Tag Archives: debt

I don’t quite understand why people – media included- are upset about Greece’s Finance Minister flight to Washington with prime-ministerial jet. George Papaconstantinou, the finance minister of a debt-hit and disparaged country, had to attend the spring session of International Monetary Fund. Instead of taking a commercial flight, he jetted …

Read More »

The whole issue of Greece’s Debt Restructureis getting incredible boring. Day in, day out there is also somebody somewhere saying something on the issue with one single purpose: to let spreads go up and down and make money. As my stakes portofolio is modest and I don’t participate in such speculative actions, …

Read More »

It seems that slowly Greece’s lenders come more closely to the Greek realities. Apparently the IFM/EU/ECB controllers are deeply frustrated that they wouldn’t hesitate to propose shocking solutions for drastic cuts in public spending. “The situation is deteriorating instead of improving,  tax and customs offices are not able to collect revenues, corruption …

Read More »

New wages and benefits cuts and possible lay offs are on the way as the Greek government prepares a thorough spending recostruction plan for the state-run public enterprises DEKO. Greece’s lenders IMF/EU/ECB have put the knife in Athens neck and demanded immediate intervesions in order to raise at least 2.5-3 billion euros. The plans …

Read More »

This is an economic term you will probably be reading and hearing in the upcoming weeks – or at least until Greece’s obeys to the calls for a debt restructure: “Voluntary Agreement” What is this? This is originally designed to provide relief to debts generated as a result of business …

Read More »

That’s lovely and shows real solidarity among the impoverished  of the euro zone. After they got bailout themselves, Greece and Ireland are going to put on the counter their own part of their own bailout loan to bailout Portugal. Then Portugal, a country seeking now a €90 billion bailout, had …

Read More »

It looks as if Greece can not quite convince its lenders that the debt-driven country is adamant on proceed to control spending. Eurogrou-Chief Jean Claude Juncker warned Athens of the importance of spending control and said that “We reminded the Greek authorities that it is important to stick to the targets for …

Read More »

Greece  is considered as the world’s most risky to default and tops again the CMA list of Sovereign Debt Risk Report with a 58% chance of a debt restructuring occurring within five years. The London-based CMA released Global Sovereign Credit Risk Report refers to the first Quarter of 2011. On the Top …

Read More »

According to Reuters ,, the International Monetary Fund on Saturday denied a report in German magazine Der Spiegel that it was privately pressing Greece to restructure its debt. “As we have said consistently, the IMF supports the Greek government’s position of no debt restructuring and its determination to fully service …

Read More »

Are we serious? Is this the reason the Troika will pay a non-scheduled visit to Athens? To prepare the ground for a debt restructure? Or is it just a sinister blackmail against the Greek government to speed up fiscal ‘reforms’ like exterminating tax evasion, lay offs in public administration, privatisation, …

Read More »

Greek Finance Minister George Papaconstantinou said Friday he “absolutely” rules out the prospect his country΄s sovereign debt might be restructured, economic portal Capital.gr reported. “I am not the only one” who rejects the idea, Papaconstantinou said on the sidelines of a conference in the northern Italian town. The minister spoke …

Read More »

€ I know I will make up your day with the following post! Then it answers all questions about how Greece went bankrupt and why the country’s debt is on the climbing path. And there is no way out unless radical changes and radical wages cuts take place. There is this …

Read More »

When I first read about GreekFinance Ministry plans to collect revenues from the dead, I thought it was a media exaggeration or just a FinMin official suffering a panic attack. However here comes a a Wall Street Journal report confirming the idea is not just a macabre joke or the result …

Read More »

How is Greek economy doing?  Apart from the failure to combat tax evasion, to cut state spending by trimming the  state apparatus and to boost development to escape recession…. thanks for asking! A BBC survey conducted among Euro economists show no good ahead. Two-thirds of the 52 respondents forecast a default! “The …

Read More »

Restructuring Greece’ss debt would probably cause the collapse of Greek banks, Prime Minister George Papandreou was quoted on Wednesday as saying, Reuters reported. “A restructuring would probably lead to the collapse of Greek banks,” Papandreou said in an interview to  German Stern weekly magazine. “Even German banks could collapse and …

Read More »

Herewith we ascertain a change in the strict German position which was summarized into a short and firm “no economic concessions to Greeks”. German Chancellor Angela Merkel now pleads to an extension of Greek debt maturities and rejects restructuring of Greek debt. It looks as if the express visit by US Treasury …

Read More »

I have been trying for quite some time to find out why I smoke more in the morning than the rest of the day. Now, I think, I know. Because of the crap and self-repeating news I read in the morning… In fact, I’m fed up with the pressure some …

Read More »

The dilemmas on Greece’s debt future seem endless: Default or Not Default? Drachma or Euro? Haircut or Extensions? With terminologies borrowed  from a hairdresser parlor around the corner and a bankers’ desk on the 245th skyscraper floor, the whole world is keep talking about Greece’s fiscal course: Survive or Fall. Economists and media are …

Read More »