Reply With QuotePortugal, Spain, and Ireland are not far behind!Originally Posted by chiph
Interest rates on Greece's 2-year bonds exceed 28%
Take a look at this link:
http://www.generationaldynamics.com/...ct=gd.e110616b
Watch the news today. There are demonstrations in the streets and the parliament is holding a confidence vote.
If Greece defaults, Germany & France are in trouble, since they hold most of the debt.
Chip H.
Portugal, Spain, and Ireland are not far behind!
Interest rates on Greece's 2-year bonds exceed 28%
Take a look at this link:
http://www.generationaldynamics.com/...ct=gd.e110616b
Last edited by dBrong; 06-16-2011 at 08:59 AM.
Chip,
Thanks for the article.
In a nutshell: People (and governments) need to live within their means. They also need to look more often for the long term good instead of always looking for short term gains.
The governments are responsible for spending (regardless of the reason for the spending) beyond their means. Sometimes there are good reasons for temporarily going into debt (or deficit spending) such as defending oneself during war or improving the infrastructure. But even good debt can not become a way of life. Sometimes we need to save for the things we want.
Politicians are responsible for promising what ever will get/keep them in office instead of working for the long term benefit of their constituents and country.
The people are responsible for voting politicians into office that promise to "bring home the bacon" instead of politicians that work for the long term good of their constituents and country.
Sincerely,
Anthony
'Many are my names in many countries,' he said. 'Mithrandir among the Elves, Tharkûn to the Drarves; Olórin I was in my youth in the West that is forgotten, in the South Incánus, in the North Gandalf; to the East I go not.' Faramir
What nobler employment, or more valuable to the state, than that of the man who instructs the rising generation? Cicero (106BC-43BC)
Do not meddle in the affairs of Win32, for it is subtle, and quick to anger. -D. Martinez
Looks like Sunday, June 22nd is the day of reckoning for Greece.
In a nutshell, the EU won't advance Greece more money unless the Greek parliment passes more austerity measures - which in turn causes more riots.
http://www.zerohedge.com/article/gre...on-soon-sunday
And we hold, via The Fed, a lot of debt in Germany and France. It's gonna be like dominos when it happens.
Last edited by Steve; 06-17-2011 at 06:06 PM. Reason: Horrible Grammar
And if only ten percent of them had understood that basic fact we wouldn't be in the unholy mess we are now in.
Ken.
Die dulci fruimini!
Ken.
Wolds Bikers, Lincolnshire, England.
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