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Bankruptcy threat more realistic than ever

16 November 2009 / 10:11:29  GRReporter
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Dow Jones crossed the 10 000 point border and closed the week with growth of 1.85% or 10270.5 points. Nasdaq closed with 2165.3 points or growth with 1.4%. S&P 500 also closed 1093.5 or with growth of 1.3%. In London the FTSE closed with growth of 1.8% and reached 5289.6 points. The Japanese Nikkei did not do so good and closed with growth of only 0.3% or with 9770.3 points. Bad news took over the Athenian stock exchange – fall of 5.4% or 2588.7 points.

The President of the European Central Bank Jean-Claude Trichet literally threw an atomic bomb with his statement that “the international markets have no trust whatsoever in the signature of the Greek state”. This is how the European banker number one broke the country’s credit rating with one sentence. The debts of the Greek state have increased with nearly €100 billion for 5 years and the threat of bankruptcy is bigger than ever. The European Commission calculated the Greek national debt of 130% of the GDP.

Greece remains one of the very few countries in the EU, which are still in recession. The government announced that the GDP has fallen with nearly 0.3% during the third quarter of 2009. According to Brussels the Greek economy can be saved either now or never. “Close three ministries and cut the military budget with 50%” – with this title Vima newspaper described the EC standpoint.

Other economy news – the price of gold for one ounce hit new record numbers. It started moving around $800 last year and this week it hit $1117. Analyzer predict that prices of $1500 are very possible. 

Tags: Dow Jones Nasdaq Nikkei FTSE 100 stock exchange Economy
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