The EU has within it the seeds of its own destruction. It is corrupt (Accounts not passed for ? years, or ever) and undemocratic and we would do far better to get out and embrace the world again. The EU sells us much more than we sell them so they are not going to act against their own best interests The so called elite of the EU, Juncker and others are highly dubious and certainly not on the side of democracy. They have an absolute direction towards full integration and cannot understand our attitude as an island. Germany still feels guilty and France want Germany emasculated and this is the ethos which guides them. Most other countries are fundamentally irrelevant compared with these two - excepting the UK. The Euro will keep Southern Europe poor and Germany, in particular, prosperous as it provides them with a grossly undervalued currency. Trade would be far better if UK. were out of the EU, contrary to what we are being told by all those with a vested interest in remaining a member of this bloated and undemocratic monolith. It is not only the economy and trade which would improve, but the whole way of life. We would regain all those powers which our politicians have given away without so much as a whimper. We would also regain our sovereignty (with everything that entails) and control of our culture and traditions without interference from the EU. Life in general would be much better and we could spend the money we no longer have to pay to the EU in this country on things we need...The decision to leave the EU or not, is a decision about sovereignty and freedom, it is nothing to do with trade.  The fact the scaremongers namely the BBC, try to conflate exiting the EU with trade risk, rather than debating sovereignty, is simply because they can't find any counter argument to present to the voters, who demand independence and resumption of the UK's sovereignty.  The EU trade concerns, they (the BBC) and many other Europhiles, constantly flag is actually a straw man.

Germany has in fact "extensive" experience with "gasing people" ...

Audi research chief Ulrich Hackenberg, Porsche research chief Wolfgang Hatz, and VW US chief executive Michael Horn are to be dismissed by the VW board tomorrow, ITV is reporting a senior source saying.  VW has declined to comment.  Michael Horn was the VW executive who said earlier this week that the company had "totally screwed up". German newspaper Bild earlier reported that Mr Hackenberg and Mr Hatz would be dismissed by the board. The turmoil at VW could be an even bigger danger to Germany than the chaos in Greece, Reuters reports.  "All of a sudden, Volkswagen has become a bigger downside risk for the German economy than the Greek debt crisis," ING chief economist Carsten Brzeski told Reuters. "If Volkswagen's sales were to plunge in North America in the coming months, this would not only have an impact on the company, but on the German economy as a whole.”  Analysts warned that Germany's dependency on the automobile sector could become a threat to an economy that's already seeing a slowdown in GDP growth. "Should automobile sales go down, this could also hit suppliers and with them the whole economy," industry expert Martin Gornig from the Berlin-based DIW think tank told Reuters. In 2014, roughly 775,000 people worked in the German automobile sector. This is nearly 2pc of the whole workforce.  In addition, automobiles and car parts are Germany's most successful export - the sector sold goods worth more than €200bn to customers abroad in 2014, accounting for nearly a fifth of total German exports. "That's why this scandal is not a trifle. The German economy has been hit at its core," said Michael Huether, head of Germany's IW economic institute...There are questions over whether the testing authorities commissioned by motor manufacturers are truly independent. Do the results found in test conditions truly reflect real life situations on the road?"...Predictably, here's the start of how we're all getting f*cked over at some point. The answer is: no, the tests are designed to be a laboratory benchmark that allow comparative performance to be judged. They are not and were never intended to act as a reliable guide to what comes out of the tailpipe of an arbitrarily chosen car under any conditions. The manufacturers know this, and tellingly, so do the governments involved, because that is how the testing systems were originally specified. Certainly VW have done something extremely wrong here because they explicitly cheated the test, but other manufacturers, assuming they only designed to the test as opposed to cheating it, have done nothing wrong.

