This page has been archived and commenting is disabled.
Pan-European Greek Bailout Mutiny Gathers Steam, As Calls For "Euro Without Greece" Plebiscite Grow Louder
Just like last year at about this time, the tables are turning on the funders of the latest Greek bailout. As Athens News reports: "Austrian mass-circulation tabloid Oesterreich, expressing rising taxpayer resentment around the EU, called for an EU-wide plebiscite "to let those who have to pay for Greece decide" whether to rescue it again or preserve "a euro without Greece"...[it also said] zigzagging over Greek aid pointed to a lack of a strategy allowing "shameless financial markets (to) blackmail apparently helpless politicians", and it called for an EU-wide referendum." Elsewhere, Geert Wilders, head of the third largest Dutch political party, the Party For Freedom, said "Greece should leave the euro zone and reintroduce the drachma (pre-euro currency). No more Dutch tax money to the corrupt and de facto bankrupt Greek." So the end result is that once again neither the Greek nor the European population wants the latest bailout that is forced upon them by the banking system, which is terrified about what happens if failure is reintroduced as a final outcome. Yet while it will take a lot to organize Europe's conflicting popular interests, the immediate decision-making power resides with Greece, where in just over 24 hours the all-critical vote of confidence in the ruling party will take place, whose failure is simply unthinkable in terms of downstream effects for the Eurozone. And as anyone familiar with the constitution of "united" Europe can attest, the jettisoning of Greece from the currency union will be next to impossible without a thorough redo of the bylaws of not only the Eurozone but all other artificially unionizing constructs that will promptly be forced to unwind should Greece "just say no" to more banker bailouts.
From Athens News:
Ta Nea, a centre-left, pro-government Greek daily, welcomed what it said were signs from recent Greek negotiations with EU creditors that it would be able to spare the financially neediest Greeks from the next "austerity clamp".
"Our lenders and partners do not wish to see the Greek economy collapsing. In this context the government can argue that to achieve targets Greek society must not be exhausted."
But centre-left newspaper Ethnos said Prime Minister George Papandreou's Socialist government was caught "in an iron social and political vise" by popular resistance to more sacrifice.
"The stance of society (veers between) negative to massively angry. All parties are refusing to work with the government and are asking for elections," Ethnos warned.
The Eleftherotypia daily vented the view of many ordinary Greeks, blaming the EU and other outsiders for their crisis.
"Led by Germany the EU, instead of showing solidarity and trying to solve the problem as a family matter in the Union, confronted Greece. It imposed punishing rules... instead of providing help," Eleftherotypia said. "Today Greece is at risk of becoming Europe's little whore." Underlining the peril to some EU coalition governments inherent in showering more money on Greece, the leader of the Dutch rightist Freedom Party that props up the minority government said it opposed more largesse for Greeks.
"Greece should leave the euro zone and reintroduce the drachma (pre-euro currency). No more Dutch tax money to the corrupt and de facto bankrupt Greek," Geert Wilders said.He said that if the Dutch government joined a new bailout for Greece, then it "will have a major and very serious political problem with my party".
In Germany, Europe's most widely read and influential newspaper, Bild said financially squeezed taxpayers were bristling at conservative Chancellor Angela Merkel's readiness to cough up more relief for Greece rather than her own people.
"Will the Greek crisis ruin all hopes for tax cuts in Germany? In Germany more and more citizens are asking themselves -- there is money for the Greeks but when will there be some for me, the simple taxpayer?" Bild said.
The conservative daily Frankfurter Allgemeine said Merkel was working feverishly to come up with a permanent EU financial stability regime "but is giving out the impression of a fire marshal in perpetual stress: several fires, few pails, no plan".
"The German government calls this 'crisis politics' ... But the citizen does not understand where this is going... this yo-yo-ing is difficult to explain to the voter," the German financial daily Handelsblatt said in an editorial.
"Political pressure on Merkel from the conservatives and her coalition is rising immensely," it said.
The liberal Munich daily Sueddeutsche Zeitung said Germans are "warily asking whether it can be right to tie up one package after another for a country being governed by corrupt elites.
"Should Greece not leave the EU, or reapply? ... For a long time the Greek crisis has not been (so much) about money but about the biggest asset the EU has -- its credibility. Its disastrous crisis management is making citizens, allies and financial markets nervous," the Sueddeutsche said.
