Greek leader considers action against US banks - DFWstangs Forums
 
LinkBack Thread Tools Display Modes
post #1 of 10 (permalink) Old 05-16-2010, 09:28 PM Thread Starter
Lifer
 
JFurst's Avatar
 
Join Date: Jul 2009
Location: HEB
Posts: 2,246
Greek leader considers action against US banks

How dare anyone question Greece's ability to repay its debt that is practically 1.5 times its GDP!

http://news.yahoo.com/s/ap/20100516/...nancial_crisis

By DEMETRIS NELLAS, Associated Press Writer Demetris Nellas, Associated Press Writer – Sun May 16, 2:14 pm ET

ATHENS, Greece – Greek Prime Minister George Papandreou declared he is not ruling out taking legal action against U.S. investment banks for their role in creating the spiraling Greek debt crisis.

Both the Greek government and its citizens have blamed international banks for fanning the flames of the debt crisis with comments about Greece's likely default, actions that are causing the country's borrowing costs to soar.

"I wouldn't rule out that (legal action) might be a recourse. But we need to let due process (take its course) and then make our judgments once we get the results from the investigations," Papandreou said in a CNN interview broadcast Sunday.

He did not elaborate further on any actions against U.S. banks.

Papandreou also said a parliamentary investigation will examine the rapid swelling of Greece's debt and international banking practices to examine whether the financial sector engaged in "fraud and lack of transparency."

The European Union and the International Monetary fund have approved a euro110 billion ($136 billion) bailout package for Greece. In addition, European nations have created a euro750 billion ($1 trillion) rescue package to protect the euro, the common currency of 16 European nations, including Greece.

The Greek leader also urged more regulation of the markets which, in his view, are now betting against the European governments that have poured billions into them since the global financial crisis began in 2008.

Some European governments plan to push for tighter regulation of hedge funds this week — a move opposed by Britain, home to the financial hub of London.

Papandreou also tried to counter criticism, expressed mainly in Germany, that Greeks are getting a free ride and rejected widespread international skepticism about Greece's ability to pay back its loans. Greek debt is scheduled to exceed 140 percent of its economic output in 2012.

"We are paying back the loans we are getting ... this saying that 'we are handing out money to Greece' is not true," he told the CNN show "Fareed Zakaria GPS." "It is very easy to scapegoat Greece and Greece bashing very often gets entangled in regional politics."

He insisted his government has made the unpopular but necessary decision to implement austerity measures.

"We are ready to make the changes ... we have made our mistakes. We are living up to this responsibility. But at the same time, give us a chance," Papandreou said.

Still, another top German economist expressed doubts Sunday about Greece's ability to repay.

Deutsche Bank AG's Chief Executive Josef Ackermann created an uproar Thursday for mentioning the possibility that Greece might have to restructure its debt — but Dekabank's chief economist, Ulrich Kater, was quoted as agreeing with him Sunday in the German news website Handelsblatt.

"It will be very, very difficult for Greece to orderly repay its debt," Kater was quoted as saying, adding that Greece's new austerity measures and its lack of competitiveness were dooming the country's prospects for economic growth, making debt reduction difficult.

Despite widespread anger about tax hikes and other austerity measures imposed by Papandreou's Socialist government, his party still enjoys more support than its predecessor, the discredited conservative party.

According to a poll published Sunday in conservative-leaning newspaper Kathimerini, Papandreou's popularity has plunged from 53 percent in January to 43 percent in May. The same poll showed that opposition leader Antonis Samaras has sunk from 26 percent approval in February to 18 percent in May.

On the other hand, 76 percent of respondents also say they are unsatisfied with the Socialist government's performance.

The poll was conducted May 6-10 with a sample of 1,006. Its margin of error was plus or minus 3.2 percent.

(This version CORRECTS that loan package for Greece is separate from $1 trillion euro rescue package. )

JFurst is offline  
Sponsored Links
Advertisement
 
post #2 of 10 (permalink) Old 05-16-2010, 11:12 PM Thread Starter
Lifer
 
JFurst's Avatar
 
Join Date: Jul 2009
Location: HEB
Posts: 2,246
What I find hilarious is the IMF has made 2 suggestions to Greece to aid in getting them on the right path out of this hole:

1) cease the hiring of government employees
2) start moving toward privatized healthcare

Funny how Barry is PRO both of those.

