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Politics : Sioux Nation
DJT 10.54-1.1%3:30 PM EST
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To: Rock_nj who wrote (212252)7/14/2011 4:27:04 PM
From: stockman_scott  Read Replies (1) of 361579
 
Europe's Default Crisis: It's the CDS, Stupid. Greek bonds have lost half to three-quarters of their face value. Six national strikes have all ended in violence already this year. In the three months to April, public investment spending fell 42% from the start of 2010, but total spending still rose - and tax revenues sank - forcing the budget deficit still wider as the economy shrank 5.5% year-on-year. What to do? Greece's debt cannot be serviced, much less repaid. Everything says default - stop paying, write it down or write it off, with or without the lenders' consent. Default is certain, and history (that old balls-ache) says it would be better for creditors if the "restructuring" came before Greece misses a payment. Yet incredibly, most everyone outside Greece - everyone who thinks they have a vested interest, at least - wants restructuring delayed and delayed again. Why? Because of the banks, stupid.

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