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Greek austerity plan misses target

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posted on Oct, 3 2011 @ 02:32 AM

HONG KONG (MarketWatch) — The Greek government said Sunday it won’t meet its deficit target this year, while it pushed ahead with a plan to cut thousands of public-sector jobs as demanded by European lenders, according to reports.

Well, the markets dont really like this at the moment. A vote on the package is right around the corner to.

Parliament may vote on the package as early as Monday, according to reports.

European banks are being hurt the most from this at the moment.

Societe Generale SA down -5.12%
Commerzbank AG down -6.97%
Barclays PLC ADS down -7.74%
BNP Paribas SA down - 5.66%
ING Groep NV down -9.38%
Royal Bank of Scotland Group PLC down -7.16%

FTSE down -2% CAC 40 down -2.50% DAX down -3.70%. Hong Kong did pretty bad to, down -4.70%, but China is also having some major problems in their own markets.

I dont think US markets will be hurt as bad as Euro stocks, but I never know.

What will happen to Greece next? More money will be thrown at them is what Im guessing.

Good recent thread about the Greece troubles Eurozone teeters on the verge of a 'euroquake' if Greek default is bungled

ETA - Here's another link related to Asian stocks and the Greek troubles.

LOS ANGELES (MarketWatch) — Asian stock markets raced lower in Monday trade, falling sharply on rising concerns of a Greek sovereign default, and with Hong Kong weighed by additional worries over China’s financial health.

Banks and financials were the hardest hit in China.

Bank of China Ltd down -5.31%
Bank of Communications Co down -5.54%.
China Merchants Bank Co down -7.51%
Agricultural Bank of China Ltd down - 8.14%
Ping An Insurance Group Co down -15.05%
edit on 3-10-2011 by buni11687 because: (no reason given)

posted on Oct, 3 2011 @ 02:47 AM
I am sorry to offend Greeks, but I know for a fact that my son's father, who is Greek, has defaulted on many credit cards and he keeps getting more credit cards.

I think that is the attitude of the Greek government.

Greece will drag everyone down.

posted on Oct, 3 2011 @ 03:09 AM
reply to post by catwhoknowsplusone

From what I understand about the Euro/Greek debt crisis, is that Greece should have never joined the EU. (They were a bad investment from the start) I think only a few people said that when the EU was being formed, but the rest didnt listen. (I think Nigel Farage was one of the only people to say that Greece was a bad idea)

Now, most of the burden lies in the hands of Germany and France and im not sure how willing they are to continue throwing their money away. I say, get Greece out of the EU and let them deal with their own problems.

edit on 3-10-2011 by buni11687 because: (no reason given)

posted on Oct, 3 2011 @ 03:13 AM
reply to post by buni11687


Leave Greece to get out of their own problems.

But, funnily enough, Greece did not want the Euro so who forced it on them?

posted on Oct, 3 2011 @ 03:28 AM
i hope ireland follows suit in leaving the euro too!!
i'm sick off all this crap from them!! ireland,greece,portugal has too small of a country to contribute to the eu, all we'v done is get grants and loans off them which will never be paid back and justs puts too much pressure on our government and people. not to mention all the control the eu has over us

but will we ever learn?

posted on Oct, 3 2011 @ 03:35 AM
reply to post by catwhoknowsplusone

I think I may have mixed up/switched my wording when talking about the European Union and I think I ment the Eurozone. (Its late, I need sleep)

But, funnily enough, Greece did not want the Euro so who forced it on them?

Im still not sure what exactly happened, but I think it was something along the lines of....Greece failed to meet requirments when the Eurozone was first introduced, but they eventually got their economics right and then got brought into the Eurozone.

Anyways, here's a link I found

LONDON (CNNfn) - The European Commission recommended Wednesday that Greece should become the 12th member of the euro zone, paving the way for EU government leaders to approve Greece's adoption of the common European currency on Jan. 1, 2001.

The Commission, the executive arm of the European Union, said Greece passed all economic tests needed to participate in the single currency launched in January 1999 by 11 of the 15 member states. Greece was the only EU member that failed on grounds of economic performance to join the euro zone at its inception. Since then, Athens has managed to slash its budget deficit, control inflation and reduce debt.

Im sure there's alot more to it, but I cant find the right links at the moment.

posted on Oct, 3 2011 @ 03:45 AM
Here is something a Greek person said to me a long time ago:

"The Euro will bring Greece down."

So, I would like to know , who's stupid idea was this?

Someone in the British government?

Britain, you need to find out who is responsible.

posted on Oct, 3 2011 @ 10:33 AM
reply to post by catwhoknowsplusone

Them from Judea.

edit on 10/3/2011 by eldard because: (no reason given)

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