Greece Will Get Aid

Yale professor John Geanokoplos thinks Germany will bail Greece out eventually.The euro is too important to allow Greece to fall off the table.He expects that Greece will get some help,but the European Union will be tougher on Greece to cut public service salaries and positions.After the holiday celebrations die down in January,Greek labor unions may start focusing on any threatened reductions.
The Greek parliament recently approved Prime Minister George Papandreou's proposed budget cuts.Greece's troubles came to a head when Moodys cut Greece's credit rating from A1 to A2,warning of further cuts and joining the other bond ratings agencies,Standard&Poor's and Fitch,in criticizing Greece's big deficit.Germany is generally regarded as the EU's economic powerhouse and a logical source of aid for struggling members.

BNP Paribas Forecasts 2010

Brian Fabri,Chief Economist at global bank BNP Paribas,says the U.S. economy still needs help,and that is why Federal Reserve Chairman Ben Bernanke will keep interest rates low.By Q3 2010,there could be nasty surprises in the economy.Banks still are gonna be writing off more bad debt.Commercial real estate will cause more losses for banks.State and local governments will be insolvent,probably needing more federal aid.I think we go from 3% growth to 1.5% about the middle of next year.There are significant head winds,a number of little factors.In 2010,liquidity stops growing.It could create another flight to safe dollar/Treasury move.We will return to reality from the golden handshake.We will back away from risk-taking about the middle of next year,Brian Fabri predicted.
The economic research department of BNP Paribas is a worldwide function grouping together economists based in Paris,New York,London and Tokyo.BNP Paribas has 202,300 employees in 83 countries.Its three core businesses are Retail Banking,Corporate Investment Banking and Investment Solutions.It was named 2008 Global Banker of the Year by The Banker magazine.

Eurozone Budgets Under Stress

Greece has the biggest debt of the Eurozone countries-the countries that use the Euro for their currency.Prime Minister George Papandreou announced sweeping structural reforms earlier this week,saying that Greece is sinking under its debts.The country is in its worst financial dislocation since it returned to democracy 35 years ago.
Mr.Papandreou called for national unity in the face of the crisis.Greece's soaring defense budget will be targeted for reduction,but there is a real prospect of strikes.Greek leftists and trade unions have indicated that they won't tolerate any cuts.
Ireland and Spain also face a high debt load.While Greece's budget deficit for 2009 is forecast to be 12.7% of Gross Domestic Product,Ireland's is expected to be 12.5%,and Spain's 11.2% of GDP respectively.European Union budget rules set a limit of 3% of GDP.The deficits came about when the countries propped up their economies with borrowing when the financial crisis reached Europe.

Copenhagen Conference Begins Struggle

Opening the UN climate change conference in Copenhagen,Denmark on Monday,Connie Hedegaard,Conference President,said this is the time to commit.And it is doable.Fifteen thousand delegates will strive for agreement for two weeks.U.S. delegate John Pershing remarked that the science on the issue is incredibly robust.Ms.Hedegaard,however,felt that the delegates were not there yet.In the next few weeks,she explained,we have to work really hard and find both public and private money for the efforts.We must get it done now.Compromise,agree,find concrete solutions.Leaders have made it very clear:they expect to adopt an agreement 11 days from now.Let's mark this meeting in history:the entrance to the low carbon age.Let's get it done,and let's get it done now,Ms.Hedegaard urged.
The delegates were shown a video dramatization of a young Caucasian girl suffering at the hands of global warming.In spite of a last minute controversy over rambunctious emails from a conference supporter,most governments are on board with the vast majority of the world's scientists,and are determined to address the issue of climate change with definite measures.

Asia Learning Fast

Ron Arculli,Chairman of Hong Kong Exchanges and Clearing,says that one thing we need to learn in Asia is to professionalize management.We're learning fast,but we need to get there in order to keep our position.Language is an issue for foreigners in Asia,but you can operate here without the language.Initially,you might want a local partner if you are shy,if you are cautious,but if you are professional,you will be respected,Mr.Arculli believes.
At the heart of it,in Mr.Arculli's view,they are all Asians.It is variations on a theme.It really is the preservation of the basic family structure,Mr.Arculli observed.
According to a KPMG survey,85% of global construction firms expect a moderate to significant increase in opportunities in the Asia-Pacific region on account of government stimulus programs.Insights such as those stated above can help those companies take advantage of these prospects.