Posted on 02/28/2015 6:33:12 PM PST by NRx
Greece's new currency designs are ready. The green 50 drachma note features Cornelius Castoriadis, the Marxisant philosopher and sworn enemy of privatisation.
The Nobel poet Odysseus Elytis - voice of Eastward-looking Hellenism - honours the 200 note. The bills rise to 10,000 drachma, a wise precaution lest there is a hyperinflationary shock as Greece breaks out of its debt-deflation trap at high velocity.
The amateur blueprints are a minor sensation in Greek artistic circles. They are only half in jest.
Greece's Syriza radicals have signed a fragile ceasefire with the eurozone's creditor powers. Few think this can last as escalating deadlines reach their kairotic moment in June.
(Excerpt) Read more at telegraph.co.uk ...
This is actually a rather detailed piece so please read and comment on the article, not just the headline and excerpt.
Ping for your thoughts.
How far are we behind Greece in regards to the mess they are in?
The collapse of the US Dollar is not far behind.
“How far are we behind Greece in regards to the mess they are in?”
Nowhere near far enough!Q
That the question can even be reasonably raised is indicative of how far and deep the communist rot has spread throughout America.
Nowhere in the article does it say where all the money from these huge loans went. I would like to see a breakdown of the loan recipients.
The 124 percent debt is absurd.
Greece simply cannot repay it.
In the end, I suspect the EU will write off most of the debt because a Greek collapse is in the interest of no one.
Allowing Greece to default means its creditors won’t get anything.
The EU will have have to climb down to avert a fiscal and human meltdown.
That's the eighteen trillion dollar question isn't it?
After the crisis, the creditors forced Greece to borrow more money, almost all of which went to pay interest on existing debt.
They are now being asked to pay off 25% of the principal within 5 years, a target almost everyone recognizes as impossible. The creditor governments (principally Germany) provide T-bills "assets" to the ECB. The ECB then then forces Greece to take new loans whose funds are then used to pay off the creditor nations' banks.
The banks balance sheets improve, Greece goes down the toilet and the creditor nations' voters are kept ignorant of the fact that their tax money is really being used to bail out their own banks while their governments are left on the hook for the ECB's Greek losses.
Very similar to how TARP loans were "repaid" by free money given to the banks by the Fed who used T-Bills as "deposits" to back the loans.
Socialize losses, privatize profits-- the same formula for success for oligarchs the world over!
.
Amen - this is bigger than anything in the news today - or at least it will be very soon!
I have yet to see the Greek who will stand up and say, “We are going to roll up our shirtsleeves and work our way out of this!”
All I see is Greeks begging and blaming somebody else for the problems the Greeks caused.
Get off your dead asses and on your dying feet and work your way out of this! You want easy? There is no easy. There’s work your way out of this or be someone’s slave. And don’t cry if you ask them to slip a collar around your neck.
I hope Greece falls flat on its ass and no lifts and hand to get them back up. Perhaps only then will they take fiscal responsibility seriously. If not, they could whore themselves out to Russia.
We need Ambrose back. He was fearless, and we need his kind of reporting.
It went into the pockets of all the administrators between the main bank in Athens and the final destination in rural Greece....the local Mayor and his/her buddies then took their cut.
A decade ago, I would agree with you on the way that things would proceed. Iceland’s little ‘solution’ changed that perception. Iceland defaulted and said no....they would not pay for what the banks did. I think Greece might pull the book out, repeat most of the Iceland procedure, and go back to the Drachma.
Three other EU members are in a fair amount of financial woes and might themselves be in trouble within two years.
In the end, I suspect only six European countries are somewhat stable and capable of carrying out a mutual agenda. There’s no reason to dump the Euro....if those can survive.
The Greeks already defaulted on their loans from the banks. Now they want to default on their loans from the ECB and IMF.
Very similar to how TARP loans were "repaid" by free money given to the banks by the Fed who used T-Bills as "deposits" to back the loans.
The Fed didn't give money to anyone. They made short term loans. Loans that were paid back BEFORE the banks paid back TARP.
Socialize losses, privatize profits
Which losses were socialized?
It’s not the first time. Look at the dates for the following.
Why ‘Voluntary’ Haircuts On Greek Bonds Will Haunt Europe
Forbes ^ | 10/27/2011 | Steve Schaefer
http://www.freerepublic.com/focus/f-news/2799409/posts
Posted on 10/28/2011, 5:29:59 PM by bruinbirdman
[Excerpt:]
Something seems a little off about the latest plan out of Europe, which features a 50% haircut for Greek bondholders.
EU: Greek deal frays as IMF threatens walk-out on debt buy-back impasse
The Telegraph ^ | 11/29/2012 | Ambrose Evans-Pritchard
http://www.freerepublic.com/focus/f-news/2964303/posts
Posted on 11/29/2012, 10:56:48 PM by bruinbirdman
[Excerpt:]
Private investors are furious at demands that they take a second “haircut” of 70pc on residual holdings, after already taking a 53.5pc loss earlier this year, while official creditors still refuse all loses.
In brief Euro denominated government bonds are laundered through the ECB to make loans to Greece, and that money goes mainly to repay private Greek creditors.
My contention is that TARP and QE have worked more or less the same way here: to say the banks "repaid" TARP after they received hundreds of billions in "free" money from the Fed in QE is a bit equivocal, don't you think?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.