Greece denies bail-out is needed

450 bp. from German bunds speak
clear and loud..for example right now Croatia is 245, and is not in EU and Eurozone...Greece is bankrupt and we must fix his problem EU will intervene sooner than later..in my humble opinion..
(Luigi, 29 January 2010 11:38

Italy is bankrupt too.Italy's
national debt is equal to 130% of GDP. Black economy is equal to 40% and cannot afford teachers wages or even
street lights.

Iam not the first to point this out,the entire EU project is based on a lie and one in which as an entity uses deceit, spin and distortion and bullying to get it's way.

I've said many times on this site that a project imposed from above without the legitimacy of its people is bound to collapse one day.So it will.

@Luigi

I haven't seen Greece yet not
meeting its debt obligations.
You should also remember that 92% of the debt is owned
by Greeks.It's something similar to Italy.Savings are high but the state has no money.Black economy.

The whole fuss has been created by the credit agencies and the speculators which use Greece as an excuse to attack the euro currency and make quick profits.That's what capitalism is all about.

Another problem with the eurozone is that is not an optimal currency area and the policy of "one-size fits all" policy is not suitable for Mediterranean countries.

In the end the EU has no choice but to bail out every member in trouble otherwise the whole project will collapse sooner than later.

450 bp. from German bunds speak
clear and loud..for example right now Croatia is 245, and is not in EU and Eurozone...Greece is bankrupt and we must fix his problem EU will intervene sooner than later..in my humble opinion..

The difference between Italy and greece is that Italy has a strong industrial base and trade surpluses while Greece has virtually no industry and is consuming through indebting,a model which unfortunately follows Serbia ,too .
I think that there is a real possibility that Greece will be thrown out of the currency union.
Thank your corrupt politicians...

@ Luigi
"Greece, Spain, Portugal, Ireland and especially Italy account for 40% of eurosone's debt"
Especially Italy? I didn't know that, but it's your fault, you didn't comment on Italy's debt.

Yes the Greek economy has a huge public depth, but this is a characteristic that most DEVELOPED western economies have. Italy and Spain are in a quite similar situation with Greece, and USA is also a country with enormous PD.

So, yes the Greek economy has a high depth but to say that is bankrupt is actually... "science fiction" as both the Greek as the EU officials publically state. And of course the Greek economy is by far the biggest and the most developed economy both in Balkans, as well as in Eastern Europe. Nothing to do with the most developed Balkan countries like Croatia, Slovenia and so on... those countries are much less developed than Greece and they need quite a lot of years to reach the level Greece is today.

@leonidas
Maybe we will have some problems in the future for the moment we stay at 95 bp from Germany while your country is bankrupt, but as Roubini said yesterday in the Euro zone after Greece the main problem is Spain...
@Logic
you don't know our statistics very well yes we have a huge public debt but we are first in EU for private total savings so the Governament is in a bad shape while private citizenS are in a better position..

The Greeks will need 25 billion in loans just by March to refinance their outstanding loans. Before the end of 2010 they will need a total of 50 billion in loans to service their debt. It will be very hard to refinance and get loans their credit rating will suffer the credit agencys will lower their crated rating. Which will make it even that harder and expensive to get loans they have also put Greece on a credit watch list. Greece is between a rock and a hard place.

Yes the Greek economy has a huge public depth, but this is a characteristic that most DEVELOPED western economies have. Italy and Spain are in a quite similar situation with Greece, and USA is also a country with enormous PD.

So, yes the Greek economy has a high depth but to say that is bankrupt is actually... "science fiction" as both the Greek as the EU officials publically state. And of course the Greek economy is by far the biggest and the most developed economy both in Balkans, as well as in Eastern Europe. Nothing to do with the most developed Balkan countries like Croatia, Slovenia and so on... those countries are much less developed than Greece and they need quite a lot of years to reach the level Greece is today.

@Luigi

I haven't seen Greece yet not
meeting its debt obligations.
You should also remember that 92% of the debt is owned
by Greeks.It's something similar to Italy.Savings are high but the state has no money.Black economy.

The whole fuss has been created by the credit agencies and the speculators which use Greece as an excuse to attack the euro currency and make quick profits.That's what capitalism is all about.

Another problem with the eurozone is that is not an optimal currency area and the policy of "one-size fits all" policy is not suitable for Mediterranean countries.

In the end the EU has no choice but to bail out every member in trouble otherwise the whole project will collapse sooner than later.

450 bp. from German bunds speak
clear and loud..for example right now Croatia is 245, and is not in EU and Eurozone...Greece is bankrupt and we must fix his problem EU will intervene sooner than later..in my humble opinion..

@leonidas
Maybe we will have some problems in the future for the moment we stay at 95 bp from Germany while your country is bankrupt, but as Roubini said yesterday in the Euro zone after Greece the main problem is Spain...
@Logic
you don't know our statistics very well yes we have a huge public debt but we are first in EU for private total savings so the Governament is in a bad shape while private citizenS are in a better position..

450 bp. from German bunds speak
clear and loud..for example right now Croatia is 245, and is not in EU and Eurozone...Greece is bankrupt and we must fix his problem EU will intervene sooner than later..in my humble opinion..
(Luigi, 29 January 2010 11:38

Italy is bankrupt too.Italy's
national debt is equal to 130% of GDP. Black economy is equal to 40% and cannot afford teachers wages or even
street lights.

Iam not the first to point this out,the entire EU project is based on a lie and one in which as an entity uses deceit, spin and distortion and bullying to get it's way.

I've said many times on this site that a project imposed from above without the legitimacy of its people is bound to collapse one day.So it will.

The difference between Italy and greece is that Italy has a strong industrial base and trade surpluses while Greece has virtually no industry and is consuming through indebting,a model which unfortunately follows Serbia ,too .
I think that there is a real possibility that Greece will be thrown out of the currency union.
Thank your corrupt politicians...

@ Luigi
"Greece, Spain, Portugal, Ireland and especially Italy account for 40% of eurosone's debt"
Especially Italy? I didn't know that, but it's your fault, you didn't comment on Italy's debt.

The Greeks will need 25 billion in loans just by March to refinance their outstanding loans. Before the end of 2010 they will need a total of 50 billion in loans to service their debt. It will be very hard to refinance and get loans their credit rating will suffer the credit agencys will lower their crated rating. Which will make it even that harder and expensive to get loans they have also put Greece on a credit watch list. Greece is between a rock and a hard place.