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Why Trust Government With Financial Reform?

April 23rd, 2010 No comments

SEC workers spent hours at work watching online pornATHENS: Faced with massive debt, Greece today initiated an emergency plan to borrow money from the European Union and the International Monetary Fund to help it make interest payments and keep it from default. Their bailout request comes at a time when interest rates are at historic lows. In the US the Federal Reserve is monitoring interest rates and is signaling its intention to preserve these low rates for the near term.

If Greece is able to borrow some $40 billion (at interest rates of about 5 percent) it is likely to be able to remain solvent through the end of this year. European governments are reluctantly considering their request, afraid of the consequences of a Greek default and its rippling effects throughout the EU. Conditions are sure to be attached to the loans, requiring the Greek government to make substantial cuts in services and benefits to its citizens. Reaction to such stipulations are likely to invoke further civil unrest against the backdrop of riots that have plagued the country this year: Read more…

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