End result: EURUSD jumps by over 100 pips in overnight central bank trading.
»
- 10858 reads
- Printer-friendly version
- Send to friend
- advertisements -
It's summer. The nude beaches along the Baltic are packed, as are the septums of the Germans, Austrians, and Dutch frying in the Ibiza sun. A fatal flaw of some EU watcher analysis is the assumption that the EU operates on democratic principles... NOT
interesting what if scenario... In particular I like domino "11"
http://www.cnbc.com/id/43425042?slide=1
Slide 3:
Europe's Banks Rocked
Europe's banks are big holders of Greek debt. They have something like $53 billion outstanding. France, Germany and the U.K. are the most exposed.
"If bondholders were required to take a 40 percent 'haircut'—a figure thrown up by many analysts—this would translate to losses in the order of €15.6 billion," or $22 billion, according to one report.
Well, we know how that will be "fixed"-- the European banks will phone their favorite friend, Uncle Ben Bernanke, who'll wire over $22.2 billion in Miki Maus Money to make them whole, c/o the FRBNY (the extra $200 million is a nice tip for their trouble.....)
Any solution for Greece must also apply to the other PIIGS
There isn't enough credibility in the Euro system to cover those obligations...
Yes... all PIIGS/counterparties will have their turn at the Fed trough... and the ECB can continue their faux-hard money posturing....
drupal......
So if Greece was booted out of the EU wouldnt you still have the debt problem and potential meltdown. Dear banks can you say workout.
Scary part is that fascists like Wilders use the crisis to drive their agenda.
Anyone seen the hateful movie created by Meneer Wilders.
http://www.youtube.com/watch?v=37w-aXGk8M0
You know the end is near when truth becomes hate.. Read Wilders speech to the kangaroo court that was trying him for hate crimes.. Fascist I do not think so..
did you watch the movie he produced, not the slick free speech performance
Sounds like you are the Fascist, or maybe member of the Muslim Brotherhood? Stone any women today?
Well Djirk, I sure don't want to be condemned by you (and your awesome moral authority) so maybe I should do something politically correct and non-fascist to avoid that. Something you wouldn't dream of criticising.
Like perhaps dragging a woman who wants to learn how to read or drive a car to the next football field and shoot her in the back of the head with an AK47? Or perhaps force some 8 year old girl to marry an old pervert?
Djirk ... fuck you and your PC fascist bullshit. Get lost.
Yeah I got my facts confused, I heard they tie gay people up to the back of cars and drag them until death....also the women are so poor and high on drugs they put their newborn kids in dumspters....oh wait that is the USofA.
Exactly, you guys drank the kool aid, all Muslims eat their children and kill any non muslim on site......or is it the extreme few, who politicians use to scare you into getting their way.
You are right though Wilders is not a facist. I was forecasting.....nationalist, xenophobe, blamed an entire religious race on his countrys problems.....sound familiar.
OK OK there is a long way to go until Muslim women reach the status of western women, who can only make reservations.
Y all been workin on Maggies Farm too long
http://9gag.com/gag/34474/
SoNH80, RE "the assumption that the EU operates on democratic principles... NOT"
Does the U.S.?
No, of course not.
I don't understand why they are so hesitant about reissuing the Drachma.
God forbid billionaire Hedge Fund Hyenas would take a tiny haircut.
Are these governments really that captured by these jackals?
They can't afford a setback in the Globalization, remember 1st unify Europe than the North American Union than the World
This is not about money or profit, it's about world Domination
It is really about people spending more than they earn. The crack addict is equally to blame as the crack dealer.
Considering all the time and money spent - AI reply routines should be less dichotomous.
They know the addict will give up family, friends, property, and self respect to get another fix.
Question is are the citizens or the people in charge addicted to the debt.
used care salesman?
Technically, there would not be any crack addicts if there were never any crack dealers, Right?!? Yeah, I rest my case...
+1 Bingo. We have a winner! "World Domination by the banking cartels". That is what this is all about, why Greece MUST stay in the Euro, why Greece must be bailed out. I mean the European banks must be bailed out. No haircuts. Bankers make the decissions, the people pay the price, and governments respond to the banker's demands not the people's. It as plain as day what this is all about.
