Greek Tragedy turns Comedy: Leaked Troika Document Uncovers Greek debt-deal Charade
Greece has a bailout agreement, but does the country have a chance at growing it's way out of debt as the Troika and Greek politicians continue to claim? A look at a debt sustainability assessment document leaked to the Financial Times from inside these negotiations shows that even the best-case projections used to justify the bailout don't even meet the minimum threshold publicly demanded by the IMF. The baseline scenarios, which are so rosy that it's hard not to laugh when looking at the numbers, have Greece returning to positive economic growth within two years, and an end to the recession by next year. Who is making these projection, and what basis is there in reality for them? Lauren speaks to Capital Account producer Demetri Kofinas, who says that the numbers are a total farce, and that no one has any clue what the Greek economy will look like in a year, let alone over the next two decades, which is what this document attempts to asses.
And the US state department hosts the first global business conference. Looks like even Hilary Clinton is a job recruiter these days. At the same time Barack Obama is strolling around the country touting his big jobs initiatives, picking Boeing as the perfect example of what's right with US manufacturing and job creation. Well, not to rain on your parade Mr. Obama, but if Boeing is such a great example of manufacturing, why on earth is the "air capital of the world," Wichita Kansas, losing jobs from...you guest it, Boeing? Lucky for us, we have labour journalist extraordinaire Mike Elk in studio to give us the answers. He just got back from Wichita with a full report.
And one of the most recognizable works of art in western society, "The Scream" goes on sale and is expected to fetch 80 million dollars. An apocalyptic depiction of raw human anxiety and anguish amidst bloody sky -- this this a reflection of social mood? Well, on a day that the dow broke 13,000 it may be hard to tell.
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