Author Topic: Greece Financial Default Watch  (Read 473377 times)

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Offline alithinos

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Re: Greece Financial Default Watch
« Reply #40 on: July 07, 2011, 07:45:54 pm »
I think it's important to remind that George Papandreou attended the 2009 Bilderberg meeting.
Five months after the meeting he became the prime minister,and a year later he signed the memorandum/agreement with the IMF and the EU.

This,along with the revealation from a former PASOK politician that Papandreou had decided that he would take Greece to the IMF and EU and ask loans long before he became prime minister,brings up some questions.

Was Greece's situation today planned in that meeting ?

I don't think these events are unrelated.

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #41 on: July 08, 2011, 10:42:12 am »
I think it's important to remind that George Papandreou attended the 2009 Bilderberg meeting.
Five months after the meeting he became the prime minister,and a year later he signed the memorandum/agreement with the IMF and the EU.

This,along with the revealation from a former PASOK politician that Papandreou had decided that he would take Greece to the IMF and EU and ask loans long before he became prime minister,brings up some questions.

Was Greece's situation today planned in that meeting ?

I don't think these events are unrelated.

I didn't see him for 2009 but for several other years yes - but let's review - this is what I've got:

Bilderbergers at Copenhagen

http://www.infowars.com/greek-pm-bilderberger-at-copenhagen-we-are-observing-the-birth-of-global-governance/
Greek PM, Bilderberger at Copenhagen: “We are Observing the Birth of Global Governance”
Jurriaan Maessen
Infowars.com
December 20, 2009

Addressing the COP 15 summit last Thursday, 5 time- Bilderberg attendee, president of the Socialist International, and current prime minister of Greece, George Papandreou, stated that “at this time, we are observing the birth of global governance.”
...

Papandreou attended the Bilderberg conferences of 1995, 1998, 2000, 2004 and 2005.

So it may not come as any surprise that the Papandreou calls for global governance to “stop climate change”- which is of course as absurd as calling for the planet to stop turning. It’s interesting to note here that earlier this year Papandreou authored an article for TheNation titled ‘The Challenge of Global Governance” in which he openly stated: “While I am pleasantly surprised that socialism is back in vogue, I am also mindful that it must be reinvented, too.”
...
In between Bilderberg meetings, on May 8, 2003, the Prime Minister showed us a glimpse of the master plan, namely:

“Creating a new Europe, means creating a new concept of identity for Europe itself, for all the countries in it and to a certain extent for the world too. Europe has a unique dimension here. What is happening in this globalizing world. We are seeing the difficulties of integration into the world system, into a global village. We are seeing a difficulty in creating global governance.”

The plan of the Socialist International as well as their sugar-daddies, the Bilderbergers, is to remove any difficulties they may encounter while setting up their world government.

Greeks at the 2009 Bilderberg:

http://truthalliance.net/Archive/News/tabid/67/ID/2738/Bilderberg-2009-Attendee-List-revised.aspx

Georgios A. Arapoglou, Greece (Governor of National Bank of Greece)
Odysseas Kyriakopoulos, Greece (Group S & B) (?)
Dimitrios Th.Papalexopoulo, Greece (Managing Director of Titan Cement Company SA)
Dora Bakoyannis, Greece (Minister of Foreign Affairs)
Anna Diamantopoulou, Greece (Member of Parliament for the Panhellenic Socialist Movement)
George Alogoskoufis, Greece (former Minister)

George A. David, Greece (businessman, president of Coca-Cola) - Billionaire
Queen Sofia of Spain ( Greek royalty ) - Billionaire?

Bilderberg 2011 Tee shirts:


Pinky and the Brain

Bilderberg 2009 Attendee List

Queen Sofia of Spain (Greece-UK) - King Juan Carlos of Spain

http://wapedia.mobi/en/Queen_Sofia_of_Spain

Princess Sophia of Greece and Denmark was born in Psychiko, Athens, Greece on 2 November 1938, the eldest child of the King Paul I of the Hellenes (1901-1964) and his wife, Queen Frederika (1917-1981), a former princess of Hanover. Queen Sofia is a member of the Schleswig-Holstein-Sonderburg-Glücksburg dynasty. Her brother is the deposed king Constantine II of Greece and her sister Princess Irene of Greece and Denmark.

Ancestry
Queen Sofía is both a great-great-granddaughter (paternally) and a great-great-great-granddaughter (maternally) of Queen Victoria of the United Kingdom and is, through several lines, her husband's third cousin. Because of this descent, she is also related to all of the royal families of Europe.

On 14 May 1962 Princess Sophia of Greece and Denmark married in Athens at the Church of Saint Dennis. Prince Juan Carlos of Spain, the future king, whom she met on a cruise of the Greek Islands in 1954. In doing so, she relinquished her rights to the throne of Greece and converted to Roman Catholicism from Greek Orthodoxy, an act of convenience in order to become more palatable to Catholic Spain.

Religion: Roman Catholic prev. Greek Orthodox

http://investing.businessweek.com/businessweek/research/stocks/people/person.asp?personId=8477218&ticker=EXAE:GA&previousCapId=9342838&previousTitle=P.%20Kotsovolos%20SA

Ulysses Paris Kyriakopoulos     Return to P. Kotsovolos SA
Vice-Chairman, Member of Audit Committee and Member of Nomination & Compensation Committee, Hellenic Exchanges SA

Odysseas P. Kyriakopoulos served as a Member of General Council of Bank of Greece.
Mr. Kyriakopoulos also serves at Silver & Baryte; Ores Mining SA and Otavi Minen AG; Air Liquide Hellas S.A. Member, Orymil S.A. Shareholder, KOF S.A. Member; J. Boutaris & Son Holding S.A.
He serves as Chairman of S&B Industrial Minerals S.A, S&B Holding GmbH Administrator - Ariseize S.A. and Ergotrak S.A.

He has been a Vice-Chairman of Hellenic Exchanges Holding SA since May 8, 2006. ...
He serves as a Vice Chairman of Motodynamics S.A. Chairman.
He serves as a Director of Delta Holding SA and has been an Independent Non-Executive Director of Hellenic Exchanges Holding SA since May 8, 2006.
He serves as an Independent Non Executive Director of Vivartia S.A.

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Letsbereal

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IMF: Greece’s Sovereign Debt Deemed In Default
« Reply #42 on: July 13, 2011, 10:18:58 am »
IMF: Greece’s Sovereign Debt Deemed In Default
13 July 2011
, by William L. Watts - Frankfurt (Marketwatch)
http://www.marketwatch.com/story/imf-private-sector-role-appropriate-in-greek-aid-2011-07-13

It's appropriate for private bond holders to share in the cost of a new Greek rescue plan, but euro-zone member states must be prepared to support Greek banks if it results in Greece's sovereign debt being deemed in default, International Monetary Fund staff said in a report released Wednesday.
->>>|:-) THE CITY INDIANS (-:|<<<-

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #43 on: July 13, 2011, 04:33:20 pm »
http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-07-13-13-23-44

Jul 13, 3:58 PM EDT
Fitch downgrades Greece to one step above default

ATHENS, Greece (AP) -- Greece suffered another sovereign downgrade on Wednesday, when the Fitch agency slashed its credit worthiness by three notches further into junk status and only one grade above default.
...
"Today's rating downgrade reflects the absence of a new, fully-funded and credible EU-IMF program for Greece, coupled with heightened uncertainty surrounding the role of private creditors in any future funding, as well as Greece's weakening macroeconomic outlook," Fitch said in a statement.
...
To the outrage of labor unions across the country, Greece's government has embarked on a punishing new round of austerity measures after missing its deficit-cutting targets so far in 2011. Spending cuts and tax hikes have already sparked frequent strikes and demonstrations, with protests often turning violent in central Athens.

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #44 on: August 07, 2011, 12:54:44 pm »
http://www.smh.com.au/business/greek-economy-goes-up-in-smoke-20110616-1g5ty.html
Greek economy goes up in smoke - June 17, 2011 Helena Smith
...
Some of the world's wealthiest financiers, bankers and real estate tycoons of Greek descent also arrived for a ''power summit'' aimed at exploring business opportunities. ''There are a lot of people of Greek descent out there who would love to help this country,'' said Nikos Gitsis, a Greek American who co-founded South East Asia Airlines in the Philippines.

