NEWS ARCHIVE - May 2010
For current news , go to the home page
Deflation Could Stall Efforts to Revive Greece – New York Times May 2, 2010
Greece, effectively bankrupt and with a European gun to its head, committed itself to years of austerity on Sunday when it signed a financial bailout deal with the European Union and the International Monetary Fund..."
The Greek problem is also a (big) EU problem, or more specifically, French and German:
Embedded in the euro and thus no longer in control of its own currency, Greece cannot take the easy way out of its debt by devaluing. So Greece must either cut its spending sharply or default on its loans — which would badly damage German and French banks carrying a lot of Greek debt..."
The total debt risk from Greece being talked about in 2010:
US$111.6 billion French Banks
US$51.0 billion German Banks
(Total Greece sovereign debt was only USD $54 billion, the rest is consumer debt, household, banks, bonds, etc.)
Source: Bank for International Settlements
More than one person has said that a Greek rescue package is a rescue of the European banking system.
More May 2010 News
May 19, 2010: "Save Yourself Anarchy" in the EU
May 19, 2010: Short selling blocked while Germany begins debates on Greece bailout
May 21, 201: Germany: where the euro problem starts and ends?
May 24, 2010: Crisis reality: Greece moves on tax cheats while world ponders future of euro
May 27, 2010: Flaws in euro being exposed by crisis
Greece's Golden Visa program
Advertisement: I am an Amazon affiliate
Fodor's Essential Greece: with the Best of the Islands (Full-color Travel Guide) – Amazon
- Illustrated experiences guide to the top things to see and do
- Multiple itineraries to help organize your days
- 40+ detailed maps for easy navigation
- Color photos throughout
- Local recommendations for sights, dining, hotels, nightlife, shopping, and activities
- “Best of” features covering beaches, food and drink, and more
- Trip-planning tips on when to go, getting around, avoiding crowds, and saving money
- Historical and cultural insights into Greek people, art, architecture, and cuisine
- Special features on the Acropolis, Greek gods and heroes, Greek history, Meteora, and more
- Local writers highlighting lesser-known places
- Greek-language primer with useful words and phrases
- Up-to-date coverage of Athens, Santorini, Mykonos, Crete, Corfu, Rhodes, the Aegean, Sporades and Saronic islands, Delphi, Central Macedonia, Meteora, and the Peloponnese
- 800 Pages