The UN warned that failure to agree on a united response to the crisis endangered the concept of European unity. Peter Sutherland, the UN’s special representative on international migration, said: “If there is no agreement to share refugees between the countries of the European Union, it risks undermining the very essence of the European project.”Europe’s biggest refugee crisis in 70 years atomized into a chaotic series of border confrontations and diplomatic disputes this weekend, as crowds of refugees were blocked from passing through a number of crossings in central Europe, prompting the UN to warn that the concept of European unity was at risk.  Hungary sent armored vehicles to its border with Croatia, while Slovenian police sealed several crossings after Croatia attempted to offload tens of thousands of refugees who are using it as an alternative entry point to the European Union. Croatian policemen accompanying hundreds of migrants into Hungary were disarmed by their Hungarian counterparts and turned away, while Slovenian police used pepper spray to ward off hundreds, mostly Syrians and Afghans, trying to cross to reach the countries of northern Europe.  The chaos had been sparked by Hungary’s decision to shut off its southern border with Serbia, blocking a well-trodden refugee railroad that has brought more than 170,000 refugees into the EU since the start of the year. .. Cultural differences. When there is a crisis, Austria, Germany, France, Holland, Italy, Belgium, Sweden all talk to each other and try to solve the problem together. Whereas Eastern Europe starts a bitching war amongst each other. Old EU and the new kids in it. Not sure it was wise to take them in. Not only do they only cost money, they also start beating each other up. Maybe just suspend them for 10 years from the EU until they have grown up?

The European Commission is proposing the emergency relocation of 120,000 migrants across Europe from Greece, Italy and Hungary, the EU executive's president Jean-Claude Juncker announced in a speech in Strasbourg on Wednesday (9 September), adding it "has to be done in a compulsory way." In his first State of the Union address to the European Parliament, Juncker said: "Addressing the refugee crisis is a matter of humanity and human dignity, for Europe [it is] also a matter of historical fairness."  "Action is what is needed," he noted, citing historical examples from Hungarians, Czechs, Slovaks, and Spanish fleeing for their lives in previous crises. He called on EU ministers of justice and home affairs to adopt the proposal on September 14 for the relocation of a total of 160,000 migrants. Juncker said he hoped that everyone would be on board this time. A relocation plan, presented by the Commission for 40,000 migrants in May, was only agreed upon on a voluntary basis. The plan subsequently fell far short of the target. "Italy, Greece, and Hungary cannot be left alone to cope with the enormous challenge," Juncker added.  He recalled that 500,000 people have made their way into Europe so far this year, and pointed out that this number represents only 0.11 percent of the total EU population. "Winter is approaching. Do we really want families sleeping in railway stations?", Juncker asked.  Besides the emergency relocation measure, Juncker announced that the European Commission is proposing a permanent relocation mechanism, which "will allow Europe to deal with crisis more swiftly in the future".  The Luxembourgish politician also announced that the Commission wants to turn Frontex, its border control agency in Warsaw, into a proper external border control and coast guard force.  He said the passport-free travel zone, Schengen, must be protected.  "Schengen will not be abolished under the mandate of this commission," Juncker said. He said the Commission plans to set up a Trust Fund of €1.8 billion to help Africa tackle the root causes of migration, and called on all EU members to pitch in.  Other measures include the review of the so-called Dublin system, which stipulates that people must claim asylum in the state in which they first enter the EU, and lays out a common list of safe countries of origin to process economic migrants more swiftly.   Juncker said Europe needs to open legal channels of migration. "We are an ageing continent, migration must change from a problem, to a well managed resource,” he said, adding that asylum-seekers should be allowed to work while awaiting the completion of their asylum process.   Juncker announced that the Commission will present a common refugee and asylum policy in early 2016, and reiterated that member states need to adhere to existing common asylum mechanisms.  "It is a matter of credibility," he said, adding that, before the summer, the Commission launched 32 proceedings to force EU members to uphold European standards and that more investigations are under way.

Quite a few people seem desperate for this to be the financial armageddon they've been predicting for, it seems like, forever. Well, there's a vested interest I'm sure but should their longed-for meltdown actually occur, I wonder how many of those Jeremiahs would remain unaffected....Wei Yao at Soc Gen has been crunching the numbers and calculates that today's reserve ratio easing will inject around $107bn into the economy. However, this may not be enough to fully offset the hundreds of billions Beijing has been using to prop up the value of the renminbi since August 11.

The PBOC now faces a difficult balancing act where it seeks to counter-act tighter policy as dictated by its foreign exchange regime with the need to keep the economy motoring along.

More from Wei:  "The battle to stabilize the currency has had a significant tightening effect on domestic liquidity conditions. It is the PBoC's decision whether or not to keep at it. If the PBoC wants to stabilize currency expectations for good, there are only two ways to achieve this: complete FX flexibility or zero FX flexibility. At present, the latter is also increasingly unviable, since the capital account is much more open. Therefore, the PBoC has merely to keep selling FX reserves until it lets go.  "In a nutshell, the PBoC’s war chest is sizeable no doubt, but not unlimited. It is not a good idea to keep at this battle of currency stabilization for too long." ...The ECB's Vitor Constancio has been speaking in Germany today and has dampened anxiety over a major economic slowdown in China.

