Cuts and Tears: Greek Police Disperse Angry Mob in Athens Clashes
Greek riot police have used tear gas to disperse the crowd of raging rioters throwing petrol bombs and stones. Greece is at a standstill once again, with people venting their anger at more cuts, which the EU is demanding in return for vital funds.

It’s the Debt Stupid! Don't Be Distracted by Greece: Americans Must Also Face Financial Facts

THE DAILY TELEGRAPH: While Europe wrestles with the dilemma of Greek debt, another far more frightening crisis is brewing, writes Justin Webb.

Forget Greece. Or at least put Greece to one side: the real financial disaster waiting to happen is on the other side of the Atlantic. It is a disaster born of self[-]delusion, in a nation that prides itself on plain speaking and openness.

There is much to be celebrated in the United States. They have Osama bin Laden's scalp. They have a vibrant and open political system. The things, material and intellectual, that people want and admire still tend to be American.

But they (and we) face a huge looming crisis. It transcends politics and political candidates – it is much bigger than Michele
Bachmann's hair or Barack Obama's thesaurus – and sometime soon they are going to have to face it.

It's the debt. » | Justin Webb | Saturday, June 25, 2011

Working Americans Suffer Most As Debt Collectors Go Wild

Portugal and Greece Downgraded on Debt Worries
BBC: Ratings agency Standard & Poor's has downgraded struggling Greece and Portugal on further debt worries.

S&P says investors in their bonds could lose out under the terms of a new eurozone bail-out package.

The move pushed up the countries' borrowing costs as lenders demanded a higher rate of return for buying government bonds.

The downgrades left Portugal one notch above junk rating and Greece's creditworthiness below that of Egypt. » | Tuesday, March 29, 2011

Greek Debt Woes Ripple Outward, From Asia to U.S.
THE NEW YORK TIMES: The fear that began in Athens, raced through Europe and finally shook the stock market in the United States is now affecting the broader global economy, from the ability of Asian corporations to raise money to the outlook for money-market funds where American savers park their cash.

What was once a local worry about the debt burden of one of Europe’s smallest economies has quickly gone global. Already, jittery investors have forced Brazil to scale back bond sales as interest rates soared and caused currencies in Asia like the Korean won to weaken. Ten companies around the world that had planned to issue stock delayed their offerings, the most in a single week since October 2008.

The increased global anxiety threatens to slow the recovery in the United States, where job growth has finally picked up after the deepest recession since the Great Depression. It could also inhibit consumer spending as stock portfolios shrink and loans are harder to come by. >>> Nelson D. Schwartz and Eric Dash | Saturday, May 08, 2010

General Election 2010: New Government Must Tackle Rising Debt, Says EU
THE TELEGRAPH: The new Government must tackle the country's rising debt level as a top priority, the European Commission has warned, as figures show public borrowing is the highest in the EU.

Europe's economic and monetary affairs Commissioner, Olli Rehn, was speaking after unveiling EU economic forecasts which show the stirrings of an economic recovery across Europe.

Latest forecasts show Britain's debt at 88% of GDP in 2011/12, well above the eurozone permitted maximum of 60%.

Britain's annual deficit is also running at more than four times the eurozone permitted ceiling of 3% of GDP. >>> | Wednesday, May 05, 2010

Rioting Greeks Throw Petrol Bombs at Police
THE TELEGRAPH: Greek protesters have clashed with riot police in Athens as anger about financial reform boils over.

Several hundred protesters waving red flags and wearing red bandannas confronted the police in the Greek capital on Saturday morning.

Two petrol bombs were hurled at the police lines, and armed police fired tear gas to dispel the crowd.

Thousands more demonstrators were due to gather in Athens for a rally called by trade unions and left-wing parties against government austerity plans.

Union leaders are hopeful that the May Day protests will highlight Greek resistance to the wage cuts, tax rises and pension reductions expected to be implemented.

But there were fears that violent anarchist and hard-left factions were intent on wreaking as much havoc as possible. >>> | Saturday, May 01, 2010

Debt Contagion Fears Mount for Eurozone

Greece Is Just the 'Tip of the Iceberg', Nouriel Roubini Warns
THE TELEGRAPH: Greece is just the "tip of the iceberg” of a sovereign debt crisis that has the potential to derail a global recovery, Nouriel Roubini has warned.

Professor Roubini, the New York-based academic who was one of the few to anticipate the scale of the financial crisis, told a panel in California that the buildup of debt is likely to lead to countries defaulting or resorting to inflation to ease the burden on their populations.

“While today markets are worried about Greece, Greece is just the tip of the iceberg,” Roubini told the Milken Institute Global Conference in Beverly Hills, California. "The thing I worry about is the buildup of sovereign debt.” >>> | Thursday, April 29, 2010