Evangelos Venizelos, the Greek finance minister and socialist leader, said the country had until Sunday to choose whether to swallow the eurozone medicine of more cuts – or default on its debt next month and be forced out of the euro. In an emotional speech he said: "The choice we face is one of sacrifice or even greater sacrifice – on a scale that cannot be compared. Our country, our homeland, our society has to think and make a definitive, strategic decision. If we see the salvation and future of the country in the euro area, in Europe, we have to do whatever we have to do to get the programme approved." Police ringed the Greek parliament building following the failure of eurozone finance ministers to approve the new bailout for Greece. Prime minister Lucas Papademos had offered new austerity measures worth €3.3bn to secure the euro lifeline, but he was told the cash would not be forthcoming until savings of an additional €325m were identified. He was told to get the €3.3bn programme endorsed and come up with a plan for the new cuts – to plug a gap in this year's budget – by Sunday. George Karatzaferis, a Greek coalition leader, spoke of national humiliation and said he would not accept the new cuts, adding that Greece was labouring "under the German boot". The eurozone's finance ministers are to meet again in Brussels on Wednesday to sign off on the bailout terms and the debt swap pact on condition that Athens has met the stringent conditions. I hope for the Greeks sake, they realize their PM, Papademos, is more interested in protecting the Banksters, than his own people.....Trying too scare the Greeks, it's the end of the world! No, a default is a tunnel with a light vs a deep dark hole of years, and years, and years of pain. ---- Bloomberg has seen an emailed transcript from tonight's Greek cabinet meeting, sent by Papademos's office -- The PM reportedly said: Some say default would be preferable. They are woefully mistaken. What is of the essence right now is to do whatever we can to approve the new plan and let the loan accord proceed. He added that a default would halt the payment of wages and pensions and shut down schools, hospitals and businesses. He spoke after five ministers resigned in two hours and protesters clashed with police in Athens...Well, Germany runs riot in Europe, are the Greeks the new jew victims of the financial Holocaust ????What is the "true rule" of Vulture Funds in Greece ? Few people know what are Vulture Funds -- they buy bonds or debt of collapsed states for cheap and then legally, try to recover as much as possible or swap it with assets. My question is: what kind of role are these funds playing now? Why does the press not take them out of "grey areas", transparency is the first level of democracy isn't it! Do we kill Greece to satisfy Vulture Funds appetite for blood money ?
How very EU to blame everything on Greece. Remember it was the French who cheated to have Greece join the euro. France, with German co-operation decided to split up the plunder of the PIIGS. The EU Commission went along with the deal. Billions and billions were flooded into the PIIGS. In Greece, French banks led the rape of the Greek economy. The Port of Piraeus, the massive Inter Island Ferry Project, the super highways to all of Greece's borders. Billions which the EU and the Axis (France and Germany) knew could never be repaid. The safety net was the EU taxpayer – but the Axis got too greedy, the mega-loans got out of control. Come now Greece – to hell with them – default – enjoy it. Then Portugal, Ireland, Italy, Spain – unless of course the Axis powers get out first.
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It was supposed to be a breakthrough. But the deal that was reached on Thursday by the Greek government received a lukewarm reception in Brussels. The Gordian knot of the Greek debt crisis remains as intractable as ever.
On Thursday, Greek party leaders had announced that, following weeks of talks and delays, they had finally agreed to accept the stark austerity conditions imposed on them by the troika of the European Commission, European Central Bank and International Monetary Fund. But German Finance Minister Wolfgang Schäuble reacted by saying that the news from Athens was still not enough to trigger the release of the second bailout package for Greece, worth €130 billion ($172 billion).
In addition to passing strict austerity measures, Greece needs to negotiate a debt relief agreement with private creditors worth €100 billion if it is to receive the EU/IMF aid package. If not, the country could default as early as next month, when €14.5 billion in Greek government bonds come due.
The Financial Times Deutschland writes:
"Greece is currently trying to do something impossible: which is to reform the economy in the midst of a deep depression. That simply doesn't work."
"According to estimates, never has an OECD country reduced its structural deficit so dramatically while its actual deficit has only gone down by a fraction of that amount. The Greek economy has shrunk by 12 percent in the light of new cuts every month, investments have halved since 2010 and the unemployment rate has soared to over 20 percent. That situation destroys the foundation for an upturn. In this case, what is needed is a smart mix of reforms and measures to avoid a depression."
"Greek domestic demand is now at the level of 2001. That can no longer be interpreted as a correction of previous excesses. This needs to be urgently stopped -- by putting an end to the endless requirements of the troika."
"It is high time to give the Greeks hope of growth once again. The fact that many reforms are still needed in Greece is no reason to drive the country into complete ruin through disastrous crisis management. That doesn't help the Greeks. And neither does it increase the chances of German taxpayers having to pay less."
