Greece Cut to Junk at S&P as Contagion Spreads

[The Village Idiot]

rioting being put down by huge cop presence!!

[The Village Idiot]

A temporary peace has been enforced.

[thundley4]

But it's causing the DOW to plummet. 900+ so far.

[SSG Snuggle Bunny]

Shoot the parasites.

[Chris]

Greek bailout plan approved by German Parliament

PARIS -- The German parliament gave overwhelming approval Friday to the unpopular financial rescue plan put together by the European Union and the International Monetary Fund to save Greece from bankruptcy.

The Bundestag, the lower house, voted 390 to 72 with 139 abstentions in favor of the loan package. Its approval was followed almost immediately by an endorsement in the Bundesrat, the upper house, completing legislative action in the 16 euro zone countries and clearing the way for their leaders to make the loans available at a special summit set for Brussels later Friday.

The approval represented a political victory for Chancellor Angela Merkel. Despite an unfavorable climate, she argued that Germany must participate in the $141 billion rescue fund to preserve the stability of the euro and the financial health of the 27-nation European Union.

Oh boy.

[The Village Idiot]

Not really FGL, you can think of Greek debt instruments are based on an economy run about like California's except seven or eight years farther down the drain without a fix, with even more expensive social entitlements, a much weaker tax base, and no Fed to even offer to bail them out.

Putting Greece another $150B in the hole, at 18% interest is supposed to solve what again??