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Europe Has A Modest Proposal For Greece: "Don't Pay Wages For One Or Two Months"
The Greek liquidity, pardon "cash flow" problems are so bad, not only Zero Hedge, but also Bloomberg has launched a daily maturity tracker of how much money Greece has to pay either to the IMF or to prefund T-Bill rollovers. This is what Bloomberg blasted out earlier today:
Greece is preparing for another week of hurdles that ends with a ~EU2b repayment on March 20. Most economists say that it will be difficult for Greece to get past end of March without fresh EU funds. Here’s a timeline of the most important events scheduled this week:
- Monday, March 16: Greece to repay about EU577m in IMF loans
- Wednesday, March 18: Greece’s debt agency PDMA to sell 13- week treasury bills
Which explains why as we reported yesterday, Greece passed a law to plunder pension funds, one which would allow the government to fully invest reserves of pension funds and other public entities kept in Bank of Greece deposit accounts in Greek sovereign notes.
None of this is news: that Greece will run out of cash absent another check from the Troika, pardon Instituions, pardon creditors, is clear. The only question is what happens after, if Europe indeed leaves Greece hanging.
Today, the Greek media is ablaze with just what Europe's proposed solution to this issue may be. As Protothema and Capital report, the Troika proposed that Athens halt the payment of salaries and pensions for one to two months. This, according to Europe, would promptly tackle the problem of liquidity and find a solution to Greek problem of how to pay back bailout loan tranches to creditors when suffering from liquidity problems.
Via @capitalgr: Creditors suggested2 #Greece govt “if u face liquidity problems,dont pay wages for a couple of months http://t.co/HJMum0FINT
— Efthimia Efthimiou (@EfiEfthimiou) March 13, 2015
As Keep Talking Greece reports, the creditors’ proposal was revealed by Varoufakis’ aide Elena Panarity at an event of the Deree College on Thursday and was confirmed by Finance Ministry officials on Friday.
“When we say that we have liquidity problems, they tells us to make no payment of salaries and pensions for one or two months,” Panariti said as quoted by Greek media.
The creditors made this proposal at the side talks the Brussels Group meeting in Brussels on Tuesday.
Panariti did not reveal which one of Greece’s creditors ECB, IMF and EU made this proposal. She is part of the Greek team negotiating with creditors the reforms that Athens has to fulfill in the next months.
In seems that the proposal was made to Finance Minister Yanis Varoufakis who rejected it right away, describing it as “shameful”.
Shameful indeed, but the question remains: where does Greece, which tax revenues continue to suffer, find the cash it needs to fund upcoming payments not just to the IMF but all other creditors?
So to summarize, once again, the peculiar debt payment dynamics in Greece: first the "anti-austerity", "ultra-leftist" government is about to use what little Greek pensions are left, and now - if the Troika has its way - will stop paying government salaries for a month or so, so that Greece can find enough funds to pay the IMF, which then can promptly use the same funds to pay the US muppet government in Kiev which is just as broke as Greece, and needs to pay Gazprom yesterday to keep gas deliveries coming, with Gazprom promptly remitting the funds into Putin's personal money vault.
Rinse repeat.
Meanwhile, Greece, where apathy just hit unseen levels, will end up so poor it can't even afford to conduct the next elections in which, as many have warned, none other than the neo-nazi party may finally take power.
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Glad I wasn't drinking milk when I read this.
...or eating feta.
I guess that when you are a sociopath banker or politician, you just can't accept that you are never going to get your money back from Greece.
Honestly -- who is going to pay Schauble's Net Jets bill?!
(For a country that was driven into fascist catastrophe by other countries insisting on debt repayments, the Germans seem to be a bit obtuse as of late. If you have a choice of dealing with communists or nazis, always -- always -- pick the communists.)
This is a rough ass fuckin, even for the Greeks.
pods
Greece's counter proposal is that Europe push a "plenty splintery" broomstick up their collective ass and see how that feels.
It's really just a case of a failing socialist state telling a failed socialist state how to conduct its affairs.
Greece should come out swinging. Tell the Troika they aren't going to get another dime from them, that all loans are toast, and that Russia has agreed to give them access to rubles while they get the Drachma printed.
Sure things would be rough in Greece, but could you imagine the carnage in Europe? We could all dance around the smoking crater that once was Douchebank while they sacrifice Lagarde by tossing her into it in a desperate attempt to save their bastard offspring, the Euro.
