Greek debt markets have come under fresh assault from hot money funds after a commission of experts in Athens told the country's parliament that it had uncovered €40bn (£35bn) of "hidden debts" during an investigation into past manipulation by the financial authorities.
Premier George Papandreou said the spike in Greek borrowing costs was "completely unjustified" and lashed out at the rating agencies, which precipitated this crisis by downgrading Greek bonds.
"Greece is at the centre of an unprecedented speculative attack: we cannot be at the mercy of creditors. Despite our tragic mistakes, our fate is today defined by rating agencies that bear responsibility for the 'bubble' that led to the global crisis in the first...........http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/7140233/Greece-rattled-by-hidden-debt-controversy.html
2008 Was The Most Serious Financial Crisis since the 1929 Wall Street Crash. When viewed in a global context, taking into account the instability generated by speculative trade, the implications of this crisis are far-reaching. The financial meltdown will inevitably backlash on consumer markets, the global housing market, and more broadly on the process of investment in the production of goods and services.
Subscribe to:
Post Comments (Atom)
NY Times: Business Owners Hiring Mercenaries as Police Budgets Cut
In Oakland, Private Force May Be Hired for Security In a basement office that serves as a police headquarters and community center, Oakland ...
-
The poor are fleeing our cities, but life is not always greener in the suburbs, even when affordable housing comes with a two-car garage. Th...
-
For automakers, there will be little short-term gain from culling dealers, but the time to do it is now. DETROIT'S DOWNFALL * Auto d...
-
THE days when subprime mortgages were what kept bankers awake at night are long gone—though thanks only to the barrage of explosions in oth...
No comments:
Post a Comment