Monday, 15 March 2010 00:00

"Greek Crisis Is Over, Region Safe", Prodi Says - I say Liar, Liar, Pants on Fire!

There is an ancient Greek legend describing the education of the common man Damocles. You see, Damocles exclaimed that, as a great man of power and authority, Dionysius (the current ruler) was truly fortunate. Thus, Dionysius offered to switch places with him for a day, so Damocles could taste first hand that fortune which he savored so fervently. Later that night during a lavish banquet Damocles indeed

Earlier installments of the Reggie Middleton's Pan-European Sovereign Debt Crisis

  1. The Coming Pan-European Sovereign Debt Crisis - introduces the crisis and identified it as a pan-European problem, not a localized one.
  2. What Country is Next in the Coming Pan-European Sovereign Debt Crisis? - illustrates the potential for the domino effect
  3. The Pan-European Sovereign Debt Crisis: If I Were to Short Any Country, What Country Would That Be.. - attempts to illustrate the highly interdependent weaknesses in Europe's sovereign nations can effect even the perceived "stronger" nations.
  4. The Coming Pan-European Soverign Debt Crisis, Pt 4: The Spread to Western European Countries
  5. The Depression is Already Here for Some Members of Europe, and It Just Might Be Contagious!

  6. The Beginning of the Endgame is Coming???

  7. I Think It's Confirmed, Greece Will Be the First Domino to Fall

  8. Smoking Swap Guns Are Beginning to Litter EuroLand, Sovereign Debt Buyer Beware!
  9. Financial Contagion vs. Economic Contagion: Does the Market Underestimate the Effects of the Latter?

did savor being waited upon like a king. Only at the end of the meal did he look up and notice a hand sharpened sword hanging directly above his head by a single strand of horse-hair. Damocles immediately lost all taste for the amenities of royalty, pomp and circumstance and asked leave of the tyrant, saying he no longer wanted to be so "fortunate" [adapted from Wikipedia].[1][4]

Little did Damocles realize that what he experienced was of value, significant value. He simply failed to recognize the value as we has blinded by the fair maidens who served him hand and foot. The moral to this BoomBustBlog telling of the Sword of Damocles is that: "When one sits on the Throne, the true value of the sword is not that it falls, but rather, that it hangs." Recent history has given weight to this moral as Greece has fed high on the hog for nearly a decade, while being totally oblivious to the value held within that single strand of horse hair, protecting it. Till this day, that strand, although dwindling, has yet to snap.

On that note, we have this headline from Bloomberg: Greek Crisis Is Over, Rest of Region Safe, Prodi Says
"The worst of Greece’s financial crisis is over and other European nations won’t follow in its path, said former European Commission President Romano Prodi.
“For Greece, the problem is completely over,” said Prodi, who was also Italian prime minister, in an interview in Shanghai today. “I don’t see any other case now in Europe. I don’t think there is any reason to think the euro system will collapse or will suffer greatly because of Greece.”"

Reggie says "Liar, Liar, Pants on Fire". In all seriousness, while I don't truly believe Mr. Prodi is lying, he is also obviously ignoring the facts as they currently exist, whether purposefully or in error. Let's walk through a few excerpts from the most recent addition to the Pan-European Sovereign debt crisis. BoomBustBlog subscribers can download the full15 page analysis here, which contains more than enought evidence to throw serious doubt on the ability of Greece to come anywhere near their stated goals: pdf Greece Public Finances Projections 2010-03-15 11:33:27 694.35 Kb/. The report also makes clear why Germany is so hesitant to contribute funds to a Greek bailout.

The Austerity Package, in a Nutshell

The revenue measures include increasing tax rates, reducing tax evasion and some one-off measures while the expenditure measures consist of salary reduction, freezes in hiring and salary hikes as well as cutting other public sector expenditures. According to the Stabilityand Growth Program, January 2010, the government is aiming to reduce its fiscal deficit from 12.7% of GDP in 2009 to 8.7% in 2010. However, if the impact of the additional measures that were estimated at 2.5% of GDP is also added, the fiscal deficit is expected to come down to 6.2% of GDP in 2010, based on government's estimates. The government further envisages additional proceeds from the sale of stakes in some of the government-owned entities as well as proceeds from the payback of financial assistance provided to the Greek banks, which will be used to reduce the massive government debt of around 113% of GDP in 2009. However, there is strong evidence to support the assertion that the budgeted impact of these measures is grossly overstated, since a) The Greek government's base casescenario for the economy is overly optimistic when compared with analystexpectations, and b) the dynamics of the announced measures shall lower the total projectedimpact.

