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Behind the Spritz: What Really Goes Into a Bottle of $100 PerfumeWe've read a good deal about the Greek financial crisis. Prime Minister, Papandreou, has imposed tax increases and spending cuts aimed at cutting the Greek deficit. Greece is most indebted nation in the EU.
Last week the Greek government floated a 10 year bond offering with rates rising to 6.3%, twice as much as the German government pays to borrow money.
Papandreou maintains that he will have a hard time implementing his austerity program if all of his savings are eaten up by higher interest rates.
Papandreou is scheduled to meet with President Obama and US Treasury Secretary Geithner on Tuesday. He is urging the US and Europe to jointly step in to shore up global financial regulation. He has been pushing G-20 leaders to curb speculative activity. Specifically, he said there needs to be "Clear rules on shorts, naked shorts and credit default swaps."
Papandreou has stated several times that he is not looking for a bail out. He simply wants Europe to stand by Greece while it implements its reform package.
Here in the US, Congress doesn't have the inclination to pass the "Volker Rule" which would prohibit proprietary trading by US banks. Wouldn't it be ironic if the Greek crisis did it on an international level.
Should speculation be banned against sovereign government debt?
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