Political, financial turmoil in Greece

well done Greek minister for defending Greece´s interests, which, for me, that was a victory of Greece.

I wish the other countries, like your own Portugal, that have had austerity forced on the public, would kick up Hell too, Pedro. It's horrifying when you read up on it properly, and see where all these 'loans' have actually gone, and that ordinary people have benefited from less than one tenth of them.

The rest is all sloshing around in dodgy banks, being handled by the usual international crooks.

bb1, I agree with you, but, the truth is: the PT minister preferred to bow to the directives of German politicians, instead of having the courage to act like the Greek minister acted.

The euro seems to be plummetting again:

http://www.zerohedge.com/news/2015-03-06/overnight-wrap-euro-plummets-q%E2%82%AC-priced-futures-coiled-ahead-payrolls

But I think that's good news for Sabot?

https://www.poundsterlinglive.com/eur/1908-pound-hits-8-year-best-against-euro-3434

The pound to euro exchange rate (GBPEUR) is at 1.3898.

http://www.zerohedge.com/news/2015-03-13/europe-has-modest-proposal-greece-dont-pay-wages-one-or-two-months

So to summarize, once again, the peculiar debt payment dynamics in Greece: first the "anti-austerity", "ultra-leftist" government is about to use what little Greek pensions are left, and now - if the Troika has its way - will stop paying government salaries for a month or so, so that Greece can find enough funds to pay the IMF, which then can promptly use the same funds to pay the US muppet government in Kiev which is just as broke as Greece, and needs to pay Gazprom yesterday to keep gas deliveries coming, with Gazprom promptly remitting the funds into Putin's personal money vault.

Rinse repeat.

Meanwhile, Greece, where apathy just hit unseen levels, will end up so poor it can't even afford to conduct the next elections in which, as many have warned, none other than the neo-nazi party may finally take power

Don't ask me, the world's gone mad.

On the plus side, the euro seems to be continuing its downward plunge, so at least Sabot will benefit.

They would be better off to bite the bullet now and get out of the Euro?   It will be painful for a short while but what they have been told is theirs now, is not worse, surely?

They can then start to rebuild under their own steam.

Agree, Lily. I've said from the start of the euro problems that the euro as it stands is a failed experiment, and that it would be better to end the experiment in an organised fashion, than have it collapse in chaos.

It probably works fine as a common currency between the likes of France, Germany, etc., but one size does NOT fit all.

Never mind, Bonny.  It has made some people wealthy beyond even their dreams.......

Apologies for this being the Mail but look......

http://www.dailymail.co.uk/news/article-2993702/Germany-prepares-Greek-exit-euro-Angela-Merkel-finally-runs-patience-countrys-new-anti-austerity-government.html

This is going to be so interesting, truly, if they go ahead.

Don't apologise for it being the Mail, Lily, these things are always interesting. And that is very interesting indeed.

It was always going to get nasty when they started arguing about the War....

It's amazing that anyone could think a European army could work, it doesn't take much for the old enmity to start again. France and Belgium managed to fall out over the Battle of Waterloo this week. Belgium wanted to release a commemorative coin, France had a hissy fit due to them having lost said battle, and Perfidious Albion laughed at both of them.

Germany was strong-armed by French into swapping the Deutschmark for the euro
By ALLAN HALL FOR MAILONLINE
UPDATED: 10:03, 28 September 2010


Kohl forced to agree to join common currency as part of reunification deal
Hitherto secret papers from the Helmut Kohl era show that Germany was strong-armed by France into swapping the mighty Deutschmark for the euro as the price of reunification.
Spiegel magazine says it has had access to the paperwork that ties in French agreement to the joining of East and West Germany only if Bonn (then the West German capital) gave up its resistance to the common currency.
Francois Mitterand, the French president from 1981 to 1995, knew his neighbours were more than reluctant to trade one of the world‘s strongest currencies - administered by an equally strong central bank - for an unknown quantity.




Read more: http://www.dailymail.co.uk/news/article-1315622/Germany-strong-armed-France-swapping-Deutschmark-euro.html#ixzz3UJVYWMCJ
Follow us: @MailOnline on Twitter | DailyMail on Facebook

See? It's all France's fault.

Perhaps the Greeks should have taken a leaf out of Iceland's book - they managed to claw their way out of financial ruin. See this interesting article. LL
http://www.washingtonsblog.com/2012/08/top-economists-iceland-did-it-right-everyone-else-is-doing-it-wrong.html

Thanks, LL, that's an excellent piece.


Unlike the US and several countries in the eurozone, Iceland allowed its banking system to fail in the global economic downturn and put the burden on the industry’s creditors rather than taxpayers.

