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German Lawmaker Demands All Payments To Greece Be "Immediately Stopped"
Following the reported withdrawal of what Greece deemed as an acceptable draft document to move forward - replaced by an "absurd, unacceptable" draft by EU President Dijsselbloem - it appears the Germans are none too happy. A senior lawmaker from Angela Merkel's Christian Union bloc has demanded that following this 'rejection' of the Eurogroup's plan, all payments to Greece should be immediately stopped.
As Bloomberg reports,
Hans Michelbach, a senior lawmaker from Chancellor Angela Merkel’s Christian Union bloc in parliament, says in e-mailed statement that EU needs to react to Greece’s rejection of euro area’s proposal.
- Payments must be immediately stopped and money kept as collateral to secure Greek debt payments
- Talks’ breakdown forces ECB to halt any aid
- Athens let last deadline lapse, national parliaments now won’t have enough time to approve any solution found at later stage
* * *
The rift is clearly deepening on both sides...
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Does that mean the IMF and other global entities will stop paying the interest payments to the ECB and German Banks as well....?!?!
What a fucking joke. Fuck em all. Let the Greeks sort out Greece for a change.
Hey Spain and Italy, you are next, get a better deal, while you still can...
Time for the bail-in.
Watch out depositors.
Depositors, in Greece? That's some funny shit right there.
There must be at least a handful of mental defectives in Greece with a handful of euros still in Greek banks.
"all payments to Greece should be immediately stopped." Huh? Why are you still paying them? Are you a retard?
No, in the EU it works like this: The worse you handle your financees the more money you get form other nations taxpayers!
Let´s send the Greeks anto EURO stickers instead: http://www.ebay.de/itm/4-Auto-Aufkleber-EURO-NEIN-DANKE-Anti-EURO-Sticker-1-gratis-END-THE-ECB-/171685193952?&_trksid=p2056016.m2518.l4276
Watch out for (-depositors) shareholders
I know this is going to sound insane in the wacko world we live in of ZIRP, BUT the lender takes the risk when they let someone borrow money. The payment they receive for said risk is the interest. If they did not receive fungible collateral or appropriate interest to manage risk in case of default, who's fault is that?
I know it seems insane now, but this is the way the world used to work when people could actually make a living trading/speculating. Germany can either continue to fund the debtor, and hopefully ask for better collateral, or Greece can default and Germany can eat some giant lossses. Hopefully they price interest more appropriately in the future.
HELL NO!! THE GERMANS WILL BEND LIKE A AMERICAN PRESIDENT BEFOREHIS SAUDI OVERLOARDS!!
They’ll give them a 80% discount if they promise to pay back the german banks first.
EUROPEAN UNITY!!
Sudden you forget the USA will bail them out, Germany and the EMU is counting on it!!
Several officials here in the USA have stated the USA needs to bail them out.
I hope someone just goes ahead and plays their cards to be honest The joke is actually on us taxpayers.
Go ahead and bend on over and take it like a man !!!!!!!!!!!!!!!!!!
When it is 1's and 0's (or aka monopoly money) what does it really matter? We should just write a check and pay off all world debt....why? if they will take a check then we can....if they want money (aka gold, assets, etc, then we are in trouble).
U S A.......U S A.......U S A......
Here is where QE4 comes in. Hm bad winter -5.0 GDP means 2 trillion in typing so the whole world can have moar. Does that work for us taxpayers and to think they worry about the right wing terrorist USSA taxpayers. Wonder why
THAT's the real issue - those other ( much bigger ) economies like Spain, Italy or France going under water ....
Going underwater? They are underwater. I think you mean 'running out of air'.
There was a Breitbart article about Nigel Farage flying to the US to speak at the upcoming CPAC conference.
In it, Nigel spoke of, "I look forward to meeting attendees and guests, and discussing how together, we can refuse to simply ‘manage decline’ and how we can alter the trajectory of our once great nations.
What caught my eye was the 'manage decline' part. Is he admitting, considering his position in Brussels and as leader of UKIP, soon to be the dominant political party in the UK, that the only priority for politicians now is 'managing decline'? Are we so far gone, regardless of what anyone says, that there is nothing left but 'decline', and how to best 'manage' it?
http://www.breitbart.com/big-government/2015/02/15/exclusive-nigel-farag...
