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The Gloves Come Off: Germany Says Grexit "Manageable" As Tsipras Demands Greek Debt Writeoff
With just three weeks until the Greek snap elections on January 25 in which Tsipras' Syriza is virtually assured of victory (unless somehow G-Pap's "new and improved" political party manages to steal enough votes to prevent this, although one wonders what his political campaign will be: "vote for us because this time we know how to avoid a sovereign bankruptcy"), Germany takes yet another opportunity to remind the Greeks that it won't be blackmailed (spoiler: it will) into another year of funding the insolvent Greek state which in turn will pretend to engage in another year of "reforms" (spoiler: it won't). Recall it was on New Year's Eve when Merkel's chief advisor Michael Fuchs explicitly used the "blackmail" word saying:
"If Alexis Tsipras of the Greek left party Syriza thinks he can cut back the reform efforts and austerity measures, then the troika will have to cut back the credits for Greece," he said.
"The times where we had to rescue Greece are over. There is no potential for political blackmail anymore. Greece is no longer of systemic importance for the euro."
Today, concerned that Tsipras' ascent to power will mean precisely that, namely more "blackmail" by Greece of Germany and the Eurozone, as a Grexit opens the way for a collapse of the monetary union and a return to the Deutsche Mark which would cost Germany far more than continuing the annual charade of keeping Greece in the Euro, Spiegel is out with another piece saying "Bundesregierung hält Ausscheiden Griechenlands aus dem Euro für verkraftbar", or loosely translated, the Federal Government considers Greece's exit from the euro manageable.
In the article Spiegel says, per Bloomberg, that German Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble, contrary to the German government's previous stance, consider a Greek exit from the euro area to be manageable because of progress made since height of sovereign debt crisis in 2012, Der Spiegel reports in e-mailed summary of article, citing unidentified people close to govt.
Risk of contagion is limited because Portugal and Ireland have addressed their fiscal issues and ESM is ready as rescue mechanism while security of large banks to be maintained through banking union.
European lawmakers don’t know how a country could leave the euro while remaining in the EU and would have to task legal experts with clarifying issue.
German govt considers Greek exit from euro area to be almost inevitable if opposition leader Alexis Tsipras leads the country’s next govt, ditches austerity measures and stops servicing Greece’s debts.
Worse, a Grexit now would mean all hopes of ECB QE would be put on indefinite hiatus until the legal framework of not only funding sovereign deficits but also monetizing bonds from an imploding Eurozone is justified. It also means that peripheral bonds, which have priced in well over 100% of a European QE, would go bidless overnight, leading to market crashes across the continent, then to bank runs first across the periphery then the core, and ultimately lead to a full-blown European depression.
Reality aside, why is Spiegel going with this now? Simple: moments ago Tsipras made some headlines of his own, making it very clear just what will happen if and when his party wins the election in 3 weeks.
- TSIPRAS SAYS SYRIZA WANTS WRITEDOWN ON NOMINAL VALUE OF GREEK DEBT
- TSIPRAS SAYS TRUE MENACE FOR EUROPE IS MERKEL'S POLICY
- TSIPRAS SAYS GREEK DEBT IS NOT SUSTAINABLE, NEEDS RESTRUCTURING
And in detail, from Bloomberg:
Syriza’s win in forthcoming Greek snap elections will pave way for progressive policy change in Europe against German Chancellor Merkel’s austerity, party leader Alexis Tsipras says according to e-mailed transcript of speech in Athens today, with Podemos in Spain, Sinn Fein in Ireland to follow. Syriza will guarantee bank deposits. [ZH: curious, just how would Syriza do that?]. "Syriza will put an end to social tragedy, nightmare of austerity."
- Syriza not seeking nor planning to break with European partners, but to put end to economic and social absurdity of memoranda and austerity.
