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Furious Tsipras Addresses Greek Parliament, Blasts Creditors For Failure To Compromise: Live Feed
Greek PM Alexis Tsipras is set to address the Greek parliament after a tense week of negotiations with creditors that ended with no agreement and a missed IMF payment.
Tsipras, after lobbing a series of accusations at the troika last weekend, submitted a "fair" agreement to Merkel, Hollande, Junker, and Draghi ahead of an emergency meeting between the four in Berlin on Monday evening. EU creditors then met with IMF officials on Tuesday and offered a counterproposal which was promptly rejected by Tsipras as unreasonable.
Now, having bought Greece a few weeks by choosing to bundle June's IMF payments, an exasperated Tsipras will speak to Greek lawmakers (including radical members of Syriza) in an attempt to explain why the current troika proposal is wholly unacceptable and gauge what concessions (if any) are possible in order to strike a deal that can be pushed through parliament in time to avert an outright default at the end of the month.
(live feed)
Greek PM office says Brussels proposals were “extreme”; “cannot be accepted”
Warning: exclamation marks in statement pic.twitter.com/VKh1uZzevG
— Ed Conway (@EdConwaySky) June 5, 2015
Some highlights:
- TSIPRAS SAYS GREECE IS IN LAST PHASE OF TALKS
- TSIPRAS: GOVT WANTS MUTUALLY BENEFICIAL EUROPEAN SOLUTION
- TSIPRAS: FINAL SOLUTION TO GREEK CRISIS IS NEEDED FOR EUROPE
- TSIPRAS: GOVT IS HIDING NOTHING FROM GREEK PEOPLE
- TSIPRAS: GREECE MADE COMPLETE PROPOSAL TO CREDITORS
- TSIPRAS: MAIN THRUST OF GREEK PROPOSAL IS LOWER PRIMARY SURPLS
- TSIPRAS: THERE MUST BE SOLUTION TO ISSUE OF GREEK DEBT LEVEL
- TSIPRAS: SOLUTION FOR GREECE MUST PUT END TO GREXIT SCENARIOS
- TSIPRAS: PROPOSAL GIVEN BY JUNCKER WAS UNPLEASANT SURPRISE
#Tsipras says #Greece in final stretch of its negotiations with lenders, seeking "comprehensive" & "European" solution for country's economy
— Kathimerini English (@ekathimerini) June 5, 2015
Tsipras: We are at final and most crucial stage of negotiations
#Greece pic.twitter.com/aZXZtk6XKI
— Derek Gatopoulos (@dgatopoulos) June 5, 2015
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Leave the EU already.
"Kicking this can is really starting to piss me off!"
Surely Varofakis told him he couldn't get the reforms he wanted and keep the euro -- which means this is just for show.
Or Varofakis thought Germany would cave and now that they aren't -- everyone is up shit creek without a paddle.
If you can't do anything, give a speech. Both sides are preparing for a gunfight.......
"Deferring is not Default"
-whoever has some skin to lose with a default
Is the fat lady finally singing?
Or is she still warming up in her dressing room?
This is worse than watching paint dry.
Where is Mr. Game Theorist Varoufakis in all of this? He was supposed to be ten times smarter than the average bear. He was supposed to whip the ECB with so much brainpower that it would make Risk look like a board game.
I'm telling you, this is Hope and Change, Greek edition - where the Hoax and the Chains are nestled in between a pita and served with a side of yogurt.
...Next month Greece announces special union with Libya.
Except the Greeks have no bullets! And their gun in the pawn shop.
All Greece needs to do is just cut off all communication with the rest of EU and then only address the greek people. That would tell the EU more then any speech ever could.
... If you can't do anything, give a speech... That is Oblamo - a perfect hit.
That is the reason this train wreck is happening so slowly. The sheep are being prepared. ( not the Greeks, ALL other western economies. )
"If you can't do anything, give a speech."
I don't know what they're saying, but it's all Greek to me.
As others have also said in their own way, this shite show is getting old, going on more than a few Tours old. TD/ZH, wake me when there is real Kinetic Activity, not before.
(Note to Self: Stop being click-bait with bullshit Greece stories)
"We greeks have a rich history of running it up someones ass, Fuck them all!"
he drops the mike and walks off the stage!
