Tuesday, October 04, 2011

greece has weeks left before bankruptcy

greece falls into 'death spiral': rising debt, no growth
greece has weeks left before bankruptcyfrom ap: Greece has enough money to pay pensions, salaries and bondholders through mid-November, the finance minister said Tuesday, as global markets sank on worries that a messy default could bring down European banks and trigger another global recession. The Athens Stock Exchange general index tumbled to close down 6.3 percent, while the main Europe markets fell almost 3 percent. The turmoil endangered French-Belgian bank Dexia, whose shares plunged as much as 40 percent, on worries about its exposure to Greek bonds. The Dow Jones fell 250 points, but recovered somewhat when Federal Reserve Chairman Ben Bernanke said the central bank is prepared to take more steps to stimulate the U.S. economy.

related econocrash updates:
greece to miss deficit targets despite austerity*
tarpley: europe must fight back against US/uk speculative attacks*
top 100 economic statistics every voter should know*
video: bernanke says US close to faltering, fed ready to act*
friendly's restaurant files for bankruptcy, to close 63 outlets*
sesame street debuts new character for tough economic times*

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