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Greece Will Default To IMF Tomorrow, Government Official Says
Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back."
"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."
So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours.
Greece won't pay IMF tranche due Tuesday, government official says http://t.co/xnCG6c6baX
— WSJ Breaking News (@WSJbreakingnews) June 29, 2015
More:
Greece won’t make a debt repayment to the International Monetary Fund due Tuesday, a senior Greek government official said Monday.
Earlier this month, Greece had notified the IMF it plans to bundle its loan repayments falling due this month into one payment of around 1.6 billion euros ($1.7 billion), which is due Tuesday.
The IMF has said that Greece will immediately be in arrears if it fails to make the debt repayment.
So, as per game theory, the Greek plan - at least until the social mood turns very ugly - remains just one:

The problem is what happens then...
Greek bank chief: "Few billions left, so we are OK until next Mo or Tue BUT if no deal, there will be no money left” http://t.co/2ZyO2Bcd6l
— Pieter Cleppe (@pietercleppe) June 29, 2015
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well said - 'personal austerity is a virtue' - wonder what percent of the good ol' U.S. of A is virtuous to that end - we're in for a world of hurt, and by 'we' I mean the non-virtous
The virtious are in for a world of hurt too. At some point in the future, we will be able to say "Today, we are all Greek," and mean it.
"creditors would expect this money back."- yeah, and I expect my dog to start shitting gold eagles....You go, Greece!
You have to end their expectations by burning the am the stake. Worked in the past quite nicely.
What kind of dog do you have, a Golden Reliever???
FUCK Estonia. I wouldn't give a drop of piss to keep em out of Putin's hands. Why would anyone else??
ESSSSSTONIAAAAAAAAAAAAAAAAA!
PIKERS. Daft as a brush, pretty much like Lithuanians, Latvians and Poles.
Watch these dupes go hungry once this Ponzi unravels.
exactly...
Estonia what???
Estonia shut the fuck up....That's what.
don't mix estonian people with our rulers. most of us don't agree to the policy that your fucking US embassy dictates to us.
our PM was not elected. he was placed on that position by the ruling party because he was 20 something years old stooge who would meekly follow orders without questions. nobody in this country takes him seriously. i have to apologize for him.
What is essential for everyone to understand is that banking is not a science. It is a religion with a bunch of made-up rules to benefit the clergy, meaning the bankers. It only works because we have all been brainwashed into believing that banking is as sacrosanct as any other church, and those ink and paper tickets represent something real.
Once human-kind realizes that banking is a manufactured fantasy world designed to exploit humans as slaves (as are the other religions), we take an important step towards freedom.
HERETIC!!!! UNBELIEVER!!!
I've been saying it for years, Central Bankers are the new Priest class.
Just let that sink in for a bit. Let it percolate on your mind.
Yessssss! I've been saying this for years...this whole economic system is more of a RELIGION than it is an economy. Money, which USED to be a medium of exchange for real goods and services, has actually become a GOD. Constant debt payments are your 'tithe', and like a tithe, there is no escaping it. Those who refuse are left outside the system, like the goyim were kept away from the faithful "chosen ones".
Just look at all the "morality talk" that swirls around these discussions. Even the very math itself must be subordinate to the requirement to pay, and pay, and pay. It doesn't matter if you can afford to pay, you MUST pay! Somehow, someway, you must PAY, even if it means sacrificing your first born on the altar of the money-god.
Money is shit. And just like shit, it DOES serve a purpose. But it is a very narrow purpose. As long as you do what you're supposed to do with it and flush it away when you're done, it's all good.
But if you insist on fishing it out of the bowl and putting it to other 'uses', you end up with a nasty, stinky mess.
When a coin in the IMF coffer rings, a debtor soul to heaven springs.
That was funny.
And just think. People spend their lives toiling away in pursuit of these little green rectangles without ever questioning where their value comes from.
Awakened since 2006.
Double tap.
Banksters need a quadruple tap: two between the eyes; two in the ass. You'll get the brain for sure that way. And don't waste any lead trying to hit the heart.
For some, the ancient link between religion, money and power still holds
http://failedmessiah.typepad.com/failed_messiahcom/2012/06/israels-riche...
According to Forbes Israel:
Israel’s Richest Rabbis Make Hollywood Stars Look Poor1. Rabbi Pinhas Abuhatzeira. ... $335 million.
