Sunday, May 02, 2010
There's many a slip twixt cup and lip
BBC: Greece must make 'great sacrifices' for bail-out deal
Finance ministers of eurozone nations are gathering in Brussels and are expected to support the bail-out.
The rescue package could amount to as much as 120bn euros over three years and is designed to prevent Greece from defaulting on its enormous debt.
However it must first be approved by each government of the 15 eurozone other members.
Germany has been the strongest opponent to the bail-out, but its economy minister Rainer Bruederle said there was a "good chance" of getting German parliamentary agreement by next Friday.
But he said Greece had to implement its new austerity programme "quickly" and "to the letter".
Posted by devo @ 04:00 PM (376 views) Add Comment
3 Comments
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1. Jim Green said...
Austerity measures - who needs them?
Fed Reserve Chairman admits creating $1.3 trillion out of thin air:
http://usawatchdog.com/bernanke-admits-printing-1-3-trillion-out-of-thin-air/
That's the way it works - banks create money out of thin air, make loans to governments (the Federal reserve is a cartel of private banks, not a US govt institution) who have to pay it back with interest or go bust, like Greece. Or the UK.
OK? Except, public institutions COULD create that money out of thin air themselves - interest free, to pay off their otherwise unrepayable national debts, pay for infrastructure & services etc. In other words, cut out the parasitic middlemen - the banks!
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