Financial crisis

[Blaze]

The Greek drama continues to unfold:

Time Running Out for Greece as Leaders Haggle

Feb. 6 - European leaders stepped up pressure on Greek politicians to meet the conditions of a 130 billion- euro ($171 billion) bailout, saying time was running out. French President Nicolas Sarkozy met German Chancellor Angela Merkel in Paris today as Greece’s interim prime minister, Lucas Papademos, planned to confer with the so-called troika of international lenders in Athens. A gathering of Greek political leaders was delayed by a day until tomorrow as they struggled for a unified response.

“I can’t quite understand why we need a few more days -- time is running out,” Merkel said today in a joint briefing with Sarkozy.

Make or Break

Euro-area finance chiefs told Greek Finance Minister Evangelos Venizelos in a Feb. 4 conference call that an increase in the bailout package wasn’t forthcoming, underscoring their frustration at a lack of progress on fixing the economy. The effort to keep Greece from tumbling into default presents what Deutsche Bank AG Chief Executive Officer Josef Ackermann called a “make or break” moment.

General Strike

Greece’s biggest public-sector and private-sector union groups, ADEDY and GSEE, called a 24-hour general strike for tomorrow to protest austerity measures.

Papademos and the party leaders yesterday agreed in a five- hour meeting to make additional reductions this year equal to 1.5 percent of gross domestic product. They have yet to iron out differences over policy measures demanded by lenders on recapitalizing banks, ensuring the viability of pension funds and reducing wages and non-wage costs to boost competitiveness.

The troika wants the country to detail over 4 billion euros of measures to meet targets for 2011 and 2012 because wage cuts will deepen the recession and cause a shortfall this year, one government official told reporters in Athens.

Razor’s Edge

Greece’s efforts to win a second bailout from the troika -- the European Commission, the European Central Bank and the International Monetary Fund -- have hung in the balance over the past three days as negotiations in Athens failed to clinch an agreement. Venizelos said on Feb. 4 the talks were on a “razor’s edge.”

Facing a 14.5 billion-euro bond payment on March 20 and general elections as soon as April, Papademos must heed international demands for greater austerity to complete the talks on a second aid package in time. Open questions involve how much more aid Greece needs, how much more austerity is required, and how to involve the European Central Bank in the private-sector creditor debt swap.

Missing Targets

Greece has lagged behind budget targets set when it won an initial, taxpayer-funded rescue of 110 billion euros in May 2010, prompting euro-area threats to cut off aid and hastening a German push to make bondholders contribute. The country’s economy shrank 6 percent last year, according to the most recent IMF estimates, the budget deficit is still close to 10 percent of GDP and unemployment is about 18 percent.

Even after a second bailout, Greece may be saddled with too much debt, too little growth and too large a budget hole to do without even more money, which euro nations led by Germany are increasingly reluctant to offer.

[absolutely right]

fool!

[Blaze]

Hahahhaa, there are some over leveraged people here, hiding their heads in the sand... Only proves my point.

[Thepointis]

Hahhaa, there are some over leveraged people here, hiding their heads in the sand... Only proves my point.

You don't have one.  The ECB is doing all it can to save the Euro and Greece's continued membership.  Do all the stupid grin faces you want, merely confirms you're a clown.

[Blaze]

Hahhaa, there are some over leveraged people here, hiding their heads in the sand... Only proves my point.

You don't have one.  The ECB is doing all it can to save the Euro and Greece's continued membership.  Do all the stupid grin faces you want, merely confirms you're a clown.

Wow, we have a real simpleton this time... ECB has done 'all it can' over two years now and the crisis has gone from bad to worse. In fact, they are deepening the debt crisis. The patience is running out among those who foot the bill, i.e. the AAA -countries.

Do some background reading and don't embarrass yourself anymore.

[Agent007]

Another idiot renter.

Enjoy throwing cash away do you silly boy?

AIRPORT.

[Blaze]

Another idiot renter.

Enjoy throwing cash away do you silly boy?

AIRPORT.

Hahahhhaa, who says I'm renting... I live in my friends apartment FOR FREE until he comes back from Europe.

And like I said on another thread, only losers in denial like you come up with this 'keep on renting' crap after they run out of arguments. It's so sad really.

But I'm off to a looong holiday now in tropical Thailand.   It's all thanks to idiots similar to you who bought my overpriced shoebox just before the collapse.

