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Varexit – Greeks Sacrifice Euro Antagonist In Bid To Secure Deal
Varexit – Greeks Sacrifice Euro Antagonist In Bid To Secure Deal
- Brave Greeks vote overwhelmingly against austerity
- Varoufakis resigns to clear air for next phase of negotiations
- We think a Greek debt deal is highly likely over the next few days
- EU elites had hoped “yes” vote would force the replacement of Syriza with unelected technocratic experts
- Syriza may nationalize banks to protect depositors from “bail-ins”
- UK slashes Deposit Insurance from £85,000 to £75,000
- Europe and the world now in uncharted waters, gold will protect
The Greek people have voted overwhelmingly against using austerity as a tool to somehow normalise their economy in a world where normality no longer applies, on any level, to economic policy.
Yanis Varoufakis, the Greek Finance Minister, has announced his shock resignation this morning. This, despite the vote of confidence that yesterday’s result is for Syriza’s policies.
It is believed that his absence from the next phase of negotiations will clear the air with Greece’s “partners”. He had managed to antagonise most of his European counterparts by speaking bluntly about the problems facing Greece – both internally and externally.
The “no” vote carried despite blanket coverage in the private media that such an outcome would be disastrous for Greece – which it may yet be.
However, the alternative would be to allow the EU continue to kick the can down the road until conditions for ordinary Greeks become so intolerable that they would be faced with the same option some time in the not too distant future.
Christine Lagarde has gone on record to say that Greece’s debts are unpayable. For Syriza – and the Greek people apparently – there is absolutely no advantage to be gained in taking on more austerity without some of their debt being written off. It offers no long-term solutions to their suffering.
It is highly unlikely that the EU elites are unaware of this. It would appear that the wave of scare-mongering prior to the referendum was designed to force the resignation of Tsipras and Varoufakis.
This would likely be followed by the imposition of an unelected technocratic government as was proposed by unelected European Parliament president Martin Schultz last week. In an interview with German business daily Handelsblatt he said that following a “yes” vote Syriza would be forced to resign and the period between then and the election of a new government would “be bridged with a technocratic government, so that we can continue to negotiate”. The notion that an EU imposed technocratic government would then “negotiate” with the EU is, of course, laughable.
In the Telegraph today, Ambrose Evans-Pritchard reports that the Greek Finance Ministry may nationalise the banks in an attempt to protect the public from bank bail-ins – and it is worth noting rumours that Greeks deposits are only covered up to a value of €8,000 – and to prevent the ECB from shutting down any banks.
Factions within Syriza advocate taking the “provocative step in extremis of creating euros”, writes AEP, should the ECB fail in its duty to keep greek banks capitalised.
The resignation of Varoufakis is somewhat disappointing. He has been the one element in the mix that has saved observers watching the drawn-out Greek tragedy dying of utter boredom.
Like or loath him, his refusal to conform to business-as-usual and “the (unelected) experts know best” politics of the EU has drawn attention to the increasingly authoritarian nature of the EU institutions.
The people of Greece have rejected further impositions on them. They reject further hardship when there is no reason to believe that such hardship will lead to a brighter future. In effect, they are asserting their liberty in the face of slavery.
How the institutions choose to respond will be telling. Do they respect democracy or do they choose authoritarianism for what they decide is the greater good? We are now truly in uncharted waters.
Physical gold will serve as protection in the coming weeks and months as the consequences of the referendum unfold.
We think a Greek deal is highly likely over the next few days and here is why. Varoufakis’ exit implies that negotiations are already under-way. The removal of a perceived lighting rod and divisive figure from the table will allow creditor countries to ease the passage of a deal which may likely have substantial haircuts. Varoufakis’ role in this debacle has been very effective. Creditors know that a Greek exit will create a dangerous precedent that will linger in Europe for years and stifle attempts for closer fiscal and political union.
Like a game of chess Tsipras may have just sacrificed a knight in order to achieve a greater strategic aim – the marketing of a compromise deal to highly sceptical northern European countries. Were Greece to be expelled, and our television screens filled with Greek humanitarian causes, the likelihood of any euro nation passing additional powers to an increasingly European feckless elite has become essentially zero.
This modern Greek tragedy may have spelled the end of the European project. It is probably just a matter of time before it unwinds. It has blown apart any vestiges of cohesion and foresight and planning on the part Brussels.