There are lots of talking heads here forecasting this and that, and we can all agree the shit is hitting the fan as I type this and getting thicker, but I can't say I've heard a politician yet - anywhere - that has laid it out as succinctly as Nigel.
I'm going to wait for every global political primary, debate and press release, to see how each candidate says how they are going to manage the 'decline'. Probably going to be a long wait.
I hope Nigel makes it across the pond.
exactly they should start negotiating NOW
If Greece would have taken the bankruptcy pill 3 or 4 years ago, they’d be through this already owning all their historical treasures, their infrastructures and all their islands. Bankruptcy automatically fixes the wages, pension, and austerity issues because with no liquidity, you pay as you go, just like every shmuck that spends more than they can pay.
You are not implying that a sovereign nation is just like family in regards to budgetary issues, are you?
This is more exciting than QE5
It's disgusting that the Germans don't want to fund all the social programs and government spending that the new Greece government wants to do. Greece has admitted it's bankrupt. Europe can't really expect Greece to pay for all that spending itself.
"Greece has admitted it's bankrupt." -- Yes, so let them default then asshat. Guess what you stupid fuck, the earth is now bankrupt in real terms.
There's no need to default. Syriza just needs to implement the policies the Greek people voted for. Spend more money and give money to the Greek people, don't increase taxes (actually cut taxes), and get the money to pay for that from Germany and the rest of the EU. It's mindblowing that the other EU countries are ignoring how Greece voted. Very anti-democratic.
That the Germans aren't respecting the will of the Greek people and handing over billions of euros, which the Greeks have effectively voted for, is very troubling.
Again, you miss the point asshat. I guess next time the germans should be more careful who they let into their "financial union".
Like I said, let the Greeks pay for the Greeks for a change. If it is with olives and ozo, so be it.
LOP, your getting punked... You might need some cream for that sarc burn..
Dude.....
it's sarcasm dipshit
pssst. too nuanced for him.
Did someone say DEFAULT?
Thats a banned word in bond circles. Like the N word that rhymes with bigger.
Noone know what Law of Physics you refer to, because Cyprus was not allowed to DEFAULT. They were given a BAIL-IN.
Do your homework.
Every ZH comment should be read through the prism of sarcasm initially.
Then read through a second time thru the prism of extreme cynicism.
Then read a third time thru a perch-prism.
Al Pacino negotiating with the EU:
"I'm bankrupt? I'm bankrupt?
YOURE BANKRUPT! THIS WHOLE FUCKING EARTH IS BANKRUPT!!!!!!!
If I was younger, I WOULD TAKE A FLAMETHROWER TO THIS PLACE!!!!!!!!!!!!!!!!!!!!!
NATO isn't going to invade Greece.
Fuck the EU.
You wanna drive a German tank division through Bosnia, Serbia, Albania and Macedonia?
You'll be lucky to arrive in Greece with a Brigade intact.
On the plus side, I know for a fact that some of the bridges the Germans built in ww2 are still being used by the locals. Just ask them where you can build some new ones.
testimony of good solid German craftmanship right there!
Austria, Slovenia, Croatia, Albania or Macedonia. None of them would object. Half of them would JOIN the Germans. You ignorance of local situation is telling. Austria - practically German, with similar attitudes towards Greece. Croatia - got fighters on Ukrainian side (need one say more). Albania - most pro US country in the region. Macedonia - mutual disgust with Greece (score not resolved from the naming issue)
Cause, you know, the last time the Germans drove through those parts, they made so many friends ...
Not all Balkans are the same. Croatians are always friendly with Germans.
More like a bank division...
Answer: "Fuck you, Nazi, take a break from pushing cushions under Israel's ass and return our gold you stole during WWII."
The idiot didn't get yet that the whole 'extend and pretend' paradigm is over.
The others, however, may start realizing it. At least some of them.
Au contraire. Its Varoufuckis that doesn't get that his whole strategy of counting on Eurogroup/ECB folding to continue the extend and pretend is over. The ones that will have to fold are the Greeks.
