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Eurozone partners pledge 30 billion euros on Greek rescue package

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posted on Apr, 12 2010 @ 03:08 AM
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Eurozone partners pledge 30 billion euros on Greek rescue package


news.xinhuanet.com

BRUSSELS, April 11 (Xinhua) --Eurozone finance ministers on Sunday hammered out further details of a Greek rescue package, pledging 30 billion euros (41 billion U.S. dollars) in the first year to bail out debt-hit Greece if necessary.

Finance ministers from the 16-nation euro zone held a rare conference call to find a deal on the remaining details of the Greek rescue package after fresh concerns over a debt default by Athens hit the markets and pushed up the borrowing costs of the Greek government.
(visit the link for the full news article)




posted on Apr, 12 2010 @ 03:08 AM
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Huge news as financial moguls and Soros (boo/ hisss) had warned that if Greece did not receive a bailout soon, at least the European markets and the EU were in deep dodo! Last I heard all eyes were and the cash rich Germans.

But a deal has been struck and according to this article the debt will be shared by ECB:


Juncker said the total amount would be shared by eurozone countries in accordance with their capital base in the European Central Bank (ECB), and the bilateral loans would be coordinated by the European Commission and paid via the ECB


My guess is that ECB is sponsoring the loan, Deuchland is the main contributer and backer and the EU is very nervous because if this doesn't work out and Greece goes down, the whole European Union is threatened just as our friend Soros said today!

news.xinhuanet.com
(visit the link for the full news article)



posted on Apr, 12 2010 @ 03:15 AM
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reply to post by plumranch
 


Greek debt deal boosts euro value

Here's the BBC article. Apparently it is big news there also!



posted on Apr, 12 2010 @ 03:21 AM
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There we go, greece problem solved. Back to economic recovery.



posted on Apr, 12 2010 @ 03:29 AM
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Originally posted by xxshadowfaxx
There we go, greece problem solved. Back to economic recovery.


Doubtful. This money seems to have come in the form of loans. It isn't enough and at best it's a quick temporary fix.

Now the EU has set the precedent it's going to bail out it's members in trouble and Greece certainly isn't the only one.

To compounds this issue, as I see it anyway, the article refers to austerity measures and trying to find 1.2 billion EU internally. The Austerity measures will merely prolong Greece's problems.



posted on Apr, 12 2010 @ 03:30 AM
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Is this a gift? (lol) Or a loan?

You know... loans are repaid with interest. In the long run they do more damage than good.



posted on Apr, 12 2010 @ 03:30 AM
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reply to post by xxshadowfaxx
 


But doesn't this just set up the EU for the next economic hit? How many times can they bail each other out before there's nothing left? Unlike us lazy Americans, those Europeans, especially the French know how to throw a proper riot.



posted on Apr, 12 2010 @ 03:35 AM
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They'll just print more money, and more money and more money. It's all just a big game of monopoly. The system will only crash when they want it to. It's all stupid. money is nothing but pieces of paper with numbers on it. It's a big game of monopoly, and usually in monopoly, the banker usually wins.....hmmm lol



posted on Apr, 12 2010 @ 03:37 AM
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First. SOROS IS NOT OUR FRIEND. HE SHOULD BE HANGING BY A ROPE FROM THE CEILING.

Second. THERE'S NO DEAL. It's a media sham to boost the euro.

Third. Proof.


EU leaders haven't yet agreed unanimously to offer Greece a bailout, according to a Wall Street Journal report that offered details about the potential plan. But ministers have made the terms of a potential deal public in an effort to reassure world financial markets, which have been unnerved by Greece's debt woes for months.


Oops... ALL LEADERS WILL HAVE TO AGREE TO IT, probably even PASS LAWS IN THEIR OWN COUNTRIES to allow it...

Also

"This decision today was no decision on aid for Greece," Finance Minstry spokesman Michael Offer told Dow Jones Newswires. "But it was only about technical preconditions for aid by further specifying the decision of the .s of state and governments. We expect, we hope that Greece is now in a situation where it can continue to refinance itself on the capital markets, as previously."

THE DECISION MADE TODAY WAS NO DECISION ON AID FOR GREECE.



posted on Apr, 12 2010 @ 03:38 AM
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It looks like they called sorros bluff and decided to pay up.

Of coarse the money will be siphoned off the individuals at no risk to the lenders.



posted on Apr, 12 2010 @ 03:47 AM
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Originally posted by Vitchilo
THE DECISION MADE TODAY WAS NO DECISION ON AID FOR GREECE.


Yes well he did say that. Followed by a "But" which means there actually was some kind of decision.

Which doesn't really matter now anyway because it's been announced. Once they announce it, it's part of the agenda.



posted on Apr, 12 2010 @ 07:20 AM
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There you have it, all you paranoid nuts can suck on this, Greece problem fixed in one easy swoop.
I imagine US problem can be fixed in the same manner. All you have to do is let banks borrow some money from themselves. Crisis solved in a jiffy. If a state owes some money, all you have to do is borrow some money and borrow that borrowed money to the state in debt. That way, economy will work like a charm.

If you can't buy bread and water in few years, just blame the Prez, Iran, Russians, whoever - heck, start a war! That usually fixes things in fifty years or so. After those fifty years of rape, pillage, famine, wars, fear and paranoia you can spend few months in peace and prosperity by yet again borrowing money you just returned but borrowed from yourself in the first place.

Now, sarcasm aside, by borrowing more money people are just digging a deeper and much wider hole.



posted on Apr, 12 2010 @ 02:38 PM
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reply to post by belial259
 





Doubtful. This money seems to have come in the form of loans. It isn't enough and at best it's a quick temporary fix. Now the EU has set the precedent it's going to bail out it's members in trouble and Greece certainly isn't the only one.


I agree generally. Now how will this affect the rest of the PIIGS nations, Portugal, Italy, Ireland and Spain? Makes you wonder!

By making this announcement it makes it look like the EU can take care of its own, perhaps the Euro will stop its drop and generally everyone can feel better.

Still one wonders where the money came from, Germany? Is it really there or just a commitment?

And the biggest question is what conditions must Greece meet to qualify for the loans and who decides, who makes the decisions about when and what conditions must be met to start release of the money?

[edit on 12/4/10 by plumranch]



posted on Apr, 12 2010 @ 06:42 PM
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This doesn't solve anything.
These loans, the bailouts, whatever you want to call it, if they are taken up by the government, are short to mid term fixes.

The problems that need to be fixed are the responsibility of the government.

Anyhow, it seems between 70,000 an 150,000 public servants are set to lose their jobs soon.

Hopefully there is government support for them to get into the private sector, and they aren't just cut and hung out to dry. Because then the problem increases with more people on welfare.

It's said that Greece's public sector is as big as that of France.
Shows you the gravity of the problem with wasted funds.



posted on Apr, 12 2010 @ 06:48 PM
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After the deal is announced in stone expect EUR strength for probably a couple weeks. Then back to Dollar strength once more.

EUR/USD should fall at least to 1.26 which has been a long time coming. Best bet is still to be long dollar short EUR medium long term me thinks.



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