Interesting World Greek Debt little country big problem even bigger implications

 So Greek owes so much money they are not in very good shape at all what do you do when a country needs to declare bankruptcy.  Supposedly they barely have enough money in the treasury to make there interest rate payments.  Yet everybody is standing around hoping the whole thing doesn't collapse.

What WSJ had to say.
"Call me a heartless cynic, but I have to admit, I’m kind of enjoying the current European crisis over Greece’s fiscal mess. It’s full of laughs.
“Greece did not ask for any financial support,” proclaimed European Council President Herman Van Rompuy — as he and 26 other European leaders busied themselves in Brussels concocting bailout schemes that Greece apparently didn’t ask for.
But that wasn’t even Van Rompuy’s best line. This was: “We fully support the efforts of the Greek government and their commitment to do whatever is necessary including adopting additional measures.”

That just killed me. Greece is on the brink of bankruptcy. Spiraling budget deficits threaten to blow up Portugal and Spain. The euro is under ferocious speculative attack.
And after weeks of careful deliberation, the EU decides to…well, do nothing — no default, but no EU bailout either. Apparently, the EU wants to roll the dice on the very nation that got it into this mess in the first place.
Now, that’s funny.


40% of the jobs in Greece are state jobs.  So if the country were to default or stop payment of government employees.  What would happen?  What would those 40% do?   Yet who wants to write the Grecian a better note with less interest or extend there debts.    If you ask me there best hope is default.  Say screw you bankers thanks for the money. 


WSJ talks about it and compares what the EU did today as trotskiesh.   take a look at the link below.

http://blogs.wsj.com/deals/2010/02/11/mean-street-what-leon-trotsky-teaches-us-about-the-greek-crisis/


also another little boutique closed on wall street some are saying its a sign of more to come but this article shows this company may have had some very unique problems.  with over 4million in legal fees associated with a fight between the owners.

The New York-based company, with a reputation as a strong derivatives trading firm, had been in talks for almost a year with Braver Stern Securities Corp, a mortgage boutique that former Bear Stearns Cos Chief Financial Officer Sam Molinaro was advising, according to people familiar with the matter.

In one lawsuit, filed in June 2008, one of the firm's co-founders, Bert Cohen, said the other, Bradley Reifler, had sent him an e-mail that said "your kids think you are nuts... you are a bitter lonely ass... you are dead to me."  sounds like they don't like each other and the great think is with social networking you can let everyone know how much you dislike each other

Reifler, head of institutional trading at failed commodities broker Refco until 2000, wrote on what appears to be his Twitter profile that he is now "starting Forefront Advisory with non-criminal partners."


Also another great piece on "God's Work"  a famous quote by Blankfein
I just wish I had started Goldman Sachs

http://blogs.wsj.com/deals/2010/02/11/is-goldman-just-a-big-hedge-fund/