Bailing out the Greek economy futile, says FRENCH banking chief

[peaceandlove]

Collapse of the euro is 'inevitable': Bailing out the Greek economy futile, says FRENCH banking chief

By SAM FLEMING and TIM SHIPMAN
13th February 2010

The European single currency is facing an 'inevitable break-up' a leading French bank claimed yesterday.

Strategists at Paris-based Société Générale said that any bailout of the stricken Greek economy would only provide 'sticking plasters' to cover the deep- seated flaws in the eurozone bloc.

The stark warning came as the euro slipped further on the currency markets and dire growth figures raised the prospect of a 'double-dip' recession in the embattled zone.

The bailout of Greece will only act as a 'sticking plaster' for the Euro crisis, the bank warned yesterday
Claims that the euro could be headed for total collapse are particularly striking when they come from one of the oldest and largest banks in France - a core founder-member.

Continues: http://www.dailymail.co.uk/news/worl...#ixzz0fjrWPcu9



Greece defends 'Titanic' efforts to tackle financial crisis

Finance minister compares Greek economy to ocean liner – but insists government will steer clear of disaster

Julia Kollewe
guardian.co.uk,
Monday 15 February 2010

Greece's finance minister compared his debt-laden country to the Titanic today as he defended the Greek government's efforts to tackle the financial crisis.

George Papaconstantinou insisted that the Greek government's austerity measures were credible as pressure mounted on Greece today to take even tougher action to bring its fiscal problems under control.

"My argument is yes, we are doing enough, yes we will be able to do it," Papaconstantinou said, according to Reuters, ahead of a two-day meeting of eurozone finance ministers and European Union officials in Brussels. "We are trying to change the course of the Titanic, it cannot be done in a day ... We are beginning to show that step by step, we are following words with action. If additional fiscal measures are needed, we will take them."

Continues: http://www.guardian.co.uk/business/2...urning-titanic




Pressure mounts on Greece to tackle debts

2/15/2010

BBC NEWS REPORT (2:04): http://news.bbc.co.uk/2/hi/business/8517105.stm