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Greece's New FinMin Explains "This Is What Happens When You Humiliate A Nation & Give It No Hope"
"This is not blackmail," explains new Greek Finance Minister Yanis Varoufakis, "we simply want to end this seemingly never-ending Greek Crisis." In what must be worryingly calm and simple to comprehend words for Brussels, Varoufakis tells CNBC's Michelle Caruso-Cabrera, "this is what happens when you humilate a nation and don't give it any hope." Carefully noting that membership in the Euro is not imperative, Varoufakis concludes "bankruptcy cannot be dealt with by borrowing more," asking rhetorically, "how can I look the German and Finnish taxpayer in the eye and tell them you know I can't really pay you the money I have already borrowed from you..." but lend me more so I can pay back the ECB?
As Varoufakis explains, he believes Europe is willing to negotiate haircuts - anything else appears a waste of time.
(our apologies for the audio quality)
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He already has his haircut. It's the Euros' turn now.
He obviously speaks common sense and can see that the financial repression we have today via bankers "lending" money for survival is a total trap. Good on Greece. Leave the EU and control your own destiny instead of being beholden to some financial genious.
"Bankruptcy cannot be dealt with by more borrowing."
If they borrow not another cent, this would be a great first step. Basic first aid: First stop the bleeding.
They can have as much hope and change as they want, we're done with Obama in a couple years, they can have him.
I thought this was the lesson of Keynes' good book, the Economic Consequences of the Peace....
He is a communist and repeatadly stated the the government can allocate capital more efficiently than anyone else...
While he does not say that in this interview he must believe that if he is supporting a essentially communist party. He comes across very elequently, although he does dodge the fact that they ran up the debt in the first place, I predict a lot of pain here if he does get out of the EU and do the right thing. But then a lot of wasted capital as his vindicated party goes on to try and prove they can make central planning work, because this time it is different...
I was shocked when our governments first started dropping interest rates despite high inflation and pumping out money, it seems that we as a people are unable to learn the lessons from history about central planning and its disasterous results. In 1920-30's the communists were the bogey men that had to be stopped at all costs resulting in support for the fascists, now the fascists are the ones that need to be stopped at all costs so we'll get the communists, better if we repudiated socialism full stop and had neither, no chance of that lesson being learned with our education system.
Won't work:
Sending them Obama would likely violate the Geneva Convention...
Wow. Manlove. Where do I go to contribute to his campaign fund ?
at this point we can only DREAM of a guy like this being set loose amongst the amerikan oligarchy
MY fellow Americans: lend me your spears.
"Wow. Manlove."
You'll love this - it has better sound.
Max interviews Yanis Varoufakis
Here's the Tsipras government's first political move: Greece says "No" to EU statement on Russia.
"the EU bombshell and the (Tsipras) Russian meeting come in the context of Tsipras’ pro-Russia track record. He visited Moscow last May to meet with Russian MPs and Putin associates. He voiced support, at the time, for Crimea’s “referendum” on independence. He said the EU “is shooting itself in the foot” by imposing sanctions and complained that the pro-EU government in Kiev contains “neo-Nazis”. His MEPs have also voted against almost every Russia-critical act or resolution in the European Parliament."
And the dilemma of the financial moral quagmire. While central banks have destroyed currency confidence, and issue currency irrespective of any wealth backing, in truth counterfeiting, they demand repayment of outstanding loans in legal tender stripped from populations which MUST engage in productive enterprise. But the money printing has destroyed future based expectations and long-term confidence. How does one sow when there is little expectation of harvest. Who tills the ground and sets seed when all around are locusts waiting for the slightest green shoot to devour and destroy?
Greece says, "just print yourself another bundle of money, exactly what we owe you, post it against our outstanding liability. Good, Good." The natural extension of money printing is its complete adoption from head to tail in solving economic problems. If central bank whimsy invokes counterfeit and money supply dilution to solve its problems--go ahead and by the same reasoning print to solve ALL problems.
