Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

11/1/2012 (3 years ago)

Catholic Online (www.catholic.org)

Greek financial situation far worse than was ever predicted

The financial situation in Greece is far, far worse than what was originally predicted. So much so, says Telegraph columnist Ambrose Evans-Pritchard, that German Chancellor Angela Merkel will have a lot of explaining to do, saying that her bailout would not negatively impact the German people.

'Having insisted for over two years that German taxpayers face no risk of loss on the Club Med rescue packages - and having indeed told them it generated a profit - she will have to explain why this has gone horribly wrong,' Evans-Pritchard says.

"Having insisted for over two years that German taxpayers face no risk of loss on the Club Med rescue packages - and having indeed told them it generated a profit - she will have to explain why this has gone horribly wrong," Evans-Pritchard says.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

11/1/2012 (3 years ago)

Published in Europe

Keywords: Angela merkel, Germany, Greece, debt, embarrassment


LOS ANGELES, CA (Catholic Online) - According to Evans-Pritchard, "Every detail of the Greek economy is worse than officially forecast just weeks ago."

The public debt will reach 189pc of GDP next year and not the predicted 179pc. He goes on to list a gruesome litany of shortfalls - "The budget deficit will be 5.2pc (not 4.2pc) . The economy will shrink 4.5pc next year (not 3.8pc) . Unemployment is already 25.1pc and 55.6pc for youth."

The cumulative error is colossal, Evans-Pritchard says. "The EU-IMF Troika originally said that the economy would contract by just 2.6pc in 2010, before growing by 1.1pc in 2011, and 2.1pc in 2012.

"In fact Greek GDP contracted by 4.5pc in 2010, 6.9pc in 2011, and will shrink 6.5pc this year, and now 4.5pc next year."

This calamity equals an especially red-faced moment for Chancellor Merkel, "who will have to account for direct losses to the Bundestag. A line will have to be written into the German budget covering the X billions of euros. Other line items may have to be cut. Welfare support for Germans, perhaps.

"Having insisted for over two years that German taxpayers face no risk of loss on the Club Med rescue packages - and having indeed told them it generated a profit - she will have to explain why this has gone horribly wrong," Evans-Pritchard says.
 
"No doubt she will try to delay this awful moment until after the German elections late next year. But the calendar of simmering revolt in Greece is not in her hands. One of the three parties in the pro-Memorandum coalition has already refused to go along with the budget plans. The Government majority is thinning fast."

Evans-Pritchard says that he guesses that Merkel will be forced to admit to her mistakes to the nation, My guess is that Mrs Merkel will be forced to admit "that contingent liabilities are turning into real liabilities long before her elections."

In summations, Evans-Pritchard says that "Greece cannot claw its way out of a 190pc of GDP debt load. The official haircut is coming sooner or later, and it will be an explosive political moment."

.

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2016 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for May 2016
Universal:
Respect for Women: That in every country of the world, women may be honored and respected and that their essential contribution to society may be highly esteemed.
Evangelization: Holy Rosary: That families, communities, and groups may pray the Holy Rosary for evangelization and peace.



Comments


More Europe

'Our meeting is the message': Pope Francis' historical meeting with top Sunni imam Watch

Image of

By Ann Schneible (CNA/EWTN News)

Pope Francis on Monday embraced the grand imam Sheik Ahmed Muhammad Al-Tayyib during a meeting at the Vatican, a move which is being seen as a step toward reopening dialogue between Christians and Sunni Muslims. Vatican City (CNA/EWTN News) - "Our meeting is the ... continue reading


'It will be a first': Pope Francis to meet Sunni Islamic leader Watch

Image of Pope Francis will meet Sheikh Ahmed al-Tayeb this week (YouTube).

By Kenya Sinclair (CALIFORNIA NETWORK)

Pope Francis has decided to meet with Sunni Islam's Sheikh Ahmed al-Tayeb on Monday. LOS ANGELES, CA (Catholic Online) - Vatican spokesman Federico Lombardi told AFP, "This audience is being prepared and has been scheduled for Monday. It will be a first."The pontiff's ... continue reading


Bizzare! Europe to release documentary on 'Human Pups' Watch

Image of 'Spot' is a 'human pup' to be featured in the new documentary (ZentaiSpot/Twitter).

