Originally Posted by blackjack avenger
From an AP, Bloomburg Newsweek article
Q: Why doesn't Greece just sell more bonds to pay off ones coming due? A: They're trying. But the markets just discovered that Greece has been faking its deficit numbers for years. Would you loan money to someone who had lied about their financial situation? If you did, you would probably demand a higher interest rate --even if they say they're telling the truth now. That's the situation for Greek Prime Minister George Papandreou.
Q: Why is Greece in trouble anyway? A: Too much spending and borrowing for too many years and too much of that due in the next few months. A lot of debt is coming due this year --around euro54 billion ($74 billion) --and if Greece can't borrow more to pay off those debts on time, the country is in default.
From CNN article
So what is Greece doing? As already mentioned, the government has started slashing away at spending and has implemented austerity measures aimed at reducing the deficit by more than €10 billion ($13.7 billion). It has hiked taxes on fuel, tobacco and alcohol, raised the retirement age by two years, imposed public sector pay cuts and applied tough new tax evasion regulations.
So we are both right
Okeee dokeee. if you think so.
I see where I'm right. I don't see where you're right.
ps. you don't have to answer that.