Why is greece in a debt crisis?
Im trying to finish homework, its late, help me out? Explain this is simple terms.
Also answer theses:
What is the impact of this crisis on America?
What are some arguements about this topic?
thanks
Sorry to answer this question late.
Here is a link to an article in the FT today which will give you the answer about Greece:
http://www.ft.com/cms/s/0/a0574c54-046e-11df-8603-00144feabdc0,dwp_uuid=2b8f1fea-e570-11de-81b4-00144feab49a.html?nclick_check=1
The problems in Greece are slightly different from countries such as the USA and UK in that these countries are suffering from banking/financial institution losses which have precipated a shortage of liquidity worldwide. Greece has been overspending on its public sector and the worries are that it can not now service that debt because of the economic downturn generally and shortage of capital in the global economy -i.e. it can’t borrow any more. So, in many ways Greece is collateral damage in the financial crisis.
If you look at the Ft article-there is comment that Greece has been fudging its figures- so has everyone else. The losses still in the banking mess have still not been fully accounted for (some estimates suggest that only 50% has been acknowledged). So a lot of countries are in an even worse situation but have buried their heads.
Incidentally, there is great fear in the UK that our sovereign debt will be downgraded by the rating agencies – that’s really bad. It’s just slow release of information -that’s all.
Categories: debt crisis Tags: Debt, debt crisis, financial, Global, resolve
How is the current financial crisis affecting the American citizens?
How is the current financial crisis affecting the American citizens?\
Include details please.
Answer much appreciated..
The current financial crisis is affecting the American citizens in many ways. For example, the american citizens are not buying decorative & fancy items now. Because they are concentrating on the basic needs. If you need 50 dollars weekly & if you get around 45 dollars what will you do? The American citizens are doing the same now. Even America has been a big economifallenngth for the world, but now they are not at a position to be as strong enough. Because weakness makes negative on mind. Does not matter it is temporary or long term. So, now American citizens are thinking themself weaker than before.
Categories: financial crisis Tags: Crisis, Debt, financial, Global, government, US
Wilbur Ross Discusses Greek Financial Crisis, IMF Aid: Video
April 8 (Bloomberg) — Billionaire investor Wilbur Ross, chairman and chief executive officer of WL Ross & Co., talks with Bloomberg Television about the Greek financial crisis. (This report is an excerpt from the full interview. Source: Bloomberg)
Duration : 0:0:37
Categories: financial crisis Tags: Aid:, All, Audio, Bloomberg, Bond, budget, credit, Crisis, Crunch, Debt, Discusses, Economic, Emerging, English, euro, Europe, European, financial, government, Greek, IMF, market, Markets, Media, Members, Monetary, Multimedia, news, Ross, Union, video, Visual, Wilbur
Do you believe the economic collapse we just experienced is over?
Do you think another worse collapse is imminent. Is the 15million dollar per second interest payout on our loans to China, Saudi Arabia going to sustain forever? Is the frivilous printing of money by Obamonomics going to hold our heads above water for long. Are
you optomistics or are we in trouble?
This is a debt-collapse Depression (aka balance sheet depression). It is caused by too many people spending money they did not have – taking on debt. Epitomized by a government spending money it does not have and its taxpayers do not have.
Depressions unfold in phases and stages. We have only seen the first leg down, and the first bear market rally. We have a long way to go. It will continue deteriorating until the debts are paid off and the balance sheets rebuilt. BO & Company have done exactly the wrong things, and are making matters worse, and prolonging the pain. They have more than doubled the US’s total liabilities from about $54 Trillion to $110-120 Trillion since 1/20/09, just 6+ months ago.
From the 1929 Crash until the stock market returned to its previous record in 1954, it took 25 years. The Depression itself lasted from 1930 until 1946, after the war ended. This is the Greater Depression since there is so much more debt involved.
And those "green shoots" are just some reused piece of Astroturf flung out the window in front of the sheeple in hopes they will "believe" in the "change." But nobody who is paying the slightest bit of attention to what is going on believes these "changes" are of the slightest benefit to anyone but BO’s campaign contributors.
Categories: economic collapse Tags: Crisis, Debt, financial, Global, government, US
McCain Financial Crisis Flip Flops – ABC News on
CHARLIE GIBSON: And with apologies for our technical difficulties, we’re going to turn back to the difficult economy, and the way the presidential candidates are dealing with it, particularly John McCain. Here’s David Wright.
DAVID WRIGHT: John McCain was against the government bailout of AIG, before he was reluctantly for it. Here he was yesterday on “Today.”
JOHN MCCAIN: We cannot bail AIG or anybody else. We have to work through it.
WRIGHT: Asked about the same topic today on “Good Morning America” –
MCCAIN: I don’t think anybody I know wanted to do that. But there are literally millions of people whose retirement, whose investments, whose insurance were at risk here. And they were going to have their lives destroyed.
WRIGHT: Senator McCain appears to have changed his tune on regulation in a fundamental way. Today on the stump, he’s a champion of reigning in Wall Street with tough regulations.
MCCAIN: We’re going to put an end to the reckless conduct, corruption and greed that have caused a crisis on Wall Street.
WRIGHT: But for more than 25 years in the Senate, McCain has fashioned himself as a champion of smaller government, less regulation.
MCCAIN: I am less government, less regulation, lower taxes, et cetera.
Duration : 0:2:13
The Financial Crisis
The Financial Crisis – The Government`s Response and Next Steps
Panelists include Henry Kaufman, President of Henry Kaufman & Company, Inc.; Peter R. Fisher, Managing Director, Co-Head, Fixed Income Portfolio Management Group BlackRock, Former Under Secretary of the U.S. Treasury for Domestic Finance; Harvey J. Goldschmid, Dwight Professor of Law, Columbia University, Former Commissioner, U.S. Securities and Exchange Commission; Charles Calomiris, Henry Kaufman Professor of Financial Institutions, Columbia Business School; Moderated by Merit E. Janow, Professor in the Practice of International Economic Law and International Affairs, School of International and Public Affairs
(Mar 4, 2009 at Columbia University, School of International and Public Affairs (SIPA))
Duration : 1:28:38
