The financial mess in Europe has me spooked...

[statman]

Greece, Spain & Portugal are all close to defaulting on their debt. None of their parliaments are taking actions to remedy the situation - all appear to expect the European Central Bank to bail them out - which has said it won't. And unlike the AIG mess, the US won't be bailing them out this time.

And we have our own problems - California and NY are both facing Greece/Spain/Portugal issues of their own.

I'm nervous. Like I was in 2008. We'll see how ugly this gets...

[Uncle Ted]

http://www.bloomberg.com/news/2012-0...d-bailout.html

Greece Parliament Approves Pension, Health Cuts in Race for Second Bailout

Greece’s parliament approved cuts in pensions and health care a day after ratifying a 3.2 billion euro ($4.3 billion) package of spending reductions to move closer to a rescue package to avert financial collapse.

Lawmakers voted 213-58 in favor of the law, Acting Parliament Speaker Grigoris Niotis said early today in remarks on state-run Vouli TV.

Approval in parliament allows Prime Minister Lucas Papademos to meet with euro-area partners this week having met most of the conditions demanded by the European Union and International Monetary Fund for Greece to get a lifeline of 130 billion euros. Finance ministers from the region will discuss the second Greek rescue program in Brussels today.

In other news, Greece is burning...

Protests shut down government services and tourist sites like the Acropolis yesterday as unions held a three-hour walkout as part of a European-wide campaign against austerity measures. Greek lawmakers passed budget cuts on Feb. 13 as rioters set fire to almost 50 buildings.

In today's forecast: 95% chance of fires in Athens.

[The Rambam]

The ECB will bail out the South if it has to to avoid a collapse of Europe. Either that or the South will go off the Euro and inflate their way out of their problem.

Either way, it isn't the end of the world and life will go on.

[Uncle Ted]

The ECB will bail out the South if it has to to avoid a collapse of Europe. Either that or the South will go off the Euro and inflate their way out of their problem.

Either way, it isn't the end of the world and life will go on.

I can see latter, more likely. Great Britain was smart by not going to the euro.

[Levin]

I can see latter, more likely. Great Britain was smart by not going to the euro.

Maggie is mostly to thank for that. "No, no, no, no!" What a great speech.

[Moliere]

The ECB will bail out the South if it has to to avoid a collapse of Europe. Either that or the South will go off the Euro and inflate their way out of their problem.

Either way, it isn't the end of the world and life will go on.

Sounds like a temporary fix.

[byu71]

Greece, Spain & Portugal are all close to defaulting on their debt. None of their parliaments are taking actions to remedy the situation - all appear to expect the European Central Bank to bail them out - which has said it won't. And unlike the AIG mess, the US won't be bailing them out this time.

And we have our own problems - California and NY are both facing Greece/Spain/Portugal issues of their own.

I'm nervous. Like I was in 2008. We'll see how ugly this gets...

I imagine like you also were in March of '09. You have a right to be nervous. However, I wouldn't go into "Beck" mode just yet.

That is just me though. No one should think I am giving any advice whatsoever here.

[Omaha 680]

Sounds like a temporary fix.

Whatever. Zimbabwe is doing just fine.

[wuapinmon]

Whatever. Zimbabwe is doing just fine.

I and I a liberate Zimbabwe.

[Moliere]

Whatever. Zimbabwe is doing just fine.

And the two cases are very similar

I wonder if leaving the euro and defaulting on their debt is an option. Their debt is in euros so they can't just change the nominal currency and they can't just inflate their way out of that debt. They'll have to pay it off somehow or default, the latter option not being favored by other euro-zone countries.

[Omaha 680]

And the two cases are very similar

I wonder if leaving the euro and defaulting on their debt is an option. Their debt is in euros so they can't just change the nominal currency and they can't just inflate their way out of that debt. They'll have to pay it off somehow or default, the latter option not being favored by other euro-zone countries.

It was mostly a joke. Just trying to express my opinion that intentional inflation to pay off debt isn't a great solution. The math works, but I don't think the hardships it imposes on the average citizen are any less than under severe austerity measures.

[Katy Lied]

It was mostly a joke. Just trying to express my opinion that intentional inflation to pay off debt isn't a great solution. The math works, but I don't think the hardships it imposes on the average citizen are any less than under severe austerity measures.

What changes are the special interest groups that bear the burden.

[Mormon Red Death]

Greece, Spain & Portugal are all close to defaulting on their debt. None of their parliaments are taking actions to remedy the situation - all appear to expect the European Central Bank to bail them out - which has said it won't. And unlike the AIG mess, the US won't be bailing them out this time.

And we have our own problems - California and NY are both facing Greece/Spain/Portugal issues of their own.

I'm nervous. Like I was in 2008. We'll see how ugly this gets...

portugal cuts 4 of their 14 holidays

[Lost Student]

I imagine like you also were in March of '09. You have a right to be nervous. However, I wouldn't go into "Beck" mode just yet.

This sounds like great advice.

[byu71]

This sounds like great advice.

LOL. It worked out pretty well. However, I want to make it clear I am out of the giving investment advice over the internet business.