European Union Looks to Respond to Threat of Radical Islam 2015
EU foreign ministers pledged on Monday to counter radical Muslims returning from Syria and Iraq with a better strategy at home and abroad, but ruled out sweeping new laws in the wake of the...
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European Union Looks to Respond to Threat of Radical Islam 2015 - Video
Synopsis | Slovenia: From Yugoslavia To The European Union By Policy World Bank
THE SYNOPSIS OF YOUR FAVORITE BOOK =--- Where to buy this book? ISBN: 9780821357187 Book Synopsis of Slovenia: From Yugoslavia to the European Union by Policy World Bank If...
By: Gene Walter #39;s Marketplace
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Synopsis | Slovenia: From Yugoslavia To The European Union By Policy World Bank - Video
Russia #39;s Lavrov tells EU #39;s Mogherini to push Kiev towards peace talks
Russia #39;s Lavrov tells EU #39;s Mogherini to push Kiev towards peace talks Subscribe My Channel! .MOSCOW, Jan 25 (Reuters) - Russian Foreign Minister Sergei Lavorv told the European Union #39;s foreign...
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Russia's Lavrov tells EU's Mogherini to push Kiev towards peace talks - Video
Anti-Austerity Party Syriza Wins Greek Election, But Markets Unfazed
Greece #39;s anti-austerity party Syriza swept to victory in Sunday #39;s general election, on a promise to renegotiate the terms of its European Union and International Monetary Fund bailout ...
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Anti-Austerity Party Syriza Wins Greek Election, But Markets Unfazed - Video
So it looks like all the action remains in Europe this week. The Greek electorate just told its creditors to take a hike, and good on them. In general elections held on Sunday, the Greeks voted for the Syrzia Party, an anti austerity party that promised to repudiate or at least reduce Greeces onerous debt load.
In todays Daily Reckoning, Ill try and work out what this means for you and your investments. Ill show you why the markets dont really care about the news (stocks were up overnight) but why they might in the future.
First a little background. Years ago, Greece got screwedbigtime. Or I should say ordinary Greeks got screwed. Since joining the EU in the late 1990s, Greek politicians ran up enormous debts and international bankers were only too happy to lend them the money.
After the global crisis in 2008 the markets turned on Greece. Lending stopped and interest rates skyrocketed. The country then had a number of bailout packages, which were all about paying money to Greece so Greece could in turn pay its creditors.
While some creditors did get a haircut meaning they lost some of the money they loaned it wasnt much in the scheme of things.
The haircut was a sop in order to get a massive bailout package through. But it was Greeces creditors (not Greece) that received the bailout funds. The Troika made up of the European Commission (EC), the European Central Bank (ECB) and the International Monetary Fund (IMF) loaned Greece billions at below market rates in return for committing to a policy of austerity to get its financial house in order.
In addition, the Troika bought up a huge amount of Greek government debt for much more than it was really worth rewarding those debt holders speculating on a bailout.
These actions avoided an immediate crisis but now the Troika hold around 80% of Greeces debt, which in total amounts to around 320 billion, or a massive 175% of GDP.
I want you to be clear on what happened so current events have some context: Greece still has a massive debt burden. Its bailouts didnt lessen that burdenthey only improved the terms and the interest rate.
The only bailout was for the speculators and bankers who misjudged the risk in lending to Greece in the first place. The Troika saved Greece merely to keep their cushy jobs in Brussels and the euro experiment alive.
Continued here:
Greece Doesnt Need the European Union