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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

Keep dancing, keep printing money

As generally expected, the Bank of England has added £50bn to its quantitative easing program today. The QE pot now amounts to £325bn. Meanwhile, inflation keeps dropping and interest rates are steady. read article

In terms of Greece, after Greek, EU and IMF officials pulled an all-nighter there is still no solution. The half-baked proposal has now been taken to Brussels [after all deadlines have been missed and weren’t extended], so there should be more headlines this evening or tomorrow morning. Greek unions announced another strike, this time lasting 48 hours, for Friday and Saturday. As if they would have been working on Saturday to begin with…

Frank-Walter Steinmeier, German social democrat and leader of the opposition in the Bundestag, is ‘campaigning’ in the Guardian [and the Frankfurter Allgemeine Zeitung]. Not only does he know what’s wrong with the economy in Europe, he also knows how to fix it… What is more, mid-article he seems to have a crisis of faith, calling for the removal of investment obstacles in the EU to help grow the economy organically, before he regains his center-left balance arguing that a financial transaction tax is the only way to finance such an operation. Unfortunately, nobody has told him that it is difficult to promote investments [in Europe] when you tax the shit out of it, while other European countries [like Sweden and France] are getting rid of every last tax benefit for investors. In all fairness, Steinmeier doesn’t only say ridiculous things. He does have and make the point that Germany’s strength comes from its nurturing of its core competencies. read article

Other than that, I actually made my way up to the Cockpit Theatre last night to see EuroCrash! The musical. I’m not sure what I expected… but it definitely was money well spent. The story follows Gilde and Mark, the European version of Hänsel and Gretel, who get lost in the forest that is Europe until they find Papa Kohl and Madame Mitterand living in their gingerbread house. The house is also the eurozone academy, schooling unruly countries in EU-compliance. But that’s just a rough outline. Go and see it, it’s on until Saturday night and only £12. Don’t expect the Phantom of the Opera though, you might be disappointed.

Just one of the numerous lines to remember (sung): “I’m George Papandreou and I’m almost as good a student as the other countries… oh look, I can dance!” (breaks out into what probably looks like Greek folk dancing)

Speaking of which, I just stumbled upon this fantastic infographic on the Greek debt burden. Personally, I wouldn’t mind a truck-load of money… view graphic

So long.

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