21 May '11, 10pm

Diary of A Singaporean Mind: Greek Economic Troubles...

Here is a table of who owes who in Europe: One reason why Germany and other economically stronger EU nations have to bailout the indebted PIIGS nations with its public funds is their banks are the biggest lenders to these nations. If there is a default, the Germans might have to deal with a banking crisis at home. Looking at the above table, you can see how a contagion can possibly occur at some point in time. The Greeks are eventually not going to pay their debts in full - given their size of debt which is 160% the size of their GDP. They have a govt budget deficit of 13% of GDP. Many pundits are saying Greece will soon default on their debt[BBC Report ] by rescheduling it because they can no longer service the debt that is due. Default fears has cause markets to fall as it will most certainly revive the panic of May 2010 when the situation reach crisis proportions. Howev...

Full article: http://singaporemind.blogspot.com/2011/05/greece-economic...

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Euro sinks on Greek debt woes

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