- Syriza seeks within framework of EU and European institutions to achieve realistic deal on servicing debt, developing real economy
- Syriza will conduct sincere, resolute negotiation on debt
As for the punchline, on one hand we have this:
- Germany had most of nominal value of debt written off in 1953, same should be done for Greece in 2015
... and on the other:
- Syriza wants quantitative easing by direct purchase of govt bonds by ECB
Alas Syriza does not get that one is incompatible with the other, and in fact a Greek debt write off means no more ECB QE as the ECB's balance sheet - a proud holder of tens of billions of insolvent Greek debt still marked to par - would become impaired, and thus crush any political capital Draghi may have left with the Germans and the Bundesbank.
That said, the consensus can certainly forget the ECB announcing public QE at its next monetary policy meeting on January 22, which will be followed just 3 days later by the Greek national elections. In fact, things in the coming weeks and months may get very ugly, fast depending on how things in Greece play out.
So after 3 years of kicking the can and pretending it is fixed, suddenly everything that is broken in the Eurozone threatens to float right back to the surface, leading to another showdown when photos such as this one become a daily occurrence.
The only question is whether this time anyone will believe the rhetorical "whatever it takes" threats uttered by the one central bank which for the past 4 years has proven it is utterly incapable of acting, instead chosing to talk each and every day, a strategy that has worked brilliantly, until now.
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Cheaper vacations (it is harsh but true).
Cheaper labor (unless minimum wages kick-in like in US, or high taxes).
The nature of market capitalism.
Taking into account how ZH published this Forbes nomination regarding Putin:
http://www.zerohedge.com/news/2014-11-06/and-worlds-most-powerful-person...
I wonder... how consistent ZH will be:
Investigative Journalists Name Putin Corruption's 'Person Of The Year'http://www.rferl.org/content/putin-russia-corruption-person-of-the-year/...
Putin is a thug.
Radio Free Europe, lol, what an oxymoron. With hundreds of USA bases and the NSA compromising every euro politician. Yeah right.
I don't why you collected 14 down votes for calling Putin a "thug". Of course he's a thug: 15 years in KGB, 15 years as top dog of Russia, self-made billionaire. Those are not the credentials of Casper Milquetoast.
Russian culture is not Western culture. Russians admire thugs - ruthless, gutsy, brainy, brutal thugs. That's what they look for in a leader.
I'm not advocating this as something we in the West should emulate, but we'd best recognize and deal with geopolitical realities.
Looks like the Cult of Putin on ZH don't like that post. heh
You are correct. But so is pretty much evey other political leader on the planet. At least he is not bought and paid for by the banks
Forbes is one of the biggest shills around. Remember after Fukushima they said the radiation was the same as radiation from bananas?
PREDICTION
Elections in Greece are on January 25th.
I predict that by January 15th, we'll have an pre-organized wide bank run in Greece, if Syriza seems to be clear winner.
Earlier, I was going to predict that Greeks pulled their cash out of banks starting Monday. But then I thought, they'd end up with a lot of Euro currency under their beds (or cardboard boxes in some cases), which might not be easy to exchange for Drachmas. If/when Tsipras wins the election, exchange might be at government dictated rates.
"Earlier, I was going to predict that Greeks pulled their cash out of banks starting Monday."
I'm guessing at this point most Greeks have their savings outside of Greece, most likely in a German bank. You can bet rich Greeks do, thus if Greece returns to the Drachma, they'll have lots of Euros on hand to buy back in at firesale prices.
Greeks have savings? ... you sure about that?
ekm1
How can you predict what misinformed people will do?
They will do stupid things!
It’s the rule of law and money-power that needed to be addressed. Understood.
"Once a nation parts with the control of its currency and credit, it matters not who makes the nation's laws. ... Until the control of the issue of currency and credit is restored to government and recognized as its most sacred responsibility, all talk of the sovereignty of parliament and of democracy is idle and futile." -- Mackenzie King, Canadian Prime Minister 1935-1948.
European lawmakers don’t know how a country could leave the euro while remaining in the EU and would have to task legal experts with clarifying issue.