Time for Greece to fire a salvo, they have more ammo than the EU does.
pods
But, but the banks are systemically important to the banks...
Sure they've made some bad loans... and then a few more... and then a few more bad loans after that, but these are rich people who must continue to live in the manner to which they are accustomed (a concept, I might add, well recognized in US divorce courts).
If this weren't so sad it would be funny.
Although, I still have zero compassion for the Greeks, as they are willing to put up with this so they can say "well, we're European so poo on you."
I'd love to see the GD polls. No doubt GD would sell Greece even further down the river, but if there is a complete collapse and GD comes in to mop up the mess after a GREXIT -- this would be interesting to watch.
Then again, if Greece defaults and leaves the whole world will be on fire, so I don't think many people would be paying attetion to little ol' Greece.
look we all know it's the poor in greece that is the problem..get rid of them and no problems ,, see easy..I am sure it's the poor who hold all those debt instruments..kill the elite.
This is getting out of hand, therefore I'll try to put this as close to the top of the comments. After the outrage of all the media, The lady just admitted publicly that this "proposal" was not put forward at the current cycle of meetings, but "before 2015", not specifying the exact year or situation.
She was also an aide to Papandreou, back at the first round of the crisis in 2010.
Make what you want out of it.
Not quite sure why the outrage. This is GOVERNMENT workers they won't pay. I just can't see a downside to it. If they all up and quit, then Greece comes out way ahead.
I'd suggest the same thing for the USSA. Just stop paying government workers. Especially those who wear cute black outfits and bulletproof vests. And if they stop paying the pensions of previous generations of entitled-prick government workers, so much the better.
I liked it more when the Billionaires told Greece "Just sell us a few of your islands in the Mediterranean".
Not a lease, not a sale at a good price. No. Sell it outright when you are in the worst possible negotiating position!
That sounds like a plan. Sell off some islands and then increase real estate taxes on coastline a zillion percent. Seize for default. Money received, islands returned to public ownership.
Thank you for that, Skistroni.
I'm sometimes surprised by the lack of acknowledgement of the human element here sometimes.
Sometimes, it's no different than outside.
Well atleast buying food and drink for a homeless person in Greece isn't yet gonna land you in jail unlike State side?
"Tell the Troika they aren't going to get another dime from them, that all loans are toast, and that Russia has agreed to give them access to rubles while they get the Drachma printed."
That's the solution. Brussels will sacrifice everyone to maintain their power. Time to pull the plug, pay the piper, move on, hang some bankers and politicians.... Print your own currency, debt free. Public banks, not private.
Yes, but for some reason this will not happen.
For all of this theater, without a Grexit all involved have basically admitted that Greece is the welfare queen of the EU that will either get cut off at the knees or supported indefinitely. Presumably at some point one side or the other will get upset at the situation...
I wouldn't be so sure you can only kick a bitch so many times before it bites you.
Right now if Greece stays in EU we're talking a generation for the country to recover financially and emotionally having a lost generation of unemployed and untrained youth.
At present they are fulfilling Einsteins definition of insanity and doing more of the same - they need to get radical and fast.
Greece CAN default without leaving the Euro. Once you're in you can leave but you can't be thrown out.
DavidC
For the life of me I cannot figure out why these asshats continue to pretend that there is even the remote chance of recovery of any of the debt. Why is it that Greece doesnt just tell the EU creditors to fuck off? And why does anyone believe the outcome will be anything but total or near total default? And for that matter not just Greeec but pretty much everywhere? Humans are strange animals with a deadly psychological pathology that they just love being lied to. The more they are lied to the more they clap. Sickening.
Oh for fuck's sake will you knock it off will the "socialist" bullshit, please?
I did say please.
Germany is not a failing state.
Failed state then...only because they will not get off the USSA tit.
Take all that war equipment they were forced to buy under previous bailout terms and wreak some havoc on the EU before they fizzle out in a sizzle of frustrated hissy fit.
Let's bomb some shit with those planes they were forced to buy! Those subs too.
I'm going to trololololol
when the Germans buy their own subs back for pennies on the dollar.
I'll trololololololol even harder when the Russians do it.
