Business

Greece Gets Second Massive Bailout Worth $170 Billion

BRUSSELS (AP) — Greece won a second massive financial bailout in the early hours of Tuesday morning when its partners in the 17-country eurozone finally stitched together a euro130 billion ($170 billion) rescue, meant to avoid a potentially disastrous default and secure the euro currency.

But the patchwork of measures, including the implementation of more austerity in Greece and approval by skeptical German and Dutch Parliaments, required to give the rescue even a chance of success mean that it‘s unlikely to be the end of the continent’s debt crisis.

Markets responded cautiously to the long-awaited deal, though the euro managed to eke out some gains as the fear of a disorderly Greek debt default within a month diminished.

The finance ministers from Greece and the other 16 countries that use the euro as their currency wrangled until the early morning hours over the details of the rescue, squeezing last-minute concessions out of private holders of Greek debt.

New Greek Bailout Approved for $170 Billion

Greek violence has been a staple over the last two years.

The eurozone and the International Monetary Fund, which will be providing the money for the new bailout, hope the new program will eventually put Greece back into a position where it can survive without external support and secure its place in the euro currency union.

The accord, which had been months in the making, seeks to reduce Greece’s massive debts on all fronts, with both private and official creditors going beyond what they had said was possible in the past.

On top of the new rescue loans, Athens will also ask banks and other investment funds to forgive it some euro107 billion ($142 billion) in debt, while the European Central Bank and national central banks in the eurozone will forgo profits on their holdings.

But despite those unprecedented efforts, it was clear that Greece, which kicked off Europe’s debt crisis two years ago, was at the very best starting on a long and painful road to recovery. At the worst, the new program would push the country even deeper into recession and see it default on its debts further down the line.

New Greek Bailout Approved for $170 Billion

Protesters fire bomb police on Feb. 12.

“It’s not an easy (program), it’s an ambitious one,” said Christine Lagarde, the head of the IMF, adding that there were significant risks that Greece’s economy could not grow as much as its international creditors were hoping.

The eurozone – and Greece – had been under pressure to reach an accord quickly to prevent Athens from defaulting on a euro14.5 billion ($19.2 billion) bond payment on March 20. The fear is that an uncontrolled bankruptcy even of relatively small Greece could unleash market panic across the rest of the continent. That would further unsettle other struggling countries like Ireland, Portugal or the much bigger Italy or Spain.

Despite the promise of new rescue loans, which come on top of a euro110 billion ($146 billion) bailout granted in 2010, the other 16 euro countries made clear that their trust in Greece is running low. Before Athens will see any new funds, it has to put into practice a whole range of previously promised cuts and reforms.

More significantly, Greece will have to pass within the next two months a new law that gives paying off the country’s debts legal priority over funding government services. In the meantime, Athens has to set up a kind of escrow account, managed separately from its main budget, that will at all times have to contain enough money to service its debts for the coming three months.

These requirements, together with tighter on-the-ground monitoring, are an unprecedented intrusion into the fiscal affairs of a sovereign state in Europe and could eventually see Greece being forced to pay interest on its debt before compensating teachers, doctors and other state employees.

Greek politicians nevertheless greeted the package as a turning point for their battered country.

“It’s no exaggeration to say that today is a historic day for the Greek economy,” said Greek Premier Lucas Papademos, who had rushed to the finance ministers‘ meeting to lend weight to his country’s pleas for help.

The eurozone and the IMF said the deal is expected to bring Greece’s debt down to 120.5 percent of gross domestic product by 2020 – around the maximum that they consider sustainable. At the moment, Greece’s debt stands at more than 160 percent of GDP.

The euro spiked 0.5 percent to $1.3264 following the deal but stock markets in Europe were trading slightly lower, having enjoyed solid gains in the run-up to the meeting on the expectation that a deal would be secured.

Even some of the politicians who had pushed hardest for sticking close to the 120 percent target first set out in October conceded that it was questionable whether that level was indeed manageable for such a week economy as Greece.

“One can discuss at length the assumptions on which this (target) is based,” German Finance Minister Wolfgang Schaeuble said after the meeting. “Because of that we decided to at least be sincere about the figures.”

