bimetalaupt
Senior Member
Joined: Oct 9, 2011 20:29:23 GMT -5
Posts: 2,325
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Post by bimetalaupt on Jul 21, 2011 4:42:16 GMT -5
It looked hopeless after then Greek populous defined Greek as a spender and not a saver like Germany.. Unlike the German Vote to make SS system sound .. all Greek avoidance of any austerity programs said was "WE WILL NOT PAY OUR BONDS OR BILLS" and we want full retirement at any cost to bond holders. AXEL WEBER WAS CORRECT ALL THE TIME ON THIS BOND HAIR CUT..HE CALLED CORRECT AND THAT WAS THE LAST DEAL HE DID AS PRESIDENT OF THE BUNDESBANK..JUST A THOUGHT, BTI  German Chancellor Angela Merkel and French President Nicolas Sarkozy will outline a joint position to solve Greece’s debt crisis when they arrive in Brussels for a summit convened to stamp out contagion in European bond markets. The pact was agreed on after a seven-hour meeting in Merkel’s Chancellery in Berlin that ended after midnight, according to a statement distributed to reporters. Merkel and Sarkozy “listened” to the views of European Central Bank President Jean-Claude Trichet, who was also present, though the statement didn’t say if they settled differences on whether Greece should be allowed to default. European Union officials will follow a two-pronged approach today, focusing on the need to agree on a second bailout for Greece and measures that stop the debt crisis engulfing Italy and Spain. Greek options include funding a rescue using a bank tax, allowing investors to roll over Greek debt, cutting the interest rates on outstanding bailout loans and managing a bond default. Leaders may also consider broader steps for stopping the 21-month sovereign debt crisis previously rejected by Germany, including the use of precautionary credit lines, a person close to the talks said yesterday. Deutsche Bank AG Chief Executive Officer Josef Ackermann was among those entering today’s talks. Plunging Bonds Leaders are due to gather at 1 p.m. in the Belgian capital after meetings of national government officials earlier in the day. Belgian Finance Minister Didier Reynders told Le Soir newspaper a second Greek rescue would be worth around 110 billion euros ($157 billion). The yield on Greece’s two-year bonds rose above 40 percent for the first time yesterday after weeks of bickering among officials on how to prod bondholders into co-funding a new Greek package. The debate has unsettled investors who have also dumped Spanish and Italian bonds, sending the spread over German bunds to euro-era highs. The euro rose to a one-week high against the dollar after the announcement of a common position early today. The 17-nation currency traded at $1.4283 as of 8:42 a.m. in Brussels from $1.4215 in New York yesterday, after touching $1.4274, the strongest level since July 14. The Berlin talks took place amid growing pressure on Merkel to take charge of Europe’s crisis response two days after President Barack Obama spoke by phone with her to discuss the risk to the world economy radiating from Europe. ‘One Spectacular Step’ Euro-area government chiefs are convening for the second time in a month as they aim to break a deadlock over a new Greek rescue. While Merkel said July 19 the crisis can’t be resolved in “one spectacular step,” Greek Prime Minister George Papandreou said in an interview that the summit could be a “make-or-break moment” for the euro region.  NOW HOW MUCH RETIREMENT REPLACEMENT INCOME WILL GREECE PAY?? Attachments:
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