the corner office

a blog, by Colin Pretorius

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Relentless pressure, global etc etc

Ah, the Guardian. You generally know the angle a right-leaning newspaper like the Telegraph is going to take on an issue and the angle a left-leaning paper like the Guardian is going to take:

Its economy teetering on the brink of bankruptcy, Greece, today bowed to the relentless pressure of global markets and officially requested a €45bn (£38bn) bailout package from the EU and International Monetary Fund.

Relentless pressure of global markets... a slightly loaded expression, no? Evil greedy money people not helping a poor well-meaning country out of its current predicament. Another way to interpret the current turn of events is that nobody in their right mind is willing to lend money to Greece without a hefty interest rate to compensate for the risk of never getting their money back.

If the 'markets' (ie. people lending money to governments) are really just being greedy and evil, you'd imagine that someone else could lend money to Greece for slightly less interest than the 'market' rate, and still feel like they were getting a good deal. It's not an accident or great conspiracy that nobody's doing that.

A good way to put these sorts of things in perspective is to bring the issue closer to home. How many people (including Guardian readers) would be happy for their pension funds to be investing in Greek bonds right now?

{2010.04.24 - 18:17}

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