3/11/10

The struggle between power groups continues

News. March 11 (Bloomberg) -- Greece’s hospitals, airports and schools were shut today as unions stage the second general strike this year to protest Prime Minister George Papandreou’s latest budget cuts to curb the European Union’s biggest deficit.

My point. These are the painful consequences of large budget deficits and budget cuts. Public discontent.

But it has to be done. The bondholders have to be payed. The transfer of wealth is enormous. And the Greek people are now realizing it.

The Greek problem may be solved from a financial standpoint, Not from a human one.

The economic impact is very slow business growth in the countries trying to control their huge deficits. There is no way to escape.

What is going on in Greece reminds me of what happened to GM.

George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest

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