Of cause it is, its simple, remember 1933, Reichstag in Berlin was burning and the Nazis made "protection laws". 2011 Greece is fiscaly burning and they introduce a "Package of six legislative proposals" about austerity by force from Brussels, economic governance.
http://www.eu2011.hu/package-six-legislative-proposals
If they tptb have fiscal control over Europe on of the final steps is taken.
This is the old strategy of tension game, translated into financial markets.
http://en.wikipedia.org/wiki/Strategy_of_tension
Now think again about Lehman, where the bailout powerplay began... ;)
Transfer of taxation power from nations to European supra national structure is one objective.
Dont know if it will be reached with Greece though. They might prefer to sacrifice Greece in order to build up on fear, showing what can happen and making transfer of taxation power an acceptable option.
Transfer of taxation power from nations to European supra national structure is one objective.
Dont know if it will be reached with Greece though. They might prefer to sacrifice Greece in order to build up on fear, showing what can happen and making transfer of taxation power an acceptable option.
The greeks would have to live within their means and could not run a budget deficit if they went back to the drachma. No one would lend them money. they are already shut out of the debt market.
Iceland is back in the world debt market and successful. But then Iceland is a bit different than Greece. A nation of hard workers who pay their taxes versus? Greece!
Iceland didn't default; they just let their banking system crash.
The sky didn't fall, last I checked.
The funds, banks, and vicariously, the German people, have been subsidizing Greece since their accession to the EU. They were expecting a coupon back on their "investment." It ain't gonna happen.
Everyone is expecting their money to make money by the principle of economic growth in the aggregate. That growth is no longer occurring.
Before the days of growth and banking, you grew what you needed to eat for the entire year. Stockpiling grains did not produce magic compound interest and more grain. This is the future. The only people earning returns now are doing so via inflation and leverage.
No. Sovereign countries do NOT have to borrow money from private corporations. That is a meme created by the bankers. Sovereign countries can print money - without debt and without interest.
Repudiate the odious debt.
If the Greeks were smart they would:
-Throw out their Cleptoticians
-"Right Size" their Euro based bonds (coining my own cool new term for default)
-Pull-out of the EU
-Reinstate a gold-backed Drachma
T.E.I.N. everyone!
Agree. Why would it be so complicated to kick Greece out of the Eurozone as stated in the article.They (Greek politicians) have broken almost every rule,used every loophole and as it seems conspired with the squid and others to defraud.
Let them go.It´s for the best for all sides.
The Greeks (people and possibly the military) will then take things into their own hands and find proper decorations for the lampposts around Syntagma square.
Because the arrogant clowns who designed the EU & Euro didn't think it was possible a member State could go bankrupt or would ever desire to leave to NWO shithole they were dreaming up, so they never developed appropriate contingency plans and mechanisms.
If Greece leaves it needs to leave the EU not just the Eurozone.
UR, RE "the arrogant clowns who designed the EU & Euro didn't think it was possible a member State could go bankrupt or would ever desire to leave to NWO shithole they were dreaming up, so they never developed appropriate contingency plans and mechanisms. If Greece leaves it needs to leave the EU not just the Eurozone."
As opposed to the US Globa-Corp-Fi-Hegemon-Wall-Street-PentaGun genious oligarchs, who gave rise to China and death to US working/middle class, and who similarly cannot envision that any US state will ever desire to leave The US HomeLand Fascist Federation?
Watch California next month.
Watch US crumble over the next 12 months.
And...what??
If they earnestly want to hang their politicians(bankers and other assorted ...people) it´d good to leave the EU since capital punishment is outlawed under EU law.
Look at it this way. They take a break...a hiatus...a transition time ....and then do what they need to do.This without being harangued by the EU parliament OR bombed by the U.S.
Biggest problem they have is to clean house without upsetting The Squid ....so not to get bombed when they default and cause all thosed CDS to burn a hole in th squids pocket.
.
and just think how cheap their olive oil and tourism would be with the reinstated drachma. its a win win for the greeks.
Appeasing their Bankster Overlords is all the political/bureaucratic minions know.