2. Rabbi David Hai Abuhatzeira, ... $194 million.
3. The Gerrer Rebbe Rabbi Yaakov Arie Altar ... $90 million.
4. The Belzer Rebbe Rabbi Yissachar Dov Rokeach. $46 million.
5. Rabbi Nir Ben-Artzi. ... worth $26 million.
6. Rabbi Yaakov Ifargen, ... $23 million.
7. Rabbi Rabbi Yeshayahu Yosef Pinto ... $19 million.
8. Baba Baruch Abuhatzeira ... $13 million.
9. Rabbi Reuven Elbaz ... $10 million.
10. Rabbi Yoram Abergil. $9 million.
11. Rabbi Amnon Yitzhak. $8 million.
12. Rabbi Yekutiel Abuhatzeira. $6.5 million.
All doing God's work, Allegedly.
DENIER!!!
banking is ultimately about debt.
and debt is far older than money.
debt is not a religion, it is an agreement between 2 people. at the larger societal level it is agreeements between institutions that preside over people.
debt is not a manufactured fantatsy in so much as life is not a manufactured fanatasy. if one person agrees to do for another later, and the other tenders something of value, than the creditor is dependnet on the debtor for repayment and the debtor must perform in order for the creditor to be not dependent.
the credit becomes addicted to the debtor and the debtor wants nothing more but to have the creditor done away with.
debt succeeeds in being a systemic part of human behavior and society because it enables more sophisticated forms of societal organization, all of which , ultiamtely, allow for the raising of larger and more powerful armies by enabling the construction of societies and resource systems that are the logisitcal support for armies.
there is no simple answer for how to organize human beings, but DEBT is the overal theme of organization; both voluntary debt and involuntary debt, which really are two sides of the same coin of relational bondage, as both can transition to become the other depending on the tolerability of intolerability of conditions.
TLDR. Short version: Debt slavery replaced bonded chattel slavery.
When a debt is created, it should make the money unavaliable to the lender until such time as it is paid back. That is not the case right now, to the benefit of the bankers and to the detriment of just about everybody else.
Anarchy is the only way to go, but I'm afraid anarchic society would not be able to defend itself efficiently again such fucking filth like banksters and their mercenary armies. But I might be mistaken.
IMF readying anti aircraft artillery in case anyone in the Greek government gets in an airplane.
I want to hear that Tsipras and Yanis Varoufakis have been holding long meetings with their Icelandic counterparts and other working groups that assisted Iceland's transition into a proper functioning Sovereign.
Lagarde will be writing that default confirmation letter to the board by one word everyday.
Should give them a good 6 months of breathing room.
Why not 7, this is THE number.
Viva la greece, fuck you Bernanke!
Mien Fuhrer! I can walk!!
That's funny Hughing.
Micheal Cane, Steve Martin Dirty Rotten Scoundrels ( with steve in the wheelchair ).
I thought it was Dr. Strangelove.
Yes it was Peter Sellers as Dr Strangelove, where there was no fighting in the War Room.
Hi Hongcha
My reference to Rotten Scoundrels wasn't the Mein Fuhrer remark by Hughing.
It was more a reference ( a reminder ) to the filthy underhanded tricks that some folks will go to like steve martin pretending to be an invalid to gain the sympathy of the female who ended up fooling/scamming them both.
No big deal though cheers.
Ruprecht!
https://www.youtube.com/watch?v=29iPMa1YdW4
I just hope this all holds together for another 9 months so that I can refinance my loan minus the mortgage insurance point and save $180/month.
I hate the banks but need them in order to purchase a house sadly.
Sell the damn house and live in a camper until you have the money saved to buy a place with no debt. Fuck the banksters where it hurts.
having a house is just a big debt hole kind of like a black hole
always something you have to fix or buy for it
never ending
i was better off in an apt
Paul Craig Roberts said that the Greek Government would undoubtedly be assassinated if they default because Washington, and Wall Street, must keep them in the EU in order to avoid NATO disintegration, and ultimately a structural implosion of Western military power. PCR said this in 2012.
Never trust a man that uses 3 names. Queer as a football bat!
Or comes from a big extended family that uses lots of the same first names.
My father's Italian side has 6 Michaels including myself:
Michael Peter
Michael John
Michael Patrick
Michael Thomas
Michael James
Michael Paul
Those names don't sound Italian.
Italian-American since my great-grandma and great-grandfa entered Ellis Island circa 1919.
