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ATHENS — An emergency summit of European leaders called to salvage Greece’s financial rescue broke up acrimoniously late Tuesday night, with officials saying the country now has just five days to avoid bankruptcy. Following a day’s worth of talks aimed at finding a way out of months of bitter deadlock, European leaders were scathing in their assessments of Greece’s proposals, calling them inadequate and demanding the Greek government return with a detailed plan by Thursday. The leaders of all 28 European Union members will then meet Sunday in what officials said will be the final chance to save Greece from...

Last week the Greek government imposed capital controls to prevent cash from escaping from the Greek banking system, which is on the brink of collapse. These repressive financial measures, which were invented by "Hitler's banker" Hjalmar Schacht in the 1930s, include the closing of banks, limiting cash withdrawals from ATMs to 60 euros ($67) per day, and the banning of all money transfers via credit and debit cards to accounts held in foreign countries. Despite these Draconian controls, Greek banks continue to hemorrhage cash and, after yesterday's referendum, it is probable that the daily limit on withdrawals from ATMs will...

In a desperate bid to save his political career, Greek Prime Minister Alexei Tsipras bet big on both the gullibility of the Greek electorate and the unreconstructed hate the Greek left has for capitalism. He has just won that bet, and will remain Prime Minister until the Greek people realize what they have done. In their defiant vote for “NO" Greek voters naively believed that they were voting for “democracy” and “national dignity.” Unfortunately they are about to find out they actually voted for “poverty, corruption, and a blighted future.” Every conservative intuitively understands TANSTAAFL, There Ain’t No Such Thing...

Socialism: Indebted nations of the world are applauding the "Oxi" vote against "austerity" in Greece not so much as a victory for the common man, but because they have plans to default on the billions they owe. Brace yourself. Socialism: Indebted nations of the world are applauding the "Oxi" vote against "austerity" in Greece because they no doubt have plans to default on the billions (BEG ITAL)they(END ITAL) owe. Brace yourself. What we're witnessing is the revenge of the debtors — socialist nations that believe they're striking a blow for human rights by not paying what they owe unless creditors...

So your moment has come, and frankly if you have the courage you should lead the Greek people out of the Eurozone with your head held high. Get back your democracy; get back control of your country. Give your people the leadership and the hope that they crave. Yes it will be tough in the first few months but with a devalued currency and with friends of Greece all over the world, you will recover.

WASHINGTON — At 22, 2nd Lt. John Pedevillano was the youngest bombardier in the U.S. Army Air Corps' 306th Bomb Group when he was shot down by Nazi fighter pilots in Germany in 1944. Pedevillano and his crew were missing for a month before being taken as prisoners of war. The men were liberated by U.S. Army forces under Gen. George S. Patton in 1945. More than 70 years later, Pedevillano has received the Presidential Unit Citation, with one oak leaf cluster, for extraordinary heroism in combat. Pedevillano, a B-17 bombardier, flew six combat missions before being shot down over...

Uploaded on Oct 18, 2011 Professor Varoufakis proposes a decentralized system for europe in order to transform it before the crisis of the system crashes Europe. He studies all the different possibilities of actions that can be taken and explains why his proposal is the best option. Studied mathematics at Essex University, received an MSc in mathematical statistics from the University of Birmingham and then, curiously, completed a PhD in... economics at Essex University. Between 1982 and 1988 he taught at the Universities of Essex, East Anglia and Cambridge. From 1988 to 2000 he lived in Sydney, where he lectured...

“The problem with socialism is that you eventually run out of other people's money.” – Margaret Thatcher Greece is liberal economics on steroids, Detroit writ large, and a place where the "takers" outnumber the "makers." In other words, if you want to know what the end road is for the sort of economics pushed by people like Barack Obama, Hillary Clinton and Paul Krugman, Greece is it. According to the World Bank, Greece’s labor participation rate is only 53%. It’s hard for private industry to take advantage of an underemployed populace because government regulations and powerful unions make it difficult...

There are no “good” options for now to end this Greek tragedy. It’s best for Greece to take the least bad option, which would be forced bankruptcy. Let Greece go bankrupt. And then let this once rich nation, hit the restart button to rebuild its economy. What I’m suggesting for Greece is what we might call the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a hair cut – pensioners, bond holders, welfare recipients, government workers, the IMF. It’s tough love, but it’s the only...

Whether you like him or not, former Greek Finance Minister Yanis Varoufakis is now a political legend. Here’s why: 1. The way he communicates With his blog and his Twitter account , he speaks directly to the people, his fans and his detractors, when he wants, how he wants it, without the media filter. Non-verbal communication is important too. The infamous video of Varoufakis ‘flipping his middle finger’ to Germany, which caused uproar in German media, may or may not have been faked by a German satirical TV show. In the end it doesn’t really matter. He may have an...

