Woman writes 'closed due to usery' at branch of Eurobank in Athens
Posted on 02/26/2010 9:00:39 PM PST by bruinbirdman
He made the comments following a visit by European Union inspectors, who delivered a grim assessment of the Greek economy.
Mr Papandreou said that the previous Conservative administration had "fled from its responsibilities", understating the budget deficit by half.
Woman writes 'closed due to usery' at branch of Eurobank in Athens
"The damage is incalculable. It is not only financial or fiscal but also affects the position of the state," he said.
"Our duty today is to forget about the political cost and think only about the survival of our country. Past policies make it necessary to proceed to brutal changes and reduce accumulated privileges."
Mr Papandreou announced that he would meet Angela Merkel, the German Chancellor, next week, amid growing signs that diplomatic efforts are underway to find a solution to Greece's problems. He also met Josef Ackermann, Deutsche Bank's chief executive.
However, the Greek prime minister insisted that his country would find a solution to its financial problems.
"We ask the EU for its solidarity and they ask us to meet our obligations. We will meet our obligations ... we will demand European community solidarity and I believe we will get it," he said.
"No other country will pay for our debts," he said. "It is a matter of honour and pride for our country to put our own house in order."
Greece's debt problems have put pressure on the euro and have triggered jitters in world markets, as fears that the country will default on its debt persist, which would potentially destabilise a global recovery.
In a sign of how much of an impact Greece's problems are having elsewhere, Mr Papandreou will also meet President Barack Obama.
Concern over Greece has been mounting since the government warned the deficit is running at 12.7pc
(Excerpt) Read more at telegraph.co.uk ...
The writing on the bank looks like Buenos Aires 2002.
‘usery’ isn’t that what the Muslims charge?
Watch, learn, prepare.
Muslim law calls all interest charges usery, and charging interest is not allowed. Loans in muslim nations must be structured in a way that finesses the charge of “usery.”
In common Western useage today, extremely high or exploitive (ie loan sharking) interest rates are called usery.
“In a sign of how much of an impact Greece’s problems are having elsewhere, Mr Papandreou will also meet President Barack Obama. “
Maybe they can qualify for reparations.
This is my off the wall solution:
The Arabian Oil States purchase 8,000 square miles of Greece.
They resettle the entire State of Israel square mile for square mile. Gotta be cheaper than each of them doing a nuclear build up. And certainly cheaper than the clean up and rebuild after they are set off.
If this works out, perhaps China can buy 14,000 square miles from Michigan to relocate Taiwan. They certainly have to do something with all of those dollars.
In common Western useage today, extremely high or exploitive (ie loan sharking) interest rates are called usery.
Gee, like in every credit card in your wallet???
Pretty much! Unless you pay it all monthly.
I like your idea....too bad no one would do it.
Personally, I’d rather live in Greece than Israel. Greece was a great country to visit although the men were ....err....aggressive.
Since he blamed this problem on the previous "conservative" government, and he's meeting with President Obama, we all know what "accumulated privileges" means. I can pretty much guess what the "brutal changes" are going to be, too.
Yesterday they were blaming the Nazis.
yitbos
Let the red bastard drown in his troubles. Take your red father with you, George.
"Brooksley, we are never going to agree on fraud, you probably think their should be rules against it, I think the market will figure it out."--- Alan Greenspan
Greece getting sucked down the drain could start a worldwide cascade of sovereign defaults.... As all nation’s balance sheets get much closer scrutiny. Italy is supposed to be worse than Greece. We stink but it’s pretty much out in the open I would say
I lived through that experience. The increase in the price of oil is the only thing that saved Russia from becoming another Zimbabwe. I don't think Greece has natural resources to save them.
I would be extremely sad if this is the end of baklava.
The cascade WILL happen. It’s carved in stone. We’re now playing “musical chairs,” waiting to see who will go down first and last, that’s all.
Many nations are so in hock they were bankrupt years ago....15...20 years ago. But the world wide bubble psychology kept them propped up. The SHTF when the psychology behind it gets shredded
Greece and Italy have been swimming naked for years
As Warren Buffet said-— “when the tide goes out you find who whose been swimming naked”. That tide is psychological. When Madoff was exposed others got exposed too
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