I said it before and I am sticking to it until it happens. That is, Greece should default. Unless their government has contracted a dose of IASD (I Am Stupid Disease) they should refuse the EU/IMF handout, should close their books and say goodbye to their debt. Papandreou knows that eventually a national bankruptcy is inevitable. The civil unrest which can result from austerity measures being forced on the Greek people could easily bring this democratic country back to the 1974 situation with the military takeover of the Polytechnic Institute when the tanks rolled into Athens. I don’t think the European community would like that very much. It seems that the Eurozone countries – especially Germany are finally realizing that the Greeks didn’t get where they are today on their own. They were helped along and encouraged by the German and French who were selling the Greeks military hardware and by Euro/American financial institutions who were “teaching” the Greeks creative accounting. Up until a few days ago the Euro group were more than willing to throw the poor Greeks under the bus. From what I’ve been reading in the International Financial news media since Sunday, they are all now trying to prevent Greece from defaulting. Good luck.
The following excerpts are taken from Ambrose Evans-Prichard’s blog in the Telegraph.co.uk
“…German finance minister Wolfgang Schauble told the Der Spiegel "We cannot allow the bankruptcy of a euro member state like Greece to turn into a second Lehman Brothers… Greece's debts are all in euros, but it isn't clear who holds how much of those debts. The consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank,"
“… An administrator of China's foreign exchange fund SAFE – the world's top investor – was quoted by Asia's newswire IGM-FX warning that Greece may set off a chain reaction in the eurozone, and that some states with big debts may default”
For the full article go to the link below. It will make you stop and think of what may be coming our way.
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7608361/Germany-warns-of-Lehman-crisis-if-Greece-defaults.html
Again this is not NEWS…It’s a European disaster heading towards our shores!
Signing off…Dr. Politikong.
I know what is coming our way. I read the News about Goldman Sachs. And if anybody thinks Goldman S is the only one guess again. The rest of these bastards are running for the tent. I just hope the SEC people get there first. My disappointment is that none of these a-holes has been put in jail yet. If Greece goes down god help us. People don't understand that.
ReplyDeleteThey think we Americans are untouchables. We'll see about that.
California the bankrupt state.
This has NEVER been about bailing out Greece. It has ALWAYS been about bailing the German and French banks who hold the Greek debt.
ReplyDeleteJames T. Styles
Grandview Village, Washington, DC
James T got right. It's the German and French banks that are being bailed out. That is the reason the German Finance minister and the French president are so anxious to "help".
ReplyDeleteRicco
Austin TX
I was reading today that goldman sachs are in shit with the Brits and the Germans now...Greece was just the tip of the iceberg
ReplyDeleteRich N.
SD CA
Anybody knows of a website I can visit to check if Goldman Sachs is involved in Germany's banks and bonds sales? The info would be appreciated.
ReplyDeleteDennis
TX