Dear Greece, On the List of Things Not To Do:
MsMorrisine
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Greece to Miss Deficit Targets Despite Austerity
The 2012 draft budget approved by cabinet on Sunday predicts a deficit of 8.5 percent of gross domestic product (GDP) for 2011, well short of the 7.6 percent target.
The 2012 deficit is set to meet a nominal target of 14.6 billion euros, but at 6.8 percent of GDP it falls short of a target of 6.5 percent, because the economy will shrink further.
"Three critical months remain to finish 2011, and the final estimate of 8.5 percent of GDP deficit can be achieved if the state mechanism and citizens respond accordingly," the Finance Ministry said in a statement.
European officials are scrambling to avert an abrupt Greek bankruptcy, which would wreck the balance sheets of European banks, jeopardize the future of the single currency and potentially plunge the world into a new global financial crisis.
European Union officials say the troika's assessment of Greece's future prospects could determine whether it needs to demand more debt relief from private creditors, a measure that could effectively amount to default.
could?
I'm in the already defaulted camp at this time. I'm just waiting on someone @ one of the scared ratings agencies to say the word. (morons)
The 2012 draft budget approved by cabinet on Sunday predicts a deficit of 8.5 percent of gross domestic product (GDP) for 2011, well short of the 7.6 percent target.
The 2012 deficit is set to meet a nominal target of 14.6 billion euros, but at 6.8 percent of GDP it falls short of a target of 6.5 percent, because the economy will shrink further.
"Three critical months remain to finish 2011, and the final estimate of 8.5 percent of GDP deficit can be achieved if the state mechanism and citizens respond accordingly," the Finance Ministry said in a statement.
European officials are scrambling to avert an abrupt Greek bankruptcy, which would wreck the balance sheets of European banks, jeopardize the future of the single currency and potentially plunge the world into a new global financial crisis.
European Union officials say the troika's assessment of Greece's future prospects could determine whether it needs to demand more debt relief from private creditors, a measure that could effectively amount to default.
could?
I'm in the already defaulted camp at this time. I'm just waiting on someone @ one of the scared ratings agencies to say the word. (morons)
Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
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"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
heh.
suckers.
(this is good?)
no it's not good. but, I say no default. real close though.
they Operation Twist is not supposed to change the balance sheet of the Fed.
So, right now we are planning to use strong will power to grow our way out of debt. As has been effective in the sum of all the years from the 70s to today.
maybe we can win Afghanistan dropping dumb bombs from vintage prop planes.
<< <i>maybe we can win Afghanistan dropping dumb bombs from vintage prop planes. >>
Maybe if stop creating wars just to make contractors rich we might get close to a balanced budget. Afghanistan didn't beat the Soviet military... they just drove them into insolvency and we didn't learn a thing from it.
Russia, UK (google "last remnants of an army"), Alexander the Great all met their defeat in Afghanistan.
Proud recipient of two "You Suck" awards
<< <i>Alexander the Great all met their defeat in Afghanistan >>
Actually, Alexander the Great wasn't defeated in Afghanistan.
Of course, since Greece is toast now, you could argue that the defeat just took two thousand years to "take."
Here's a warning parable for coin collectors...
<< <i>
<< <i>maybe we can win Afghanistan dropping dumb bombs from vintage prop planes. >>
Maybe if stop creating wars just to make contractors rich we might get close to a balanced budget. Afghanistan didn't beat the Soviet military... they just drove them into insolvency and we didn't learn a thing from it. >>
"Ron Paul for $100 Alex."