Keep on slogging really hard so you can cover up the price decline at The Fail @ Marina Bay. SUCKER.

[Agent007]

What collapse are you talking about? The 0.8% collapse?

Obnoxious little prick.

[Agent007]

Another idiot renter.

Enjoy throwing cash away do you silly boy?

AIRPORT.

But I'm off to a looong holiday now on a tropical island. 

Enjoy Batam.

[Reality Dawning]

What collapse are you talking about? The 0.8% collapse?

Obnoxious little prick.

You know the downturn is on its way when even a die-hard ostrich like Agent007 here is no longer in denial and freely concedes prices are dropping.

[Agent007]

Agree 0.8% drop in December but increased again in January.

[Blaze talks Bollox]

Hahhaa, there are some over leveraged people here, hiding their heads in the sand... Only proves my point.

You don't have one.  The ECB is doing all it can to save the Euro and Greece's continued membership.  Do all the stupid grin faces you want, merely confirms you're a clown.

Wow, we have a real simpleton this time... ECB has done 'all it can' over two years now and the crisis has gone from bad to worse. In fact, they are deepening the debt crisis. The patience is running out among those who foot the bill, i.e. the AAA -countries.

Do some background reading and don't embarrass yourself anymore.

The one with a red face is yourself.  Or at least you should have.

Latest headline says all terms of bailout agreed by coalition "except one issue" which needs discussion with Troika creditors.

Who is this mysterious "they" you referred to when you said "Looks like they are finally kicking Greece out of Euro."

[Agent007]

Yes I give in you are all right, I was wrong and sorry for being a stupid little agent.  I was told to pack up my stuff at the sales office and just go home because you were all right.  They said if they needed me they would call.  Now I am a nobody just spending my mornings in my t shirt and flip flops at the hawker center with a teh tarik, making it last all morning and thinking back to the times when my clients would shake my hand, pat me on the back for getting them a prime unit,  buy me expensive gifts, like pen sets, cigars,watches, golf clubs and invite me out for meals or to their country club.  I have a house full of useless gifts from 10 years ago which I cant use and my tiny little house is stuffed to the ceilings with presents.    But now all the hob nobbing is done, all I can do is sit and stare into my teh tarik and think of the good days when I was a high flyer with my suit, palm pilot, smug grin, and filofax.  I wonder if they'll ever return.  Sigh....I was once a professional, people loved me, and now look at me.  I thought it was on the up forever.  My wife is angry now because I cant buy her LV bags and designer shoes at $1000 a pair.

What can I do, I thought of learning to drive a cab but its too difficult and I only know how to get to condos, a few hotels and the golf course.  Anyway I am an agent, I shouldnt have to work so hard.  Money should just come to me for signing a few forms.

[AReiter]

Great Reits strategy, Blue chip Logistics reits are great, even Locally reits are good. Look at the bull run on sabana and GLP !!!!

[almost sympathetic]

wow, after your heart rendering tale told after finally coming clean, I almost feel sorrow for you.

..... but I'm afraid it's not the airport!!! that beckons you....
It is , alas, Bedok reservoir. 

Yes I give in you are all right, I was wrong and sorry for being a stupid little agent.  I was told to pack up my stuff at the sales office and just go home because you were all right.  They said if they needed me they would call.  Now I am a nobody just spending my mornings in my t shirt and flip flops at the hawker center with a teh tarik, making it last all morning and thinking back to the times when my clients would shake my hand, pat me on the back for getting them a prime unit,  buy me expensive gifts, like pen sets, cigars,watches, golf clubs and invite me out for meals or to their country club.  I have a house full of useless gifts from 10 years ago which I cant use and my tiny little house is stuffed to the ceilings with presents.    But now all the hob nobbing is done, all I can do is sit and stare into my teh tarik and think of the good days when I was a high flyer with my suit, palm pilot, smug grin, and filofax.  I wonder if they'll ever return.  Sigh....I was once a professional, people loved me, and now look at me.  I thought it was on the up forever.  My wife is angry now because I cant buy her LV bags and designer shoes at $1000 a pair.

What can I do, I thought of learning to drive a cab but its too difficult and I only know how to get to condos, a few hotels and the golf course.  Anyway I am an agent, I shouldnt have to work so hard.  Money should just come to me for signing a few forms.