Did you hear about the Greek guy who wanted to go abroad and get a real job, and that actually pays well?
Well, in the end, he decided he couldn't leave his brothers' behind. Opa!
This +1
Even if it made 100% sense to cave now, Germans are usually too stubborn to see it the other way until it is too late. We are perfect at that too!
Greeks could be our best friends if we had extended them an olive branch. Keep your friends close and keep your enemies closer comes to mind. If Greeks turn against Germany and make efforts to rally Europe against us, it is not in our best interest. We have a history of isolation on the European continent.
No fresh money, slash debts by 50% and use ECB to cover the haircuts. That would be a reasonable and doable offer. We're only talking 150 billion here.
...then Portugal ....Spain .....Ireland .....Italy ....France ........
It's inevitable anyway, don't you think? The EUR isn't working as it should. Or maybe it is but it is hurting economies who are supposed to be our partners and friends. When the people get fed up enough in the South, they will start to revolt and then the shit show is over with anyway.
This process would have been the perfect opportunity to break up the EUR and work on an alternative. Instead the elite preserves the Status Quo which favors them and that is all they ever know how to do.
Agreed! Lots of discontent is brewing in the north also! The EU was supposed to be a 'Trade Union' not a 'Political Union' that was secretively planned & has become. It became a single currency region for purely politcal purposes & control. Like all grand plans & self-interest schemes it has fallen under its own weight & poor construction. All the leadership including central bankers are socialist, marxist, communist & even Maoist identifiers & sympathizers. At some point (probably after a mind numbing depression) people have to take a moment to think who and why they vote for someone beyond their 'populist' dogma!
then the UK.......... Belgium......... Luxembourg............ Japan............... Some federated states in Germany.......... Some german Banks........... some Holland banks........... some federated states in the USA.............. some american banks............then Switzerland...........Austria............Poland......... all the easterners.......... and then...then.... oooops ! The USA and Germany !!!!!!
No, Portugal, Spain, Ireland, Italy and France will watch what they do to the Drachma and behave themselves.
Long Wheelbarrows!
Normally your posts are pretty good -- however this is rubbish.
You know its rubbish.
Germany has been as isolated in Europe as Russia is now.
Germany will do fine alone.
Yeah.. with a Deutschmark in the stratosphere and the Russians sending you krauts into the sinker. Let's see how you cope. I'm sitting in my sofa to enjoy the show,
The Germans will always do well. They are disaplined, hard working, creative & focussed. They productively & efficently make great products that work and people want. Russians included!
Your not the only ones hardworking..... and you also have banker parasites.... How do you thing you will export having the chinese as direct competitors and hipervalued money? Dont you see the writing in the wall ?
And the Greeks are lazy and undeserving. Thanks for the update on the conventional wisdumb. I see it hasn't changed.
Germans are not hard workers. They are lazy fucks like all socialists. Americans work like slaves. I've never seen anyone work harder than an American. You can't buy a piece of furniture anywhere in Germany on a Sunday. I can go to Walmart at 2 AM and buy a couch in America on Christmas day.
Germans are smarter than most other tribes of mankind. That is where their success and wealth comes from, intelligence ("talent"), not hard work. South Koreans and Japanese work HARD. Harder even than Americans. They try to make up for their lack of intelligence and creativity through sheer effort, with some success.
But seriously, the myth of the "hard working German" is just that. A myth.
I don't trust the Americans and I don't trust Brussels or the IMF. They're lying to us. Americans are making deals with Russia after they booted out Germans.
What games are these people playing? Does Merkel understand or is she even complicit?
I'm sorry, I feel that we're being played again. It would have been best to make a deal with the Greeks on our terms and never engaged with this "Troika" business. In the end, the default will cost mostly German taxpayers. The IMF gets away unscathed and Brussels will probably grow even more intrusive.
This looks bad for Greece and their sovereignty. In the end I believe this is about putting Germany back down and into a corner.
What is truly amazing are the number and duration of the can kicks here. Its hard to determine who will suffer more for a declared default, the greek people of the collective of euro bankers, or the collective of euro politicians that might not get re-elected. The certain thing is that all parties are out to avoid the pain, and that the greek people will be the ones that suffer the most over time.
The can is being kicked for as long as possible because this is a very very bug deal! Easy solutions left town ages ago!
