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To: KyrosL who wrote (73000)	3/21/2010 1:13:06 PM
From: Haim R. Branisteanu	Respond to of 74559

Kyros, but this IS exactly the point - Big mouth will pay now dearly for his irresponsible conduct, the IMF will force much deeper cuts in outlays of the Greek government. The Unions will scream "bloody murder" but the positive issue will be that Papandreou will have no one to blame within the EU and his job will be on the line - he will run scared to bring the budget deficit within normal range well before the new elections. The net result will be that Portugal and Spain will quickly get the message and shore up their own finances and the EU will sail into stability zone proving the concept of the EU a success Well it may be that this is all my personal wishful thinking <GGG> Next BO will be on the line for his reckless policies debasing the US currency and hopefully the US will also come to its senses So contrary to TJ prediction, in few years we will enter a new period of prosperity and low inflation - does this not sound nice? <GG>

To: KyrosL who wrote (73000)	3/23/2010 3:18:44 PM
From: Haim R. Branisteanu	Read Replies (4) \| Respond to 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