A beautiful island in Greece was the setting for an ugly pronouncement from Prime Minister George Papandreou today :\u00a0\u00a0 His country is broke and wants to activate a bail-out deal arranged with the European Union and the International Monetary Fund\u2026to the tune of 60 billion dollars.<\/p>\n
\u201cThe moment has come, since markets aren\u2019t giving us time,\u201d Papandreou said, \u201cto make the decision, so that Greece can have support.\u201d<\/p>\n
The move came as fears rose that Greece would not make the deadline for refinancing its debt next month, that its money woes were bigger than feared, and that it could even face default.<\/p>\n
It also came as public workers conducted more strikes effecting everything from ferries to hospitals as the Greek government implements \u00a0needed economy moves.<\/p>\n
\u201cThe IMF will be demanding austerity measures that are politically unpopular,\u201d Terry Roth of Dow Jones told Fox News, \u201cwe could see more public protest.\u201d<\/p>\n
Those protests have already gone violent and there could be more trouble.\u00a0\u00a0 The current bail-out package will only be enough, we are told, to get Greece through this year. There are more cuts to come.\u00a0\u00a0<\/p>\n
While there is resistance from Germany and others to helping Greece, the risk of not helping and seeing problems grow and spread, is even bigger.<\/p>\n
\u201cEverybody, despite some concerns and opposition,\u201d economist Vassilis Vlastaklaris of Beta Securities is quoted as saying, \u201cwill be convinced there is no way around \u2018solving\u2019 Greece.\u201d<\/p>\n
As for why the US should care about and help rescue Greece, analysts tell us it\u2019s already had an effect on our markets, it could have a \u201cknock-on effect\u201d for other European (and US-allied) countries, and might even cast a shadow over American state and municipality efforts to raise their own funds.<\/p>\n
\u00a0It IS a \u201csmall world\u201d after all.<\/p>\n","protected":false},"excerpt":{"rendered":"
A beautiful island in Greece was the setting for an ugly pronouncement from Prime Minister George Papandreou today :\u00a0\u00a0 His country is broke and wants to activate a bail-out deal arranged with the European Union and the International Monetary Fund\u2026to the tune of 60 billion dollars. \u201cThe moment has come, since markets aren\u2019t giving us […]<\/p>\n","protected":false},"author":4512,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-542043","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/542043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4512"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=542043"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/542043\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=542043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=542043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=542043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}