The Greek government's
base case scenario builds in GDP growth of -0.3% and 1.5% in 2010 and
respectively, which is simply unrealistic vis-à-vis analyst
expectations. A
recent Reuters poll revealed consensus estimates for GDP growth of -1.5%
0.5% in 2010 and 2011, respectively. Local subject matter experts such
Hardouvelis, Chief Economist at EFG
Eurobank and professor of economics at the University of Piraeus are
a deeper recession with GDP declining 2.8% in 2010.
recession and
delayed recovery is expected primarily on the back of reduced private
public consumption as a result of the government's austerity measures. Economic
lower than the government's estimates will result in lower tax base
and lower tax revenues, and shall consequently offset the projected
impact of
the revenue measures like increase in tax rates.
Evidence of
this is
already apparent in the ability of Greek labor unions to shot down much
Greece during 24 hour strikes which effectively eliminate large swaths
revenue and productivity for the day. Tax collectors, customs
inspectors, the
police, doctors, teachers... The striking populace apparently
encompasses a very
broad swath. This has happened several times in the last month and
future strikes are planned as well.

The Greek government's
macroeconomic assumptions also
seem overstated when compared with EU estimates.


Revenue Generation Measures? It appears more like hoping one can change the centuries worth of behavior by the end of the year...

The Greek government
has so far announced revenue measures with budgeted impact of nearly € 10.7
billion, or 4.4% of GDP. The announced revenue measures range across an increase
in VAT rates, excise rates, fuel tax, property tax; unique taxation scale and
elimination of tax exemptions; and reduction in tax evasion.

However, there are very serious
concerns to be raised concerning the successful implementation of these measures and
meeting the targets. The perception of performance of these measures (largely consisting of an increase in tax
rates and reduction in tax evasion
) in Greece is seriously undermined (at
least in the eyes of the prudent practitioner) by the lengthy history of high tax
evasion in the country. Over the years, the authorities have failed to crack
down on the rampant tax evasion and there is no evidence to suggest that this will
change, particularly amidst the current environment of declining income levels
and higher tax rates.

1. Friedrich Schneider,
chairman of the department of economics at the Johannes Kepler University.
- Greece's
unreported -- and untaxed -- shadow economy is one of the largest and equals
about one-quarter of GDP.
That compares with 22% of GDP in Italy (keep in mind that this is inclusive of the evasion performed by the
La Cosa Nostra as well as the lesser known Camorra, the 'Ndrangheta or the Sacra Corona Unita,
as well as foreign organized groups
) and 20% in Spain and
Portugal, according to his estimates.

2. Bloomberg - Prime Minister Papandreou
says that the Greek workers and companies have skirted tax worth € 31 billion,
more than 10% of GDP. According to EU statistics, Greece's revenue from income
tax was 4.7% of GDP in 2007, compared with an EU average of 8%. Tax revenue
fell 2.5 percentage points of GDP between 2000 and 2007 to a Euro region-low of
32% even as economic growth averaged 4.1% a year.

3. Analyst Ed Sollbach,
Desjardins Securities
- Tax evasion in Greece is a huge problem. Nearly 94%
of personal income declared relates to annual incomes of less than € 30,000.

4. Matsaganis, Hellenic
Observatory, The European Institute
- Under-reporting of income in Greece is estimated at
10%, resulting in a 26% shortfall in tax receipts.


Announced expenditure
measures are expected to cut the government's expenditure by nearly € 8.1
billion or 3.3% of GDP. Expenditure measures include salary cuts, freeze in
hiring and salary hikes, as well as cuts to other public sector expenditures.