The entirely predictable Greek debt bomb was created many years ago. Bureaucrats knew Greece was cooking the books, utilising Wall Street banks to concoct complex debt instruments to manufacture fiscal and structural targets. Throughout that time they did nothing. It is sad, as the European project was a very noble effort and it united Europe’s tribes like nothing ever has.
In other news, the UK’s Financial Services Compensation Scheme (FSCS) has directed banks that the new deposit guarantee level will fall from £85,000 to £75,000. They effected this new level on the on the same day they announced it! They also instructed the banks to have staff trained up on the new level on that same day. Needless to say banks are furious.
The very odd reason given is the British pound's exchange rate change over the last 5 years. The equivalent European target level for bank deposit insurance of Euro €100,000 used to be £85,000, now only buys you £75,000. The timing of the announcement is either a stroke of genius, (waiting for bad news (Greece) in order to deliver your own bad news), or a case of staggering stupidity; undermine the confidence in your own banking system just as a European neighbours system is in the process of collapse.
The fact that they changed it so quickly without anyone being aware that it was happening is more than concerning. Suppose a crisis envelopes Britain’s banks, will the FSCS arbitrarily drop the rate again, to say £50,000. The mere risk of this utterly undermines the effectiveness of the guarantee and renders it pretty much useless.
If they were smart they would have sought to increase the guarantee to the largest in Europe and attracted monies to Britain’s banks. If you have excess money sitting in a bank in amounts greater than £50,000 you should seek to move it to safer banks in safer jurisdictions and invest a modest sum in gold for safe keeping a safe jurisdiction.
Must Read Guide: 7 Key Gold Must Haves for Storing Gold Bullion
MARKET UPDATE
Today’s AM LBMA Gold Price was USD 1,164.25, EUR 1,053.43 and GBP 748.43 per ounce.
Friday’s AM LBMA Gold Price was USD 1,168.25, EUR 1,051.10 and GBP 747.44 per ounce.
Friday’s PM LBMA Gold Price was USD 1,167.95, EUR 1,052.21 and GBP 748.21 per ounce.
The U.S. Market’s were closed on Friday for a national holiday.
Gold in Singapore for immediate delivery was flat at $1,167.50 an ounce near the end of the day. The yellow metal rallied to hit a one-week high of $1,174.70 during Asian trading hours, but failed to hold onto gains, as the dollar rose against the euro.
Gold dipped on Monday against the dollar strength as Greek voters rejected the bail-out package, likely sending Greece out of the euro.
Greek prime minister Alexis Tsipras said during a TV address on Sunday that the country would go back to the negotiating table “as of tomorrow” and that his party’s primary priority was to reinstate the financial stability of the country.”
In late morning European trading gold is down in U.S. dollars 0.27 percent at $1,165.09 an ounce. Silver is off 0.64 percent at $15.58 an ounce and platinum is also down 1.85 percent at $1,060.00 an ounce.
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It isn'r reasonable to suppose that Tsipras and his merry red band want to stay in the Euro. They are widely hated in Europe, and have been courting the BRICS new IMF knock off for a way out.
The reason they say they want to stya in the euro is because, right, they are politicians. And the polls, up until now, have shown that most greeks want to stay in the euro.
Once that changes, and it is changing by the second right now due to the blindingly obvious misery that befalls those trapped in the Euro, Tsipras and company will be out of the Eurozone faster than you can say "The only NATO country to have Russian made air defense systm in operation".
Which is greece, btw.
Also btw way in the way of shit that goes bang, the far right in Greece is also, weirdly, massively pro russian. Yep. Check out their defense minister, Panos Kammenos. He ia a far right wing nut in the traditional mold of Greek military crazies, but if you check out what he says, and what he does, he is no friend of the west. He started a "think tank" called IGS (Institute of Geopolitical Studies) in 2014 that promptly issued a memorandum of understanding in partnership with the RIIS, a russian "think tank" with links to far right groups inspired by the charming Dugin. if you don't know who Dugin is, don't ask. Stick with the Putin-is-Hitler line and be happy.
