Political, financial turmoil in Greece

That's not actually correct, Sabot. In many ways, Greece actually has the upper hand here, because if Greece falls, it takes an awful lot of spinning plates down with it, hence the panic.

This isn't good:

http://www.zerohedge.com/news/2015-06-28/varoufakis-tells-bbc-looking-imposing-capital-controls-closing-banks-ecb-freezes-gre



Nectar Axais @NectarAxais
It's begun @zerohedge #Grexit
10:21 AM - 28 Jun 2015

Not as I see it, Bonny. But it is all a matter of opinion at the moment.

If the Euro collapses, which I don't think it will, it won't really affect me as neither the UK or Hungary are members and at present the exchange rate is very good, mucho forints for the pound!! I have banks accounts here, the UK and Austria, the last being the only one affected. It just means that there will be, I think, 10 EU members outside the Eurozone if Greece leaves. LL

Then if Spain, Portugal and Italy exit too, it will leave the Northern Countries in the Euro?  

As much as I dislike Brown, he was the one who kept the UK out of the Euro.

Thing is, Ms le Pen, currently in second rank in French politics, wants out of the euro, too. Which pretty much leaves Germany carrying the can for the whole lot. It's going to be an interesting few days.....

Miss le Pen has got no chance. The French aren't completely mad.

It begins.....

http://www.zerohedge.com/news/2015-06-28/greek-capital-controls-begin-banks-remain-closed-monday



Home
Greek Capital Controls Begin: Greek Banks, Stock Market Will Not Open On Monday

Despite the reassurances from any and all elected (and unelected) officials, given the run on bank ATMs in Greece has turned into a stampede, it is not surprising that:

GREEK BANKS TO REMAIN CLOSED FROM MONDAY FOR A WEEK: PIRAEUS BANK CEO
PIRAEUS BANK CEO THOMOPOULOS SPEAKS TO REPORTERS IN ATHENS
The announcement was made when Piraeus Bank CEO Anthimos Thomopoulos told reporters after a meeting of the government’s financial-stability panel on Sunday. At the same time, Finance Minister Yanis Varoufakis said an announcement would be made after a Cabinet meeting due to start imminently in Athens. Which is ironic considering just earlier today Varoufakis said he is opposed to the "very concept" of capital controls:


Yanis Varoufakis
‏@yanisvaroufakis
Capital controls within a monetary union are a contradiction in terms. The Greek government opposes the very concept.

Banks will remain shut until at least after a July 5 referendum called by Prime Minister Alexis Tsipras on whether to accept austerity in exchange for a European bailout, Kathemerini newspaper reported, citing unnamed sources.

Reuters is also reporting that the Greek stock market will not open on Monday (leaving us wondering just what that will do to the Greek ETFs liquidity in US markets) as hedgers scramble to protect un-closable losses wherever they can.

In other words, Greek speculators just got CYNK'd - you can buy stocks all you want, but if the market is about to fall out of the bottom, you simply are not allowed to sell.

Which, incidentally, is coming to every centrally-planned, banana "market" near you...

So they will then reopen with drachmas?

No. Roubles.

I must say, Angela Merkel telling the Greeks, a couple of days ago, to 'sort this out before the markets open on Monday', wasn't her brightest idea....

Greeks have less than fond memories of German Chancellors telling them what to do - they said NO last time, too, when there was a lot more at stake.

http://www.zerohedge.com/news/2015-06-28/ignoring-tsipras-plea-calm-greeks-storm-atms-stores-gas-stations

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Yup, that's about all we can do.

I know and watch as Russia offers security......as you said, "roubles". Bonny. 

Juncker is currently giving a tearful press conference:

http://www.theguardian.com/business/live/2015/jun/29/greek-crisis-stock-markets-slide-capital-controls-banks-closed-live

Jennifer Rankin @JenniferMerode
In one night Europe suffered a major blow and goodwill was blown to the wind, says Juncker. I feel a little betrayed. #Greece

Ian Traynor ✔@traynorbrussels
#greece @JunckerEU fears his life's work unravelling
11:52 AM - 29 Jun 2015

How very dare those Greeks want money for things like food and medicine! How very dare they want a say in their nation's future? Have they NO consideration for careerist Eurocrats and Deutchebank shareholders?

I am actually generally in favour of the EU, but the arrogance of him and Merkel is making me feel like voting NO in our referendum. I am sick to death of our Imperial Masters - whatever country they hail from.

A No vote would be disastrous for Greece, Juncker reiterates.

The entire planet would take it as a sign that the Greek people want to distance themselves from Europe.

Really? Not just from arrogant elitists like him? And last time I looked at a map, Greece was firmly joined to Europe...

I suspect 'the entire planet' is so sick to death of the elitist trampling the small people underfoot, they'd be cheering Greece on.

http://www.zerohedge.com/news/2015-06-29/juncker-greece-dont-commit-suicide-just-because-you-are-afraid-death?page=1

In as brash an instance of lying propaganda as we have seen recently EU President Jean-Cleaude "when it's serious you have to lie" Juncker unleashed 6 minutes of unabashed falsehoods this morning as the fearmongering and blame-shame-game for Greece begins. He proclaimed that "pension cuts were not in the creditors proposals" which as many pointed out is a total lie and then said: "You shouldn’t commit suicide because you're afraid of dying. You should say 'yes' regardless of what the question is." Got that Greek Grandmas - Vote YES no matter what you think - that's how EU democracyu works...


More high drama, and many insults directed at Juncker and co, at link. That speech seems to have been a bit of a disaster all round....

And just for a change, something nearer to US shores..

http://www.zerohedge.com/news/2015-06-29/puerto-rico-bonds-are-collapsing

Puerto Rico seems to have gone bust...

Anyone with sight could see all these matters coming some time ago.  Seems so strange that those in authority didn't.........

I know nothing about Puerto Rico, Lily, just Europe, but....

I suspect that Merkel and Junckers have got away with threatening fire and brimstone if the European peasants didn't toe their line for so long, they never expected any of the said peasants to say, Up yours!

Remember at all times that less than a tenth of the Greek mess has been caused by the Greek people; over 90% of it has been caused by banksters and funny money swirling round computer screens. Goldman Sachs and Deusche Bank are both up to their corrupt necks in it.

They sound like a Ponzi scam......that could not possibly be it, could it?  

Well, you know how dodgy loan companies work? If a customer can't pay off one loan, they just hand out an even bigger one to get the desperate customer on the hook? And it gets bigger and bigger, and the customer has NO chance of ever paying it off, and ends up losing his or her car, home, everything?

That is exactly what this is, on a massive scale. But don't worry, the banksters have made lots of money from it.

http://blogs.wsj.com/moneybeat/2015/06/29/greece-markets-react-live/

WSJ Breaking News @WSJbreakingnews
Greece won't pay IMF tranche due Tuesday, government official says http://on.wsj.com/1IFg2Tc
2:14 PM - 29 Jun 2015

Worth remembering that Iceland kicked the vultures out, and after some pain, is now doing rather well.

And Russia also defaulted when it tired of being 'helped' by the vultures....worse things can happen than defaulting. Bankrupting your country and mortgaging your grandchildren's future to keep banksters and Eurocrats happy is one of them.

If Greece is going to be in a mess, better, IMO, for it to be Athens' mess than Brussels' mess - or even worse, Deutsche Bank's mess.

I feel no sorrow for any of the vultures to be honest.  Let them eat cake....