Greece Will Not Default (Stiglitz), EU Bailout? Germany Loan Guarantees? EUR/USD at 1.378

Joe Stiglitz (economist), on Bloomberg, said there's no default risk for Greece.  Sovereign debt interest rate risk is another story.  Stiglitz Sees No Greek Default as ‘Speculative Attacks’ Persist (Bloomberg).  He thinks their plan will work.  Greece’s Papaconstantinou Unveils Tax Overhaul to Boost Revenue (BusinessWeek).  So will provide aid to Greece.  From Bloomberg:
"The European Union dropped hints that a summit this week will offer an aid package to financially- stricken Greece as officials seek to prevent its budgetary woes from eroding confidence in the euro.

“We are talking about support in the broad sense,” Olli Rehn, the EU’s new economic affairs commissioner, said in an interview in Strasbourg, France today. Michael Meister, financial affairs spokesman for German Chancellor Angela Merkel’s Christian Democratic Union, said in an interview in Berlin that aid would come “under strict conditions and if the Greek government undertakes far-reaching state reforms.” (Full article at Bloomberg)

Also this was a headline on WSJ just now.
"Germany is considering loan guarantees for Greece and other troubled euro partners, but a final decision may not come this week."

Below is the video of Joseph Stiglitz talking about Greece on Bloomberg.  EUR/USD is trading at 1.3780 and I provided more news links.

2nd UPDATE: Germany Working On Possible Greek Aid Package (WSJ)
European Governments Agree to Help Greece: Source (ABC/Reuters)
Treasurys Down On Reports Of EU Aid To Greece, 3Y Auction Looms (WSJ)
UPDATE: Almunia: Greece Must Pay Price For EU Support (WSJ)
EUR/USD, Trichet Leaves Early For ECB Meeting, Stiglitz: No Default For US, UK (yesterday)


Comments

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  3. Greece and Spain won't pay back. This was a calculated Risk, and a Lesson for the Banking System. The only thing Germans can do is:
    REPOSSESS 170 Leopard 2AEX Battle Tanks from Greece, and 190 Leopard 2A6E Battle Tanks from Spain.
    U.S.A must REPOSSESS 170 F-16 Jet Fighters from Greece, … the rest is gone with the wind …forever …
    Greece must stop paying lucrative pensions with borrowed money, reform the free health care system, and cut down, 4 times the military budged.
    Don't worry; the ECB, the Fed or both will print the money.
    And all of us will share the pain, with our hard-earned money.
    Bad is never good till the worse happened.

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