Friday, September 23, 2011

Tick, tick, tick

Greek default talk gathers pace, G20 underwhelms

"Talk of a possible Greek default gained pace on Friday while a pledge by the world's major economies to prevent Europe's debt crisis from undermining banks and the global economy failed to lift financial markets for long". The government approved a raft of more draconian austerity measures this week, including putting 30,000 public employees on a path to redundancy, cutting pensions and raising taxes, in an effort to secure the next 8 billion euro loan instalment.

Posted by alan @ 07:56 PM (3379 views)
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2 thoughts on “Tick, tick, tick

  • The German resistance to more bail-outs seems to be weakening under pressure from other G20 countries, who have pledged “take all necessary actions to preserve the stability of the banking system and financial markets as required”.
    The article says this “failed to placate the markets”, however, it would appear to have been written before the FTSE, Dow and S&P rallied from earlier falls.
    China, one of the G20 members, is taking a keener interest in Europe, having previously bought Spanish and Portugese debt. No doubt it has one eye on the EU easing its access restrictions. Will China underwrite the bail-out, with the EU leaders selling it as a ‘breakthrough for EU-China relations”?

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  • “Will China underwrite the bail-out, with the EU leaders selling it as a ‘breakthrough for EU-China relations”?

    Every chance.

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