Friday, June 17, 2011

EconomicsGreece: EU: 'Financial Times' says "prepare for worst"

Financial Times 
Exclusive Comment email newsletter (June16,2k11)

Breaking News 

-- FT materials posted by EconoMix
Greece and Europe

must prepare for the worst

Greek Prime Minister George Papandreou is out of ammunition. The embattled leader has been gradually losing control of his socialist party for some time, but the trend has sharply accelerated this week, as larger and angrier crowds take to the streets.

He now plans to form a new government, but hopes that he can win passage in coming weeks for a new fiscal plan — needed to ensure the next European Union / International Monetary Fund loan tranche, and any future bailout package — are all but dashed. European leaders need to think about what to do next, and quickly.

From WORLD 8:41pm

Greek deal fails 

to ease contagion fears

Spanish borrowing costs hit 11-year highs

June 17,2k11
The A-List: Greek crisis threatens

European decade of economic


From day one, immense challenges faced the coalition of international institutions that opted for a liquidity approach to address Greece’s debt solvency problems.

Now that this coalition is stumbling and bickering publicly, the outlook for Greece has taken a significant turn for the worse. Even as Greek Prime Minister George Papandreou prepares to reshuffle his cabinet, he must know his nation’s predicament is now extremely hard to reverse. 

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