Greece

Tyler Durden's picture

Did The IMF Just Open Pandora's Box?





... at this very moment, politicians from Spain's Podemos to Italy Five Star movement are drafting memos demanding that the IMF evaluate their own debt sustainability. Or rather unsustainability.

 
Sprott Money's picture

The Perversion of Capitalism: A Credit-Based Versus Capital-Based System





We don’t have a “capitalist” economic system. What we have, instead, is a perversion of capitalism. This pseudo-capitalism is a suicidal model of pure, economic exploitation, combined with a plethora of nonsensical dogma and policies.

 
Tyler Durden's picture

Martin Armstrong: Troika Is Maneuvering To Rig The Greek Referendum





As Stalin said, “Those who vote decide nothing. Those who count the vote decide everything.”

 
Tyler Durden's picture

The German Press Does It Again: "Give Me The Money Or I Shoot"





When a message needs to be sent by the powers that be, the German press can always be relied upon to send it, no matter how divisive (as they did here, here, and here). So it is no surprise that with the stakes appearing to have never been higher, Handelsblatt unleashes the following...

 
Tyler Durden's picture

NSA Leak Reveals Both Merkel And Schauble Saw Greek Debt As Unsustainable Even After Haircut





"Merkel's fear was that Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt... Within the German cabinet, Finance Minister Wolfgang Schnaeuble alone continued to strongly back another haircut... with IMF Managing Director Christine Lagarde described as undecided on the issue."

 
Tyler Durden's picture

China State Official Hints Beijing May Bailout Greece





"I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability," Fan Mingtao director of the Quantitative Finance Department at China's Institute of Quantitative and Technical Economics told Sputnik China. It would be difficult to imagine a more fitting pilot program for the world’s newest supranational lender than a rescue package for the birthplace of Western democracy which has been brought to its knees by that most Western of all multilateral institutions, the IMF.

 
Tyler Durden's picture

Greek Banks To Run Out Of Physical Cash "In A Matter Of Days"





Greek banks will run out of cash "in a matter of days," WSJ reports. Meanwhile, businesses are closing their doors as suppliers refuse to extend credit prompting the Athens Chamber of Commerce to predict that "in one week, two weeks, three weeks, it will be finished."

 
Tyler Durden's picture

How Greece Has Fallen Victim To "Economic Hit Men"





"Greece is being 'hit', there's no doubt about it," exclaims John Perkins, author of Confessions of an Economic Hit Man, noting that "[Indebted countries] become servants to what I call the corporatocracy ... today we have a global empire, and it's not an American empire. It's not a national empire... It's a corporate empire, and the big corporations rule."

 
Tyler Durden's picture

"It Could Never Happen Here" - America Is Not Greece





Tick, tock... "it could never happen here?"

 
Tyler Durden's picture

Varoufakis Will Resign If Referendum Passes, Says Would Rather "Cut Off Arm" Than Sign





"With banks shuttered and Greece’s economy hobbled by capital controls, Varoufakis said in a Bloomberg Television interview in Athens that he would “rather cut my arm off” than sign a deal that fails to restructure Greece’s debt."

 
Tyler Durden's picture

Goldman: "Greece Will Remain In Euro Even If It Votes No", And How Markets Will React





The time to negotiate the Greek referendum this Sunday has come and gone and at this point, one can only sit and wait as the vote results start trickling in on Sunday evening. And, as Goldman's Huw Pill prudently observes, the outcome of Sunday's Greek referendum is uncertain. "Regardless of the outcome, Greece will continue to face substantial economic dislocation in the shorter term." What is interesting is that Goldman says "Greece will ultimately remain in the Euro area even in the event of a ‘No’ vote."

 
Tyler Durden's picture

EU Parliament President Tells Greece:Time For Another Puppet Government





European Parliament president Martin Schulz said his faith in the Greek government had reached "rock bottom," and, as AFP reports, that he hopes it resigns after Sunday's referendum. Luckily, he has an idea for a solution... the time between the departure of Tsipras' hard-left Syriza party and new elections would have to "be bridged with a technocratic government, so that we can continue to negotiate." Just what The Greeks need - another "Yes man" puppet government to implement whatever Europe's bankers demand.

 
Tyler Durden's picture

Finally The Truth: "The Greek Debt Is So Big Everyone Understands It Won’t Be Repaid"





"... this [Greek] debt is so big that everyone understands that it won’t be repaid. Loans to Greece have just bought time so that those in power don’t have to take decisions. This is like a game: who can hold out longer by not  showing that this money has been lost? This burden has become bigger and there obviously is no possibility to repay.... debt writedown of Greek debt will come after bankruptcy of state."

 
Tyler Durden's picture

Beware Of Greeks Bearing Referenda





It appears the sovereign peoples of Europe would not go gently into a Federal States of Europe night. Investors need to prepare for the inevitable political solution: referendums across Europe on the constitution of the Federal States of Europe needed to sustain the Euro. Events this weekend will trigger the search for the democratic legitimacy for the single currency and the centralised constitution it requires... or the demise of the unelected 'king Juncker' and 'queen Lagarde' of the Federal States of Europe.

 
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