''If it could guarantee fair play and the eradication of corruption and bribery, we would be here helping it get out of this drama,'' he said. GUARDIAN
...

http://www.thenewamerican.com/world-mainmenu-26/europe-mainmenu-35/8480-royal-bank-of-scotland-latest-victim-of-greek-meltdown
Royal Bank of Scotland Latest Victim of Greek Meltdown  Written by Bruce Walker     
Saturday, 06 August 2011 11:30 

The problems of European public debt reach beyond the borders of the nations that cannot pay their bills. The meltdown of the Greek economy, which is prompted by the sovereign debt crisis, is affecting banks throughout Europe. On August 5, the Royal Bank of Scotland announced that it suffered a net loss in the first half of this year in the amount of £1.4 billion due to its exposure from the struggling Greek economy.

The citizens of the United Kingdom ultimately will pay the price of this loss. The government owns more than 80 percent of the stock in the Royal Bank of Scotland. Four years ago, the Royal Bank of Scotland was rescued from collapse by the British government providing an enormous £45 billion bailout, which was the biggest single bailout in the world.

Beyond just the direct losses fiscally to taxpayers, the Royal Bank of Scotland announced on August 5 that it would cut 2,000 jobs because of the losses. Chief Executive of the Bank of Scotland Stephen Hester announced that “there will be more job cuts to come” in the next year or 18 months. The bank, which employs 148,000 people worldwide, had gone through massive layouts, about 27,000 employees, in October 2008.

...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #45 on: August 26, 2011, 10:13:44 am »


http://www.examiner.ie/business/collateral-demands-could-trigger-18bn-greek-default-165449.html
Collateral demands could trigger €18bn Greek default
By John Glover, Bloomberg
Friday, August 26, 2011

FINLAND’S demands for collateral on loans to Greece may trigger a default on €18 billion of bonds sold by Europe’s most-indebted country.
 
The securities, which represent less than 7% of Greece’s €286bn of bonds, are governed by English, not Greek, law and include conditions that insist on equal treatment for all investors.

Giving collateral to Finland as a condition for aid may breach the requirement that fresh debt doesn’t win repayment priority over existing notes.

"I am pretty sure the Greek government didn’t even know this; their incompetence is legendary," said Andreas Koutras, an analyst at InTouch Capital Markets. "One should be very careful when giving securities or other collateral, like the Greek government is with the Finns."
...

http://www.telegraph.co.uk/finance/financialcrisis/8723588/Greece-forced-to-tap-emergency-fund.html
Greece forced to tap emergency fund  25 Aug 2011

Greece has been forced to activate an obscure emergency fund for its banks because they are running short of collateral that is acceptable to the European Central Bank (ECB)
...
Raoul Ruparel of Open Europe told The Telegraph: "The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding."   ...

Euro, Futures Rise Overnight Despite Greek Two Year Bonds Soaring To Record High 46.38%
25 August 2011
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/euro-futures-rise-overnight-despite-greek-two-year-bonds-soaring-record-high-4638

Excerpt:

If we crossed through some spacetime vortex that brought us back in time just two short months ago, to July of this year, today's confirmation that the second Greek bailout has now failed, following the Finnish finance minister's comments that the country will defy Germany and will not give in to demands to abandon its deal for Greek collateral, which in turn has sent the Greek 2 year bond bidless, its yield up 227 bps to an all time record 46.38%, would have been enough to send the futures and the EURUSD plunging.
...


Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Letsbereal

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Greek Church Warns Of 'Tsunami Of Poverty'
« Reply #46 on: August 26, 2011, 05:07:49 pm »
Greek Church Warns Of 'Tsunami Of Poverty'
26 August 2011
, (Sky News)
http://news.sky.com/home/business/article/16056922

Greece will face a desperate situation this autumn, with a wave of poverty stemming from its crippled economy, a spokesman for the Orthodox Church in Athens warns.


Greece 'Doomed' If European Recovery Stalls
26 August 2011
, (Sky News)
http://news.sky.com/home/business/article/16057465

The Greek-born economist Vicky Pryce has told Sky News that Greece could be "doomed" if its neighbours do not see a sustained recovery.
->>>|:-) THE CITY INDIANS (-:|<<<-

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #47 on: September 05, 2011, 11:23:24 am »
Happy Labor Day!

http://www.reuters.com/article/2011/09/05/us-markets-global-idUSTRE77L0AE20110905
Equities and euro pummeled by euro zone worries
By Natsuko Waki and Jeremy Gaunt LONDON | Mon Sep 5, 2011

LONDON (Reuters)- European stocks shed 3 percent on Monday and the euro sank against the dollar as markets weighed a risk-heavy outlook for the euro zone, dominated by peripheral debt concerns and political uncertainty in Germany.

Worries about public deficits in Greece and Italy and a regional election rout for Germany's ruling party cast fresh doubt on the euro zone's ability to tackle its debt crisis, extending Friday's selloff.

Wall Street was closed for a holiday but is was unlikely that U.S. investors would have been in a more positive mood given data ahead of the long weekend that showed U.S. employment growth halted in August...
...

http://www.dailykos.com/story/2011/09/04/1013481/-End-of-the-Road-for-Europe:-Greek-debt-default-soon
Sun Sep 04, 2011 at 01:31 PM PDT.
End of the Road for Europe: Greek debt default soon... ...and it won't be pretty.
 
The second IMF/ECB agreement with Greece (the one Greeks protested in late May and June) is dead on arrival. For a number of reasons.


One, the Finnish have demanded collateral from Greece and thereby undercut the size of the program.
 
http://online.wsj.com/...
 
Two, European politicians are rejecting the terms of the agreement and forcing their elective reps, the ones who made the agreement, to back off.
 
http://blogs.wsj.com/...
 
Three, austerity measures in Greece have caused the country to miss its targets. While the Greeks have slashed their gov't budget by an amount that is totally unprecedented in EU history, the concomitant drop in their economy is forcing them to miss their IMF/ECB targets (one might note that this has happened in every single country which has undergone IMF shock therapy, which begs the question why anyone expected any different).
 
http://www.telegraph.co.uk/...
 
Four, a recession is taking hold in Europe. Thereby making it more difficult for the peripheral countries to rebound out of the debt doldrums.
 
http://www.bloomberg.com/...
 
Five, see link above. The ECB is vexed by Italy's unwillingness to carry out austerity measures, and this has totally unnerved the core countries.
 
Also, on Italy: http://www.ft.com/...
 
Six, European politicians and bankers are running for cover. Panic is setting in.
...
Seven, get a load of this WOW event that occurred within the last few days. Greece and the IMF/ECB are at public loggerheads for the first time:
...
So, now what?
 
IMF source expects a calamitous Greek "hard" default soon:
http://www.businessinsider.com/senior-imf-economist-expects-hard-default-for-greece-soon-2011-9
Sep. 3, 2011, 7:06 PM
According to a senior IMF economist who wasn’t identified, Greece will likely face a “hard default” well before March 2012.

It could happen during 2011, and perhaps after the current round of negotiations. This acknowledgement from someone very close to the matter in a body that is heavily involved in the bailout, is quite worrying.
...

What would be the result of a hard default?
 
Bank collapses, eurozone interest rates skyrocket because of instability in the zone, increased pressure on huge countries such as Spain and Italy, collapse of the Eurozone and therefore: Depression, according to some Euro ministers:
 
http://www.reuters.com/...
 
The Flemish part of Belgium is already clamoring to be let into the northern league's new currency formation!
...
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline tritonman

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Re: Greece Financial Default Watch
« Reply #48 on: September 05, 2011, 11:44:14 am »


LONDON (Reuters)- European stocks shed 3 percent on Monday and the euro sank against the dollar as markets weighed a risk-heavy outlook for the euro zone, dominated by peripheral debt concerns and political uncertainty in Germany.

 
...
Down more than 4 percent for the day in Europe actually.
http://finance.yahoo.com/intlindices?e=europe

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #49 on: September 05, 2011, 11:49:19 am »
Down more than 4 percent for the day in Europe actually.
http://finance.yahoo.com/intlindices?e=europe

And a bloody Tuesday for America... Damn
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #50 on: September 07, 2011, 07:33:11 pm »
http://online.wsj.com/article/SB10001424053111903285704576555961131733324.html?mod=WSJEurope_hpp_LEFTTopStories

MARKETS SEPTEMBER 8, 2011 German Court Clears Bailout Plans
But Judges Rule That the Government Must Seek Permission for Future European Rescue Programs

BY WILLIAM LAUNDER AND BERND RADOWITZ
KARLSRUHE, Germany—Germany's supreme court ruled that the financial bailouts of Greece and other struggling euro members are legal, dismissing complaints that they violate Germany's constitution and removing a potential threat to Chancellor Angela Merkel's handling of the euro-zone debt crisis.

