Custom Search

Thursday, May 6, 2010

Euro Hits a Fourteen Month Low

Coat of arms of Greece.Image via Wikipedia

Despite assurances from European Central Bank President Jean-Claude Trichet, Greece's continuing financial crisis has sparked fears that they just might be forced to default on their sovereign debt.

In order to obtain 110 billion euros in loans over three years from eurozone countries and the International Monetary Fund the Greek government agreed to increase taxes and cut spending.

In Athens protesters rioted over some of the Government's announced measures which included cuts to civil servants and retirees 13th and 14th month bonus pay; an additional three years for pension contributions; and the retirement age for women will be raised to 65.

At the Marfin bank police reported that two women and one man died when the bank caught fire after rioters threw Molotov cocktails inside. More were injured and taken to safety and treated for their injuries.

President Carolos Papoulias insistence that the measures were necessary for Greece's survival did not stop the unions from holding a general strike and protests.

World markets did not take kindly to this unrest as virtually all the major markets lost ground.

While The Hoss supports a persons or groups right to protest they must do so peacefully. The killing of innocent people is not acceptable.

These incidents in Greece should not be taken lightly similar instances could occur in the other areas under financial stress such as Spain not to mention a possible spread to North America and Asia. Let's hope that world leaders unite and solve this world economic mess before it is too late.

Stay on Track,

Money Magazine Hoss

Next Hoss Cents Free Financial Money Magazine Post:
Return to previous post from Euro Hits a Fourteen Month Low.



Reblog this post [with Zemanta]
Posted by Money Magazine Hoss at 10:02 AM
Labels: , , , , , , ,

0 comments:

Post a Comment

Subscribe to: Post Comments (Atom)

Disclaimer

The Hoss is not a financial adviser. This blog is a reflection of his personal opinion, experience and financial choices. For financial assistance, please consult a licensed financial services professional.

The contents of http://free-financial-money-magazine.blogspot.com are provided for informational and entertainment purposes only, and should not be construed as advice. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice.

While the information shared on this website is believed to be accurate and reliable, the owners/operators of this website specifically disclaim all warranties, express, implied or statutory, regarding the accuracy, timeliness, and/or completeness of the information contained herein. Individuals leaving comments on this site are solely responsible and liable for the contents of their comments. Because this website is intended to provide general information only, you should discuss your specific needs with a qualified licensed financial services professional.

Links to other websites are for convenience only, and are independent from http://free-financial-money-magazine.blogspot.com. No liability is assumed for any inaccuracies in the information or for the content of any linked websites. No endorsement or approval of any other products, services or information is expressed or implied by any information, material or content referred to or included on, or linked from or to this website. No liability is assumed for incompatibility, non-suitability, viruses or other destructive/disruptive components on or from such websites.