Greece fears the markets

[TGregg]

Interesting article on Greece:

http://finance.yahoo.com/news/Greec...3.html?x=0&sec=topStories&pos=5&asset=&ccode=

Note the spin. The best parts are near the end, things like:

"We have defied all the doomsayers," he said. "They say we would suspend payment -- that didn't happen. They said we would not receive loans -- that didn't happen. Now they say we won't get the next installments of loans -- that won't happen either. We will get the second and third and all the installments ... because we are implementing our commitments."

The EU bailout was not the issue. The issue was that Greece could not go to the marketplace and borrow the money she needs. And guess what? Even the Greeks think they will not be able to afford fairly priced money any time soon:

. . .Athens was not expected to return to the international bond market in the near future. . . "At this stage we do not expect a return to the bond market anytime soon," he said.

Then there's this little teaser at the very end:

The delegation said Greece's economy was expected to contract by 4 percent this year -- in line with projections made in May -- and by about 2.5 percent in 2011. Inflation, however, was higher than expected, with the three revising their 2010 estimate to 4.75 percent this year and about 1.5 to 2 percent next year, mainly due to higher taxes.

Oh yeah, the sun is shining on Greece alright.

LOL.

 

[achilles28]

Without the bail, they'd be done. And they know it.