Greece submerges as crisis fallout worse than emerging markets

[unhappycamper]

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_22/05/2015_550268



Greece submerges as crisis fallout worse than emerging markets
By Simon Kennedy
Friday May 22, 2015 (11:53)

~snip~

As another round of aid talks between the Mediterranean nation and its creditors ends without a deal, its economy is faring even worse than a string of developing countries which suffered traumas in the last two decades. That leaves Commerzbank AG declaring the country is in little position to pare its debt and that default or a restructuring may loom.

“Just as with emerging markets in the past there is a point in time where you need to move on to the next stage rather than being paralyzed,” Simon Quijano-Evans, head of emerging market research at Commerzbank in London, said in a telephone interview. “In Greece, we need to think of next steps and be innovative.”

To illustrate Greece’s pain, he published a report this month comparing how the economic fallout from its five-year-old crisis compared with the bouts of turmoil suffered in the last two decades by Turkey, Argentina, Latvia and Thailand. The result illustrates why Commerzbank sees a 50 percent chance of Greece ultimately leaving the euro area.

While Athens has imposed the tightest fiscal squeeze of the five and pushed its budget balance excluding interest payments into surplus from a deficit of about 10 percent of gross domestic product in 2009, Turkey and Argentina were doing better at the same stage.

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Anytime your hear the terms Grexit or Brexit, think TPP AND TTIP.

[TexasMommaWithAHat]

1. Thanks for posting.

nt

[Renew Deal]

2. What does Greece have to do with TPP AND TTIP?

I don't see the connection.

[unhappycamper]

3. If Greece or the UK exits from the EU,

there will be EU problems.

Spain and Portugal have been more or less enslaved to the IMF. They're pissed that Greece wants more time. Should either Greece or the UK exit the IMF things will become 'interesting', hence the trade agreements need to be in place before the shit hits the EU fan.

Germany and the UK are relying on uncle sam to provide their 'defense'. The Brits are pissed at us big time: Former UK Defense Chief Calls F-35 One Of The Biggest Duds In History