“It is hard to free fools from the chains they revere.”- Voltaire
See:
AMERICA: A "De-constructed Third World Nation-State" -International Banking Cartel Vs. The People
XLF just turned green after being red all morning after Citi downgraded a bunch of banks.
CRB Index didn't crash like I thought it would.
Might be a reversal day today.
If you listened to me you'd fade yourself. Learn from George Costanza RT , youd make a killing.
+ 10000
I make the best decisions when I fade myself!
on Sun, 06/19/2011 - 12:02
#1382512
Will SPY gap down under the 200-day Monday morning?
Will the CRB Index fall apart?
Gap up in the USDX to break out over the previous highs?
10-yr. yield collapse to 2.90%?
Yep, sure feels like it.
Bears get ready to rumble!!!!
Greek parliaments must pass the vote of 'no confidence' in their government.
Can you hear that? Listen carefully.
Its a whole chorus of eurotard politicians fiddling whilst the Continent burns.
Violins bitchez.
Powder to the eyes: people calling for an option they do not have in order to portray themselves for what they are not.
Here's their propagandist scenario:
If Greece is maintained in EU, it will be against people who want to throw Greece out (this option does not exist) so in the end, this victory will be a great display of European solidarity (which is only an illusion, as Greece staying in Europe is only the result of the impossibility of kicking it out)
Please don't let it be misconstrued that I do not totally disagree!
With Greece / without Greece doesn't matter a hill of beans. The bonds are the issue. Banksters win again bitchez!
banksters and the usury clan only have primacy absent time of war.
Germany is going to figure out that if they really want their money back from Greece, they will have to go take it.
These bullshit liberal "rules" that people cling to aren't worth dick.
Look at Turkey they are in lot better shape than the PIGS ... the PIGS should get out the Euro currency ...when UK can be part of Euro without the Euro Currency why not the PIGS?
Indeed! Turkish growth is impressive. They are fools if they try and get into the stupid Euro club.
First Turkey must qualify (democracy/free press) to join EU. Later, to join Euro.
Nonsense. IF the Greek parliament votes the wrong way,they will just keep on voting until they get it right. Just ask the Irish ;)
Let us hope and pray that Greece just says no.
if the people of Europe have a say, there will be no bailout. the citizens don't want to give greece the money, and we may find out that the greeks don't want the money with the conditions anyways. the bankers and politicians may actually finally have to represent the people
Kick those freeloaders out of the EU now, before you waste any more money on them.
But the people are shit out of luck cause they have no say.
POMO doing "God's Work" :())))!
Souda Bay, Greece is home to NATO base and a U.S.air base. I'm sure the Chinese will gladly take Greek Debt for let's say special Chinese privileges.
It can try the African Union..
anybody has a number ... Greek sovereign debt CDS notional amounts? Is it two or three digit trillions? Maybe notional amount is not the right term, I mean the amount which is paid by the issuer to the owner in the case of 'credit default'.
Debunking Some Myths About The "Greek CDS Contagion" Threat
The Ottoman's Strike back...
http://www.haaretz.com/news/mideast-in-turmoil/turkey-warns-assad-you-have-less-than-a-week-to-start-implementing-reforms-1.368717
"Sueddeutsche Zeitung said Germans are "warily asking whether it can be right to tie up one package after another for a country being governed by corrupt elites."
Corrupt elites such as foreign bankers? Yes.
foreign bankers cannot do the work alone. They must have allies in the government.
"They must have stooges in the government."
There. Fixed it for you.
employees.
strike forces power cuts in Greece
http://online.wsj.com/article/SB10001424052702303936704576397440483253386.html
Look how wonderfully Troica's "program" is doing. Wow, what a result! Alex, i'll take strict conditionality for further tranches of bail out money for 400 benny bucks thank you very much.
06-20 10:51: Greece Jan-May central budget deficit EUR 10.3bln vs. previous EUR 9.1blnYou just coined the new explanation in a sentence, but "reintroduce failure" just might be what is required.
OT: Can we get a thread regarding the 2 Nebraska nuc plants that are just about flooded out at this point?