But I have a proposal for Germany; the money Germans lent to Greece will never see again but the losses today are still less now than additional losses a year later. So my advice to Germans is
Germexit imminent!
The Greek government is jsut a bunch of hopeless buttfuckers
https://www.youtube.com/watch?v=2AB9zPfXqQQ Awwwwwww sounds like some body has a case of the Mondays ..........
https://www.facebook.com/RevNews/posts/461363214017246
Zikos, friend. No one here will click links without you giving us some kind of context.
Take a few moments and let us know what we're getting into, OK?
" Payments must be immediately stopped and money kept as collateral to secure Greek debt payments"
ROFL!!!
"Talk's breakdown forces ECB to halt any aid"
Double ROFL!!!!
IMHO, it is highly imprudent if not illegal for the ECB to deny dupport to memeber banks within Greece.
Neither the issue of creditor status, or the pace and tone of negotiations beetween Greece and her creditors whether in or post re-structuring -or even in the case of selective default -including a selective default involving debt held BY the ECB itself, do not in any way exonerate the ECB from it's duties as banking regultor, liquidity provider or as lender of last resort to member banks within the Euro System that meet the legal requirements for such.
Greece has turned the tables on and cornered the banksters.
"..do not in any way exonerate the ECB from it's duties..."
Unless it interferes in its role as blackmailer of first resort.
As soon as this becomes apparent all hell break loose.
The nationalism and vitriol of the 1930's will be re-ignighted with a furiuous vengeance from 80 years of suppression.
You sir, are an optimist.
Portugal will go. Spain will go. Italy will go. France will go.
Get away from the doors or you might get trampled...
It will look like the Nazi putsch and the Red terror and the Jacobin madness all rolled out at once.
go? go where exactly...?
Out of the EU straight-jacket. Off the reservation.
Away from their odious debts!
The man on the left pretends to be serious....but my bet is he will give in 24 hours from now....
"The man on the left pretends to be serious....but my bet is he will give in 24 hours from now.... "
FUCK the man on the left.
FUCK him, FUCK him as hard as you can -& KEEP FUCKING him as long as you can!
Play into his weakness. Take every inch he cedes and demand another yard!
To do so is only to do what the man on the left has himself been doing not only to the Greek citizenry; but, to the innocent citizens of many other nations at every possible opportunity...
It is exactly what the man on the left will do again even single time the oppourtunity presents itself.
FUCK the fuckers BACK!!!
Yes, but shit, the ECB and IMF have been ignoring collateral requirements from day one.
Fucking morons. Greece is simply recognizing the "one set of rules for me and another set of rules for you" status quo...
same as it ever was...
"the ECB and IMF have been ignoring collateral requirements from day one. "
The people that manage these institutions can and do change the requirments for anything at any time they feel inclined to do so.
The FED has been ignoring it's own legal collateral requirements as well as all sorts of other rules and regulations for quite some time. Maiden Lane I, Maiden Lane II, etc...
Precisely. When your entire monetary system is not attached to anything real and being gamed by a relative few, this is what you get, "Full faith and credit." etc. and right now faith is waning motherfuckers....
tick tock...
Top bet: maturities will be re-fixed at 30 years at low rate. Advantage: No non performing debt on banks balance sheets. Greece pays almost nothing and in 30 years nobody remembers what happened anyhow.
Total collapse of the CDN?
https://www.facebook.com/261583060586182/photos/a.266430753434746.63436....
Usually when the borrower looks to default, the lender tries to get something rather than nothing.
Greece knows its bankrupt, the EU needs to try and ensure it gets something back from all the loans.
A bottle of Retsina, a jar of olives, a feta cheese sampler, and a box of sand to pound.
Cloris Leachman - No Fruit Cup
https://www.youtube.com/watch?v=0KsCmjUsnak
Hey wait a second, that's real shit, the greeks need to give them some financial "products" instead.
Yes, they want their pound of flesh no matter what the cost to Greece. The first one out of any oppressive group is always made an example for others. Fear tactics to keep the rest in line.
