Author: abramicus

GREECE = SOLD!   [Copy link] 中文

Post time 2015-7-17 05:38:04 |Display all floors
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Post time 2015-7-17 09:34:22 |Display all floors
I'm a moderate social democrat and do think the bankers who ignored the ample evidence of Greek government corruption and inefficiency and bought these risky bonds should've lost their shirts rather than the taxpayers of the EU. It is time capitalists were put in their proper place (if so, they can be constructive).
The ordinary Greek people should not have to bear extreme austerity until the wealthy are taxed half-to-death. But, no country should "have the freedom" to be irresponsible. The Greek political classes were. They should be placed under a "benevolent" EU "dictatorship until they are reformed of their carelessness.
What's on your mind...

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Post time 2015-7-17 11:53:41 |Display all floors
Kbay Post time: 2015-7-17 03:23
Tsipras asked for a referendum on " 'No' to EU austerity", then he agrees to a sterner belt-tighteni ...

Exactly.  This is the unspoken worry of the German Finance Minister, that Greece won't be able to pay back all its debts, including those to German banks and pension funds.  That is why the disbursement of Euros to Greece comes in dribbles, just enough to pay for the maturing debts of Greece to the EU and IMF, which in effect is a rollover of old debts with their unpaid interests into a larger loan with a longer duration.  However, Tsipras appears to be a genuine Euro man.

Tsipras will make sure Greece complies with the terms of its surrender to his real master.

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Post time 2015-7-17 12:15:29 |Display all floors
FIRST THEY SUBDUED THE GREEKS, THEN THE SPANIARDS, THEN THE IRISH, THEN THE ITALIANS, AND THEN THE PORTUGUESE . . . AND WHEN THEY HAVE ALL BEEN SUBJUGATED, THE BANKERS CAME FOR THE GERMANS . . . AND THE GERMANS HAD NO FRIENDS LEFT TO HELP THEM DEFEND THEIR SAVINGS.  BY THAT TIME, AND A DOZEN BAILOUTS LATER, THE HAIRCUT THAT GERMAN BANKS AND PENSION FUNDS WILL HAVE TO ACCEPT ON THE LOANS THEY MADE TO GREECE AND OTHER FAILED ECONOMIES, WOULD HAVE BALLOONED TO A TRILLION EUROS, AND IF THE GERMAN PEOPLE DO NOT ACCEPT AUSTERITY AT THAT TIME, THEIR BANKS AND ATMS WOULD RUN OUT OF EUROS OVERNIGHT, LIKE GREECE'S DID.



The only way the Euro's monetary worth as a stable store of value can be preserved is for Germany to insist that its net asset value cannot be reduced except by the unanimous consent of its 19 members, i.e., its net asset value cannot be reduced by the bad debts accumulated by either the ECB or the individual countries, of which the Greek debt is the most glaring example, one which is worth some 440 billion euros if the Third Bailout is implemented, and which Greece, a country of 11 million people, cannot repay.  It is bad enough that without the Third Bailout, the losses to the ECB or the EC would amount to 354 billion euros.  I would be worse when the debt rises to 440 billion and then is compounded by the interest that Greece would also be unable to pay in the coming years, easily approaching 500 billion euros.  If at that time the EU is willing write off the Greek debt, the value of the Euro would take a hit, and the purchasing value of the Euros saved by the German public and government would be reduced by the same proportion.  ONce the market expects the Euro to be devalued, it will be devalued right now, as if Greece had already defaulted on the entire amount right now.  

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Post time 2015-7-17 13:12:23 |Display all floors
This post was edited by abramicus at 2015-7-17 13:16

Schäuble Needs Varoufakis to Help Him Convince the German Parliament that Grexit Is Better than the Third Bailout

German Finance Minister Wolfgang Schäuble is sounding more and more like the Greek ex-Finance-Minister Yanis Varoufakis in his forceful rebuttals against the ECB and IMF.

The two of them actually stand on the same ground, that Greece's existing mountain of debt of 354 billion euros, even without the Third Bailout, is already unrepayable, under all scenarios, and that adding another 86 billion euros to the 254 billion euros of existing Greek debt, totaling 440 billion euros overnight, would even be more unrepayable, but worse than that, it would require the German people to pay to the ECB and IMF what Greece could not repay, even if the German taxpayers get nothing out of the loans, as neither the interest or the principal will be returned to them.

Yanis Varoufakis should give Wolfgang Schäuble a helping hand, by going to the German Parliament and argue that Grexit is better than the "Treaty of Versailles" the bankers have imposed on Greece that they had done to Germany in 1919!

Varoufakis, the enemy of your enemy might just be the friend you need.

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Post time 2015-7-17 14:55:34 |Display all floors
abramicus Post time: 2015-7-17 13:12
Schäuble Needs Varoufakis to Help Him Convince the German Parliament that Grexit Is Better than the ...

"by going to the German Parliament and argue that Grexit is BETTER than the "Treaty of Versailles" the BANKERS have imposed on Greece that they had done to Germany in    "

Most people are aware of this;
however, the IMF will not have it happen.
and Uncle Sam can't have Greece to get well.
The reasons are obious

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Post time 2015-7-17 16:43:26 |Display all floors
emanreus Post time: 2015-7-17 14:55
"by going to the German Parliament and argue that Grexit is BETTER than the "Treaty of Versailles" ...

THE EURO CURTAIN

The governing gestalt of the Greek default crisis is that the ECB and IMF are joining forces in forcing the Eurozone countries to cannibalize each other, while they serve as the referees, and even pose as the saviors of the underdogs, in order to enlarge the debt that the Eurozone as a whole owes to the ECB and IMF, with the knowledge that whoever is left standing in the Eurozone after many more rounds of debt defaults and emasculation of the sovereignty of the debtor countries, would itself have to accept a haircut on the debt it is owed by other members of the Eurozone, or face insolvency, as the ECB and IMF freeze its assets anywhere in the Eurozone to pay for the debts of the other Eurozone countries.  This is possible because between banks, cash or paper money has long ceased to be used to settle transactions, and instead their digital equivalents are used, which means that German banks, for all their digital wealth, can be subject to the same capital controls as the Greek banks suffered, if the ECB and IMF blocked the transfer of their euros from other banks to Germany.  Germany could be forced to accept the responsibility of repayment of the debts of all Eurozone countries to the ECB and IMF, on pain of its assets abroad being frozen and made inaccessible to its citizens.  If the debt transferred to Germany is of the same size as Greece's soon-to-be debt of 440 billion euros, even Germany will have to capitulate, i.e., its political authority will be subject to the wishes of, and could be overruled by, the two banks.

The emerging paradigm in the EU, and perhaps later in the world, is the use of loans to countries that cannot repay them, to force fiscal and political capitulation of the debtor country.  The unpaid bad debt of these smaller countries then becomes the collective debt of the Eurozone.  As this grows, more and more Eurozone countries will be indebted.  Eventually, all the Eurozone countries will be ruled by the ECB/IMF, with their citizens forced to accept high taxes, low pensions, and minimal social welfare - in short, work for free.

Once all the countries of the Eurozone get their orders from the ECB and IMF, then social welfare benefits promised to the voters will be made unavailable by making them scarce, even if they shall remain affordable, if they are accessible.  In short, in this fake utopia, every country will have its cake, but may not eat it.





The surrender of the government of Greece shall lead to the surrender of the governments of all member countries of the Eurozone, as more and more countries become insolvent.  Germany may be the last one left standing, but its independent sovereignty will be forced into submission with the mere threat that its ATMs will run out of cash in one week.





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