Ahead of the meeting, Greece’s international creditors – the EU, the ECB and the IMF – warned that without new measures the debt would still remain close to 129 percent by the end of the decade even under its optimistic scenario. That shortfall persisted even though Athens had faced down violent protests to pass a massive new round of cuts and reforms through Parliament just last week.

So to reach a successful outcome, the finance ministers had to fight on many fronts.

The representatives of private holders of Greek debt had to agree to steeper losses than they had previously said was possible in a voluntary debt relief. The Institute of International Finance said that the bond swap could see Greece’s debt reduced by euro107 billion immediately. On top of that, investors will be asked to give Athens 30 years to repay them, compared with just under 7 years. Average interest rates, meanwhile, would fall to 3.65 percent from around 4.8 percent.

Private investors weren’t the only ones having to give ground.

The eurozone countries will reduce the interest that Greece has to pay for its first package of bailout loans to 1.5 percentage points over market rates from between 2 percentage points to 3 percentage points currently, cutting both its debt load and limiting the need for new rescue loans.

At the same time, the European Central Bank and the national central banks in the countries that use the euro will forego profits on their Greek debt holdings, again reducing the costs for Greece.

“It’s a very good accord in the sense that it is equitably divvied up,” said French Finance Minister Francois Baroin. “The Greeks have made their efforts. The Europeans are playing their supporting role, in their role as creditors … And the private sector part goes beyond” what could be expected.

But several hurdles remain before Greece will see any of the money or other benefits of the new program.

Apart from the implementation of more than 30 different savings and reform measures by Greece, the new bailout has to be debated by parliaments in several member states, including Germany, the Netherlands and Finland.

The IMF also still has to decide how much of the euro130 billion bill it is willing to stump up. Going into the meeting, the Washington-based fund had indicated that its contribution will be lower than the one-third of the total it has provided in previous bailouts.

The IMF‘s Lagarde said the fund’s board would decide on its contribution in the second week of March.

“In doing so it will have in mind the overall program, but also additional matters such as the proper setting up of a decent firewall,” Lagarde said with reference to Europe’s current and future bailout funds.

At the moment, the overall ceiling for eurozone rescue loans has been set ateuro500 billion ($663 billion), much of which has already been committed to Ireland, Portugal and now Greece. Euro leaders will decide at their summit in early March whether that ceiling should be increased.

On top of that, it will also take some time to see how many private creditors will participate in the debt relief and how many of them will have to be forced to sign up through new legal clauses Greece plans to implement. Some analysts fear that imposing losses on even some bondholders may destabilize markets.

Perhaps most crucially, however, may be new national elections in Greece scheduled for April, which could upend the political landscape in the country. The leaders of the two main parties have committed to the cuts and reform program, but anti-bailout parties have been gaining in the polls.

—

Associated Press writers Derek Gatopoulos in Athens, Greece, and Don Melvin in Brussels contributed to this report.

Comments (66)

1 2
  • Joshua7
    Posted on February 21, 2012 at 11:17am

    All the worthless unearned money in the world can’t save them from paying the price for their recklessness. The same logic applies to us as well.

    Report Post » Joshua7  
    • turkey13
      Posted on February 21, 2012 at 2:27pm

      @Joshua7 You are right but since everyone works for the government they can just keep on partying as they run out of the last loans $$$. Here comes another 170 billion so keep on a going. They are like little kids playing cops and robbers. Notice cops try to hold back the marchers. What worries me is they are trying to reach 120% GDP by 2020 and it is now 160%. Recenrtly I read were we are at 110% but its all right as the government would have us believe.

      Report Post »  
  • ChiefGeorge
    Posted on February 21, 2012 at 10:34am

    Looks like these protests are working….their getting paid now. Now to figure out Italy, Spain, Portugal!

    Report Post » ChiefGeorge  
  • The_Jerk
    Posted on February 21, 2012 at 9:24am

    This is the Rothschild-Schiff-Warburg-Soros Ponzi scheme. Your money is shifted through your Bernanke central bank and distributed around the globe. It’s the international money usurers that are destroying America and its sovereignty. They are by and large Jewish, not Arab, Muslim or Persian. Arabs, Muslims, and Persians are their distraction as they pick Americas pockets clean.

    Report Post »  
    • GhostOfJefferson
      Posted on February 21, 2012 at 9:35am

      “meant to avoid a potentially disastrous default and secure the euro currency.”

