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Greece Launches Massive Fire Sale

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Petrol bombs, stun grenades and tear gas thrown during clashes in Athens
  • Government aims to sell off casinos, marinas and former Olympics venues to service debt
  • Greece could require second bail out of 60billion euros
  • Demonstrations against harsh austerity measure boil over into riots

Marinas, casinos and former Olympic venues could be up for grabs after Greece announced a massive fire sale to help service its debt.

The Greek government said it was putting vast areas of state-owned land on the market to raise £44billion in the next four years.

Nationalised companies could also be privatised to help raise the necessary capital to ensure it does not default on debt payments.

It comes after intense pressure from Britain and other creditors to act to prevent debt restructuring that could have widespread effects across Europe.

British Chancellor George Osborne told The Times: 'The issue for Greece is whether it lives up to its commitments.'

Officials have said there is a political drive to ensure Greece can service its debt after a 110billion euro bailout by the EU and IMF last year.

A general strike held today has seen most public services grind to a halt across the country, while thousands marched through Athens to protest against harsh austerity measures.

The socialist government is planning to pass further cutbacks aimed at saving an estimated 23billion euros.

The strike suspended all train and ferry services, grounded flights for four hours and disrupted public transport in the capital.

Around 10,000 members of the communist-led PAME union marched peacefully through the centre of Athens.

Greece's two main unions are also planning another demonstration later today, expected to be closely monitored by police after previous protests degenerated into riots.

Last year, three bank clerks died when their building was torched by violent protesters.

The economic crisis follows years of inept governance, widespread corruption and waste that created bloated budget deficits and a public deficit larger than annual economic output.

For the time being, the country is shielded from insolvency by a 110billion package of rescue loans in a three-year programme.

But despite drastic spending cuts - with reductions to pensions and salaries accompanied by increase in taxes and retirement ages - the nation may need additional support to meet its financing needs next year, as the cost of borrowing from bond markets remains sky-high.

Parliament is expected to vote on the new round of cutbacks later this month.

The governing Socialists have also committed themselves to an ambitious - but so far nebulous - privatisation program worth a total 50 billion euro over the next few years.

However, many promised reforms have not yet been implemented, and there is growing skepticism in Greece and abroad over the government's efficiency.

'Before we can talk about further aid, Greece has to make sure that all austerity and reform measures are duly implemented,' said Michael Meister, a deputy caucus leader of German Chancellor Angela Merkel's conservative party.

'I would like to have a signal that this is finally happening,' the lawmaker told Wednesday's German Rheinische Post daily.

EU and IMF officials are currently in Athens for talks on the austerity program - on which the continued release of the bailout loans depends.

Greek unions say the protracted austerity, amid a two-year recession and unemployment at around 15 per cent, is unfairly targeting the less well-off.

A statement from the country's largest union, the GSEE, said Wednesday's strike expresses 'strong protest at the unjust and cruel policies that have caused a surge in unemployment... violated labor rights, and squandered public wealth, while failing to insure an exit from recession'.

Among areas up for sale are the abandoned Athens airport at Hellinikon and Olympic venues that once housed baseball, taekwondo and hockey.

A racetrack at Faliron, the Mont Parnes Casino north of Athens and several marinas are also for sale.

What Greece, Ireland, and the rest of the PIIGS needs start doing is ousting their government, and saying no to the Eurocrat bankers.

We are not far from food and water being used as a weapon to squeeze the remaining wealth out of these citizens.

The EU is so flawed, and can't possibly last with most of it's nation states running riot because of the very crooked central banking system backing the whole project.

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What Greece, Ireland, and the rest of the PIIGS needs start doing is ousting their government, and saying no to the Eurocrat bankers.

We are not far from food and water being used as a weapon to squeeze the remaining wealth out of these citizens.

The EU is so flawed, and can't possibly last with most of it's nation states running riot because of the very crooked central banking system backing the whole project.

Agreed on all three points. The thing is if you say no German Panzers will be in the streets of Greece.

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The trouble is Greece keeps announcing new reforms and privatisations but rarely seems to ever implement them. I read a good blog post on this subject yesterday

The corporate tax & book-keeping law is

supposed to be totally scrapped and replaced by a friendlier legislation.

Individual tax offices are also supposed to be scrapped in their majority, with

the burden of collection falling to the Ministry of Finance at a central level.

These two reforms have been postponed for Q2-Q3

2011. The introduction of a “tax card” that will track one’s

purchases and associate them with a business VAT number is delayed until June

at the earliest, onwards from January. And so on, and so forth.

Remember this is the Greece that is supposed to be pressing forward with reforms at maximum speed!

http://t.co/YaDcx0R

I notice also that he explains how the European Central Bank has saddled Greece Ireland and Portugal with the losses from its bond buying programme whilst telling everyone these losses are in fact a profit!