Despite downside risks to inflation coming from falling oil prices, Mr Constancio said the ECB stood ready "to use all the instruments available within its mandate to respond to any material change to the outlook for price stability”. ... China won't intervene to support stocks again?  Do you seriously expect anyone to believe this?  They've just authorized the party apparatchiks of the Chinese National  Pension Fund to spend up to 30% of their assets on shares. Are we expected to have forgotten that?  That's $100 billion of possible buying orders coming down the road.
When these apparatchiks are told to buy, they'll buy, and buy again - as if their jobs depend on it, as they do.

At the moment the Greek government receipts are used to pay for  pensions and public salaries. Afterwards there is practically no money left to pay for social, health, education, traffic, communication,  military etc.  All these items are paid by credits from partners. Interests and debt  repayment is only done by partners.  Without a "haircut" on pensions and public salaries Greece has not even a slight chance to survive..."To relieve the present exigency is always the object which principally interests those immediately concerned in the administration of public affairs. The future liberation of public revenue they leave to the care of posterity." -Adam Smith, The Wealth of Nations (1776) 2010. Greece was about to default on its debts. As usual, politicians and bureaucrats blamed everyone but the perpetrators — the politicians and bureaucrats. They claimed that the only way to relieve the crisis of debt was debt itself.  Problem: An excess of borrowing behavior by Greeks.

Goal: To have saved the Big Banks, mainly in France and Germany. Plan: To allow Greeks to default to non-banking creditors; have the European Central Bank and International Monetary Fund lend even more money to Greece in order to give Big Banks time to rid themselves of basically worthless Greek debt; then, when Greece finally defaults, charge the taxpayers in the European Union, that phony paradise of united social democracies, for the losses to the ECB and IMF. Measurement: Success for bankers, bureaucrats, and politicians. Failure for taxpayers. There were alternatives more fair and just; for example, see "Debt & the Race to the Bottom" at ... http://nationonfire.com/catego... In 2015. Greece defaults. Consequence? Another rescue from the EU in exchange for more Greek promises.

Dear Greeks, take the pain we need some new plates and glasses. WTF. The EU beaurocrats added c£100bn of costs to Euro Countries, have no mandate for their policies, are not accountable and are hugely hypocritical. Let us reduce size of hair dryer and vacuum cleaner motors to reduce emissions whilst continuing to ferry people and documents between Brussels and Strasbourg at a cost in excess of £100m per year, which is of course emissions free.  The amount of money that has been P'd away since the European project started is mind boggling. The accounts have never been signed off since this bunch of loons started, due to fraud and a total lack of control. Imagine being a company in any country in the EC on this basis. No chance; closure and prosecution of the Directors.  This is a monster gravy train for those involved, (Kinnocks spring to mind and several ministers from France and Holland who sit on the CAP committee, but just happen to have huge farming interests, which seemingly they don't have to declare. Doesn't fit with the Companies Acts in the UK).  As a Brit living in France I see several perspectives, but genuinely believe that the future of the UK would be best served by leaving this self-serving gentleman's club. It is an altruistic view of life with no regard to real people and exists to provide a good living to those involved, much of it tax free. Evidenced by the demand for a budget increase for the European Parliament whilst all EU members were cutting costs. How far out of touch can they be. The people need to wake up and recognise that each tier of management/ local and central government carries a cost, London Mayors, etc. and so long as it is accountable then no problem. These people are not accountable to anyone and milk the system to the extreme.