So how crazy are the far right in Greece? Do they really want hook up with the pan slavic revial of wholesome anti semtic values? Damn straight, if you listen to their main medicine man, Professor Nicholas Loas. Guy is a philosopher, for real, and his writing is quite entertaining, but at the end of his spiel you find a fairly unequivicaol call for the BRICS to rise up and create a multipolar world with Russa and Greece (no shit) showing the ideological way for everyone on god's sweet earth.
Given that this is what the right side of the aisle think (and are doing right now), the possibility of Greece exiting the Euro might be bigger than the economics and rapidly less reliable opinion polls may indicate. For the first time in a long time, the far left and the far right in Greece are on the same page. Whodda thunk that?
Yes, they are politicians, not warriors/heros. To have risen to power they must know how to make friends and not throw sucka punches when they get angry. I think they know that the hardship felt by their voters (in the short-term at least) would be difficult to explain and justify.
Who will screw who? Both sides think they can destroy the other. They enter the negotiations thinking they can play that card if they need to. So this is a very dangerous situation. Let's hope they ain't fools.
Just say they can't reach an agreement of any kind and Greece is forced to use another currency ...
Surely, the damage inflicted by Greece on the Europe will be greater than the other way around. I imagine shockwaves would also emanate around the world as all lenders start to reconsider their trust and generosity.
Does this give Greece a stronger negotiating position?
You state, "the European project was a very noble effort and it has united Europe’s tribes like nothing ever has."
Noble my ass, the EU was just another stage of the New World Order to centralize power. It was a surrender of national sovereignty to
our Black Nobility rulers at the top of the pyramid just like the TPP, UN, NAFTA, carbon tax and climate change police and all the other attempted globalists power grabs.
The EU and the entire NWO structure must be dismantled and rejected just like Iceland did and now they are an independent, healthy economy.
Stop making deals with counterfeiting criminal parasites seeking global domination.
The knight was not sacrificed .... moved to the back of the board - yes. Still there in reserve if needed, and no doubt, providing quiet advice.
Nothing changes, boys and girls. The departing Finance Minister was my boy--and so is the new one. If the Greek government really wanted to defy me and Evelyn, it would have done so long, long ago. Some people, I must however concede, have already figured out my game: James Petras: “Syriza’s political decision to ‘embed’ in the EU and the Eurozone, at all costs, signals that Greece will continue to be a vassal state, betraying its program and adopting deeply reactionary policies, even while trumpeting its phony leftist rhetoric, and feigning ‘resistance.’ Earlier: “The Greek government is currently locked in a life and death struggle with the elite which dominate the banks and political decision-making centers of the European Union. What are at stake are the livelihoodsof 11 million Greek workers, employees and small business people and the viability of the European Union. If the ruling Syriza government capitulates to the demands of the EU bankers and agrees to continue the austerity programs, Greece will be condemned to decades of regression, destitution and colonial rule.” F. William Engdahl: “it is looking more and more as though the “leftist” economist, Varoufakis’s role is that of a Trojan Horse for the destruction of the entire Eurozone by the bankers.”
I do believe MDB is back.
Long may he reign!
Greece: Evidence of "Plunge Protection Team" Response + What Happens Next
TND Exclusive: Eric Dubin
http://thenewsdoctors.com/?p=478383
Goldcore should have been honest and declared that even with Greece going tits up, the price of gold isn't going up and forget those "new highs".
The only thing that is going to cause the price of gold to rise dramatically is a failure of a fiat or a declaration of war.
Failure of a country isn't doing it.
I understand your negativity, but the yellow metal will rise like a Phoenix again.
China wont let you down friend....keep stacking, keep the belief.....and dont let the TPTB get you down.
I understand your negativity, but the yellow metal will rise like a Phoenix again.
China wont let you down friend....keep stacking, keep the belief.....and dont let the TPTB get you down.
Yesterday's vote, I take, and I think many have taken this point of view, as a very large STEP UP for Greece.
It is now public knowledge, brought home by last Thursday's IMF announcement, now known throughout the EU, a scam occured during structuring the last Greek bailout. More than this, the Greek Debt Truth Committee has documented all the details of the crimes committed and released it to the public.
Both Greece and the EU are now going to be forced to straighten out lots of stuff. The only reason the bailout was screwed up (and the only reason the EU can't now actually make a deal) is to cover French banks and other banks in the "transatlantic" financial system. These factors have best been put by EIR:
"Let’s get real. The Greeks will never pay their illegitimate debt. They have no reason to pay, and they can’t afford to pay. And it is the entire trans-Atlantic financial system which is bankrupt, not Greece."