Apologies for off topic, but a massive new Associated Press investigative report on corruption and incompetence in US nuclear regulation has just been released, and it's pretty brutal.
http://news.yahoo.com/s/ap/20110620/ap_on_re_us/us_aging_nukes_part1
It's a good thing all that green energy - windfarms, solar panels, biomass - is ready and waiting to fill the void when we shut down the nukes. Oh, wait, it can't? Then never mind.
So the plan is to run the nukes until they fail catastrophically because you *can't think* of anything else.
Roger, carry on. Oh wait...you're a puppy. Then never mind.
Point is we can't run our society and support the current world population on alternative energy. Nuclear, coal, oil, and natural gas supply something like 90% of world energy needs. If we shut down the nukes, their contribution will be replaced by coal, oil, and natural gas, which will increase the depletion rate of oil and natural gas as well as increase the environmental issues associated with those forms of energy. Nuclear certainly isn't perfect and has quantifiable risks, but hopey-changey nonsense about how green energy can support the current world population at the current level of per-capita energy use is naive at best.
Sensible comment. You might find the latest mini-crisis engulfing the IPCC humorous: they are using a Greenpeace scenario to justify saying that 'green' options can hit 70% of global demand by 2050. You would think they would have learned through some kind of pain aversion reflex if nothing else. ...NOT.
I don't know how much could be met by each option, just that paralysis is hazardous from a risk management standpoint. The 'running room' now is best for natural gas and wind. That's what the market is saying (taking all interventions into account). But I subscribe to a theory I call 'the point of equivalent irritation'. Once all options are equally irritating, we stick a finger in the air and pick one. Having been in enough Fortune 500 boardrooms to know, I can assure you of the validity of this working model. The good news is, everything gets a slice this way. But some of it will be horseshit.
HAGD (have a good day).
And HAGD to you too. Don't get me wrong, I'm not an apologist for either the oil-coal-gas industry or for our current way of life. What I (futilely) wish for is for a leader to tell us the truth - that our current way of life is unsustainable. Alternative energy can help but will never reach more than 25% (or whatever) of current usage and we need to start moving to a lower-energy-required society. But fat chance of that happening.
time to send some OECD election observers down to Greece
So, the secret of defeating the globalists and getting them to drop you like a hot potato is to be financially irresponsible? I think we can do that.
It will take a coup or revolution to break this stalemate.
The bought and paid for pols will never act in the peoples interest.
Wont be in the least surprised if they pushed the vote back to buy time to finish that tunnel.
The repercussions and ripple effects for CDS insurers like ... AIG ... in case of a default should be pretty hefty.
So now you know why Bernanke is helping Europe out.
He's merely saving America's ass, should all banks as CDS counterparties come rushing and crying to AIG.
Another Lehman Bros. ?!
You bet !
Don't think that America will be unaffected, once Greece goes down.
And as anyone familiar with the constitution of "united" Europe can attest, the jettisoning of Greece from the currency union will be next to impossible without a thorough redo of the bylaws of not only the Eurozone but all other artificially unionizing constructs that will promptly be forced to unwind should Greece "just say no" to more banker bailouts.
The citizens of the Nations which make up Europe need to pay attention VERY carefuly here. More power for unelected elites in Brussels will happen otherwise - as if the fuckers do not have enough already. Time for Nigel Farage to get vocal.
Giving these politicians excuses for selling their fellow countrymen in order to appease their banking masters seems far too generous, but not surprising coming from a media outlet that is also owned by the very same idiotic villainous people.
There's only one fatal flaw undermining all the speeches from the north: it's not really their money, our money or anybody's money! That is the beauty of the fiat Ponzi: nobody actually pays! It's all funny money which materializes on demand. Much harder to make a sermon when there is no real penalty for sinning. Oh you can invoke all sorts of theoretical arguments about the direction of prices in the future, but you're preaching to nations that ALL have huge debt/GDP (Germany's is higher than the US). Party on!
Right.
Wrong. A ponzi is based on real wealth. People who are paying for present days are most commodities rich countries. They are the ones supporting the world as they keep 'accepting' fiat.
