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Strategies & Market Trends : Heinz Blasnik- Views You Can Use
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From: Eva2/10/2012 3:53:14 PM
   of 4904
 
update 2 -- trotsky, 14:48:54 02/10/12 Fri [1]

Greece: Economy Spirals Down the Drain, Violence Erupts
The newest plan of the Greek government has been rejected by the eurogroup - it's not austere enough just yet.
Meanwhile, Greece's economy is in free-fall. Unemployment has now soared over the depression-like level of 20% and industrial production is collapsing. Tax revenues are not surprisingly faltering as well and came in way below expectations in January - and expectations weren't very optimistic to begin with.
In the streets of Athens, the protests accompanying the umpteenth general strike have once again degenerated into violence. The Papademos-led coalition government is crumbling concurrently, as ministers try to save their political hides and are resigning in droves.
In a word, things look grim. Unfortunately for Greece's citizens, there is no painless solution to the dilemma.
The only positive development is the fact that it looks like CDS on Greek debt will pay out after all.
acting-man.com
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