All hope for the Germans

Germany is developing a program of emergency financial assistance to Greece if Athens will face the danger of default because of growing external debt, says the Athens newspaper "Nea", citing sources in the EU. "German Chancellor Angela Merkel has decided to help Greece, if the Greeks will not be able to pay the national debt and raise funds from international markets. In other words, Greece will be seated on the verge of bankruptcy," - the newspaper said. Recall that Greece plans for the current year budget deficit of 12,7% of GDP. This is four times more than allowed by the rules eurozone. Greece has a population of 11 million total debt of 300 billion euros. Which is three times greater than that of the 80 millionth Germany. Meanwhile, the German economy - the largest in the eurozone. Official statements of German officials are contradictory. In December, the leading rating agencies downgraded the sovereign rating of Greece. As a result, there was a sharp depreciation of the euro against the dollar. According to the newspaper, from Athens, will require drastic budget cuts. Pridettsya Greek authorities refuse to increase wages, hire workers to stop the civil service. May need to reform the social sector. In October this year to power in Greece, it is newer than the government, which promised to resolve the situation to stabilize the economy. The program provides for "freezing" of salaries of more than 2 thousand euro, reducing benefits by 10% and a number of other measures to scale back spending. But the euro continued, the percentage of Greek bonds rose. As a result, the rating agency Standard & Poor's (S & P) followed by Greece's sovereign rating lowered the ratings of leading Greek banks. Meanwhile, the people out on the streets, attending the collision the police. "It's hard to say whether this situation is critical. The problem is that Greece - the only country that faces such challenges. If Greece was the only country that stands on the brink of default, Germany, of course, would help, no questions asked. Let me remind you that the major holders of bonds Greek - German banks ", - comments Bank.ru Asset manager IC Pilgrim Asset Management Vladimir Levchenko. "But then it will be necessary to help and others. And there, in turn, Spain, the former Eastern Bloc countries, who recently lived exclusively through credit expansion by the western countries. Now to help Greece's like to tell others, you can relax, the gap we will not give. Germany has simply not enough resources for everyone. When the situation was stable, the economy grew, the euro was a good market for German manufacturers. But when everything collapsed, was that Germany drags the whole of Europe. The consequences of the possibility of default may be different. It all depends on how this will be defaulted. If the Greek authorities generally refuse to pay, short-term decline of the euro, but in the long term, he, by contrast, will grow very strongly, because the huge amount of money will be deducted. The strong euro is bad for Germany, of course, so will increase prices for products, it becomes harder to sell. But it will not crash, because now things are still in demand and competition. I do not think that will start the flight of capital from the euro zone, as no escape. In the U.S., not better. Noting that the first usually helps, so the Greeks have a chance. The Germans are sure to help Austria, but that other countries - are unlikely. By and large, we can talk about the dire situation in countries such as Romania and Bulgaria, lies the whole Baltic. In South America, most countries, Chile, Peru, Venezuela, Ecuador - depend solely on raw materials, as well as Russia. They still cling to the high prices. The cost of oil has risen due to the fact that it is now cooling in the U.S. and Europe. But the price, of course, will fall. And then the commodity-dependent countries need badly, "- said the expert.