Greek Prime Minister George Papandreou cancelled a planned visit to the United States on Saturday to deal with a deepening crisis at home, days before European Union and IMF inspectors decide on further funding for the debt-ridden country.
Finance Minister Evangelos Venizelos rushed to allay fears the cancelled trip signalled imminent default, saying such talk was "ridiculous", but the conservative opposition seized the opportunity to demand snap elections, fanning fears Greece lacks the will needed for tough measures ahead.
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SAN FRANCISCO (MarketWatch) -- Greece's government was meeting over the weekend to assess a new warning that future euro-zone aid will be withheld unless it can bring its unruly budget deficit into line, according to a media report Sunday. Prime Minister George Papandreou aborted a planned trip to the U.S. this week to preside over emergency meetings in Athens to identify new savings that will convince other euro-zone governments that targets can be met, The Wall Street Journal reported. Without fresh aid, Greece will run out of money by mid-October, the Journal said.
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Why the Euro bailout will fail...
Brilliant is an understatement. Start watching at the 30-second mark.
From satire comes wisdom. This short clip perfectly encapsulates the madness of bailouts. Clarke & Dawe on the European debt-guarantee circle jerk.