The biggest risk
factor in the implementation of these measures is the growing social unrest,
which is likely to put political pressure on the government to roll back some
of the planned actions. The newly elected socialist government is facing strong
resistance against the announced austerity measures in the form of nation-wide
strikes, clashes by thousands of people, and growing public fury may force the
government to cut certain targets for salary reductions, pay and hiring freeze,



The government is planning
to procure funds by offloading stakes in some of the government owned entities,
and plans to raise € 5.6 billion or 2.3% of GDP over the next three years, with
€ 2.5 billion planned to be raised in 2010. In the Stability and Growth
Program, the government has outlined a list of companies in which the government
owns equity, and gave estimates of values of the government's equity stakes. We
back-calculated the government's estimates for total equity of the companies
and compared the same with the current market values (market cap) of the total
equity of the companies and observed that in most of the cases the government's
estimates were overstated (and in some cases, drastically) when compared with
the current market value.

It can be argued that
the Greek government is factoring in a control premium for their majority
holdings. Theoretically this is acceptable, but realistically this will be very
difficult to translate into cash. The government would have to find large
buyers who are willing,to purchase the entire stake at the premium
suggested, from a seller who is in obvious and globally publicized distress -
and the Greek government will have to do this several times over, all within a
period of less than 8 months to meet the 2010 deadline. We find this to be
highly unlikely. It has been our experience that distressed seller's often take
DISCOUNTS to the market value of
their assets, not PREMIUMS!

1. Since the Greek
government is seen as a distressed seller, it will have to take a discount from
any prudent buyer

2. If the government sells
directly into the equity market (the most expedient and likely scenario), the
control premium is not applicable.

3. It will take time to
market the properties, negotiate the terms and close on the large deals to capture
the control premium, if one is actually attainable. This is not going to happen
for all of the properties slated for sale in 2010.

4. If the government is
being aggressive in valuation of public properties, it is most likely to be even
more aggressive with non-public properties, where pricing is considerably more

Below, you can find a sample from the pdf Projections" width="16" height="16" /> Greece Public Finances
2010-03-15 11:33:27
694.35 Kb/
report that should visually drive the point of overvaluation home. Ironically, mismarkng the value of its assets is what contributed to Lehman Brothers downfall.

Click image to enlarge



The Greek government is expecting payback of the
financial aid provided to the ailing Greek banks, and has built in total proceeds
of € 3.8 billion in the coming years in its public finance projections. However,
the Greek banks are still struggling under the current financial and economic
crisis gripping the country with added (and quite material) pressures coming
from the drastic austerity measures. The
deep recession expected in 2010, with only mild recovery in 2011, will not only
see sharp declines in public and private consumption that will inhibit credit
growth, but will also result in deterioration (rising NPAs) in the credit
quality of their consumer and commercial loans portfolio. Thus, the banks are
far from reaching a stage where they can generate incremental operational cash
flows or raise equity from the market to pay back the capital injections from
the government, or at least do so on a
prudent basis. Consequently, financial assistance is expected to stay, with the
possibility (probability?) of some additional assistance being injected (or at
least needed) into the banks in the coming years. Subscribers should download
our overview of key Greek banks here:
Greek Banking Fundamental Tear Sheet.


The Greek government has accumulated significant debt
over the years to finance its annual fiscal deficits. The government debt has
risen from 97.1% of GDP in 2006 to 113.4% of GDP in 2009. The implications of
this massive debt are reflected in its overwhelming interest burden which has
precipitated its current weakened fiscal situation - all of which culminates
into high sovereign risk. This creates a feedback loop, and self-devouring
cycle that increases the interest costs on debt roll-over and new issuance in
the market which again adds additional burden to the weakened Greek fiscal
situation that requires additional funding at ever higher interest rates. The Greek
government is trapped in a vicious circle where the interest expense as well
the primary deficits are adding to the debt levels which itself goes on to
increase the interest expense. While the government is aiming to reduce its debt
in the coming years by generating primary surplus (through austerity measures)
as well as by collecting funds from the privatization and payback of financial
assistance package, this is expected (by us) to yield much lower proceeds than
budgeted, in light of the observations mentioned above.


An immediate and much larger concern is an increase in
interest cost owing to refinancing of the maturing debt as well as raising new
debt (to finance the fiscal deficits) under distressed credit conditions for
the government. Nearly 55% of the total debt is maturing over the next five
years, with nearly 10% maturing in 2010. Additionally, new borrowing will be required
to finance the fiscal deficits of the coming years.

Interest cost on government debt is on the rise as
reflected by the yield on Greek government 10yr bonds, which has risen to 6.2%
in March, 2010 from 5.7%, a year ago.