"And THEIR BLACK HAND hath found as a nest the riches of the people: and as one gathereth eggs that are left, have I gathered all the earth; and there was none that moved the wing, or opened the mouth, or peeped."
"The fool hath said in his heart, There is no God. Their wise men are corrupt, they have done abominable works, there is none that doeth good.
The Lord looked down from heaven upon the children of men, to see if there were any that did understand, and seek God.
They are all gone aside, they are all together become filthy: there is none that doeth good, no, not one.
Have all the workers of iniquity no knowledge? who eat up my people as they eat bread, and call not upon the Lord.
There were they in great fear: for God is in the generation of the righteous.
Ye have shamed the counsel of the poor"
You see the sitation for what it is. The Greek people did not enslave themselves into the EU. Buearcrats made deals for themselves. It is the buearcrats whom should be hung both in Greece and in Brussells.
Unsurprisingly, GS was instrumental in cooking the Greek books for EU acceptance.
You see the sitation for what it is. The Greek people did not enslave themselves into the EU. Buearcrats made deals for themselves. It is the buearcrats whom should be hung both in Greece and in Brussells.
There is complicity onboth sides...the politicians give free shit away and pander to the masses to get re-ellected and stay in control. The masses love free stuff so they vote for their friend, the politician who gives them stuff but who never really figures out how he is going to pay for it all. Then one day it ends...the debt is to high to pay back. Now the freebies will be cut dramatically and people will be required to be productive contributing members of society and not free loaders. Its a cycle. Greece is leading the way...the US is not there...yet. But if Barry has his way we'll get there sooner than later.
The Politicians didn't give the German Submarines, and main battle tanks, to the people; and the people didn't ask for them. But the politicians collected the kick-backs. German Submarines are expensive.
If you're tribe the subs come as freebies to the FSA.
can you say iceland
Ifelan. Ma tunga shuck to ah lagpole.
"Nope" I think that is ingenuous.
I am not sure if cooking the books, overborrowing and the whining about being "humiliated" can be called speaking common sense.
It is common among the left. Any excuse but the one in the mirror. The new FinMin is a total lefty and the new prez is an avowed communist. Good luck on turning this lemon into lemonade, boys.
Best comment I've seen in a while
I tried that with my bank when they told me I defaulted on my loan... I was summarily evicted and threatened with arrest and incarceration... The nerve I tell you! THE NERVE!
sarc off//
The difference of course is you had the choice not to borrow. The real socialists are the ones who want to collectively punish the whole of Greece for the crimes of some subset of the population. I'm sure you'll feel the same when 'Merica is in default and the tax man comes knocking.
Creditor Non recourse bankruptcy is a way of life in the US
I like this guy, but he's kind of out of his mind. I just watched his "global minotaur" analogy. He's a big fan of FDR. He thinks FDR actually did something useful in all his machinations. He actually thinks there is a solution to the crisis. There is none. Peak fossil fuels, baby.
Read more. A lot more.
I did. It gets worse. He's a total lefty flake. Clothed elegantly, of course, in academic finery, but flaky nonetheless. He speaks well and has a nice, soothing voice. Doesn't raise his voice like a Howard "screamin" Dean, but he is a dyed in the wool capitalist hater, socialist sympathizer.
Just watch. I'm sure "It'll be different this time!"
Hero
Zero; as in substance or ethic.
Hero, as in fuck all those not working ,not producing, parasiting, stealing an thieving banksters
Yeah, them too.
Enough talk from Kojak! The time for action is now. I want to believe, but let's be realistic. The default assumption has to be that this is all eyewash to cover a continuation of serfdom-as-usual for the long-suffering Greeks.
Then again, maybe these Greek socialist politicians will refuse all bribes, withstand all threats, and fulfill their campaign promises. And maybe Merkel will buy me a pony.
"A leader is a dealer in hope." Napoleon Bonaparte
Cut Kojak some slack, Jack!