The financial daily Handelsblatt writes:
"Usually, Greece's doomed struggle with its debt is described as a tragedy. But the spectacle we have witnessed in recent days in Athens was more a farce. Not because one would laugh at the suffering of the Greeks, but because the actors here were using all their theatrical tricks to fool the audience."
"During the poker game with their creditors, the Greeks have been acting as if they had a joker up their sleeve. That joker was the threat of declaring bankruptcy and triggering a panicked chain reaction among investors. ... But that isn't a trump card. The main victims of a disorderly bankruptcy would be the Greeks themselves."
The Financial Times Deutschland writes:
"Greece is currently trying to do something impossible: which is to reform the economy in the midst of a deep depression. That simply doesn't work."
"According to estimates, never has an OECD country reduced its structural deficit so dramatically while its actual deficit has only gone down by a fraction of that amount. The Greek economy has shrunk by 12 percent in the light of new cuts every month, investments have halved since 2010 and the unemployment rate has soared to over 20 percent. That situation destroys the foundation for an upturn. In this case, what is needed is a smart mix of reforms and measures to avoid a depression."
The official aid was considered privileged credits, which had the effect of increasing the risks taken by private creditors, but left the negotiations of private lobbyists for the “voluntary” restructuring of the debt confusedly superimposed on the relationship between the Greek authorities and those of the EU.
More confusion has grown up around the question of a Greek default. First, the subject has been completely excluded, demonstrating contempt for the markets, which in demanding higher rates are showing they consider it possible. The intent was to prevent the panic from spreading to the debt of other countries.
Es sollte Ihm gelingen. Er und seine Regierung müssen es nur wollen. Es gibt genug Geld in Italien.
Zum Beispiel die Steuern an richtiger Stelle erhöhen und eintreiben.
Die italienischen EU-Parlamentarier müssen auch nicht länger an der Spitze liegen, wenn es um das Gehalt geht.
Das weiß Monti natürlich selbst. Aber es ist bei einflußreichen Leuten unbeliebt.
Ich will keine klugen Sprüche machen. Auch bei uns gibt es an der einen oder anderen Stelle Möglichkeiten
mein Bündnispartner! Italien wird nur unter Druck die notwendigen Reformen durchführen. Sobald der Druck nachlässt, werden auch die Reformanstrengungen nachlassen. Deshalb ist es nicht ratsam, durch Herausgabe von Eurobonds oder den Aufkauf italienischer Staatsschulden durch die EZB den Marktdruck zu neutralisieren. Dadurch werden die Ursachen der Krise nicht beseitigt, sondern aufrecht erhalten.
At first glance, it seems impossible that the fate of the world economy rests in Mario Monti's hands. The Prime Minister of Italy has the aura of a gentlemanly grandfather — the polite demeanor, the soft voice, the smiling eyes — not the tough taskmaster Italy so desperately needs to escape its dangerous and protracted debt crisis. Monti, 68, speaks in the long, precise, jargon-laden sentences of an academic economist, which he was only four months ago. He does not employ the emotional flourishes or rousing rhetoric of a typical politician
Read more: http://www.time.com/time/magazine/article/0,9171,2106512,00.html#ixzz1m1tfLqDp
When a loan is contracted, both the creditor and the debtor are responsible and take a risk.
Greece is being destroyed, austerity is plunging them into bankruptcy.
Grece, supposedly was the cradle of democracy. Western democracy has fallen into the hands of crooks, spivs an shitehead politicos and academics. Hopefully the total breakdown of the Greek state which will occur shortly will see the birth of a new form of democracy in which the people will rule over the scum.
Look! The day! Look! It is coming ... Into the streets they will throw their very silver, and an abhorrent thing their own gold will become. Neither their silver nor their gold will be able to deliver them in the day of Jehovah’s fury" - Ezekial 7:10, 19
Let the uncontrollable chaos and Armagaddon come upon us"!
1. It is not true
2. Cull the bankers as they cannot be trusted.
3. Cull their friends, the politicians
4. Start anew, with new leaders and new thinking and a honest money system.
It'll be chaos for the banks and Lucas Papademos seeing as he's one of the Banks' stooges.
The Greeks are going to default anyway. There's no way they can pay the debts especially with "austerity" making things worse.
Best thing the average Greek can do is give the banks and the EU the "finger".
The writing is on the wall - the EU is always going to be trouble and cost us money - let's get out now before it is too late.Send a wake call to the Government today - please object to wind turbines, an EU imposed project which is currently blowing £billions of our money away, by GOOGLING "PETITION 22958" and following the link
Default on all external debt, leave Euro. Iceland is an interesting model to examine when it defaulted, OK it was hard for a few years, but Greece has a generation of poverty and slavery to look forward to if it stays in the Euro, the Banks want their money and they don't care how they squeeze it out of the Greek population.
Iceland survived by taking over the domestic units of its
banks and leaving the foreign creditors to bear losses. An 80
percent slump in the krona against the euro offshore in 2008
sent the trade deficit into surplus within months, while
government spending cuts helped rein in etc etc., in other words Iceland did very well by defaulting.
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