The whole world is looking at Greece. Not because they want to see Greece, but, because they want to see Europe.
Greece is the shadow of Europe. Wherever that shadow goes, Europe goes too. If Greece goes down the drain because it cannot pay its debts, Europe will not pay its debts either. If Europe goes down the drain, the Euro as a currency will cease to exist. The U.S. Dollar will reign supreme, or a while, until the Chinese RENMINBI kicks in as an alternative Reserve Currency.
DOLLAR OR YUAN?
If you are an investor, peering five years into the future, which will you take?
A U.S. Dollar or a Chinese Yuan?
The answer is too obvious for words –Â The Yuan, of course!
There are one and a half BILLION hard working people behind the Yuan. There are 300 million fat and lazy people behind the U.S. Dollar. The decision doesn’t need much to think about. The answer is quite clear, and everyone knows it.
Here is the latest news:
Greek debt crisis gets worse as EU revises figures
By DEREK GATOPOULOS
ATHENS, Greece (AP) – Civil servants staged a 24-hour strike Thursday against austerity measures and expected job cuts by Greece’s crisis-plagued government, and the EU’s statistics agency said the country’s budget was even worse than previously thought.
The strike disrupted public services, shut down schools and left state hospitals working with emergency staff. Protesters from a Communist-backed trade union blockaded Athens’ main port of Piraeus, disrupting ferry services.
Eurostat, meanwhile raised Greece’s budget deficit in 2009 to 13.6 percent of gross domestic product from its earlier prediction of 12.9 percent, while the ratio of government debt to GDP stood at 115.1 percent, the second highest in the European Union after Italy.
In comments that are sure to rattle markets, the statistics agency also expressed “a reservation on the quality of the data reported by Greece.” It also said Greek’s 2009 figures could be revised further, to the tune of 0.3 to 0.5 percentage points of GDP for the deficit and 5 to 7 percentage points of GDP for the debt.
Markets were shocked last fall when the government announced that the previous conservative Greek government had issued misleading financial data for years.
About 3,000-4,000 protesters marched through central Athens, carrying banners reading “tax the rich” and “Don’t take the bread from our table.” Scuffles broke out when about 150 demonstrators challenged police lines near the city’s central Syntagma Square, and police responded with tear gas.
Greek airports remained open, however, after air traffic controllers suspended their participation in the strike because of the travel chaos caused by Iceland’s volcanic ash cloud.
Labor unions fear deeper cuts after the Socialist government began talks this week with the International Monetary Fund, the European Central Bank and the European Commission for a three-year rescue package aimed at easing the country’s acute debt crisis.
Dr. Pinna says:
Are these people going to pay their debts? You have to be a Cretino if you believe they will. The IMF and the EU are dreaming or hoping and refusing to face reality!