He sounds like a Zhedgie fer crissake
I think what he wants is an endless supply of money they never will pay back.
JoeBlo...Bingo! But your comment can be extrapolated to so many countries and individuals around the world.
You must be def or something...
Well they can take a haircut or let Greece default. There is no conscience or sense of duty for bankers. Time for everyone to play the same game.
If Greece wants more money it won't pay back and everyone knows they cannot pay it back, they whose fault is it when the money gets lent?
There are always two parties to a loan. Why is only 1 party every blamed?
Fuck, the banker's are conjuring up this money out of nothing. Time for Greece to say no more raping of Greece by the Moneychangers.
pods
Yep...Not a good idea to humiliate a guy who can physically kick your ass, and this guy looks like somebody that can...and take your lunch money and Schwinn..
People in the real world learn this lesson early in Life..
Some smart guys somewhere got insurance on greek debt. If grease is somehow saved, it will be to postpone the implosion of a circle-jerk of debt and cross party defaults.
Then get to fuking work, Bitchez!
Ok, don't get to work, rid yourself of all austerity measures, continue to follow the bankers and politicos to your own demise; the rest of europe, and the world, will support you, 4-evah.
False Dichotomy to a support false supposition
Ah, thank goodness, there is no crisis. Whew.
"we simply want to end this seemingly never-ending Greek Crisis."
... without paying anyone back and sticking it hard to anyone who actually paid taxes
... without taking any responsibility for the out of control government spending
... without lowering future government spending
... without acknowledging that the Greek government borrowed lots of money end stole from tax payers to stuff their pockets and the pockets of their friends
... without acknowledging that central banking doesn't work
... without waking up to reality
This is like the sub-prime mortgage fiasco, whose side do you take? The poor innocent "homeowner" that lied on his mortgage application or the financial industry that helped so many people achieve the "American Dream" (at least temporarily) by willfully making bad loans? Fuck em all.
Ah, yes. Who is the Fool/to blame?
A. The person with no income and few prospects asking for money?
B. The banks that gave them the money that was created out of thin air (and then roll the money over and sell the debt to someone else?)
Have you ever read Henry Hazlitt's 'Economics in One Lesson'? You might want to. Very illuminating book.
Exactly, the more I understand, this is subprime lending on a global basis to nations who are subprime borrowers, and Goldman and other international banks were the conduits to all this
And by creating the euro they knew the Greeks had to pay back in euros and couldn't inflate their way out, was all a scam from the start ... The creation of the euro allow them to leverage the crap out of these subprime borrowing countries
Lots of downvotes but no responses? Statists out in force today.
"without paying anyone back"
the bankers and everyone else were not forced to lend. they knew what they were doing and got bailed out in the process while socializing all the losses .credit lending is a 2 way street. cry me a river for the poor bankers
"sticking it hard to anyone who actually paid taxes"
the oligarchs, the ex-ruling class in Greece, primarily ND and PASOK members, doctors, lawyers and most "prominent" businessmen were the ones not paying taxes. the average joe shmo was
"without lowering future government spending"
can you please breakdown what the 300 bln was spent on. here's a good starting point for you - Greece has the largest military budget as a % of gdp in all of europe. part of this has to do with the expensive nature of running a massive navy to guard the 11th longest coastline in the world and dealing with Turkey on a daily basis, but a good amount of it is the military equivalent of "bridges to nowhere" whereby Greek ministers bought unecessary equipment from Germany (no surprise) in exchange for kick backs and other bribes. this transpired across many industires. The people who commited these crimes are now out of the ruling party.
