Tuesday, October 4, 2011
No money to lend you – Sorry!
"European finance ministers agreed on Tuesday to prepare action to safeguard their banks as doubts grew about whether a planned second bailout package for debt-laden Greece would go ahead". "More and more European banks are being shut out of the market and relying on the European Central Bank for liquidity". "All roads now point to a mid-November crunch". For Greece, the deeper-than-forecast recession means public debt will be equivalent to 161.8 percent of GDP this year, rising to 172.7 percent next year, by far the highest ratio in Europe.