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To: critical_mass who wrote (72993)	3/21/2010 10:18:06 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 74559

As it stands now I really do not have a clue. Many forget it is not only Greece but also CA, ILL,NJ, NY Spain Portugal etc., For some reason the media decided to beat on Greece, I presume because they cheated and more and more it seems that they are not a clever bunch. Many times silence is golden! The amount is insignificant as far a sovereign debt is concerned the US generates this amount of debt in 3 to 4 days, but the speculators zeroed into the fact that the Greeks seem to be idiots and Germany rightfully do not want to cede ground. IMHO Greece is not getting a better deal from the IMF otherwise they would long gone there asking for help and that is what irks many, as it is soo transparent. At the end some one must tell Papandreou to keep shut and put up with 6% interest rates the same way as is California, go on with reforms cut pension benefits and collect more taxes. Then the speculators will leave Greece alone and look for another victim, in all likelihood UK. (In another post I mentioned the movie ZORBA which best reflect what the idiocy and greed can do. It seems that in antiquity the Greeks where a very very smart bunch but since something happen to them ) IMHO it will be foolish to cede to Greece with the present reforms in place it is too little and they did not act legally against the transgressors. The EU will survive as there is no other way around and they will find the right mechanism of having very similar social support in all EU countries by harmonizing the social benefits. As to the issue of competitiveness, I think the MED Club will need to adjust it will be a long process but the birth rate is in their favor, as are the warms shores of the Mediterranean Sea with a growing tourist industry. Bulgaria is a prime example - at least they are not as arrogant as the Greeks. The more acute situation IMHO is in the US with CA NJ ILL and NY etc., how those economies will reconcile due to their size is hard to imagine – they represent about 25% of US GDP or close to double of the MED Club

To: critical_mass who wrote (72993)	3/21/2010 10:51:47 AM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 74559

Finnaly good news - OECD Chief Says Greece Should Turn To IMF For Help (yes some one else told Papandreou what to do not the EU or EU member - the IMF will give Greece a very bitter pill and Greece would not be able to complain against his fellow EU States - that is why Greece never went to the IMF) ATHENS (AFP)--The head of the Organisation for Economic Cooperation and Development encouraged Greece in an interview published Sunday to seek International Monetary Fund financing as it battles a debt crisis, an issue that has split Europe. "You should remember that the IMF constitutes a solution, an alternative solution, but legal in any event because you are a member of the Fund," Angel Gurria said in the Greek daily, To Vima. "I do not understand why this solution meets with such reactions, tell me why you ignore the IMF," he said. IMF intervention for debt-ridden Greece has split the eurozone, with Germany and the Netherlands among those open to IMF involvement but France maintaining the issue is internal to the 16-nation bloc. The IMF has never rescued a eurozone member and a Greek bailout would be seen by some as a humiliation. Gurria also played down an immediate role for an European Monetary Fund, which has been mooted to help out Greece, saying to the country that to establish this would "need a lot of time, which you do not have." He added that "we know the conditions the IMF imposes for releasing funds, and these are measures that your government has already announced." Greece has made it clear it faces the prospect of bankruptcy as it cannot meet its borrowing requirements at current rates while at the same time adhering to strict EU demands to slash its huge public deficit.