Not quite as old-school as your appalachia-ginseng family, obviously.
Paul Craig Roberts is a man to listen too, good insight. This is what he said on June 22nd.
Greek People Demand Their Own Destruction
Paul Craig Roberts
Some years ago Thomas Frank wrote a book, What’s the Matter with Kansas. The book is about how brainwashed Americans vote against their own economic and political interests.
The utter stupidity of populations makes them helpless at the hands of the rapacious. Today Thomas Frank could ask the same question about the brainwashed Greek population. On June 22, RT reported a huge rally of Greeks in Athens waiving the EU flag and demanding that their government sell them out to the troika. http://rt.com/news/268945-greece-rally-eurozone-summit/
The Greeks are so determined to be included in “Europe” that they are willing to be driven economically into the ground and to cease to exist as a sovereign state as the price of being in the EU. The idiots who participated in this “rally for Europe” have made it difficult, if not impossible, for the Greek government to soften the austerity that is being imposed by the One Percent on the Greek people.
Among Western people, the Greeks have experienced the heartlessness and greed of the One Percent more severely than any other Western people. Yet, the Greeks accept their mistreatment as the price of being European.
It is a wonder that Alexis Tsipras hasn’t resigned and damned the idiot population to hell.
Varoufakis knew exactly what he was doing; breaking the debt chain. There's no other way. Other countries will follow until the chain becomes too hot to handle.
Really??
There are always winners and losers and this could have been dealt with ten years ago or more, or it can be extended ten years hence, but one thing does remain the same....all the little people will be ground between the stones to get what little blood they have to keep "the system" alive.
I believe this is about the EU government and the only way for them to gain substantial power and control is through crisis. It will not be surrendered otherwise. The Greeks are just the beginning as they will capitulate. They will be made the example. They will be forced to first suffer and then capitulate to the lords. This will be the example. Not dominoes of default but of domination. The EU lords want what Obama has,,,the power to dictate, to ignore the wishes of the public (for their own good of course) to enact liberty killing dependency fertilizing doctrine.
This is forming a critical mass that may not be broken. AS these great powers (and I am not talking of countries but of individuals) grow in strength they will be drawn together by common goals and ideology, as the larger their power becomes, in aggregate as part of some new world order of super centralization, no individual will be able to resist, to escape.
The way is closed...we are trapped.
Remember, money is not real. It has been created and can be destroyed or redefined, based on the needs of the creator. Of course every action has a cost, but the thing we should always acknowledge, is that WE are the most disposable asset they hold. As we see in even th efactories of China, if a human can be replaced with technology, it will be done. Our days are numbered if they get their way.
Is this bullish? LOL
Ok ok ok. Does this mean Greece is going to default?
" Eat Hearty men "
Greece is the default experiment whereas Iceland said " Fuck you "
Let us not forget who put Greece into this position: Goldman Sachs JEWS, you know, the same moneychangers that were thrown out of the temple, the same people that Jesus said were MURDERERS, LIARS, AND THIEVES (see John 8:44-47)
http://www.realjewnews.com/?p=482
So far, 3 chosenites don't like the truth :-)
It hurts them like acid to the eyes whenever it points their way.
Like silver bullets to a vampire?
All jews should be deported to Israel ASAP.
Then we implement a nice big "Diversity" and Affirmative Action Plan for the Palestinians.
Deadbeats.
America is full of Deadbeats I mean just look around.
The EU will cave. They have too much to lose. Confident enough to BTFD? Almost.
"creditors would expect this money back"
GOOD LUCK WITH THAT HAHAHAHA
Cool, maybe we still have a couple days to load up on more AAPL and NFLX stock under 130 and 700 respectively.
Deal of the century!
Sure the indexes look like death and it seems the financial along with the rest of the civilized world may collapse at any second for a litany of reasons but its looked like that at least once a month every month for the past decade more or less.
How is anything different this time, did the CBs run out of ones and zeros?
sorry Obama...
the US commonwealth of Puerto Rico is unable to pay its approximately $72bn in debt.
Adding to the turbulence, Puerto Rico Governor Alejandro Garcia Padilla told The New York Times
the US commonwealth is unable to pay its approximately $72bn in debt....
http://www.fin24.com/Markets/International-Markets/US-stocks-fall-as-Gre...
