During his interview with Charlie Rose on Bloomberg TV Monday night, Alan Greenspan, former chairman of the Federal Reserve, commented that the chances of Greece defaulting are “so high that you almost have to say there’s no way out … the chances of Greece not defaulting are very small.”
Greece seems to be finding that it has fewer and fewer options to address its financial crisis. It is becoming increasingly clear that Greece will need another massive bailout in order to remain afloat, but European finance ministers have indicated that the bailout must be accompanied by a series of tough choices.
The lower house of France’s parliament has rejected a measure pushed by that country’s opposition Socialist Party to legalize same-sex marriage. By a vote of 293-222, the National Assembly, led by lawmakers from the conservative UMP (Union for a Popular Movement), turned back the bill which stipulated that “marriage can be contracted by two people of different sexes or of the same sex.”
“The Greek debt situation is not going away,” observed Robert Zukowski, a senior analyst at 4Cast Limited in New York. His statement came after a one-day rally on Wall Street, which seemed to provide some hope of a rise in the investment market. It is not just the Greek debt situation that is troubling investors; it is concern about a “disorderly” default on Greek sovereign debt. The cost of simply insuring Greek sovereign debt has jumped an astounding 1500 basis points, making it the most expensive of this type of insurance in the world. Standard & Poor’s recently dropped its rating on Greek bonds to “CCC,” which is the lowest of all the 131 nations whose debt it rates.
For at least the past few years, children in Ireland’s government-run foster-care system have been disappearing, only to be found later working as sex slaves in brothels or private homes. And incredibly, the Irish government has not even been keeping statistics on the number of cases.