Greece’s debt default fears

European and Asian stock markets yesterday suffered serious declines because of new fears that Greece, despite being given some Euros 200 B (US$ 272 B) of bail out money (actual + promised), will ultimately default on its debt payment. Among the first to be hit were big French banks which hold billions of dollars of Greece debt papers.

This global financial turmoil due to big debt burdens of the US and many European governments will drag their respective corporate and household sectors. Not good also for emerging markets like the Philippines which have huge economic ties (trade, investments, tourism, etc.) with those countries on both sides of the Atlantic. We just have to focus on our internal house cleaning, learn to live within our means, as our modest contribution to help contain whatever serious contagion in global credit and finance.

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