Isn't this ironic? EU/EURO was built with an assumption that nobody would want to get out... so they don't even have the procedure... almost like a mafia, you can get in, but cannot get out... rather surreal stuff really.
Our south couldn't get out of the Union.
"Our south couldn't get out of the Union. "
The Union had to murder a significant portion of the population and burn cities such as Charleston practically to the ground.
Let's see if the EU is willing to put the bayonet to Greek men and women and the torch to Greek cities to protect it's fool usurers bad loans...
Isnt that what the EU rapid reaction force is for and why they kept the Mistrals
I posit that the Italians and the Spaniards will chose to let Greece restructure and/or drop the Euro rather than invade their peaceful neighbor over German demands that are just as surely strangling their own economies.
Italy cannot even get a handle on it's debt trajectory by running huge surpluses at this point!
-WHY would they stand with Germany and the Euro when a Grexit would exacerbate their problems even further via direct banking losses and ECB contrived bailout mechanisms, inevitable interest rate and likely immigration havoc, and ignition of a Greek rachma re/devaluation cum merchantilist trade war?
Invade Greece over a half-witted bundled trade, fiscal and monetary pact that practically every single participant has gamed or broken in one way or another and which the citizenries of several countries resisted implementation of repeatedly in referenda?
OK.
What happens when Greece throws down a mutual security/trade pact with Russia and/or China and/or India and/or ...
That would be an out for the Greeks, but why would Russia and China want them?
"That would be an out for the Greeks, but why would Russia and China want them? "
A better question is why Russia or China would NOT want special access to the Greek markets, special access to Greek ports, shipping fleets and distribution networks reaching into Europe and the ME, first pick of cheap Greek foodstuffs, etc...
Yeah, Lincoln was an assholio.
And a Motherfucker.
Fuck Lincoln.
You don't get it : The US was a Federal construct until Jefferson Davis contested it.
The EU has NEVER been a federal construct. Charleston, aka Athens, will only burn if the Greeks lose it locally in local chaos, not because Mutti wants it to burn.
This election should affirm this basic truth.
"Athens, will only burn if the Greeks lose it locally in local chaos, not because Mutti wants it to burn. "
I concur.
Europe would erupt in unimaginable chaos if the EU or a coalition of 'northern/crediter' nations dared to use military force.
Nothing would scare the bejeesus out of Italy and Spain like Germany militarily assailing Greece.
WTF does NATO fucking do in such a circumstance???
You believe in elections?
what ?
Do you doubt the hanging chad?
Just what in the hell did Chad do to deserve that? Was he a bankster, a lawyer, or a politician?
The European Common Market preceded the EU by decades. Greece became a member in 1981.
http://www.history.com/this-day-in-history/common-market-founded
I see no reason the same terms can't apply to nations that leave the EU, since they were already members of that agreement before the EU was formed. The only adjustment would be a return to exchange rate driven ratios between currencies, to be determined by the nation's economic performance, as it should be.
And wasn't letting Lehman's go belly-up supposed to have been 'contained' also?
http://olduvai.ca
A Grexit might not be a problem unless other PIIGS are also inspired to follow suit.
In any case, Germany not only had its debt written off, it also received aid and it also never paid the correct compensation owing to Greece for war damages.
If Germany can handle a Grexit and Greece defaulting then why not write the debt off to begin with?
Contagion! If you let Greece default then what will stop the other PIIGS?
Look and learn lads this is where 30 years of progressive loonie left gets a country
The people of Greece need to learn to barter for everything. Its kind of the only good way out.
Correct in so far as it implies living within one's own means.
Barter works ok for the truely productive. The cheese maker or the farmer anyone that actually produces. I say screw the others hard.
They can always Corexit
is it possible for Deutsch Bank to have transferred their derivatives to a U.S. sub? or at least the Greek ones?
