Monday, July 23, 2012

Greek Prime Minister Compares Economy To The Great Depression

ATHENS (Reuters) - Greece is in a "Great Depression" similar to the American one in the 1930s, the country's Prime Minister Antonis Samaras told former U.S. President Bill Clinton on Sunday.

Samaras was speaking two days before a team of Greece's international lenders arrive in Athens to push for further cuts needed for the debt-laden country to qualify for further rescue payments and avoid a chaotic default.
Read the rest here.


Anastasia Theodoridis said...

Hogwash. Greece is in far, far worse shape than America ever was, even at the depth of the Great Depression.

Greece is taking on one loan after the other, at ever higher interest rates, to pay off previous loans. She can never cough it up. She is now obligated, by international law, to sell all her public assets - at market price, which means about 10 times lower than a normal price. Foreigners will now control all her seaports, transportation systems, utilities. etc., etc., etc. Greece has (in all but name) ceased to exist as an independent, sovereign state.

Eurasleep said...

I'm sure the wealthy Arab oil states will be happy to buy up Greece and have another foothold in Europe.