JANE BURGERMEISTER REPORT: ‘Eurozone in crisis: strike paralyses Greece, warnings of civil war’

Eurozone in crisis: strike paralyses Greece, warnings of civil war Jane Burgermeister | May 11, 2011 at 3:56 pm | Categories: Uncategorized | URL: http://wp.me/puNtl-1dJ

* National strike paralyses Greece

*60-80% of tax revenues used for servicing national debt already

*Economy contracted by 6.1% in 4Q of 2010 as Greece sinks into debt death spiral

*Debt growing all the time: Germans increasingly oppose footing the bondholer’s bill

*Civil war or euro exit?

A 24-hour strike paralysed Greece today as one of Germany’s top economists warned that the country is facing civil war if it continues to implement fiscal austerity cuts imposed by the EU and IMF.

It is estimated that 60% to 80% of Greece’s tax revenue will be needed in the next few years to make interest payments of between 30 to 40 billion euros on the country’s souvereign debt. Read more of this post

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