Which we think is insufficient, poor and unrealistic. In figures, there is a talk of a second loan of 109 billion euros and a program of purchases of Greek bond in the secondary market by an intistitute that will be the equivalent of the US Fed. So there is still no real decision that have been made, it is just a compromise. The problem is that such purchase have to be decided unanimously by the States in the euro area. This makes the plan very problematic. Virtually, we suspect European leaders, especially those from the richest countries, to wait until the USA have made a decision on their Q3 program.
This second plan for Greece is just like kicking the junk further before a possible third plan. In all this, what about Portugal, Italy, Ireland, and Spain… There budget are not good at all either…
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Rani
May 21, 2012 at 11:06 am
Schiff is a complete fool. His derivise tone from the first 20 second of this video shows his demeaning view of Ann and women in general, as to their opinions in a supposed man’s world. Lacking knowledge of this disaster at MFG, Schiff is a month late to this story. His thouthful body language pose tells anyone watching that this interview is hitting him hard. His disingenuous style of questioning shows either his utter lack of knowledge of how these market works or he is playing a ‘gotcha game’ with Ann. He does not appear to know how bankruptcy laws work or the threat to this industry. The cross hairs are on Schiff Watch his facial tics and small but telling laughs as she makes her emphatic points about the criminal actions of MFG. This guy’s mind is racing a mile a minute thinking how MFG blowback could hit him and his firm. When she unloads on Schiff, telling him he will be out of business when customers go on strike and the markets collapse he is squirming around like a frog on a hot rock. Nothing like a woman with a powerful point of view, backed by facts, to make the XY chromosomes nervous. I conclude that Schiff has missed the entire impact of MFG and how it will hit the markets. Ann’s interview must have been disturbing news to Schiff. I bet his next call is to his attorney asking if he is operating legally.