That comunication was delivered in Russian.
this is what happens when you don't fight back, when you resign yourself to sheep-dom - the sociopathic fuckheads will squeeze as much blood out of you until you are worthless to them, and hope you die young so they don't have to appease/bribe you with welfare/social benefits to support your old worn-out worthless carcass
"this is what happens when you don't fight back, when you resign yourself to sheep-dom - the sociopathic fuckheads will squeeze as much blood out of you until you are worthless to them, and hope you die young so they don't have to appease/bribe you with welfare/social benefits to support your old worn-out worthless carcass"
Sounds like were in the early stages of this right now in the US...
The IMF Loan to Ukraine carries provisions for Pensions, Wages, Medical to be drastically reduced and Gas & Electirc rates to go up multiples of current price - no discretionary cash flow - no people
Greece is being treated same way - eliminate two months then two years because people "accepted" the decision - no people
This is coming everywhere as the Murder by Neglect Program accelerates so that 3.5 Billion People are "eliminated" in less than 50 years worldwide
absolutely!
"I'm from the Troika, and I'm here to help."
Tsipras & Varoufakis, pleeeeaaaase Grexit finally. I can't hear "Greece" anymore.
super cool avatar. they both would like to do that. they just don't know how to explain this to the Greek Electorate, that does not want that
but try it at home. go around and ask people if they would like to have a big mess in gov and add to it a big mess in the currency in their pockets
for me, I'm waiting for EuroCrat and Greek FM Varoufakis to have a press conference where he explains that he has put his ministry in order and taxes are flowing in
Don't you find that a *bit* amazing, that after all the crap the Greeks have gone through, they blame literally everyone else except Brussels and Frankfurt for this mess?
Went to a Greek barber a few weeks ago. While he seemed to 'get it' on some level, even going so far as to say literally (I even asked him to repeat it) "If the bankers dont get their money there will be war", his 'solution' was that 'they' shoudve just given Greece the money with no fanfare (no publicity) so there wouldve been no discussion about it.
no, I do not find it amazing. first, the Greek Government is busy enough doing it, as the whole Far Left and the whole Far Right
second, Greeks, generally speaking do remember. they do remember, for example, the expenses for the Olympics, in 2000 if I remember correctly, or all the armament expenditures in the last decades
third, they followed some of this mess more closely then many here, including how the Cyprus Affair put more pressure on the Greek banking system
fourth, they know how much Greek banks were at least as responsible, or, better, irresponsible as the banks based in Frankfurt, or London
fifth, they remember the role that The Vampire Squid Firmly Attached To The Face Of Humanity played, in all this. which leads to
sixth, they know how much responsability previous governments had, which is also the reason why the were led to give the Radical Left a chance
and last but not least, many of them think that the eurozone is a bright idea: balance that budget, bitch at gov
Sounds like the Greeks are waking up and the EuroSkeptic movement is about to become the EuroSeparatist movement. Europe is too diverse to be one country anyway.
Ghordo --
would it have been so hard to say
"Yeah, I mean, these two institutions carry more of the blame than the Greeks are placing on them."
You're a smart guy. You know the "inclusivity" of the EMZ including places like Greece in it have directly led to these problems. You that people who blame the EU and EMZ are completely wrong. So why is it so hard to say the inverse is also correct -- "those who don't blame Brussels and Frankfurt at all are also wrong."
Don't play these games. You're definitely not fooling anyone here, except maybe yourself -- which if it is the case, is sad.
2004 Olympics, and that was quite costly. Additionally there was unforeseen (in 1997 when they won the bidding) additional security costs after 9/11, which was pushed for especially by the U.S. $1.5 billion, triple the original projections according to this: http://www.washingtonpost.com/wp-dyn/articles/A58111-2004Aug11.html . The grand prize of all this absurd spending was the even more absurd C4I security system:
http://www.security-games.com/news/warning-to-london-2012-olympic-hosts-...
Armament expenditures: Greece spent from 2-5% GDP on armament expenditures above the EU average every year from the 1960's to 2010's. That difference alone, could probably equal or surpass the country's debt!
The way I see it, Greece has two types of enemies, foreign and domestic. Domestic: those - big or small - who are able to, but don't pay their taxes. Foreign: those who continue to think that Greece should do the honourable thing and pay off the debts taken on by / imposed on the country while even a child knows that such a thing is mathematically impossible.
