Article headed “Greece to see out year in recession” relates:
“The European Union has warned that Greece will stay in recession for the rest of this year, upending forecasts of a return to growth in the third quarter…
“Greece has agreed to reduce the government payroll by 20 per cent and privatise state-controlled utilities – moves that have triggered strikes by the country’s powerful public sector unions.
“On top of structural reforms, the finance ministry has announced fresh tax rises and spending cuts in an effort to plug a projected €3.8bn hole in this year’s budget…”
WATCHDOG: We hear talk of the European Union bailing out Greece with massive loans so that Greece won’t default on its debt. In reality, the EU is indirectly bailing out EU banks that showed the poor judgment of over lending to the Greeks.
Seems that the Greek middle class population is bailing out the French and German banks. We wonder what would happen if Greece told their EU creditors that loans were going to be stretched out by another ten years and interest rates cut in half.
