EU Says Greeks Should Work 6-Day Week: Report

That's real white of the the European Commission, European Central Bank and International Monetary Fund to leave the the 2 week vacation in. So because the Greek government went hog wild spending (it ain't like the people did it) all it's citizens should be enslaved to work 6 days a week for 13 hours a day.
Did the central bank need an injection? My guess is, yes. And I know the IMF has hit the US up, so seriously who the hell do they think they are?
How long do you think you could keep running on that type of schedule?
2 weeks to a month maximum is all I could do. A body nor a mind runs well without rest.
Greece just needs to default. The money they would get pretty much only goes to pay interest.

Greeks should operate a six-day working week for all sectors, international creditors said in a letter to the Greek government, a measure which forms part of a wider set of demands in return for aid to the country.

The paper printed the following extract from the letter: "Increase the number of maximum workdays to six days per week for all sectors. Increase flexibility of work schedules; set the minimum daily rest to 11 hours; delink the working hours of employees from the opening hours of the establishment; eliminate restrictions on minimum/maximum time between morning and afternoon shifts; allow the consecutive two-week leave to be taken anytime during the year in seasonal sectors."

Greece has had to agree to an austerity package and stringent labor market reforms in order to continue receiving payments from its creditors.

Clarke and Dawe ask the million dollar questions

http://www.abc.net.au/news/video/2010/05/20/2905304.htm


John Clarke and Bryan Dawe calculate the cost of the European debt crisis

You wanna bet Germany already got wind of these facts?
And you thought you were the only one thinking about how they were going to pay the bailout back.

Keeping Pace With the Global Economy

http://www.minyanville.com/businessmarkets/articles/todd-harrison-random-thoughts-bkx-global/5/25/2010/id/28467

Congress blocks indiscriminate IMF aid for Europe

http://blogs.telegraph.co.uk/finance...id-for-europe/


Europe may have to clean up its own mess after all. The US Senate has voted 94:0 to block use of taxpayers’ money for IMF rescues that make no economic sense or bail-outs for countries like Greece that far are beyond the point of no return.

“This amendment will help prevent American taxpayer dollars from underwriting dysfunctional governments abroad,” said Texas Senator John Cornyn, the chief sponsor. “American taxpayers have seen more bailouts than they can stomach, and the last thing they should have to worry about are their hard-earned tax dollars being used to rescue a foreign government. Greece is not by any stretch of the imagination too big to fail.”

Co-sponsor David Vitter from Louisiana said America had run out of money. “Our country already owes trillions of dollars in debt. We simply can’t afford to take on other countries’ debt in addition to our own.”

It is unclear where this leaves the EU’s $1 trillion “shock and uh” package. Urlich Leuchtmann from Commerzbank said the IMF share of $320bn was the only genuine money on the table, the rest being largely euro smoke and mirrors, or plain bluff.

The measure is an amendment to the US financial overhaul law. Backed by both parties, it can hardly be ignored by the Obama administration whatever Tim Geithner may or may not want to do. The bill has to go to Conference for reconciliation with the House, but the point is made.

It instructs the US representative at the IMF to determine whether a country with a public debt above 100 per cent of GDP can be expected to repay IMF loans. If this cannot be certified, the US must oppose the rescue package.

Dylan Ratigan on the IMF-EU Bailout

http://www.msnbc.msn.com/id/21134540/vp/37070441#37070441


Dylan wants to know WHY!

GOP continues effort to thwart EU bailouts

http://thehill.com/blogs/on-the-money/801-economy/96571-gop-continues-its-effort-to-thwart-eu-bailouts

Don't hold your breath on that position is all I can say Cathy. I guess you didn't look at pg 159 or 160.

You wanna see the details behind Bank America's (BAC) exposure to Europe and the emerging markets? If you do, "turn" to page 159 & 160.
http://www.minyanville.com/businessmarkets/articles/todd-harrison-finance-markets-wall-street/5/7/2010/id/28187?camp=syndication&from=yahoo


Rep. Cathy McMorris Rodgers (R-Wash), vice chair of the House Republican Conference, on Thursday said the Dow losing approximately 348 points should signal the Obama administration that the Greece bailout will not help to restore the market.

"The market downturn supports the argument of bailout opponents that investors don't have confidence that the Greek bailout deal will work," she said in prepared remarks.

Rodgers and House Republican Conference Chairman Mike Pence (R-Ind.) also sent a letter to Vice President Joseph Biden urging him to oppose a potential bailout of Spain, which appears to be teetering toward financial crisis.

"Should Spain request a bailout from the IMF, we urge you to make it clear that the U.S. will oppose such a bailout, and do all in its power as the IMF's leading contributor to reject putting American money further at risk," they wrote. "The U.S. did not implement the policies that have caused Spain's debt issue and the U.S. taxpayer should not be put at risk to bail them out."

The lawmakers have already sent a letter to Treasury Secretary Timothy Geithner calling on him to oppose the $145 billion bailout of Greece, as well as future European bailouts.