" without acknowledging that the Greek government borrowed lots of money end stole from tax payers to stuff their pockets and the pockets of their friends" see above re corruption. supposedly the new government will be going after the oligarchs and the traitors from ND and PASOK
"without acknowledging that central banking doesn't work" they want to stick it to the ECB and rightfully so. they know it does not work
"without waking up to reality" 27% unemployment (vs max 15% projected by the imf in 2010) 180% debt to gdp (max 120% as predicted by the imf again in 2010), GDP down 30% and an economy and people decimated by the austerity measures (which only affected the common man of course) and bailouts (which were actually a German bank bailout using Greece as the pass thru conduit vehicle so as to avoid the stigma of getting a direct bailout. here's looking at you deutche bank). this is the reality. Greece has a long road ahead and who knows if tsipras will negotiate as hard as he comes off, but the Greek people have had enough and finally voted to at least try to stick it to the ECB and the banker beaurocrats.
Great Reply
Excellent post Crtvlt. Verbal bodyslam. +1. No lube for the Oligarchs or their shills, guardians, or cronies.
I wonder how Greece would look today if
- in 2009 the US Military Seized DOJ for Waivers on Prosecution of TBTF Bankers (date?), Seized the White House & President, Seized the US CON-Gress
- We know we will see another Bailout Attempt (Bail-In), but there doesn't seem to be any communication from the Pentagon letting CON-Gress know that Bailouts & Bail-Ins are not Acceptable
- Rule #1, Government & Banking must KNOW there are Consequences and Leaders will be held Responsible for anything that looks & smells like a "Silent COUP" by Elites & LOBBYIST
- Rule #2, Standard Accounting matters, Auditing Matters, Heads Will Roll
Several of your points are in opposition to each other, for example:
"without paying anyone back" -- The money invested in the gone-bad euro-periphery debt was conjured into existence by Societe Generale and other French/German/Dutch banks. This debt was created by banks!
"without acknowledging that central banking doesn't work" -- but the debts of banks should still be made good by public austerity measures?
If central banking truly doesnt work, then these debts should be declared odious. Your fake representation of a stout German taxpayer is actually a smokescreen for European financial oligarchs whose investments went bad here. There is no German taxpayer here experiencing losses. The losses are at large French German and Dutch banks. The average German citizen has no skin in this game, unless they raise taxes to bail out bank losses -- and that is a completely different discussion.
Looks like Bruce Willis, or what?
Die hard to
I'm sure they all look the same to you, baldist.
anti balditeism
I was going to say he looks like the rapper Pitbull.
When he sends the formal notice of default, I hope he signs it :
"Yippee Kiyaay, Motherfuckers!"
The "brilliant minds" who designed the experiment in Greece are now in panic. They might pay for their arrogance and cruelty. They pulled the rope to the edge and broke it. It's not only their experiment in danger, but also this new method of political control - which they repeatedly used and is based on the absolute confusion and uncertainty - exactly because of the undeniable destruction they created.
Let us not forget :
Greece's new Finance Minister served as economic adviser to George Papandreou from January 2004 to December 2006
Doesn't that make him - in the ZH vernacular - part of the problem, then?
I hope he stays away from tall buildings, small garages and nail guns - for Greece's sake.
I hope you douchebags bashing this man are up to your eyeballs in Greek bonds.
i as taxpayer HAD NEVER SIGNED ON ANY CREDIT
why should i be taxed to repay debts signed by prime minister i never voted for ?
government bonds is a scam
who's got who by the balls mother fuckers????
DEATH TO THE MONEYCHANGERS.
Yeah well Free (Slave) Trade has humiliated the US Workers and US Youth and US Elderly.
- Eventually People will be held to account, even if US People have to Support a Military Coup go in and Clean out Congress & the Banking System (Activist of Last Resort, eh?)
- Standardized Accounting, Standardized Financial Instruments, Standardized Financial Ratings, and Audit... can be done by the US Military
- Military Tribunals can be Held for US CONgress Members & Past Members (Phil Gramm)
Bush administration just got approval for immunity.
"If its free its for me, if I have to pay no way"
1776 happens.
He sounded spot on to me!
"How can I look the German and Finnish taxpayer in the eye and tell them you know I can't really pay you the money I have already borrowed from you..." but lend me more so I can pay back the ECB?
Finally someone who speaks the truth!
But what are the options?
