“The policy of government and the Troika is on deadlock” said for one more time Yanis Varoufakis, professor for economic theory at the University of Athens. Varoufakis, one of the main Greek opponents of the austerity program and the applied economic models,has repeatedly stressed that even if Greece achieves all goals by 2015, the public debt will have reached 200% of GDP in three years. Such an unbearable loan cannot help and in 2013 a major restructuring will be imminent. "
Bob Kuttner has an elegant and important article at American Prospect, “Debtors’ Prison“. It’s an evocative, historical form of the argument made here and elsewhere: that advanced economies have gone down a disastrously bad path in not writing down debt that can’t realistically be paid.
The government of Belarus applied to the International Monetary Fund for a stabilization loan. The work of the IMF mission will last during June 1-14. Belarus is not ready either for large-scale liberalization in the currency sphere, or for a considerable reduction of state spending.
Soon after the Socialist Party won Greece’s national elections in autumn 2009, it became apparent that the government’s finances were in a shambles. In May 2010, French President Nicolas Sarkozy took the lead in rounding up €120bn ($180 billion) from European governments to subsidize Greece’s unprogressive tax system that had led its government into debt – which Wall Street banks had helped conceal with Enron-style accounting. .
Die Märkte in Peru haben empfindlich reagiert, nachdem der Wahlsieg Humalas mit dem Eingeständnis der Niederlage Fujimoris endgültig feststeht. Der Handel an der Börse in Lima wurde vorzeitig abgebrochen.
Sino-Forest: Neuer 4,2 Mrd. Dollar Skandal? Landflächen und Umsätze zu hoch ausgewiesen. Aktie in den USA -60%, in Deutschland nur minus 18%. Hauptnotierung in Kanada vorerst ausgesetzt. Investment in China + Rohstoff (dazu noch nachwachsende): Das hört sich doch erstmal gut an.
In today's Europe, the people are no longer in control. Instead, politicians have become slaves to financial institutions and the markets. We are partly to blame -- and changes are urgently needed to nurse European democracy back to health.
This diagram is from a 2008 IMF report and was included at the Financial Crisis Inquiry Commission website.
The diagram shows how mortgages were combined into pools and rights to the cash flow from these mortgages sold to investors via residential mortgage-backed securities (RMBS). High-risk RMBS securities were purchased by legal entities called collateralized debt obligations (CDO) which issued another layer of securities to investors.
Griechenland am Rande des Abgrunds, andere Euro-Staaten gefährdet und zuletzt eine Herabstufung des Ratings von Zypern. Die interaktive Karte zeigt Kreditwürdigkeit und Verschuldung der Euro-Länder und der USA.
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