Money Snatchers

Greece raised the stakes on Thursday in its quest for EU help to tackle its debt crisis, warning it cannot achieve promised deficit cuts if its borrowing costs remain so high and may have to call in the IMF.

The country’s top-notch credit rating is in danger of being downgraded, Moody’s is warning—and if a ratings agency that completely failed to predict the financial crisis is sounding the alarm, we should all be afraid.

March 14 — European Central Bank council member Ewald Nowotny said that some euro-region governments may face a “debt spiral” if they don’t starting cutting their budget deficits next year.

March 14 — European Central Bank council member Ewald Nowotny said that some euro-region governments may face a “debt spiral” if they don’t starting cutting their budget deficits next year.

The debt has implications for savers and investors:

The debt has implications for savers and investors:

Greece’s debt agency announced Thursday that it would issue 8 billion euros in five-year bonds a day after its government announced new austerity measures worth 4.8 billion euros to battle its rampant deficit.

China remained the top holder in the ballooning US debt last year, revised data showed, after earlier indications it had been eclipsed by Japan drew speculation about Beijing’s motives.

Secretary of State Hillary Clinton took a swipe at Alan Greenspan today, saying the former Federal Reserve chair’s “outrageous” advice led to a ballooning national debt that Clinton said is now a threat to national security.

Secretary of State Hillary Clinton warned Thursday that the record US budget deficit and national debt are matters of national security rather than just economics.