To the Point
Greece: A Country that's Too Big to Fail
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, this weekend's magnitude-8.8 earthquake in Chile. On Reporter's Notebook, will Democrats pass healthcare reform at the cost of losing seats in Congress?
By Warren Olney • • 50m ListenGreece 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
In this episode
3 storiesAftermath 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.
Read the story8 minGreece: 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.
Read the story35 minPelosi 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."
Read the story8 min
