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The debt crisis in Greece is spreading to other European countries, France holes a lot of Greece's debts and their troubles are now starting. Below are excerpts from articles found dealing with this subject. There are links to each site if you want to read the whole article. This is a warning to Europe and the United States that we have to get our debt under control. If we don't we could go the way of Greece. Do not know how much time we have to achieve this, but the sooner we do, the less pain there will be.
Samuel Burns
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Greece in new government talks as debt deadline looms
ATHENS: Greek Prime Minister George Papandreou was to name a new government on Thursday after efforts to form a unity government to deal with the country's debt crisis failed in the wake of street protests.
Papandreou, whose approval ratings are in free fall as he struggles to enforce an unpopular overhaul of the ailing Greek economy, also announced a confidence vote as fears grew of a disastrous debt default that could rock the eurozone.
Complete article at link below.
http://economictimes.indiatimes.com/news/international-business/greece-in-new-government-talks-as-debt-deadline-looms/articleshow/8874585.cms
Europe Faces ‘Lehman Moment’ as Greece Unravels
The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives.
The euro lost more than 2 percent against the dollar in the past two days and the cost of protecting corporate bonds soared to the highest level since January, with credit-default swaps anticipating about a 78 percent chance that Greece won’t pay its debts. Equities declined around the world, while a measure of fear in fixed-income markets jumped the most since November.
Complete article at link below.
http://www.bloomberg.com/news/2011-06-16/europe-s-lehman-moment-looms-as-greek-debt-unravels-markets-euro-credit.html
Greek bonds rated 'junk' by Standard & Poor's
Global stock markets tumbled after Greece's debt was downgraded to "junk" by rating agency Standard & Poor's over concerns that the country may default.
It makes the struggling nation the first eurozone member to have its debt downgraded to junk level.
Complete article at link below.
http://news.bbc.co.uk/2/hi/business/8647441.stm
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