Miffed
Still waiting for them to ask the FED to guarantee MOAR loans. May as well put 'muricans on the hook via moar debt and inflation tax
A lot of that debt was taken out in London. They will be seizing Greek stuff everywhere and anywhere.
NATO Is already in Greece.
They're all bankrupt. But since in their mind debt=wealth, that's ok.
They might be confused the greek don't want the ECB "wealth".
All of this should've happened in 2010. It's ridiculous.
Actually they're primarily in Kosovo. "KFOR."
Very strategic location.
So far not in Kiev....
Putin to the rescue in 3 2 1....
now?
now?
... and Russian bases in Greece. I'm sure Ovomit will be thrilled.
Please stop payment to Greece and make the check out to me...Walter White.
Say my name!
Free "Head and Shoulders" anti-dandruff shampoo for all getting their HAIR CUT.
Schäuble looking like he needs to be bitch-slapped.
You vill take dis loan, and you vill pay it back, am I clear herr yan......whatever your name is.
snellen, snellen
Cascading defaults are what is coming...
..& NOT just in Greece/Europe.
Default and deflation are coming to the USA very soon as well unless the entire system is proactively nationalized and drastically remodelled from the government bureaucracies, the monetary and taxation system -all the way through to the trade agreements.
Greece has pulled the pin and tossed the grenade back into the middle of the armoury.
nationalized, like pretty much all of South America? "winning"...
It is not proper or responsible for the present 'leadership' to act irresponsibility and re-cast unpayable debts onto future genereations.
Deafult is the only reasoned answer.
The world will not end. Default, even Jubilee, has happened before.
Yes, as that which cannot be sustained, won't be, period.
Of course, world wars have happed before as well.
IMHO, we are IN and have been IN a WORLD WAR for quite some time.
Much of this WAR is being fought with currency interventions, currency devaluations, bogus trade agreements and sanctions, etc.
WAR none the less.
Those printing, print Moar faster.
look for municipal bonds in shale boom cities to woble...
Yes, that 100lb mountain climber will pull off the 150lb'er and together they pull off the 250Lb guy, and so it goes, like Dominos
Fuck, I'm out of popcorn...
You have my sympathy.
don't they have a printer for that?
the greek tax base is eroding from under the gubbermint. somehow i doubt even if greece defaults completely on its debt that it can balance the gubbermint budget. they also have a trade deficit but that seems fixable to me by doing nothing and let it self correct. somehow methinks austerity is coming to greece no matter what they do.
Might as well maximize the ROI on all that pain I say.
...trick us again child and your suffering will be legendary even in Hell! [/Pinhead Eurotwat]
Yes, that is a virtual certainty, but at least the austerity caused from default means the shackles are thrown off and what rises from the ashes all belongs to Greece. Otherwise, they wear the yoke far, far into the future.
That is one of the primary points Greek leadership is making. I just hope they stay the course.
Iceland like
"Dear Greece: It's a two-way street. You don't pay your bills and we don't give you any more money. You go your way and we will go ours. We'll both suffer." But I'm betting the Germans would have a vastly better qualtiy of life if that happens than the Greeks will. Hate on the bankers all you want (I will help you) but don't diss the German people. They worked hard to get to where they are with a reputation for high quality, reliable products that are desired all over the world. That's how they earned the money that was loaned to the Greeks.
I think the Greeks are closer to the oil though.
Yes, right up until the Russians help Greece out in exchange for a military base or two.
There are only three entities in the world capable of funding the Greek twin deficits indefinitely. Russia isn't one of them.
China might be interested, or some consortium of interested parties. It is very lovely there, and as Bush might have said, you need to look at the strategery ;-)
What twin deficits are you referring to? Once they default, a huge obligation is lifted. Their deficit in 2013 was about 10% of a $280 billion GDP.
And, what do you mean by indefinitely? $25-30 Billion after default shouldn't be too hard to come by. Putin could just write a check out of his personal account to cover the first few years.
"Yes, right up until the Russians help Greece out in exchange for a military base or two. "
Precisely what would be wrong with that?
