How the world sees Greece
 Wall Street Journal (blog) | Obama Can Breathe Easy About Greece Leaving Euro Before Elections Wall Street Journal (blog) By Ian Talley. The risk of a Greek meltdown before the U.S. Nov. 4 presidential elections–which would pour fuel on the flames of the euro crisis and likely trigger another recession on this side of the Atlantic– has diminished to near zero, according ... |
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WILL Spain be next? The Spanish government is trying to put off a full bail-out, but it was dealt a blow on August 28th when the regional government of Catalonia said it needed a €5 billion ($6.3 billion) rescue by the Madrid government.First it was the banks that needed help, now Spain’s second-most populous region. Bailing out Catalonia may well cost more than the requested €5 billion: it may need several billion just to cover the budget deficit until the end of 2014. A government liquidity fund has €18 billion in it, but Valencia, Murcia and other regions that are excluded from the markets are also queuing up for money. Spain can top up the fund by borrowing more—but only at punishing rates. The yield on ten-year bonds has stayed above 6% for more than three months.Not surprisingly, many think Spain will eventually need a sovereign bail-out. In public, officials claim this is not being negotiated. European leaders instead praise the reforms and austerity of Mariano Rajoy, the prime minister. Yet Spain is plunging into a double-dip recession. The economy shrank at an annual rate of 1.3% in the second quarter. Bank deposits dropped by 4.7% in July. Consumption is falling at an annual rate of 3.9%. Unemployment remains stuck at around 25% of the workforce (and 50% for youths).Meanwhile in bailed-out Greece the government was relieved when the first trip abroad of Antonis...
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Germany sees Greek, Spanish influx as crisis worsens Reuters BERLIN (Reuters) - An increasing number of Spaniards and Greeks are working in Germany as their own countries, hit by the euro zone debt crisis, struggle with record unemployment levels, preliminary data from Germany's Federal Labour Office showed on ... |
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France says EU must back Greece if it shows progress Reuters MADRID (Reuters) - European leaders should show support for Greece at an October 19 EU summit if the crisis-hit country's conservative government shows commitment to move ahead with economic reforms, French President Francois Hollande said on ... |
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