This being said, I have even less respect for the Greek oligarch that doesn't pay taxes than for the eurocrat who prefers to believe that gravity doesn't exist. The former I would throw in jail, the latter I would present a copy of Philopsophiae Naturalis Principia Mathematicae. And then sentence him to some community work in the suburbs of Athens.
A man who doesn't pay his taxes may be an enemy of the government, but that does not make him an enemy of his country.
You need to get past this moronic notion that taxation is a law of nature. It is the signature of repression, nothing more.
You want some kind of services on a national level, you pay taxes, whether you like it or not. You need to get past this moronic notion that you can do without any form of government whatsoever. The discussion should be: with how little goverment can we make our society actually work? Anything more than that is a no go.
The discussion should be: with how little goverment can we make our society actually work?
Answer: Very very little. Enough to defend the borders and protect property rights. That's it.
Enough to defend the borders and protect property rights. That's it.
Right. Just kiss your energy supply system, infrastructure, judicial structures, health care system etc. etc. etc. goodby then. Try living in an advanced society with mere border defence and property rights. Think about it. It won't be fun.
Services imply choice don't they? If something is forced on people whether they like it or not there is a different word for that.
Just one example: roads are imposed. You don't want roads? Fine. Just see how far that gets you, literally. And no, you're right, you don't get to choose as far as roads are concerned.
I get all the animosity vis-à-vis big government and red tape, I'm all for fighting that myself. But these simplistic absolutisms à la "we don't need government, any form of government, or mere border control and property rights, or we want to be able to choose what service it is we want and nothing else," I'm sorry, but that's just crap in today's society.
Take government away, all of it, then try to figure out how society would look like, I mean really try to picture that kind of society, without making any romantic assumptions about it. You'd be surprised how hellish it would become. And I happen to be a guy with a Yanmar 1401D, plow and cultivator, two gigantic chicken coops, home baked bread and home grown potatoes, who knows how to service and more or less repair all of his machinery and vehicles himself and butcher his own chickens. By all accounts I should be doing just fine when SHTF.
But I'm not naive either.
Ron Paul pointed out in his book (2011, I think) that if we returned to the size of government we had in the Clinton years we would budget for a surplus with no need for an income tax.
Think about that a few seconds, then tell me I'm out of line for advocating getting rid of income taxes. Among others.
Thanks 911/MIC/zionists.
@rpc
Au contraire, let's all keep the Greek situation on the front burner. Let's insist the real story of Goldman's dealings there be told.
Furthermore, everyone who can should holiday in Greece this year - everyone! Let's flood the place with our holiday money. Buy only Greek olive oil, Greek honey, Greek feta if you can't get to Greece. Fly the Greek flag on your lawn, balcony. Buy Greek bumper stickers: "Can't Pay, Won't Pay" Adopt a Greek citizen.
Rally people, rally!
If only the stupid fucks who proposed this knew how many people have already not been paid their salaries for months.
Even so I am prepared to back the proposal if those that came up with it stopped breathing for a month or two.
When informed that many Greeks had already gone without pay for a considerable time, and some were unable to afford bread, Schauble was heard to reply: "Let them eat cake."
Greece: Just fucking default already!
The EU can congratulate themselves and pat themselves on the back for fostering the right type of conditions for Golden Dawn to get elected next and give them a real run for their money.
They need to get the drachma rolling and set up some infra-structure to allow for this. It's bad enough living hand to mouth, but when the break takes place this will be chaos. Is it any wonder we're now talking about fascism?
BRICS bank bridge loan to see theGreeks through
Except Syriza are not ready for prime time. They are in over their head to make that play. Strictly wannabees
RUSSIA HAS LOST RESPECT .
Russia to provide $13.75mn as part of first IMF loan for Ukraine – finance minister . WTF ?!?!?!?!?!
http://rt.com/business/240517-russia-ukraine-imf-tranche/#.VQLxbVfbkyo.t...
That's a strange story.
The US government has already underwritten/guaranteed the most recent Ukrainian bond issuances, so Russia may be competing for creditor influence in Ukraine or simply making sure the Ukrainian government can stay above water just enough to be able to service that $2b Gazprom debt it owes.
This isn't a damn game!
How many people of Donbass, NAF will $13.75 million of Kremlin handout to Kiev, KILL?!?
Sad to say its always a game...