Given the higher borrowing cost for the Greek government
and the large debt roll-over and new issuance lined up, the average interest
cost is expected to increase or remain the same rather than decline. However, while making projections for 2010 and later
years, the Greek government is assuming a decline in the average interest rate
on the government debt
, which would underestimate the interest expense
projected in the coming years.



While the government outlined complete projections of
revenues and expenditure along with a change in government debt in its Stability
and Growth Program, January 2010, it subsequently announced additional measures
with impact of nearly € 1.2 billion or 0.5% of GDP and € 4.8 billion or 2% of
GDP in February and March, respectively. We have built in the announced impact
of additional measures in the government projections, and based on new
projections, the government is expecting a primary deficit of 1.0% and fiscal
deficit of 6.2% in 2010, against primary deficit of 7.7% and fiscal deficit of
12.7% in 2009.

However, in light of the observations discussed in the
earlier sections, there is a strong possibility of deviation from the targeted
performance. We have therefore built three scenarios, each with a set of
assumptions about the variation from the budgeted impact of the various revenue
and expenditure measures as well as variation in the budgeted proceeds from
privatization and payback of financial assistance by Greek banks.

Over the next week or two I will comment on several other European nations whom I feel have very little practical chance of accomplishing what they have stated in public and the likely consequnces of their failure to accomplish such. I will also be releasing my pan-European stress model to subscribers, along with a public excerpt by the end of the week. In the meantime, anybody who has not caught up on my Pan-European Sovereign Debt Crisis series should click the links below.

Earlier installments of the Reggie Middleton's Pan-European Sovereign
Debt Crisis

  1. The
    Coming Pan-European Sovereign Debt Crisis
    - introduces the
    and identified it as a pan-European problem, not a localized one.
  2. What
    Country is Next in the Coming Pan-European Sovereign Debt Crisis?
    illustrates the potential for the domino effect
  3. The
    Pan-European Sovereign Debt Crisis: If I Were to Short Any Country,
    What Country Would That Be..
    - attempts to illustrate the highly
    interdependent weaknesses in Europe's sovereign nations can effect
    the perceived "stronger" nations.
  4. The
    Coming Pan-European Soverign Debt Crisis, Pt 4: The Spread to
    European Countries
  5. The
    Depression is Already Here for Some Members of Europe, and It Just
    Might Be Contagious!

  6. The
    Beginning of the Endgame is Coming???

  7. I
    Think It's Confirmed, Greece Will Be the First Domino to Fall

  8. Smoking
    Swap Guns Are Beginning to Litter EuroLand, Sovereign Debt Buyer
  9. Financial
    Contagion vs. Economic Contagion: Does the Market Underestimate the
    Effects of the Latter?

Last modified on Monday, 15 March 2010 00:00


  • Comment Link Engeldimmeree Wednesday, 27 November 2013 14:06 posted by Engeldimmeree

    Lannett Phentermine 1308 Gate Pharmaceuticals Oprah And Dr Oz Weight Loss Life Place That Cause Heartburn [url= ]Cheap Xanax Overnight Delivery[/url]. Nbc News Type Iii Diabetes Phenergan And Infiltration Levothroid Equivalents Armour Thyroid Diabetes Related Eye Problems Americans . Yeast Allergy Skin Allergist Glucotrol Glipizide Dose . Zoloft Light Headed Heart Palpitations Riteaid Does Rogaine Work [url= ]Tramadol Cheap Overnight Fedex[/url] Mitral Valve And Blood Pressure Left Atrium Zofran For Side Effects During Pregnancy Ramipril Withdrawal Symptoms Cardiovascular Nursing Management Of Diabetes Blood Glucose Monitoring

  • Comment Link turfaquax Wednesday, 27 November 2013 13:57 posted by turfaquax

    Propranolol With Vodka Infant Poisoning Ibuprofen Philosophy Topical Vitamin C [url= ]Buy Antibiotics Online No Prescription[/url]. Monopril Computer Consultation Zestril 20 Mg Angiotensin Converting Enzyme Symptoms Hair Loss In Females Migraine Headaches Clothing . Nizoral Seborrheic Dermatitis Cradle Cap Metronidazole Dose Feline . Fattening Weight Loss Techniques Quick Weight Loss Diet Program Exercise [url= ]Buy Tramadol Hydrochloride Online Uk[/url] How Long Does Solid Codeine Stay In Your System Lamisil Once Tinea Corporis Would You Rather Propecia Doesn T Work How Does Coversyl Work Side Effects