Journalists are now starting to ask that awkward question, Is the EU really benign ? To draw a parallel, here is my response.  We've seen the EU control freaks demanding repeat referendums until they get their way on a national vote and we've seen them impose a president on Italy, what part of un-democratic process does it take before people wake up and realize the EU is not benign but a malignancy that is corrupting democracy.  The Common Market or EU long ago morphed into a life threatening polyp just like the one doctors found in my colon last year and luckily for me, unlike the EU, mine was still benign. However, I must have had it for several years as it had grown to the size of a large grape and had I left it any longer it could have  turned malignant just like the EU is today.  I had my polyp cut out just in time before it could have turned cancerous and made a full recovery and its time the countries in Europe cut out the cancerous parts of the EU before its too late. Remove that growing malignancy in  Brussels, make the EU the free trade area that was originally sold to us  and with luck the 'patient' might survive.  That of course is if we want EU to survive as some cancers have a nasty habit of returning !!!.. Everything you were warned about is coming true.  You were told you cannot tie together your disparate nations into one currency like some huge refugee raft and think it was going to work.  Greece is the proud  nation, and now that their skiff is going down, they're going to take you with it.  They've always been a problem from day one.  Cut 'em loose, and next time, you should listen when people tell you that you can't tie your sovereign nations together with other nations that you don't control electorally nor fiscally. . . .

Greeks are historically hard-working people, betrayed by banksters and their elected tools. The debt isn't THEIRS!! They live under a giant currency-swap turned loan-sharking scam, pushed onto these people without their consent. The people actually got 3% of the loaned money, the rest going to to JP Morgan and the rest.  In other words - only  an idiot can fall easily to whatever crap media feeds Europe ...

At what point will the EU recognise the futility of continuing with the Euro and their integration projects...by "democratic means"?

The best case scenario is the total collapse of the Euro and the EU.  This scenario is the one the French were banking on, that the Euro would deliver integration. Integration is a core belief and the Eu wont let go of this.  The Euro cannot succeed without integration and this was known at the start.  The problems that would ensue without it were known with uncanny accuracy at the start and they went ahead.  This latest situation is the EU still clinging to the belief that somehow or other they can force regime change (to who? to one of the EU puppet parties that Syrzia displaced?) that the project will continue till everyone agrees to hand over sovereignty. This will then rescue the Euro.  But even though the Euro has caused such problems the PIIGS were not amused by Merkel's 2011 call for integration and hence austerity measures designed not to help but finish the job.  And what success have they had? Ireland is even doing rather well .... but only for so long as they can set their own corporation tax. Italy SPain and Portugal seem to have become accustomed to the austerity measures so no doubt the EU is intending to tighten up. Or it was before Greece elected a "populist" party.  But the EU cannot allow for any country to recover from the damage of the Euro except through integration and they cannot accept any other path unless they give up on the idea. That they will not do if we consider the very timely publication of the new blueprint on integration published by Junkers Dieslbloem Tusk et al. and this surely must make clear to Cameron that his hopes of reforms and repatriated powers are a nonsense even if he were Tsipras which he is not.

Greeks will vote their country out the EU and that's goooddd

Greek prime minister Alexis Tsipras has called a referendum on the country's bailout deal with its European creditors.  The vote, which will take place on July 5, and will ask Greece's citizens whether they want to accept tough measures put forward by the International Monetary Fund, European Union and European Central Bank. A "no" vote would see Greece default on its debts and force the country out of the euro. It came as Greek rejected a €15bn rescue plan, lashing out at attempts to blackmail the country into submission. Greece's fate is due to be decided at a last-ditch meeting of eurozone finance ministers in Brussels on Saturday, as differences over tax rises and spending cuts continue to hold back an eleventh hour agreement. The meeting has been billed as the last possible opportunity for Greece to cede to creditor demands and stave off a default. In the absence of a deal, creditors are planning for a series of emergency default scenarios, as the banking system would likely face ruin. Capital controls in the form of enforced bank holidays and deposit withdrawal limits could come as early as Monday, according to analysts at Credit Suisse...

LUXEMBOURG (AP) — Europe was scrambling Friday to pick up the pieces after another failed meeting over Greece's bailout that reinforced fears that the country was heading for bankruptcy and a possible euro exit.  Several European countries said openly they are getting ready for the possibility of Greece leaving the euro. And though there was no sign of panic in the streets of Greece over that prospect, officials say Greeks are taking money out of banks in growing amounts.  As a result, the European Central Bank has scheduled a teleconference of its governing council to discuss emergency credit for Greek banks — just two days after it increased the amounts it was willing to provide. The ECB has been steadily increasing the credit it allows Greek banks to draw on.  The ECB could turn off that support if it thinks Greece is going bust, but that's not expected ahead of Monday's emergency meeting of the eurozone's 19 leaders. The country needs a deal to get more bailout loans from creditors before June 30, when it has the first of a series of debt repayments it cannot afford.