15:31 According to a statement from the French presidency, French President Francois Hollande and US President Barack Obama
have agreed in a phone call to "combine their efforts to favor a return to talks,
allowing a swift resolution of the crisis and ensuring Greece's financial stability."
http://www.dw.com/en/greek-debt-crisis-live-updates/a-18546791
WR;)
"15:31 According to a statement from the French presidency, French President Francois Hollande and US President Barack Obama"
What the F*
OBummer stay on you side of the pond and keep running you own continent in the ground.
We can handle it on our own.
Yeah, I read that this morning and had to laugh. The governor of Puerto Rico is considered an absolute joke. He is an affirmative action diversity graduate from a US law school who went directly into government. An absolute moron that one.
Yet, in this he is correct.
The problem in the island is that the whole shift from an agrarian economy to an industrial economy (1950's) was based on a US law that allowed US companies profits derived from products manufactured in P.R. to be tax free as long as they did not return to the 48. That law allowed exponential growth in the island as US companies took advantages of the low costs of labor and the local government breaks on land and local taxes and brought dozens of production facilities to the island. This, in turn, allowed the government to grow exponentially based on increasing tax revenues (income tax from the workers).
Once the law changed during the Clinton administration, governors tried to maintain the same level of spending (public sector employees and benefit recipients outnumber private sector producers) via tax revenues and borrowing. Well, that shit doesn't work for long.
The island keeps raising taxes of all types and still can't get ahead. It is basically the Greece of the Caribbean.
Greece is going to learn the hard way that being Socialist does not work.....you cant spend what you dont have...and if noone works..you have nothing....I think their tourism is going to take a big hit too.....as the Greeks will be angry hosts...
If you think that what is going on in Greece has anything to do with 'socialism', then you need to go back to school.
"Living beyond one's means" is NOT socialism. It is the result of a debt-based economic system. The ones pushing this system are NOT socialists, the better term would be banker-led corporate fascists.
Socialism, as has been practiced, is a loser system, no doubt. But without the larger issue of the debt-based system, such countries end up imploding all on their own. It's when institutions like the IMF, and other central banks, get involved and start loading them up with unpayable debt that their big troubles occur. THAT'S when they can begin "living beyond their means"...before the loans, they simply do not have the means available.
That favorite saying, "The thing about socialism is that you eventually run out of other people's money." only makes sense if "other people" are giving you money to spend. So STOP GIVING IT TO THEM! I don't care HOW much profit you see in the future...you are beyond STUPID if you keep handing it over!
You certainly deserve no sympathy when your 'mark' wises up and tells you to get lost.
Growing up around Boston, you learned about loans early on in life.
You watch them go in and out of the corner store to the bookie and a few weeks later you see Jimmy with his arm in a cast.
Then you call him Jimmy No Show behind his back until a new cast shows up on somebody else.
Win, Place, Show and No Show (for the people who don't watch the ponies)
Now the State runs the numbers rackets with the lotteries and killed off (literally, in some cases) most of the bookies.
All the little squeakers are sounding off today!
These people just keep yapping, as though what they say carries any weight at all. The other day someone said that Greece could only leave the Euro IF the other countries "allow" it...Now we have Estonia piping up and saying even if Greece leaves, the stance won't be softened...Ooooo, big words!
How do they propose to ENFORCE them? This may come as a shock to these Eurocrats, but neither Greece, nor anyone else, needs their permission to do anything. And their agreement is not necessary, and won't even be asked for.
They control NOTHING. And hopefully this message will be delivered, loud and clear. So they can keep living in the illusion that they can somehow 'direct' things to go the way they want, and that illusion will hold right up to the moment when the whole thing collapses despite all their squeaking.
Baltic yappers arent pleased that the big anti-Russian wank fest they signed up to is starting to come apart at the seams. Oh well, there's always perpetual debt slavery to look forward to!
Fuck Angela Merkel right in the pussy.
Now watch this drive.
Yuck!!!!!
Now I can't get that nasty image off my mind.... Quick, hand me the clorox!
This might fix your problem there...., google images "Driving Miss Crazy"
Greece: We default.
EU: UNCLE!!! WE'LL PRINT, we promise! You can print too. We'll stick a pin in this until next year.
who really gives a fuck
I'll believe it when I see it..
Insert More Fiat will be angry!
It's all horse shit until they cross the line. I hope no one budges and Greece has to take the shitty deal at the last minute, fuck them.
It's been a long time since we've seen numbers like this.