Israel has been rapidly expanding ties with leading Asian nations even as threats of boycotts continue to emanate from Europe, and a major breakthrough regarding Israel's presence in Asia appears to be imminent as the state moves towards a Free Trade Agreement (FTA) with China. Chinese media began discussing the prospect of a FTA with Israel last December, and on Monday Economics Minister Aryeh Deri (Shas) met in Jerusalem with Chinese Ambassador to Israel Zhan Yongxin for the first time to discuss establishing a free trade zone. In the meeting Deri expressed Israel's strong desire to establish a free trade...

WHILE the world worries about Greece, there’s an even bigger problem closer to home: China. A stock market crash there has seen $3.2 trillion wiped from the value of Chinese shares in just three weeks, triggering an emergency response from the government and warnings of “monstrous” public disorder. • LATEST: CHINESE INVESTORS FLEE FOR SAFETY And the effects for Australia could be serious, affecting our key commodity exports and sparking the beginning of a period of recession-like conditions. “State-owned newspapers have used their strongest language yet, telling people ‘not to lose their minds’ and ‘not to bury themselves in horror...

It took 20 soldiers almost nine hours to remove a World War II "Panther" tank from a pensioner's cellar in a wealthy community in northern Germany—and that's in spite of the fact that the German army sent in modern recovery tanks to help confiscate the vintage 1943 vehicle, reports the BBC. Prosecutors in the coastal region of Kiel, tipped off by Berlin prosecutors who'd recently searched the 78-year-old man's villa for stolen Nazi art, aren't divulging much yet, but a police rep did say that a torpedo and anti-aircraft gun had been removed and other weaponry had been found as...

[W]ith the “no” vote in Sunday’s Greek referendum on bailout terms posing the biggest challenge yet to decades of European integration, risks to the European project resulting from Germany’s rise as the Continent’s most powerful country are becoming clear. On Friday, Spanish antiausterity leader Pablo Iglesias urged his countrymen: “We don’t want to be a German colony.” On Sunday, after Greece’s result became clear, Italian populist Beppe Grillo said, “Now Merkel and bankers will have food for thought.” On Monday, Ms. Merkel flew to Paris for crisis talks amid signs the French government was resisting Berlin’s hard line on Greece....

Almost every option facing debt-drenched Greece is bad, but there is only one that will end this Greek tragedy for good. Let Greece go bankrupt. Then let this once-rich nation, hit the restart button to rebuild its economy. What I’m suggesting for Greece is what might be called the Detroit option. Put Greece under receivership and let these new authorities figure out how to manage the debt and decide who will take a haircut and how big. Pensioners, bondholders, welfare recipients, government workers, the International Monetary Fund, all will have to settle for less — maybe a lot less. It’s...

As chancellor of Germany, Angela Merkel leads a nation that prizes fiscal rectitude and adherence to the rules, and, after pledging tens of billions in bailout programs for five years, has expressed scant sympathy for Greece’s demand for more financial help. As de facto leader of Europe, Ms. Merkel faces a very different set of responsibilities, starting with maintaining European unity in general and holding the euro together in particular.

Despite the scaremongering and bullying from those in Brussels, we are waking today with Greece having delivered a resounding No. That comes despite EU bosses saying that it would mean a Greek exit from the Euro, not to mention the heavy economic pressure placed on the Greek people to go along with the wishes of Brussels. It is a crushing defeat for those Eurocrats who believe that you can simply bulldoze public opinion. Chief bully-boy Martin Schulz, President of the European Parliament, and other supposed leaders of the European Union did their best to terrify the Greek people into submitting...

Let me say, at the outset, that I am so far out of my depth in this issue that if I look up all I see is a sea of numbers. If I were you I would roll my eyes, sigh loudly, hit the DELETE key, and return to a close examination of this morning's postings by your Facebook friends. If you're still with me, hang on. Voters in Greece, yesterday, rejected an austerity program that would have allowed the European Central Bank (the European Union's Fed) to lend money to Greek banks so they would have enough Euros to...

ATHENS — Greece’s combative finance minister, Yanis Varoufakis, who took a strong stand in demanding that creditors write off some of his country’s debts, abruptly resigned on Monday morning. Mr. Varoufakis had played a central role in rallying votes for a resounding no on a referendum on Sunday that asked Greeks whether they were willing to accept an arrangement with creditors that would require considerable further austerity, such as pension cuts. Mr. Varoufakis had threatened last week to resign in the event of a yes vote, and his decision to step down after he and his allies prevailed in the...

The Greeks gambled in their referendum that European elites were more committed to their ideological obsession with integrating Europe than with mere economics. Stand up to a bunch of corrupt Greek civil servants and Europe risks going back to the bad old days of nation states and independent economies. It is likely that their bet will pay off.