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interestrateripoff

Is Greece About Flip Europe The Finger?

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http://www.zerohedge.com/article/greece-preparing-give-europe-finger

From Capital.gr:

Greek PM: Major Reforms Need Referendum

The road to exiting crisis is difficult and the Greek government should proceed with major changes to make the state deficit sustainable and regain the confidence of creditors, said Greek Prime Minister, in response to a LAOS party question.

George Papandreou said that reforms on the political system or the public administration need the voting of Greek people through referendums.

Furthermore, he stated that “the road will be difficult but we must endure the pain”, adding that he is determined to proceed with all the necessary changes to make the country’s debt sustainable.

“We need to show unity, that we are consistent in our obligations and that we will change Greece, in order to convince those who give us a “helping hand”.

“If we give up halfway, our sacrifices will be wasted”, said the Prime Minister. “If we endure, we’ll solve the debt problem for the coming generations”, he added.

The key word above, of course, is "referendum." If it comes to that, better have those EUR shorts on (at least for the short-term).

Looks like the Friday feeling is catching we are going to have a sustainable deficit whilst at the same time solving the debt problems. Someone I doubt you can have a sustainable deficit policy and solve the debt problems.

Although I'm sure the Greeks will vote to give the bankers more money.

Edited by interestrateripoff

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given that the greek Minister of Finance Papaconstantinou participates at the current Bilderberger meeting I would consider it extrememly unlikely that the greek government will do anything the EU doesn't want it to do.

Unless the greek people topple their government, then all bets are off.

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given that the greek Minister of Finance Papaconstantinou participates at the current Bilderberger meeting I would consider it extrememly unlikely that the greek government will do anything the EU doesn't want it to do.

Unless the greek people topple their government, then all bets are off.

It was reported that the Greek military are prepared to take power if order breaks down, now where would that leave things? Not sure what would happen to the EU membership at that point.

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Don't know about Greece, but from talking to Irish people I guess a referendum along these lines would pass in Ireland.

The line is that what's done is done, the blanket guarantee can't be rolled back, it will be a slog into the future but there will be growth. The most that can be defaulted is debt owed to junior bondholders of the banks. And if we default on the senior stuff there will be violence and poverty.

The opponents of this line aren't offering a better prospect.

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It was reported that the Greek military are prepared to take power if order breaks down, now where would that leave things? Not sure what would happen to the EU membership at that point.

I was listening to a piece on R4 about Turkey, and the threat there of another military coup to support secularism, like in 1980. The verdict was "ain't gonna happen" - everyone seemed clear that the military has lost that ability.

That may reflect on Greece as well.

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Don't know about Greece, but from talking to Irish people I guess a referendum along these lines would pass in Ireland.

The line is that what's done is done, the blanket guarantee can't be rolled back, it will be a slog into the future but there will be growth. The most that can be defaulted is debt owed to junior bondholders of the banks. And if we default on the senior stuff there will be violence and poverty.

The opponents of this line aren't offering a better prospect.

Bit of a shame that doing that won't work either then, really.

As the OP goes - looks to me like they want a referendum to give legitimacy to their plans, which means it'll be a ********.

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I do hope they do.

A few proper defaults should stop all the lending to those who don't need it ( they can't repay the principal + interest), so they will have to live within their means.

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Furthermore, he stated that “the road will be difficult but we YOU must endure the pain”, adding that he is determined to proceed with all the necessary changes to make the country’s debt sustainable.

Corrected.

Edited by billybong

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George Papandreou said that reforms on the political system or the public administration need the voting of Greek people through referendums.

Furthermore, he stated that “the road will be difficult but we must endure the pain”, adding that he is determined to proceed with all the necessary changes to make the country’s debt sustainable.

Isn't Papandreou's family part of the group who made €20bn on that the CDS sale by Greeces post office pension fund just before the crash? So his family is millions of euros richer because of it.

Funny how this story appears to have vanished from the news/forums... :ph34r:

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Furthermore, he stated that “the road will be difficult but we YOU must endure the pain”, adding that he is determined to proceed with all the necessary changes to make the country’s debt sustainable.

+1

He and his will be just fine.

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given that the greek Minister of Finance Papaconstantinou participates at the current Bilderberger meeting I would consider it extrememly unlikely that the greek government will do anything the EU doesn't want it to do.

Unless the greek people topple their government, then all bets are off.

There is a new phenomenon in Greece. The summer evenings have brought circles of people, mostly left wingers, gathering every evening in towns and villages up and down the country, to plot ways to disrupt the government. Seems like a large minority is being radicalised. Truly, anything could happen.

I've also heard a rumour that the Russians have very quietly bought an abandoned hotel in a quiet area overlooking the Aegean, left the outside untouched but erected lots of radio masts and communications equipment.

Edited by izzy

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The debt can't be made sustainable. The deficit will be impossible to close whilst Greece is in the €. The chances of uncontrolled default rise every day.

The EZ needs to be restructured, southern Europe can't survive in a currency Union with Germany. Surely this is obvious?

A completely new strategy is needed from Germany, France or there will eventually be a EZ day of reckoning and the whole thing will collapse.

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There is a new phenomenon in Greece. The summer evenings have brought circles of people, mostly left wingers, gathering every evening in towns and villages up and down the country, to plot ways to disrupt the government. Seems like a large minority is being radicalised. Truly, anything could happen.

I've also heard a rumour that the Russians have very quietly bought an abandoned hotel in a quiet area overlooking the Aegean, left the outside untouched but erected lots of radio masts and communications equipment.

So there's possible lots of copper cabling there then?

I highly doubt the revolutions we have been seeing in the middle east are going to stop there, they will spread as more and more people get completely fooked off.

Making home made explosives isn't difficult (although is dangerous) and when people have nothing to lose the state is in trouble.

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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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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