Friday, 15 April 2011

Germany Would Back Greece Debt Restructuring, Hoyer Says

http://noir.bloomberg.com/apps/news?pid=20601087&sid=a9k9X2mQPx_o&pos=1


Wow 
This is BIG NEWS
I have been saying this since last year


It was just so simple
There was not going to be any GDP growth in Greece
The bond yields were climbing relentlessly
They dont pay taxes
They are not as competitive as the Germans
Spending was going to be cut - which was not good 
Govt would get no tax revenue as there would be no real growth
How were they supposed to pay back the debt if there is no growth?
Hence - they are getting close to a default
And now Germany also likes and wants this



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