Exclusive: Greek power regulator warns of energy meltdown

Reuters via Yahoo News ^ | 6/1/12 | Harry Papachristou

[Kartographer]

Greece's power regulator RAE told Reuters on Friday it was calling an emergency meeting next week to avert a collapse of the debt-stricken country's electricity and natural gas system.

[Kartographer]

Turnout the lights the party's over.

[Kartographer]

Preppers PING!

[Hardraade]

So if there’s no power, can they still melt down??

[MrEdd]

Within five years, all of Europe will melt down.
In the fires of war.
Nothing is likely to head this off.

[Palmetto Patriot]

What will happen if they have to start calculating the price of oil in drachma?

[Red Badger]

"...and when we would see the lights of New York go out, we would know that our job was done.”....John Galt...........

[SteelToe]

They’ll have to cook their gyro meat atop an open campfire.

[Mich Patriot]

"...and when we would see the lights of New York go out, we would know that our job was done.”....John Galt...........

Love it, and perfect comment for this story, Red Badger. Thanks.

[Moltke]

It’s summer, the sun is shining and the sky is blue... where’s the problem?

[Buckeye McFrog]

Plan involves sneaking into Turkey with some really, really long extension cords...

[cicero2k]

Plan involves sneaking into Turkey with some really, really long extension cords...

Think of the symbolism.

The birthplace of democracy and western civilization unable to provide for itself, stealing power from the Islamic side.

[Lurker]

This is what will happen:

L

[blam]

Dr. Gloom Mellows But Dr. Doom Does Not (Schiff & Faber)

[Iron Munro]

At least their president isn’t intentionally working to shut down their power plants because he doesn’t like the fuel they use.

[bgill]

Agreed. As more countries go bankrupt, the quicker we’re headed to WWIII.

[2001convSVT]

At least they will have something to burn, to cook their gyro meat on.

[ctdonath2]

...except there won’t be any currency to print too much of.

The EU won’t print more euros.
The drachma doesn’t exist, and recreating it is functionally impossible.
There won’t be hyperinflation because there is no currency to inflate.

[longtermmemmory]

Greenspan was on cnbc this am.

He said the premise of the euro was that by adopting a single currency all of southern europe would suddenly start acting like germans.

he did not see the euro currency lasting and IMPLIED the EU as a whole had a tenuous future.

[MediaMole]

Greenspan was not alone in saying the Euro was untenable if it included southern Europe.

...but socialists never look at reality when they make their stupid plans.

[Lurker]

The drachma doesn’t exist, and recreating it is functionally impossible.

If they've got paper and ink they can create whatever they wish.

[2001convSVT]

Yes they do have paper and ink, the drachma will fall faster then a Facebook IPO.

[longtermmemmory]

for the euro to take hold, there had to be a period of overlap cash in where old currency could be turned in. Stores would not accept dracma and only banks would convert.

To reverse it, you would have a massive black market in dollars and some euros. You can’t shift to a new currency with an old currency (euro) in circulation.

[Drill Thrawl]

Within five years, all of Europe will melt down.
In the fires of war.
Nothing is likely to head this off.

I think you are overly opptomistic on this point. And I'm not being my usual sarcastic self with that comment.

[ctdonath2]

Hence my use of “functionally”. Sure they can print drachmas, but it will not function as currency. There isn’t even a pretense of value behind it. The dollar once was gold/silver-backed and weaned away from that when other value was infused. The euro was based on a wholesale agreed-on currency swap, eliminating certain currencies and replaced by fixed ratios with something new and otherwise valueless. The drachma, however, will have no basis in any value real or implied - save only perhaps by demanding tax payments in drachmas, thus persuading people to accept government checks issued in that otherwise valueless currency.

[Hugin]

The drachma doesn’t exist, and recreating it is functionally impossible.

Why?

[Hardraade]

Very true. The question is if the US follows, or if the US can bring itself back from the brink.

If not, we’re likely to have a conflagration which no one, or very few, will survive.

Interesting EU fact: I note that the Norwegian National Security Autority now is reading like a combination of the worst output of the Obama campaign and NYT. In a country that is rapidly tipping towards a DDR model, this bears watching.

[Hardraade]

How many slices of bread can you buy for a wheelbarrow of cash in Zimbabwe?