Greece fail(s)

[timosman]

The EU will not let Greece out from under their thumb.

Of course not, this is like US closing a military base somewhere.

 

[devil21]

How do you figure? Whose gold would that be? Nobody is going to simply give that much gold away for free, as far as I can see. The Greeks are lazy as all hell, so they will not work to earn the gold in piecemeal fashion. I doubt there is a whole lot of gold mining in Greece. In fact, there appears to be very little industry there at all. Those people are so lazy, it leaves me wondering who is doing all the cooking and other basic things. 1/2

Greece will not have possession of any of the gold that will be claimed to be the backing of the drachma. It will be a faux gold standard, a "global" gold standard where individual national currencies are backed by gold held under the BRICS bank umbrella, but the nations themselves will not hold the gold.

 

[Zippyjuan]

So the currency of one country would be backed up by the gold of another country? That would be strange. Especially with their own currency not backed by their own gold. Those with the gold would have no control over the money supply in the second country and since it wasn't the first country's gold backing it up there is no incentive for country #1 to control their money supply. When it is your gold you might lose, you want to control your money supply better. No, you do not describe any sort of gold standard. That would be a Rupee or Yuan or Real backed Drachma- not a gold backed one.

Would the US use their gold to back up the Mexican peso?

 

[devil21]

So the currency of one country would be backed up by the gold of another country? That would be strange. Those with the gold would have no control over the money supply in the second country and since it wasn't the first country's gold backing it up there is no incentive for country #1 to control their money supply. When it is your gold you might lose, you want to control your money supply better. No, you do not describe any sort of gold standard. That would be a Rupee or Yuan or Real backed Drachma- not a gold backed one.

What can I say, bankers do strange things in their quest for world domination and global central monetary control.

 

[charrob]

Official projection: "no" side to win with 61%

Official projection: "no" side to win with 61%: http://www.theguardian.com/business/live/2015/jul/05/greeces-eurozone-future-in-the-balance-as-referendum-gets-under-way--eu-euro-bailout-live#block-559970d9e4b00bdd27707dd6

 

[Pauls' Revere]

I feel the urge to begin laughing in a maniacally uncontrolled fashion. No, seriously... the stupidity of humanity is now gone too surreal even for my capacity to absorb. I... I...

I think I'm going mad. Yes, that's it mad.

MAD, I tell you!

NEVER GO FULL RETARD !!!

 

[Pauls' Revere]

Greeks vote NO.

http://finance.yahoo.com/news/greece-votes-referendum-future-euro-042002010.html#

Greece in uncharted waters: risking financial and political isolation within the euro zone and a banking collapse if creditors refuse further aid.

But for millions of Greeks the outcome was an angry message to creditors that Greece can longer accept repeated rounds of austerity that, in five years, had left one in four without a job. Prime Minister Alexis Tsipras has denounced the price paid for aid as "blackmail" and a national "humiliation".

Hundreds of Greeks began pouring into the central Syntagma square in front of parliament to celebrate, after a week of building desperation as banks were shut and cash withdrawals rationed to prevent a collapse of the Greek financial system.

 

[Badger Paul]

61 percent is pretty damned impressive. Salute to the Greeks who stood up for their country.

 

[TheCount]

Salute to the Greeks who stood up for their country.

They stood up for socialism and free stuff.

 

[timosman]

They stood up for socialism and free stuff.

What were the other options ?

 

[Cdn_for_liberty]

They stood up for socialism and free stuff.

lol I think they made the right move to vote NO but I have a feeling the ordinary people who voted that way probably thought they'll get the bailout package now without the conditions.

This whole thing is a sham anyways. The German Finance Minister said Greece could "temporarily" leave the Eurozone so they really have no intentions of kicking them out. Now Faroufakis is saying that they'll probably be a new deal in the next couple of days so it's not like they are doing the honorable thing and say "I don't want your money, I don't want your membership." I never understood why people think Faroufakis is some kind of badass maverick sticking it to the EU.

 

[Pauls' Revere]

They stood up for socialism and free stuff.

To much austerity to pay off the debt they owe. Wonder if this works with my credit card companies?

 

[twomp]

The last thing the EU needs is an independent Greece because shortly after, Spain might join them. The EU will not let Greece leave.

 

[Pauls' Revere]

Perhaps this serves as a lesson for the other PIGS (countries) and will get them in line with the EU. Besides, Greece can be independent if it wants more power to them. They wont be using Euros though.