I have a suspicion that Russia will ultimately regret investing money into Greece when they come to realize that the place is as ungovernable and unpacifiable -when/if the time comes that Russia attempts pacification- as Afghanistan proved to be.
Who said anything about Russia going to war with Greece. What's with this 'ungovernable and unpacifiable' BS? What is being discussed is a quid pro quo business deal(s), not an invasion.
Actually they earned the money off the backs of the countries like Greece. The southern countries of the Eurozone would have much weaker currencies if left to their own. Because of this, they pull the value of the Euro down, thus immensely helping Germany to prosper where it likely would not do near as well on its own with a strong Deutschmark. Even giving Greece a helping hand will not cost the Germans near the amount they would lose by breakup of the Eurozone and a resultant strong DM.
They should be thanking Greece, not punishing them.
And on the other side of that coin, the weaker Euro countries must put up with a currency that is stronger than their economies can support because of Germany and the north. Therefore, their economies are hit hard and held down.
It is best if the Eurozone dissolves, and each country go its own way and re-balance to its own FX rate.
No, the money they earned that they loaned to countries such as Greece (that also functions as an export subsidy and well...that is illegal in the EU...) came from taxes and no salary increases due to the reunification payments. These taxes and no salary increases that the good German people coughed up continued well after the reunification was paid for, filling the coffers of German banks with 'cheap' German Euros.
On top of that German, companies were at an competitiveness advantage because they had lower production costs (due to lower salary demands).
On top of that came the fact that money they loaned had to be paid back with interest.
On top of that came that Germans banks that made bad business decisions and investments were bailed out.
More on top, was the fact the German pushed austerity killed competition abroad or put them up for sale at low price by German companies
It was win on top win on top win for zee Germans.
The reunification of Germany was the best thing that happened to Germany but the worst thing that happened to the rest of the continent.
However much Germany claims they learned from the past and that they don't want to dominate Europe, that should be taken with a grain of salt. The tragedy of Europe is that rather sooner than later somebody wants to dominate the place. Helmut Kohl called it 'his Europe'.
It was clever tactics except the rest of the continent starts hating them for it
I'm not disputing German reputation for high quality, reliable products. But they earned their money at the expense of Greece and most other nations.
First, banned from war for 50 years after WWII they had money to sink into factories and building their economy. That left everyone else impeded by military spending, Image how strong the US would be if trillions hadn't been sunk into the Military Industrial Complex.
Second, the Euro was created because German DM was too strong. Their economy boomed so much their exports kept getting too expensive, the EU was set up to so weaker nations would stabilise the currencies of stronger nations.
Lastly as for their products desired all over the world, so what. In the UK i find that most people who drive BMW's, Audi's & Mercedes are arrogant fuckers.
Their down fall Like Armstrong said was that the didn't create a common Bond. Same as would happen between Conn. Vs Miss. Without Tbills.
Sour Kraut! Guess you Dumb Asses shouldn't have let Greece into the Euro Zone in the first place. Serves you right that the Germans take a massive "Hair-Cut!". YIPEE Mother Fuckers....
yippee kiyaaaa mother fuckers
Well, the House of Squid helped in that little wool-pulling.
QA with Varoufakis after Euroheads press conference:
http://tvnewsroom.consilium.europa.eu/event/eurogroup-meeting-february-2...
Clearly Hans dont follow the developments on the battleground!
national parliaments now won’t have enough time to approve any solution found at later stage
LOL - yeah, right
We shall see.
Eventually, there must be a worldwide "reset" on debt.
Debt must be forgiven on a large scale basis. Compensation contracts and pension plans need to be re-written based upon a pay-as-you-go-basis. In other words: debt-holders, high-paid individuals, and even social security beneficiaries (like myself) can be paid only what the cash flow allows.
Of course, the old folks and those with disabilities and living off of government handouts won't be pleased. Neither would the debt-holders who would never see their loans repaid -at least not within their lifetimes. But whole societies are on the brink of collapse due to the excessive burdens of debt. Humankind cannot go forward burdened by the debts of the past.