Merkel would give in to the Greeks but she is wary of the German people. Greeks get angry often and riot sometimes with a bit of violence, blowing off some steam as it were. Germans are relatively quiet people except there is a limit and when the limit is crossed things blow big and quickly. From Merkel's position it would be easier for Greece to exit than for the German people to blow the whole thing up.
If the Greek elections are allowed to play out fairly it will be the ACID test of EU's ability to address its own sins since the Euro crisis began, as spill over from Lehman collapse into Eurozone.
Moment of truth for EU.
They made this movie 13 years ago. The damn thing should be playing in every theatre in the world right now.
Say it ain't so!!!
XXX 1 2002 Vin Diesel
https://www.youtube.com/watch?v=T4xibmC6eUo
" Worse, a Grexit now would mean all hopes of ECB QE would be put on indefinite hiatus until the legal framework of not only funding sovereign deficits but also monetizing bonds from an imploding Eurozone is justified. It also means that peripheral bonds, which have priced in well over 100% of a European QE, would go bidless overnight, leading to market crashes across the continent, then to bank runs first across the periphery then the core, and ultimately lead to a full-blown European depression."
"Worse"? Surely that should be "better". No?
Bring it on. Let's get the show started. I'm impatient for the fun to get going. Watchng all the EU political elites squirm and squeal will be fun.
"We are bringing the bluffing to a whole new level, as we still have no idea what would happen (which institutions/economies would implode) if Greek defaults and/or exits the Euro.
PS: If the bluff fails we will make it up as we go along, just like before."
Germany was allowed to default because the 'enemy' at that time was the Soviet Union. The US and England needed a stronger Germany or risked West Germany 'going commie'. But it was less of a default and more of a bailout with other money (so the banks would not get hurt). Look for something along this line from Draghi - create more Euros out of thin air to cover any losses on Greek debt, while still discouraging contagion.
The US govt and those who have invested in US politics, have had their fingers in the control of Germany since the war ended. Its the same story with the EU.
The EU is supposed to be a part of a new system of control, where the elites get a more direct control of the public as nations would move away from democracy and accept full control from the EU. This would simplify the system and present a clearer image of the situation, making it easier for the elites to secure their position of power and ownership of property.
This was supposed to be a great Empire, but its all falling apart. Apparently people still value freedom and independence.
I would expect this year to be a tough one for the EU.
Draaaama! Draaaaa-aaa-aaaa-ma!! What a drama, bitchez
as soon Greece reaches a balanced budget (primary surplus already reached), it's options broaden. Because new creditors aren't too badly needed
Just a thought, Mr. Tsipras. If you need to spend in surplus, you need creditors
Yeppers.
"Just a thought, Mr. Tsipras. If you need to spend in surplus, you need creditors "
Really?
Bernanke touted the powers of, and several Central Banks have been utilizing, this thing called a Printing Press.
Can you say Drachma MONETIZATION?
Is it a smart idea for a nation that is not energy independent? Probably not for very long...
-But, is it deemed a better option than the present quandary by a significant portion of the Greek populace?
As a sovereign nation, Greece can print all the Drachmas it wants. The rest of the world will decide if they want them as well, and that will set the exchange rate. Lacking monetary discipline the currency will collapse and euros or dollars will become the defacto currency with none of the attached benefits, i.e. ability to borrow and/or print.
Something similar happened to Ecuador in 2000, which now uses $US as its national currency. Like Ecuador, Greece will survive. They'll just have to dial back their expectations a bit.
This from the Bloomberg article quoting Syriza seems to confirm what you say:
"Syriza will guarantee bank deposits. [ZH: curious, just how would Syriza do that?]. "Syriza will put an end to social tragedy, nightmare of austerity." "
Yep, it looks like Syriza plans to start up the printing press if Greece exits the EZ. Whilst it promises to guarantee bank deposits, it omits to mention that this will be with worthless Drachmas. This implies rampant inflation quickly followed by the EUR or USD becoming the only store of value.
