Finally a Realistic Way to Get Debt Relief
Fresh fears over the size of Dubai’s debt have sent shock waves through international markets, with major stocks and oil prices falling sharply. Dubai World, the country’s largest conglomerate, wants to suspend payment on its sixty billion dollar debts until next May at the earliest. RT’s financial contributor Max Keiser says the World is entering the Phase Two of the global economic crisis.
Duration : 0:8:26
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Duration : 0:8:22
Our economy was going back to it’s pre-recession highs, but the debt crisis is grounding us again. Do you think we are to blame for this, and what do you think this means for the future of America?
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What were the original aid programs that the EU provided to Greece before they arrived at this debt crisis? As in the programs that the EU provided in hopes to grow Greece economically to be more like strong-economy Germany.
Greece followed the classic recipe for budgetary disaster–increase government spending during the boom years. Many other countries are working from the same cookbook.
According to the CIA, Greece ranks 41st in GDP per capita, behind Germany and France, but ahead of Italy and Taiwan. Government spending appears to be about 40% of GDP which is probably twice that of the US. They increased spending in the boom years and now cannot find the political courage to cut the budget, just like the US. If you look at data on government debt as a percentage of GDP Greece comes in at the 8th highest debt to GDP ratio in the world at 108% of GDP between Italy and the Sudan.
In which John explains the Greek debt crisis, which has pushed the Greek government close to defaulting on its loans, the reasons why the Euro zone and the IMF are desperately trying to bail Greece out, and what the rising cost of sovereign debt means for the massive budget deficits throughout the developed world.
Thanks to Karen Kavett at http://www.youtube.com/xperpetualmotion for the illustration.
Debt Chart: http://en.wikipedia.org/wiki/File:US_Federal_Debt_as_Percent_of_GDP_by_President.jpg
Duration : 0:3:49
Financial markets across the world have continued to experience serious volatility amid a worsening debt crisis in Europe sparked by the downgrading of Greece’s massive debt to junk status. Athens has asked the European Union and IMF for more than bn to help bail the country out of its economic problems. Many analysts fear the crisis could trigger the downfall of other vulnerable economies in the eurozone. Jonah Hull reports. [April 29, 2010]
Europe’s debt crisis spread its contagion to another country Wednesday when a major credit agency downgraded Spain’s credit rating, even as Germany grudgingly moved closer to bailing out Greece from imminent collapse.(April 28)
The Oxford Institute of Economic Policys Domenico Lombardi on Greeces request for financial aid to help with its debt crisis.
maxkeiser.com Sorry about bad quality audio; but that was the Realplayer stream; higher resolution will be posted tomorrow.
Bernard Hickey details the key news overnight in 90 seconds at 9am in association with BNZ, A volcanic eruption under the Eyjafjallajoekull glacier in Iceland has thrown an ash cloud up into the atmosphere over most of northern Europe. This has forced more than 21000 flights to be cancelled and has virtually shut down airspace over Ireland, UK, Norway, Finland, Germany, Poland and France. This has stranded hundreds of thousands and could last for days, potentially hitting economic growth in Europe. Air New Zealand flights to Britain have been cancelled. Meanwhile, China has reported GDP growth of 11.9% in the March quarter. This was more than economists had expected and raised concerns about overheating. Some now expect China to allow its currency to float higher. This week Singapore raised its currency vs the US dollar to cool things down. Its GDP grew 32.1% in the first quarter on an annualised basis. A credit boom in China and heavy government stimulus has boosted growth. Meanwhile, Greece has now formally asked for a rescue package from the IMF and the Eurozone after another spike higher in interest rates in recent days. There are growing fears the package could be blocked in Germany, where opponents could use the court system to enforce a ‘no bailout’ clause. Also a European Central Bank director has also warned of a new debt crisis. European Central Bank Executive Board member Juergen Stark said the euro region may face a sovereign debt crisis unless governments …