S&P 500 VIX 17.37 +3.35 +23.89%
Great time to short VXX. We hate that it's true, but we know that it's true.
Watch Greek Prime Minister Alexis Tsipras and his leftist cronies get fucked as angry Greek government workers, pensioners, and the FSA demand their money.
Pick up the Parthenon for pennys on the dollar, fuck the banks and the imf. They control the politcians.
They will fuck the Greece even more as to try to contain this thing so the Spain, Portugal and Ireland don't do the same.
This is going to get very interesting. They are also pushing Gold down to make it unatractive.
More new daily market lows here at 1255 pm w. DJIA minus 228 and no short-covering in sight. My DJIA screen is pointing to 17400, down 1.8% more to the new bear market's first lower low:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&insttype=Index&freq=1&show=&time=8
<-- Greece defaults and leaves E.U.
<-- E.U. gives in, prints like crazy and kicks the grenade further down the road
Tsipras should be getting on TV daily and to pound it into everybodies head exactly what is going on and WHO is behind it. He needs to make it clear that everyone else will get a turn. He has already stirred the hornets nest, there is no such thing as a light ass- pounding with these people. If he is going to revolt he needs to do it right, until then he is negotiating with tyrants for a better deal in slavery.
I [Bond holders] went to the CASINO and lost everything; now, I'm telling the management that I didn't expect to lose my money and I want it back...THEY SAID - "Bwahahaha... what nerve!....
Poor Greece, went and spent its way to prosperity. I hope the velocity was worth it.
Driving the desert in Arizona I saw a vulture that would not leave a carcass even though an 18 wheeler was barreling down on him.
It was pretty epic because this was a very big vulture.
Lots of splooge everywhere.
I guess the lesson is it's better to do a chew and screw then to hang around too long trying to get that last bite in.
the only effective negociating tactic with these reptiles is a strong and consistent absolute "no". call their bluff and they give in. they don't negociate with terrorists until they have to; then they give in.....and you are always the terrorist. they r a real pain in the ass.
"They will either have to cut spending or improve their tax revenues. There are no other options."
NO
FUCKING
SHIT
doing either reduces the economy which increases spending and reduces tax revenue. that is why they used to call it higher learning.
Classic divide by zero error...
...or multiply by infinity...Ride unicorns, sell rocking horse shit, fly with pigs...
The stupid bar steward banksters thought they could do it...Wrong!...
They could simply have sold snake oil - It's so simple.
They couldn't afford me, thats the problem!
I think that european politicians aren't afraid that Greece will go bancrupt without euro. They are afraid that Greece will improve their economy without euro.
Iceland did...
...They are afraid that Greece will improve their economy without euro.
Well that is certainly possible, however what exactly does Greece produce that others want to buy? And no, TalkToLind does not drink Ouzo.
pipelines filled with russian gas with a turnoff valve.
With a default “Greece’s debt would still remain outstanding and creditors would expect this money back.”
Of course, ‘What else should we expect when Judeo-Bolshevik money lenders extend billions to criminal and useless classes of a nation, install those classes in positions of power; and then saddle productive and thrifty classes with burdens of repayment?’
Why do I tag them as “Judeo-Bolshevik”, instead of simply “Jews”? It is a more descriptive term, as reported by the Los Angeles Times and confirmed by the Law of Moses (the Old Testament).
As I’ve noted repeatedly, and elsewhere, the particular issue here (and one that all nations must eventually face) is the validity of debt supposedly payable by each nation/people involved.
A debt is valid only if those purportedly liable for it 1) personally participated in its negotiation; 2) had full understanding of its terms; 3) received benefits equal to the amount loaned; 4) were not misled or subjected to undue influence relative to such debt; and 5) the creditor has adequate evidence of all these requirements (and maybe more).
If A lends B money and both agree to make C liable for such debt, it is not a valid debt; no matter who A, B or C is.
After questions of validity are settled, the next step is to make those, who ruined lives and collected plunder, accountable for what they did with such debt policy.
These are issues Greeks (and all other nations) must ponder… but won’t; for, they have no knowledge of REAL facts of what American Founders did.
The situation in question requires much more than merely “pondering” particular issues. It requires action on a most profound (nation-building) level.
And, it can’t be done in a week.
How long will it take?
The English early declared their right/power of redress with the Magna Charta. It took them 400 years and oceans of blood before they developed reasonably effective methods to redress grievances.