A) Not paying back
B) Borrowing more to pay back
C) ???
I think it is clear they Can't pay it back.
Go Iceland
C) Sell collateral, eg Greek territory, to raise cash and repay loans.
Also, hang ALL the politicians and bureaucrats who were in office last 20 years and confiscate all their assets & accounts, especially the ones offshore.
Indeed. So as a German I would tell him, don't waste my time. We will never see the money anyway. Just send us the bill and we'll work it off. After that, his turn to fuck off for good.
Hello, Turkey? This is Germany calling. You have nice beaches and olive oil too! How about we get closer?
I don't see any way out for Greece expect the nuclear option which is a broad based default. This will cause them to be kicked out of the EU. But, if the new government wants a change, then this is their only option. Germany is the decider, and Merkel can not allow a default as this would cause Spain to immediately consider the same. At stake are Europe's Banks. Past policies have all be directed to maintain Banker Power and their Balance Sheets. I see no reason for Merkel to change now. So Greece might just as well stop talking, default, go into a world class depression, then begin to heal with market forces taking hold again. I predict, if out of debt, the nation will have to throw people to a system of "personal responsibility, family responsibility" for a decade or more of healing, before market forces have lifted people back up.
If unemployed, find a place to grow some food. That would be the first priority. Families open your homes to all members, club together and scratch out a living. Go out in mass and take back everything the EU forced you to Liquidate at sale prices to fund debt payments. That means bankers and billionaires lose all their asset gains and land. This was EU forced, so YOU have a right to take it back from EU cronies. Fuck the EU, Fuck Merkel. Merkel can go to Kiev and join the Nazi Junta, she seems to be so enamoured of them!
Not that I disagree with you, but a revolution would be required for this to happen. If the Greek people summon the courage to do this, will the political elite of Europe send in the armed forces to kill every women, men and children that oppose them?
If we take Ruby Ridge as an example, I doubt the political elite would leave the Greek people to their own devices for any amount of time. They are worried the Greek people might recover without the tight control, and prove them wrong. I await what happens in Europe next with bated breath...
Dear Greece,
I have oil and gas and part of a pipeline. What is needed is a route for the rest of the pipeline to reach Europe. Are you interested?
Sincerely,
Vlad
What is there to decide? Germany is stuck with the majority of the losses anyway.
PAYING IT OFF AND MOVING ON.
Germany has paid reparations, has lost almost everything in WW2 and paid again for the unification.
Let's just say, we're not new to this. We can WORK our way out of this as we have done again and again.
Jack, another poster on another thread said it really is not about Germany so much, but Rothchild banks which control the CBs and issue the marching orders. The CBs are a facade.
As he says, there is no logic in paying back money to the ECB that just committed to printing money.
Perhaps this is where the central banks start to lose control.
This is an outrage. This Greek want's to kick the habit off debt slavery, bankster dealers will be furious.
Varoufakis explains, he believes Europe is willing to negotiate haircuts
"how can I look the German and Finnish taxpayer in the eye and tell them you know I can't really pay you the money I have already borrowed from you..."
Seeing his picture he curtainly must know what a haircut means......
Blame it on the Nazis ... no wait, Global warming ... no, wait, years of slavery [oops, wrong country] ... Bush, that's it...it's Bush's fault Greece is in such a mess.....
No one accepts repsponsibiity anymore. Just need to find a scapegoat the Gruberized masses will accept ....
How about North Korea ? They goota be held accountable for Greece's mess .....
Nope, nowadays it is all Putins fault.
From national governments to individuals, it's never our fault.
Varoufakis concludes "bankruptcy cannot be dealt with by borrowing more," asking rhetorically, "how can I look the German and Finnish taxpayer in the eye and tell them you know I can't really pay you the money I have already borrowed from you..." but lend me more so I can pay back the ECB?
You cannot pay back a debt by borrowing more money, paying interest on that, and then using that to pay back debt.
P < P + I
I wish the USA would figure that out...
