By Satyajit Das
Detox Cures
In the first half of 2010, angst about European sovereign debt receded and market volatility eased. In the second half of 2010, concerns about Greece, Ireland, Spain and Portugal returned to dominate headlines.
Greece passed its initial inspections on its restructuring plan from the supervising “Troika” (made up of the European Central Bank (”ECB”), European Union (”EU”) and International Monetary Fund (”IMF”)). In truth, there was no choice, as money had to be made available to enable Greece to continue to function.
Despite progress, the Greek economy slipped into a deep recession, impeding the recovery plan. As the government implemented austerity measures, the Greek economy shrank around 3% to 4%. The government is behind on its program to shrink its budget deficit from over 13% to 8%.
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MindfulMoney.com (23 Feb 10)