Greece: A Country that's Too Big to Fail
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Greece is on the brink of financial ruin, and proposed austerity measures have sparked strikes and street demonstrations. How did Wall Street banks help create the crisis? Will hedge funds reap profits by making things worse? Also, the aftermath of this weekend's magnitude-8.8 earthquake in Chile, and Democrats are promising healthcare reform without any Republican votes, even at the cost of losing seats in Congress.
Banner image: EU economic and monetary affairs commissioner Olli Rehn (R) and Greek Finance minister George Papaconstantinou head to a press conference after their meeting in Athens on March 1, 2010. Photo: Louisa Gouliamaki/AFP/Getty Images
Aftermath of Magnitude-8.8 Earthquake in Chile ()
The death toll in Chile's earthquake is well over 700 and rising. As rescuers search for survivors in Concepcion, police have now been joined by soldiers to crack down on looters. José Allard is a graphic designer and professor at Catholic University in the capital city, Santiago.
- Jose Allard Serrano: Professor, Catholic University of Chile
Greece: A Country that's Too Big to Fail ()
According to one official at the International Monetary fund, "if a government wants to cheat, it can cheat." So it was "perfectly legal" in 2001 for Goldman Sachs and other bankers on Wall Street to help Greece borrow beyond its means. Now, these same banks stand to profit from the crisis they helped create. Germany, France and other countries are less than eager to bail out a fellow EU member, and that could mean trouble for Italy, Spain and Portugal, too. Now hedge funds are betting that Greece won't be able to pay its debts and that means the Euro could be in trouble. Is Greece a victim of financial predators? Should the Greek people suffer cuts in salaries, pensions and benefits? What does it all mean for the dollar?
- Nelson Schwartz: European Economics Correspondent, New York Times, @NelsonSchwartz
- Nick Malkoutzis: Deputy Editor, Kathimerini's English-language edition, @NickMalkoutzis
- Marshall Auerback: Market Analyst, RAB Capital
- Megan Carpentier: Contributor, Washington Independent
Pelosi Confident on Votes to Pass Healthcare Reform ()
President Obama has promised to outline what he wants for healthcare reform by this Wednesday. Yesterday, on ABC's This Week, Speaker Nancy Pelosi said that "the American people need" healthcare reform for both "health security" and "economic security." As to the risk for Democratic legislators, she said, "We're not here just to self-perpetuate our service in Congress. We're here to do the job for the American people." Ceci Connolly reports on healthcare policy for the Washington Post.
- Ceci Connolly: National Health Policy Reporter, Washington Post
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