That is, before a nation can merely declare this power, it must first be introduced to it (One and Two).
Watch the Greek nation… then watch the American nation. You’ll witness the price of ignorance.
The markets will decide whether its a default or just in arrears, and they can't be manipulated . . . . oh no, wait a minute
The EURO SUCKS! Wait, so does the Dollar!
Black Swans are lurking....
Headline of the day:
http://www.nytimes.com/2015/06/30/upshot/why-arent-the-markets-freaking-...
If Greece had modern fighter jets, they could just bomb EU headquarters in Brussels. That'd send one hell of a message.
Where did the peoples money go?
https://www.youtube.com/watch?v=KIO4IjaH0WkStop being a twat. The IMF works for the BIS. Spend your afternoon reading the new release. I did, was up until 4:00 AM this morning.
Fortunately, don't report to a slave job in the morning.
https://www.bis.org/publ/arpdf/ar2015e.htm
"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."
Bull. Downsize to minimum government. Raise import tariffs and remove regulatory burdens on domestic businesses - let people build, create, and trade without government interference.
Expel all US and EU NGO’s.
AND BACK IT WITH SOUND MONEY! GOLD AND SILVER!
Here's and a source for quick cash. Greece unilaterally ends sanctions against Russia. At the very least farmers go back to sellng produce, feta, olives and meat to Russia
I think I remember The Hedge running an article saying Putin was amenable to dropping the food sanctions to help Greece where Europe is letting the Greeks shrivel up and die
When even the Estonian Prime Minister gets involved you know it's bad.
:)
Estonian idiot says they have to pay back the principal when they cannot even pay the interest. Eternal full debt in his fucked up mind.
I'm no forex expert...looking for some answers here.
Any reason the new Drachma can't be pegged to the Euro 1:1?
None what so ever.
The New Drachma can be issued at 1:1 and then the market will devalue it. The value then will depend on how Greece treats the existing Euros in their banking system. If Greece does not convert the exiting Euros into Drachma (issue a parallel currency), then the Drachma will fall less. If there is a conversion, then the Drachma will fall more.
Next step is to nationalize the Greek banks. I think this will be the result of the ECB pulling the ELA plug on the Bank of Greece.
And once the banks are nationalized, it is game set match for the Euro project.
God willing...
Who would trade their Euros for Drachmas?
There is noreason to believe that the current administration would be any more fiscally prudent than the last ones.
Europe if they want to buy the gas coming from Russia through Greece?
Yes, and no...
You're in Greece and have 500 Euros. Will you trade those in for 500 Drachma?
Your answer will be everyone elses answer.
To peg something that is being overwhelmingly sold, you neEd to buy. And greece has no euroS to buy witH
Small potatos. Why is everyone making such a big deal over such a small sum of money?
$271 billion is less than a roundine error in the German econopmic sphere. Is it not?
The problem is that once Greek debt becomes impaired, the Eurosystem is technically insolvant.
Case in point. If the ECB's capitalization is roughly 8 billion Euros, and it holds 30+ billion in Greek paper, and that paper is impaired, the ECB will need to be recapitalized. And this is where the fun starts.
Think German Target2 liabilities and then you will understand why Merkel foulded like a cheap deck chair on the Titanic today.
Remember, the key is the debt impariment. This is the pandora's box of not only Greece, but the entire Eurozone and wider Euroland. And even wider to Japan and eventually to the US.
What are the odds of what you are saying actually happening in the world we live in today?
Haven't they just said before that all the stuff you are talking about won't happen because
they are wearing magic underwear or something equally inane?
Greece not paying its vampire creditors would set precedence, moral hazard and all that even though most of the debt has been fobbed off by the bankers onto the German taxpayer. Everyone will want out from under their debts. Worse the bankers and hedge fund guys have piled trillions of derivatives on top of Greek debt vehicles and Greece defaulting will cause the bets to have an outcome; meaning big winners and losers and welching by many unable to pay up, etcetera....
One word: Leverage
Leave the Greeks alone - they have been sucked dry by the felonious lenders. First they create fictitious financials (ask Goldman Sachs on that), then they lend beyond the borrower's means, knowing full well that Greece could never service the debt, now they come for their pound of flesh.
They have looted enough. Time for them to go home now.