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The trouble is Greece keeps announcing new reforms and privatisations but rarely seems to ever implement them. I read a good blog post on this subject yesterday

http://t.co/YaDcx0R

I notice also that he explains how the European Central Bank has saddled Greece Ireland and Portugal with the losses from its bond buying programme whilst telling everyone these losses are in fact a profit!

They can pass reform legislation all they want but if the population isn't going along like it normally does and needs to be actively coerced that's expensive, time consuming and probably doomed to failure.

We aren't far off that glorious moment in all fiat money cycles when the crowd grabs the printer either via a mob or via a politico.

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Another democracy.. another nation controlled by the bankers. Luckily Greece is the one nation in Europe I have the most hope for. There is radical leftist and rightist political movements in the nation which have real new ideas and energy. And the Greeks aren't as passive as other Europeans watching their country being taken from them.

One day people have to realize just voting in the opposition party doesn't stop the bankers from looting their nation. Getting out and protesting and not taking it is a good step. If people 'put down the tools' en masse the powers that be are screwed. Try making the debt payments with no cash flow.

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There'll be queues of highly leveraged institutions waiting to snap up these cents-on-the-euro bargains.

Paid for by tax payers, owned by tax payers, sold off cheap by governments to banks.

Agree that if they go then they’ll go for cents, but who’d want a sports centre in a country where everyone is so squeezed they’d never be able to use it.

Roundabouts though I guess.

Someone needs to pop a public figure, or a high profile banker in one of these countries to make the c*n*s realise that they are dealing with people and not just numbers in a spreadsheet some few hundred thousand miles away.

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The media are also calculable as they avoid letting the public know what is happening.

Most are so brain washed that they think that politicians should be entrusted to deal with the debt crisis without realizing that they are part of the problem. :angry:

I do pray that one of the piigs defaults.

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Agreed on all three points. The thing is if you say no German Panzers will be in the streets of Greece.

You mean like in the film 'Kelly's Heroes' - to steal their gold?

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What would be funny is if the Greek population moved to Germany.

Then there would be a country that owes huge amounts of money with no one living in it. The quality of life would be much better for all the Greeks for the next 15 years.

How would the other countries get their money back then?

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What Greece, Ireland, and the rest of the PIIGS needs start doing is ousting their government, and saying no to the Eurocrat bankers.

We are not far from food and water being used as a weapon to squeeze the remaining wealth out of these citizens.

The EU is so flawed, and can't possibly last with most of it's nation states running riot because of the very crooked central banking system backing the whole project.

Who would buy these Assets whilst Greece is experiencing these kinds of problems? If you buy a Marina / Olympic venue you need a population with money to pay to see events etc. Not to mention the political stability issues. No chance of them selling for a good price with the current Greek economic situation.

Greece faces perpetual recession to bail out German, French Banks. Getting Greece back to growth is in the interest of everybody. Structural reforms are needed, there also needs to be a plan to get rapid growth, this would have to involve Greece leaving the € in an orderly fashion.

Until this is realised Greece will be pushed further towards the edge of the precipice. If the EU act to late Greece could collapse leading to a messy / bloody end to the € and another financial crisis.

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You mean like in the film 'Kelly's Heroes' - to steal their gold?

Those weren't Panzers. They were modified Russian T-34's made up to look like Tigers. Same goes for the 'Tigers' in Shaving Ryan's Privates.

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Who would buy these Assets whilst Greece is experiencing these kinds of problems? If you buy a Marina / Olympic venue you need a population with money to pay to see events etc. Not to mention the political stability issues. No chance of them selling for a good price with the current Greek economic situation.

Greece faces perpetual recession to bail out German, French Banks. Getting Greece back to growth is in the interest of everybody. Structural reforms are needed, there also needs to be a plan to get rapid growth, this would have to involve Greece leaving the € in an orderly fashion.

Until this is realised Greece will be pushed further towards the edge of the precipice. If the EU act to late Greece could collapse leading to a messy / bloody end to the € and another financial crisis.

Banks can buy stuff and let it linger until such time as it becomes profitable to operate or flog , whereas you or I, or the state cannot.

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Banks can buy stuff and let it linger until such time as it becomes profitable to operate or flog , whereas you or I, or the state cannot.

Because banks don’t have enough dodgy Greek assets on their Books already? I would love to see a bank justify spending several billion on an “investment” in a country that is nearing economic collapse and civil war.

They may as well buy some of Greeks bond issuances the chances of a return or their money back are both zero.

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Because banks don’t have enough dodgy Greek assets on their Books already? I would love to see a bank justify spending several billion on an “investment” in a country that is nearing economic collapse and civil war.