But the Federal Constitutional Court also said Ms. Merkel's government needs to seek permission from parliament when taking on further financial burdens in Europe, potentially making future bailout decisions more complicated. Plaintiffs including a lawmaker from Ms. Merkel's own center-right coalition had challenged the legality of taxpayer bailouts of Greece and other indebted euro-zone countries.

...

Germany's Merkel renews rejection of eurobonds - August 21, 2011

BERLIN (AP) — German Chancellor Angela Merkel insisted Sunday that eurozone-wide government bonds wouldn't solve the current debt crisis, and said she sees no sign of a new recession in her own country — Europe's biggest economy.

Quote
Economically strong countries  [ Germany] will be against the bonds...
I assume Germany and France have made an [ secret] agreement to rule over the weaker EU countries....

the Fourth Reich begins.... Notice the hand signs.... France finger and Germany hole

http://www.npr.org/blogs/thetwo-way/2011/08/16/139673843/france-germany-propose-true-european-economic-government?ft=1&f=1001
Germany, France Propose 'True European Economic Government'

France's President Nicolas Sarkozy, right, speaks to German Chancellor Angela Merkel as he welcomes the German leader at the Elysee Palace in Paris.

With the sovereign debt crisis deepening, the leaders of France and Germany announced that they would seek a "true European economic government" made up of all the heads of state of eurozone countries but led by European Union President Herman Van Rompuy.
The AP reports that French President Nicolas Sarkozy and German Chancellor Angela Merkel, who met in France after a turbulent week in the world markets, also want the 17 nations to make a balanced budget part of their constitutions
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline sentinelscout

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Re: Greece Financial Default Watch
« Reply #51 on: September 07, 2011, 10:12:01 pm »
Eventually they will run out of tear gas, I wonder what happens then?
Real Eyes, Realize, Real Lies.

Offline Paranoid Puppet Master

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Re: Greece Financial Default Watch
« Reply #52 on: September 08, 2011, 05:11:51 am »
Eventually they will run out of tear gas, I wonder what happens then?

Well they can just borrow more money and get all the tear gas they want.

Offline shipgeek

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Re: Greece Financial Default Watch
« Reply #53 on: September 08, 2011, 06:24:42 am »
I think it's important to remind that George Papandreou attended the 2009 Bilderberg meeting.
Five months after the meeting he became the prime minister,and a year later he signed the memorandum/agreement with the IMF and the EU.

This,along with the revealation from a former PASOK politician that Papandreou had decided that he would take Greece to the IMF and EU and ask loans long before he became prime minister,brings up some questions.

Was Greece's situation today planned in that meeting ?

I don't think these events are unrelated.

George Papandreou is the heir of a dynasty of corrupt Greek family.

There was the father Andreas Papandreou (the father) former forever lasting Greek PM who ended up being involved in a sex scandal with a Olympic Airways stewardess much younger than he - Andreas Papandreou was some sort of Berlusconi - maybe even worse.
He created PASOK the Greek Socialist party.
His own father also named George was Greek Prime Minister but then the Colonels took to power and they had to exile themselves to other parts of Europe. The Papandreous came back triumphant after the Colonel's regime fell down in 1974.

The stewardess:
http://www.parismatch.com/People-Match/Politique/Actu/Andras-Papandrou-et-l-hotesse-de-l-air-316631/

Aside from his sex scandal he was very well known for calling on astrologers and giving lavish parties and showing himself off with the mistress all the way to the Cannes film festival.

The Papandreous are a dynasty. I haven't looked into the new George Papandreou. He is probably like his father and grandfather. I would not give much about him.

This always explaining that he is probably the one responsible for the ruin of his country.

Why Greece had joined the EU was always a mystery to me.

Aristote Onassis and Stavros Niarchos must be rolling in their graves seeing what's happened to their once glorious country. These two worked it all out from their own sweat.

 :o
E MARE LIBERTAS

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #54 on: September 09, 2011, 01:31:45 pm »
http://www.bloomberg.com/news/2011-09-09/germany-said-to-prepare-plan-to-aid-country-s-banks-should-greece-default.html

Germany Said to Ready Plan to Help Banks If Greece Defaults
By Alan Crawford - Sep 9, 2011 8:09 AM MT

Chancellor Angela Merkel’s government is preparing plans to shore up German banks in the event that Greece fails to meet the terms of its aid package and defaults, three coalition officials said.

The emergency plan involves measures to help banks and insurers that face a possible 50 percent loss on their Greek bonds if the next tranche of Greece’s bailout is withheld, said the people, who spoke on condition of anonymity because the deliberations are being held in private. The successor to the German government’s bank-rescue fund introduced in 2008 might be enrolled to help recapitalize the banks, one of the people said.

The existence of a “Plan B” underscores German concerns that Greece’s failure to stick to budget-cutting targets threatens European efforts to tame the debt crisis rattling the euro. German lawmakers stepped up their criticism of Greece this week, threatening to withhold aid unless it meets the terms of its austerity package, after an international mission to Athens suspended its report on the country’s progress.

Greece is “on a knife’s edge,” German Finance Minister Wolfgang Schaeuble told lawmakers at a closed-door meeting in Berlin on Sept. 7, a report in parliament’s bulletin showed yesterday. If the government can’t meet the aid terms, “it’s up to Greece to figure out how to get financing without the euro zone’s help,” he later said in a speech to parliament.

...

http://www.forbes.com/feeds/ap/2011/09/09/general-world-markets_8668898.html
Associated Press - Stocks, euro sink as top ECB official quits
By PAN PYLAS , 09.09.11, 02:08 PM EDT   LONDON --

Europe's handling of its debt crisis returned to haunt markets Friday, with stocks down sharply and the euro sinking to its lowest level against the dollar in over six months after a top European Central Bank official unexpectedly resigned.

Juergen Stark, a key member of the ECB's rate-setting governing council, quit for personal reasons, the ECB said. Investors, however, noted that Stark has been a consistent critic of the ECB's program to purchase government bonds of debt-ridden European nations in the markets.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #55 on: September 12, 2011, 10:45:33 am »
http://www.newsdaily.com/stories/tre78b1br-us-greece-cash/
Greece has cash until October: deputy finance minister

ATHENS, Sep. 12, 2011 (Reuters) — Debt-laden Greece has cash to operate until next month, the country's deputy finance minister said on Monday, highlighting the country's need to qualify for the next tranche out of its ongoing EU/IMF bailout.

A protester raises Greek flag in front of the parliament during a rally against a new austerity package at Athens' Syntagma (Constitution) square June 11, 2011. REUTERS/Pascal Rossignol
 
Filippos Sachinidis's statements confirm previous comments by Greek officials, made on condition of anonymity, that the country had cash for only a few more weeks.

Greece's international lenders threatened last week to withhold the sixth bailout payment of about 8 billion euros ($11 million) because of the country's repeated fiscal slippages.
 
The Greek government announced on Sunday a new property tax to make sure it will meet its budget targets and qualify for the tranche. The EU's Commissioner for Monetary Affairs, Olli Rehn, welcomed the move, saying it went "a long way" toward meeting the country's targets. [ID:nL5E7KB0KN] ($1 = 0.729 Euros)

[ Blood from the stone: ]
http://www.guardian.co.uk/business/2011/sep/11/greece-emergency-property-tax
Greece imposes property tax in bid to avoid default

• Emergency tax to be collected through electricity bills
• Papandreou rejects suggestions Greece could leave eurozone
...
Admitting that barely 25,000 Greeks declared salaries of more than €100,000 a year, the finance minister said the country needed to raise about €2bn to meet the 2011 budget deficit target.

http://m.theglobeandmail.com/globe-investor/world-markets-tumble-on-greek-worries-g7-inaction/article2161984/?service=mobile

World markets tumble on Greek debt worries, G7 inaction
PAN PYLAS London - The Associated Press Last updated Monday, Sep. 12, 2011 7:48AM EDT

Stocks started the week on a downbeat note as investors feared a potential Greek debt default could wreak havoc on the global economy.

Japan’s benchmark Nikkei index hit a 28-month low and the mood in Europe was equally grim, with bank stocks suffering dramatic declines over concerns over their exposure to the debts of Greece in particular. Sentiment was also soured by Friday’s surprise resignation of Juergen Stark from the decision-making board of the European Central Bank.
...
The weekend resignation of Japan’s new trade minister after just eight days in office also unnerved the Tokyo market.