Correct. The dates have been known for years. It all "coincides" with the end of QE in the US, the attempt to raise rates and the end of a bull market. It is also the deadline for smt. Don't think for a minute the Greeks aren't aware of this. 50% of Greek politics is the Church. The Greek Orthodox Church is "observing" the calendar.
Timing is never an accident.
Tsipras - why did you give the common Greek citizens pension funds and most of the central govt backup funds to these "creditors". Why did you attempt to raid all the local govt funds with the intent of giving those away also?
This is for show before he screws the common people of Greece again.
Sill a large number of asses in Greece. The ones eating grass still work occasionally.
What´s your specialty, Augustus ? eating grass or working occasionally ?
I dont know what is going to happen next, but I sincerely hope that the krauts banking sistem will blow up sky high, no matter the consequences.
Losing in the eastern theater (ukraine) and losing in the southeastern theatre (Greece).
Bye Bye, Euro Reich !!!!
Go to hell !
I got it! At the end of June they take all the payments due through the end of the year and bundle them up into a single payment at the end of the year. Then they get billions of bailouts and add that to the stinking pile of shit and bundle them into,,,,,,,
Sarc off
If you kick a stone in anger, you'll hurt your own foot.
he is bitching because he has to pay his bills!! he belongs in ferguson, baltimore, or one of these other "victim cities"
Agreed - SYRIZA your new rulers of the free shit army.
You all need to read a little more history. Forcing foreign debts on a sovereign nation and then imposing your will as its creditor is not new and has nothing to do with whether someone is meeting their own commitment or not.
And if anyone cares to reply, make sure you know what "forcing foreign debts on a sovereign nation" means in both this context and a historical context before you chime in.
It has always amazed me when you loan someone money and they do not pay you back...but when you bring it up that they owe you money..they get mad at YOU...lol
'Repayment' have never been part of the narrative for the deadbeat Socialists! It's the point they all become vocally Anti-Capitalist & Anti-Wealth!
Greece has a legitimate gripe. Compromise is a basic principle of civil rights and human dignity. I thought the Europeans were more evolved than that. Kind of reminds me of when I fell behind car payments and offered the collectors a hundred in cash for the title. No compromising then either. So I drove it to Mexico and sold it. kick'em where it hurts Greece! All us little guys are cheering you on
Spoken like a true dead beat!
Spoken like a true dead beat!
Post like this make me laugh. How do you propose they drive greece to mexico?
Jamie Dimon can tow it with the yacht he bought from the profits in selling them up the river in the first place.
just like an ex-wife
Wait till they threaten to leave the EU. They will threaten, like a disgruntled and passive-aggressive wife of too many years.
She will keep complaining and threatening, and you're supposed to placate and stop her. What Theater!
How about instead of that we hit her on the head with a shovel and bury her out back in the rock garden?
he was left a steaming pile of doo-doo, much like what our next president will find. but for some reason they both really want the job.
"My old man is a television repairman, he's got this ultimate set of tools. I can fix it!"
Oh he got balls!
its funny because....the default comes at the expense of the US taxpayer. when greece defaults on the EFSF loans or ECB loans, then the expense is at the euro taxpayer. the last 5 years has been all about moving all this debt from german and french banks (and US banks to lesser extent) onto the unwilling taxpayers of the US and Europe.
The US tax payer is on the hook big time for Greek debts via the IMF.
Well, no wonder the IMF doesn't give a damn.
More FSA central bank style!
"The US tax payer is on the hook big time for Greek debts via the IMF."
That event will be triggered the day after Greece announces a shift toward the BRICS and AIIB, and possibly leaving NATO/ZATO. It's their last Ace up their sleeve.
If it goes a step further, the CIA will start/organize civil unrest (Maidan 2.0 in Athens), and NATO will come in to "Ensure peace and regional stability" for its overwhelmed NATO Partner. The Greek Government and the FSB would do well to stay ahead of that curve, ahead of the dynamic, and nip the CIA-bakced organizers in the ass and ship them off as "Domestic Terrorists" to some remote Greek island. They got some (ships and islands), right?
