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Giorgio Bertini

It Became Necessary to Destroy the Periphery in Order to Save the Core's Bank... - 0 views

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    The EU is not lending money to Ireland, Greece, and Portugal to help those nations' citizens. The EU is lending those nations money because if they don't those nations and their citizens and corporations will be unable to repay their debts to banks in the core. That will make public the fact that the core banks are actually insolvent. When the Germans and French realize that their banks are insolvent the result will be "severe banking crises and a return to recession in the core of the eurozone." The core, not simply the periphery, will be in crisis. The ECB and the EU's leadership would be happy to throw the periphery under the bus, but the EU core's largest banks are chained to the periphery by their imprudent loans.
Giorgio Bertini

Explaining Europe's Debt Crisis - Video - 0 views

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    As fear continues to spread over the impact of the Greek debt crisis, more people are questioning how such a small country could impact markets around the world.
Giorgio Bertini

Germany, Greece and Exiting the Eurozone - 0 views

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    Rumors of the imminent collapse of the eurozone continue to swirl despite the Europeans' best efforts to hold the currency union together. Some accounts in the financial world have even suggested that Germany's frustration with the crisis could cause Berlin to quit the eurozone - as soon as this past weekend, according to some - while at the most recent gathering of European leaders French President Nicolas Sarkozy apparently threatened to bolt the bloc if Berlin did not help Greece. Meanwhile, many in Germany - including Chancellor Angela Merkel herself at one point - have called for the creation of a mechanism by which Greece - or the eurozone's other over-indebted, uncompetitive economies - could be kicked out of the eurozone in the future should they not mend their "irresponsible" spending habits.
Giorgio Bertini

Greece - Bailout Plan Is All About 'Rescuing Banks and Rich Greeks' - 0 views

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    The 750 billion euro package the European Union passed last week to prop up the common currency has been heavily criticized in Germany. Former Bundesbank head Karl Otto Pöhl told SPIEGEL that Greece may ultimately have to opt out, and that the foundation of the euro has been fundamentally weakened.
Giorgio Bertini

Ackermann interview sparks debate on Greek rescue - 0 views

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    Greece will unlikely be able to pay off its nearly 300 billion euro debt, but the rescue package will enable it to hold out for a few more years, according to Heinemann. "In the end, there will be a restructuring of Greece's debt… but in the meantime before that happens, other countries will make such progress that the danger of a meltdown will no longer exist," he told Deutsche Welle. "This means maybe in 2012 a restructuring of Greece's debt can be undertaken without shock waves being triggered."
Giorgio Bertini

Is It Already Too Late to Save Greece? - 0 views

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    The International Monetary Fund and the European Union are coming to Greece's aid with a financial commitment worth billions. But is it already too late to rescue the cash-strapped country?
Giorgio Bertini

The Greek spirit of resistance turns its guns on the IMF - 0 views

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    Years of national denial about looming bankruptcy have turned to resentment as Greece is told how it must tackle its debt crisis
Giorgio Bertini

The Mother of All Bubbles: Huge National Debts Could Push Euro Zone into Bankruptcy - 0 views

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    Greece is only the beginning. The world's leading economies have long lived beyond their means, and the financial crisis caused government debt to swell dramatically. Now the bill is coming due, but not all countries will be able to pay it.
Giorgio Bertini

The Debt Crisis: Europe Shudders Over Greece Disaster - 0 views

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    Germany balked for weeks over a possible bailout for Athens. Now its delays are coming back to haunt it in the form of intense international criticism of Angela Merkel's crisis management.
Giorgio Bertini

E.U. Officials Irked by Greek Downgrade - 0 views

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    European Union officials Wednesday were unable to mask their frustration with the downgrade of Greek debt by Standard & Poor's to junk status.
Giorgio Bertini

Germany Already Carrying a Pile of Greek Junk, Hesitates - 0 views

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    Add this to the list of reasons German taxpayers are unhappy about having to lend Greece money to ease its debt crisis: In effect, they already have.
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