Posted on 05/05/2010 4:36:30 PM PDT by The Magical Mischief Tour
ATHENS—Greece's fiscal crisis took a new turn to violence Wednesday when three people died in a firebomb attack amid a paralyzing national strike, while governments from Spain to the U.S. took steps to prevent the widening financial damage from hitting their own economies.
U.S. Treasury officials have been quietly urging their European and International Monetary Fund counterparts to put together a Greek rescue plan more quickly to contain the damage, it emerged Wednesday, as U.S. policy makers worry the continent's problems could undermine a U.S. recovery much as U.S. housing woes hammered Europe in 2008.
In Spain, rival political leaders came together Wednesday with an agreement that aims to shore up shaky savings banks by the end of next month. Investors, meanwhile, are pouring money into bonds of countries seen as less exposed to the crisis, from Russia to Egypt.
(Excerpt) Read more at online.wsj.com ...
Damage, public sector unions making high wages and unsustainable pensions.
I’m not versed in European history, but we seem to see this movie many times.
Interesting though that it isn’t the workers rising up against the capitalists and industry. Rather those who receive government benefits rising up against the government cutting their benefits.
Hopefully this isn’t us in five or ten years.
I guess I just don’t udnerstand why they are doing this? How can they not understand that there is no more money to give them? They act like spoiled children who refuse to take no for an answer. I could see this happening with our own government workers and welfare recipents.
bump that.
If the Apocalypse hadn't been written, it would have to be...
We were hoping to take a Med cruise next fall.. hope they get things under control in Greece.. and EUrope by then
I’m too old to play Tommy Commando anymore..
1 in 3 Greeks are government employees.
Sound familiar?
California, as a whole, is Greece writ large. Our fiscal problems exactly mirror the Greeks, except that Cali’s economy is more than five times larger than Greece’s.
That’s gonna leave a mark when it blows up.
In California, 1 in 7 are government employees.... 1 in 3 Greeks are government employees.
It’s getting there.
Athanassakis sounds like a Palestinian.
So it’s really a WORLD crisis. Not just GS. HUMMMMM..this kind of stuff can get REALLY ugly fast. and everyone knows that euro radicals are not adverse to killing people.
Mutually assured economic destruction.
Ain’t globalism grand?
Please tell me that is a Photoshopped sign.
If not that picture should be on every billboard in America.
Us in 5 to 10 years? Try the end of this years or sooner.
A remember about 5 years ago, Larry Kudlow was predicting this was coming to Europe. He was commenting on the Paris rioting over them trying to raise the hourly work week and make it easier for employers to fire non-productive workers.
He said Europe was due for a major economic spanking and it wasn’t going to be pretty. That’s its socialist model of public sector subsides for the majority of their job creation was a total recipe for disaster. Because their abysmal private business development created such low GDP rates, and bloated pension and welfare benefits that promised payouts in the millions for paying very little into it (are you listening California????) had so crossed the point of no return line, that major recessions and entire governments declaring bankruptcy was on the way.
These are the good ol' day's.
It’s real.
The globalist elite banks have thrown the Greek economy in the toilet by design so that they can financially enslave it. That’s why.
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