By Kenya Sinclair (CALIFORNIA NETWORK)

In what most claim is a non-sexual "dog play," human pups have become the latest rage to spread across the UK - so much so that a new documentary will reveal the inner workings of the human pups' lives. LOS ANGELES, CA (Catholic Online) - According to Channel 4, the ... continue reading


You won't believe what this Christian artwork reveals about Da Vinci! Watch

Image of Leonardo da Vinci's art may help researchers unveil his DNA (Pinterest).

By (CNA/EWTN News)

Leonardo da Vinci's masterpiece, Adoration of the Magi, will soon be undergoing testing that could help digitally reconstruct the artist's face and offer clues about his life and health. Florence, Italy (CNA/EWTN News) - According to the U.K. outlet Sky News, ... continue reading


London boasts first Muslim Mayor despite racial and religious tensions Watch

Image of Sadiq Khan has become London's first Muslim Mayor (Wikipedia).

By Kenya Sinclair (CALIFORNIA NETWORK)

Islamophobia spreads as ISIS continues its terror attacks - but one city has taken a step toward accepting the fact that not all Muslims are terrorists. LOS ANGELES, CA (Catholic Online) - London has elected its first Muslim Mayor. Sadiq Khan won with 56.8 percent of ... continue reading


'The Evil': Exorcism classes forced on Spanish students Watch

Image of Spanish students were forced to take an exorcism class (Brendan Hoffman).

By Kenya Sinclair (CALIFORNIA NETWORK)

Anyone who has ever been in college knows there is a list of required classes to take before you are eligible for graduation. Some classes seem unnecessary, such as a Chemistry major forced to take art classes, but what if universities and colleges required exorcism ... continue reading


28 killed in refugee camp targeted by Assad's missiles Watch

Image of Innocent civilians targeted by Assad despite temporary cease-fire (AP).

By Kenya Sinclair (CALIFORNIA NETWORK)

Humanitarian group reported airstrikes targeting a refugee camp full of innocent men, women and children during a cease-fire. LOS ANGELES, CA (Catholic Online) - According to the Syrian Observatory for Human Rights (SOHR), a Syrian refugee camp erected near the Turkish ... continue reading


Vatican under investigation - 5,000 bank accounts closed Watch

Image of Vatican auditors make move after three-year investigation (Pinterest).

By Kenya Sinclair (CALIFORNIA NETWORK)

Vatican auditors closed nearly 5,000 suspected Vatican bank accounts on suspicion of tax evasion. LOS ANGELES, CA (Catholic Online) - The scandal includes a three-year investigation of 544 suspected transactions mainly involving tax evasion.To meet international ... continue reading


MASONS HACKED! Secrets of the Masons spilled - French media to expose highest-ranking Masons Watch

Image of The Masons have been hacked. A secret dump of documents will reveal their secrets to the world.

By David Drudge (CALIFORNIA NETWORK)

Hackers have just released thousands of documents in a new document dump to the media, this time, they contain the secrets of the Masons. The data dump is known as "Masonleaks" and journalists say it will take several months to complete their review of the documents. ... continue reading


Belgian minister warns against offending Muslims, wait until you see the scary reason why! Watch

Image of Muslims take over a Parisian street for prayers.

By David Drudge (CALIFORNIA NETWORK)

A Belgian minister has a telling warning for his country as hearings begin into the Brussels attack that killed 32 people at an airport in March.  The reason for the warning is quite compelling. LOS ANGELES, CA (California Network) - A Belgian minister is warning ... continue reading


All Europe News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Woman diagnosed with 'nightmare bacteria' in US
  • Daily Reading for Wednesday, June 1st, 2016 HD Video
  • Your Daily Inspirational Meme: He will never leave you
  • Daily Readings for Friday, May 27, 2016
  • Daily Reading for Tuesday, May 31st, 2016 HD Video
  • WARNING: Exorcist claims demon is targeting families
  • St. Augustine of Canterbury: Saint of the Day for Friday, May 27, 2016

Daily Readings

Reading 1, First Peter 4:7-13
7 The end of all things is near, so keep your minds calm and sober for ... Read More

Psalm, Psalms 96:10, 11-12, 13
10 Say among the nations, 'Yahweh is king.' The world is set firm, it ... Read More

Gospel, Mark 11:11-26
11 He entered Jerusalem and went into the Temple; and when he had ... Read More

Saint of the Day

Saint of the Day for May 27th, 2016 Image

St. Augustine of Canterbury
May 27: At the end of the sixth century anyone would have ... Read More