 

[timosman]

To much austerity to pay off the debt they owe. Wonder if this works with my credit card companies?

Yes, but your account balance must be greater than $1B - John Maynard Keynes quote adjusted for inflation - http://www.goodreads.com/quotes/259790-if-you-owe-your-bank-a-hundred-pounds-you-have

 

[osan]

Greece will not have possession of any of the gold that will be claimed to be the backing of the drachma. It will be a faux gold standard, a "global" gold standard where individual national currencies are backed by gold held under the BRICS bank umbrella, but the nations themselves will not hold the gold.

OK, so it sounds like the latest in a long litany of phony baloney twists and other tricks to keep the circus afloat.

Got it.

The crushing aspect of this is that the world will buy this brand of nonsense and indeed the show will go on.

 

[osan]

NEVER GO FULL RETARD !!!

But I always go full crazy. It's the only thing that keeps me sane.

 

[TheCount]

What were the other options ?

Less free stuff, and their economy won't crash and burn.

 

[Zippyjuan]

I guess it is ironic that Germany is the main country in the Greek bailouts. When the German economy was teetering after WWII and needed bailed out, it was Greece who stepped up (along with other countries) to help them. In 1953 Germany had most of their debt eliminated/ written off. Greece was one of the holders of some of that debt. http://www.france24.com/en/20150129...ite-germany-economic-miracle-greece-austerity

Six decades ago, an agreement to cancel half of postwar Germany's debt helped foster a prolonged period of prosperity in the war-torn continent. The new government in Athens says Greece – and Europe – now need a similar deal.

When discussing Greece’s whopping $310 billion debt, the country's new Prime Minister Alexis Tsipras likes to recall a time when Europe's great debt offender was not Greece, but Germany, today's paragon of fiscal responsibility. The leader of the radical-left Syriza party refers in particular to an international conference held in London in 1953, during which West Germany secured a write-off of more than 50% of debt, accumulated after two world wars. Back then, with memories of Nazi atrocities still fresh, many countries were reluctant to offer such generous debt relief. But the US persuaded its European allies, including Greece, to relinquish debt repayments and reparations in order to build a stable and prosperous Western Europe that could contain the threat from Soviet Russia.

“Tsipras is right to remind Germans how well they were treated, with both debt relief and money from the Marshall Plan,” says Professor Stephany Griffith-Jones, an economist at Columbia University, referring to the US programme to help rebuild European economies after World War II. She believes Greece is justified in demanding a more generous approach from its creditors, despite obvious differences between its current plight and that of war-ravaged Germany. “In fact, Greece’s situation is perhaps more urgent because the pressure from markets and the financial sector is so much stronger than in the 1950s,” she says.

West Germany’s debt at the time was well below the levels seen in Greece today. But German negotiators successfully argued that it would hinder efforts to rebuild the country’s economy – much as Greek governments have in recent years, in vain. Under a crucial term of the London Agreement, repayments of the remaining debt were made conditional on West Germany running a trade surplus. In other words, the German government would only pay back its creditors when it could afford to – and not by borrowing even more money. Reimbursements were also limited to 3% of export earnings. This gave Germany’s creditors an incentive to import German goods so they would later get their money back, thereby laying the foundations of the country’s powerful export sector and fostering its so-called “economic miracle”.

More at link.

 

[Pauls' Revere]

http://www.economist.com/blogs/econ...ns-8?fsrc=scn/tw/te/ee/st/alexistsiprassuturn

ON JULY 5th Greeks appeared to signal, through an overwhelming referendum result, that the reform demands made by Europe were too onerous to accept. Less than a week later, on July 11th, the Greek parliament passed a bill—with a majority of 251 out of 300 votes—giving the government of prime minister Alexis Tsipras authorisation to negotiate a bail-out deal with creditors, in light of a proposal that includes conditions harsher than those rejected at the referendum. The government did not need parliamentary authorisation for this, but now that it has it, the Greek political leadership appears to present an unusually united front. This extraordinary about face may not end up achieving anything; the European leaders now meeting in Brussels may decide that Greece cannot be trusted and must go. The reversal in the Greek stance is nonetheless remarkable. How did Mr Tsipras go from imploring Greeks to vote down a package of reforms proposed by the creditors, which 62% of voters dutifully did, to begging the Greek parliament to sign up to an even harsher package less than a week later, and what consequences will the U-turn have?

way to go Greece! vote yourselves a shittier deal.