+1 "Lacking monetary discipline the currency will collapse and euros or dollars will become the defacto currency with none of the attached benefits, i.e. ability to borrow and/or print."
when global reserve currency and credit is plenty, this does not happen that fast
when global reserve currency and credit availability is shrinking, particularly at the less... trustworthy debitors' fringes, well yes, the old effect of dollarization is more acute, and can happen fast
my point is that from the point of view of a sovereign, there is a lot of freedom of options... in balancing your budget. less of freedom of spending, though. it is, as often, a question of balance
Got #Gold #Silver & #Bitcoin?! #OPA!
paint --- meet corner.
This is a crap game like is guys n dolls.
The guys are Mutti land lone sharks, the gals are greeks who love to cheat on Sundays with the tax man's return forms.
And the punch line is : who would've thought that a guy could fall in love with his own fiancé !
Some dummy who thinks love games for Euro drooling and crap games for Greek bamboozling are compatible!
Those guys are gonna lose their fiancés and also their wallets; and thats the good side of being a bad guy, you get your other cheek spanked. Ain't that poetic, guys lose dolls and get nailed to the wall of lamentations.
The day Palestine enters the War Crimes Tribunal you'll know Jericho has found its trumpet player.
Call it sad, call it funny. But it's better than even money. That the guy's only doing it for some doll.
"...who would've thought that a guy could fall in love with his own fiancé !"
LOL!!! Funniest thing I've read all week!
Yep. Cider in my ear.
you of course mean ISRAEL entering the War Crimes Tribunal-for GENOCIDE, APARTHEID and the direct MURDER of half million IRAQI, 50000 US/Aliied Soldiers via proxy war and the 3000 in the WTC fiasco;
http://www.eaec.org/newsletters/2008/vol_8/showdown-in-jerusalem-digest....
http://how911wasdone.com/
http://www.bollyn.com/public/Solving_9-11_-_The_Deception_That_Changed_T...
http://lesvisible.net/DOCS/MastersOfDeception.pdf
Wrong team, Sparky.
It's all a plot.
Greece defaults.
The Banks go bust.
Europe sprials into another depression.
Putin announces that he'll not sell energy to members of the NATO war machine.
No-one cares.
+1 for Putin announces that he'll not sell energy to the NATO war machine. But what if it's all a great mind-fuck.
What if Putin is beholden to the same bankers that Obama and Merkel are? What then?
Yes. Similar to all other major 20th century wars/conflicts (the Banks).
This time Russia controls the NatGas flows into Europe, so it is like they are all playing on the same side.
Expect new regimes and controls as this evolves for the next 5 years, should be interesting.
There are already new “mechanisms” inside the political spectrum who were created in order to "dissolve" the electoral body and prevent an autonomous Leftist government.
Europe is a bunch of drunks fighting over the bar tab at last call.
Business as usual then.
Greek government's narratives for laughs
A Greek and Italian were sitting down one day debating who had the superior culture. The Greek says, "We have the Parthenon"The Italian says, "We have the Colosseum" The Greek says "We had great Mathematicians" The Italian says "We had the Roman Empire"...and so on and so on and then the Greek says: "We invented sex" The Italian says "That is true, but it was the Italians who introduced it to women."
You need to really find out what is the difference between, the Greeks and Italians.
NONE, apart from the language which they both shared in the millenia.
Greek is the BASE language and Latin a branch of it. till they grew apart.
You see what the Southern Italians look like with that of the Greek islanders, which is not a lot.
Same vices, same habits, same mentality, the South of Italy is known as Magna Grecia, figure that out.
We going into the crime this time.
American Italian crime is called Mafia.
Sicilian is called Cosa Nostra.
Napolitan is called Camora.
Calabrian is called 'Ndragheta (original from greek Andraghathema=Brave Act)
Mainland Greece is called Kyvernisis= Governo. (Look it up in the dictionary)
Oh before I forget all the above have one thing in common, they have some standards, Not involving jouniors into this filthy affair. Unlike the ZIONISTS. Which involve from Paederasts to sadists. Which is alien in the MEDITERRANEAN NORM.