True. What I'm pointing out is the point of view of the Ponzi beneficiaries: they don't pay, they get a free ride. Others pay including their descendants
David Goldman, the former head of fixed income research at Bank of America, has an interesting option regarding Greek Debt. Basically, do not allow the Greeks to default, and stop any falling domino scenario. The ECB becomes a "loan shark" for Greek debt. Europe Needs One Horrible Example http://blog.atimes.net/?p=1817 The trouble with European debt negotiations is that they have not yet persuaded the citizens of highly indebted countries that they must consume less, work harder, retire later, and generally lead unhappier lives. That is what happens after years of living beyond one’s means. The Greeks in particular take the view that the Europeans need them (not to default) more than they need the Europeans, for their debt is so large that it would impair Europeans banks were they to default. Here’s a simple idea: Don’t allow them to default. 1) Kick them out of EMU and send them back to their miserable drachma, which would, of course, suffer an immediate devaluation of 50% or more. Announce that this is not a divorce but an annulment, given that the Greeks lied outrageously about the size of their economy in order to enter EMU, and never should have been there in the first place, and make clear that this only applies to the special case of Greece. 2) Allow European banks to continue to accrue interest on Greek government debt, through the following formula: the European Central Bank will issue scrip to the banks in the sum of unpaid coupon payments on sovereign debt, so that the bank creditors will own a sort of Payment-in-Kind (PIK) bond, an old junk bond device. Let the ratings agencies scream. The banks can show that the coupon payments on Greek sovereign debt have been paid by the ECB, in the form of additional claims on the Greek sovereign. In effect, the ECB would turn up at Greece’s door like the loanshark who says, “I bought your paper from the guys you owe, and now you owe me — and I want a piece of your business, or else.”...
A solution for the bankers, by the bankers...
Truly one. The guy is still denying that the forceful decrease in consumption especially means less activity possible, hence less work available.
The Greeks will have to yield all types of consumption, be it leisure consumption or the consumption known as work.
The work harder mantra is idiotic.
With technology improvements and productivity enhancements, shouldn't we all be working less and not more?
I dont know but what I know is that a decrease is consumption at the present stage of the US world order in the wester world has to mean less availability of work/labour as a human activity.
Labour is a drain on resources and a high consumption factor. Work itself, not the fruits of work.
Portugal, Spain and Ireland will call the ECB bluff.
Shit like that would work for maybe a year tops then its back to private bondholder haircuts IPS edition.
Or else what?
default it all. get out and they will soon see a rush of investors to fill the hole.
would not you invest if a country went free market (of bankster assholes that is)?
do it now, in 2-3 years they willl be flush again.
"Regretfully, we are bankrupt".And they lived happily ever after, until they joined the EU.
Their investment is this. They spent all this time constructing a system that is interconnected and link together financially for the sole purposes of one world central governance and currency. Any threats can be used as fodder to tell the pleps, "Hey look we need global regulators because if one fails we all fail and then we die". Aka fear tactics. The issue with Greece is pivotal because it can go two ways. Global cooperation or 'the other option' which in fact is never been tried on larger levels. The fear is that other people will get the same idea. Iceland isn't a worry because it was just not big enough to be important.
The only option for the EU right now is a breakup of the eurozone or federalization. The latter is politically impossible to do.Plus nationalism is Europe does not have a common foreign policy,common defense or a common government. The euro has been an epic fail and will collaose. If it's not Greece tommorow it will be Spain. There is not enough money to bailout Italy and Spain. So if the new rap group G-Pap and New Democarcy get a vote of confidence it will just delay the inevitable. At this point Greece will face civil war or military coup.
Euro as a failure? Nonsense. It just let too many countries in. Eurozone has to kick out few failed countries(like Greece etc) and it´s gonna be OK.
np just kick out Greece, Ireland, Portugal, Spain, Italy, England and replace it with Turkey...
Greece doesn't face anything. If the politicians can avoid signing away national assets, which they should be able to do given that anyone stupid enough to do so will be replaced and the assets reclaimed, then all they need to do is offer terms for partial repayment.
The ECB is the mark being played here. Giving Greece more money so it, too, can be partially repaid in the interest of pretending that the older debt will be paid in full is simply stupid.
Hey Zeus, when the Dutch start piping up, then you really know a Bandwagon has been spotted :)
Only one word: Ponzi.
Kick them out, the sooner, the better. Then they can go to their middle-eastern brethren with their victim mentality moaning, demonstrating, rioting as much as they wish. No more free money for failed societies.