Without a deal, the ECB would be under intense pressure to stop pumping money into a banking system that might collapse.  Relations between the creditors and the Greek government, which was elected in January on a promise to end the crippling austerity cuts demanded since 2010 in return for the bailout money, have soured significantly in recent days, with each side blaming the other in stronger language for the impasse.  In Athens, there were no visible signs of distress, or larger than usual lines at banks or supermarkets, despite reports of large withdrawals and transfers, which can also be made electronically.  An EU official said 2 billion euros ($2.3 billion) had been taken out of Greek banks in the last three days.  "Money is going out of the Greek banks faster than at any time before," said the official, who spoke only on condition of anonymity because of the sensitive nature of the situation.

The IMF is being lined up to be the bad guys which suits the EZ politicians immensely.

The IMF decision to pull back their team to Washington will have acted as an ice-cold shower to Tsipras, EU officials and politicians who keep feeding us pie-in-the-sky nonsense about the umpteenth imminent deal, causing the Athens bourse to go up and down like the proverbial piece of 'ladies'' underwear.  Greece's highest court today decided that the 2012 agreement to cut pensions has been illegal. Any new promise on pension reforms is likely to suffer the same fate in the future, so isn't worth the paper they are written on.  I hope that the drastic IMF action will either lead to a complete capitulation by Greece or even better an imminent exit from the Eurozone and the EU.

PS: The artificial bonhomie of these contestants is nauseating. I'd rather have sour-faced, business-like Schaeuble than the conglomeration of grinning fauns.

Debt-management issues seen solely through economist eyes, and dealt with, solely in the economic realm, empowers finance [Schaubles] ministers to influence policy...that's all.

Political [Merkel] leaders are there to heed that advice or snub it - depends entirely on which way the political winds blow.  So Schaubles is being snubbed, sidelined, shoved up a siding - political wind shifted.

The EU is increasingly weaker and it is becoming impossible to control the processes that are taking place on its territory, informs Sputnik International, which states that Europe will become a playground for the US and Russia, which are trying to expand their influence.  According to the publication Deutsche Wirtschafts Nachrichten, the EU is no longer capable of controlling the processes that are happening on the European continent because the policy is dictated by NATO, led by the US, and the European governments are mere members of the audience.  According to the German newspaper, the government led by Angela Merkel is weakened by the espionage scandal, while the EU is no longer a community of values, just a purely economic community, in which every party is trying to balance its selfishness. The EU is helpless when its conflicts appear on the European territory, Sputnik International further shows, and it says: "Whether it's Greece, Ukraine or Macedonia, the EU governments have proven incapable of making efficient decisions and are only acting as observers.   For example, this is valid for the conflict in Ukraine, where the United States have forced the European governments to impose economic sanctions on Russia, one of the most important trade partners of the EU, Sputnik International also says, which adds that now, the EU has to pay twice: first of all the business sector is suffering significant losses because of Russia's sanctions, and second of all, European taxpayers have to finance new loans to keep Ukraine's economy afloat.  According to the German newspaper, the EU is becoming a playground for Russia and the US, which are trying to extend their areas of influence in the region: "Europe is a major energy market if the US decides to export the technology of hydraulic fracking and Russia is trying to secure its exports of natural gas".  "It is highly unlikely that the two opponents will have a monopoly, but even without it, both of them can earn a lot of money", the article further states. Thus, the outrageous statement of American official Victoria Nuland - "Fuck the EU"- seems to have become a reality, the EU states.  According to Deutsche Wirtschafts Nachrichten, this negative trend is the logical consequence of the contradictory development of the EU, which is derived from the paradox of arrogance and of the strife within the EU.

The penal Romanian PM ( Victor Ponta)

The sooner this failed experiment collapses in a heap the better...

