Greece has admitted it's still not able to deal with its deficit - the key demand of its international creditors. That's even taking into account mass layoffs announced yesterday, and a new round of austerity cuts which still need Parliament's approval. RT on Twitter twitter.com RT on Facebook www.facebook.com

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In which John explains the Greek debt crisis, which has pushed the Greek government close to defaulting on its loans, the reasons why the Euro zone and the IMF are desperately trying to bail Greece out, and what the rising cost of sovereign debt means for the massive budget deficits throughout the developed world. Thanks to Karen Kavett at www.youtube.com for the illustration. Debt Chart: en.wikipedia.org

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The Greek Prime Minister is facing a crucial confidence vote in parliament. It will determine whether he'll be able to secure another injection of cash from the EU, and save the country from plunging into deeper crisis. On Monday, EU finance ministers piled further pressure on Greece. They gave Athens two weeks to pass fresh budget cuts and tax increases, conditions that must be met to secure a previously agreed installment of twelve billion euro. MEP William Dartmouth, whose UK Independence Party wants Britain out of the EU, says the uncertainty over the next payment for Greece, is understandable.

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With the euphoria over the deals reached at Brussels dying down, the numbers are now being pored over by economists and experts to see if they add up. One of them is RT's Max Keiser who believes nothing's changed - the EU's still fighting debt with debt. RT on Twitter twitter.com RT on Facebook www.facebook.com

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www.euronews.net Finance ministers from the 27 European union countries in Brussels have been holding further talks in Brussels. They have agreed that private holders of Greek debt may need to accept losses of up to 60 per cent on their investments, if Greece's growing mountain of debt is to be made more sustainable in the long term.

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nma.tv In the run-up to the European Debt crisis, Greece racked up plenty of debt as a member of the Euro. When it became clear that Greece was in big trouble, other Euro countries had to help or risk contagion. Angela Merkel of Germany forced bondholders to take a 50% haircut while Sarkozy of France went to China for some relief. Merkel was praised for her leadership in cobbling together a bailout for the Greeks but in a twist that put global markets in turmoil, Greek PM Papandreou announced a referendum to decide whether or not to take the deal. Merkel and Sarkozy are sure to put pressure on Papandreou to take the deal immediately. If not, Greece might find itself out of the Euro.

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The Greek Bank Debt crisis is precarious for the world's financial health. Are the Greek people 100% responsible for what has happened? No they are not. They are only about 95% responsible, which is no different than the Americans being responsible for what is happening in their own country. We need to stop blaming the boogieman greedy banks for everything. No one held a gun to your head to take out another credit card, or to buy a nicer house than you could afford. And in the same respect no one forced the Greek people to vote in politicians that give out entitlements without collecting the taxes to pay for them. Now it is time to pay the piper, in Greece as well as in America. The fairytale life is over; it's time to get back to work. There is no free lunch; we are the ones who in the end pay for everything. Get ready to live like your Grandparents used to live, which when you think about it, was not that bad. Work hard, save your money, and only buy what you really need. And to that I would add, first be grateful for what you have, and then you might get what you want. jbranstetter04

Greece Default Implications Greek debt posterity tax collecting German role crisis banks loans government jobs pensions creditors bonds culture collapse riots protests streets austerity collection deutsch american perspective discussion economy Loan news patronage greed graft The People Never Agreed to jbranstetter 04

Here our the facts relating to the Sovereign debt crisis in Europe and Greece. This is information you won't hear anywhere else breaking down how the financial terrorists work.

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This is the VOA Special English Economics Report, from voaspecialenglish.com | http Finance ministers from the euro area met in Poland in the middle of September to discuss the Greek debt crisis. American Treasury Secretary Tim Geithner joined them. Fabian Zuleeg, chief economist at the European Policy Center in Brussels, said the United States was right to get involved. "The intervention from the US has also shown at least a risk that the stability of the financial system as a whole -- the global financial system -- might be under threat again." Earlier, the leaders of France, Germany and Greece held a conference call to discuss how to contain Europe's deepening financial crisis. Germany and France are Europe's two largest economies. Seventeen European Union countries use the euro as their currency. On September fifteenth, five major central banks agreed to lend additional dollars to European banks in the euro zone. The European Central Bank says the three-month loans will provide as many dollars as the banks need. The operations will end in December. The European Central Bank is acting with the United States Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank. The announcement helped lift European bank shares and major European stock lists.The Paris-based Organization for Economic Cooperation and Development has lowered its growth estimates for the euro area. In Greece the economy has shrunk this year. German Chancellor Angela Merkel <b>...</b>

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In which John discusses the ongoing Greek debt crisis, and its implications in the wider world. Also, the Swoodilypoopers face Cardiff City.