Anti euro Parties are going to surge everywhere across Europe.
There is no stopping this now.
The IMF needs to return to give away more free dollars?
More like Draghi needs to come up with the 200 billion euro's...
My assessment is that the Greeks were quite happy to sit in the wagon while others pulled. For some time now, it has required other countries to help it pull itself along. But of course it isn't Greece's fault. They are the victims. They didn't know that if you fail to reduce spending or raise taxes then you will need to borrow to maintain current spending (whether the currency is fiat or gold). They couldn't just expand the Greek central bank balance sheet themselves like the U.S does with the FED. They didn't know that there is no such thing as a free lunch.
Therefore, it is Germany's fault that Greeks like to avoid paying taxes. It is Spain's fault for Greece going bananas on the Athens 2004 Olympics. It is the IMF's fault that the public sector were retiring early. It is the ECB's fault that they were in trouble before they joined the Euro (hence why they needed the dodgy Goldman Sachs to 'cook the books'). It can't be Greece's fault. IT CAN'T BE GREECE'S FAULT. They are the protagonists, and the Troika are the antagonists. Varoufakis told me so. It's David vs Goliath. The 'poor' Greeks vs the 'evil' bankers.
It was all fraud you say. Fractional reserve banking and fraudulently induced loans. So, why did they borrow this toxic credit then? Riddle me that. Because the Euro enabled them to feel rich for a while. That sweet euro debt crack rushing through the blood. The oligarchs got what they wanted, and the peasantry were proud. Soon they would be hosting the Olympics.
OK. If part of the debt was fraudulently placed on Greece's balance sheet, then obviously that debt needs to be repudiated. Greece over-borrowed, the ECB, IMF, Germany etc, over-lent. Therefore, some form of restructuring of debt is in order. That would make sense. But the creditors are merciless, and the debtors are hopeless. Regardless of Greece fraudulently entering the Eurozone with the help of Goldman Sachs (which only put some eye drops in Greece's eyes, shaved its beard, gave it a shower, gave it some new clothes to wear), Greece was and still is an addict.
So I ask the question. What the fuck is Greece doing? If they can't find favorable terms with their creditors, pull the fuck out and go it alone. Rebuild from the ashes. But baby still needs its debt crack, right? Leave. You are an absurd appendage to the Eurozone. Set the precedent for the others that will be following you into the quagmire of debt. It's time to get rid of central banking, let the god damn market set the rate of interest. Banking isn't evil. Capital isn't evil. Being a retard isn't evil, but it doesn't help your economy.
And that's what I'd say to the people of Greece if I was their leader. Yeah right, I'd be hung from the nearest lampost, while the oligarchs looked on in laughter from their mansions.
How is Greece's fault the dumping of the German and French banks debt on the Greek state?
Shit will happen. To whom and how much is yet to be decided, but Germany wants to hold the whip.......
Germany is occupied
True, there has been a corporate coupe d’état of the institutions of the western states and the states themselves.
There’re no legitimate democracies left. Revolt, resistance and civil disobedience is now the only moral actions left (if you care for the future of the human race - and I kind of understand if you don’t).
Meanwhile Gold still at 1150ish, and silver 15.5ish - lower than when I bought a large amount almost 8 years ago.
It depends on which currency you compare it to. Watching the Eurocrisis unfolding makes me think we are about to shift paradigms - the end of easy credit, globally.
But still the same amount in ounces.
You should not buy gold and silver to profit in the current paradigm, but as a way to carry value into the next paradigm. Your silver and gold will still be there (if not stolen, confiscated and/or lost) but the fiat ‘money’ will be gone.
I’ve bought silver at prices more than double today average, but also at close to half the price (10 years ago) – I don’t even calculate my average price. I don’t care. I count the ounces.
I agree with you but believe we will all be dead before the next paradigm.
In such a rigged Casino, why even look at the daily action of anything, Bonds - Equities - Commodities, who gives a Fuck.
hmmmm....interesting. too bad.
This Greece issue is a thorn in the flesh i guess they can do better than this www.onlinerichesunleashed.com