      It’s funny to me that people acribe magical intelligence, wisdom and piety to the power brokers of the world. Any fool with the ability to read and access to basic economics books can tell you that this won’t help anybody avoid anything, it will only make the fall harder when it eventually happens. And it always happens.

      Report Post » GhostOfJefferson  
    • Secret Squirrel
      Posted on February 21, 2012 at 10:19am

      .
      Can we agree Greece is broke?
      So they get $170 billion confiscated from someone else.
      They will use that money to pay the bills that got them broke.
      When that is gone, they will be broke again.
      Does anyone think somehow Greece will recover when the
      so called workers are rioting in the streets.
      “Yes, the economy is rolling now.”

      Report Post » Secret Squirrel  
    • dmerwin
      Posted on February 21, 2012 at 11:27am

      Aside from your anti-Semitic slant for once I have to agree with you. This one time.

      Report Post » dmerwin  
    • midwesthippie
      Posted on February 21, 2012 at 3:09pm

      …greece is officially on welfare.

      Report Post » midwesthippie  
  • NCREPUB
    Posted on February 21, 2012 at 9:21am

    It’s a slow day in the small town of Pumphandle and the streets are deserted.
    Times are tough, everybody is in debt, and everybody is living on credit.
    A tourist visiting the area drives through town, stops at the hotel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
    As soon as he walks upstairs, the hotel owner grabs the bill and runs next door to pay his debt to the butcher. (Stay with this… and pay attention)
    The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
    The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
    The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.
    The ****** rushes to the hotel and pays off her room bill with the hotel owner. (Almost done…keep reading)
    The hotel proprietor then places the $100 back on the counter so the traveler will not suspect anything.
    At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
    No one produced anything.
    No one earned anything.
    However, the whole town now thinks that they are out of debt and there is a false atmosphere of optimism and glee.

    And that, my friends, is how a “stimulus package” works!

    Report Post »  
    • Economist
      Posted on February 21, 2012 at 9:36am

      Your story only works absent a fractional reserve banking system. The above story does not relate to debt and money as it works today.

      Today the Store owner will deposit his $100 in the local bank to pay his debt. The bank will lend out $90 to the butcher and keep $10. The butcher will buy meat from the pig farmer with his $90. The pig farmer will deposit the $90 in the bank. The bank will lend out (90%) $81 to the Coop guy and keep $9. The coop guy will buy services ($81) with the protitute who will deposit the $81 at the bank. And so on until the original $100 becomes $900. The original $100 + $800 of debt.

      This is the way money system works. So basically the $100 will grow to $900. And the bank will earn interest on all of it.

      Then comes the FED…. See here to understand how for down the rabbit hole goes:

      http://www.youtube.com/watch?v=Dc3sKwwAaCU

      Report Post » Economist  
  • jakartaman
    Posted on February 21, 2012 at 8:32am

    My Girl Ann Barnhardt said that the top 5 US banks hold $250 TRillion in debt with a big chunk of that leveraged in the Euro zone.
    First I did not know there was that much $$ in the whole world
    Seconded we are screwed!

    Report Post »  
    • AmazingGrace8
      Posted on February 21, 2012 at 11:28am

      Magical-Digital- $$…there(not the word NOW) you see it, “now” you don’t. Tah-Dah! Curtains!

      Report Post »  
  • mikee1
    Posted on February 21, 2012 at 8:24am

    Bailouts will not work, except in the short run. RON PAUL-TYPE cuts must be instituted all over THE U.S. AND EUROPE NOW. Tomorrow IS TOO LATE. You will BURN IF YOU DO NOT DO THESE THINGS NOW.

    Report Post » mikee1  
  • TheLibertyScale
    Posted on February 21, 2012 at 8:23am

    Greece isn’t getting bailed out, certainly the people of Greece aren’t getting bailed out. The bankers and the countries holding Greece debt are the one’s getting bailed out and the people of Greece are getting the bill.

    The Greece debt problem is getting fixed with more debt, what could possibly go wrong with that?

    A side note the folks complaining about anarchist in the US show complete ignorance about anarchy. These bottle throwing Marxist‘s and communist’s calling themselves anarchist’s are not calling for less government, they want more. American republic was founded on near anarchy. A federal government with almost no power to use on the people at all. And America prospered. Anarchy should be the goal. I mean if there was no federal government would you be harming your neighbors or destroying their property? The people that do that kind of stuff are do it with or without authoritarian government rule. Learn the meaning of anarchy please.