The question is why are the central banks showing to be totally incapable of containing this crisis.
They don't have this:
http://en.wikipedia.org/wiki/Exit_strategy
"An exit strategy is a means of leaving one's current situation, either after a predetermined objective has been achieved, or as a strategy to mitigate failure. An organization or individual without an exit strategy may be in a quagmire. At worst, an exit strategy will save face; at best, an exit strategy will peg a withdrawal to the achievement of an objective worth more than the cost of continued involvement. "
See my post below.
Another example of "Leadership Fail" (plenty of examples these days)
EXIT STRATEGY - what a concept! They've defined how countries can enter the EU but there's no exit criteria. What is the mechanism to "de-friend" a country if their finances don't meet the minimum requirements? Or if they politically devolve? Even Facebook has a method to un-friend someone for f*cks sake!
And if such a mechanism exits, why the delay?
If any of you are ever put in a leadership position, please consider exit criteria before embarking on some grand expidition so you don't paint yourself into a corner like these genius EU leaders.
In a forced union, one basic requirement is to deny any exit option as long as the point of no return is reached.
At that moment, you can install an exit option, knowing it can no longer be of use.
This is the kind of freedom the US has brought to the world. The Europeans have learned their lesson.
Democracy vs Mythology: The Battle in Syntagma Square
http://sturdyblog.wordpress.com/2011/06/18/democracy-vs-mythology-the-battle-in-syntagma-square/
Hey not everything's bad in Greece : they're number 1 in Europe for... owning Porsche Cayenne cars.
Time to call the repo-man.
Imagine you are on a high speed train in Europe with the EU stamped on the side speeding faster and faster. You press the intercom and ask to speak to the conductor. A monkey shows up, laughing, with TBTF on his conductor hat. You can’t understand the monkey and ask him to bring someone that can speak the language. Another monkey shows up pulling another monkey with a chain. His hat is marked “FED”. He says something unintelligible and the train is now tossing you around because of the excessive speed. What do you think is next?
wally_12
-
Elsewhere, Bob Anderson, head of the third largest North Dakota political party, the Party For Freedom, said "Illinois should leave the dollar zone and reintroduce the Spanish piece-of-eight (pre-dollar currency). No more North Dakota tax money to the corrupt and de facto bankrupt Illini."
Imagine you are on a high speed train in Europe with the EU stamped on the side speeding faster and faster. You press the intercom and ask to speak to the conductor. A monkey shows up, laughing, with TBTF on his conductor hat. You can’t understand the monkey and ask him to bring someone that can speak the language. Another monkey shows up pulling another monkey with a chain. His hat is marked “FED”. He says something unintelligible and the train is now tossing you around because of the excessive speed. What do you think is next?
That's hysterical. (And we gonna crash...)
TBTF Monkey: all your train tickets is belong to me
I guess the private sector this kleptocrat is referring to is and will be tax payer and tax payer only until eurozone finally collapses.
06-20 11:29: EU's Van Rompuy says private sector involvement in bailout should follow EU plansHelp! Greece is in great need of more redistribution, ...where is everybody?
I find it very revealing, and amusing, that the socialist/communist leaning peoples within the EU are not falling all over themselves, each according to their ability, to cough up the money for their fellow EU members, according to their needs.
I hope they're finally learning the lesson, for the last time, that socialism/marxism is fatally flawed and can never work because: 1) rewards sloth 2) punishes producers 3) collective depends on flawed central planners 4) vertical structure regularly exposes all the masses to every single mistake and unintended consequence.
EU's Leap Forward? When Mao decided farmers should melt their farm tools down to build factories he never gave a thought how people would thereafter be able to grow food and eat. 40-60 million starved to death and resorted to cannabalizing their own children. Gyros anybody?
And it was all for nothing. Mao was too ignorant to know, and underlings too afraid to tell him, that all those farm tools were just made of pig iron which were unsuitable to convert to factory steel. One man, one decision, and 40 million people get mowed down, just like that. World Government anybody?
WTF are you talking about?
Germany is currently run by the CDP - Conservatives.
France is currently run by a center right coalition - Conservatives
The UK is currently run by the Tories - Conservatives
Well, exactly. You make my point for me...
