Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: KyrosL who wrote (73000)	3/23/2010 3:18:44 PM
From: Haim R. Branisteanu	Read Replies (4) of 74559

K as you predicted - it seems that France and Germany agreed that Greece should seek IMF assistance. The move is smart as this requires US Japan China India, Brazil UK, Canada et- al to take also on them Greece credit risk, in addition to EU countries. Greece will receive 5 year loan at around 3.5% like Ireland and will be forced to make similar cuts in their budget. Papandreou seems to be a jerk and damaged the image of Greece by trying to extort money from the EU members at 4%. It seems idiocy is abundant in Greece government. IMHO Greece goverment has now burned a lot of goodwill with the other EU memebers. I tip my hat to Angela Merkel that she did not give in to the extortion tactics of Papandreou. Shame on him and his government!! Based on Greece population of about 11 million a 2% spread in interest rates over 10 years on 20 billion EUR he needed to refinance works out about 400 million EUR or about 33.3 million EUR a month!! This is around 3 EUR per month per person!! and for this small change which could be easily collected by small unnoticeable increase tax on alcohol, cigarettes and other minor taxes would have saved his country from all the embarrassment he is faced now. As a side note Greece has almost no exports around 19 billons v. 63+billion in imports it is about time they should put their house in order and start working efficiently

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