The exceptionally brief tenure of Yoshio Hachiro undermined confidence in Prime Minister Yoshiko Noda, who is tasked with reviving the economy and speeding up Japan’s recovery from the March 11 earthquake, tsunami and nuclear crisis.


http://www.bloomberg.com/news/2011-09-09/germany-said-to-prepare-plan-to-aid-country-s-banks-should-greece-default.html

Germany Said to Ready Plan to Help Banks If Greece Defaults  By Alan Crawford - Sep 9, 2011 8:09 AM PT

Chancellor Angela Merkel’s government is preparing plans to shore up German banks in the event that Greece fails to meet the terms of its aid package and defaults, three coalition officials said.

The emergency plan involves measures to help banks and insurers that face a possible 50 percent loss on their Greek bonds if the next tranche of Greece’s bailout is withheld, said the people, who spoke on condition of anonymity because the deliberations are being held in private. The successor to the German government’s bank-rescue fund introduced in 2008 might be enrolled to help recapitalize the banks, one of the people said.

The existence of a “Plan B” underscores German concerns that Greece’s failure to stick to budget-cutting targets threatens European efforts to tame the debt crisis rattling the euro. German lawmakers stepped up their criticism of Greece this week, threatening to withhold aid unless it meets the terms of its austerity package, after an international mission to Athens suspended its report on the country’s progress.

Greece is “on a knife’s edge,” German Finance Minister Wolfgang Schaeuble told lawmakers at a closed-door meeting in Berlin on Sept. 7, a report in parliament’s bulletin showed yesterday. If the government can’t meet the aid terms, “it’s up to Greece to figure out how to get financing without the euro zone’s help,” he later said in a speech to parliament.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #56 on: September 12, 2011, 11:37:23 am »
http://greece.greekreporter.com/2011/09/11/two-day-taxi-strike-starting-monday/

Taxi owners throughout the country will begin a new strike at 5.00 a.m. on Monday morning, for 48 hours, lasting until 5.00 a.m. on Wednesday morning.
 
According to reports, in the framework of strikes, the taxi owners will make their presence felt in various locations, that will be announced at the last moment, so as to preserve the element of surprise.

comment from Linus:
PLEASE, please , please strike for as long as it takes to drive you rats out of business and out of the city. Taxi drivers are the worst of the worst at promoting a dishonest, scummy image of the city of Athens and the rest of the country.  Any person in any profession stupid enough to strike themselves out of a day's work and day's wage deserves to be in the unemployment line. Stupid animals


http://www.wsws.org/articles/2011/sep2011/gree-s12.shtml
Riot police battle austerity protesters in Greece By Patrick Martin
12 September 2011

Riot police clashed with tens of thousands of demonstrators in Greece’s second-largest city Saturday night, as a huge protest took place against the austerity policies dictated by European banks and enforced by the social-democratic PASOK government.

The occasion was the annual address on economic policy delivered by Prime Minister George Papandreou in Thessaloniki. A crowd estimated at 25,000 poured into the city’s streets, where they were attacked with tear gas and clubs.

The anti-government demonstration was called by the two biggest union confederations, the GSEE and ADEDY, whose leaders are PASOK members and supporters of Papandreou, but who nonetheless posture as opponents of the austerity policies.

Saturday’s demonstration was spearheaded by several thousand taxi drivers, who began a nationwide strike Thursday against a government decision to open up licensing for taxis, thus devaluing the permits which they had saved up to purchase over the years.

Similar protests were begun by dentists, doctors and other independent professionals. Restaurant owners in the city closed their doors Saturday to protest a huge increase in the sales tax, known as a Value Added Tax.

More than 7,000 police were mobilized in Thessaloniki ahead of Papandreou’s speech, and they fought not only with the taxi drivers, but with students, public service workers, and fans of the local soccer club Iraklis, who all joined the protest rally after separate marches.
...
A war of words has broken out between German officials and those of many other eurozone countries, who fear that a Greek default could explode the entire euro project.

The German vice chancellor, Philipp Roesler, who is also economy minister, wrote in the conservative daily Die Welt that planning for a Greek default and expulsion from the eurozone should be considered. He was responding to report in Der Spiegel that the German finance ministry was already working out such a scenario. Roesler wrote that an “orderly default” might be necessary.

Germany’s EU commissioner Günther Oettinger said Europe should send blue helmets (UN peacekeeping troops) to take control of Greek tax collection and liquidate state assets. This provoked headlines in the Greek press about the threat of a “Fourth Reich” in Europe, and comparing Germany’s financial policy to Hitler’s invasion of Greece during World War II.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline shipgeek

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Re: Greece Financial Default Watch
« Reply #57 on: September 12, 2011, 02:50:16 pm »
Markets tumbling down like sand castles

* at close   Last   Change   % Chg

UK: FTSE 100*   5129.62   -85.03   -1.63
Germany: DAX*   5072.33   -117.60   -2.27
France: CAC 40*   2854.81   -119.78   -4.03
Stoxx Europe 600*   218.93   -5.66   -2.52
Hong Kong: Hang Seng*   19030.54   -836.09   -4.21
Japan: Nikkei Average*   8535.67   -201.99   -2.31
DJIA   10974.39   -17.74   -0.16
Global Dow   1753.93   -30.83   -1.73
E MARE LIBERTAS

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #58 on: September 12, 2011, 07:48:13 pm »
http://www.guardian.co.uk/world/2011/sep/10/greece-braced-protests-public-sector-cuts
Greece braced for mass protests as austerity cuts bite
Thousands of police have been mobilised amid fears of unrest over mass public sector job cuts and other measures
Lisa O'Carroll guardian.co.uk, Saturday 10 September 2011 11.23 BST

More than 5,000 police have been mobilised in Athens amid government fears of a repetition of last June's violent riots in the capital. Another 5,000 are being deployed in Thessaloniki where the Green prime minister George Papandreou is due to give a speech defending the harsh fiscal cuts pledged by his government.

He is expected to face mass protests after he announced 10,000 immediate public sector job cuts as he comes under mounting pressure to save Greece's position in the eurozone.

Thessaloniki is preparing for huge unrest – police have erected metal barricades to prevent protesters from storming the grounds of the International Trade Fair, where Papandreou will deliver his speech.
...

Authorities from the IMF and the EU are demanding that Greece pushes ahead with its austerity cuts to secure its bailout money.

Papandreou has responded by saying the 10,000 jobs that are going immediately will be followed by another 10,000 within weeks – the first ever mass dismissals of public sector workers.

The giant public-sector shrinkage – as many as 120,000 public workers could lose their jobs – threatens to upend decades of cosy ties between the ruling Socialist party and those workers, who have long formed a key constituency.

Taxi drivers, doctors and rubbish collectors have announced strike plans, signalling a new round of anti-austerity protests by unions and professional groups in the crisis-hit country.

http://news.xinhuanet.com/english2010/photo/2011-09/11/c_131132650.htm



Thousands of demonstrators protest in Thessaloniki, Greece

Greek protesters clash with anti riot police during a protest at the northern Greece city of Thessaloniki on Sept. 10, 2011. Thousands of demonstrators marched at the city center, as Greek Prime Minister George Papandreou delivered an economic policy speech on the first day of the 76th Thessaloniki Trade Fair, which will last until Sept. 18. (Xinhua/Marios Lolos)
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #59 on: September 12, 2011, 08:01:47 pm »
http://www.ctv.ca/CTVNews/TopStories/20100911/greek-economy-protests-100911/
Greek PM promises tax cut, as thousands protest - Saturday Sep. 11, 2010



Plain clothes police officers arrest an elderly man after he threw a shoe at Greek Prime Minister George Papandreou who had just inaugurated an annual trade fair in Thessaloniki, Greece on Saturday Sept. 11, 2010. (AP / Nikolas Giakoumidis)

video of  A doctor who threw a shoe at Greek Prime Minister George Papandreou

...
Some 20,000 people gathered in three separate protests in the northern port city of Thessaloniki ahead of Papandreou's speech. They were accompanied by some 4,500 police on security duty.
...
Inspectors from the EU and IMF next week will review the progress of austerity measures required for the bailout loans, as well as on efforts to cut the budget deficit. The country is due to receive euro9 billion ($11.45 billion) over the next few days in the second installment of the loans.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #60 on: September 13, 2011, 02:36:36 pm »
http://www.keeptalkinggreece.com/2011/09/13/greek-pm-fevers-ahead-talks-with-merkel-sarkozy-on-sept-14/
Greek PM Fevers Ahead Talks with Merkel-Sarkozy on Sept 14

Posted by keeptalkinggreece in Economy
 
Feverish meetings were held in the office of Greece’s prime ministers’ office on Tuesday ahead the teleconference of George Papandreou and German Chancellor Angela Merkel and French President Nicolas Sarkozy on Wednesday, Sept 14th 2011. The meeting with top economists of the country were made under the specter of an ‘orderly default” (coordinated bankruptcy) debate that started by Merkel’s coalition partner neo-liberal FDP.
 