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www.presstv.com In this edition of On the Edge, Max Keiser interviews Yanis Varoufakis from YanisVaroufakis.eu. He talks about the new Greek bailout package planned for September and on the Eurozone crisis.

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Recipe for disaster - * Take one small, war-ravaged nation with no natural resources and no heavy industry to speak of. *Subsidise their economic recovery to ensure the right outcome in their ongoing Civil War by ensuring the establishment of a comfortable, broadly social democratic welfare state, with an ecconomy based chiefly on tourism to ancient sites and the excessive breaking of crockery after every meal. * Leave to stand for 60 years until the social welfare expectations are firmly set. * Firmly adhere this economy to those of all the economic and industrial powerhouses of the EU and observe results. "From Stettin in the Baltic to Trieste in the Adriatic an "iron curtain" has descended across the continent. Behind that line lie all the capitals of the ancient states of Central and Eastern Europe. " Winston Spencer Churchill, 1946 This was not *quite* true. Although many of these states and nations had been agreed upon negotion at the Tehran, Yalta and Potsdam Conferences to fall within the Soviet sphere of influence after the War, there was an exception that Churchill was desperate to cover under a secret, side deal at Fourth Moscow Conference in 1944, attended only by Churchill and Stalin. Winston was a public school boy, schooled in Classical Civilisation, Homer, Plato and Ovid and tales of The Grand Tour, birthright of all young British nobles. To Churchill, the idea of Athens being walled off from Britain and under Soviet control was unthinkable. He negotiated <b>...</b>

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Brussels, 27 Oct. French President Nicolas Sarkozy announces that EU leaders have reached a new agreeement on helping Greece deal with its debt problem

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Forced into action by the teetering economies of Italy and Spain - EU leaders and private investors have agreed on a second bailout worth around 220 billion dollars, to prop-up Greece's unravelling economy. In an unprecedented show of solidarity to save the ailing Euro, the heads of states also agreed on a plethora of new laws, including ones to protect the union from US credit rating agencies. But economic journalist Patrick Young says it's only a temporary cure, patching over the inherent flaws of Eurozone finances. RT on Twitter: twitter.com RT on Facebook: www.facebook.com

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Eurozone finance ministers are set to approve the release of $17bn for Greece. It is the next portion of the bailout from the European Union and the International Monetory Fund - made possible by the austerity laws the Greek parliament passed this week. However, there is no certainty in the long-term benefit of the bailout, as Greece's mechanisms to repay the loan are still unclear. Al Jazeera's Laurence Lee reports.

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Flights are grounded, schools, shops and factories all quiet - as the country endures what's being called the 48-hour 'mother of all strikes'. But parliament's still considering squeezing spending even further, to stave off national bankruptcy. Financial analyst Patrick Young says the situation is Greece is so dire, that more belt-tightening won't help it shed its debt. RT on Twitter twitter.com RT on Facebook www.facebook.com

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The political and financial turbulence in Greece has shaped discussion at the G20 summit, which has just wrapped up in Cannes. EU leaders voiced strong determination to defend the euro and agreed on bolstering the International Monetary Fund's resources. RT's Anissa Naouai reports RT on Twitter twitter.com RT on Facebook www.facebook.com

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How bad is the Greek debt crisis? How will the US's inability to get its fiscal house in order impact rising countries such as Turkey? Economist Murat Yülek hails from Turkey and is a former Georgetown University professor and finance company CEO, who's worked with the International Monetary Fund, the World Bank, and the Islamic Development Bank. In early July, Yülek sat down with Reason Foundation's Director of Economic Research Anthony Randazzo to discuss how the Greek and American situations may just make it harder for countries such as Turkey to fully liberalize their economies. Approximately 5.08 minutes. Shot by Joshua Swain and Jack Gillespie. Edited by Swain. Go to reason.tv for downloadable versions of and all our videos. And subscribe to Reason.tv's YouTube channel to receive automatic notification when new content is posted.