Since its IMF money, there will be stringent conditions attached. I'd be worrying more about the CIA suitcases full of cash and where those be going.
The wave of the future: wage slaves, now without salaries, become just slaves. The whole world now modeled after a Mafia "bust out" operation. Depressing!
The mafia obviously does not want repaid. They just want to make sure the Greeks are DEAD. No food for you for 1-2 months!!!
Think of all those nice islands and beaches, and the children of banksters running naked and playing on the beach...
Why did'nt Greece just invest in the S&P when we started QE? Idiots!
Sometimes the answer is so simple nobody even thinks about it!
I thought Greece was using the WWII German debt jubilee card...?
I think Germany is bundling up Renten Marks and Reichs Marks for shipment now. They are still assembling the rail cars required for such a heavy load.
ahahaahhhahahaa!!! Greece, you are about to become full-fledged Feudal SLAVES to the German banks, IMF, etc - hahahahaaha!!!!!
sell your baby's skin bitchez
we need our pound of flesh - troika
Greece: just mint a few TRILLION EURO PLATINUM COINS - problem solved
ahhh....I spit hot coffee out my nose...
How about ALL the EU stop paying wages and pensions for 2 months?
Starting with all these fuckers running their mouths?
@B2u
Definitely not the way to go.
If you had said 12 months I might be more sympathetic, but STOP INDEFINITELY would be perfect.
Not to be too confrontational but isn't that slavery?
Not since 1913.
How dare you! Now back to the salt mines sla..., uh, friend!
The time has come for the Greek people to accept that the Troika is totally devoid of compassion, and could not give a jot for their suffering. They will be better off out of the EU completely. Once out, they can begin to rebuild their economy slowly, using their own currency. They will certainly get financial help from other players. The peoples of Europe are behind them, and will support them politically and I believe financially. We are heading back to sovereignty for all nations.
The time has come for all people to accept that the Government is totally devoid of compassion, and could not give a jot for their suffering. They will be better off out of the Government completely. Once out, they can begin to rebuild their economy slowly, using their own labor and currency. They will certainly need to buckle down and work hard or they won’t fare well. Their family, friends, (some) neighbors and (some) countrymen are behind them, and will do what they can to help them. We are heading back to reality for all peoples and tribes.
FIFY
The Greeks aren't working anyway, right?
What part of BANKRUPT don't these people understand.
Shameful is this whole charade of a conversation.
Take what money is left, if there is any, don't give it to the IMF, give everyone a check out of it and send it to them, and fold up shop.
Once you are discussing not paying folks, you are done.
Dont pay loans for one or two years. I bet the bankers still eat...scratch that...still feast!!!
How about we tax Lagarde some of her 500k/ year first?
http://www.forbes.com/sites/robertwood/2012/05/30/imfs-christine-lagarde...
Tax all people who are have orange leather faces.
The Oompa Loompa union is outraged at your proposal.
Actual slavery. Well that's a novel plan.
At least the original slave owners fed and housed their slaves. It seems the modern version is to require work wihout pay, meaning inability of the slaves to keep up mortgage repayments, which leads to eviction onto streets.
After bail-in runs out, then its Debtor's Prison CampsTM.
A "popular" solution as Jubilee sets-in.
Someone would have to pay to feed them, pay jailers, etc.
Well, why doesn't Germany just invade Greece again and force the Greeks to do slave labor?
It's just as good an idea as what they are already proposing.
When it doubt,
take it out,
on the middle class.
By God this is brilliant! Just change the calendar to a 10 mo year! 90 day July! Nobody will notice! Who doesnt like a long hot Summer?
I'm gonna try this on my mortgage! "What da fuck? I paid you this month already!"
It just goes from stupid to stupider to stupidest! Face the damn music you're broke ass can't pay it back.
Default and move on! It's going to happen anyway!
why default now while you still have some assets left? anybody still has doubts about politicians' motives?
So they would all just eat cake for two months.
Public emplyees are the only Greeks paying tax. No pay, no tax revenue.
What I don't get is why Greece doesn't declare all its debt void on the basis of lack of consideration. The central banks have publicly acknowledged banks create the money they loan out of thin air so there is a strong legal case for cancelling all the debt....just do it!!!!
Why not simply put 10 Euros into one account, then transfer it to the EU banks a couple billion times. Heck, it works for the gold bullion banks!
