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This is several months now that a large number of economists are convinced that the Greece is not solvent. The Greek State is unable to collect enough tax, because a large part of its citizens are long past masters in tax evasion. The drastic spending reduction plans weaken an economy already in Honda Civic Tour tickets poor condition; Pitbull ticket activity will be decreased by 3 in 2011. The arithmetic is relentless. The Greece has a debt that is approximately 157 of GDP. The sustainability of debt depends on the growth of the economy and real interest rates. Even if we optimistic assumptions about rates, Honda Civic Tour ticket the Greek State should relieve budgetary tickets for Keith Urban surpluses of about 6 of GDP only to stabilize the debt-GDP ratio! It is a Herculean task. Even if the Greek State to quickly complete a major privatization program, this would not suffice to change the explosive dynamics of the debt. According to the most optimistic such a program would 50 billion euros, which would reduce the debt to about 130 of GDP...

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Successive bailouts from the IMF and the European Union can Honda Civic Tour certainly save time, but it is clear that they do not solve the problem. If it could be a good idea to delay Keith Urban tickets the resolution of the problem of the Greek debt crisis, where the risk of contagion could be massive and in any case difficult to assess, it appears more and more risky to continue to play the shows. European officials think that the Greece will be able to pay if it Pitbull tickets expands enough maturity of the loans. On this view is often registry justification that, in renewing the funding to the drip, the IMF and the European Union can push the Greece reform tickets for Pitbull and privatize, conditions sine qua non for the restoration of growth in the medium term. For reasons explained above arithmetic, this policy should be revised.

Basically, there is only two possible solutions to resolve the Greek crisis: the Greek debt is restructured, or a number of countries in the euro zone are agree to transfer money to the Greece, to repay a significant portion of its debt. Pitbull Such a refund would have multiple benefits: it would stabilize the financial system, as the absence of default would ensure the maintenance of the rating of the Greek debt and the financing of the European Central Bank (ECB) for Greek banks; the ECB would be no loss in good Greek capital; There would be more contagion fear for the Ireland, the Portugal, the Spain and nothing to fear in the market of CDS (credit default swaps"). Of course, to combat moral hazard, should immediately take a strict and credible governance of the eurozone reform with more tax integration and financial regulation pan to avoid that situation Greek does not happen again. Politically, it seems almost certain that, despite its merits, this solution is not adopted.

We are moving so slowly but surely towards a restructuring Keith Urban of the Greek debt. This solution would have the advantage to pay part of the note by the private creditors. But if we adopt the policy of the ostrich and restructuring tickets for Honda Civic Tour is not prepared, a number of unpleasant events could occur. The other countries of the periphery could be affected by the contagion; the ECB could refuse Greek debt as collateral, thereby depriving the Greek banks of liquidity and precipitating the bankruptcy of all the Greek banking system, forcing the Greece to get out of the euro; the CDS market, which has kept all its opacity, could spread the crisis in unexpected places. Sand and instead as we à le contraire en nous la et du Si, Keith Urban ticket à le contraire, nous sortons la tête the and of whether, on the contrary, nous leave la head by providing a menu of options for the restructuring of the debt, we can limit the contagion. Should also, of course, have a European war treasure to recapitalise immediately any financial or any institution State weakened by a Greek debt restructuring. The tactics of the time by successive plans Union European-IMF has led to the concentration of sovereign risk in the balance sheets of the public (ECB, European financial stability Fund) authorities, which should foster coordination of accounts payable. It will be much needed!