Friday, May 07, 2010
Time for some Ouzo, me thinks!
Money week: The Greek crisis is spreading to the banking sector
What's spooked the banks? It's simple. Lots of them hold government debt from the likes of Greece, Portugal and Spain. French and German banks own about €80bn worth of Greek government debt alone, says Barclays.
Posted by happy mondays @ 09:47 AM (429 views) Add Comment
3 Comments
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1. p. doff said...
Crikey, the film Grease was on Sky last night. This is obviously no coincidence and is clear evidence of darker forces at work.
2. nickb said...
No one has yet explained to me why, with an economy that is growing exponentially on trend, we cannot afford the level of public services and pensions that the previous generation took for granted. Instead a great hullabaloo is made about how we are living beyond our means. And conditions are then attached to "bailing out" governments at levels of national debt that are not historically too high, that benefit the corporate and especially financial sector at the expense of the working population (who are supposed to swallow unquestioningly that we are "living beyond our means". In the meantime hardly an eyebrow is raised when banks are bailed out with sums an order of magnitude higher.
Surely something fishy going on, no???
3. nickb said...
Why would the ECB buying government bonds "damage the fundamental principles of the currency union"?