    Pete-o
    Individual Liberty, Self Reliance

    Report Post »  
  • bandi9
    Posted on February 21, 2012 at 7:48am

    i know, lets see how far we can kick this can down the road.

    Report Post »  
    • Delta D-5-3
      Posted on February 21, 2012 at 8:13am

      You took the words right out of my mouth. This is EXACTLY what they’ve done! Again. This means absolutely nothing. Except to delay the collapse!

      Report Post » Delta D-5-3  
    • bpodlesnik
      Posted on February 21, 2012 at 1:02pm

      To bad Obama couldn’t have taken note, and saw that bailouts will not work.

      Report Post » bpodlesnik  
  • SpankDaMonkey
    Posted on February 21, 2012 at 7:39am

    .
    The sign said Free Pita Bread & Gyro’s Tomorrow…….

    Report Post » SpankDaMonkey  
  • The American People
    Posted on February 21, 2012 at 7:34am

    Greece is being destroyed and this country needs to watch every second of it. If we are stupid enough to let our leftists and anarchists and occupiers bring down our own country the way Greece did then we will deserve it. Leave Pro Constitution Conservatives to their own devices and what do you get? America. Leave leftists and socialists and and anarchists and rioters to their own devices and what do you get? Occupy wallstreet, communism, filth, squallor and Greece. We are at a Crossroads now America. At this point its just educating other people, its spreading a pro constitution conservative word now. We have to wake up the rest of the country or sink below the waves with it. Start telling other people that don’t get online on the Blaze as well. Start telling friends of friends of friends. If you don’t, we’ll never patch the holes fast enough. That would be spitting on the memories of every man and woman who has layed down their lives to make us the Constitutional world Power Republic we are since back to the American Revolution and our Declaration of Independence and Constitution.

    Report Post » The American People  
    • jnobfan
      Posted on February 21, 2012 at 7:51am

      Well said but I’m too busy watching Jersey Shore to bother.

      Report Post »  
  • Baracalypse
    Posted on February 21, 2012 at 7:29am

    Brings new meaning to “kicking the can down the road”…… this is kicking the powder keg down the road.

    Report Post » Baracalypse  
  • Dcjones
    Posted on February 21, 2012 at 7:25am

    Guess what citizens. YOU are funding the bailout of Greece. The IMF is going to provide 30% to 50% of the money for Greece. The FEDeral Reserve is now funding the IMF to skirt around congress. Bypassing Congressional Refusal Of European Bailout. So we are funding Greece’s lazyness through higher food prices, higher gas prices, higher consumer goods prices because of the FED’s theft of our purchasing power. Romney will stand by the FED and does not support an Audit.

    IS IT TIME TO AUDIT THE FED YET? ARE YOU READY FOR RON PAUL YET?

    Report Post » Dcjones  
    • Economist
      Posted on February 21, 2012 at 7:34am

      Yes, This is all true. Americans will be providing much of the bailout to Greece thru the FED via IMF. It is time we take a sledge hammer to the FED

      http://www.zerohedge.com/news/latest-rumor-fed-fund-imf-bypassing-congressional-refusal-european-bailout

      Report Post » Economist  
    • Baddoggy
      Posted on February 21, 2012 at 7:44am

      DC…the sheeple are still asleep…shhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh

      Report Post » Baddoggy  
    • TJeff1
      Posted on February 21, 2012 at 7:48am

      This is why we need to not pay the FED the 2 Trillion they have lent the US treasury. Lets default on them! After all they did not earn the money they conjoured up? I don’t see Bernanke mowing lawns in his spare time to earn 2 Trillion to lend the USA? It was created out of thin air. Therefore we should tell them that they already got to earn interest on the money THEY created and that should be enough. But they should not get the principle payment of 2 Trillion back. This idea has gotten a lot of support by a congressman already and is being proposed as a bill. It needs the public’s support.

