interestrateripoff Posted June 15, 2011 Share Posted June 15, 2011 http://www.bbc.co.uk/news/business-13781390 EU commissioners have a "profound sense of foreboding" about Greece and the future of the eurozone, a leaked account of a meeting has suggested.The account, seen by BBC News, said this was in reaction to the "damning failure" of eurozone ministers to agree a new bail-out for Greece last night. It was written by an official who attended Wednesday's gathering of commissioners in Brussels. The author warned that the markets would now "smell blood". The European Commission said it would not comment "on anonymous interpretations of meetings". The document said that the planned second Greek financial rescue package on top of last year's 110bn-euro (£161bn; £98bn) bail-out would dominate the forthcoming European Council meetings next week. It added that any default on Greek government debt - as espoused by Germany - would leave the Greek banks insolvent and "threaten the viability of the ECB [European Central Bank] itself" which owns 49bn euros of Greek bonds. It would appear that the EU elites are starting to realise they can't sweep this under the carpet for much long and TSHTF on their watch. Although you've got to admire their determination that they can solve this by throwing even more debt at Greece. The only solution is default and any future funding based on the Greeks having to run a balanced budget perpetually. Quote Link to comment Share on other sites More sharing options...
Errol Posted June 15, 2011 Share Posted June 15, 2011 Max Keiser giving the best coverage of the Greek unrest: http://maxkeiser.com/2011/06/15/live-from-syntagma-square/ Quote Link to comment Share on other sites More sharing options...
yorkshireman Posted June 15, 2011 Share Posted June 15, 2011 http://www.bbc.co.uk/news/business-13781390 It would appear that the EU elites are starting to realise they can't sweep this under the carpet for much long and TSHTF on their watch. Although you've got to admire their determination that they can solve this by throwing even more debt at Greece. The only solution is default and any future funding based on the Greeks having to run a balanced budget perpetually. I agree and the EU need to realise that the only long term way out is to go back to making and selling real tangible things, to real people, who can pay for them with real money. Quote Link to comment Share on other sites More sharing options...
Chuffy Chuffnell Posted June 15, 2011 Share Posted June 15, 2011 I agree and the EU need to realise that the only long term way out is to go back to making and selling real tangible things, to real people, who can pay for them with real money. But that would mean people actually having to work! And as the Greeks are demonstrating: that's not a welcome proposition to them! Anyway, someone mentioned shit hitting fans... http://www.youtube.com/watch?v=SYxvVe9y5NQ Sounds like the Eurocrats are about to "hear about this".. Quote Link to comment Share on other sites More sharing options...
Tired of Waiting Posted June 15, 2011 Share Posted June 15, 2011 http://www.bbc.co.uk/news/business-13781390 It would appear that the EU elites are starting to realise they can't sweep this under the carpet for much long and TSHTF on their watch. Although you've got to admire their determination that they can solve this by throwing even more debt at Greece. The only solution is default and any future funding based on the Greeks having to run a balanced budget perpetually. I think most of the elites have been "bricking it" for a long time, since the crash really, 'cause, in this crisis, there is no safe haven. None. Quote Link to comment Share on other sites More sharing options...
Goat Posted June 15, 2011 Share Posted June 15, 2011 Anyway, someone mentioned shit hitting fans... http://www.youtube.com/watch?v=ovYWY4Pf9_M Quote Link to comment Share on other sites More sharing options...
The Ayatollah Buggeri Posted June 15, 2011 Share Posted June 15, 2011 (edited) http://www.youtube.com/watch?v=wN2-I31Imis Starring Papandreou in the leather costume and Merkel and Trichet as the hillbillies... Edited June 15, 2011 by The Ayatollah Buggeri Quote Link to comment Share on other sites More sharing options...
General Congreve Posted June 15, 2011 Share Posted June 15, 2011 *Punches Air* Go Greece! I can see pay day marching over the horizon Quote Link to comment Share on other sites More sharing options...
Topher Bear Posted June 15, 2011 Share Posted June 15, 2011 Oh. I really hope so. I really hope, this is the end of the euro. Then I can in around telling everyone ' I told you so'. I said from the dot it wouldn't work without political union and not enough europeans want that! Is anyone watching the relevant overnight markets? How are they reacting to tonights events? Quote Link to comment Share on other sites More sharing options...
frenchy Posted June 15, 2011 Share Posted June 15, 2011 Oh. I really hope so. I really hope, this is the end of the euro. Then I can in around telling everyone ' I told you so'. I said from the dot it wouldn't work without political union and not enough europeans want that! Is anyone watching the relevant overnight markets? How are they reacting to tonights events? Beware that in the end the euro doesn't end up stronger and sterling even weaker. What would you be telling people then when you go around? Quote Link to comment Share on other sites More sharing options...
Nationalist Posted June 16, 2011 Share Posted June 16, 2011 The Greek economy is based on selling sun, sand, sea and culture. These are all free and inexhaustible! The Greeks should be coining it. How they managed to fvck this up is beyond me. The good news is that after they've defaulted, given everyone a haircut and bombed out of the currency union, the sun, sand, sea and culture will still be there and they can pick up where they left off. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted June 16, 2011 Author Share Posted June 16, 2011 http://www.telegraph.co.uk/finance/economics/8578637/UK-may-be-forced-into-second-Greek-bail-out.html Germany is insisting that the EFSM - to which all EU countries, including Britain contribute - is used to help Greece potentially giving the Government a €1.2bn liability to Greece's debt crisis.A decision on the new aid for Greece will be taken at a meeting of Europe's finance ministers on Monday. Great news that UK taxpayers will be forced to help out the greeks with money we haven't got. Quote Link to comment Share on other sites More sharing options...
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