We just print more. But sooner or later, and my bet is on sooner, the rest of the World is going to wake up and ask why should they accept a promise to pay? A promise to pay just what? More promises to pay?
Here is a toast to your honesty Greece. But you cannot continue on your current path. Live within your means.
Greeks rebuff EU call for more Russia sanctions
http://www.ft.com/intl/cms/s/0/b9ecfeb4-a646-11e4-89e5-00144feab7de.html
Greece’s new radical leftwing-dominated government signalled on Tuesday that friction with its European partners might extend from economic to foreign policy when it distanced itself from an EU call to consider broader sanctions against Russia.
Shit just got real Euro-bitchez
Non elected Brussels Euro Bitchez
He needs to be wielding one of these:
http://www.amazon.com/Paslode-902600-CF325Li-Lithium-Cordless/dp/B006W4FB8O/ref=sr_1_5?ie=UTF8&qid=1422382678&sr=8-5&keywords=cordless+nail+gun
I listened to this guy....he will be the first guy to ask for a loan in the future...even if they default on all the loans..he did say one wierd thing..that if you were a private owner of Greek debt ...you were OK..they were not going to default on you...so he said....it might be in 1000 years...but you wil be paid back I assume....OK..so Greece defaults on their loans...no more loans for them..now where do they get their money to run their Socialist paradice....all those Pensions for all those Government Pensions....
Yep talk is cheap, have to wait and see.
I know one thing though, if they fuck with these "hard eraned" pensions, they will be hung by their balls!
This is the crux of the matter. How exactly will they end "austerity", rehire hundreds of thousands of government "workers", increase pensions, keep that retirement age at 50 or whatever joke it is, meet student "demands", provide free healthcare (and medicines) all while repudiating existing debt in one way or another? The EU banksters aren't going to simply toss a few more billion in their direction.
Seems that leaving the Euro is the only road they can take, resurrect their central bank and print drachmas to kingdom come.
BRIC bank. Come to loving arms of Mother Russia!
Why would suffering BRIC countries loan billions to Greece that they'd never see back?
Geopolitics and Collateral.
Nothing a submarine port in the Aegean cannot be used for in exchange. Russia/China get a couple islands and Greece gets a lifeline, Banksters get SHIT.
You know, that's a very good point.
my eastern bankers are better than your western bankers
are we really playing that game
Greece plays both sides and will not be giving up the only US/NATO base in all of Greece in Souda Bay, nor will they open any new ones to foreign powers, to include Russia
Well as the old saying goes...
A friend in need is a friend indeed.
It will be hysterical to watch it happen...
NATO wants to fuck then???
No problem...
"Welcome BRIICS...We are also really close to Cyprus. We are a hop, skip and a jump away from the Middle East. We can help you out. What would you like? We need some bucks and some work? Oh? You have a Developing Nation fund? Oh. That is great. We can use some development here..after the West fucked us over with their Bankster schemes."
like I said, they have and will continue to play both sides
a lot of blood was shed in WW2 and in the Greek Civil War that followed to keep Greece in the NATO/Western Sphere. While Greeks politically may be anti-banker/eu, on an individual and social level they are still "western" . tough to explain but there will be no unilateral alliances anywhere
Give me a break. Greeks are hedonists.
They will choose the easiest path. They are human and they are subject to human folly.
It is not as if they are Puritanical over there...
irrelevant (and a massive generalization )
and i'm sure most people would be "hedonists" if they lived in/near paradise
and there's no 1 "easy" path
I live in San Diego, California. That IS PARADISE. I am maybe 18 miles from the beach. In the past Twenty Five Years which I have lived here I must have visited the beach maybe 25 times to 30 times...if that. I avoid the crowds on Holidays and visit it during weekdays when I go...and that is a rare event.
Most people here are working right now. It is a wonderful sunny day....well...partly cloudy. It is warm. But I am not at the beach. And if I went to the beach I'd find it sparsely populated right about now.
