Greece fail(s)

Capitol controls could be in place as soon as Monday- limiting how much money people can take out of the banks per day. Folks have already been lining up trying to get cash out before that happens. Though a deputy minister says no controls (perhaps trying to avoid panic but it also takes several days to put controls into effect- maybe open Monday but restrictions later in the week- a "bank holiday" is quicker to set up).

http://www.reuters.com/article/2015/06/26/eurozone-greece-banks-idUSA8N0Z301I20150626

No capital capital controls plan for Greek banks - deputy minister
ATHENS, JUNE 27
Greek banks will stay open on Monday and the country's leftist-led government has no plans to impose capital controls, a Greek deputy minister said on Saturday after Prime Minister Alexis Tsipras called a referendum on the creditors' proposal.

"Banks open on Monday and no capital controls," Deputy Administrative Reform Minister George Katrougkalos told reporters after an emergency cabinet meeting.

Bank deposits have been falling since 2010- over 100 billion Euros worth taken out since then leaving about 130 billion Euros or just over half still remaining. Big money left long ago- it is mostly smaller depositors left. http://www.ft.com/intl/cms/s/0/f70c9250-1cde-11e5-ab0f-6bb9974f25d0.html#axzz3eIli52MK ATMs have been running out of money but bankers insist they are being refilled (though many remain shut down).

Greece has a referendum scheduled for July 5th on whether to accept the last offer for aid.

http://www.theglobeandmail.com/repo...-calls-for-bailout-extension/article25166862/

The Greek government’s midnight decision to hold a referendum on the bailout terms on July 5 came as bank customers already feared that bank controls will be imposed as early as next week.

Several reports on Saturday said that hundreds of ATMs throughout Greece had run out of cash. A hundred or more people lined up at some bank branches before they opened in the morning. The Financial Times reported that three of the four ATMs in the small city of Sparta had run dry by early afternoon, local time.

The head of the Greek Bank Association, Louka Katseli, gave no hint that bank customers were on the verge of panic. He told the Athens News Agency that ATM machines were being replenished wherever “isolated problems” appeared. But the line-ups and the number of shut ATMs suggests that may Greeks are playing it safe by getting their cash out now.

Many economists think capital controls -- strict limits on daily withdrawals and international transfers -- will be imposed on the Greek banks any day. “I expect capital controls Monday at the latest,” Megan Greene, chief economist at Manulife and John Hancock Asset Management, said in a note from Brussels early Saturday.

The Greek banks are on European Central Bank life support. In the last week, the ECB has used emergency liquidity injections almost every day to replace fleeing deposits. The Bank of Greece announced on Thursday that deposits held by households and businesses fell to €129.9-billion in May from €133.7-billion a month earlier, implying a withdrawal rate of about €1-billlion a week.

The ECB, through the Bank of Greece, has provided a total of about €120-billion to the Greek banks to cover deposit losses. The uncertainty triggered by the surprise announcement of the referendum, whose outcome could make or break Greece’s membership in the euro zone, means the Greek banks would fail without continued ECB support. German finance minister Wolfgang Schaeuble recently suggested that capital controls on the banks should be offered in exchange for continued ECB support.
 
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http://www.foxnews.com/politics/201...-political-firestorm-in-texas-western-states/


A massive military exercise planned in states across the American West has touched off a political firestorm, with several top Texas officials now questioning the military’s plans – if only to calm the Internet and constituent furor surrounding it.
The seven-state war simulation exercise, known as “Jade Helm 15,” is planned for this summer. It involves training exercises on private and public land – while such exercises are hardly unique, even the military acknowledges the “size and scope” of this one sets it apart.
While the White House and Pentagon are downplaying concerns, this hasn’t stopped a barrage of blogs and tweets warning about whether the federal government is preparing for “martial law.” Even actor Chuck Norris is keeping his “eyes of a ranger” on the situation.
Western-state officials are now caught between a desire to calm their residents – and yet not appear to stoke any conspiracy theories.
Texas Gov. Greg Abbott already has asked the State Guard to monitor the training exercises, after officials faced worried residents at a packed town hall meeting.
This alone triggered accusations that the Republican governor is “pandering to idiots.”

