Greece asks US to help crackdown on speculators

[pampango]

Source: BBC

The Greek prime minister has called on the US to help crack down on the financial speculators he blames for exacerbating his country's debt woes. George Papandreou said he wanted to see the US impose stricter regulations on hedge funds and currency traders.

Its deficit currently stands at 12.7%, more than four times higher than the 3% limit set for the 16 European nations that share the euro.

"Unprincipled speculators are making billions every day by betting on a Greek default," said Mr Papandreou, who met US Secretary of State Hillary Clinton in Washington on Monday. "That is why Europe and America must say 'enough is enough' to those speculators who only place value on immediate returns, with utter disregard for the consequences on the larger economic system - not to mention the human consequences of lost jobs, foreclosed homes, and decimated pensions," he added.

Ms Clinton said the US wanted to work with other nations to reform the "unregulated financial market that globally moves money at the speed of sound, if not light, and leaves in its wake all kinds of consequences that governments have to contend with".

Read more: http://news.bbc.co.uk/2/hi/business/8556944.stm

[dkf]

1. Put a crimp on Goldman's revenues to save a country from ruin?

That is almost funny.

[Tippy]

2. REGULATE NOW...n/t

[dflprincess]

3. They were being sarcastic when they asked for this, right?

They can't really think the U.S. would do something about those crooks, do they?

[cdsilv]

4. I believe that electrons & banking computers move at a speed that is orders of magniturd faster ....

...than that of sound.

(yah, I saw the spelling mistake and decided to leave it....)

[dipsydoodle]

6. See #5

The EU could some CDS's illegal.

[dipsydoodle]

5. EU, Merkel Urge Swap Regulation as Greece Takes Plea to U.S.

European Commission President Jose Barroso said today the 27-nation region will “examine closely the relevance of banning purely speculative naked sales on credit-default swaps.” Merkel, speaking before Greek Prime Minister George Papandreou meets President Barack Obama in Washington today, said the EU must take the lead in curbing derivatives.

“We’re of the opinion that a quick implementation of actions in the area of CDS has to happen,” Merkel told reporters in Luxembourg. Citing “ongoing speculation against euro-region countries,” she called for the “fastest possible” implementation of new rules.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVGYCpWa_GIo&pos=2

[pattmarty]

8. Fucking Socialists!!!!

:sarcasm:

[pattmarty]

7. Good luck on that getting done. It's been 2 yrs since the "crash"............

................and not a god damned law passed, regulation implemented or anything else has been done to stop this. Fuck the "change we can believe in".

[yava]

23. Yea, they own our governments, and...

our homes!

[EFerrari]

9. Good luck with that Greece. n/t

[liberation]

10. Funny how gambling is illegal in most states...

... yet it is allowed to operate as our economic engine.

[canetoad]

11. The words

Fox and henhouse come to mind.

[ConcernedCanuk]

12. Has Greece got Oil???

.
.
.

:silly:

[FarCenter]

13. Why would we stop using one of our best weapons in the war on the Euro?

It would be like asking the Germans to stop using submarines.

[Electric Monk]

14. Yowza, hadn't thought of it quite like that yet. Brutal. nt

[AllentownJake]

16. Because it is about to be used against 6-7 US states when they are done

fucking with Greece.

[FarCenter]

19. There's always colateral damage

Economic war is hell.

[tom_paine]

15. American Empire to Greece: NO!!!!

[maxsolomon]

17. Well, American Plutocracy to Greece

at least...

[tom_paine]

18. They are one and the same The government of, by and for the people HAS perished from the Earth

All that's left is the long-term choice between brutal, impoverished, Far-Right Corporate Neofeudalism or barbaric, lunatic, Uber-Right Nazi-style society.

It will be an intersting ride to either one of those choices. Can the American Corporatists do a better job and harnessing the demons they have released than their 1930s German Industrialist spiritual antecedents?

Stay tuned.

[pundaint]

20. Yeah and while we're at it we'll stop wars of aggression and undermining democratically

elected governments we don't like. Good luck with that Greece.

[Rapier09]

21. It is not speculators

It is called Goldman and Sachs,Greece should never had made a deal with these animals.

[polichick]

22. Good luck with that. nt

[TheWebHead]

24. this is somewhat laughable

the Greeks put themselves in this position by running up gigantic debt and hiding a lot of it off their balance sheet, and now they want a bunch of lemmings to walk into a financial trainwreck and buy up more Greek debt. It's much easier for politicians to blame speculators than take the necessary steps to both raise taxes and severely cut spending.. doing one is difficult, both at once is political suicide, but that's what it will take if not being on the receiving end of a German welfare program.