Moderator: Nicole Marie
dai bread wrote:Reads like the Greek Govt. is getting serious about tax-collecting. About time, from what I read.
Haggis@wk wrote:You miss the point. It's not taxes the Greek govt wants return, it's capital. That the same as your government forbiding you to invest in Aussie bonds with your after tax income. They want all the Greek capital in Greek banks. The next step will be to ban the ownership of gold.
“British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.”
Not such a big deal though.
During the credit boom, cheap capital flowed into Greece, Ireland, Portugal and Spain to finance trade deficits and housing booms. As a result, the net foreign liabilities—what businesses, householders and government owe to foreigners, less the foreign assets they own—of all four are close to 100% of GDP. (By comparison, America’s net foreign liabilities are 17% of GDP.)
Giant Communist Robot wrote:From The EconomistThe article, by the way, says there is a high likelihood the Euro will implode in a matter of a few weeks.
The participation of the central banks of Canada, England, Japan and Switzerland is more of an effort to show that all the central bankers are working together than any expectation that there will be lots of dollar borrowings under their facility.
At the Berlaymont, the Commission HQ, on Thursday, they were proudly launching their "better airports package." "There is no Commission proposal for the auctioning of new airport capacity," explained an official. "The decision was to go ahead with liberalising the secondary trading of existing slots." Across the road the European Council, the ministerial decision making body, was busy on a resolution deciding that member states must "combat negative stereotypes regarding older persons" and demanding that "optimism has to prevail in the EU." The week before, the Commission announced a new drive to "protect our sharks," proclaiming it a "very good day, not just for European sharks, but for sharks worldwide."
Many Greeks are draining their savings accounts because they are out of work, face rising taxes or are afraid the country will be forced to leave the euro zone. By withdrawing money, they are forcing banks to scale back their lending -- and are inadvertently making the recession even worse.
Giant Communist Robot wrote: ...so the money to do this will be coming from the U.S. What a shock! We are not bailing them, rather a kind of QE action.
U.S. Treasury Secretary Timothy Geithner said the Federal Reserve has no plans to give money to the International Monetary Fund to bolster Europe's bailout fund.
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