Conference in Cambridge.

Conference in Cambridge. Government aid package compares with fire extinguisher. 12.04.2010, 16:28. Up to 8.4 billion euros the German taxpayer would have to pay this year alone if Greece's loans may no longer operate. For the opposition too much. The majority of the 30 billion euro aid package for Greece contributes nearly one third of Germany. The Federal Government supports a maximum of 8.4 billion euros. For each federal citizens - from infants to the elderly - this would be 100 euros. This is equivalent to government figures, the German share in the capital of the European Central Bank (ECB). This is equivalent to the 16 euro countries at 28 percent. France would have to pay up for this key to six billion euros, Italy for 5.4 billion euros.

Soros warns Europe of disintegration. April 11 2010 16:55. The eurozone area and wider European Union is now “on the brink” of disintegration unless Germany steps up and provides loans at below-market rates to Greece, George Soros, the hedge fund manager, has warned. However, Mr Soros added that he still hoped that Germany and others would be willing to forge a last-minute solution, since the consequence of a break-up would be so dangerous. He was speaking before an announcement on Sunday afternoon by eurozone finance ministers of the terms of a support package for Greece. “It is 50-50 whether the eurozone breaks up. The damage that break up would cause is so great, that I think that as people realise it, they will pull back from the brink,” Soros told the Financial Times in an interview. “But we are at the brink now...a solution has to be found in a matter of days.” Mr Soros’s comments on the fringes of a conference in Cambridge came as Dominique Strauss Kahn, the managing director of the International Monetary Fund spoke of the fiscal challenges facing all advanced economies and the need for a European Budgetary Authority to underpin the euro. “The launching of the euro was only a first step. You can’t have a single currency without having a more coordinated economic policy,” Mr Strauss Kahn said. Como Barroso dis: “A rico Sul…” “Unfortunately there are problems with Germany because it does not want to be the deep pockets helping out the profligate southerners which got into trouble. [But] if that is the case, the euro is in danger and the European Union is in danger. I just hope that Germany will be helpful.” However, he said that even if he was still trading in the markets, he would be extremely wary of placing big bets now, since the potential for a political backlash against “speculators” is ever higher now than it was in the aftermath of “Black Monday”, when sterling crumbled. “Currency traders find it very difficult right now to speculate because public opinion is very much aroused. If I were running a hedge fund now I would be wary of making money because the political consequences would be too severe,” he said. “I don’t think that hedge funds are playing much of a role [in the current crisis] – it is not fertile ground. There is a kind of witch-hunt looking for someone who is profiting.”

22nd October: first credit rating agency Fitch classifies as Greece's credit rating to A-down.
20th November: "We need everyone's help to get the country out of intensive care," said Prime Minister Giorgos Papandreou in the submission of the draft budget.
8th December: Fitch classifies Greece down again, the country loses its "A-Note". Initial discussions on aid from the euro countries.
11th December: Juncker at the EU summit shows Eurogroup chief Jean-Claude confident that the country comes out of the debt crisis itself.
16th December: With S & P ranks the second rating agency Greece down.
22nd December: Moody's lowers its rating as a third agency, but retains an A grade.
28th January: Greece's finance minister makes speculators for the decline in bond prices in charge.
4th March: Greece brings the eagerly awaited with ten-year bond on the market, the interest rate is 6.25 percent.
5th March: A new savings program sees increase in VAT by 2 percentage points, in the public sector wage cuts, higher taxes on fuel, tobacco and alcohol, and a freeze on state pensions from one.
15th March: The euro finance ministers agree on an alternative mechanism for Greece. Details are not known.
April: Investors demand for Greek government bond risk premiums at record levels. The charge is partly about 4.5 percentage points to the ten-year German government bonds. Also default insurance for Greek bonds are more expensive: In order amount of 10 million euros to secure one must be 000 per year paid around 350. On 11 April to agree the euro countries on a joint rescue plan for Greece.