Political, financial turmoil in Greece

I don't care about any of them either, Lily - they have ruined too many people's lives, and stolen too many people's futures, while they thrived and grew fat.

Why is Greece even in the euro to begin with? Because Goldman Sachs helped cook their books while mega-bucks changed hands.

How terribly convenient.....

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



jon henleyVerified account
‏@jonhenley
Rally in front of #Greece parliament this evening

That poster sums it up nicely. IMO, Merkel and Juncker have both made appalling blunders with their arrogant lectures - reading that link, Juncker seems to have made it Euro v. Drachma.

He seems to have forgotten that many people are going to say, Hold on, we didn't have this mess before the euro - drachma it is

http://www.zerohedge.com/news/2015-06-29/ecb-strikes-back-threatens-greek-deposit-haircut-if-and-when-ela-found-be-illegal-we


The subtext of what Nowotny just said is that absent a deal, Greek banks will have no choice but to impose a massive haircut on existing deposits, since the entire ELA will be yanked, and the Cyprus scenario would follow, one that would see existing deposits of under €120 billion, chopped off in half or probably much, more depending on the true state of Greek bank collateral.

Oh, the European Central Bank now threatening to help itself to ordinary people's bank deposits should really help them feel the love for the EU. Is Brussels trying to drive Greece out?

They don't care Bonny.  They just want money...more money......and repeat.

The EU is showing a rather ugly face right this minute, one they've hitherto hidden under all those twinkly flags and Odes To Joy.

Well, they do know best don't they?  

No, actually, they don't know best, or none of this would be happening.

On No!!  They might get upset and cry. 

http://www.theguardian.com/business/2015/jun/29/joseph-stiglitz-how-i-would-vote-in-the-greek-referendum

We should be clear: almost none of the huge amount of money loaned to Greece has actually gone there. It has gone to pay out private-sector creditors – including German and French banks. Greece has gotten but a pittance, but it has paid a high price to preserve these countries’ banking systems. The IMF and the other “official” creditors do not need the money that is being demanded. Under a business-as-usual scenario, the money received would most likely just be lent out again to Greece.

That cannot be said often enough; too many people think ordinary Greeks did this to themselves. And I agree with the conclusion:

It is hard to advise Greeks how to vote on 5 July. Neither alternative – approval or rejection of the troika’s terms – will be easy, and both carry huge risks. A yes vote would mean depression almost without end. Perhaps a depleted country – one that has sold off all of its assets, and whose bright young people have emigrated – might finally get debt forgiveness; perhaps, having shrivelled into a middle-income economy, Greece might finally be able to get assistance from the World Bank. All of this might happen in the next decade, or perhaps in the decade after that.

By contrast, a no vote would at least open the possibility that Greece, with its strong democratic tradition, might grasp its destiny in its own hands. Greeks might gain the opportunity to shape a future that, though perhaps not as prosperous as the past, is far more hopeful than the unconscionable torture of the present.

I know how I would vote.

I know too.  

Good article, Bonny.

What's wrong?  The bullies scared they might lose a load of money?

All people who are wealthy honestly deserve their money.   I cannot abide corruption.

I think they are scared, Lily - the Eurocrats in particular. And they certainly didn't earn their money honestly.

Exactly, Bonny.

http://www.zerohedge.com/news/2015-06-30/varoufakis-confirms-greece-will-default-imf-today


Varoufakis Confirms Greece Will Default To IMF Today
Tyler Durden's pictureSubmitted by Tyler Durden on 06/30/2015 07:13 -0400



May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters:

GREEK FINANCE MINISTER SAYS GREECE WILL NOT PAY IMF ON TUESDAY.
Visually:

http://news.sky.com/story/1510968/greece-to-default-as-bailout-extension-refused

Sky News' Siobhan Robbins, in Corfu, said credit cards were still being accepted though businesses were hungry for cash.

Taverna owner Dimitris Kourkoulis claimed his business was benefiting from tourists bringing extra cash.

He said: "The fact that people are bringing more cash with them, they have more cash to spend and even our tips have gone up by 40% this month."

Amazing how ordinary people can thwart the Masters of the Universe, with a bit of common sense. And I doubt if all that cash is going in the bank to be siezed by the Troika, or whoever is wearing the financial jackboots.

http://www.infowars.com/barack-obama-promises-that-events-in-greece-and-puerto-rico-will-not-cause-a-global-financial-crisis/

Barack Obama says that we shouldn’t be alarmed by what is happening over in Greece.

On Tuesday, he told reporters that this “is an issue primarily of concern to Europe” and that “I think the markets have properly factored in the risks involved“. And apparently Obama is not too concerned about the debt crisis in Puerto Rico either. In fact, the Obama administration has already completely ruled out any sort of federal bailout for the island. Barack Obama is assuring us that everything is going to be just fine and that we are not headed for another global financial crisis. So is he correct?

I had to smile when I saw a Politico article today with the following headline: “Barack Obama on Greece: meh“. While admitting that this crisis is likely to be “very painful for the Greek people”, Obama just doesn’t seem to be impressed by the threat that this crisis poses to the global financial system as a whole…...more at link.

Given Obama's past triumphs, like declaring ISIS to be the 'JV team' and praising Yemen as a model of stablity, and success of his policies....

I suggest everyone starts hoarding dried goods, matches, loo roll, candles - oh, and gold, if they can.

I will heed your warning before his assurance, Bonny.  

I've got quite a lot of Olive Oil and Pasta and Candles in my Nuclear Store Cupboard.

You're good to go, Sabot.

You also have useful skills, like knowing how to chop wood, make soup, etc. What these people that cannot exist without a Starbucks in one hand, and a smartphone stuck on FB in the other, would do if things got really sticky, I have NO idea.

I did buy quite a lot of sea salt last year, in case the freezer breaks down, ever. I've always had Salpetre but I've never tried salting chicken or fish. But no reason for why not. Vegetables however, are easy to salt, and keep for years.

I didn't think about salting vegetables, Sabot but will now take a look at that just in case.

Mind you, I can fish from the end of my yard.....