When the financial and political system collapses and doesn't serve most people anymore, the seeds of conflict are sown. The West as we once knew is declining, increasingly it looks like it needs the racket of WW3 to bring back the growth of the golden days.
Only that in the next war, it stands to lose the most.
In a related story, the Troika will solve Greek food shortages by making everyone fast for two months.
At least it's warm... I can think of worse places to be homeless. Wait until the USA enters its own chapter of insolvency....
We are getting close to what the French and the Brits did to Germany after WW1 ... pay banks now, or else!
When there is nothing left to lose, the sword of freedom will be fired in the crucible of human rights, forged on the anvil of justice, and tempered with the blood of tyrants.
Keep pushing.
Or shit will just get weirder.
When the going gets wierd, the weird turn pro - Hunter S Thompson
Of course it would solve the problem in the Minds of the EU - by toppling the current rebellious Greek government!
If no one is paying, I am not sure the Neo Nazis can take over. Take over what?
But look how the politicos still desperately cling to what exactly ?
The power to put a fork in it ?
Geat idea -I see no problem -they could still apply for food stamps-am I not right?
Slavery....the answer to all rich folks problems!
Greece has 14 month salaries. How will they survive a two-month pay cut during those imaginary months? Maybe eating unicorn meat?
NO SOUP FOR YOU!
NEXT PLEASE!
the Greeks should take all their euros out of the banks. cyprus bail in aside, wouldn't this benefit them when/if they go back to the drachma and they are sitting on euros, with a possible 1:4 EUR/Drachma conversion rate, at home?
They aren't the only ones getting screwed. Just wait a while
How about asking those scumbag bank gambling executives to have less bonus or couple months without pay?
Not all pain from German Dominatrix feel good!
Greek gov is now dipping and tapping into pensions, government reserve funds, and financial rescue funds to pay off odious debt, uhhh ohh!
See, Iceland has the right idea. It formally withdrew its EU membership, and Turkey is looking East. Who needs to be part of this shit show? Its getting worse by the day, one really bad soap opera that will end in tragedy.
Reuters reports a surge in Greek Pirates now roaming the Med.
https://ci4.googleusercontent.com/proxy/iNfEZ4Lq7T3w2ndUrGp-lWKuY1WegDyK...$BKX&p=120&yr=0&mn=7&dy=0&id=p95116458107&a=383994484
The EU has totally lost respect for Greece and its people. War reperations to Europe by Germany lead to sifnificant suffering and bad consequences down the road. History and compassion has been forgotten. I understand that Greece got itself into this situation, but I can't understand why Greece would accept any of these type of crazy proposals. Its difficult to sqeeze blood from an onion... Seems the EU wants Greece to exit... The EU has the same attitude commercial bankers have to problem bowerers... Not Good...
If the people dont need to show up for work, then ... I can see it. How often in private business are we asked to take a mandatory closure, either unpaid or use your vacation time, especially if there is a slowdown. Govt people should endure the same.
But can definitely see how this is a stupid PR move.
(repeating myself)
this is the fight for the public opinion (primarily domestically in Greece, so that the largely europhile Greeks say enough already with the EU allowing syriza the grexit option and secondary for the European public to start questioning the wisdom of economics over humanities)
The Bankers "NWO" is Ruthless.
If you don't hold it, You don't own it.
With all (Money) behind them, they Wait you OUT. While the Central Banks are buying what, a new stock exchange Top?
Safety First. Use the Three Point Contact. Know where the Rip Cord is and as you Jump, Look UP.
Don't worry about your pensions we just need your money temporarily. We'll leave IOUs in the lockbox and it will all be fine. See US Social Security system.
Yeah, right on, you fucking stupid European scamsters.
Just what the greek people need.
No pay( for those lucky enough to even have a job ) even though they are on the breadline anyway, whilst you lot of money grubbing, spendthrifts live like fucking Kings with your supply of cash, perks and backhanders from an apparently bottomless pit.
Hopefully Greece will default on your stupid loans, put all the derivatives you've managed to dump on the European taxpayers out in the open for all to see and then we can have some fun watching you trying to lie your way out of the complete fucking shambles you, and you alone, created.
There really isn't enough hatred for these so called people, is there?
Continuing the thread, the Banking System has moral hazard unless countries and banks are allowed to default and write off debt.