This is SO damn predictable, I feel like I could write the Made-for-TV script. [rolls eyes, shakes head]
p.s. In spite of all the time spent on ZH, you (and too many others) are still stuck in the Old Paradigms, if you think that the "US Taxpayer" has anything to do with this. It has ALL to do with King Dollar burdening the entire planet with it, for as long as it is the GRC (Global Reserve Currency). The "US Taxpayer" is just the 'Useful Tool', that's used for PR purposes and repeating the Jedi Mind Trick mantra, to keep the Sheeple cal, and the Investors in the fiat Ponzi Americano Casino.
Pretty much all for show.
The CIA will not have to organize anything. The Greeks have already shown the capability of burning Athens. Miss a pension payment and freeze bank accounts, both sure to come, and Tzapass will on the run.
Is that what they call the QE printing press now:
the AMERICAN TAXPAYER?
Like Caitlyn Jenner.. still has her balls at last report. Going in for a appenDICKtomy next week.
Anybody who breaks the laws and tries so hard to give money to someone who they know will never pay them back deserves the write-off
Oh, thank God. A story about Greece. Zzzzzzzzzzzzzz.
<--- Tsiparas will make good on his campign promises to leave the EU
<--- He will politic until he is kicked out of office
The difference between Greece 5 years ago and Greece today is Tsipiaras ran on the party line of not giving in to the foreign banking scheme that is the Troika. Now he has an oppurtunity to make good on his campaign promises.
He never promised to leave the EU.
Well fuck him then.
When did he ever once threaten Grexit? His plan has always been to restructure the EU, from what I've seen.
He never promised that, his promise was to end austerity, he wants to keep the euro and stay in the EU, which is the reason why negociations go nowhere for 4 months.
I'm naive. I still believe Tsiparas doesn't care about the EU and that he dislikes the foreign bankers. However, he still has a government, which is really more than a government....it is all the payroll source for .gov union workers and retirees.....and he can't pay those bills. He doesn't care about getting the next bit of money to repay the creditors...he want's to roll the debt + get enough money to keep the domestic payroll going. THATs what he is worried about...
Meh, whatever you do, do NOT give rubber checks to the army(s)!
Can a story about fat and cholesterol be far behind...?
At least those make for some good information being passed around?
pods
havent u heard....?
"Greece is the word..."
for fucks sake man...
I know... quick, let's get an oil price story in here...
Looks funnier: "A story about Greezzzzzzzzzzzzzzzzzzzzz..."
Greek sheeple get ready to pay and lose your homes... the new costume of taxes is coming...
23%VAT on grocery items
continuation of severe taxation on property and houses (prepare to lose your house to creditors people)
the creditors international through crooked politicians are coming to take your homes.. prepare ... arm yourselves with guns and ammunition there is going to be blood
Nah...just sign over Crete to a Chinese holding company that reimburses the E.U. and call it all solved. Greece stays in the EU but everyone's the wiser loaning those cultural-deadbeats money.
Who does biz with Greeks in the USA? A: only other Greeks
Would be smarter to sell house now and leave Greece while they still can.
who buys ? i m selling a nice property by the beach
According to polling data, a majority of Greeks wants to wave dick at the Troika.
According to polling data, a majority of Greeks want to stay in the euro.
Ergo, according to polling data, a majority of Greeks don't know their ass from a hole in the ground.
It's one or the other, fuckheads: choose a massively devalued drachma and sovreignty, or choose the euro and debt slavery. But we all know which way the wind will blow them. May their chains rest lightly upon them.
It's perfectly possible to default on the Troika and remain in the Eurozone.
It comes at the cost of allowing the existing Greek banks to go bust and creating all new banks to conduct banking in Greece.
debt slavery sacks.... the previous goverment was thrown out because of excessive taxation... if Syriza continues the taxing the hell out of peoples houses Golden Dawn is coming to give good dicking to the political pigs who ruined the country...
another Ebola story.
Well, glad we have ZH since Ebola has wiped out the country and turned half the population into bleeding out the ass brain eatin zombies, staying inside is our only hope.
pods
I remember that frantic month well. What a laugh.
What? How could this be.... the voters in a country, in this case Greece, elect an idiot for a leader! I'm glad this could not happen here. :)
Paging Mr. Panos... where are you?
Posturing before telling the Greek people to drop their pants, bend over and take what's coming to them?
A poke in the ass by non other than Kaitlyn Jenner.
