Photo from Scott E. Barbour | Getty ImagesUS Economist Fears Greek Debt Default In August -- CNBC
Greece will eventually default on its debt because the country is highly indebted and the euro zone's approach towards saving it is the wrong one, Carl Weinberg, chief economist at High Frequency Economics, told CNBC Friday.
A restructuring of Greek debt could happen as soon as August, when the Balkan country is due to receive another tranche of funds from its lending agreement with the International Monetary Fund (IMF) and the European Union, according to Weinberg.
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Japan's new prime minister Naoto Kan collects his notes after delivering his speech at the Diet in Tokyo. Photograph: Toru Yamanaka/AFP/Getty ImagesJapan Prime Minister Naoto Kan Warns Of Greek-Style Public Debt Problems -- The Guardian
Naoto Kan says Japan's public debt is huge and calls for drastic fiscal reform.
Japan's new prime minister, Naoto Kan, today warned that the country risked being sucked into a Greek-style debt crisis unless it quickly reined in its massive public debt.
Kan, who took over last week after the sudden resignation of Yukio Hatoyama, told MPs that Japan risked defaulting if it continued to issue bonds at the current pace.
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My Comment: I know that this post has nothing to do with war news updates or the military, but the financial crisis has the potential to create an environment where war and conflict becomes the inevitable result.
People have been warning about the debt crisis for years .... so .... are our chickens coming home to roost? The new Japanese PM clearly believes that Japan is near a precipice where something has to be done .... and done now.
1 comment:
Considering Japan had to endure the last Asian economic crisis, I'm quite surprised they're about to re-visit that "Dark Age".
Heck of a mess, worldwide.
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