Mind you, it's not too hard to feel sorry for the Estonians. Check out the total-percentage-of-GDP column on the right of this chart. Estonia, Slovenia, Slovakia ... and Malta, 5%! Spain's up there too. But of course if they want to rage at someone they'd be better off looking at whose countries' banks ended up getting the money after it had been gavaged through Greece. Thank you for your contribution to Eurozone financial stability, new EU members!
Respectfully Disagree 1000%
Fock those herring eating idiots, they are full retard on banning trade with their former masters, so they deserve whatever they have coming
They want to take it Russia militarily. Let the Baltics choke on their fish and apples
And if Tsipras and Whatthefuckus don't go hat in hand to Russia after this default. Fock the Greeks too
Puerto Rico, Ukraine, Greece. What do you get? Answer: A lot of unpaid bills! China stock market crashing, EU stock market crashing, U.S. stock market crashing.
Got Gold, Silver? Keep stacking!
Excuse me, but do you really think that the fascist banksters that destroyed the silver and gold backed currency with fiat currency will allow you to have gold and silver when they crash the economy?
All that Caesar Obama has to do is dictate that it is illegal to own gold or silver bullion. You gold bugs should be more concerned about your democracy and the fight against corporate fascists.
That's what guns and ammo are for. I'm ready, are you?
It's about time that the Credit Agencies took the bull by the horns!
I’m with you Big Horn: lock and load for democracy.
Better start stacking ammo now. TPP gonna make ammo very hard to get
They can't stop you from having it physically long term.
Don't be so sure, friend:
Might be time to revisit some history about physical gold or gold paper
https://en.m.wikipedia.org/wiki/Executive_Order_6102
I only buy (BU) Silver and Gold Eagles! At last check, it's still currency. It's a win in regards to holding real gold and silver. Still has a face value of 1, 50.00.
How can the Government confiscate my own money? It's not in a bank, personally I lost it. Maybe it's next to my .45 or my .308 or 12 gauge shotgun. Do you really want to check? Heads up, it's a bad idea.
Their power, their ability to exert physical force, lies on the back of the USD in large part. When the economy is destroyed, they may have a short time of influence, but in the end, they won't be letting anybody do anything because they won't be in a position to stop them.
This fascist shit show is coming home to the USA.
Democracy in Greece (birthplace of western civilization and democracy) connotes a referendum, open debate and the weighing of facts as to who incurred the debt and who owns the debt. Were there corruption, bribery, and coercion of government officials involved in incurring the debt? What liability do the Greek People have for criminal debt? Is the loaner of money as responsible as the borrower of the money to fulfill reasonable completion of the contract? If the loaner of the money knew that the Greek government could never pay back the money; why did they loan them the money? Was criminal bankster entrapment involved to blindside the borrower by deceitful contracts? How much money was lost by bankster bond, securities and mortgage fraud?
If bankster criminal fraud, debt and chaos is behind the Greek financial crisis, arrest them and bring them to trial as criminals to society and if found guilty; hang the criminals and repudiate the debt.
That is what democracy is about: government of, for and by the People.
NO TO TOTALITARIAN fascism: government of, for and by the multinational corporate monopolies.
Fascist hates democracy and use the freedoms and rights of individuals in democracy to destroy democracy from within with criminal corruption.
Democracy hates totalitarian criminal fascist that destroy the “people laws” and rule with their boot on the neck of their subjects. You are no longer regarded as an individual human, but as a subject to a higher order; specifically a debt slave subject to the fascist corporate state masters.
In a democracy we have “people laws” against criminal behavior and make sure there is no criminal Diebold machines to count the votes.
i always thought the riskiness of the loan was baked-in to the interest rate charged? Silly me. And how can you design the Euro sytem without providing for soverign default and/or exit from the Euro?
Oh, do you mean the Euro System designed, implemented and financed by the banksters and their Counsel on Foreign Relations? CFR history as a shadow government goes back about 60 years in documentation of plotting treason to the United States and establishing a fascist New World Order.
"And how can you design the Euro sytem without providing for soverign default and/or exit from the Euro?"
Same way you design a constitutional republic where states can't seceed from the union. Every now and then the threshold is exceeded and all hell breaks loose.
Yeah. And I see some headlines that prove the point about Fascism.
-
- Boot camp for billionaires...
- Super-rich seek advice on how to maintain advantage...
http://www.ft.com/cms/s/0/a1012ac4-1c0c-11e5-8201-cbdb03d71480.html
Immigration:
- FLOOD: FEDS PREDICT ANOTHER 127,000 ILLEGALS THIS YEAR...