If the United States Government had to pay debts from the cash flow generated by taxation, and the private sector had to pay debts without government debt-funded "wealth-creating" activities, the United States would be in the worst shape of all. No matter how much contempt any of us may have for the "deadbeats" who cannot repay their debts, realize that -collectively- we are a nation of deadbeats, unable and unwilling to take the measures needed to pay off our nation's debts. Individually we refuse to accept our own culpability for the debt mess we are in. But it is ours none the less.
Greece is just a microscopic example of what we all are. Do we reset to zero and move forward on a pay-as-we-go basis? Or do we borrow more and more to repeatedly put off the consequences. Greece has chosen to reset. Let us hope that the rest of the P.I.I.G.S. do as well. And Ukraine and Argentina and Japan and maybe then America too.
"Eventually, there must be a worldwide "reset" on debt.
Debt must be forgiven on a large scale basis. Compensation contracts and pension plans need to be re-written based upon a pay-as-you-go-basis. In other words: debt-holders, high-paid individuals, and even social security beneficiaries (like myself) can be paid only what the cash flow allows. "
I generally agree with this observation. The age of ponzi finance could not, cannot, last forever.
Sociopathic bankers will not go quietly into the night. Iceland was one off. Cyprus was forced into Bail Ins. Greece is the test case, the first real PIIGS threat to the EU and the sociopathic bankers know it. They will go All In on Greece to win at ALL costs, so be prepared for anything... threats, bribes, extortion, murder, coup, war. Sociopaths are the most destructive things on the planet and it is going to play out full front and center this time. You think things are bad now for Greece? Just wait, it is going to be much much much worse. Even if the bankers lose, they will make Greece a broken example of what happens if you cross the bankers to try to stop the rest of the PIIGS from following suit.
The EU is going to give in to Greece. It will be Germany who leaves the EU and not Greece. The debtor nations out number the solvent nations, and they all have a single vote weighted the same. They will vote themselves Germany's money.
So it really has been the top and bottom at war with the middle. If we default then the middle will benefit, eventually, at the expense of the top and bottom. If we don't default then that will presever the benefits to the top and the bottom, and slowly drain the middle.
I say we all just retire to my secluded island for productive people.
duplicate
DUP
THE NAZIS and fa$ci$t$ who founded the €urop€an Union
and their influence today
https://www.youtube.com/watch?v=cnd0nzeuM5s
all i can see is John Malkovich staring at the EU with an Oreo cookie saying "i steek eet in you'......"i faaahck you"....
If the Euro payments were stopped and Greece starts printing Drachmas, pays pensions and salaries in Drachmas and all stores accept Drachmas for food and services... what is the big deal? The Dollar and Euro would assume something like a 1st tier currency on the black markets but government liabilities are paid in Drachmas. Hopefully the Drachma would fare reasonably well and get widely accepted. There's really nothing else that can be done here from the Greeks perspective.
Wouldn't be the first currency reform with new money to most Europeans.
There is nothing precluding implementation a dual concurrent currency regime.
IMHO, Greece cannot actually BE forced out of the EU/Euro trade and currency block; but, there is also nothing legal precluding Greece from establishing a parallel internal domesic script/payments system.
People NEED to STOP thinking inside the exsiting paradigm.
THAT shit is NOT working!
FFS: PLEASE STOP defaulting to ideas and mechanisms and routines that are dysfunctional and detrimental to advancing beyond the present idiocies and problems!
Did the Germans really think the whole Goldman-Sachs web of interlocking derivatives and swaps suddenly made the 2500-year-old slack-off of the Greek economy into a modernized, solvent, central banker's dream? If they did, they're so stupid they deserve to lose whatever they thought they would make on the other end of those deals. Or maybe they thought the Greeks would just roll over for them and let them loot Greece, like the Baltics did? That would be even more stupid. When your economy is based on goats, olives, wine, cheese, tourism, and making the occasional boat, what the hell do you care if some banker 1000 miles away is pissed-off? Fine, let them cut me off. The average Greek hasn't seen a nickel of the supposed benefits of the Euro anyway; all they got was Germany's inflation. Sure, the Greek jet-setters got a few years to spend a currency that was worth something outside of Greece, but what does Average Joe Souvlaki care about that for?
baltics? i have no idea what you are talking about. only one in trouble was latvia who payed their IMF loan fully in 2013. so much so that IMF was quite pissed as they couldn't blackmail them any longer without that leverage.