As for the sex You only need to ask the Southern Italians what type of sex they like, or if you are shy, why don't you look it up in Italian Porn for fux sake.
And another thing, KEEP AWAY from THEIR FAMILY OR ELSE.
I have the misfortune that the first book I read this year was Alexander the Great by Jacob Abbott. Its so apropos
And... you're such an arrogant asshole that you think you learned something.
I didn't post this twice, I'm just tellin' ya'. These chromebooks are so much faster than the ZH servers... I frequently get "no data sent" messages only to find that I'm way out in front of the server, 'cos if I wait, the page will re-appear, with data I sent previously.
Makes me look like more of an idiot than I already am, no?
You've got two choices, ZHers; You can repudiate debt, which means that your grandma's pension fund is toast, or you can kick the can toward your children.
There are no good choices. Imagine what it will be like when you are grandma.
My grandma won't take a dime off me. She's a good woman. The best.
She wants to kill you.
I see your confederate flag and wonder why you're such a stupid fuck. I never implied that your grandparents had even the slightest abiliity to take from you.
Your grandma may want to kill me (I doubt it) but trust me you no good piece of shit, you will die first. Count on it.
She wants to kill you because you're a moron pretending to be a value adding member of society, or an enemy pretending to be a moron.
Either way I'll end you.
No, you won't. I recognized your fake flag awhile ago. You are only going to end yourself, you exceedingly stupid fuck.
If you were Chechen, I'd applaud you. But you ain't, so fuck off!
Be seeing you.
Zit, you don't have a chance. You're a Polack aren't you?
I don't have a chance either, but I can't pass up an opportunity.
Be well.
So,who will be the new military dictator to run Greece when the armed forces overthrow the politicians?
I do not know...You may want to call Goldman Sachs and ask.
You take a two hundred dollar case of booze and you sell it for a hundred. It doesn't matter. It's all profit. And then finally, when there's nothing left, when you can't borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match.
+10 for the goodfellas ref
China's economy is probably contracting. Here's a strong indicator
http://wolfstreet.com/2015/01/03/what-macau-just-said-about-chinas-economy/
Golden Dawn is ratcheting up the rhetoric. I wonder what they are up to with this new strategy?
http://xaameriki.wordpress.com/2015/01/03/new-russian-defensive-doctrine-formulated-in-response-to-zionist-occupied-america/
Thanks for the link. Worthwhile.
An obvious truth which is the core of their belief.
They're certainly not wrong in their assessment - just in their tactics and embrace of violence, etc.
Its all miss directed, ie Germany is not in charge (they gave that up by joining the EU) their just a large player that part of the union, ie Italy/France/Spain ect.. that are all quiet now will prob side in the middle towards the Greek side (ie their sick of austerity as well) they all want QE and to spend again... and Germany wont be able to stop.. them.
The Germans lack compassion, 25% unemployment and increase suicide ect.. is not ok for Greece or other perifery, ie the German policies failed to get the ecnomy moving and the ECB is for all of Europe not just Germany so QE will come, debts will be adjusted and spending will increase and Germany wont get to decided (like Japan, Germany is still occupied by the US ie they have bases ect there) their not in control.
Germany is showing its ugly side if they could move on Greece to get debts paid they would (but they cant) the US is incharge of Nato and the German army.. their still toothless...
German policy has Orthodox children in Eastern Ukraine starving and living in a war zone; this Christmas I heard prayers for them in a Catholic Church but not a word in an Evangelical Church obsessing about sending money to Kenya.........they are oblivious to the hatred being stoked by Merkel and Schauble and their chaotic policies
Evangelicals are not Christians.
The Evangelical Lutheran church in Iceland is Christian. http://en.wikipedia.org/wiki/Church_of_Iceland
This is the state church everyone in Iceland generally joins by default.