It is funny , isn't it ? The 'experts' (hacks) keep writing stories predicting the end of the Euro and mass default causing catastrophic financial mayhem, yet still it continues and the Spanish government is looking for ways to prop it up. So we see that NOTHING will derail the corrupt scam which is 'The EU'....5000 years ago man started building temples and worshiping some deity to make the rains come and the harvest good. Today we do the same only we appoint our deities and pray to them to make inflation low and employment high. Never mind that monetary policy, like the rains, can only create favorable conditions for economic growth but it cannot create it. Regulatory environments, tax policy and those old ingredients of capital, labor and technology have to be planted to get a harvest. Worshiping at the temple of Mammon only goes so far... 28 countries, each with its own national identity, each wanting something different from the EU, each with its own fiscal requirements. No wonder the EU is pulling itself apart. The sooner this failed experiment collapses in a heap the better....The people with the blinkers are those with their snouts in the Brussels trough, blind to what is actually happening in the good countries of Europe.  The peoples of these sovereign nations are not melding into obedient 'Europeans' They are proud citizens of their home countries, and they are getting angrier by the day.  If the freeloading elite don't come to their senses soon there is a real risk of violence, which is why idiots like you need to drop your stupid European fantasies and look to see which way the wind is blowing..

Rising Stock prices refelect the true inflation

Responding to a reporter asking about when interest rates might rise in March last year, Ms Yellen suggested that the Fed would start to increase these “probably something in the order of six months” after it ceased buying up bonds.  Financial markets reacted instantaneously. Ms Yellen’s offhand comment was interpreted as a clear sign that the bank would tighten policy much faster than expected, causing US stocks to tumble. In a now-infamous research note, James Lord, an analyst at Morgan Stanley, singled out five economies as particularly weak. Brazil, Indonesia, India, Turkey and South Africa became known as the “Fragile Five”, picked for their large current account deficits, high inflation, and weak growth potential – all factors that made them vulnerable to the Fed.  Morgan Stanley last week revisited the group, as the Fed’s most recent dovish tilt “allowed emerging markets some breathing space again”. Manoj Pradhan, an economist at the US bank, said vulnerable economies had failed to take advantage of the reprieve offered by the central bank. Rates are rising already in anticipation of the Fed, the bond markets are petrified of the fallout due to absence of liquidity...this tougher rates outlook makes it even more inconceivable that greece, hamstrung by the euro as its currency, can generate any kind of meaningful economic activity.  Greece needs to devalue, to gain economic momentum, to gain the massive boon in tourism that would surely be theirs; But. For this, it needs its own currency. Let grexit become a reality as soon as possible, to save the unproductive, lethargic greeks from themselves, and, to save the Eurocrats from squandering countless more billions trying to catch the falling knife.  EU and its leaders need to shore up credibility for themselves, and for the credibility of Europe in the eyes of investors and traders. UK must be given assurance that spendthrift nations will be fully confronted, and blocked, where necessary, so as to remove another possible excuse for another disastrous possibility: Brexit.

Greece requires to be bailed out...Just like the banks were a few years back...Hundreds of £Billions were dished out and also Q.E. was introduced and indeed will continue, just so the financials continue to operate...Kicking that can down the road. Now ask yourself what's the difference between banks and Greece...Both were broken by miss management and greed. Today however the banks and financials continue on their merry way...richer than ever, whilst the people of Greece (and others) must suffer austerity and unemployment...The divide between the rich in the centers of finance and politics, getting wealthier as their assets and investments go up in value maintained all the while by Q.E. and bail outs, and the rest of societies, grows wider by the day.  Greece meantime...There is an argument here, for Greece just throwing in the towel and defaulting on their debt, returning to the Drachma and say stuff it, we've had enough of this, Let the financials suffer for a change...Once this course of action happens, as sure it will, others will follow and the Euro will then be no more...First to leave will benefit the most...When?, that is the question...One is a loan and the other one is a "Donation" (well supposed to be a loan). Notice under TARP, the US government made profits - from the interest charged and the capital gains when the securities were sold. In contrast to Greece, so far 53.5% of the original loans were written off. Yet, Greece wants more debt write-off.And the same time, it wants Europe to lend it more money, which no doubt a portion will be written off in the future.  If you were the lender, would you lend your OWN MONEY to Greece?!?  As to the issue of reforms - every single country, when bloated must reform - whether the country is the US, Russia or Greece. Remember that unemployment in the US nearly reached 10M at one stage.  The extra-ordinary loans were made, so that companies and countries could carry out the necessary reforms and transition into a new viable and competitive entity (for example GM or Ireland).  Europe and IMF have offered Greece the loans, so it could carry out reforms.  But Greece only wants the money, but "does not" want to carry out reforms.  Which in the end results in Greece and companies within Greece, to remain un-competitive, which results in Greece asking for more "Loans" from Europe and IMF and more "write-offs".

A vicious cycle - no?!?