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European banks have agreed to write off 50% of the debt owed to them by Greece. It was decided during an emergency summit in Brussels, where EU leaders made, what many believe, was the final attempt to save the Eurozone. The settlement was reportedly a close-run thing, with the bank lobby holding out until German Chancellor Angela Merkel threatened letting Greece default. The EU also promises to loan Athens another 100-billion euros, while the ballooning bailout fund is in line to expand to a trillion euros. Now the task is to put it all into action. And Johan Van Overtveldt, who runs two of Belgium's leading business magazines, believes what's been achieved simply lacks any sort of punch. RT on Twitter twitter.com RT on Facebook www.facebook.com

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The Deputy Prime Minister and Minister for Finance of Greece, Evangelos Venizelos, delivers a speech entitled "The Greek Debt Crisis: Challenges and Opportunities" at the Peterson Institute for International Economics on July 25, 2011. His presentation at the Institute was his only public appearance during his visit to Washington to meet with top IMF and US officials to discuss the Greek reform program and financing for it.

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President of the European Council, Herman van Rompuy, met with Finnish Primer Minister Jyrki Katainen during his visit to Finland on Monday in order to find a solution over Finland's demand of a collateral for its contribution to a second Greek bailout. Speaking after talks with Finnish leaders, Van Rompuy reaffirmed the euro zone's commitment to resolving this matter and his confidence in reaching an agreement with all the members soon. "Finland has specific sensitivities, but we have the common duty to find solutions for all the problems raised by the 17 member states", he stated. Likewise, Primer Minister Katainen agreed on the need of finding a solution "suitable for Finland and the other creditors".

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As the Greek debt crisis continues, foreign leaders are continuing to put pressure on the Greek government to further implement austerity measures. Over the last year the country has seen a rise in tax rates and VAT, a cut in public sector wages in exchange for bailout loans from the international community. Many of these austerity measures have not been very fruitful and have sparked mass protests throughout Greece. The Greek population it seems are no longer willing to accept any more austerity measure.

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www.DemocracyNow.org - World leaders are gathering in Cannes for the opening of the Group of 20 summit today. On the top of the agenda is the Greece bailout and the European debt crisis. On Monday, Greek Prime Minister George Papandreou angered many European leaders by announcing his support for a popular referendum — allowing the Greek people to decide if they want to accept the conditions of the $179 billion European Union bailout. After days of increasing criticism from European leaders, Greek Prime Minister George Papandreou is now facing calls from within his party to resign. The Greek debt scandal has also pitted US banking interests against France, Germany and other European powers. "The Americans are putting immense pressure on Europe saying, 'We will wreck your economy if you don't wreck Greece's economy,'" says economic analyst Michael Hudson on Democracy Now! Nov. 3. President Obama is "basically telling Europe, 'Don't go the democratic route, support Wall Street.'" For the complete interview, read the transcript, download the podcast, and for additional reports on the US and global financial crisis and the Occupy Wall Street Movement, visit www.democracynow.org FOLLOW DEMOCRACY NOW! ONLINE: Facebook: www.facebook.com Twitter: @democracynow Subscribe on YouTube: www.youtube.com Daily Email News Digest: www.democracynow.org Please consider supporting independent media by making a donation to Democracy Now! today, visit www.democracynow.org

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Greek Debt Crisis? Actually the world owes the Greeks, by Angelo Tsarouchas www.funnygreek.com

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A major US credit agency says it will downgrade the Greek debt to default status as a result of the second bailout for the country. The plan agreed by EU leaders, includes both government and private loans totaling around 150 billion euros. The move has boosted the single currency for now, but critics say it's only plunging the struggling Eurozone into an even deeper debt hole. RT on Twitter: twitter.com RT on Facebook: www.facebook.com

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Greek MP Simos Kedikoglou shares his thoughts with RT on what the future holds for a Europe struggling to contain its debt epidemic... RT on Twitter twitter.com RT on Facebook www.facebook.com

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Live Chat, Video & Audio (Greek): www.zougla.gr

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Michael Hudson: There is nothing democratic about sending Greece into a decade of depression

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