JFurst is offline  
post #3 of 10 (permalink) Old 05-17-2010, 06:32 AM
Lifer
 
Join Date: Oct 2006
Posts: 7,017
Quote:
Originally Posted by JFurst View Post
He did not elaborate further on any actions against U.S. banks.
Maybe he'll send the Greek navy over here to kick our butts, lol.
Mr Majestyk is offline  
 
post #4 of 10 (permalink) Old 05-17-2010, 06:51 AM
WE ARE THE CHAMPIONS!
 
Sgt Beavis's Avatar
 
Join Date: Jul 2002
Location: Lake Dallas, TX
Posts: 10,859
It sounds mostly like a politician talking the usual shit that they normally do. He's deflecting blame from failed policies.

I do believe banks are highly culpable in the financial mess we are seeing right now but Greece created their problems all by their little ole selves. The banks role in this is going to miniscule in comparison to government ineptness.

We're Adopting. Contact us through our website.

http://www.theboyetts.com

You can also LIKE us on Facebook
Sgt Beavis is offline  
post #5 of 10 (permalink) Old 05-17-2010, 07:23 AM
Lifer
 
Join Date: Mar 2007
Posts: 1,089
there is no doubt in my mind that the banks screwed them, but it was legal, not unlike the sub-prime lending we saw here. the banks saw a 3 world country that suddenly had a stable currency and instantly extended all types of credit to not just the government but the people too. this all took place via the bond market.

cannonball996 is offline  
post #6 of 10 (permalink) Old 05-17-2010, 08:48 AM
T-MINUS
 
Sean88gt's Avatar
 
Join Date: Sep 2000
Posts: 28,540
Saw this the other night. It is typical of a socialist to pass blame on to everyone else, because every good socialist knows that it can't be the fault of their social model. In this case, capitalist had to cause the problems in Greece.

1/19/09, the last day of Free America.
Pericles "Freedom is the sure possession of those alone who have the courage to defend it. "

"[T]he people alone have an incontestable, unalienable, and indefeasible right to institute government and to reform, alter, or totally change the same when their protection, safety, prosperity, and happiness require it." --Samuel Adams


Sean88gt is offline  
post #7 of 10 (permalink) Old 05-17-2010, 09:07 AM
Worship me
 
AL P's Avatar
 
Join Date: Mar 2000
Posts: 34,345
It must have been the evil Jews!!

"I find that the harder I work, the more luck I seem to have." - Thomas Jefferson (1743-1826)

"There are four boxes to be used in defense of liberty: soap, ballot, jury, and ammo. Please use in that order." - Ed Howdershelt
AL P is offline  
post #8 of 10 (permalink) Old 05-17-2010, 09:15 AM
Token Troll
 
GhostTX's Avatar
 
Join Date: Nov 2004
Location: Sherman
Posts: 4,101
Quote:
Originally Posted by Mr Majestyk View Post
Maybe he'll send the Greek navy over here to kick our butts, lol.
Pfft, with Barry, he'll immediately go over there and apologize.

'05 Redfire Mustang

"Self-government won't work without self-discipline." - Paul Harvey
GhostTX is offline  
post #9 of 10 (permalink) Old 05-18-2010, 12:52 AM
The Janitor
 
32VfromHell's Avatar
 
Join Date: Jan 2001
Location: Sacred Heart Hospital
Posts: 16,424
Quote:
Originally Posted by AL P View Post
It must have been the evil Jews!!
Or the romans! First they stole the greek gods and now they are back for their moneys! Oh noes!
32VfromHell is offline  
post #10 of 10 (permalink) Old 05-18-2010, 06:12 AM
Lifer
 
Ylw 98~~SNAKE~~'s Avatar
 
Join Date: Sep 2000
Location: DFW
Posts: 13,083
watch the financials rise today.

98 Brokra
Ylw 98~~SNAKE~~ is offline  
Sponsored Links
Advertisement
 
Reply

Bookmarks

Quick Reply
Message:
Options

Register Now



In order to be able to post messages on the DFWstangs Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.

User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in










Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page
Display Modes
Linear Mode Linear Mode



Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome