Right now the markets are very worried about the hidden exposure of European banks to
Greek government debt.
Staff economists blamed pressure from eurozone countries protecting their own «banks [that] held too much
Greek government debt.
The interviewer asked (we are paraphrasing) whether the magnate thought it «fair» that this was so, and if he wasn't troubled by his conscience in light of
the Greek government debt crisis.
Not exact matches
The
Greek government is asking its creditors to avoid excuses and proceed with talks on much - needed
debt relief for the country.
The
Greek government believes a deal with international creditors on its current
debt pile is just around the corner.
Its European creditors decided on Wednesday to suspend the implementation of short - term
debt relief measures after the
Greek government announced additional spending on pensions - an action that European partners deemed as «unilateral» and disrespecting the efforts agreed under the country's 86 billion euro ($ 89.75 billion) bailout program.
Dr. Greenspan has long been concerned that the high US
government debt levels are going to cause a
Greek - like implosion in the USA.
The tense negotiations over Greece's
debt come as the
Greek government struggles to find a consensus to pass the budget reforms demanded by its so - called troika of lenders — the European Central Bank, European Union and International Monetary Fund — in exchange for releasing the next installment of bailout money, a 30 billion euro ($ 38.3 billion) payout scheduled to be released in March.
Talks hit a snag between the new
Greek government and the banks and other private investors that Athens hopes will agree to take losses on their
debt so that Greece can avoid a default.
The draft proposal of Greece's creditors consists of two documents with the first called «Reforms for the Completion of the Current Program and Beyond» and the second document is called «Preliminary
Debt Sustainability Analysis», the
Greek government said in its proposed question.
The IMF added that if growth was lower than expected or if the
Greek government failed to meet targets for running a surplus on its budget excluding interest payments, there would be «significant increases in
debt and gross financing needs».
He said he would rather «cut off his arm» than accept another austerity bailout without any
debt relief for Greece, adding that he was «quite confident» the
Greek people would back the
government's call for a no vote.
Christine Lagarde comments likely to infuriate
Greek government, whose plea for
debt relief and bailout extension was rejected
[2] See for instance Andy Kessler, «The «Brady Bond» Solution for
Greek Debt,» Wall Street Journal, June 29, 2011: «Private buyers are increasingly skeptical of
government guarantees and will demand real collateral.
Between June and July 2015, it appeared that the divergences separating the
Greek far - left Tsipras
government and its EU and international interlocutors had the potential of leading to a sovereign
debt default.
The first problem concerns a proposed
debt buyback scheme, in which the
Greek government would purchase and retire bonds at a discount.
Bondholders financed a sharp rise in
Greek public
debt despite the
government's failure to tax wealth or prevent a reported 50 billion euro capital flight to Swiss banks alone.
With the Syriza party winning the early
Greek election and forming an anti-austerity coalition
government, all eyes are on how the new
government will manage
debt negotiations with the Troika ---- the ECB, European Commission and International Monetary Fund.
This would block the
government from paying foreign bankers and the vulture funds that have been buying up
Greek debt at a deepening discount.
The truth is that the
Greek government is simply not willing to repay the
debt in full, especially with an economy that is falling into recession.
If representatives of Syriza, the
government's ruling party, come to the table and actually negotiate, I think their creditors would be happy to have a reasonable discussion, but in my view, they are not likely to allow the
Greeks to write off any
debt.
Worldwide, markets have been roiled thanks in part to the ongoing
Greek debt crisis, but also the United States's own issues with
government debt and the federal
government's inability to determine how to close the budget deficit.
Perhaps if the troika stopped force feeding
debt to Greece while hamstringing its ability to help itself, then I'm sure the
Greek government would broadly welcome the acting shadow chancellor's sage advice.
«Loosening the rigid labour market is seen as vital to ensure Spain's long - term economic recovery and to ease market fears of a
Greek - style
debt crisis by proving Socialist Prime Minister Jose Luis Rodriquez Zapatero's unpopular
government can act.
A trader walks in New York City's financial district on Sept. 12, a day when stocks fell early based on fears that the
Greek government would default, then rallied on news that China might buy Italian
debt.
Even though United Nations (UN) independent expert on foreign
debt and human rights, Cephas Lumina had warned that the introduction of a second austerity package could constitute a serious violation against the
Greeks» human rights, this did not stop the
government from going forward (OHCHR, 2011) A massive wave of protests and riots full of anger and desperation erupted within the country condemning Papandreou's policies and the austerity measures.
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A haircut — can refer to the interest differentials charged and paid on Over The Counter (OTC) products like CFDs and Forex, and to reduce
debt repayments when there is risk of a total loan default, an example is the huge «haircut» European banks have taken on their loans to the
Greek government.