Some people in Iceland want to cut ties between state and church and oppose this tradition of children entering the church when being baptized. One reason for that is that the children are not given a choice in the matter.
I was baptized and joined this religion on March 24 1969, and since then i have had plenty of opportunities to leave the church but have chosen not to. This does not mean that i agree with everything with everything being done by the church or the religion as it is presented. There are many flaws in all religions, Christianity is no exception.
Are we dusting off this guy again?
https://www.youtube.com/watch?v=Zvl9N9GdraQ
The truth is that Allianz has offloaded much of its Greek Bond portfolio and SocGen has bigger worries in Ruble-Land and Ukraine. The sole purpose of "rescuing Greece" was to provide funds to pay BANKS through Greek Government hands so taxpayers in Germany did not notice they were bailing out Bonds acquired by Banks and Bond Funds like Allianz parent of PIMCO.
The emergence of Ukraine as Super-Mega-Greece-Bailout has changed the game and that is why Germany is relaxed about Greece - the problems just got much much bigger elsewhere
free market capitalism->economic wealth->culture of greed & entitlement->progressive's opportunism->socialism->economic collapse->taxpayer-funded bailouts&bailins->economic stagnation->serial economic crises->government budget collapse->austerity measures->widespread social upheaval->rise of radical political elements->martial law/dictatorship.....
The fact that this process is in its very latest stages in the land of the cradle of democracy (Greece), and that the rest of the over-developed western democracies are also following the same path, and are also very far down that path, illustrates how close we are to losing democracy in the West altogether.
What comes after democracy?
Martial law / dictatorship
When does it come?
When the social upheaval "justifies" it, as a measure that is undertaken "for the sake of national security". In a few months, or at most a very few years, that stage will be reached in the U.S. It's already locked in - inevitable - because the momentum down the Greece-like path is too powerful to be stopped by anything.
I suggest you refrain from writing about Greece and "democracy" and consider why the US favoured the military dictatorship 1967-74 in Greece and why it seems to like torch-bearing slogan-ranting right-wing loons marching through Kiev........perhaps the New World Order is symbolised by the US favouring New Franco, New Mussolini, New Salazar
US amry in Germany 38,500 (nearly 1/2 the size of Germanys whole army)
Country Total Army Navy USMC USAF Reference Germany 38,826 23,955 477 961 13,433 [1] Italy 11,317 3,957 3,627 20 3,713 [1] United Kingdom 9,231 219 305 18 8,689 [1] Spain 2,177 28 1,725 24 400 [1] Belgium 1,211 669 112 10 420 [1] Portugal 647 2 47 6 592 [1] Greece 386 8 354 0 24 [1] Netherlands 371 137 31 7 196 [1]http://en.wikipedia.org/wiki/United_States_military_deployments#Europe
Total of Germanys own army.
On 31 October 2014 there were a total of 61,347 soldiers on active service in the German Army.
http://en.wikipedia.org/wiki/German_Army
Why do you compare US Navy and USAF with German Army ? There are 23000 US soldiers in Germany not 38000 and you know they are largely 5th Signals in Wiesbaden because those barracks are empty in Mainz Kastel and dilapidated and the new $20m Commissary/Shopping Centre is going up in Hainerberg to keep people on the base.
Without Germany as a hub the US is dead in Europe.....it cannot afford for Germany to go neutral and non-aligned
BTW the British Army only has 26000 combat soldiers and the total army will shrink to 80,000 with lots of part-time reservists in that number....so 9000 US "soldiers" in the UK is probably a high proportion since British soldiers are deployed abroad and who knows how many are left in Catterick
As US and A has taught. No need to worry about debt, since it is just numbers. So far EMU debt is only about half the US debt.
The EU will suffer the "syndrome of Zorba".
https://www.youtube.com/watch?v=2AzpHvLWFUM
hehe.
