Wednesday, May 11, 2011

Greece One Year On!

Is it any wonder we do not see these reports from Euronews or other EU broadcasters, but must rely on Al Jezeera and Reuters, linked here, which reports these shocking realities:

Ten-year Greek bonds GR10YT=TWEB currently change hands at around 55 percent of their face value, carrying a secondary market yield of 15.696 percent -- little changed on the day, but up more than 3 percent since the start of the year.


The Socialist government has cut salaries and pensions and increased taxes, despite repeated strikes, to meet bailout targets but the measures have plunged the country into a deep recession and crimped tax revenues, hampering efforts to tackle a debt of nearly 150 percent of GDP.

Ministers are now conceding that Greece cannot regain investor trust to go back to the markets for finance in 2012.



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