(Original post by SunOfABeach)
Source?....Thanks to years of accumulated deficits, Greece's public debt outstanding is expected to surpass 120 percent of GDP, one of the highest levels in Europe. Under the Maastricht Treaty, countries in the eurozone are supposed to have public debt less than 60 percent of GDP and annual budget deficits not exceeding 3 percent.
Read more: http://www.sfgate.com/cgi-bin/articl...#ixzz0fEFOefyP
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Why is the media acting as if the economic situation in Greece is apocolyptic? watch
- 11-02-2010 12:13
- 11-02-2010 12:20
Fear and Panic sells papers.
- 18-03-2010 11:41
Interesting points but allow me to say highly contradictory!
But what is the common denominator in the Eurozone and internationally at large? The answer is the Speculators.
A student of economics sould start by examining the speculators financial objectives in the Eurozone if they want to obtain the truth behind the so called "apocalyptic economic tragedies" of Ireland, Greece, Portugal, Spain and UK!
In addition there is an inherent problem in the policies of the Central European Bank when it is asked to loan money to member states! Some states appear to enjoy favouratism on interest rates! For example Portugal borrows money at around 4% while Greece at 6%! Please note that both of these countries are of similar economic scale according to the classification of the international financial institutions.
This is precisely the reason why the Greek prime minister keeps asking for a fair interest rate in the region of 4% and not a blank cheque from European taxpayers.Last edited by George1000; 18-03-2010 at 17:37.