One small correction. Keynes was wrong. The expansion of money occurs as a credit, yes. But it doesn't go away, it becomes real upon repayment. The more is loaned and paid back, the more money is created. Not payingthe loan back creates a vacancy in funds available to be paid back. Unless, of course, you steal it from taxpayers. Otherwise, until the repayment, debt is only a jot on a sheet. But don't feel bad, it's a common error.
Don't worry, they will QE to protect the banks. Maybe Belgium will buy Greek debt, maybe Japan. Plenty of freshly printed money around. And it costs nothing.
It does Cost. THE INK!!!!, plus some toilet paper.
Lets bring up a new shitgital currency - grease coin.
If you are a Greek and haven't bought a 100 lb vault and drawn every bit of cash from the bank at 10 % a day until its empty or at least started you need your bumps feeling.
Get it out and at home where it will be 1000 times safer than in any Greek or utterly bankrupt euro ponzi bank
No doubt they will look to seize greek assets but presuamably greece will not rollover.
Every nation in the EU ought to leave it, then stop the flood of immigrants deliberately sent in to destroy the homelands of the European peoples and destroy the cultural boundaries between nations, the better for the NWO/ZWO to rule. How much is enough? How intellectually craven must one be to accept the notion that limiting immigration and desiring to remain the majority in one's own homeland is "racist" when gentiles do it?
https://www.youtube.com/watch?v=ny5Arx2OUpo
www.gatestoneinstitute.org/3729/sweden-multiculturalism?anid=7
http://irishsavant.blogspot.co.uk/2011/02/hallelulia-ireland-becomes-eve...
The Misplaced Minister: Ireland and Israel's Alan ShatterThen put the bankers and technocrats on trial.
Listen up. When I read the headline: Man gets job, has kegger, on this website, well, I'ma fuck all y'all.
I want you to know that now. You have been warned.
FJLSdsobbbbsolsowedd.
Just breathe through it and count your breaths. We're all won.
This is a discussion that should have started years ago . The Greek Debt , and the Spanish and the Italian are unpayable .
Ricapping whats going on . In the past Italy was printing the Italian Lira at cost zero . Now if the state needs money, the state must issue bonds and pay interest . At the moment staying in the the Euro zone cost to the Italian Government about 80 billions every year just for interest payments and another 50 billion for the next 20 years for attempting to reduce the national debt to about 60 % of what it is now accordiing to EU rules . Staying in the EU paying at least 130 billions every year is very expensive .
Then there is the daily fraud carried out by the banks through LIBOR . FOREX that cost the world trillions of dollars every year .
So the EU prints euros through the BCE . Each euro note cost less than 10 cents
for the paper and ink , but the gain for the printer is enormous considering that a bank note migh have the face value of 500 euro . Then
to add scorn to the fraud a state must pay an interest to the lenders .
What I am describing is a racket run by the banks and the EU . Why should a countries pay a debt which is the result of fraud and a racket beats me !
I hope Greece tells the EU to take a jump !
Like I give a toss, just make the sure the ending is spectacular. I want the money shot.
European lawmakers don’t know how a country could leave the euro while remaining in the EU and would have to task legal experts with clarifying issue. Too fucking funny, that will become much clearer at the pointof an ak. They'll learn how to handle it.
Gr should immediatly declare insolvence and stop paying the debts.
A debt write-off comes just in time as Greek natural gas fields are coming online in 2015.
Who from Wall St is invested there?
Wikipedia:
The Energy Triangle[1][2][3] refers to the joint natural gas extraction between Cyprus, Israel and Greece that is estimated to begin in 2015.[4] Officials from all three countries have agreed to the establishment of a gas pipeline from the Aphrodite gas field and the Leviathan gas field to a liquefied natural gas plant in the Vasilikos Power Station by 2019. According to Noble Energy, the total gross unrisked deep oil potential is enough to cover the supply of natural gas to Europe for 20 years.[5][6]
http://en.wikipedia.org/wiki/Energy_Triangle