It's so obvious, isn't it? Just ask yourself, Why on earth should ANY country's taxpayers have to bail out incompetent banks run by crooks and gamblers?

bb1 wrote:Don't apologise for it being the Mail, Lily, these things are always interesting. And that is very interesting indeed.

It was always going to get nasty when they started arguing about the War....

It's amazing that anyone could think a European army could work, it doesn't take much for the old enmity to start again. France and Belgium managed to fall out over the Battle of Waterloo this week. Belgium wanted to release a commemorative coin, France had a hissy fit due to them having lost said battle, and Perfidious Albion laughed at both of them.

It's taken this long for them to fall out?   Must have loads of repressed anger there......

bb1 wrote:Thanks, LL, that's an excellent piece.


Unlike the US and several countries in the eurozone, Iceland allowed its banking system to fail in the global economic downturn and put the burden on the industry’s creditors rather than taxpayers.

It's so obvious, isn't it? Just ask yourself, Why on earth should ANY country's taxpayers have to bail out incompetent banks run by crooks and gamblers?

They shouldn't but then where would their bonuses and backhanders come from?

Well, if other countries followed Iceland's example, the bankers wouldn't be needing bonuses. Because they'd be in jail.

I know, Bonny.  They did the right thing for their country long term.

lily wrote:

bb1 wrote:Thanks, LL, that's an excellent piece.

Unlike the US and several countries in the eurozone, Iceland allowed its banking system to fail in the global economic downturn and put the burden on the industry’s creditors rather than taxpayers.

It's so obvious, isn't it? Just ask yourself, Why on earth should ANY country's taxpayers have to bail out incompetent banks run by crooks and gamblers?

They shouldn't but then where would their bonuses and backhanders come from?

One of my dad's brothers went to live in Iceland when he was a young man, married a local girl and had children. Bothe parents are dead, but the sons still live there. We keep in touch and when the crisis was at its peak Sven told me all they did was retrench, hunker down and work at mending the problem. He is now back up to the standard before the crisis, his company is flourishing and so is Iceland. One major point, the level of politicaal and business corruption in Iceland was minute compared with that in Greece. LL

Corruption is rampant throughout the West nowadays, LL, which is a huge part of the problem.

bb1 wrote:Corruption is rampant throughout the West nowadays, LL, which is a huge part of the problem.

Corruption is everywhere, North, South, East and West, no country is free from it. LL

Full-scale riot underway in Frankfurt:

http://rt.com/news/241741-frankfurt-germany-ecb-protest/


Blockupy: ECB protesters clash with Frankfurt police, tear gas deployed (PHOTOS)

Some 350 people have been detained at the Blockupy protest in Frankfurt on the day the European Central Bank headquarters open in the city. 70 police have been injured in clashes. Tear gas was used against protesters, who pelted stones and torched cars.

Watch live footage from the scene

“Many protesters have been injured as police used water cannons and tear gas,” representatives of Blockupy movement told RIA Novosti. The protest is to go on into the night. According to Deutsche Welle, protesters are now trying to storm the new ECB building.

Water cannons and tear gas were deployed by police after the demonstrators torched several cars, pelted stones at police and put tires on fire in the center of the city.

“We have registered over 1,100 offenses… Up to 70 police have been injured,” police told RIA.

More at link.



Anti-capitalist protesters pose in front of a burning German police car that was set on fire in the early morning hours near the European Central Bank (ECB) building before the official opening of its new headquarters in Frankfurt March 18, 2015. (Reuters / Kai Pfaffenbach)

The ECB's new building is set to open at 11 am local time (10 am GMT). It is to be “fully operational”, despite the tensions and the police barricading the building, according to the bank management.

The cost of the new ECB headquarters is reported to be 1.3 billion euros.


Banksters must have their comforts when they're driving the peasants into penury!

More on the rioting, arsoning, and water-cannoning here:

http://www.zerohedge.com/news/2015-03-18/violent-clashes-break-out-thousands-protest-austerity-next-new-ecb-headquarters-fran?page=1

Someone better tell Merkel the peasants are revolting....

http://www.zerohedge.com/news/2015-03-18/ecb-prepares-grexit-anticipates-95-loss-greek-debt


ECB Prepares For Grexit, Anticipates 95% Loss On Greek Debt

ECB isn't having a good day, is it, what with this, and rioters trying to burn down their shiny new building?

If Greece repays 5% of the debt, that will be just about fair, as the Greek people saw little or nothing of all these 'loans'. More than 90% appears to have been rows of zeros flashing around computer screens before coming to rest in assorted hedge funds, dodgy bonds, and Deutsch Bank.

Oh my!