Congratulate yourself for also having noticed that the Europeans (amusingly) are no longer prevailing socialists. They're conservative because they increasingly see socialism/communism as a big mistake and a lie --- but dontcha know it didn't use to be that way. The socialists didn't become mute or die off, the public sentiment just changed about socialism and they are turning their back on it.
The recent change is a backlash against 20+ years of EU collectivization. The recent conservatism is against the supranational EU collectivist authority created by the socialists that preceded them, which has proven to be economically disasterous, and has been robbing the people of their democracy. (Nigel Farage, KWN interview 6-17-2011)
Only as a last resort, with no one else to blame, are we finally seeing the socialists rightfully blame their marxist brethren and leaders for all the willful lies and looting of their countries. Conservatives didn't do this to them and they have no one to blame but themselves and their very own discredited economic model that predicted this would happen, again.
Some German citizen with nothing left to lose (and I don't mean their freedom) is going to take a shot at Angela soon. I would rather see it happen to Sarkozy but my bet is on Angela.
From "Spiegel online" (my humble translation)
Caution, Euro Nazis !
Did the Germans snatch up a few Greek islands in return for their willingness to help? No, right now the Europeans, with the German federal government in front, are about to give away another € 110 billion - in addition to the 110 billion they have already transfered to prevent the Mediterranean state from bankruptcy. However, in particular the Germans are urging the recipients of aid money to do theirs, so at least there is hope that all is not lost. That is enough to evoke memories of darker times.
Jan Fleischhauer
Here's Greece fin min press release on the failed budget execution. What was the talk by Troica abt strict conditionality? Anyone? Well, they don't give a shit abt the Maastrict Treaty which says these bail outs are forbidden so why bother here...
http://www.minfin.gr/portal/en/resource/contentObject/id/7be2c245-0ee7-4...
This will end up as systemic removal of body parts. Start with a few fingers and then an arm or a leg. All is well.
if this were a soccer game, all the playerz would be flopping around on the field moaning and screaming like they'd just been shot, and the refs would be totally out of cards, checking pockets for extra notebooks...
how many years does it taske you to realise the referee's long since left the pitch
not as many as it will take you to understand what tf i wrote, shithead.
Perhaps the AIB default was the trial run, we shall see. But since all the "good" news has been spent in advance, i don't see anything to pull up the stalling EU Airbus 380 afterwards...
I suspect the European Elite might be quite happy to see a military coup in Athens, thinking that the Army might be able to subdue the people and enforce the austerity.
Dream on.
The European elite have been shown to be pretty dumb in everything else so far, so why expect them to finally do the right thing and kick Greece out.
It is either that, or they must still expect Uncle Ben to ride to the rescue with some more of other peoples' money.
Crete, Ionian Islands and Western Greece oil surveys http://www.protothema.gr/news-in-english/article/?aid=126813
http://www.youtube.com/watch?v=v9qlG1FbUSQ
Oh, what to do when economic realities sabatoge your pan-european dreams?
You can bet your sweet ass that TPTB (banks & corrupt politicos) are devilishly bartering over how much GOLD/SILVER will be deposited into a South American or Swiss vault for their "vote" for the acceptance of ALL punishment and/or "austerity" measures thrown upon the Greek people. Premeir Pompusass will be sailing into the sunset in his gilded yacht. HANG EM HIGH DAMMIT!!!
Greece: DEFAULT.
No adjustments, no negotiations, just DEFAULT. Just say:
We aren't paying back any fiat, fake, fraud, fiction, fantasy, fractional-reserve toilet-paper euros created at zero expense by banksters.
Make "grams of gold" your official "money", but of course let the people spend whatever euros they have in their pockets and bank accounts.
Breathe a sign of relief from getting that huge weight off your shoulders (all that debt).
However, now you need to "get real", fire about 2/3 of government workers, reduce the salaries of the remaining workers by 50%, eliminate ALL pensions --- let government workers save for their own retirement with their own money, just like "real people" do.
And add to your constitution a totally hole-proof prohibition against government borrowing. Any shortfalls must result in ALL government workers receiving smaller paychecks. That will also stop those workers from advocating ever increasing numbers of workers.
Wake up, get real, get free, get responsible.
And screw the predator banksters.