  • Comment Link glondotincits Wednesday, 27 November 2013 10:29 posted by glondotincits

    [url=]Order Seroquel No Prescription, Seroquel Next Day Delivery Uk[/url]
    [url=]Flagyl Online Pharmacy Usa, Buy Cod Flagyl[/url]
    [url=]Niaspan Next Day Delivery Cod, FedEx Niaspan Overnight[/url]
    [url=]Viagra No Script Needed C.O.D. Overnight, Viagra Creditcard[/url]
    [url=]Benemid Without Prescription Shipped Overnight Express, Cheap Benemid Pay Uss[/url]
    [url=]ed drugs and grapefruit[/url]
    [url=]Cheapest Lucen Canada, Buy Lucen Online Pay With Cod[/url]
    [url=]Online Pharmacy Golden Root NO PRESCRIPTION, Cheapest Golden Root Available Online[/url]
    [url=]Doxyhexal Purchase Uk, Doxyhexal Cash Delivery[/url]
    [url=]Ramace No Rx, Free Shipping On Ramace[/url]
    [url=]Cheap Prozac Without Prescription Overnight Delivery, Cheap Prozac By FedEx Cod[/url]
    [url=]Ketoconazole Online Reviews, Buy Ketoconazole Cash On Delivery[/url]
    [url=]Buy Ultrase No Doctor, Next Day Ultrase Review[/url]
    [url=]Money Order Zoloft, Zoloft NO PRESCRIPTION Canada[/url]
    [url=]Vitamin B3 NO PRESCRIPTION Canada, Vitamin B3 Generic[/url]
    [url=]Order Benicar No Script, Benicar Purchase Online[/url]

  • Comment Link DulkAppealk Wednesday, 27 November 2013 07:27 posted by DulkAppealk

    Former Skin Care Lower Body Weight Loss Abdominal Workout Coq10 Muscular Dystrophy Dmd [url= ]Buy Tramadol Online Eu[/url]. Prednisone Burst Pack Pepcid Ac Before Drinking Vodka Zolpidem Weight Gain Sleep Normal Dose Of Haldol Neuroleptic Malignant Syndrome Nms . Remeron Cymbalta Doctor Giantess Skin After Weight Loss . Vicodin Dosage For Children Inr Pt Coumadin Green Leafy Vegetables [url= ]Amoxicillin Mg For Sinus Infection[/url] Chloramphenicol And Fertility How Do You Take Valtrex Basilar Artery Migraines Temporary Blindness Thrombocytosis And Diabetes

  • Comment Link jeorouryigerb Wednesday, 27 November 2013 03:27 posted by jeorouryigerb

    Atlanta Diabetes Walk People How Much Sildenafil Citrate . Warming Gels Tylenol Cough Effexor Side Effects Sweating Generalized Anxiety Disorder [url= ]Buy Tramadol Overnight Saturday Delivery[/url] Yasmin Nexium Efecte Secundare Brand Myfortic Prescription Prednisone Solucortef Conversion Problems With Generic Wellbutrin . Thc And Hair Loss Dht Viagra Discovery Lawsuits Of Blindness Phentermine Tolerance Phendimetrazine [url= ]Buy Xanax Online Wholesale[/url]. Lost Weight With Acai Us Throat Prevacid Solutab Nicaragua Msm Movistar Argentina Osteoporosis Low Bone Density .

  • Comment Link Urgemiinfinny Wednesday, 27 November 2013 01:11 posted by Urgemiinfinny

    Tribulus For Women Testosterone Levels Acheter Clomid Canada . Buy Fluconazole 10 Mg Otc Prevent Blood Pressure Being Overweight [url= ]Tramadol Online Next Day Delivery[/url] Asthma And Allergy Care Icd 9 Codes Gestational Diabetes Resident Evil Lead Aspirin Xbox Ultracet 650 Information . Hypothyroidism No Prescription Online Veterinary Use Of Acetazolamide Orlistat No Prescription Drug Mg [url= ]Originator Antibiotic Or Generic In Clinical Practice[/url]. Lexapro And Stress 10mg National Diabetes Fact Sheet 2005 Contributed Rogaine 5 Scalp Irritation Mangosteen Compared To Acai Camu Camu .

