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Greece may need 60 percent bond writedown; EU at odds
Reuters ^ | October 22, 2011 | Annika Breidthardt and Daniel Flynn

Posted on 10/22/2011 1:42:28 PM PDT by yoe

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Is there a similarity here between the Greeks and California's citizens who refuse to give up government perks and other welfare to help balance their budget?
1 posted on 10/22/2011 1:42:30 PM PDT by yoe
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To: yoe

If true this looks like the beginning of the end.


2 posted on 10/22/2011 1:44:47 PM PDT by Uncle Hal
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To: yoe

It’s the suspense that kills me. Everyone knows this charade cannot continue. It’s just a question of when the game of musical chairs ends.

And what kind of system will exist when the music stops.


3 posted on 10/22/2011 1:44:54 PM PDT by sinanju
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To: yoe
Whoa, that's a major haircut! At Great Clips, it'd be about a two.
4 posted on 10/22/2011 1:48:23 PM PDT by Zuben Elgenubi
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To: yoe
Private holders of Greek debt may need to accept losses of up to 60 percent on their investments if Greece's debt mountain is to be made more sustainable in the long-term, a downbeat analysis by the EU and IMF showed on Friday.

Hey, that's a better deal than GM investors got.

5 posted on 10/22/2011 1:49:28 PM PDT by fhayek
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To: sinanju

Somebody over there makes an unsubstantiated PR release that a deal is in the making and our stock market goes up by 250. Then a day or two later reality strikes and bammo, down again. I honestly believe the stock market is in some way being supported by much of the so-called stimulus funds that nobody can locate, except for bankrupt green companies and they have no idea where the money went.


6 posted on 10/22/2011 1:49:59 PM PDT by mazda77 (and I am a Native Texan)
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To: sinanju
Everyone knows this charade cannot continue.

Elite's continuing the charade until they are out of the picture and distanced from it.

7 posted on 10/22/2011 1:50:03 PM PDT by EGPWS (Trust in God, question everyone else)
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Where Would You Go Without FR?


Click The Pic

Become A Monthly Donor And Never Be A Lonely Conservative Again

8 posted on 10/22/2011 1:53:26 PM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: yoe

“Is there a similarity here between the Greeks and California’s citizens who refuse to give up government perks and other welfare to help balance their budget?”

Yes, but it’s a worse situation for California. We now have cap and trade to deal with as well.


9 posted on 10/22/2011 2:02:01 PM PDT by Huskrrrr
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To: yoe; Uncle Hal; Zuben Elgenubi; fhayek; mazda77; EGPWS; DJ MacWoW

A few numbers that stick in my head when sovereign debt is discussed: I read somewhere that the entire GDP of the world for the year 2008 was 58 trillion dollars.

Some put our current unfunded liability for SS, Medicare and Medicaid at 130 trillion.

Of course some countries are worse off, some are better off, but there will never be enough wealth to cover all this debt.


10 posted on 10/22/2011 2:03:18 PM PDT by sinanju
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To: yoe
My first thought is to wonder why Germans would even begin to entertain the notion of bailing out a nation of slackers who retire at 52?

The answer is, of course, the rank and file Germans can't possibly condone this.

So, bailouts from Germany must be to protect those who have investments in Greece. This should almost certainly result in big changes in leadership as the rank-and-file voters in Germany realize they're getting the short end of the stick while the status quo is being protected.

11 posted on 10/22/2011 2:07:58 PM PDT by The Duke
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To: sinanju
...but there will never be enough wealth to cover all this debt.

Let me know when it's serious enough to cut spending.... /MS

12 posted on 10/22/2011 2:08:00 PM PDT by EGPWS (Trust in God, question everyone else)
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To: yoe
I can't believe that Wall Street is betting on this house of cards.
13 posted on 10/22/2011 2:27:30 PM PDT by Huskrrrr
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To: sinanju

You sound like my sister and I speaking yesterday. The suspense of it ALL is killing us!


14 posted on 10/22/2011 2:36:02 PM PDT by NoGrayZone ("Get ready for an aberration of historic proportions" - Herman Cain)
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To: The Duke
Bank of America has been slithering around to move liabilities from Merrill Lynch into retail divisions to put taxpayers on the hook via the FDIC.

Why do we continue to put up with this kind of flimflamery?

15 posted on 10/22/2011 2:37:18 PM PDT by ninonitti
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To: DJ MacWoW

I love Snoopy!


16 posted on 10/22/2011 2:37:39 PM PDT by NoGrayZone ("Get ready for an aberration of historic proportions" - Herman Cain)
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To: NoGrayZone

Me too! But that graphic is so sad and lonely. LOL


17 posted on 10/22/2011 2:40:50 PM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: DJ MacWoW

Lol, no it isn’t!!!! It’s Snoopy being Snoopy (doing the Snoopy dance)!!


18 posted on 10/22/2011 2:47:58 PM PDT by NoGrayZone ("Get ready for an aberration of historic proportions" - Herman Cain)
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To: NoGrayZone

LOL!!!


19 posted on 10/22/2011 2:50:52 PM PDT by DJ MacWoW (America! The wolves are here! What will you do?)
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To: yoe

Look on the bright side - those bonds are just going to money heaven!

Wave bye-bye..


20 posted on 10/22/2011 2:53:15 PM PDT by headsonpikes (Mass murder and cannibalism are the twin sacraments of socialism - "Who-whom?"-Lenin)
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