On Monday, the governor defended his actions. “There was, frankly, an overreaction to the simple fact that someone has to be in charge with gathering and disseminating information,” said Abbott, speaking to reporters. “We stepped in to play that role, which is a role to be applauded.”
On Tuesday, Texas Republican Rep. Louie Gohmert also released a lengthy statement saying his office has been “inundated” with calls on the matter.
“This military practice has some concerned that the U.S. Army is preparing for modern-day martial law,” he said. “Certainly, I can understand these concerns.”
At the same time, Gohmert said he understands why military officials want to test whether Special Forces groups can move around a civilian population and handle various threat scenarios.
Gohmert explained that his concerns stem from the way the military is approaching the exercise. He cited a widely circulated map which details the seven states that are part of the exercise – California, Nevada, Utah, New Mexico, Arizona, Colorado and Texas. The map has Utah and Texas colored red and labels them “hostile.” It labels other states as “permissive,” leaning hostile” and “leaning friendly.”
Gohmert said he was “rather appalled” that the “hostile” areas “have a Republican majority, ‘cling to their guns and religion,’ and believe in the sanctity of the United States Constitution.”
He called this an “affront” to residents there and urged the military to change its approach and tone. “The map of the exercise needs to change, the names on the map need to change, and the tone of the exercise needs to be completely revamped so the federal government is not intentionally practicing war against its own states,” he said.
And Texas Sen. Ted Cruz, a Republican presidential candidate, told Bloomberg he’s reached out to the Pentagon to “inquire about this exercise.” He said he has no reason to doubt the Pentagon’s assurances, but he understands residents’ concerns – and backs Abbott’s actions.
But the White House and Pentagon are pushing back. Last week, White House Press Secretary Josh Earnest said he has “no idea what [Abbott is] thinking.”
“In no way will the constitutional rights or civil liberties of any American citizen be infringed upon while this exercise is being conducted,” Earnest said.
Pentagon spokesman Col. Steve Warren likewise said it “poses no threat” to civil liberties.
“This is a several weeks long training exercise with the purpose to refine the skills of our special operations forces,” he said, while batting back “strange Internet conspiracy theories” and “wild speculation” about the operation.
Special Operations Command said in a March press release that the exercise, from July 15 through Sept. 15, will only take place on “pre-coordinated” public and private lands – with permission from landowners and officials. Much of it would be in “remote areas,” though residents may see an uptick in “vehicle and military air traffic and its associated noise.”
An official with Special Operations Command also told Fox 13 Salt Lake City that the purpose was to replicate “potential terrain” soldiers might find themselves in overseas. As for labeling states like Utah “hostile,” the official said that was part of the design. “It is fictional and is not intended to represent any belief that the state of Utah is hostile,” the official said.
The politics have gotten tricky for western state lawmakers, however, as it puts them between concerned residents and America’s soldiers.
In Texas, Democratic Party Deputy Executive Director Manny Garcia called on Abbott to apologize to the military, accusing the governor of giving “credence to conspiracy theorists by ordering the Texas State Guard to monitor U.S. military operations.”
Meanwhile, Chuck Norris, a.k.a. “Walker, Texas Ranger,” is backing up the governor.
Writing on the conservative website WorldNetDaily, he said: “Concerned Texans and Americans are in no way calling into question our brave and courageous men and women in uniform. They are merely following orders. What’s under question are those who are pulling the strings at the top of Jade Helm 15 back in Washington. The U.S. government says, ‘It’s just a training exercise.’ But I’m not sure the term ‘just’ has any reference to reality when the government uses it.”
 
Yep- with Jade Helm in place, the government is ready to shut down the country at a moment's notice. How many soldiers will they have you may ask?

http://sanangelolive.com/news/county/2015-06-15/jade-helm-15-starts-one-month

According to Commissioner Bill Ford, about 1,600 total military personnel will be training throughout the nation. He also said Jade Helm will be located in 17 locations in Texas and there will probably never be more than 45 or 50 personnel in one location.