  • Comment Link Foetesovide Wednesday, 27 November 2013 00:31 posted by Foetesovide

    Methadone 320 Mg Flonase Pediatric Dosing [url= ]Over The Counter Antibiotics Dubai[/url]. Can You Buy Viagra Online No Prescription Cialis Diabetes Leg Pain Symptoms Weakness Hair Loss Sides Of Skull Search Zyprexa Lawsuit . Ultram Long Term Side Effects Tramadol Hcl Medicare Allergy Treatment . Ultram And Nsaid Examples Of Prednisone Rx Seroquel [url= ]Cost Of Generic Augmentin 875 Mg[/url] Celecoxib No Doctor Purchase Prescription Buy Cheap Flutamide Order Hypnosis Weight Loss Videos Expedia Viagra Online Prescription

  • Comment Link Horn Tuesday, 26 November 2013 22:12 posted by Horn

    Order Isosorbide-Mononitrate Online USA? Best Online Pharmacy To Buy Isosorbide-Mononitrate Online With No Prescription. The Best Pharmacy To Buy Isosorbide-Mononitrate Online Saturday Delivery.

    [url=] [IMG][/IMG] [/url]

    [color=blue][size=8][url=] TOP offers Isosorbide-Mononitrate online, Click Here!!![/url][/color][/size]

    Order Isosorbide-Mononitrate Online And Save Your Money!!!

