Monday, April 26, 2010

Greece under pressure as Germany drags feet
Restructuring, contagion fears shadow market despite aid request

Worries Germany will resist the early release of bailout funds for Greece put Greek government bonds and the euro back under pressure Monday, cutting short a relief rally triggered by Athens' request last week to tap a joint European Union-International Monetary Fund bailout plan.

Oh here we go again.

German Foreign Minister Guido Westerwelle on Monday said Berlin opposes providing financial aid to Greece without Athens presenting a credible debt-reduction program, Agence-France Presse reported. Westerwelle heads the Free Democratic Party, the coalition partner of German Chancellor Angela
Merkel's Christian Democratic Union.

If a bailout happens every country will upping spending in the hopes that German or someone bails them out. If nothing is done, defaults will occur.

There is no out there is only in.

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