This page has been archived and commenting is disabled.
So Much For Austerity: Greece Misses Deficit Projections, Spain Debt/GDP Surges
And two more highlights from a floundering Europe once again "validating" the EUR spike to near multi year highs. Eurostat came out earlier and reported that the Greek budget deficit, while declining from 15.4% of GDP in 2009 to 10.5% in 2010, missed expectations by a mile, or over 10%, after consensus was for a deficit print at 9.4% of GDP. And while the second to last PIIGS domino to fall also saw its deficit decline modestly sequentially from 11.1% of GDP to 9.2% in 2010, the country's total debt/GDP rose from 53.3% to 60.1%. With austerity like that, who needs the Teamsters?
»
- 5400 reads
- Printer-friendly version
- Send to friend
- advertisements -
This is bullish for the EUR of course.
In seriousness why? Last year just the Greek problem alone tanked eur hard. Why is it holding up and their equity markets too?
Why is there no fear 3 eurozone counties are bust?
Possibly because of the deficit numbers in the US and the fact the first response to any problem is the printing press...
The old laws of risk vs return do not apply when money itself loses meaning.
EUR will go down, be patient. This is the time to sell.
It will break apart or the north will permanently subsidize the south. The True Finns are just a taste of what is to come if brussels tries the permanent subsidy route.
Believe so. Banksters just would like to buy some more time to fuck chinese monetary system
Ahh.... you're not keep track of the other submarines in the race. lol
3 alternatives, pick the one you prefer:
- Zeropower has the first comment on the article, it must be highly sarcastic or say "sssssilver biiiiitchezzz"
- Financial actors in addition to reach the highest level of sarcasm in their analysis are also very gready and therefore must steal to the least penny before cracking everything down. So Zeropower is spot on.
- 1+2
Concise and spot-on. Cheers!
Add Portugal to the all mighty austerity club. Portugal revised their deficit for 2010 first in March from 7.3% to 8.6% and last weekend again from 8.6% to 9.1%.
Austerity^{-1}
sq rt (austerity ) = - 1
This situation seems to be almost endless where we get lie after lie. Back on April 13th this was explained by a blog post which whilst giving the real (worse) view on the Greek state budget figures for early 2011 pointed this out about 2010.
it's not EUR that is strong...is the $ that is f.ing weak... and as long as CBs continue to difersify the amount of $ they buy to difend their FX, there is no hope to see a EUR lower.
but one day we will pay for everything....
I wonder if the Chinese are still tending to side with the EUR.
Greece getting hammered now. March 2012 bond yield up roughly 300 bp today! Bid side yield over 27%, lol.
What austerity? Where are the haircuts? No haircuts = no austerity. You can't judge a method until you've actually tried it.
Austerity without haircuts is just a continuation of the debt-slavery started by the overspenders -- life as a banker's peon.
I kinda miss some of those eurosnobs.coming around and telling us how stupid and uneducated we americans are and just how smart they are with their progressive policies
Where did you all go? At least we will still have a.currency when this is all over.
No, when this is over, the US will have the same banking system but a new currency and the EU will have the same currency but a new banking system....
Thanks....still waiting for huxley to comment.
They turned the screws on the insolent peasants and it did not cure what ails the rich? My goodness thats awful, just terrible.
Yeah, what a shocker! (sarcasm on) Just spoke with my sis in Crete and she told me that everyone is buckling down and austerity is killing the economy. Like it takes a genius to figure this out...SHEESH!!!!!
Interesting. The fact Greece used hidden EASING could have been guessed from the shape of its stock market price chart in 2009:
http://www.saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=31991#p31991
It is the same as USA chart of today, including QE1 and QE2:
http://www.saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=31991#p31988
OK, who still doesn't get it that the Greeks are liars and cheats? And this from a guy that loves the Greek Islands... My wager: Greece the first domino to fall.
Bbbbuuuttttt big government liberal socialism is the cure all.
It has worked well for the PIIGS, worked wonders in once the US most prosperous state CA,
and has been an unparalleled success in urban America.
The Ponzi must end at some point - how much longer can this last? The Mid-Spread on Greek 5 Year CDS is 1,498 @ 16:30GMT - The US will HAVE to attack Syria soon as MSM cannot hide these facts much longer - God save us from ourselves!
Hmm
At this point the Greek bonds are starting to sound like the stories about mortgage-backed toxic assets. All of a sudden nobody wanted to buy them! The de facto restructuring appears to be on-going.