Thursday March 04, 2010

Greece could sell islands to cut debt : German MPs

reuters.com :

Greece should consider selling some of its islands as one option to reduce debt, two members of the German parliament, Josef Schlarmann and Frank Schaeffler said. "Those in insolvency have to sell everything they have to pay their creditors," Schlarmann told Bild newspaper. "Greece owns buildings, companies and uninhabited islands, which could all be used for debt redemption." "The chancellor cannot promise Greece any help," Schaeffler told Bild in a story under the headline: "Sell your islands, you bankrupt Greeks! And sell the Acropolis too!"

Greek Deputy Foreign Minister Dimitris Droutsas was asked about the idea in an interview with ARD TV. "I've also heard the suggestion we should sell the Acropolis," Droutsas said. "Suggestions like this are not appropriate at this time." Greece has launched an austerity programme designed to secure European help to tackle its crippling debt burden.

- Some kind of bad blood going on between the Greeks and the Germans. Just some days back, the Greeks had been blaming the "Nazi Germans" for their problems and now the Germans are telling the Greeks to sell off their islands to pay off their debt. I wonder how a monetary, economic and political union like the EU is supposed to hold together under such differences in opinion.

See also :

1. The origins of peak oil doomerism
2. Global credit crisis slows food and energy shipments, may lead to shortages
3. NYMEX crude oil prices drop below $79 as Euro falls against USD on Greece concerns

(2010-03-04 22:43:16 SGT) [Biz] Permalink

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