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Afaik they did to some extent, but that's not the core of the 'bailout' of countries like Greece or Portugal. That is done (so far) mainly by credit from other EU countries and also the IMF because Greece, Portugal etc. have been rated down so much that they can't get (or better can't afford to get) money from elsewhere.
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the ECB has purchased a very large amount of 'risky debt' from greece, ireland and portugal. some 76billion euros under its securities markets program.
here is a very good article which explains some of current goings on with the ECB, greece and european debt markets.
from UK economist shaun richards"The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de BottonComment
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The real questions are of course what True Finns would need to know, and why they are Truer Finns than any normal Finn.BlahComment
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that it's warm down there
Socrates: "Good is That at which all things aim, If one knows what the good is, one will always do what is good." Brian: "Romanes eunt domus"
GW 2013: "and juistin bieber is gay with me and we have 10 kids we live in u.s.a in the white house with obama"Comment
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Media here says Greece has 0.8 % growth. Let's hope it's not faked numbers again. Portugal still look sad though.BlahComment
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As people are discussing failing states, the video below might be suitable for this threadi too
"An archaeologist is the best husband a women can have; the older she gets, the more interested he is in her." - Agatha Christie
"Non mortem timemus, sed cogitationem mortis." - SenecaComment
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God bless Belgium.
No one else willLibraries are state sanctioned, so they're technically engaged in privateering. - Felch
I thought we're trying to have a serious discussion? It says serious in the thread title!- Al. B. SureComment
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leaving aside the general unreliability of figures the greek government produces, this is really just a tiny silver lining on an enormous black cloud. the deficit is still rising in the middle of an austerity program, greek 2 year bonds are at an eye watering 25%, making it impossible for them to raise money on the markets. unemployment has hit 16% on an upward trend and is likely to rise still higher in the coming months. there are riots on the streets. although obviously, growth is better than the alternative, things are going to get a lot worse for greece and its people before they get better.Originally posted by BeBro View Post
meanwhile, a default or 'restructuring' is now being talked about by just about everyone, serious figures start at around 35% through to 60%. it's being hotly denied by european finance ministers, so except it to happen soon.
"The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de BottonComment
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also an irish minister said yesterday that 'long-term rescheduling of debt is something that would be desirable', how about a more realistic total default and cutting loose your banks, instead kicking the can down the road again?"The Christian way has not been tried and found wanting, it has been found to be hard and left untried" - GK Chesterton.
"The most obvious predicition about the future is that it will be mostly like the past" - Alain de BottonComment
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Of course, it's just that most expected worse....well, yeah, if the numbers are real....Originally posted by C0ckney View PostBlahComment
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Wtf? I haven't seen Carnide post since like 1999.Comment
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I'm back!Comment
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