WWW.JSMINESET.COM
Hi Jim,
This Reuters article is aptly titled “Greece and the Bridge of Fools.”
It’s difficult to fathom how such a tiny country that produces only 0.5 percent of global GDP could have such an enormous impact on the world.
Just imagine the impact when the contagion spreads to the entire Western world!
Respectfully,
CIGA Black Swan
Greece and the bridge of fools
By Stella Dawson
Sun Feb 19, 2012 3:07pm EST
(Reuters) – The isosceles theorem put forward by the Greek mathematician Euclid became a test in medieval times of one’s ability to master more difficult matters. Greece this week faces such a test.
It must convince the European Union, the International Monetary Fund and the European Central Bank of three things: fiscal measures will put its debt load onto a sustainable path heading toward 120 percent of gross domestic product by 2020; Greek politicians will abide by deep budget cuts even after their April elections; and a 200 billion euro debt swap with private creditors can be completed by March 20, the deadline for Greece to make 14.5 billion euros in debt payments.
Only if Athens meets these tests will Greece win a second round of international loans from the EU and IMF to avert a disorderly default, financial officials say. A decision is expected on Monday when euro zone finance ministers meet.
Clearing this hurdle would open the way for Greece to take on the still more difficult task of restructuring its economy – far beyond the initial steps it has taken so far.
The urgency is painfully evident. The latest data shows its economy in a freefall. GDP contracted at annual pace of 7 percent in the fourth quarter. Economists forecast a similar plunge in 2012. Unemployment is 21 percent and half of its young people under 25 are out of work.
More…
In The News Today
February 19, 2012, at 7:33 pm
by Jim Sinclair in the category In The News |
Dear CIGAs,
The following is worth a review as the matter of the discussion will soon be taking place in the marketplace.
Breaking News: Ellis Martin Report-Jim Sinclair-The Impending Undeclared Default of 5 Major US Banks
Submitted by ellmartin on Tue, 01/31/2012 – 00:41
The Ellis Martin Report Interview with Jim Sinclair – January 30, 2012
Click here to listen to the interview…
Hi Jim,
This Reuters article is aptly titled “Greece and the Bridge of Fools.”
It’s difficult to fathom how such a tiny country that produces only 0.5 percent of global GDP could have such an enormous impact on the world.
Just imagine the impact when the contagion spreads to the entire Western world!
Respectfully,
CIGA Black Swan
Greece and the bridge of fools
By Stella Dawson
Sun Feb 19, 2012 3:07pm EST
(Reuters) – The isosceles theorem put forward by the Greek mathematician Euclid became a test in medieval times of one’s ability to master more difficult matters. Greece this week faces such a test.
It must convince the European Union, the International Monetary Fund and the European Central Bank of three things: fiscal measures will put its debt load onto a sustainable path heading toward 120 percent of gross domestic product by 2020; Greek politicians will abide by deep budget cuts even after their April elections; and a 200 billion euro debt swap with private creditors can be completed by March 20, the deadline for Greece to make 14.5 billion euros in debt payments.
Only if Athens meets these tests will Greece win a second round of international loans from the EU and IMF to avert a disorderly default, financial officials say. A decision is expected on Monday when euro zone finance ministers meet.
Clearing this hurdle would open the way for Greece to take on the still more difficult task of restructuring its economy – far beyond the initial steps it has taken so far.
The urgency is painfully evident. The latest data shows its economy in a freefall. GDP contracted at annual pace of 7 percent in the fourth quarter. Economists forecast a similar plunge in 2012. Unemployment is 21 percent and half of its young people under 25 are out of work.
More…
In The News Today
February 19, 2012, at 7:33 pm
by Jim Sinclair in the category In The News |
Dear CIGAs,
The following is worth a review as the matter of the discussion will soon be taking place in the marketplace.
Breaking News: Ellis Martin Report-Jim Sinclair-The Impending Undeclared Default of 5 Major US Banks
Submitted by ellmartin on Tue, 01/31/2012 – 00:41
The Ellis Martin Report Interview with Jim Sinclair – January 30, 2012
Click here to listen to the interview…