Thursday, April 29, 2010
Who cares about Greece?
You probably do not. And why should you? You care more about our local fiscal health and welfare and that’s natural and laudable. In Europe, no one cares about Greece. Perhaps other countries should examine their own accounts and pitch in to assist. But they will not do so in earnest. No one cares about Greece or the next failed economy, Spain. Our care factor will rise in a few months, however.
Great Britain, people in England, do not consider themselves Europeans. Their call. The do not use Euros but they preside over the EU like a mother hen. France is above it all as well, right now, reveling in their emerging nuclear energy ventures, leading the world in that regard. Greece and Spain…vacation destinations, coyly considered third world nations from the streets of London and Paris. Who cares? We’ll just have a lovely stay-cation this year.
Our European news is filtered through the BBC and therefore we’ll hear about the oncoming fiscal tsunami from a calm posh set of voices, distant from the economic implosion. But the calm English attitudes will not help. We, unfortunately, have very little indigenous American journalistic coverage there. If they are there, their hands are tightly guided...
Start caring, or at least become aware. Start reading about the EU and the subsequent dominoes…Spain, Italy. Start seeing this crisis as it relates to our own states in America. Hopefully we will not retrench as States, as we see the EU doing today. Our union depends upon many factors but as we know too well, families divide in tough economic times. Who’s our Greece? California? Do you care? We should. This collapse will probably occur in concert with the elections this fall…
NEW YORK/MADRID, April 28 (Reuters) - Standard & Poor's on Wednesday cut its ratings on Spain by one notch to AA from AA-plus, saying a longer-than-expected period of low growth could undermine efforts to cut the budget deficit.
The outlook is negative, reflecting the possibility of another downgrade if Spain's fiscal position worsens more than S&P currently expects, the agency said in a statement.
"In our opinion, Spain is likely to have an extended period of subdued economic growth, which weakens its budgetary position," Standard & Poor's said.
Spain's unemployment rate = 20.11%...