Who is going to be the first sick person to go screw the new bitch....and then go to People Magazine and tell all....now that guy should get the ESPN courage award....euuuuu
It seems that you guys don't understand. Jenner is not gay. He has always dug chicks. He's now a "woman", but still digs chicks, which makes him sort of a lesbian. He doesn't fuck dudes nor does he receive.
Now he can dig himself!
We want to stay in the Euro group; BUT...
Game theory of Yanis blows hot n cold and its now a fight between Schauble and Mutti...
Austerity or print?
Quo Vadis Europe?
But we still want our peoplee to retire at 40 having done 5 minutes work with a totally unreformed public sector - please will you finance it forever..........
The answer of Eu taxpayers who have to work til 70 to get a meagre pension is No !
and if they are govt workers then those 5 minutes were spent viewing internet porn
thats the general mentality in the public sector... they live in their own sweet world
they think that the money that pays their salaries and pensions fall from the sky
and their excuse for being a leech, living off of other peoples' work?
Heard it from a latvian EU staff member of some cretin in Brussels: "But we pay taxes, too!" That's it. Jerks, circle jerks.
Screaming at your only creditor generally is not a great strategy!
the creditors are fucking morons and deserve the default that's coming... lending to Greece is not now, nor has it ever been, risk-free guaranteed...
we have a bunch of sad bitches running around expecting no risk to be associated with this situation and an associated guaranteed payback... I hope they all lose their goddamned shirts... bunch of losers who don't have the stones to live in the real world...
Socialist Greece will learn all about true crushing austerity should whatever credit lines they have left be cut off! The pain & suffering will be epic!
Had they been willing to be reasonable, cut Greece some slack to let it get back on its feet, then resume payments based on GDP or something, they might have managed to salvage the situation.
Assholes.
Why are the creditors going to cut you any slack, they've been bleeding your country for years. They know that you won't fight back but instead fold like a cheap suit that you politicians are.
Tell the creditors to FUCK OFF or keep enslaving those who put you in office like a good little politician does.
COWARD!
Only the Japanese committ Hari Kari!
Right. As Madame LaGarde has said, those with huge debt should just live with it, not try to go paying it off or anything...
The tragedy is that had Greece grexited in 2010, when they still had some reserves and industrial infrastructure they'd have been well on the up by now. Its like Stockholm syndrome clinging to their captor. Cyprus is next they're worthless now as well.
Italy - SAVE YOURSELVES !
Iceland showed the way, so WHY is Greece not following?
According to european economists-1-day of Qe is enough to tide over Greece for one year. Since, the Zionists apparently want to punish Greece and not come to a logical agreement...................GET READY FOR VIOLENT DECOMPRESSION!
Ah yes kids. Welcome to the story that never ends . . . .
For our next trick at the end of June, watch us bundle the bundle to be paid in . . . uh September. Yeah, then bundle the bundle bundle to be paid in December.
It's all going to work out. Just ask the wizard of oz. He'll tell ya.
"There behind the glass,
stands a real blade of grass.
Be careful as you pass,
Move along, move along!" -- ELP
Immeditely on assumong office Tsipras reinstated thousands of peope to phantom Government jobs and reversed reductions in public sector pensions (many such pensioners having 'retired' in their forties.)
This was both provocative and unsustainable and he's now reaping the rewards.
By the way I'm just back from Athens and it certainly doesn't appear as bad as it's painted. Busy resteraunts, new German cars in abundance etc. Just sayin'....
Thats because no one is paying taxes in Greece now....its gone past corrupt...its all under the table now..
Any Greek who pays their taxes is a goddam fool. That money won't stay in Greece. It goes to Goldman and Germany. Taxation without representation.
It's why they are where they're at!
How do you say Kabuki in Greek.
Fake anger means the surrender is in progress
This is a nice little lesson about 'peak debt' for all the wide-eyed visionary socialist Keynesians!
I'm not expecting any workable solutions that make even the slightest degree of sense from that motley crew!
Socialism Kills!
I'm certainly incompetent as I thrash around trying to understand how money works but here's a couple of points on what I think:
3. Money is a technology which catalyzes 'chains of decision'.. (i.e. it transfers an intention + an action... enabling another intention + an action by the recipient.). Money was made necessary because of problems of scale and the need/desire to carry on these chains beyond the Dunbar-sized group.
