Free Republic

A document prepared by Germany’s finance ministry and seen by The Wall Street Journal floats a “timeout” for Greece from the eurozone for “at least the next five years” as one of two options for dealing with the debt-ridden country. ... In the document, dated July 10, Germany takes a tough line on spending cuts and policy overhauls Greece submitted to its international creditors, the other eurozone countries and the International Monetary Fund late Thursday. ... Under the first scenario, Greece and its creditors would start negotiating a third rescue package, but only once the government has made improved proposals,...

The party ended when the you-know-what hit the fan around 2010. Soaring wages and gold-plated pensions had to end. Eternal austerity was the antidote. This was the EU at its best—worst, actually. It was like taking a middleweight boxer, putting him on a very strict diet, and expecting him to become a heavyweight contender. It was and remains an impossibility. ... As a Greek whose family helped finance the war of independence against the dreaded Turks in 1821, I sincerely hope there will be a compromise, and the ill-advised plebiscite will be ignored by the powers-that-be in the EU. Putting...

Judging by the returns from Sunday's vote in Greece, there is no judging. Voters there were asked to decide whether to accept Europe's terms for still more credit after those terms had expired -- even while Greece's erratic government opposed the very deal it had put on the ballot. Sure enough, the voters did. Though just what it all means seems as elusive as it was before the election. If not more so. This could go on for a while -- like indefinitely -- before the fog lifts. The one thing clear is that Greece's "governing" party stays in, which...

If Greece continues with austerity, it would be depression without end As the Greek saga continues, many have marveled at Germany’s chutzpah. It received, in real terms, the largest bailout and debt reduction in history and unconditional aid from the U.S. in the Marshall Plan. And yet it refuses even to discuss debt relief. Many, too, have marveled at how Germany has done so well in the propaganda game, selling an image of a long-failed state that refuses to go along with the minimal conditions demanded in return for generous aid.

It was a weekend in which, according to traders, Greece facing an "absolutely final" was going to be saved. Instead, it may go down in history as the weekend in which the Eurozone finally split and its long-overdue disintegration began. After yesterday's dramatic report that Germany, together with 5 other nations, are contemplating a "temporary" 5 year Grexit, it started to become clear that Schauble does indeed want to make an example of Greece (perhaps for France and Madame Frexit, perhaps for the rest of the European periphery where the recovery is so "strong", record youth unemployment still assures...

Germany has reportedly began preparing for Greece to be rejected from the eurozone, as the European Union faces less than 24 hours to save the country from collapse. Greece failed to give its creditors in the 19-country eurozone proof that it can deliver on its promises to implement tough austerity and reform measures in return for billions more in bailout money. Finance ministers canceled a European Union summit meeting Sunday in an effort to do everything it takes to get a deal done or to decide to eject Greece from the eurozone. Should a deal fall through, The Telegraph reports...

Crowder interviews Milo Yiannopoulos - very impressive!

I was torn to lament over situations recently so I asked The Lord to explain His Grace to me and I share it for your consideration . . . Grace is sufficient is more than a statement it is an enactment for many in My Creation ask "Why"? When I have given them the gift to (( ( "DECLARE" ) )) ((( "GRACE" ))) ! And so it is with this enlightenment they "IN FACT" carry the KEY to their own Blessings and Grace ! For I AM GRACE ETERNAL and it is in this manner you must speak and...

As we reported yesterday, following the latest European leaders summit, Greece was given until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe's currency bloc and into economic ruin. "The stark reality is that we have only five days left ... Until now I have avoided talking about deadlines, but tonight I have to say loud and clear that the final deadline ends this week," European Council President Donald Tusk told a news conference. It did that moments ago when Greece...

U.S. President Barack Obama on Tuesday urged German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras to compromise on an emergency financing deal that could keep Greece in the eurozone. White House spokesman Josh Earnest said the president was encouraged by assurances from both leaders in separate phone calls that “it’s in their collective and mutual interest for Greece to remain part of the eurozone.” But Mr. Obama stressed in the calls that “the only way that we’ll succeed in achieving that goal is for all of the parties to agree to a package of reforms and financing that...

March 2010, two months before the announcement of the first Greek bailout, European banks had €134 billion worth of claims on Greece. French banks, as shown in the right-hand figure above, had by far the largest exposure: €52 billion – this was 1.6 times that of Germany, eleven times that of Italy, and sixty-two times that of Spain. The €110 billion of loans provided to Greece by the IMF and Eurozone in May 2010 enabled Greece to avoid default on its obligations to these banks. In the absence of such loans, France would have been forced into a massive bailout...

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.

Despite the horrific actions of the Islamist terror group over the past 12 months, one and a half million British Muslims have been identified as potential supporters of Islamic State (IS) in a recently conducted poll. Support for the group in the UK has grown from seven per cent to nine per cent since 2014, the ICM poll of 2016 people commissioned by The Mirror revealed. Three per cent of Britons now declare a “very favourable view” of IS – rising from one per cent last year – which means numerically up to half of Britain’s three million Muslims may...

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...