The thing that I love most about that particular photo is that Schaeuble does not look like an enraged, psychotic serial-killer at all. Not in the least.
They sure look... German.
Goldman is mobilizing the Briefcase Divisions for a blitz into Greece coupled with a covert amphibious landing of Spec-ops. to seize key communication and transport assets.
Serious question: why would Germany have any payments going to Greece in the first place?
Just print !
I mean c'mon when the Banks had their "liquidty" crisis in 2007/08 thats what the BIS / Federal Reserve did. Print that shit for Greece, then Spain, then Italy ... print you muthafletchers ... PRINT !
Which will ultimately be the solution. Just watch if Greece doesn't blink first. All those bond holders want their money, and by God the politicians better give it to them....so hold your fingers on Ctrl P and get with the program.
Sorry - I just got out of a coma from 1944 - so Germany won and we're ....
don't worry the show is about to repeat with a slightly updated cast.
Why don't they stop the payments to Greece and hand over the money directly to the lenders? That's what they are doing now anyway
Because they must preserve the illusion that these are payments from the Greeks towards their debt, instead of exposing the truth, which is that the EU taxpayer is bailing out his own banks.
The money must be laundered through Greece to preserve the illusion.
I have a simple solution to the worlds debt problem. Everybody settle-up by giving something of value other than their currency or promises. Like land, buildings, bridges, gold, etc. and not do this borrowing thing anymore. Borrowing is for retards--no levering just smooth growth. If a group want to start a business, pool equity instead of debt and there's no risk of cascading collapses.
They can't settle up because of the fact that every REAL thing becomes hundreds of fake things through leverage and synthetic derivatives.
Here's a thought. The US Treasury could have given every man, woman and child in the US one million dollars. The cost? A measly $340 million; compared to the 23 trillion given to international banks. Squeezed off the ensuing inflation by 20% interest rates (at that point who needs a loan anyway) and enabled recovery of the economy.
Of course, the banks would have assassinated the US Treasurer, the Chairman of the Federal Reserve and, of course, the President (ala JFK) because of the bank's loss of their $200 trillion derivative position, but I guess you have to expect losses to do the right thing.
On second thought, the Treasury couldn't have done it because it needed that $6 trillion dollars to spend on universal war coverage.
"Here's a thought. The US Treasury could have given every man, woman and child in the US one million dollars. The cost? A measly $340 million "
Math is ALL wrong. 340 million with a million to each would imply that there are only 340 citizens of the US!
340,000,000 x 1,000,000 = 340,000,000,000,000
Thanx Throxx... ya beat me to it! :)
A million to 340 million people = $340,000,000,000,000. TWELVE ZEROS... 340 Trillion Dollars. Ah, but a mere two or three week's work for the printing presses...
"The US Treasury could have given every man, woman and child in the US one million dollars. The cost? A measly $340 million"
With math skills like this you must be Greek.
I think what he probably meant to say was:
"The Federal Reserve minted 340 new multi-millionaires with QE and ZIRP."
a single, senior german lawmaker named hans michelbach does not dictate german national policy for neither greece nor europe as a whole
Lot of private Greek debt held by EU entities. So lets just trash the Greek economy in punishment for their intransigence and accelerate those defaults also. That will show 'em.
NO PROBLEMA.!.... Greece to immediately stop all "debt" payments to the ECB, IMF, German banks and bondholders.
Just fucking default on all debt and move on!
The greek bonds had a very high rate, and no one actually believed that the EU would allow them to default, so financial institutions loaded up on them. A Greek default would pull half the financial world down the drain with them.
Greece should now halt all the shipments of Kalamata olives, Fage yogurt and Feta cheese to those Germans!
Just raise the price of feta cheese, greek olives, kick any kneegrows out, sell lots of real estate to the russians and allow them to build a military base there, kick NATO out, and you'll be fine. It'll then be the best place on the earth.
Took a long tiome for these dumb shits to realize they are not getting paid back.