5. Lending and borrowing INEVITABLY become irreconcilable and will never balance in the long haul... yet the natural drive to produce a balance... necessary on the granular level (each lender/borrower viewed in isolation) becomes increasingly problematic over time and in aggregate.
This is because both sides in this contract have an interest in being overly optimistic and this inevitably results in the standoff we see here. The control of the 'levers of state power' by the lending side (i.e. the oligarchy) results in the borrower taking the hit. And concentration increases until collapse or remediation.
From my own unschooled piece:
Thoughts on the Biosocial Roots of Oligarchy
http://culturalengineer.blogspot.com/2014/10/thoughts-on-biosocial-roots...
Why don't you cut some "feta" to go with your whine.
Either default or fuck off.
Better yet default in glorious guns blazing drama. With both middle fingers up high.
Then call Uncle Vlad and ask to be the first new customer for the BRICS or AIIB bank.
Since TTP, TISA and TTIP are expressly about cutting the BRICS out of free trade, let the BRICS fire the first shot in the Trade Wars before WWIII starts in Transnistria at the end of the month
Cutting the BRICs out of free trade? That same free trade that has stolen tens of million American jobs and reduced the earnings of tens of millions more? If that is really the case with the TPP and all, then why are they keeping it a secret? Rather than not wanting to share it with Americans, maybe the real reason is they don't want to share it with the countries they are about to castrate? The way you put it, these bills would actually be good for the US, as the BRICS are the major source for the cheap labor that has stolen our jobs.
It does make me reconsider my stance on these bills if what you say is true. But if you can't see them, how can you really know/ Guess i will just go stick my head in the sand until we know for sure.
Free trade is the only workable coherent solution that assures wealth creation & sustainable resource distribution.
Americans have elected 'anti-business' & 'anti-capitalist & 'anti-freemarket' visionary leadership that is all about expanding the size and reach of control & bureacracy while reducing the power of independant enteprenurialism, save their facists supporters. American governments are thrilled to ship job and business off-shore! It facilitates their agenda & purposes. They are very sure, 'You didn't build that!'
Don't you get it, son? If you ain't in Obamatrade you are de-facto "sanctioned" from Obamatrade markets
"If you like your free trade, you can keep your free trade"
Is he willfully dense? You can't negotiate with bankers. Period.
He's simply showing weakness by even trying to negotiate.
I'm quite sure that Russia can supply an alternate form of funding that has fewer strings attached than what the EU and IMF are proposing.
" SOLUTION FOR GREECE MUST PUT END TO GREXIT SCENARIOS " yes because Siriza is pro-EU, pro-Euro....
Whatever to this shit. They don't pay today then they are in default and CDS holders need to demand payment. Period.
That F'r defaulted. Issue the arrest warrants for Dimon and Blankfein.
This is worse than watching the soaps at noon.
Greece, fail already and let's get it over!
Enough already!
Congratulations to all the visionary socialist/marxist former fearless leaders who loaded future generations with crushing debt in order to facilitate their dreams of wonderment : You just lost your people their country! Well done! Keep on dreamin'!
WHAT A FUCKING BLOWHARD.
Kick this ahole to the curb.
All that happened is rich Greeks bought more time to get the fuck out of Dodge.
Push hard toward default & enjoy +25% inflation & interest rates for a few decades as the price for Socialist nirvana! Oh yeah I forgot ... double your age of retirement while yur at it!
The collective EU Zoggin gets caught up in Politically Correct Theater. Zoggin pressures are equated to common core education using ebonics as a reference of substituting a S for Z.
Sent Brussels a card. Wish them a clean monetary collapse.
Ahhh....yet another wonderful socialist success story to throw on the streamin' infected pile of visionary achievements! Viva la Revolutione!
Greece, like Iceland, Cyprus, and soon to be Portugal Spain, Ireland and Italy, needs to exit the EU and get their sovereignty back. The road will be tough and fraught with pain but it is the best way forward. Tsipras and Varufakis both know it. Convincing the Greek legislature and the people will be terribly difficult.
In this video, Varoufakis explains, in metaphorical terms, how the United States has played the major role in collapsing the global economies and why Europe’s economies, through their own mismanagement, have little hope of surviving another looming financial crisis.
http://www.globaldeflationnews.com/the-global-minotaur-a-global-finance-...
