Friday, April 30, 2010
Greece will be saved in a couple of days!
If Greece is allowed to collapse, it will drag down portugal and spain too and the contagion will spread across europe as many banks and funds that bought into the government bonds of these 3 countries will suffer a painful and acrimonious death and EU will have to bail out many financial institutions. The cost of saving Greece certainly outweighs the cost of not saving Greece. If EU collapses, nobody will be around to buy US treasury bills and US will never be able to stand on its own feet anymore.
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2 comments:
Greece is asking in excess of $100b bailout package over the next few days instead of the initial $45b. However, the citizens are protesting against the draconian austerity measures Greece has to undertake in exchange for EU & IMF funds. So who will cave in this time? Nice show coming up soon!
Greece is only temporary saved with $120b bailout package. It's still too early to open the champagne now.
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