With Greece facing such a dire debt crisis that it recently shut down the country’s banking system in order to keep money from flooding out across its borders, it’s going to take a massive effort to get the country back on solid financial footing. And in this day and age of crowdfunding, why not try to raise a couple of billion dollars online? [More]
Banks all across Greece are closed today, and will remain closed for the rest of the week. Not because it’s a holiday, but because the Greek government is trying to stop the banking system from collapsing as money flows out of the country while its long-running debt crisis reaches a critical point. As a result, tourists in Greece are finding themselves unable to pay for basics like food and shelter. [More]
While his government wallows in massive debt, the Prime Minister of Greece has his own problem — the telephone company turned off service to his home phone earlier this week.
Looks like Goldman turned the Parthenon into a gunpowder magazine for a second time; Greece’s recently revealed debt crisis is rattling the world economy and familiar culprits are at play: Wall Street banks, off-the books loans, derivatives, and other occult financial instruments. I guess we blame the consumer on this one too?