Yep- that should be enough to pacify the masses! More than enough for national Martial Law!

Greece economically is very small. Their GDP is about $200 billion while the GDP of the European Union as a whole is about $17 trillion.
 
Yep- with Jade Helm in place, the government is ready to shut down the country at a moment's notice. How many soldiers will they have you may ask?

http://sanangelolive.com/news/county/2015-06-15/jade-helm-15-starts-one-month



Yep- that should be enough to pacify the masses! More than enough for national Martial Law!

Greece economically is very small. Their GDP is about $200 billion while the GDP of the European Union as a whole is about $17 trillion.

If you watched that vid with Bill Holter, he actually mentions that even speaking publicly about the Jade Helm operation was forbidden. The government actually forced the governor of Texas to shut up and apologize for even mentioning it. I don't think this is *just a "training exercise" at all. I'm not one to buy into a lot of the conspiracy theory stuff--but this is just too real and happening at a really convenient time, which most of the economists have been saying is going to happen around this time for years now. It's definitely something to keep an eye on IMO.
 
If you watched that vid with Bill Holter, he actually mentions that even speaking publicly about the Jade Helm operation was forbidden. The government actually forced the governor of Texas to shut up and apologize for even mentioning it. I don't think this is *just a "training exercise" at all. I'm not one to buy into a lot of the conspiracy theory stuff--but this is just too real and happening at a really convenient time, which most of the economists have been saying is going to happen around this time for years now. It's definitely something to keep an eye on IMO.

I don't believe in conspiracies but I believe the conspiracy. Got it.

New reports just out (and being updated) say Greek banks probably will be closed on Monday. Meanwhile, the European Central Bank says it will not extend further credit to prop up the Greek banks. That is to end Tuesday unless a new deal can be reached. They will continue current aid to Greek banks.

http://www.nytimes.com/2015/06/29/business/greek-debt-crisis-european-central-bank.html

ATHENS — Greek government officials and banking executives were meeting in Athens on Sunday evening to consider temporarily closing the country’s banks and perhaps setting limits on A.T.M. withdrawals in an effort to keep the banks from collapsing as the Greek financial crisis heads into uncharted territory.

The meeting came hours after the European Central Bank said it would not expand the emergency loan program that has been propping up Greek banks in recent weeks, as the government has tried without success to reach a new debt deal with international creditors.

If the Greek government closes the banks and imposes so-called currency controls, it would be taking steps similar to those by Cyprus in 2013 to avoid a bank collapse. But in that case, the Cypriot government acted in concert with other European governments as part of a new bailout program. In Greece, the emergency banking measures would be a result of a breakdown in talks with other eurozone countries. The breakdown has intensified pressure on cash-poor banks as jittery Greeks withdraw their savings.

There is still a chance that Greece and its creditors — the European Central Bank, the International Monetary Fund and the other eurozone countries — can come to terms before its current bailout program expires on Tuesday. On Sunday, the European Commission and I.M.F. issued statements indicating the door to further discussions might still be ajar.

But the European Central Bank, for its part, declined on Sunday to raise the limit on its emergency funding for Greek banks — a level currently said by banking officials and analysts to be around 89 billion euros, or about $100 billion — even though businesses and consumers have withdrawn billions of euros in recent weeks.
 
How is greece any different to any other heavily indebted country Zippy? the US will face its day of reckoning just like Greece
 
UPDATE:

Capital controls to be placed, banks and stock market to close.

http://finance.yahoo.com/news/greek-parliament-gives-green-light-000712713.html

ATHENS/FRANKFURT (Reuters) - Greece will introduce capital controls and keep its banks closed on Monday after international creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff to a dangerous new level.

The Athens stock exchange will also be closed as the government tries to manage the financial fallout of the disagreement with the European Union and the International Monetary Fund.

Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.
 
