Posted on 01/26/2015 12:57:20 PM PST by tcrlaf
Greek radicals sought on Monday to redraw the political map of Europe, forming a coalition government of left and right, united only by their desire to defy the European financial establishment and shrug off the constraints of austerity.
The coalition, led by 40-year-old Alexis Tsipras, was expected to dispatch its new finance minister to Brussels in the next few days to seek a fundamental renegotiation of Greece’s economic bailout package, vowing that “the end of humiliation has come”. Tsipras and his Syriza party have promised to replace the austerity programmes imposed by Greece’s international creditors with policies aimed at helping the third of the population now living in poverty.
Finance ministers from the eurozone, meeting at EU headquarters, responded cautiously, acknowledging the new political realities in Greece and offering to negotiate, while ruling out the straight debt write-off Tsipras is demanding.
A spokesman for the German government, which would have to approve and largely finance any new debt relief, said its position was unchanged by the Greek election.
(Excerpt) Read more at theguardian.com ...
It’s fascinating but that $93 billion is what’s left of the 80% write-down that the big eurotrash banks already took on the Gleek bond debt. Remember that this all started when the gleek debt was 2.5 times GDP. The debt got written down to about 1.5 X and they’re still not happy. At some point the Gleeks have to start sweeping their own streets and getting productive in some fashion. Sick boat tourism ain’t gonna get it done and importing 85% of their stuff ain’t either.
This nest of socialist buttdraggers hasn’t been a going country for nearly 2500 years now. They can’t seem to fix the roof on the Parthenon or anything else they’re proud of but they sure are perfecting the art of bellyaching. This lesson should be taught in every high school in our own country——repeatedly.
“Supposedly they are authorized to print Euros.
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Your link was to another FReeper’s post. I can’t imagine the Greeks are authorized to print Euros ...to any significant degree if at all.
...expect Golden Dawn to scoop up the pieces.
They can't print Euros....if they quit the EU they can print Drachmas again.
Ping.
what has been lost is the historical context.
For over four hundred years the Greeks lived under enslaving oppression of the ottomans.
The ottomans imposed a Dhimi tax on all earnings/transactions.
The greeks became adept at not paying the dhimi tax and it engrained a distrust of government.
So now the Troika asks for voluntary enslavement to their tax scheme. It was doomed to rebellion from the start because it only helped the government not the people.
disagree- they are delinquents and as such persecuted victims according to the child in the WH...
“united only by their desire ...... shrug off the constraints of austerity.
No different from the U.S. QEs imposed vs. We The People.
Structural changed never happened in the United States.
As we’ve said before the 08 Bailout never happened. It was ALL shifted onto the We The People by the 2009 QE banking and insurance deceivers, in the form of the 09 Extortion-Care.
“But debt as money has run its course, has to stop somewhere - why not here and now”
The Players depend on Work Camp exaction.
Watch this be leveraged again and again, onto the banking and insurance Extortion-Care bailout, right onto the backs of U.S. citizens.
“I’m not sure how Merkel’s government feels about it, but the German people are essentially fed up with being the “pay master” for the Euro zone dead beats such as Greece. It’s from their pockets that the money is coming to pay for the “free lunches” dispensed for years throughout Greece.”
Germany has also been one of the biggest beneficiaries of the EU...
“Except that nobody would take that printed Greek money. It would become about as worthless as Zimbabwe currency...if that’s possible.”
If Greece leaves the euro, it will print its own currency, which will become legal tender immediately. Bank accounts will convert overnight. It will be required.
Greece will renounce its sovereign debt at least 5 times in history that I know of. If they do this, they will again offer new bonds. They will be purchased readily, since they will be perceived to have much less risk.
What is unknown is the impact on banks that are now holding greek debt and the impact of a multiple of that debt in derivatives on institutions and world markets.
In any case, it is inevitable that the debt of many EU nations is unsustainable and many will follow - despite the quantitative easing tried.
I hope he visit the graves of Greeks murdered by communists.
Ever since independence from the Ottomans, Greece has -- without exception -- been a financial basket case. Anyone with an optimistic view of Greek finance has been simply hammered for more than 100 years. ECB chimed in with "this time, it's different!", and they have, of course, been proven to be -- as usual -- full of shit in this view.
Would you believe that ECB allowed -- get this -- cumulative Athens airport landing fees for up to 15 years in the future as PART OF the Greek financial qualifications to meet EMU financial (haha) "standards"? If that doesn't explain the cooked books involved in admitting Greece into EMU to you (in one sentence, pls note), then I don't know what will.
If ECB have ANY sense (not a proposition on which I should wager), they'll "allow" Greece to exit EMU. In plain English, by the way, that means "boot them out by the ass". Since ECB do NOT have any damned sense, this will not occur and ECB will implement more confiscatory policies in order to keep this Patriot-deflated ...no, Patriot-collapsed... ball in the air.
I will bet anyone in the house that, should ECB start proposing yet more idiotic schemes to keep Greece in EMU, then among the first will be "bail-in", a la Cyprus, wherein Greece (followed by ECB) will begin confiscation of citizen private wealth. That's why Syriza were elected; the Greek citizen knows this, too.
Screw 'em. Simply sell Euro vs. Swiss on rallies (like we had today). Or Euro vs. USD as long as the dollar stays strongish against world ccy mkts.
And, notify Greece they need to start printing their own money.
Any Euro's they THOUGHT they had are now worthless and cannot be exchanged for "good Euro's" .
i’m not greek. got no dog in this fight. but i love it when anyone sticks it the eye of the new world order.
go greece. tell them to stick their 100bn euro debt in a shady spot.
Its a radical left-euroskeptic right coalition.
The only thing radical leftists and euroskeptic conservatives could agree upon is their mutual antipathy to the EU.
Any European country with any sense (I know, a vanishing small set) will forbid any bank from owning any Greek notes, either directly or indirectly.
This is hilarious and VERY instructional. Never fight against someone who is batsh!t crazy or who has nothing to lose. This guy seems to qualify on both counts.
Note the overtures to Russia.
“The Greeks aren’t Mooslims, so don’t look for any help from The Won....”
But they are Orthodox, so they have something in common with the Russians. I’m sure Vlad wouldn’t mind having some nice beachfront.
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