Free Republic

Marine Le Pen, the president of the French populist right-wing party Rassemblement National (National Rally), congratulated the United Kingdom for regaining its “freedom” but went on to say that Brexit was a “terrifying failure” for the European Union. “After multiple twist and turns, the UK has finally regained its freedom. But this is a terrifying failure for the EU”, said Ms Le Pen. “We will no doubt see, over the coming months and years, that the UK did the right thing and will probably benefit a great deal. In fact, I have already noticed that the disaster-mongering has already given...

"Greenland referendum finds that 90% of the local population voted to join the US" https://twitter.com/zerohedge/status/1163962972919742466

China is flexing its muscles. As the second richest economy in the world, its businessmen and politicians are involved just about everywhere in Asia, Africa and Latin America. Now, though, China is taking a big interest in a very different part of the world: the Arctic. It has started calling itself a "near-Arctic" power, even though Beijing is almost 3,000km (1,800 miles) from the Arctic Circle. It has bought or commissioned several ice-breakers - including nuclear-powered ones - to carve out new routes for its goods through the Arctic ice. And it is eyeing Greenland as a particularly useful way-station...

Greece's opposition party New Democracy are set to win the country's snap general election, exit polls suggest. Led by Kyriakos Mitsotakis, the centre-right party is projected to defeat Prime Minister Alexis Tsipras's leftist Syriza party. New Democracy is forecast to win 38-42% of the vote, while Syriza is projected to win 26.5-31.5%. That would give New Democracy an outright majority, as the winner receives 50 extra seats in parliament. The first official results are expected later on Sunday evening. What does New Democracy stand for? New Democracy has promised to lower taxes and privatise services in the country, which is...

US President Donald Trump “will not succeed” in dividing European nations against one another over trade, German Economy Minister Peter Altmaier warned on Sunday ahead of a visit to Washington. In the European Union “we are a customs union and act collectively. It cannot be in the interest of the US government to divide Europe, nor will it succeed,” Altmaier told German business daily Handelsblatt. […] “Companies and consumers on both sides would foot the bill if the US and Europe tumble into a trade war,” Altmaier said. Meanwhile, countries like China that stand accused of flooding global markets with...

On his return from a recent two-day trip to Israel -- where he met with high-level officials -- Adonis Georgiadis, the vice president of Greece's opposition party, New Democracy, declared his support for recognizing Jerusalem as Israel's capital. In an interview with Skai Radio on March 7, Georgiadis called it "almost funny to discuss whether Jerusalem is a Jewish city or not." "[It] was founded by the Jews... in ancient times. You can read Flavius Josephus or read Diodoros Siceliotis and see the references to the city of Jerusalem, where there was the High Priest of Solomon's Temple and that...

Britain's departure meant the end of an era. France's departure would mean the end of the EU. After Grexit and Brexit, the next crisis to confront the European Union will be Frexit. It will prove to be the worst of all. While dramatic, the Greek tragedy had a limited run. While seismic, the British divorce will not necessarily upend Brussels. But for historical and institutional reasons, a French crisis would be cataclysmic. The midwife for the EU’s birth, France now risks becoming its gravedigger. The ruin and rubble of World War II had not been entirely cleared when France laid...

Through all the haggling and hair-pulling in the past months over more austerity, fewer creditors getting their money, and a dreaded “Grexit”—a scenario in which Greece would leave Europe’s currency union—at least four prominent economists in three major American publications have casually and quietly suggested there may be a third way: A German exit. That is, Germany should exit the euro, and clear the way for countries in the south of Europe—notably, Greece, Italy, Spain, and probably Portugal—to reconcile their debt with a greatly depreciated currency and maybe finally get a handle on their economies. The latest thinker to suggest...

[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....

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.

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...

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.

Socialism’s Greek Staring Contest The day will come when America faces its own inner Greece. July 5, 2015 Daniel Greenfield, a Shillman Journalism Fellow at the Freedom Center, is a New York writer focusing on radical Islam. 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. After all even a cursory...

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...

Greek Finance Minister Yanis Varoufakis resigned from his post Monday after Greek citizens voted to reject further austerity measures the day prior, the Associated Press reported. Varoufakis said he was told shortly after the voters rejected Sunday's referendum regarding demands by international creditors to impose further austerity measures in exchange for a bailout package for its bankrupt economy, that the other eurozone finance ministers and Greece's other creditors would prefer he not attend the ministers' meetings. Varoufakis issued an announcement saying Prime Minister Alexis Tsipras had judged that Varoufakis' resignation "might help achieve a deal" and that he was leaving...

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...

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,...

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...

(Title edited due to lemgth) Fears the central bank of Greece will collapse following today's referendum are rising as voters flocked to the polls to decide on their country's future. [snip] Officials are set to ask the European Central Bank (ECB) for emergency cash in a bid to stave off financial ruin following tonight's result, it has been reported. [snip] It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.