There have been no statements on the meetings from Papandreou’s office but there might be one press release later today. According to newspaper Proto Thema, one of the issues of the meetings is the preparation of a strategy for Finance Minister Evangelos Venizelos who is expected to have a telephone conversation with German Finance Minister Wolfgang Schaeuble on Wednesday night. The second within 24 hours.
 
There have been also no statement on Greece after the Merkel/Sarkozy talks on the collaterals for Greece’s second bailout and the solutions for Greece’s debt crisis.
...

http://www.keeptalkinggreece.com/2011/09/12/indignant-greeks-to-launch-protest-sept-14th/
“Indignant” Greeks to Launch Protest, Sept 14th
Posted by keeptalkinggreece in Society
 
“Indignant” Greeks call citizens for a protest outside the Parliament on Wednesday, September 14th 2011. In a statement they call people to a peaceful protest without political parties and ideologies, against that what politicians prepare against the people.

 The slogans for the protest are “No more measures, no property tax, no salary cuts, no to Greeks poverty”.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TARA

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Let him that would move the world first move himself.

Socrates

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #62 on: September 14, 2011, 10:58:00 am »
136% Rate on the Greek 1-Year Gov Bond!!!!!!!!!!
14 September 2011
, (Bloomberg)
http://www.bloomberg.com/apps/quote?ticker=GGGB1YR:IND

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #63 on: September 14, 2011, 11:27:04 am »
http://hosted2.ap.org/apdefault/APNews/Article_2011-09-14-EU-Greece-Financial-Crisis/id-d0910f1ba75044f2a14aa4e58dbd702e
Sep. 14, 2011 9:44 AM ET
Geithner says Europe ready to do more to help euro
ELENA BECATOROSELENA BECATOROS, Associated Press
PAN PYLASPAN PYLAS, Associated Press

ATHENS, Greece (AP) — U.S. Treasury Secretary Timothy Geithner insisted Wednesday that European leaders are ready to do more to support the euro from the debt crisis that is crippling Greece and shaking global markets.

Ahead of a teleconference between the leaders of Greece, France and Germany on Wednesday evening, Geithner sought to convince markets that European governments understood the severity of the crisis and that more would need to be done.

Geithner, who is to join eurozone finance ministers this weekend in a meeting in Poland, stressed that European governments have to make it clear they "stand behind" the financial system so that it can fund and finance the economic recovery.

"I think they recognize that they're going to have to do more to earn the confidence of the world," Geithner said in an interview with American news channel on CNBC.

As Treasury chief and previously in his role as head of the New York Federal Reserve, Geithner has been central in the U.S. response to the financial crisis that flared up after the collapse of Lehman Brothers investment bank in 2008.

He said Europe's leaders, including German Chancellor Angela Merkel, know they've "been behind the curve" and have the financial capacity "to do what it takes to hold this thing together." He dismissed suggestions Europe was about to have its own Lehman moment.

"Europe has a tradition of much more indulgence, support for their institutions.....there is no chance that the major countries of Europe will let their institutions be at risk," Geithner said.

...
Hours before the teleconference, Sarkozy and his prime minister "with a single voice reaffirmed France's determination to put everything in place to save Greece," French government spokeswoman Valerie Pecresse said of a Cabinet meeting in Paris.

Sarkozy wants the call to focus on "the need for efforts in return and commitment from Greece," she said.
...
"Today's teleconference, I could only see it having a damage-limitation objective because there have been too many rumors ... as to what Germany or what our European partners are thinking about Greece," said economist Vangelis Agapitos. "Right now what Greece does not need is to be pulled at different ends. ... The Greek government needs to focus its efforts on delivering what it has promised and at the same time Europe has to deliver what it has promised."

Nigel Farage: Greece under Commission-ECB-IMF Dictatorship
http://www.youtube.com/watch?v=pry5iL4TIa8

Farage: Greece Under Full Globalist Dictatorship
14 September 2011
, by Steve Watson (Infowars.com)
http://www.infowars.com/farage-greece-under-full-globalist-dictatorship/

http://www.ajc.com/business/french-greek-german-leaders-1180695.html
French, Greek, German leaders discuss Greek crisis

ATHENS, Greece — The leaders of Greece, France and Germany have discussed in an emergency teleconference the financial crisis that has shaken global financial markets.

Greek government spokesman Elias Mossialos is expected to issue a statement, to be transmitted on Greek state TV, about the discussion late Wednesday. No statements were expected from the French or German side.

Fears that Greece was heading rapidly towards a chaotic default have roiled markets for days, both across the 17-nation eurozone and globally. Leaders have been seeking to calm the markets and contain the crisis.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #64 on: September 15, 2011, 12:07:29 pm »
http://hosted2.ap.org/COGRA/f29d8dad34bd498da777a4fb9802979d/Article_2011-09-15-EU-Greece-Financial-Crisis/id-e30e0c28d1fb4a8fad9fbfe7eccc7843

Sep. 15, 2011 12:21 PM ET
Greece faces 4th year of recession, jobless surge

ATHENS, Greece (AP) — Debt-hobbled Greece must brace for a fourth year of recession, the finance minister warned Thursday as unemployment hit a new record and the government debated new public sector cuts to secure the cash lifeline protecting the country from a chaotic bankruptcy.

"There is a cumulative recession lasting three years, that now will become four years," Finance Minister Evangelos Venizelos told parliament.

The Socialist government's prime concern is to revive the economy, whose rapid shrinkage makes Greece's vital cash-generating financial targets even harder to meet despite more than a year of tough austerity measures. Those goals have been demanded by the international creditors keeping Greece afloat.

Venizelos says the Greek economy will contract 5.3 percent this year, much more than previously expected, but emergency measures such as a new blanket property tax will plug a revenue shortfall.

His gloomy forecast came a day after the leaders of Germany, France and Greece insisted in an emergency teleconference that Greece remains an "integral" part of the eurozone, but stressed the country has to meet its budget reform pledges.

The talks between German Chancellor Angela Merkel, French President Nicolas Sarkozy and Greek Prime Minister George Papandreou calmed markets after days of turmoil sparked by fears Greece was heading rapidly for a catastrophic default or leaving the 17-nation eurozone.

But Benoit de Broissia, an analyst at KBL Richelieu in Paris, said the situation remained dire.

"We are still in a scenario where Greece is facing immense difficulties and the markets feel Greece's debt can't be resolved," he said. "So markets are still speculating on Greece's bankruptcy."


University students shout slogans during a protest outside the Greek parliament in Athens, Thursday, Sept. 15, 2011. About 3,000 people took part in the rally against the new law, which was approved by the Greek parliament last month, which will reduce the power of student political unions in universities and make it easier for police to enter university grounds until now protected by strict asylum laws. (AP Photo/Thanassis Stavrakis)

http://www.keeptalkinggreece.com/2011/09/15/students-teachers-protest-turned-ugly/
Students-Teachers Protest Turned Ugly as “Hoodies” Riot
Posted by keeptalkinggreece in Society
 
Students and teachers flocked to downtown Athens to peacefully protest the shortages in primary and secondary education schools. However a group of hooded “youth” (?) mingled with the protesters and soon the area turned into an area full of broken glass and debris.
 
News portals report in fact of a group of just 10 hooded people who managed to cause damage in several shops. They were armed with wood sticks. They broke the windows of a bank,  a book store, the shops of Ferrari and H&M. They also attacked a bus with passengers and broke its windows. Cool blooded the driver kept driving the bus away from the rioters. There are reports that they also threw leaflets with anarchist slogans….
 
What was the point of the riots? Scare people so they don’t join protest, maybe
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #65 on: September 16, 2011, 02:12:33 pm »
http://photos.denverpost.com/mediacenter/2011/09/photos-man-sets-himself-on-fire-in-thessaloniki-greece-friday-sept-16-2011/
Photos: Man Sets Himself on Fire in Thessaloniki, Greece, Friday Sept. 16, 2011

A man sets himself on fire outside a branch of Piraeus bank in the northern port city of Thessaloniki, Greece, Friday Sept. 16, 2011.

