Posted on 05/11/2015 5:58:15 PM PDT by Steelfish
Greece Two Weeks From Cash Crisis - Yanis Varoufakis
Greece's finance minister says his country's financial situation is "terribly urgent" and the crisis could come to a head in a couple of weeks. Yanis Varoufakis gave the warning after eurozone finance ministers met in Brussels to discuss the final €7.2bn tranche of Greece's €240m EU/IMF bailout.
Ministers said Greece had made "progress" but more work was needed. The Greek government is struggling to meet its payment obligations. Earlier, Greece began the transfer of €750m (£544m, $834m) in debt interest to the International Monetary Fund - a day ahead of a payment deadline.
"The liquidity issue is a terribly urgent issue. It's common knowledge, let's not beat around the bush," Mr Varoufakis told reporters in Brussels
(Excerpt) Read more at bbc.com ...
They’re running out of other peoples money. Ran out of their own a long time ago.
Everything in the international shell game of central bank 3 Card Monty is connected today. When Greece (who lied their way into the EU and the EU bought the lie) collapses, it will now take the Euro with it. When the Euro collapses, the US Dollar will benefit in the very short term, and then disaster will hit the Dollar as well.
How many times have they cried wolf?
Haven’t they been “two weeks away from a cash crisis” for about five years now?
This is getting to be as bad as the “imminent global warming (or is it climate change)” scam.
http://www.investopedia.com/financial-edge/0911/the-history-of-greek-sovereign-debt-defaults.aspx
“Ancient Default
The first recorded default in Greek history occurred in the fourth century B.C., when 13 Greek city states borrowed funds from the Temple of Delos. Most of the borrowers never made good on the loans and the temple took an 80% loss on its principal.
Five Times
Greece has defaulted on its external sovereign debt obligations at least five previous times in the modern era (1826, 1843, 1860, 1894 and 1932). The first episode occurred in the early days of that country’s war of independence, and the last default was during the Great Depression in the early 1930s. The combined length of period under which Greece was in default during the modern era totaled 90 years, or approximately 50% of the total period that the country has been independent. (For related reading, see Recession and Depression: They Aren’t So Bad.)
Although many might consider this level of default to be excessive, Greece is nowhere even close to the top of the list. Venezuela and Ecuador, with 10 defaults each, share the (dis)honor of being the greatest serial defaulters of the modern era.”
Didn’t the International Communist Fund, er, Monetary Fund help them. Or was that Ukraine they gave zillions to?
We will end up being the largest defaulters in history.
People everywhere will end up destitute when our system fails.
The Greatest Depression :-/
They can only raid town coffers for so long until that well runs dry.
Bart: [low voice] Hold it! Next man makes a move, Greece gets it!
Bart: [high-pitched voice] Oh, lo'dy, lo'd, he's desp'it! Do what he sayyyy, do what he sayyyy!
It probably won’t happen that way, Bobalu.
We won’t default, we will continue to slowly lose our personal wealth until the demographics improve around 2025.
I calculate it will cost about 45% of the total household wealth of the country to get through this. But we will quite probably pull it off easier than people think.
The power to print money, together with a natural resource-rich country and a large military make this a good bet.
We are the best lock on Too Big To Fail the world has ever seen. If the EU throws this big a fit over Greece...
Russia has officially invited Greece to Join the BRICS Bank, giving Greece the ammo to call the EU/IMF’s bluff now.
If Greece just stops paying, and the EU stops giving them money to pay the EU, the AMERICAN TAXPAYER will end up bailing them out.
COUNT ON IT, since the two banks most exposed to Greek Debt are Allianz/Citi, both huge Democrat supporters/financers.
...coming to the U.S.A. Big government cannot continue to be big without revenues of real value from big manufacturing on U.S. soil (not American-”based” manufacturing on foreign soil), agriculture and energy.
There will be soaring interest rates, bond collapses, market crashes and big layoffs of government employees. Repudiations of debts, just ahead.
Dear Dynachrome, Thank you for the link to Investopedia. Wow. I never knew about and now it shall get a daily visit from me. Thanks. Money is a medium of exchange and Greece fails to follow Aristotle’s advice to earn money from ethical sources.
Take any internet investor site with a grain of salt, of course. A couple of financial overview sites I like are http://www.market-ticker.org which is a libertarian guy named Karl Denninger and http://www.zerohedge.com which is has numerous articles and has a lot of chaff, but some good articles and charts.
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