Friday, 1 July 2011

Whats Wrong With This Picture?

The premier won the vote by 155 to 136, allowing him to implement a 78 billion-euro ($112 billion) package of tax increases and asset sales that was a condition of receiving further European Union aid. Those steps were approved in a vote yesterday which was marred by street violence as police fired tear gas on crowds. That ballot was carried by 155 votes to 138.

Great, 78 billion. How much does Greece owe?

Previous austerity measures passed in 2010 by the govt has seen the economy hammered and unemployment climb from 11% to 16% with no govt revenue benefits. Lets see this crisis (Mk III) again in 2012 when unemployment is 20%+.

What do debt markets think?

The cost of insuring Greek sovereign debt earlier rose 33 basis points to 1,978 basis points, according to CMA prices for credit-default swaps. That signals an 82 percent probability the nation will fail to meet its commitments within five years.

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