- Incentive is for a Race to the Bottom otherwise
- Incentive is to hold debtors to Jail, Slavery, and Flames
- Incentive is to play hardball against governments and others, then claim common or National Assets
- Incentive is to make new loans, subprime bailout loans in order to earn high compensation and bonuses
- No Incentive toward change, help, or a real debt restructuring to solve PIIGS Debt Problems
Basel III obviously was not intended to solve these systemic banking problems which are as well known as the work of Karl Marx. Nor does Dodd-Frank address these kinds of Systemic Corruptions.
Great Plan! Keep pushing the Greeks towards Russia. Those new naval air stations and ship maintenance facilities will pay a lot of bucks to Greece.
Tried to read the article....But it is all Greek to me!
Yeah! Go eat some cake!
It's nothing a few molotav cocktails couldn't solve
Explanatory note to the text: 'Neo-Nazi' party means any one that wants to stop their country being flooded with African and Muslim immigrants.
Stopping any kind of entitlement payouts should solve that problem pretty quick.
LOL.... I'm assuming the Germans left the /sarc off their plan?
My friend I hate to tell you but the German constitutional court just handed down a decision that allows Muslim teachers in Germany to wear their head scarves in school while teaching.
.
Sure and France & Germany would do this to their people and their Unions if the situation required it.
S/ LOL
Molon labe
Why don't they just eating all together? Or drinking water? It will save on the waterbill.
Lemme guess how this went down:
Zee Germans to Greece: vee hav und wundebar of idea for you to solve your problem, do not pay any pensions or wages for two to three months and catchup on zee payments here.
Greece: Um yeah, no... how about we keep paying ourselves... and pay you guys NOTHING. Problem solved, thanks for playing, now go-home krautbreath!
Documentary of WW II with muse from commentator pointed out a very startling revelation to me, excuse me for being dumber than a pile of rocks compared to the fast thinkers and quick in this website.
Here it goes, the two losing countries Germany and Japan ( who went to war in the first place to accomplish the following goals)
Germany ( Hitler preached)
A one currency europe in which Germany would be the center of the financial controls.
Japan preached
We want to end imperialism and have an Asia in which Japan would be the center of financial control , and all the Asian major countries would be an independent soveriegns, China, Korea, Malyasia, all free of imperialism with Japan at the center.
These two losing countries got exactly what they wanted, why did the world have to kill 50 million people to have it alll turn out the way they wanted it? the world just like the markets are completely illogical, and can break your heart, trade well
Those 50 million would already be dead by now anyway.
If today you are old enough to read this, you will be dead in under a hundred years as well. That does not erase the evil acts of a politician during your lifetime. Unless you believe that evil political acts have a stature of limitations to the generations that knew them. It is complicated, I used to think that Kyadaffie and Sadam Hussain were evil, but their removal made things worse. I think Captain Kirk's non interfearance directive was smarter.
Acceptable loss, right?
Your government does not care about you, whether you eat, or you starve.. It does not matter which Government I am writing about.
You must take action before you become an acceptable loss to them.
You have to look at the evil of American govt officials
Madeline Albright blithely states a half a million dead Iraqi children sre an acceptable cost for American oil hegemony
Ripper thinks Nuclear war will only kill 50 million civilians
Obama and his bragging about how good he is at killing people
Hitlery: we came we saw he died
Icky Vicky Nuland rewarded for her evil by being Sec'y of Stat in BOTH a Clinton and Jeb regime
Yet Vlad Putin is the Anti Christ
America uber Alles
Useless eaters won't be missed
I made the proposal that greece reduce salaries over 1500 by 50%. this and default would solve greeces immediate problems.
http://www.iea.org.uk/blog/a-radical-solution-for-greece
Why not just skip breakfast, lunch and dinner for a few months? Oh, and turn off the lectricity?
By the way, I'm far from being new. You're new.
It's horrible, even with reality so painfully obvious, Syriza is incapable of providing leadership and continues to lie or they too are deluded. Public spending is much higher than tax revenues, period. Syriza won't admit that living standards must be based upon free enterprise, not redistribution (theft) socialism. Yes, the outcome will be the same short term, collapse, but with free enterprise there could be a way out. I feel for the Greek people, for they know not what they have done...of course their fate is only a bit more timely than for most of the rest of the West, Japan, and China.