    Related Tags:
    Isosorbide Mononitrate Cod Overnight
    Buy Isosorbide Mononitrate Cheapest Online
    Purchase Isosorbide Mononitrate Online
    Cheap Isosorbide Mononitrate Cash On Delivery
    Isosorbide Mononitrate Order Online Overnight
    Buy Isosorbide Mononitrate Overnight Free Delivery
    Order Isosorbide Mononitrate Online FedEx
    Cod Isosorbide Mononitrate For Saturday
    Isosorbide Mononitrate Cheap Website
    Isosorbide Mononitrate Nitroglycerin
    Pictures of Ismo (Isosorbide Mononitrate), drug imprint information, side effects for the patient.
    Isosorbide Mononitrate Sildenafil
    Cheap Isosorbide Mononitrate Cod Delivery
    Sildenafil Isosorbide Mononitrate
    Isosorbide Mononitrate Price List
    OralManagement of angina, Heart failureAdult: 20 mg 2-3 times daily. Dose may range from 20-120 mg daily.Elderly: Intiate at lower doses.
    Imdur Isosorbide Mononitrate
    Buy Isosorbide Mononitrate Online NO PRESCRIPTION Usa
    Viagra Isosorbide Mononitrate
    Isosorbide Mononitrate By Echeck
    Isosorbide Mononitrate Mastercard
    Buy Isosorbide Mononitrate With Discover Card
    Isosorbide Mononitrate Canadian Pharmacy Online
    Isosorbide Mononitrate Imdur Indication
    Imdur (Isosorbide Mononitrate Extended Release Tablets)
    isosorbide mononitrate - MedHelp's isosorbide mononitrate Center for Information, Symptoms, Resources, Treatments and Tools for isosorbide mononitrate. Find ...
    Fedex Delivery Isosorbide Mononitrate
    Isosorbide Mononitrate Sildenafil
    Buy Isosorbide Mononitrate With Money Order
    Isosorbide Mononitrate Imdur Indication
    Isosorbide Mononitrate NO PRESCRIPTION American Express
    Isosorbide mononitrate: Faulding receives US FDA Approval for ...
    Isosorbide Mononitrate Imdur Side Effects
    Cod Delivery Isosorbide Mononitrate
    Metoprolol And Isosorbide Mononitrate
    Buy Isosorbide Mononitrate Cheap
    Nitroglycerin Isosorbide Dinitrate Vs Isosorbide Mononitrate
    Buy Isosorbide Mononitrate No Prescription Drug
    Nitroglycerin Isosorbide Mononitrate
    Isosorbide Mononitrate Online Overnight
    Isosorbide Mononitrate And Viagra
    Isosorbide Mononitrate Online Visa
    Isosorbide Mononitrate Usa Online
    Isosorbide Mononitrate And Ramipril
    Buy Isosorbide Mononitrate Pharmacy
    Isosorbide mononitrate is used to prevent angina attacks (chest pain) by dilating blood vessels, making it easier for blood to flow - includes isosorbide mononitrate ...
    Isosorbide Mononitrate Online Sales
    Cialis Isosorbide Mononitrate
    Canadian Health&Care Mall - Isosorbide Mononitrate - Description
    Isosorbide Mononitrate For Sale With NO PRESCRIPTION
    Isosorbide Mononitrate No Doctors Consult
    Isosorbide Mononitrate And Viagra
    Isosorbide Mononitrate No Doctor Contact Foreign Pharmacies
    Isosorbide Mononitrate Overnight Shipping Visa
    Metoprolol And Isosorbide Mononitrate
    Isosorbide Mononitrate Same Day Delivery
    Buy Isosorbide Mononitrate Online Visa
    Overnight Delivery Of Isosorbide Mononitrate In Us NO PRESCRIPTION Needed
    Buy Isosorbide Mononitrate With Mastercard
    Isosorbide Mononitrate Shipped With NO PRESCRIPTION
    Buy Isosorbide Mononitrate In Canada
    Isosorbide Mononitrate And Cialis
    Isosorbide Mononitrate For Sale No Rx
    Isosorbide Mononitrate And Ramipril
    Isosorbide Mononitrate NO PRESCRIPTION Overnight Cod
    Isosorbide Mononitrate In Canada
    Isosorbide Mononitrate Viagra
    Isosorbide Mononitrate No Rx Cod
    Nitroglycerin Isosorbide Dinitrate And Isosorbide Mononitrate
    Overnight Delivery Of Isosorbide Mononitrate With No Prescription
    Isosorbide Mononitrate And Nitroglycerin
    Isosorbide Mononitrate Online Pharmacy Usa
    Buy Isosorbide Mononitrate No Doctor
    Cialis Isosorbide Mononitrate
    Buy Isosorbide Mononitrate Next Day Shipping Product
    Isosorbide Mononitrate Order Online No Membership Overnight
    No Prescription Isosorbide Mononitrate Cash On Delivery
    Lowest Cost Isosorbide Mononitrate Pharmacy
    Cialis And Isosorbide Mononitrate
    Buy Isosorbide Mononitrate Apap
    Isosorbide Mononitrate Imdur
    Buy Isosorbide Mononitrate Overnight Free Delivery
    Buy Isosorbide Mononitrate Online Reviews
    Isosorbide Mononitrate Vs Nitroglycerin
    Buy Isosorbide Mononitrate India
    Cheapest Non Prescription Isosorbide Mononitrate
    Isosorbide Mononitrate Overnight Delivery Visa
    Isosorbide Mononitrate Vs Nitroglycerin
    Imdur® (IMD) is a sustained-release isosorbide 5-mononitrate preparation for the treatment of chronic stable angina pectoris. Controlled medication release is ...
    What is isosorbide mononitrate extended release?
    Buy Isosorbide Mononitrate With Cod
    Imdur Isosorbide Mononitrate

  • Comment Link PefJalBoall Tuesday, 26 November 2013 18:20 posted by PefJalBoall

    No Prescription Pas Cher Naltrexone Amoxicillin Suspension For Cats . Assistance Form Generic Plavix Tretinoin Retin A Atralin [url= ]Amoxicillin 500mg For Kidney Infection[/url] Blood Pressure Lowes After Exercise Gm Time On Viagra Lithium Ion Aa Rechargable Batteries Lithium Lyrics Evanescence Lyrics . Phentermine Delivered Fedex Afecta Viagra El Embarazo High Dose And Cancer Vitamin C Therapy [url= ]Buy Tramadol Online Echeck[/url]. Ambien On Internet Buspar Ptsd Generalized Anxiety Disorder Robaxin Side Effects Long Term What Does Blood Pressure Dog .

  • Comment Link snokystooto Tuesday, 26 November 2013 15:45 posted by snokystooto

    Phenergan And Toradol Effects Whole Foods Acai Products . Generic Ranitidine N544 150 Evista And Muscle Pains [url= ]Order Tramadol Online Europe[/url] Robaxisal With Codeine Side Effects High Blood Pressure Herbal Treatment Herbs Spices Cooking Vitamin C Destroyed Classifying Asthma Treatment . Clomid And Multiple Ibuprofen Stop Cramping Orlando Breast Augmentation [url= ]Antibiotic Eye Drops Canada[/url]. Carrots Good Weight Loss Best Diet For High Blood Pressure Aafp Type 1 Diabetes To Remove Migraines .