- Illegal charged with child pornography tells judge: 'Just deport me'...
- Honduran poses as Dentist, rips out 5 teeth from female victim...
- COULTER: Cut Off All Immigration!
- Controversy surrounds plan to import foreign workers for tech project in Montana...
- USA NOW SECOND LARGEST SPANISH-SPEAKING COUNTRY...
Anti-Trust:
- STUDY: GOOGLE Harms Consumers by Skewing Search Results...
- Violates competition laws...
- Research fuels antitrust heat for tech giant...
FASCISM:
- State Department threatens to arrest US reporter in Vienna...
http://freebeacon.com/issues/state-department-ejects-free-beacon-reporte...
- HUCKABEE: Maybe we should ask China for Lois Lerner's 'missing' emails...
- Jeb Bush dogged by decades of questions about business deals
- Five of his business associates have been convicted of crimes; one remains an international fugitive on fraud charges.
http://www.telegraph.co.uk/finance/economics/11704051/The-world-is-defen...
This shitshow is really going to get interesting when the EU is flooded with Greek EU notes.
Even more new daily market lows here at 156pm at DJIA 17685 and 17400 down 1.7% looking like a sieve with the next real support now at DJIA 17200 down 500 and minus 2.8% more. Mr. Market may have finally regained his voice and be ready to approach the podium:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&insttype=&freq=1&show=&time=8
Even more new daily market lows here at 156pm at DJIA 17685 and 17400 down 1.7% looking like a sieve with the next real support now at DJIA 17200 down 500 and minus 2.8% more. Mr. Market may have finally regained his voice and be ready to approach the podium:
http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&insttype=&freq=1&show=&time=8
Both sides on this table are bluffing, but I think Greece holds the higher card. Eurofascists know very well what kind of events could unfold after Greece leaves the EU and/or Euro. This isn't Argentina we're talking about and I doubt they are prepared to risk it.
I think that fall of Euro has been marked on the calendar already, but this deal is probably rushing their moves too much so Europricks scramble.
Greece may be a 1% of EU economy overall, but this Ponzi scheme (btw, good old Ponzi never even pictured something like this so people are really pushing it when they refer to him when describing these SHTF scenarios) is very unstable and if a bunch of derivatives tied to Greece debt get regurgitated, who knows what could happen.
Two epic things we may see in the near future:
1. Greece gets out and sets off to real economic recovery, accompanied by fiscal responsibility. Other failed EU "nation statets" spam the like button and follow suit.
2. Greece starts printing their own money. Only thinking about this makes me hard. Whoever ends up pulling this stunt will be assassinated by a lone crazed gunman, that's for certain, but you can't make an omelette without breaking some eggs.
All in all, good game.
Bernie Madoff's last words to the cameras as he was hauled off to jail in handcuffs were:
"IT'S ALL JUST A BIG PONZI"
When Superjew Madoff was asked if he had anything to say to his victims he sad: "Yeah. FUCK 'em"
This guy ripped off Holocaust survivors, Spielberg and a whole bunch of other dual citizen types
In a just world some inmate should give him another bris
Greece can't be allowed to leave, someone will blink.
That sound you hear are the Swiss laughing their asses off; no EU, no Euro, no NATO.
Bet you, the very next day they will announce joining Russia.
calling Alves Ries....you skills are need in greece.
unrepayable and odious debts will not be repaid. Greece now has its whole future in front of it to either get it right this time or fail again at the hands of bankers.
Me! me! me!...... I volunteer to be the one who gets to go and tell the IMF that Greece defaults.
Greece is like Lehman Brothers.
http://michaelekelley.com/2015/06/29/greece-is-like-lehman-brothers/
Here are some more signs of a coming recession.
http://michaelekelley.com/2015/05/29/mergers-and-acquisitions-set-record/
http://michaelekelley.com/2015/02/20/fed-warns-of-two-bubbles/
http://michaelekelley.com/2015/02/24/would-you-pay-39-more-than-asked/
Here is how to prepare.
http://michaelekelley.com/2014/10/16/8-things-to-do-when-recession-happens/
Here is how to get your mind off this stuff.
http://michaelekelley.com/category/humor/
Good luck!
A wild guess.
You're Mike Kelly, right?
And you need some clics, right?
Does anybody seriosly think any of the sovereign debt of the USA (18T) will be paid back? Things that are unsustainable don't