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NEWS AND VIEWS THAT IMPACT LIMITED CONSTITUTIONAL GOVERNMENT

"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Thursday, November 15, 2012

Greece borrows money to re-pay borrowed money




Socialist Insanity  -  European Leftists have Greece borrowing even more money in order to make the payments on their debt.
  • Insane Socialism - it's not just in Congress anymore.


Greece raised €4.06 billion ($5.15 billion) from the sale of short-term treasury bills Tuesday, money that will help it make a crucial debt repayment at the end of the week.

With the disbursement of a massive €31.5 billion ($40.1 billion) installment from Greece’s international bailout long delayed, the country’s finances have gone down to the wire.


Without Tuesday’s sale, Athens would have found it impossible to repay the €5 billion ($6.4 billion) treasury bill maturing on Friday, the day on which Prime Minister Antonis Samaras has said Greece would run out of money reports the Washington Times.

Despite concerns over Greece’s long-term economic outlook, the country’s euro partners and the International Monetary Fund are expected to agree on the release of the next tranche of the bailout over the next week.

The country’s debt management agency raised €2.76 billion ($3.51 billion) from the sale of 4-week bills at an interest rate of 3.95 percent, and €1.3 billion ($1.66 billion) of 13-week bills at 4.2 percent.


Communism  -  The Greek debt that became Cyprus' Trojan Horse



Progressive Party of Working People of Cyprus.
Ανορθωτικό Κόμμα Εργαζόμενου Λαού

Some news from Leftist Cyprus, which sounds uncannily like news from Socialist Greece: the country does not have access to the international capital markets and economic reforms are going at a snail's pace. Cypriot banks are drowning in Greek junk bonds. That's why they need a multi-billion euro lifeline now too.

More new faces are showing up at the soup kitchen in the southern Cypriot city of Limassol, entire families asking the Orthodox Church for a free meal. The church is warning that some radical new changes are afoot.

Cyprus needs a bailout. The Communist ruled EU-member is cash-strapped. Unemployment is on the rise and the economic outlook is gloomy.






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