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ECONOMICS – FINANCE – WORLD NEWS – GREEK DEBT

G20: Let’s talk it over in Mexico

Over the weekend, the G20 nations met in Mexico City to talk money. The [biggest] issue at hand were future contributions to the IMF. The eurozone drama in 16 acts has reached a financial magnitude that requires more money to flow into bailout facilities to get us over the crisis once and for all(ish). But the US, China, Japan and also the UK are not willing to make new commitments before some more peace and quiet has returned to Europe. According to this NYTimes article, Angel Gurria, secretary general of the OECD said

“Let’s say a trillion from the European, half a trillion from the IMF. You put this kind of money together, and you announce that it’s going to be there, ready to deal with anybody that wants to mess with any other country. I think you’re never going to have to use it.”

But Gurria is not the only one advocating a bigger bailout fund, a whole truckload of economists are behind him. The problem: Well, where do we start… Greece needs to fully implement the newly imposed measures, stick with it after the April elections, it then probably requires a third bailout package, meanwhile the European firewall ESM (European Stability Mechanism) needs to be expanded, which is something Germany doesn’t want, and then there are elections coming up all over the place. read article

Otherwise, the German parliament is voting on the new Greece bailout package today. Although it will probably be approved, more and more government officials are losing patience with Greece. Over the weekend, Hans-Peter Friedrich, Minister of the Interior, clamored for a Greek exit from the eurozone. read article (note fantastic picture)

Also, Warren Buffet has named a successor to head Berkshire Hathaway when [meaning in case] he [should ever] retire[s]. But the lucky guy wasn’t publicly identified, leaving speculations to run wild. read article

Finally, the Oscars have lost value. At least if you assume that social media exposure = $$$: last night’s Academy Awards generated 3.4 million oscar-hashtagged tweets, while the superbowl got 12 million and the Grammy’s 13 million. In the time it took you to read this sentence, around 45,000 tweets were … uhm, tweeted. Written. Composed. read article

So long.

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One Response

  1. Jerome Brown says:

    What amazes me is the quantities of money involved. Germany appears to have plenty of money , whereas Greece, Spain, Italy, not very much. Austerity required for these countries and also GB. Why have Germany and France to name but two countries, evaded the austerity measures?

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