"Tough & fraught with pain'... think epic global depression ignited by a single match!
They can still afford to pay a sign language interpretor. Things can't be that bad.
She was signing "fuck germany" over and over.
The powers in the EU and IMF know one thing for sure. "Many banks isndie the EU are totally insolvent. The write off of over 340 billion Euros in bad Greek debt would cascade through the banking system, trigger many derivatives, and generally throw a major financial crisis on top of a recession and jobs crisis in Europe.
Germany knows well enough that EU is in desperate banking condition. Derivatives would implode many players in the chain.
To be clear, Banks MUST not eat loses. If Greece defaults, then the EU public balance sheet will have to make good banks positions and derivative chains. The ECB would have to deal with a crisis equal to 2008 in the USA.
Greece is small, but in proportion to their economy, 340 billion Euro debt is totally unservicable. New loans to make old loan payments makes it worse.
Slowly the EU project will unravel into economic crisis and fiscal melt down. Ireland, Spain, Portugal are in trouble, unemployment is sending their youth across the globe to seek jobs. BUT, many nations that were taking them in, are now in trouble themselves. Australia, Canada, Brazil, South Africa and others were taking tens of thousands of job seekers from the EU, but they are slowing and job growth is now near nil. Safety valves are closing.
Let me finish the EU story with the now out of control mass migration to Europe. Thousands of Africans and Arabs are landing in Greece and Italy, reaching islands in the Medit Sea as the first step to Northen Europe. Yesterdays Daily Mail of London had pictures of dozens of boats being picke dup at sea, loaded with as many as a thousand people to a leaking old barge. Every one of these immigrants says they are heading to the UK, Germany, Sweden, Denmark, Norway, Netherlands. You wanna know why? Well, we all know why! Mostly these immigrants are single males 18-30 years old. THousands upon thousands of them. As one African said, "I am going to live in an apartment in London, I know many people there already, I will feel welcome".
The EU project is fucking toast. While they started a WAR to try and add a bankrupt semi Nazi state of West Ukraine.
Excellent summary! Well done!
Tyleriffic!
Based on the first half of your comment.
Isn't a Greek default the Samson Option. Greece takes the whole shit-stem (system) down with them. Or is Tsipras too chicken shit to go nuclear because he is deep down wedded to the corrupt financial/monetary system?
Lol! The ball is in the hands of visionary marxists! The always tell us they are sharp guys ... so they should have sharp answers!
You know those CATCHA things some websites use to prevent bots from posting?
This is the second time i have read a post of yours without looking at your name while knowing it was you.
Lol! glad u like it! I can post more if u need!
I'm not sure. Seems like Greek Debt is $317.1 - $320 Billion in 2015. And seems like GDP is different depending on who you look at. I see EU & Eurostat figure at $180 Billion, but World Bank shows $240 Billion.
in 2008 the WB data shows Greece had a GDP of over $320 Billion. http://research.stlouisfed.org/fred2/series/MKTGDPGRA646NWDB
This backs up other positive press provided by Wikipedia.
I don't get OECD or WB data since it may be too high or too low. But Greece could be out of the Recession if the EU, ECB, IMF weren't acting in concert with the Private Banking Industry.
Greece is little different from the EU as a whole and the USA. Seems like politics & Business.
But yeah the have emigration & immigration issues all over USA & Canada & EU & Scandinavia.
Best summary that I've read this week. Spot on mate.
Somebody didn't read the fine print. Trauche levels service the creditor first. The debtor who deposited money to the creditor in a form of a bank account deposit, is lawfully a unsecured loan to the banking creditor.
what's your favorite Sephen Foster song
or
Put your choice on a postcard and send it in to ZH
I just got off the phone with American Express. They wouldn’t compromise with me either.
I bet AmEx is a Buffet company.
He should just scream THIS IS SPARTA, then kick something down a well.
Each day thousands are spent, exquisite meals had, jets flown, limos driven just to excruciatingly slowly reach the final destination, i.e., that there is no solution. They're going to take all the time in the world.
The socialist game plan is to change the rules until they get the result/answer they want! Unfortunately this 'game' is longover & the final solution ain't pretty! Marxists pulling people & their families out of their homes & kicking them to the streets never is!