| Submit your comments on this article |
| Economy |
| The blind leading the blind |
| 2010-03-09 |
| US, Greece to talk finance reform in Washington US President Barack Obama and Greek Prime Minister George Papandreou are to hold talks overnight on economic issues amid concerns that speculators are undermining Greece's efforts to overcome a severe debt crisis. Everyone else is getting a handout from Washington, why should the Greeks be left out? Mr Papandreou arrived in Washington after visits to France and Germany as part of efforts to drum up international backing for his debt-crippled nation, which has adopted new austerity measures to pull out of its crisis. In his first public address on arrival, Mr Papandreou called on the US to crack down on speculators, apparently referring to reports that some US funds have placed big bearish bets against the euro, the sole currency of 16 European Union member states, including Greece. "Unprincipled speculators are making billions every day by betting on a Greek default,'' he said. I think he means you, Mr. Soros ... The single European unit has come under market pressure since it was disclosed that Greece's public debts have mushroomed to €300 billion ($450 billion), well above its annual economic output. Mr Papandreou warned that the repercussions of any coordinated speculative attacks on the euro would also be detrimental to the US. "That is why Europe and America must say 'enough is enough' to those speculators who only place value on immediate returns, with utter disregard for the consequences on the larger economic system -- not to mention the human consequences of lost jobs, foreclosed homes, and decimated pensions,'' he said. A little hard to complain when your country has spent decades living beyond its means ... The White House said that "economic issues will be an important part of the discussion'' between Mr Obama and Mr Papandreou and that they were expected "to discuss their shared commitment to financial reform and economic recovery,'' among other topics. Mr Papandreou is unlikely to ask for financial aid from the US although his hard-pressed Socialist government, which faces a mounting barrage of strikes over its austerity cuts, has suggested it could appeal to the International Monetary Fund for help if rebuffed by the European Union. The IMF being paid for by Uncle Sugar ... "Neither the prime minister nor Greece has asked the United States for anything,'' Secretary of State Hillary Clinton said after talks with the Greek leader. She said Mr Papandreou wanted the US to lobby for financial reforms in the Group of 20 industrialized and emerging nations. "What I think Greece is looking for, as the Prime Minister alluded to, is that the United States, working in the G20, will make some of the changes in regulatory regimes governing some of these financial instruments that have been used to the detriment not only of Greece, but of other countries, including our own,'' Ms Clinton said. She cited as an example credit default swaps or CDS, which function like an insurance contract for bonds. US and European regulators are scrutinizing such contracts in the wake of the Greek debt crisis amid concerns that excessive speculation could have exacerbated the country's fiscal woes. Ms Clinton said the US wanted to work with other nations to reform the "unregulated financial market that globally moves money at the speed of sound, if not light, and leaves in its wake all kinds of consequences that governments have to contend with.'' |
| Posted by:tipper |
| #4 Well, best to get control of all local electoral seats, flush the house and senate, and contain obama like north korea. (though after this week, not so much) This (ass) party will implode. too much special interest, corruption, and false bets. |
| Posted by: newc 2010-03-09 19:56 |
| #3 That hurts newc......but when your right your right!! I don't KNOW what it will take to get this A$$HAT THROWN OUT!! |
| Posted by: armyguy 2010-03-09 08:47 |
| #2 That hurts newc......but when your right your right!! I don't what it will take to get this A$$HAT THROWN OUT!! |
| Posted by: armyguy 2010-03-09 08:46 |
| #1 Why not? The only thing this President is planning to do is cripple the nation for government's exploitation. The faster the better for him. You Americans are better at everything than most other nations. Primarily the best at falling on your own sword with this leadership. |
| Posted by: newc 2010-03-09 00:37 |