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January 24, 2012

Will March be the end of the line, triggering default?

The political impasse ruling Greek implementation of treaty obligations, and the sheer weight of the math will bring the bailout on Greece to an end in March when Germany and France refuse to back more money to Athens to pay for maturing bonds. Or, maybe not: there seems to be an endless patience with Athens since so much is at stake that affects all of Europe, and the world.

"...The likeliest outcome is a last-minute deal, with all but a relative handful of creditors taking part."

"...AS EUROPE GOES, so may go the U.S. and global economies. Europe’s fate, in turn, hinges on what happens in Greece, whose debt crisis triggered the broader predicament of the euro and the 17 nations that use it. Alas, the news from Athens is not bright. Not only did Greece fail to meet its deficit reduction and growth targets for 2011, with a further deep recession forecast for 2012, but negotiations to write down the $260 billion in Greek debt held by the private sector have bogged down."

Read the entire Washington Post article.

 

Austerity

January 2011 - Washington Post: Does austerity even work?

May 2011 - Austerity Referendum vote for Greece?

October 20, 2011 - Austerity Vote passes on first reading

September 2011 - Reasons to quit and continue with austerity

Advent of austerity in Greece

June 2011 - Olli Rehn: Austerity or default, no other course

June 2011 - Austerity vote coming

June 27, 2011 - IMF pledges austerity program will succeed

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