We value work in America...employed or "under the table".
This is a Puritanical Nation. Do not kid yourself.
The Europeans are too hedonist as well with their Socialism.
There is one easiest path and, in Physics, it is called the path of least resistance. People are rather fluid in their ideals. Generally they will choose the path of least resistance. That is the reason why most are sheep and easily led.
Our leaders spout off Puritanism and rugged individulaism over here. We are not totally Socialist yet. May God forbid that vere happens to the USA.
you're comparing San Diego (very nice there may I add) to Greece in the summer (and even the winter)..........ok
it's winter in Greece now - NO ONE is at the beach.
Most people in Greece are working now too. do you think 25% of the Greek population that is out of work doesn't want to work? EURO stat has Greece #1 in most hours worked. take a drive to any village in Greece both now and in the summer and you will see all the people there working like the people in San Diego. 80 year old men walking 20 miles a day to tend to their flocks and the people in the tourism industry working around the clock, among many other examples.
electing an official that may lead Greece back to the drachma and out of the EU and inflict a lot of pain in the short term is NOT the path of least resistance.
work to live
curruption/nepotism spans all countries
Thanks.
In WWII the US fought the Nazis.
Less then a year ago we teamed up with Nazi supporters to oust the elected president of Ukraine 3 months before a national election.
The world has changed since WWII, and not necessarily for the better.
the US teamed up with nazis after world war 2 in their fight vs communism and many other times
I loathe ALL bankers. Ever had to burn furniture to survive? Greece is a mess and it will do whatever it takes. The Rubicon has been passed or this is all lip service to the same old same old.....
Time will tell.
I think you've got today's humiliated Greece confused with Ye Olde Greece and their Greecian Urns and their Elgin Marbles.
When David Cameron goes there to congratulate the new government, he better not bend over in the Parthenon to pick up the soap.
.
Thanks for bringing this up, I always wondered why such an arrangement hadn't been discussed. Greece is conveniently located for Russia to keep an eye on Syria and undesirables out of the Black Sea.
The BRICS would welcome Greece with open arms just for its strategic importance.
"Fuck the EU!"
XOXO
They will control you as long as you need what they're pushing.
I am pushing what I need as long as what I can control it
;-)
"bankruptcy cannot be dealt with by borrowing more"
Wow, this guy is a radical extremist..
I just hope he stays off of private planes for a little while.
The newly elected Greek Prime Minister and his Finance Mininster just became the leaders of the FREE WORLD.
Watch his popularity plummet when the bail-ins happen.
.... So did he just basically say...we are defaulting? Because that is what I take away from it. Granted, it is the fastest way for Greece to get out of their mess.
If they default, how will they get additional money to reverse "austerity" and bring socialist utopia to Greece? Seriously. There will be no further international loans and they remain trapped in the Euro. I figure they were going to default at some point no matter what government was elected. Seemed inevitable though the can could probably be kicked a bit further down the road.
If they default, they go back to their own currency, so they can print all the money they want. Wouldn't be worth much though ...
er.
but.. but... The Fed just printed $10 trillion USD and now the dollar is flying over the mountain tops.
The moar you print, the moar its worth.
Only if you have an army to back it and are willing to use it.
AND
I always like your perspective on things, Herr Friedrich
There are a lotta ways to fry an egg; just because it's not immediately obvioius doesn't mean he doesn't have a plan.
Why do they need money from outside? Why especially do they need LOANS?
And if the Euro doesn't work for them, why would they be 'trapped' in it? Why couldn't they return to the drachma?
Sure, there's be pain and disruption. But there's pain and disruption NOW, with no real end in sight.
They can return to the economy they HAD before the Euro. Greece has been around a lot longer than the Euro, and if they can restructure their economy BACK to being a laid-back tourist economy, they can do just fine. They won't ever be an economic powerhouse, but then most countries aren't, and they survive.
The trouble for these little countries seems to come about when they are forced onto a playing field they simply cannot compete on.