It was a third attempted self-immolation by the former small business owner, who says he was ruined after taking a series of bank loans. The 56-year-old was hospitalized with non life-threatening chest burns.

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #66 on: September 18, 2011, 04:14:14 pm »
http://www.telegraph.co.uk/finance/financialcrisis/8770940/Greek-tax-evasion-There-is-just-such-little-incentive-to-be-honest..html
Greek tax evasion: 'There is just such little incentive to be honest.'
By Jasmine Malone 7:30AM BST 18 Sep 2011

 With the medical profession at the forefront of the Greek financial crime squad's list of suspects, Alexis, a Greek doctor, keeps his books tight, which is not an easy ...

Daily challenges come in the form of corrupt officials looking for a handout, local suppliers and workers trying to bargain the price of their products or services down in exchange for a lack of paper trail.
...
According to Alexis, declaring items deemed as 'luxuries' by the tax man, such as a car with a higher horse power or a pool can far exceed the cost of buying the items in the first place.

The alternative is to use tactics such as swapping ownership to other members of the family that are in a lower tax bracket or declaring the site for the pool as a water tank instead.
 
'I don't feel comfortable with playing the game, but I feel justified in the sense that I am already taxed at a grossly unfair rate in my business.

http://www.daylife.com/topic/Athens
http://www.businessweek.com/news/2011-09-18/papandreou-meets-cabinet-on-crisis-as-u-s-trip-canceled.html
Papandreou Meets Cabinet on Crisis as U.S. Trip Canceled

Sept. 18 (Bloomberg) -- Greek Prime Minister George Papandreou canceled a U.S. visit that was to begin today, saying he needed to remain in the country for a “critical” seven days as European Union creditors prepare to judge whether budget measures will be enough to avert a bond default.

Higher taxes and cuts in wages and pensions in return for a 110 billion euro May 2010 package of loans from the EU and IMF have weighed on the Papandreou government’s standing with Greeks, with his Pasok party now trailing the main opposition in...



An anti-austerity protester shouts at police officers outside the Greek parliament following an unscheduled cabinet meeting in Athens September 18, 2011. Greek Prime Minister George Papandreou chairs a cabinet meeting on Sunday ...


http://www.timesunion.com/business/article/Europe-trade-union-protest-draws-50-000-in-Poland-2175577.php
Europe trade union protest draws 50,000 in Poland
Published 12:46 p.m., Saturday, September 17, 2011

Protestors some holding "Solidarity" banners join tens of thousands of trade union activists from across Europe march to protest against low wages and layoffs as the eurozone faces a debt crisis in Wroclaw, Poland, Saturday, Sept. 17, 2011. Saturday's march in Wroclaw was timed to coincide with an informal meeting of European finance ministers who discussed the threat of bankruptcy of some eurozone nations, like Greece. (Czarek Sokolowski / AP

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #67 on: September 18, 2011, 09:56:59 pm »
Is September 20 Greek Default Day?

Submitted by Tyler Durden on 09/17/2011 - 14:52
CDS default Greece headlines International Monetary Fund None Poland Sovereigns

If Greece is going to default, September 20th seems to be as good a day as any. Actually, it is far better than most to be GD-Day.

Two big bonds, the 4.5% of 2037 and the 4.6% of 2040 both have coupon payments due that day, totalling 769 Million Euro. So if the IMF wanted to avoid letting another billion euro go down the drain, September 20th would be a good day to do it. The IMF seems to have delayed approving another tranche for now, so Greece must already have the money for this payment?

The Fed Scheduled their meeting for 2 days. It now starts on September 20th. Maybe a co-incidence, but what better way to be prepared for new emergency policies? CDS "rolls" on the 20th.

On the 21st, all Sept 2011 CDS will have expired. My guess is that banks own more protection than they sold to the September 20th date, so defaulting while those contracts are still valid would be a net benefit to the banking system. As a whole, triggering CDS will likely benefit banks as I can find banks that say they own protection against positions, but find more hedge funds are uninvolved or have sold protection to fund shorts in other sovereigns.

http://www.zerohedge.com/
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TARA

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Re: Greece Financial Default Watch
« Reply #68 on: September 19, 2011, 01:32:52 am »
http://www.ft.com/intl/cms/s/0/06a621d2-debc-11e0-a228-00144feabdc0.html#axzz1YNQQzlWj

German hotheads are close to destroying the euro

By Jeffrey Sachs

German tabloids and much of European public opinion seem fixated on Greece as an object of scorn. The fact that the Greek government is pushing through the toughest of austerity measures in the face of mass demonstrations seems to be of no import. Yet this aggressive attitude is now putting the euro in imminent peril.

Despite chancellor Angela Merkel’s call for calm, shortsighted German politicians opine that Germany could actually benefit if Greece is forced into default, or even out of the euro. Nothing could be further from the truth. Germany now risks the destruction of its own and Europe’s prosperity if it continues to ignore the interdependence of all of Europe’s economies.
More
On this story

    * Paris and Berlin show support for Greece
    * In depth Eurozone in crisis
    * Global Insight Muddle in the Merkel ranks
    * Opinion Forced borrowing: the WMD of fiscal policy
    * Editorial No free Chinese lunch for Europe

It is to her credit, therefore, that Ms Merkel this week pushed back against her hotheaded colleagues. Even so, Germany’s macroeconomic thinking remains blinkered. Greece is making a bold transformation, from a large primary budget deficit in 2009 to a primary surplus in 2012. The task is considerable. Yes, there has been modest slippage this year, but this reflects the steep recession now hitting the Greek economy.

The critics also seem wilfully to overlook that a European-wide financial panic has swept the credit lines and deposits from Greece’s banking system, and with them the ability of the banks to lend. The economy is thus buckling under an intense credit squeeze, only stoked by the recent talk of default.

Worse, German and European leaders have responded to this downward spiral only with demands for fresh austerity. Greece obliged once again last weekend, with more tightening. But we must now understand Greece is at the precipice of social instability. Further cuts will push it over the edge – ending the adjustment programme, and intensifying the financial squeeze and the drumbeat of those trying to push Greece out of the eurozone. It is utterly naive to believe that the downward spiral would stop there. Italy, Spain, Portugal, Ireland, and even France could quite possibly be next, with the risk of bank runs pulling the entire edifice of monetary co-operation into rubble.

If ever there were a time for European leadership, it is now. Perhaps we must just hold our breath until Mario Draghi replaces Jean-Claude Trichet, a spent force, at the helm of the European Central Bank. At least Jürgen Stark’s resignation from the ECB, though viewed negatively by the markets, now offers an opportunity for more realistic thinking in that institution.

The steps needed to avoid the abyss are clear. Greece needs working capital, backed by the ECB and the European Investment Bank, to prevent a panic-induced implosion. Not only must the ECB do its part but Greece and its partners must implement the deal agreed in July, under which the European financial stability facility will finance part of Greece’s needs, while private-sector holders of Greek bonds will exchange them for 30-year notes.

Delivering this deal, however, also demands a more proactive approach from Germany, not least to calm anxious markets. Ms Merkel will have her hands full keeping her colleagues quiet and persuading the German people to support the eurozone. But, in addition to this, she must push others in Europe to ratify the planned EFSF expansion, while encouraging both Brussels and the International Monetary Fund to develop realistic financing targets for 2012 – even if that means a few billion more euros for Greece in the face of the steep recession. It will also help if she encourages the ECB to behave like a central bank, not a commercial bank, by exercising its lender of last resort functions in the midst of a financial panic.

The deal agreed in July can give Greece the breathing space it needs, locking in low real interest rates and providing the financing to recapitalise the Greek banks. Of course, implementing it will not be easy, especially given that it must be approved by Europe’s national parliaments. Yet its leaders should now be working overtime to make this happen, not berating the Greeks for modest slippages. Greece, its creditors and the ECB need to show utmost responsibility, macroeconomic judgment and maturity. Greece is doing so, and the rest of Europe must as well. If they do not, the consequences for Europe and the global economy will be dreadful. This is an extremely dangerous moment. Europe must play for the long term.
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Offline TARA

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Re: Greece Financial Default Watch
« Reply #69 on: September 22, 2011, 07:17:06 am »
http://www.athensnews.gr/portal/11/47798

Greek government announces new austerity blitz
   22 Sep 2011
Austerity-fatigued Greeks were slapped with new tax hikes and pension cuts Wednesday, while the government also pledged to suspend 30,000 civil servants in a hectic scramble to keep its bailout payments flowing and soothe global market fears that Greece will go bust.
 
