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Greek crisis: going nowhere fast - The Drum (Australian Broadcasting Corporation)
Posted February 22, 2012 12:35:36 The Greek bailout is merely an exercise in wishful thinking - first, that 95 per cent of bondholders will accept it and second that Greece's economy will return to growth sometime next year. But it should get everyone past the crucial March 20 bond rollover, so Greece doesn't default then, and perhaps even slow down the capital flight from Greece, and buy the authorities some time to deal with Portugal, and then Ireland and then… But it needs to be remembered that this is, and always has been, primarily a banking problem and that the world remains in the grip of sustained bank deleveraging, similar to what kept Japan in depression for more than 10 years in the '90s and beyond.
Find More Stories In great dramas, sub-plots support the main story. The story of "hairshirts" (the Greek economic plan) and "haircuts" (the writedown of Greek debt or PSI - Private Sector Involvement) are little more an intriguing side show in the broader European debt crisis. With Greece increasingly doomed, the real significance of the negotiations is that they provide a template for future European sovereign restructurings. No-one buys the oft-stated European leaders' position that Greece's position is unique or exceptional. Portugal is first in the line of fire, with the Irish, Spanish and Italians watching anxiously.
Hairshirts and haircuts: another Greek 'agreement' - The Drum Opinion - The story of 'hairshirts' (the Greek economic plan) and 'haircuts' (the writedown of Greek debt or PSI) are little more a side show in the broader European debt crisis. (Australian Br
What went wrong in Greece? Greece's economic reforms, which led to it abandoning the drachma as its currency in favour of the euro in 2002, made it easier for the country to borrow money. Greece went on a big, debt-funded spending spree, including paying for high-profile projects such as the 2004 Athens Olympics, which went well over its budget.
BBC News - Q&A: Greek debt crisis
unavailable This article includes a list of countries of the world sorted by their gross domestic product (GDP) , the market value of all final goods and services from a nation in a given year. The GDP dollar estimates presented here are calculated at market or government official exchange rates . NOTE: Several economies which are not considered to be countries (world, the EU, and some dependent territories ) are included in the list because they appear in the sources. These economies are not ranked in the charts here, but are listed.
List of countries by GDP (nominal) - Wikipedia, the free encyclopedia
OECD iLibrary: Organisation for Economic Co-operation and Development
The OECD’s latest economic survey of Poland discusses the factors that have driven the country’s strong economic performance. The study addresses the need for a broad reform agenda to ensure sustainable growth over the long-term.
CHART OF THE DAY: This Will Be The World's Richest Country In 2050
Goldman has a new report out on The BRICs countries after 10 years, and how global markets will continue to evolve. Remember, the BRICs are Brazil, Russia, India, and China -- the four countries identified 10 years ago by Goldman's Jim O'Neill as being the global growth divers of the next generation. This new report discusses various themes, including the emergence of non-BRIC emerging markets, as well as a general flattening of income equality over the next several years.