      See here:

      http://goldnews.com/2011/07/12/ron-paul-we-should-default-to-the-fed-on-us-bond-holdings-video/

      Report Post »  
    • jnobfan
      Posted on February 21, 2012 at 7:58am

      I’m ready – I’ve been ready but the slackers here in our country have realized that they can vote themselves my money. There is too many of them and the folks south of the border would be crazy not to join in. Its over. I have bought my small farm and am preparing for our new life of self sufficiency.

      Report Post »  
    • Dcjones
      Posted on February 21, 2012 at 8:03am

      BadDoggy,

      Yes they are sleeping, but slowly awakening. If you think you are a “free market” conservative and do not address the main issue of our time ===> “THE FED” you have FAILED as a free market individual and are hardly any better than the outright socialist democrats.

      Federal Reserve = Socialist institution (mutually exclusive)

      Report Post » Dcjones  
    • Delta D-5-3
      Posted on February 21, 2012 at 8:28am

      DCJONES says “IS IT TIME TO AUDIT THE FED YET? ARE YOU READY FOR RON PAUL YET?”

      Ummm, YES and NO! Yes to auditing the Fed, NO to electing someone who has so much contempt for our military. Paul is Jimmy Carter “light” and will further cut our miltary so that we couldn’t even protect ourselves here. Russia just announced a HUGE defense spending INCREASE. Almost a TRILLION DOLLARS!! Ask yourself why?? I’ll tell you why, they smell WEAKNESS in America, it’s like an animal smelling blood. This is fast becoming the most dangerous time in the history of the world, a weak America is the LAST thing you should want. Yes, BRING HOME most of of troops. STOP the so called war in the big sand box. STOP sending BILLIONS to countrys who hate our guts. But cut the military now, that’s SUICIDE!! God help us all as the next 6-9 months I believe, will be a horrible time for our country, and indeed the world.

      Report Post » Delta D-5-3  
    • Dcjones
      Posted on February 21, 2012 at 8:48am

      Delta D-5-3,

      Americas downfall and ROT will be from within our borders, not from BEYOND our borders.

      You have a clear choice of leaders that will promote the ROT (Romney, Santorum, Obama) or clean it up (RP). If you agree or not with his foreign policy is a moot issue. Foreign policy should be of little concern when we are a bankrupt nation.

      I am not sure if America can be saved even if RP is president, but it spells certain destruction without him. The military will be gutted either way, by deliberate and slow methods (Ron Paul) or quickly because of a USA bankruptcy. To me, an abrupt withdraw is much worse because the world will not have time to react.

      Report Post » Dcjones  
    • dmerwin
      Posted on February 21, 2012 at 11:32am

      Not only do we need to audit the Fed. We need to leave the IMF and the UN, I cannot think of ONE useful thing they have ever accomplished for the US. If we want to be charitable it should go directly to the solve the root problem not go through the filters that get rich off of our money. No government to government assistance either the despot in charge always makes the profit.

      Report Post » dmerwin  
  • Susie
    Posted on February 21, 2012 at 7:21am

    This better be seen as a warning to us, and we had better start slashing unsustainable programs now and freeing capitalism to do what it does best while there is hope of heading off our own fiscal doom.

    Report Post »  
    • BehindBlueEyes
      Posted on February 21, 2012 at 7:45am

      Your right Susie but as long as the commie in chief is in the WH it isn’t going to happen. Obama and his puppet master want a new world order where they will run every aspect of your life. You will be at the mercy of a new centralized group of bureaucrats that will make decisions based on what they think is best for their new world order agenda. America will become just another destination on a map.

      Report Post » BehindBlueEyes  
  • Baracalypse
    Posted on February 21, 2012 at 7:13am

    bailout = poverty and slavery
    default = poverty and freedom

    Report Post » Baracalypse  
    • justangry
      Posted on February 21, 2012 at 8:00am

      Now now, that’s dangerous thinking for yourself. Quit that and think like the TV tells you to.

      Report Post » justangry  
  • justangry
    Posted on February 21, 2012 at 7:12am

    I don’t understand how they call loans a bailout. It just undermines Greek self determination and sovereignty.

    Report Post » justangry  
  • Snowleopard {gallery of cat folks}
    Posted on February 21, 2012 at 7:12am

    So how much more of the EU mess has Obama put us into the hole now? How much faster will the US go under dragged by the beast of the EU sinking and sinking fast.