Without continued payments from a €110 billion programme of rescue loans from eurozone countries and the International Monetary Fund, the heavily indebted eurozone member will run out of cash by mid-October.
 
But Athens has lagged behind savings targets set in its bailout agreement, angering international debt inspectors who threatened to halt the loans - as the country heads for a fourth year of recession amid record unemployment.
 
Under the measures announced Wednesday, monthly pensions will be cut by 20 percent above a €1,200 threshold, while retirees aged under 55 will lose 40 percent of their pensions above the sum of €1,000.
 
The tax-free annual income limit will be cut to €5,000 from €8,000 as of this year, while the number of civil servants to be suspended on partial pay will rise to 30,000 by the end of this year, from 20,000. After a year of forced idleness on 60 percent of their base salary, these workers will either be shifted to other state jobs or fired - despite having been hired with a lifetime job guarantee.
 
The public sector employs nearly 800,000 in the country of 11 million, and Greece's creditors have repeatedly urged cuts.
 
The government also pledged to speed up privatisations and open up closely regulated professions to competition.
 
"This sends a message to our partners and to markets that Greece both wishes and is able to fulfill its commitments and remain at the core of the eurozone and the EU," government spokesman Elias Mossialos said following a six 1/2 hour emergency ministerial meeting.
 
EU and IMF debt inspectors are due back in Athens early next week to finalise their latest quarterly assessment of Greece's austerity programme, on which approval of the next €8 bn loan payment hinges.
 
The review was suspended earlier this month amid talk of delays and missed targets, and it took two nights of conference calls Monday and Tuesday for Finance Minister Evangelos Venizelos to talk debt inspectors into returning.
 
"We have to take supplementary measures ... because of the recession, because of the difficult task, and the weakness of the central administration have not produced the required results," Venizelos told lawmakers earlier Wednesday.
 
The government has already announced a new property tax this month in a hurried attempt to plug a budget gap. The new tax will be paid through electricity bills to make it easier for the state to collect, but the plan could run into problems as the power company union has threatened to block collection of the money.
 
The announcement of more tax increases and spending cuts - after 20 months of harsh austerity - met with mounting anger late Wednesday.
 
"I'm 73 years old and I will start a war," retiree Efthymios Gardikiotis said. "The same way (the government) wants a war."
 
Gardikiotis was among thousands of protesters from a communist-backed union who demonstrated outside Parliament as the new cuts were made public. Earlier, Greece's two largest labour unions announced another general strike on October 19, while a 24-hour public transport and taxi strike is expected to play havoc with Athens traffic on Thursday - designated World Carfree Day.
 
Conservative main opposition New Democracy party issued a statement deploring the "tsunami of unfair and unbearable measures, which are a result of the government's mistaken economic policy."
 
Air traffic controllers have also called a three-hour strike from 0930GMT on Thursday, forcing airlines to cancel dozens of domestic flights. (AP)
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Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #70 on: September 25, 2011, 03:06:56 pm »
Greek Default imminent. Again.

More from Sky News correspondent Ed Conway (via Twitter):

    * G20 now preparing itself for Greek default after October - Sky sources. Will be on Sky News imminently with more
    * G20 sources: all efforts behind the scenes (by G20 members) are now going into recapitalising banks, preparing economies for default.
    * G20 sources: default not expected until after Cannes G20 early November. Emergency funding should still keep Greece afloat thru October
    * G20 sources: No suggestion Greek default need imply country leaving the euro
    * G20 sources: @ Washington summit marked difference in attitude. Confident euro members edging closer to recapitalising banks, expanding EFSF

Looks like the inevitable is coming in about a month.

http://www.zerohedge.com/news/lehman-weekend-redux

ECB's Knot says Greek default possible: reports
23 September 2011
, Frankfurt (MarketWatch)
http://www.marketwatch.com/story/ecbs-knot-says-greek-default-possible-reports-2011-09-23

European Central Bank Governing Council member Klaas Knot was quoted Friday as saying a default by Greece can no longer be ruled out.

In an interview with Dutch daily Het Financieele Dagblad, Knot said a default is a possibility.

"It is one of the scenarios, I'm not saying that Greece will not go bankrupt," said Knot, who heads the Dutch central bank.

"All efforts are aimed at preventing this, but I am now less certain in excluding a bankruptcy than I was a few months ago," Knot said, according to Reuters.
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

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Let him that would move the world first move himself.

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Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #72 on: September 27, 2011, 03:36:06 pm »
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

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Let him that would move the world first move himself.

Socrates

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #74 on: October 02, 2011, 04:11:52 pm »
Notice the mind control - they control the vertical, they control the horizontal....

Cancel fraudulent derivative debt, Rewrite real debt to 100 years at 1 percent - or a global debt jubilee, would solve these problems tomorrow. But no, that would make the world free and not slaves to the new world order financial system.

We don't know what reality is anymore! If millions of out of work people start sitting on there hands of course global output will fall!  What are our global goals? None. What is the big work to be done? Nada.

The global "leaders" are complete and utter failures as "leaders"!!!! So the Eugenic bastards blame the people!


To show what I mean look at Global "per capita" gdp over time ---

Global GDP continues to increase! With a "population explosion"!

Who is getting all that wealth??? the poor? I doubt it!!!!

http://markhumphrys.com/third.world.html




World GDP per capita over the last 200 years. It keeps increasing.
Note how the world's wealth really takes off after 1950, that is, after the age of imperialism


http://markhumphrys.com/capitalism.html


http://money.cnn.com/2011/09/30/news/international/greece_default_eurozone_crisis/
Greece: This cannot end well
PrintComment
By Ben Rooney @CNNMoney September 30, 2011

NEW YORK (CNNMoney) -- The debt crisis in Greece cannot end well. That seems to be the general consensus among investors, economists and academics.

Even though global financial markets showed some resilience this week, the tone remains cautious as the underlying problems haven't changed.

"There is no way to avoid pain for Greece," said Holger Schmieding, chief economist at Berenberg Bank. "The austerity is painful. Further painful structural reforms are on their way."

There are essentially two options: Greece can continue to cut spending and raise taxes in a painful attempt to convince creditors that it can change its ways. Or, the country can admit defeat, default on its debts, and hope for the best.

http://www.telegraph.co.uk/news/worldnews/europe/greece/8799364/Greece-is-slipping-into-the-abyss.html
Greece is slipping into the abyss
As the economic crisis worsens, the very fabric of society in Athens is being ripped apart as the Greeks lose their good humour and generosity.
...
Looming over the day-to-day difficulties is the threat of losing your job, especially a state one, that used to mean a job for life: 30,000 jobs are to be axed immediately. The days of the gold-plated state jobs are numbered.

I spoke to a friend who runs a psychiatric hospital. He acknowledged that depression is rife. “We are all depressed now,” he said. “It’s just a question of degree. Some people make the problem worse with drugs or alcohol.”

Suicide figures are difficult to pin down, partly because the Orthodox Church says that it is a sin and refuses to bury anyone who has taken their own life. But if the Hellenic Statistical Authority can be believed, the first five months of 2011 saw a 40 per cent rise, while help lines report a massive increase in calls.

Good humour and generosity were once a Greek trademark. But that’s all gone. People are depressed, scared and exhausted by the relentless pressure of heavier cuts and taxes.

Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline TahoeBlue

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Re: Greece Financial Default Watch
« Reply #75 on: October 05, 2011, 10:56:31 am »
The 6th-Tranche Eurogroup meeting will be held October 17-18, 2011

http://livingingreece.gr/


http://content.usatoday.com/communities/ondeadline/post/2011/10/greece-paralyzed-by-24-hour-strike-by-civil-servants/1
Oct 05, 2011

Greece paralyzed by 24-hour strike by civil servants

A nationwide strike by Greek civil servants to protest ever steeper austerity measures paralyzed the country today, bringing transport to a halt and grounding all flights.

Teachers and lawyers joined the work stoppage and even hospitals were running only on emergency staff, the Associated Press reports.

The BBC reports that at least 16,000 people have joined the 24-hour protests organized by the main unions in central Athens. Police have fired tear gas at small groups of protesters who threw stones.

The New York Times reports that the country's two main unions and the Communist Party held separate rallies in Athens.

