Euro un Griechenland

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Euro un Griechenland

"„Der Euro funktioniert nur, wenn Staaten pleitegehen“

Der slowakische Parlamentspräsident Sulík organisiert das Nein der Slowakei zum Rettungsschirm. Er klagt: Die EU marschiert geradewegs in den Sozialismus. Die Erweiterung des Euro-Hilfsfonds EFSF setzt nach dem Rahmenvertrag voraus, dass ihr alle Staaten der Eurozone zustimmen. Die Slowakei hat noch nicht zugestimmt."

Interview mit Hr. Sulik:

http://www.faz.net/artikel/C30638/im-interview-richard-sulik-der-euro-fu...

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And that is the problem, not Greece...

A Greek default is now inevitable and will result in restructuring of the debt. This means that the holders of Greek bonds, primarily the large European banks will have to write down tens of billions of dollars of bonds. And that is the problem, not Greece. This is why the global stock markets are responding immediately to any news coming out of Europe.

(...)

“the markets won’t wait that long.” We believe that this lack of urgency means they have given up.

The decision to actually give the approved $8 billion to Greece won’t be made until Oct. 13. Greece says that on Oct. 15 they will run out of money. Greece is asking for more debt to pay the old debt and to pay other bills. Every household in Greece has at least one member who is a public employee. Germans don’t want to pay for it. Spain is already preparing its banking system for chaos. It just announced an $18 billion recapitalization of its banks. Ten billion dollars will come from the government. However, the total of what Spain considers “problem assets” in the banking system is $135 billion. Therefore, the recapitalization seems to be another drop in the bucket. But at least they are trying.

Central Europeans, who are more frugal, don’t want to pay for the Greek lifestyle with more loans that can’t ever be repaid. Perhaps an official Greek default, leaving the EU temporarily, and renegotiating its debt will bring a sigh of relief and produce a market rally when it happens. For now, the crisis will deepen.

Q:Bdohmen