The pension issue is only a problem if those pensioners have to use them in an overheated economic environment. Scale that economy back to where it ought to be, and the pensioners will be ok, even with reductions. The rich people will leave, but then they weren't contributing anyway, so fuck 'em. Let them go, and take whatever they can carry, and they can get the fuck out and go live somewhere else. Their presence was only jacking up the economy above and beyond what the average Greek can afford anyway...just like the presence of Wall Street financiers jack up the cost of living in Manhattan above and beyond what the average working NY shlub can afford.
But the LAST thing the Greeks need are more god-damned LOANS!
Of course, they can and should leave the Euro but even this guy doesn't seem to be pushing that route. Okay, no loans -- they'll just put their hands out and wait for billions of euros or dollars or rubles to just be laid on them.
Gotta leave the Euro. Go through the pain of currency devaluation (which I'm afraid the Greek population doesn't want and voted these guys in to avoid) and return to the drachma. Greek stuff will be cheap as all get out, vacations even cheaper. They can rebuild financial and economic independence but it will take time. They cannot afford their massive government bureacrat sector with its pensions and early retirement age.
They are heading even further into collectivism, just not with the EU brigade.
Yes, a devaluation will make things much cheaper...so lowering wages and benefits won't actually be as bad as it would be if they were still using the Euro. The currency will adjust to the economy if it is allowed to. There will be short-term pain, especially for those with financial assets, but it will be pain with a purpose, and an end in sight, unlike the never-ending austerity with vague promises of "recovery" sometime in the future. And how CAN they ever recover under the current regime? Even if they get their debts under control, now they'll have all the NEW debts incurred trying to repay the old debts...so, right back where they started...WHAT recovery?
They will ALWAYS be seen as Europe's 'red-headed stepchild', will NEVER be seen as a full member...so why go through all this agony for nothing? Cut the leash, and let Greece go it's own way, to sink or swim as it will. If any money does go into Greece, it should be in the form of AID, not loans. And it should be conditional aid, like food shipments for the hungry, medicine, whatever. NOT cash...for the love of GOD, NOT CASH!
Tell 'em, "We'll give you the shirt off our backs, share the food off our plates with you, but not a NICKEL of financial assistance."
That way the assistance can't be 'pinched', unless someone really, REALLY wants a truckload of UN rice or baby formula..."
Stop sending cash into that country...all it is doing is enriching the 'pinchers' at the top. Let them hoard bags of UN rice instead of cash payments...keep the cash out, and watch the corruption melt away. GS won't be sending anyone over to claim the rice. And they won't be able to 'launder' money by going through those banks...(I'm not sure how they DO that, but remain convinced that they DO, there is more to THAT then simply making payments.)
I love this guy! I wonder which kinda nail gun he will receive?
If I was in Greece, I'd get a bunch of friends to form a human wall around this guy...An anti-nailgun kind of human wall.
I'd protect him like he was my own newborn. I wouldn't let him take a piss without armed protection.
I concur.
as if citizens care enough - they are busy eating free lunches and enjoying 3 hour workdays (in the US that is) and would never protect a leader who offered them the bitter pill of reality. Only starvation will bring sobriety to the world
Greece has been through quite a bit of that recently....starvation.
When Doctors are out prostituting I think that enough is enough...
Game plan - take another round of stimulus. Buy gold and silver. Coin the money. Tell ECB to f-off. Go bankrupt,. The metal backed currency will not hyper inflate and Greece would have more demand for there gold back currency then any fiat country.
Ooh! Another thought. Let's call him Fin Min Nailgunadomos.
I see Greek government officials committing "suicide" in the near future....
What's with all the honesty here, and from a leader too? We can't have this. What will the EU politburo and ECB say about this?
First Order?
Get this chick a better freaking microphone; and some lingerie (wait, was that my out-loud voice?). ;-)
here you go.
http://www.wallstreetoasis.com/files/images/is-this-michelle-caruso-cabrera-in-a-bikini.jpg