Europe’s Expanding Debt Crisis
http://thedianerehmshow.org/shows/2010-04-29/europe%E2%80%99s-expanding-debt-crisis
Goldman Sachs Chairman Gerald Corrigan testifies in front of Eurozone finance ministers during an April 2010 hearing on the Greek debt crisis in Brussels
European Parliament via Flickr
Fears that the Greek debt crisis may spread have sparked market sell-offs around the world. What the debt burdens in Greece, Portugal and other European countries could mean for economies worldwide.
Guests
Eswar Prasad
Senior Fellow at the Global Economy and Development Program at Brookings, Senior Professor of Trade Policy at Cornell University and former head of the China Division at the IMF.
Simon Johnson
professor of entrepreneurship at MIT's Sloan School of Management, a senior fellow of the Peterson Institute for International Economics and author of the book "13 Bankers."
Uri Dadush
senior associate and director in Carnegie’s International Economics Program, former director of international trade and former director of economic policy at the World Bank.
Comments
Please familiarize yourself with our Code of Conduct and Terms of Use before posting your comments.
Dianne what happens after Greece is bailed out? If Spain, Portugal, Ireland or Italy ask for a bailout, will Germany save them too?
Diane,
Please ask your guests to speak about Goldman Sachs involvement in the financial debacle in Greece. Did they violate US or onternational laws?
Germans and EU allowed easy borrowing from poorer EU countries in order to keep their factories working. Greeks and others were buying German and other European products while no one was trying to create jobs that would remain in the country.
I believe that the Greeks, the Germans, EU, and the big financial markets are just as guilty, and Greece should not be made a constant scapegoat.
Greece cheated, or understated it's deficit in part, aided by the now infamous Goldman Sachs. Is this cheating going on in the United States? Do we really know what kind of "high-finance" tricks the Federal, State or Local US-governments are practicing? What about other Europrean nations? Scary prospect.
Greece defaults;
the people who lent Greece money take a haircut;
everybody learns a lesson;
isn't that the way it's supposed to work?
Diane,
Your program did a great job of explaining the current financial crisis in Greece, but it left me with questions about the banks that did all the lending. Something does not seem right when the working people who make the real wealth of the world are in such debt to the banks that only manage the money.
How do central banks, like our Federal Reserve, get all the money they lend to governments?
You have to wonder, how is it that so many governments, corporations, institutions and individuals are in debt to the banks and for such huge amounts?
Diane,
Your program did a great job of explaining the current financial crisis in Greece, but it left me with questions about the banks that did all the lending. Something does not seem right when the working people who make the real wealth of the world are in such debt to the banks that only manage the money.
How do central banks, like our Federal Reserve, get all the money they lend to governments?
You have to wonder, how is it that so many governments, corporations, institutions and individuals are in debt to the banks and for such huge amounts?