Bailing out the Greek economy futile, says FRENCH banking chief

peaceandlove · 03-03-2010, 03:36 PM

Greece passes new deficit cuts to avert 'catastrophe'

The Greek government has passed another multi-billion euro package of cuts as it seeks to convince markets and fellow members of the euro that it's serious about tackling the deficit.

Published: 03 Mar 2010

George Papandreou, the Greek prime minister, said on Wednesday that the measures, which include higher taxes on alcohol and cigarettes, were needed to avoid a fiscal 'catastrophe.'

Greece has been at the heart of a financial storm so far this year that has left European Monetary Union facing the severest crisis in its short history. Scepticism about whether German and French voters would stomach bailing Greece out of its debt crisis has driven Greece's cost of borrowing to its highest since it joined the eurozone.

Continues: http://www.telegraph.co.uk/finance/f...tastrophe.html

03-03-2010, 03:36 PM	#8
peaceandlove Avalon Senior Member Join Date: Sep 2008 Location: Turtle Island Posts: 2,776	Re: Bailing out the Greek economy futile, says FRENCH banking chief Greece passes new deficit cuts to avert 'catastrophe' The Greek government has passed another multi-billion euro package of cuts as it seeks to convince markets and fellow members of the euro that it's serious about tackling the deficit. Published: 03 Mar 2010 George Papandreou, the Greek prime minister, said on Wednesday that the measures, which include higher taxes on alcohol and cigarettes, were needed to avoid a fiscal 'catastrophe.' Greece has been at the heart of a financial storm so far this year that has left European Monetary Union facing the severest crisis in its short history. Scepticism about whether German and French voters would stomach bailing Greece out of its debt crisis has driven Greece's cost of borrowing to its highest since it joined the eurozone. Continues: http://www.telegraph.co.uk/finance/f...tastrophe.html