UPDATE:

Capital controls to be placed, banks and stock market to close.

http://finance.yahoo.com/news/greek-parliament-gives-green-light-000712713.html

ATHENS/FRANKFURT (Reuters) - Greece will introduce capital controls and keep its banks closed on Monday after international creditors refused to extend the country's bailout and savers queued to withdraw cash, taking Athens' standoff to a dangerous new level.

The Athens stock exchange will also be closed as the government tries to manage the financial fallout of the disagreement with the European Union and the International Monetary Fund.

Greece's banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.

This is just the banker's way of making life harder for the mundanes ahead of their referendum on July 5th. Punishing them to earn their vote. I hope they vote to give the finger to the EU and do what Iceland did and jail the bankers who got them into this mess. Send a message to all the corrupt banksters across the world.
 
"The euro area thus has no real choice but to seek regime change in Athens," he said on the website of the Peterson Institute for International Economics."

That's the scary part. An international body trying to overthrow a democratically elected government. To hell with the EU!
 
This is just the banker's way of making life harder for the mundanes ahead of their referendum on July 5th. Punishing them to earn their vote. I hope they vote to give the finger to the EU and do what Iceland did and jail the bankers who got them into this mess. Send a message to all the corrupt banksters across the world.

Iceland froze bank withdrawls and instituted capital controls too- six years ago. They are just now considering easing them.
 
They will if they are serious about dislodging the dollar in my lifetime. But there is a big downside for the insiders in having a truly gold-backed currency - they can't rape the people with inflation. Nobody with control of a currency will easily give up the power to inflate it unless and until the currency collapses.

It's not far-fetched if they control the gold mines after currency collapse. Ever wonder why South Africa is part of the BRICS? Sounds random until one considers their gold mining prowess. Russia has the second largest untapped gold reserves in the world. China also has large gold deposits. Even untapped US mines will be under BRICS control after this process is said and done. No need to inflate currencies through debt when your banking conglomerate controls much of the future gold mining.
 
Iceland froze bank withdrawls and instituted capital controls too- six years ago. They are just now considering easing them.

Well except for one GIANT difference. Iceland had capital controls on its OWN country. Greece's capital is being controlled by a FOREIGN entity. Iceland did it to keep their money in THEIR country. EU is doing it to keep Greece's money in the EU. RECOGNIZE the difference?
 
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GREECE DEFAULTS:

http://news.yahoo.com/anti-austerit...own-bites-054743775--sector.html?clear-cache#

ATHENS (Reuters) - Greece made last-minute overtures to its international creditors for financial aid on Tuesday, but it was not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.

The left-wing Greek government had asked European partners for a two-year aid package to cover its financing needs. Later on Tuesday, Greece's Finance Minister Yanis Varoufakis indicated on a call with European counterparts that Athens might scrap a controversial July 5th referendum if a deal was reached, according to euro zone sources
 
Whether Greece is technically in default depends on the terms of the loan. Media keeps throwing around the word "default", yet technically Greece is now in "arrears" and "delinquent" but may or may not be in "default". If no CDS has been triggered then Greece is not technically in default yet.
 
For those defending the EU, you should know at this stage the EU is finished either way. Personally the 90s were a bit better financially before the EU kept spreading.
 
The next house of cards to fall is Italy, Spain, Germany itself.

Seems Puerto Rico has suddenly become the next to fall, according to the onslaughts of media reports today. How that affects the dominoes will be interesting, given PR's status as a US territory.
 
Whether Greece is technically in default depends on the terms of the loan. Media keeps throwing around the word "default", yet technically Greece is now in "arrears" and "delinquent" but may or may not be in "default". If no CDS has been triggered then Greece is not technically in default yet.

Your correct: according to the IMF:
http://www.imf.org/external/np/sec/pr/2015/pr15310.htm

Statement by the IMF on Greece
Press Release No.15/310
June 30, 2015

Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:

“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.

“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”



However, for mass media consumption DEFAULT is better understood. "arrears" and other financial jargon can easily lose people in the sauce. Hell, most people have no idea what a "vehicle" refers to other than a car of some type.
 
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