13 Responses to Domino effect: financial debt contagion in danger of spreading from Greece

  1. pam says:

    Unfortunately, not unexpected.

    Like

  2. Stephen says:

    If money loses credibility, war ensues.

    When money stops working, nukes do the job.

    Like

  3. luisport says:

    Italian Bonds + 16.48 Today, the complete economy collapse is only days away now!!
    Spain and Ireland + 11

    Like

  4. Luke says:

    Of course they’re gonna raise the debt ceiling. There’s still a few drops of blood left in this rock.

    Like

  5. Megan says:

    Luisport,
    Do you mean the entire global economy or just in the EU?
    Megan

    Like

  6. skywalker says:

    when the big crunch comes to planet earth , world debt wont matter cos we will be back in the stone age , and if this crunch happens in the next few years, wot difference does another few trillion dollars of debt make????
    if you knew that the end of civilisation as we know it was going to end in 2012 , and that for you to survive it was going to cost you 1 million dollars, would you realy be bothered about getting into debt?
    if you also knew that you could only save yourself and noone else , would you tell everyone else to prepare , or would you just plead ignorant and tell everyone nothings wrong ?

    we all know wot happened to Noah
    but wot happened to everyone else ?

    see the light , know the truth,be prepared
    let love guide you

    Like

  7. luisport says:

    We believe the European sovereign crisis might be entering a new phase with contagion reaching the larger economies,” said Jacques Cailloux, chief Europe economist at RBS.

    Like

  8. Luca says:

    Yes luisport you are right. The European stocks have fallen sharply and the crisis is spreading things are only going to get worse. And the collapse is on the horizon. Praying for those struggling.
    Blessings in Christ

    Like

  9. luisport says:

    Euro Finance Ministers Break As Greek PSI Plans Crumble
    Submitted by Tyler Durden on 07/11/2011 15:40 -0400

    In other words, as Dow Jones reports, negotiations over participation of European banks in the Greek bailout at Eurofin meeting have broken down. That is all.

    Ok fine, here is some more:

    Euro-zone finance ministers have taken a break in their meeting in Brussels, after discussions revealed that a proposal mapped out for private-sector participation in Greece’s next bailout may face impossible hurdles.

    The ministers will reconvene after meeting with their country delegates.

    In the June 19 Luxembourg meeting, leaders agreed on private-sector participation in the rescue, so long as it’s voluntary, substantial and would not result in selective default.

    “The voluntary is basically dead,” said one euro-zone official.

    Another official said: “They now see all three are not possible.”
    He was already separating himself from the strategy, adding: “We never thought it was a good idea,” he said.
    http://www.zerohedge.com/article/euro-finance-ministers-break-greek-psi-plans-crumble

    Like

  10. luisport says:

    JUST IN —!!!— U.S. trade gap is widest since 2008

    U.S. trade gap is widest since 2008
    http://www.marketwatch.com/

    Like

  11. luisport says:

    “The Greek sovereign is insolvent and despite the insistence of members of the Executive Board and Governing Council of the ECB and of EU policymakers to the contrary, it is likely that it will default before the European Stability Mechanism takes force in 2013. This paper discusses the likely costs of an early default for both Greece and the euro area. It considers ways of structuring such a default to minimise the likely damage.”

    Download link: https://sites.google.com/site/filotimia/37EN.pdf?attredirects​=0&d=1

    Like

  12. luisport says:

    It is inevitable that the US will default when the debt ceiling deadline on August 2 comes around, David Murrin, chief investment officer at Emergent Asset Management told CNBC.

    The question is: does it default when it is forced to by the outside world, probably the Chinese, or does it take the option to default on its own terms in such a way that it may have a strategic advantage,” he said.

    Republicans and Democrats are currently locked in a debate on how to cut the US budget deficit, and on whether the $14.3 trillion debt ceiling should be raised. Both parties need to come to a consensus by August 2nd 2011, otherwise the country will be in a state of technical default.

    http://www.cnbc.com/id/43721270

    Like

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