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© 2011 AFPJapan holds off investing in Greek rescue fund
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© 2011 AFP
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sfjp330
Japan cannot due much on the issues and better to stay out of the mess. Mostly French and German creditors decided to take a massive hit of nearly 50 per cent of the face value of their Greek debt. This means that the Greek debt has been lowered, at least in book value, and creditors who have agreed to take a massive loss on it. Also, the bailout of Euro 1 trillion has been created to ensure that such a crisis doesn't get repeated in the financially vulnerable countries like Italy. What will happen? Greece still owes a huge debt. Unless they learn to live within their own means and cut back on the expenditure, it is doubtful that they would ever be able to repay the debt.
nath
Smartest thing I've seen this government do for a while.
wanderlust
I wonder how much of the Greek debacle was caused by their hosting the Olympic games? They'll be paying the debts from that for the next 20 years at least...
smithinjapan
Good! While it's admirable they want to join in the bailout Japan needs to keep its money at home.
papigiulio
Heh agreed Ted, why invest in something that is broke.
Serrano
I agree with the sfjp, Ted, wander, smith and papi.
nath
More information would be helpful. I think Japan is simply utilizing common sense. China on the other hand can afford to just jump in and not worry to much about the effects of it. We can only wait and see how this will play out. I think the Greek referendum kind of slowed things down. We'll see. peace.
nath
Japan needs to be investing at home now. They cannot afford to be spending abroad at this critical juncture in their history.
PT24881
"During the upcoming G20 summit, I will map out Japan’s contribution to settling down the global economic crisis sparked from Europe,” Noda told parliament, referring to the gathering of global heads in France this week." dated 4 days ago..
Talking grandeur of a savior I will...to settling the global crisis... Now where is the Ultra man Noda to save the world four days on ...?
globalwatcher
Great decision! Japan called it right this time. I am very proud of Japan's action on this.
Dust is still up in air. Let Euro take care of themselves first. IMF is coming to Japan for assistance, but again no money should be given.
unreconstructed
Why should hard-working Japanese bail out the lazy, corrupt Greeks? The Euro was doomed from the start.
WilliB
unreconstructed:
It is not about Greeks being lazy and corrupt. The Greek way of doing things worked just fine, before the Euro came along, with all its economic distortions and incentives to do the wrong thing.
It is like letting you little kid play with fire and gasoline.
The only way out of this disaster is to address the the problem: The Eurozone. Unless that is dismantled, the problems will only get worse.
For once, Japan is doing the right thing to stay out this mess.