How long does it take to double your money? You likely can have twice as much wealth in 10 years, if you invest it in stocks, or 72 years if it goes into a savings account. It pays to understand the math.  Everyone says you should invest because you'll grow your money, but let's back up a second and look at how it really works.  Stocks are one of many possible ways to invest your money. While the future is never guaranteed, history suggests that they have high potential returns. The long-term average return of the Standard and Poor's 500 Index is about 10% per year from 1928 to 2014. Warren Buffett several years ago, in the aftermath of the financial crisis, said that investors should expect a return of 6% to 7% a year. Keep in mind that these are long-term averages. The market can go down in one year, and you have to wait a couple of years for things to turn around. That's why it's best to invest money that you most likely don't need for several years.  The likelihood of achieving high single- to double-digit annual percentage returns is why people invest in the stock market for their retirement. Beyond your emergency fund, why would you put money that you don't plan on touching for 10, 20 or 30 years into savings accounts that can't even keep up with inflation?  According to Bankrate, today's average money market rate in America is 0.09%. With inflation rising at approximately 2% year over year, socking away your retirement money into a savings account means you're actually losing money. (What's even crazier, there are new ways of saving that earn no interest at all, such as this new app called Digit.)

Greece's finance minister has ramped up the political stakes in his country's debt drama, by personally telling President Barack Obama to push eurozone creditors over his country's bail-out crisis. In an 12-minute exchange with the President on the sidelines of an event marking Greek Independence day, Mr Varoufakis is reported to have repeated his desire for the US leader to influence events.   Mr Obama is reported to have responded by urging flexibility from both parties.  

Greece's Leftist government has looked to the White House to play the role of honest broker in protracted negotiations with its international creditors. Following Syriza's election in January, the President called for an end to harmful austerity policies and the introduction of a "growth strategy in order for them to pay off their debts to eliminate some of their deficits.” ...  Hopes of a deal before a meeting of the eurozone's finance ministers on April 24 have rapidly faded as both sides show no signs of bridging their differences over Greece's cash-for-reforms bail-out extension.   "In the absence of a deal in the next few weeks, the government might not be able to avoid default, which – we fear – would likely raise the risk of Grexit," said Reinhard Cluse at UBS.  The situation has become increasingly critical as Greece's public funds dwindle and the government faces a near €1bn IMF bill in the first two weeks of May. IMF managing director Christine Lagarde repeated that she would not countenance any delay in payment to the Fund.  “We will do everything we can so lending to the Fund remains the safest lending route any debtor can adopt. That is my determination” said Ms Lagarde. ...  Unfortunately for the Greeks, this is not Obama's call to make here. The Euro Zone is left to its own faltering accord. Quite sometime ago, Greece was thrown out of the Markets, and there is very little anyone can do to get Greece back in with all of this airing their dirty laudry infighting. Calmer heads did not prevail after the Greeks elected this Syriza government. Austerity and internal deflation have political consequence. The EU wont work with Syriza, but an overwhelming majority of Greeks approve of them. Would not be at all surprised if we see a Grexident soon. Only then will all of the self appointed experts report what really went wrong here, just like with Lehman. Heads will roll after the fact. Not Obama's call to make. His advice? Play nice guys. Geithner shook his head in disbelief at how this matter was handled quite sometime ago as well. Little good anyone can do the Greeks now. This situation calls for Greek self help. No not the Troika's prescription. Sorry to say, there is no way around declaring insolvency, rebooting, and starting over.

I remember Greece with the drachma. There were small businesses everywhere. The average Greek had work and money to spend on the service economy. Luxury items were hard to come by. One TV, one stereo, one car per family, but so what. Nobody stayed in, there was nightlife. Everyone took their evening meals out. The common Greek's business did so well, they built houses for their families with the money. With a parallel currency, who knows, they may still be valued in Euros.  Since the financial crash of 2008, only one nation has made any sort of true recovery and that is tiny Iceland.  A nation that would not be bullied by either its banking sector, or, by the bought and paid for governments of other nations such as Britain, and Holland.

In fact so successful has their recovery been, that the ratings agency Fitch was forced to release this this statement.  "The Icelandic response to the crisis, although unorthodox, is the only one which has so far succeeded" -  https://www.youtube.com/watch?...

'Unorthodox' my backside.  They merely had the nads required in order to go against the bully boy bankers and their many minions.  Just as the Greeks are now also about to do.