Tuesday, June 14, 2011
Dominos
Deficits are financed by issuing bonds. When the credit rating falls for those bonds, it signals an increased risk of default. This is currently the case in Greece (no nation is rated lower). When those bonds fail, those that hold those bonds suffer. This is one major reason why the nations in Europe are so closely intertwined. Why many of those nations are suffering because of their neighbors (Iceland, Ireland, Greece, UK, etc…). It is why when Spain and/or Portugal get into the same problem that Greece is in the other will feel it. And here is news of private US companies intertwined with Greece. Not good.
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The history of the world started in Greece and since Greece has so much historical worth can't something be engineered to jump start its prospects for tourism. Wouldn't these revenues help Greece's capital worth? I saw on the History Channel how they are spending millions to rebuild The Parthenon. Why would they spend millions on a historic landmark if tourism was not a major factor in this reconstruction of an ancient monument. Isn't that where Philadelphia gets alot of its revenue for the state budget and isn't that the reason behind the propose three cent tax on soda???? Sharon L Schafer
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