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Norway Stops Aid Payments To Greece
And here comes the first domino: according to Swiss journal NZZ, the Greek bailout is about to take a turn for the worse. "Norway will first stop all further financial aid payments to the highly indebted Greece. The reason is that Greece does not fulfill its obligations descendants, the Norwegian Foreign Minister Jonas Gahr Store said on Thursday before the Parliament." And with Norway which is a member of the European Economic Area, and actually one of the few solvent and non-basket case European countries saying let the chips fall where they may, it is just the first. Look for every other country currently on the sidelines vis-a-vis Greece (and just as insolvent) to follow suit as the European experiment falls apart.
From NZZ (google translated):
orway felt obliged to make payments to Greece until further adjust. He was "sad" about the decision because he does not aggravate the situation in Greece which would, Norway got no choice.
Norway is not an EU member, however, belongs to the European Economic Area (EEA). About this country is paying the money to compensate for economic and social disparities in Europe.
Aid does not reach receiver
As the EEA Iceland and Liechtenstein members suspect the country that its financial aid to Greece did not go to the intended recipient, reported the Norwegian news agency NTB.
Thus Athens is not following its obligation to fund under the financial assistance provided for projects to 50 percent with their own money. Of the grants of 248 million Norwegian crowns (39 million), which was originally for Greece are, so far only 13 million had been disbursed, reported NTB. The rest remains now frozen.
Look for the EUR not to be happy at all with this sudden and very much unexpected escalation.
h/t Alexander Gloy
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"...It is at this point that the dollar will surge relative to a collapsing Euro."
For a day or so maybe, until it becomes apparent to even the dimmest person that the collapse of the Euro banking system will bring the Global banking system down with it. What does The Bernank do then? A crappy little bank like Lehmans failing forced the Fed to print upwards of $2T so far. Now if practically every Euro and Asian counterparty to every US bank transaction suddenly goes tits-up what will he do then? How can the dollar possibly survive this? It won't.
If the Euro fails, the dollar fails within hours or days.
Umm, issue $100Billion notes?
The printing presses will only help if the money is handed out as a gift. But the banks won't allow this because it would dilute the value of their money. Handing out the printed money as loans (which is what the banks will insist) does nothing to help the situation. If Greece can't pay back its debts now, they can't pay back debts*2.
The first domino? Eh, just another straw on the camel's back, but the beast keeps staggering along for now.
The freezing of transfer payments to Greece by Norway, will be one of those bullet points students of history will see in their textbooks as they study the sequence of events that led to the collapse of the EU and the extinction of the Euro as a common currency.
This may not be a watershed moment, but it will be remembered as part of the post mortem on this long running, failed academic experiment.
Norway is solvent because Norway owns some of civilization's alpha asset, in declining quantity, and they have become real careful since that writing appeared on the wall.
When the last drop of oil flows, they want something left in their treasury to show for it.
You mean they are fiscally responsible socialists? B bu but that's impossible! The Iron Maiden said that 'socialists always eventually run out of other peoples' money' (or some such nonsense).
Domino games unraveled...
The traditional game is not to be confused with it's sub versions "Chicken foot", "Domino Day" or - and best of all - "Bendomino" :-P
http://en.wikipedia.org/wiki/Category:Domino_games
Norway refuses to be stifado'ed by Greece :)
Most of Europe put all their eggs in one EUR basket. Omlette anyone?
It would be Schadenfreude time, but the UK is in bad way too.
Aistria and Finland already stopped.....the EU threatened them but as far as i Know they refuse to work harder and pay for the Greek Bank Bailout.
Sounded like the TrueFinns caved, or so I read here about a week ago....guess that elections over, no more need for hope or change.
....Anyway GO NORWAY
Japanese governments FAQs for People Living Outside the Fukushima Evacuation and In-house Evacuation Areas
Click the link below to read an incredible work of misinformation that will surely--at a future point in time--become forensic evidence used in a lawsuit against TEPCO and the Japanese government for criminal negligence.
By using this document, the Japanese government is trying to talk down the Fukushima problem and assure people that there is absolutely nothing to worry about, which we know is total hogwash because even small dosages of radiation are said not to be safe (and the dosages Japanese are getting are NOT small). Some of the goggle translated 22 FAQs and answers include (read here):
http://fukushimadisaster.blogspot.com/2011/05/japanese-govts-faqs-for-pe...
Well, dont forget all the bonds the Norwegian pension fund bought.
Investment of a decade!
Bought in 2009 I think
Does Norway have oil?
It's that thorn in the eye thing again.
norway acting in best interest of everyone.
reason for greek \quote 'Help' \unquote is TBTF and german pension funds to get out of the ponzi scheme with taxpayers money
time-weighted maturity is 3-4 years. Recent plans came out from EU to let \quote 'bondholders pay' \unquote from 2013 on.
Just guess who's the bondholder by then.
http://volatilitysmirk.blogspot.com/2011/03/european-debt-crisis-is-late...
Norway? Hypocrites? Say it ain't so....
Norway, a nice little European socialist country who will no longer give handouts to those who won't help themselves? .... er.... what? But, but, isn't that what socialism is for? Apparently we have hit peak 'Utopian Mysticism' in the Eurozone. Those in need, no longer need apply.
Norway also happens to make their wealth and afford their own socialism through offshore oil drilling. Strange that their felllow European socialists never make Norway apologize for fouling the North Sea waters or for contributing to global warming. Their oil production is never threatened by their fellow socialists in the EU to save the planet.
Norway's many fishing vessels are never harrassed by the same eco-nazis on the high seas endangering lives and terrorizing Japanese fishing vessels.
Norway also handed out three underserved Nobel Peace prizes to Carter, Gore and Obama. Three mega polluters who started wars and support despots all over the world.
Norway is full of a bunch of socialist hypocrites.
Sure gwar, but show me someone who says they have zero irony in their life and I'll show you a bald faced liar.
Let's just say that Norwegians as a race have less hypocrisy than some. This also doesn't change that fact that they have a very successful economy, especially in comparison to some.
...I think I am beginning to see where your animosity towards them is originating.
Shut Up Bitchez!
I am from Norway.
I woke up and watched breakfast TV this morn, it was realtors all over.
If you didnt notice, Norway is the only country in the whole wide world where houseprices didnt fall ever since their 1992-1994 low.
The real estate smuggler panel was asked:
1. Doesnt the increased number of offerings lower the price?
Answer: NO
2. Doesnt the increased interest rate 2 days ago decrease the housing price?
Answer: NO
3. Doesnt the record all time debt burden lower the housingprice?
Answer: NO
Shut Up Bitchez.
We are the welfare state of the whole freaking World!
Not even Soros nor Hendry dares to short us!
So shut the fuck up!
Bitchez!
We are seemingly undefeatable!
This story hit me in a slightly more personal way. My wife is 100% Norwegian, or a "Weej" as I like to say. I am of Greek ancestry and she used this opportunity to loot and pillage our savings accounts and run off with a European. Damn the Luck.