They may as well buy some of Greeks bond issuances the chances of a return or their money back are both zero.

I wouldn't say they were on the edge of a civil war, unless you want to call the people versus the government and corrupt plutocrats as so, but I think that is incorrect.

It's a revolution, with the government soon to be out on their ear. Maybe a few dead politicians and bureaucrats via mob justice will send a shockwave through the EU and put things on the right track, at least for a while.

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Just imagine if Greece were an Arab state. The BBC would be gleefully reporting on the progress of the "rebels", complete with flag-waving backdrop to the newscaster. Instead, because Greece is in OUR system, it is all hushed up.

Protests in the UK have been met with brutal suppression. Somehow, when we protest, brutal thugs of policemen with their numbers covered up appear to baton pregnant women and kill old drunks. These same brutal thugs are nowhere to be seen when they might be of value in protecting decent citizens from anti-social behoviour of course.

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What Greece, Ireland, and the rest of the PIIGS needs start doing is ousting their government, and saying no to the Eurocrat bankers.

We are not far from food and water being used as a weapon to squeeze the remaining wealth out of these citizens.

The EU is so flawed, and can't possibly last with most of it's nation states running riot because of the very crooked central banking system backing the whole project.

Scottish-masonic wit - MERK-EL(god)

A merk was a Scottish silver coin. Originally the same word as a mark (german coinage) of silver

She's a G_od-head of a Masonic group intimidating & stirring up the Greek population along with their leaders.

44billion is one of the Masons trade'marks' - cos majority of stuff in Bible mentioned in 11's / multiple of 11 means bad stuff or 'chaos' (exactly what is being foisted on GrEEce.)

Edited by erranta

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Just imagine if Greece were an Arab state. The BBC would be gleefully reporting on the progress of the "rebels", complete with flag-waving backdrop to the newscaster. Instead, because Greece is in OUR system, it is all hushed up.

Protests in the UK have been met with brutal suppression. Somehow, when we protest, brutal thugs of policemen with their numbers covered up appear to baton pregnant women and kill old drunks. These same brutal thugs are nowhere to be seen when they might be of value in protecting decent citizens from anti-social behoviour of course.

I agree it was only two days ago that Stephanie Flanders the BBC Economics Editor was writing on her blog that Greece was doing well under the bail out......I'd hate to think what she thinks is doing badly

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The Greek government said it was putting vast areas of state-owned land on the market to raise £44billion in the next four years.

As I've been saying all along... they can pay if they want to, they just need to sell everything.

Next I would suggest they should sell their half of cypus to the turks... probably get €40-50bn for it as it would setting the ongoing dispute and aid Turkeys entry into the EU.

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As I've been saying all along... they can pay if they want to, they just need to sell everything.

Next I would suggest they should sell their half of cypus to the turks... probably get €40-50bn for it as it would setting the ongoing dispute and aid Turkeys entry into the EU.

Erm why not just cancel all the debts as thr giant fraud they so obviously are, or simply pay them in freshly printed euros?

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As I've been saying all along... they can pay if they want to, they just need to sell everything.

Next I would suggest they should sell their half of cypus to the turks... probably get €40-50bn for it as it would setting the ongoing dispute and aid Turkeys entry into the EU.

You're quite mad aren't you? Greece and Cyprus are entirely different countries. Greece can no more 'sell' Cyprus than England can 'sell' Belgium.

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Scottish-masonic wit - MERK-EL(god)

A merk was a Scottish silver coin. Originally the same word as a mark (german coinage) of silver

She's a G_od-head of a Masonic group intimidating & stirring up the Greek population along with their leaders.

44billion is one of the Masons trade'marks' - cos majority of stuff in Bible mentioned in 11's / multiple of 11 means bad stuff or 'chaos' (exactly what is being foisted on GrEEce.)

Thank you once again for your contribution.

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You're quite mad aren't you? Greece and Cyprus are entirely different countries. Greece can no more 'sell' Cyprus than England can 'sell' Belgium.

OK, what's Plan B then?

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You're quite mad aren't you? Greece and Cyprus are entirely different countries. Greece can no more 'sell' Cyprus than England can 'sell' Belgium.

He's also bonkers to suggest that any country should give up some of its sovereignty to pay fiat currency debts.

Ruffles, if a person goes into debt and can't pay do you think they should sell an eye or a kindney or a lung to meet those debts? Because what you suggest is exactly the same for a country, to give up an intergral part of itself. And doing so would have the same effect on a country as it would on a person, perhaps more so.

The last time something along these lines happened in europe was in the treat of versailles, and look how well that turned out.

Your suggestion is ludricous, please stop repeating it.

Edited by alexw

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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