  • Comment Link suzie Saturday, 07 May 2011 23:17 posted by suzie

    I hope that the Greece would finally resolve their crisis. I just hope they will also solved the effect of recession. And I hope that the investor will restore their confidence in the Greek government's ability to walk this tightrope.

  • Comment Link Daniel Go Friday, 29 April 2011 18:18 posted by Daniel Go

    I’m afraid this could be changed to worse

    new jersey podiatrist

  • Comment Link Daniel Go Thursday, 28 April 2011 21:38 posted by Daniel Go

    I have visited the Greek islands too. It's one of the nicest place on earth you should visit before you die. As if history and the present combines, with the smell of Greece. Unfortunately, with the recent news I've heard, I'm afraid this could be changed to worse.


  • Comment Link tony Thursday, 28 April 2011 07:39 posted by tony

    its very serious in Greece, Im from ireland and they say that were in a worse financial state than Greece, I no longer see these situations as a problem for the individual countries but , a bigger problem for the eu, and hense the future of the euro,
    times are bad, you cant imagine the cut backs been taken in Ireland at the moment in order to pay off only the interest, its really our children that will suffer the most. sorry for been so morbid.

  • Comment Link Janice Sunday, 24 April 2011 02:01 posted by Janice

    It has been some years since I holidayed in Greece (or more particularly the Greek Islands) and I am hoping to return again this summer. I have been concerned by the reports I have been hearing but somehow feel that they are probably very exaggerated. I hope I'm right.

  • Comment Link Dr. Lum Saturday, 23 April 2011 14:43 posted by Dr. Lum

    any updates on Greece I am heading there later next month.


    Dr Lum
    Safe Botox Injections in Redondo Beach

  • Comment Link Reggie Middleton Tuesday, 16 March 2010 12:33 posted by Reggie Middleton

    March 16 (Bloomberg) -- Standard & Poor’s Ratings Services affirmed its BBB+ long-term and A-2 short-term sovereign credit ratings on Greece. The outlook is negative.

  • Comment Link Reggie Middleton Tuesday, 16 March 2010 12:29 posted by Reggie Middleton


    [quote]“Capital markets have been overshooting relative to Greece’s fundamentals,” Moritz Kraemer, Frankfurt-based managing director of European sovereign ratings at S&P, said in a telephone interview. “Greece’s default is very unlikely.”

    The austerity measures may lead the Greek economy to shrink by as much as 4 percent this year, Deutsche Bank AG economist Thomas Mayer wrote in a March 10 research note, five times the 0.8 percent forecast by the government. Unemployment may end up at 20 percent, twice what the Greek government expects, he said.

    “The adjustment remains a Herculean task, and the costs of the adjustment in terms of lost output could be larger than policy makers currently anticipate,” Mayer wrote.

    As political pressure mounted in Germany against bailing out a country that has lived beyond its means, Schaeuble inflamed the debate by calling for the ouster of unfit countries from the euro region.

    “Such a prospect by itself will create a wholly new level of discipline,” Schaeuble told Bild.

    Schaeuble’s raising of the long-taboo subject of the breakup of the euro drew a rebuke from Luxembourg Prime Minister Jean-Claude Juncker, the only political leader left from the generation that created the currency.

    Speaking to German N24 television on March 12, Juncker, who will chair today’s ministerial meeting, said he opposes such a “radical step.” The euro treaty makes no provision for a country to leave or be expelled.[/quote]

  • Comment Link Reggie Middleton Monday, 15 March 2010 16:16 posted by Reggie Middleton

    Yeah, Greece is a mess, and that horse hair strand is about to snap. I will be covering Italy, the UK and Spain very soon. In addition, I will be releasing the Pan-European model this week. I am also boosting the resources dedicated to finding new, unique ideas. I welcome you and everyone else to submit ideas. Download the Greek subscription projections and give it a read. It's worth the time if you are involved in the area.

  • Comment Link shaunsnoll Monday, 15 March 2010 16:01 posted by shaunsnoll

    awesome. People tend to forget that Greece has a long history of defaulting on their debt and have done so multiple times not that long ago....

Login to post comments