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EU: "Greek Eurozone Membership Is At Stake" And Greece Must Agree On Tough Measures Or Return To Drachma
The loudest warning to date. From Reuters:
- EU Commissioner Damanaki says Greece's Eurozone membership is at risk
- EU Commissioner Damanaki says Greece must agree on tough measures or return to Drachma, according to state news agency
Incidentally, Greece would like nothing more than to return to the Drachma. And here are the next steps...
- More austerity promises,
- No actual enactment,
- Many more violent demonstrations
- Much more EU disappointment,
- More cash demands by Athens,
- EU floats proposal to collateralize DIP loan with Greek gold
- Greece agrees
- Greece files for bankruptcy as IMF/EU/ECB cuts off funding
- Greek gold now held by "developed world"
- The End
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The new legislation includes a packet of reforms that will essentially demolish the current system of retirement benefits. The new increases in retirement age will affect hundreds of thousands of workers. Until now, those who have completed 35 years of work had the right to full retirement at age 58. They will now have to reach 60 before becoming eligible for full pension. For women, the retirement age is increased from 57 to 60. In both cases, an additional six-month period is mandated for each working year after 2013. For those who work in hazardous occupations, the retirement age is extended from 55 to 57 for full retirement and from 53 to 55 for partial. .....
just a bit of info on how the greeks have it easier than most other countries in the EU.
So you think Greece will leave the EU do you? HA.
Its a socialist country for christ sake.The people of greece get by , by spending other people s money.
I can imagine the greek people now, saying ...Up yours EU.You think us Greeks are going to accept you lot giving us slightly less money than you do now? NO WAY. Were going to leave the EU and work for ourselfs, That ll teach you! Were all going to work longer hours , work harder , actually make stuff and retire a few days before we die.HA! That ll teach you to give us slightly less of your money.Hang on while we all poke ourselfs in the eye with a sharp stick...OUCH! Ha! Whose laughing now!
I just dont think that will happen folks.Socialists are socialists are socialists.They will agree to sell every Greek artifact and every ounce of gold if it means they can retire a day earlier.
Most people who post here fail to understand how the socialist mind works, thus making your posts a pointless exercise of beating about the bush.Over and over and over again.......
Regards
Ozzy
Well...
anyone interested in the spreading of the #spanishrevolution
Madrit
http://www.ustream.tv/channel/live-from-sol
to greece ??
Here comes the #greecerevolution
just watch live what happens on the Syntagmasquare....
Athen
http://www.star.gr/ellada_kosmos/93174/
Oh... and don`t forget
Paris
http://www.ustream.tv/channel/democracia-real-paris
The Irish Times - Wednesday, May 25, 2011
CREDIT RATING agency Moody’s has warned that Ireland could be pushed further into financial turmoil if Greece restructures its debt, saying bailout recipients could have debt downgraded to “junk” status if Athens defaults.
Amid renewed market attention on Spain and anxiety about new credit downgrades of Italy and Belgium, Moody’s made it clear yesterday that a Greek default would be “highly destabilising” and would have implications for the creditworthiness of bond issuers across Europe.
Alastair Wilson, Moody’s chief credit officer in Europe, said such an action would “potentially” result in Ireland and Portugal receiving a “junk” rating.
“If there were to be a Greek default there could potentially be multi-notch downgrades to the weakest sovereigns.”
Moody’s and rival agencies Fitch and Standard Poor’s have each declared that they would probably view a “soft” debt restructuring by Greece – in which investors were offered a deal but were not compelled to accept it – to be a default
http://www.irishtimes.com/newspaper/finance/2011/0525/1224297713422.html
S & P promises to maybe be nicer. It may not matter much, in fact: if anything bad happens to the Greek banks in a restructuring, then the remaining deposits in the Irish ones will be gone in 1-2 working days, maybe even before the ratings agencies get around to reconsidering the Irish sovereign's rating.
I was just discussing this with a finances guy in the UK and what he is saying makes sense.
Ireland could reduce its debt level by half overnight quite simply, by withdrawing the Government's guarantee of [Irish] Bank debt. That would leave large UK Banks holding a lot of worthless Irish Bank debt, but this is by no means a disaster. In the event of an Irish Bank debt default, the UK Banks holding the debt of Irish Banks would exchange that debt for equity and simply become the new owners of the Irish Banks. In other words, an Irish default doesn't harm the City; it just makes it bigger.
Hard to argue with that, and all in all not a bad compromise.
`This is Sparta!`
How long can Greece string the EU along? Eventually the solvent members of the EU will conclude that it is more efficient to bail out their banks directly, instead of indirectly supporting them by loaning more and more money to Greece. I suspect that they have already reached this conclusion, but are just trying to kick the can a little farther down the road.
What a great opportunity for Greece to thumb its nose at the Euro fraud / scam.
Tell all those banks fuck off, debt cancelled, going back to drachma.
Wish Portugal, Ireland, Italy, Spain would do the same. Would love to see it happen.
... then maybe America would grow some balls, tell Fed fuck off, debt cancelled, implementing PM-backed currency.
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