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Friday, February 17, 2012

Greece closes in on bailout, Germany seeks more oversight - Lefteris Papadimas and Jan Strupczewski

http://www.reuters.com/article/2012/02/17/us-greece-idUSTRE8120HI20120217?feedType=RSS&feedName=topNews&rpc=71&google_editors_picks=true

Euro stocks are up, which is a sign of optimism, but I really can't see Greece remaining in the Eurozone and I can't fathom why they would want to. They are volunteering for a Great Depression in a country where stealing from the government and bureaucratic incompetence were national values. Actually, maybe this is the only thing that will purge them.


The euro pushed off three-week lows and German government bonds opened lower as investors cut back exposure to relatively safer low-yielding assets on bets that Greece will secure the financial lifeline when euro zone finance ministers meet in Brussels on Monday.
But not everything had been decided, and efforts to find a solution have aroused acrimony between Athens and Berlin, with German Finance Minister Wolfgang Schaeuble likening Greece to a "bottomless pit."
Northern states in the currency union, led by paymaster Germany, are particularly doubtful that Greek political leaders will stick to the savage cuts in wages, pensions and jobs prescribed by its lenders after an election expected in April.

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