    Report Post » Snowleopard {gallery of cat folks}  
  • Gonzo
    Posted on February 21, 2012 at 7:11am

    When will the German flag fly over Greece? They own them lock, stock and barrel.

    Report Post » Gonzo  
    • Baddoggy
      Posted on February 21, 2012 at 7:16am

      Yep…and China owns us.

      Report Post » Baddoggy  
    • Gonzo
      Posted on February 21, 2012 at 7:26am

      Sad but true Doggy but, the stock market is up! “What me worry?”

      Report Post » Gonzo  
    • Baddoggy
      Posted on February 21, 2012 at 7:43am

      Yea it kinda reminds me of 1978 when I was in Acopulco and saw that cliff diver attempt the highest dive he had ever done…Yea, that worked out good too. Well except for that big rock.

      Report Post » Baddoggy  
    • Gonzo
      Posted on February 21, 2012 at 8:10am

      The majority of Americans are too busy worrying about Republicans “denying birth control to women” or who’s winning on Survivor to see the danger…and that is exactly as planned.

      Report Post » Gonzo  
    • KangarooJack
      Posted on February 21, 2012 at 10:44am

      …and the general populace is actually ticked off at the Germans. Expressing sentiments that ‘how dare they’ (the Germans) dictate to them (the Greeks) that they NEED to cut back on entitlement programs that have drained the coffers for decades to come.
      Last I heard, the other EU Leaders held Germany’s feet to the fire claiming they were being elitetist and unkind by not wanting to fork over MORE $$$ to bail out this unending cesspool known as Greece.
      WHEN, not IF, it happens here in the U.S. – I shudder to think. I really do.

      Report Post » KangarooJack  
    • Economist
      Posted on February 21, 2012 at 11:54am

      Kang,

      Already happening here. It is just papered over with free money at our future expense. Sad eh?

      Report Post » Economist  
  • Diane TX
    Posted on February 21, 2012 at 7:10am

    All of these European Countries are trying to make theirselves into the image of the United States of America. All the different Countrys trying to become one Union, with one monetary exchange system, like the American Dollar. The Euro is only at a higher value, only because it’s much more expensive to live in an European Country, due to the excessive Socialism. The only system that really works is Capitalism. That’s because human beings only take risks when they might be rewarded.

    Report Post »  
  • BehindBlueEyes
    Posted on February 21, 2012 at 7:10am

    This is what happens when you get fat and lazy on socialism. A large portion of the population is either a bureaucrat or depends on the bureaucrats in government to look after their best interests. Governments are compulsively incompetent and in most cases create problems rather than solve them. It’s just too easy for them to spend taxpayer money without accountability.
    Now America (who is the largest contributor to the IMF) will be paying for the disaster the socialist morons in Europe created.

    Report Post » BehindBlueEyes  
  • Mil-Dot
    Posted on February 21, 2012 at 7:08am

    Yep, all you have to do to keep the gravy train going is break some glass, burn some stuff, fight some goons and the money will fall from Heaven into your grubby little mitts. “Kick that can down the road, sell out your kids, take from the working and give to the deadbeats, we are proud of you”.

    Report Post »  
  • Baddoggy
    Posted on February 21, 2012 at 7:08am

    I heard Stewart Varney talking about how the unemployed here are going on SS disability after their unemployment runs out by claiming MENTAL ILLNESS. If you think we arent already sunk you are fooling yourself.
    I am ready for it to all crash so I will get to shoot some of those mentally ill that will try to rob my house. But they will probably be too lazy to steal…

    Report Post » Baddoggy  
  • DoctorRon
    Posted on February 21, 2012 at 7:07am

    So Greece gets rewarded for behaving badly?

    Report Post » DoctorRon  
  • The_Almighty_Creestof
    Posted on February 21, 2012 at 7:01am

    I wonder how much will be left after their so-called “leaders” take their cut?

    Report Post »  
  • ColoradoMaverick
    Posted on February 21, 2012 at 6:54am

    Americans need to be paying very close attention to Greece right now, but most are not. I bet if you did a “man in the street” segment where you ask people walking around New York, LA, or any college campus what they know about Greece, they could not tell you.

    Report Post » ColoradoMaverick  
  • CROCK-HANDLER
    Posted on February 21, 2012 at 6:46am

    You can’t fix” stupid”!

    Report Post »  
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