The newspaper says men and women shouted "traitors" at riot police in central Athens while a crowd of younger protesters chanted "cops, pigs, murderers."
...
Greece has depended upon a $145 billion package of international bailout loans for more than a year, but has fallen behind on meeting budget targets required to qualify for the funds. The government says it has enough money for salaries and pension through mid-November, but needs the next batch of loans to avoid bankruptcy.
...

http://en.aegeanair.com/all-about-us/press-office/press-releases/press-release/?prid=324
Flight cancellations due to 24Hours strike of CAA and Air Traffic Control personnel in Greece on 5th October 2011.


The Greek armed forces now appear to be entering the political and street-level debate in the country over EU- and IMF-imposed austerity, with a group of retired Greek officers storming the defence ministry and the armed forces’ professional organisation issuing a stern warning to the government that the military’s confidence in the “intentions of the state” regarding their pensions has been “shaken”.

Hundreds of retired Greek officers furious at EU-IMF-imposed cuts to their pensions invaded the Ministry of Defence on Friday (30 September), breaking doors and dismantling machinery.

Amid a wider protest of some 2000 officers, around 300 stormed the building as the crowd shouted “down with the Pasok junta” - referring to the governing social democratic party.

Defence minister Panos Beglitis denounced the officers’ actions as “anti-democratic bullying” by “the state within the state” and instructed the prosecutor of the Athens Military Court to conduct a preliminary investigation over whether the group had perpetrated any criminal offences against military institutions.

"Such bullying and anti-democratic behaviour that goes against the democratic government of the country are an insult that will be immediately repressed," said the minister.

"The retired military cannot act as a state within a state and they don't have the right to act anti-democratically," he declared.

The officers removed doors and the dismantled security equipment that scans for the presence of weapons.

After the chief of the general staff came down to speak to the crowd and asked them to leave, the officers abandoned their action at around four o’clock.

On Sunday in a measured but pointed open letter to the government, the Association of Support and Cooperation of the State Armed Forces, the professional association of full-time staff, warned that the Greek Armed Forces are monitoring the government’s moves “with increased concern” and that their confidence in the “intentions of the state” have been “shaken”.

“The executives of the Greek Armed Forces are monitoring with increased concern the latest developments regarding issues related to their needs after retirement,” the letter reads.

While condemning the behaviour of those who stormed the building, the association attacked the minister for his threat of "repressive violence".

“After the rally of demobilised personnel of the armed forces - regardless of the conduct not consistent with status of retired men - and the known statements of the minister of national defence regarding the use of repressive violence against them, the confidence of the uniformed personnel of the armed forces has been shaken regarding the intentions of the state to assist them," the letter continues, "after the rapid accumulation of subsistence problems, which hinder their undistracted devotion to the execution of their duties''

“Targeted escalating contempt and exclusion, denial of any dialogue and ultimately the threat of repressive violence is a serious blow to the morale of senior staff. This blow is extremely critical in the present geopolitical developments in our region," the letter continues.

“The military has every moral and legal basis to defend itself, and it will do so by any legal means,” the letter, signed by the president and general secretary of the armed forces association, concludes.

The defence ministry invasion comes atop angry protests last week by other elements of the Greek security forces, in this case, sections of the police, who demonstrated outside the European Commission offices and German and French embassies in the capital.

The officers, upset at having their pay docked along with other civil servants as part of austerity imposed by international lenders, dropped a massive banner from Mount Lycabettus in Athens and denounced the EU and IMF.

Last month, on a visit by Belgitis to Military Hospital 424 in Thessaloniki, employees blockaded the entrance and booed the minister. The cabinet member and his entourage were forced to exit their cars and enter the hospital on foot.

More.... http://euobserver.com/13/113821
Behold, happy is the man whom God correcteth: therefore despise not thou the chastening of the Almighty: For he maketh sore, and bindeth up: he woundeth, and his hands make whole ; He shall deliver thee in six troubles: yea, in seven there shall no evil touch thee. - Job 5

Offline Letsbereal

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Ordinary Greeks turning to NGOs as health system hit by austerity
« Reply #76 on: October 08, 2011, 08:36:06 am »
Ordinary Greeks turning to NGOs as health system hit by austerity
6 October 2011
, by Leigh Phillips (EU Observer)
http://euobserver.com/851/113841

Excerpt:

Europeans and Westerners in general are accustomed to being asked to donate money to emergency aid NGOs to tackle medical humanitarian crises in Africa, Asia and other parts of the developing world where governments are too unwilling, poor or incapable to be able to help their own citizens.

It is unheard of for aid groups such as Medecins Sans Frontieres or Medicins du Monde to have to take over the role of providing basic medical services from normal state or private providers in a Western country.

But in the era of ever-tightening EU-IMF austerity, that is what is happening in Greece now, as the unemployed and HIV patients begin to turn up at temporary clinics that had been intended to come to the aid of migrants and refugees.

According to Apostolos Veizis, the head of programmes for MSF Greece, this is the new reality that the country is waking up to.
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Offline Letsbereal

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Greek IMF representative sees bigger bailout or deeper debt haircut
8 October 2011
, Athens (Reuters - The Economic Times)
http://economictimes.indiatimes.com/news/international-business/greek-imf-representative-sees-bigger-bailout-or-deeper-debt-haircut/articleshow/10277515.cms

Greece's borrowing needs will be higher than currently projected and governments or private bondholders will have to pick up the tab, the debt-laden country's representative at the IMF said on Saturday.

EU leaders agreed in July to provide Greece with a second bailout of more than 109 billion euros ($147 bln) to help the country service its debt through to 2020.

Private bondholders were asked to take part in the rescue as part of a "Private-Sector-Involvement" (PSI), in which they would accept a 21 percent loss on their Greek debt portfolio.

But Greece's financing needs will be even bigger, the country's representative at the IMF, Panagiotis Roumeliotis said in an interview in financial daily Imerisia.

"The financing needs will be greater, mainly because of the bigger-than-expected recession (in Greece) and the outcome of the PSI," he said.

"This financing gap will have to be covered either by increasing the 109 billion euro loan agreed on July 21 or through a restructuring of private debt," Roumeliotis added.

The IMF was supporting the second option in order to make Greece's debt sustainable, Roumeliotis said. A deeper restructuring of Greece's debt could involve a bigger haircut on the country's bonds or an extension of its maturities, he added.
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Offline Letsbereal

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Greece activates rescue fund to save Proton Bank
« Reply #78 on: October 10, 2011, 01:16:24 am »
UPDATE 1-Greece activates rescue fund to save Proton Bank
10 October 2011
, (Reuters)
http://www.reuters.com/article/2011/10/10/greece-proton-idUSL5E7LA05H20111010

* Central bank activates FSF to rescue Proton

* Sets up good bank, will liquidate old Proton

Greece's central bank said on Monday it activated a bank rescue fund to save Proton Bank , effectively nationalising the small lender that is under investigation for possible violation of the country's money-laundering laws
.
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Offline Letsbereal

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Re: Greece Financial Default Watch
« Reply #79 on: October 12, 2011, 08:47:36 pm »
Kiss Tax Revenues Goodbye – Greek Civil Insubordination Takes On A Surreal Twist
12 October 2011
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/kiss-tax-revenues-goodbye-greek-civil-insubordination-takes-surreal-twist

While we understand the motive of Greeks to cripple the financial nerve center of the country by effectively immobilizing the finance ministry and subjecting the country to a 9 day shutdown, we are yet to witness the ingenuity of the people, when angry, to completely lock down the country's financial apparatus, especially when it comes to the revenue side of the ledger
.

Behold the latest reason why the next time the Troika does its paper napkin "assessment" of the Greek deficit to GDP it will be double digits, and have a 2 handle.

As Bloomberg reports:

"The GENOP union, which represents workers at Public Power Corp SA, has blocked access to the building where company bills are issued in Athens to protest a property tax which is to be paid via electricity bills, state- run Athens News Agency reported, without citing anyone."

That's right: one needs actual physical presence in Greece in order to be able to enact the key component of the most recent Troika "compromise." Which the government does not have.

This leaves two options: risk an all out civil war as G-Pap lets the police out and begins a confrontation between the broader population and the government or, more likely, do nothing, hope nobody in Germany realizes that Greece is doing absolutely nothing to collect taxes, and continue the status quo charade, which is one where Greece is merely a conduit for the ECB to fund Greece so it in turn can fund European banks with interest payments and in the process preserve some credibility in the Euro, and make the jobs of JCT, and soon, Mario Draghi, non-redundant.

In light of all this, we wonder just how much sabotage may have been a factor in the recent discovery that Greece had run out of ink to print tax forms with. A conservative estimate? 100%.
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