Wednesday, May 5, 2010

Protests Turning Ugly

Rioters kill three bank workers in Athens protests as EU warns Britain's debt crisis will be worse than Greece's

Three bank workers died in a blaze at their Athens office block today after violence broke out in a mass demonstration against Greece's government. George Papandreou denounced what he called the 'murder' of two women and one man killed when bank was set alight as a 100,000-strong crowd protested against austerity measures imposed under Greece's international bailout package. In the worst violence since the Socialist government came to power in October, hundreds of striking demonstrators pelted police with rocks, chunks of marble and bottles, set garbage cans on fire and tried repeatedly to storm parliament

Posted by cat and canary @ 04:58 PM (4940 views)
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26 thoughts on “Protests Turning Ugly

  • no-one seems to be questioning where benthe money in greece went……another case of prosecuting benefit fraud of a few thousand pounds and 300 BILLION euros of debt goes ‘missing’ with no presecutions

    scandalous imo

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  • Everybody knows that cuts would harm their fragile economy. The Greeks should keep on borrowing and spending – Just ask Gordon Brown.

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  • As long as the bankers continue to cream off as much as they can and the Sunday Times continues to trumpet its rich list, austerity at any level will be very difficult to stomach.

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  • britishblue says:

    The trouble with Greece is completeley overshadowing the UK and the pound is rising dramatically against the Euro and is now at its highest for 18 months. The likelyhood now surely is that Greece is going to leave the Euro and 1 or 2 countries are going to follow. This problem is not going to go away. A state of emergency in Greece will be called soon and either the government will collapse or announce that it is going to leave the Euro. Given the shark like mentality of the finacial markets they may smell more blood in the Euro zone and the next UK government might have a little more leeway courtesy of Greece.

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  • vacuouspolitician says:

    @4. Quite.
    Very sad that these people have died. I believe it is the start of more to come…
    The real blame for all this is government – they are in the pockets of the bankers and gamblers. It is time the people of all countries stood up to these leeches and showed them exactly who is in power. The city is now on borrowed time – they certainly won’t be quaffing their champs in public anymore and if they aren’t careful there might be worse to follow…

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  • This is why there won’t be any serious cuts in the UK. There will not be millions or hundreds of thousands of public sector workers made redundant even under ‘cast iron’ Dave, should he get in. The deficit will be reduced mainly by taxation. There will be lots more QE to buy UK debt and support house prices and give the banks money in exchange for toxic mortgage based securities. The debt will however remain and grow larger and never be payed off. Eventually there will be default by hyperinflation. Before all this however the problems with Greece and Portugal and Spain will actually not result in the breakup of the Euro region but produce the excuse to remake it as a United States Of Europe. To this the UK will be told it has to join when the IMF are eventually invited to look at the books in the UK. Possible?

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  • tenyearstogetmymoneyback says:

    First I was quite shocked to read about the deaths in Athens.
    I doubt if those who died were the Fat cats at the bank.

    It certainly shows a big disadvantage in joining the Euro.
    I agree with the first few of Chrisa’s comments. As long as you have
    your own currency you can devalue it. The only question is how many
    times can you do that before people stop lending to you.

    A couple of days ago a colleague commented that Greeks problems started
    when they held the Olympics.

    Taffee I can’t believe that anything other than sheer incompetence could create
    such big losses. What do Greece export to pay for all their imported vehicles etc.
    People laugh at the Iranians for trying to make their own cars, but at least they
    aren’t ruining their balance of payments.

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  • What does this have to do with house prices? Well I suppose the Greeks will end up being paid less than other parts of Europe, and this will feed through into property prices. The best bits of Greece will be bought up by foreigners – probably Germans.

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  • Eventually there will be default by hyperinflation.

    Not sure hyperinflation is such a great option as the debt is largely index linked.

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  • Truly sorry for those who died in the bank – ironic that they’re probably the least responsible. Question is whether ‘rent a mob’ were involved to demonise real protestors? More to come folks, but we Brits are far too coralled and survaillenced to do anything anyway 😉
    Wasn’t it Buffett who said the ‘the time to buy is when there’s blood on the streets’?! Seriously though, I’m scared given the return of no fly thanks erupting volcanos, the truly horrific oil disaster, Haiti, tsunamis, the fact it’s snowing in Mexico, UK debt, etc, etc, etc.
    Can’t see house prices growing given this back drop, even if the Elite keep trying to brainwash us that it’s business as usual with the Times [email protected]@@g Rich List. Wonder how many of them have their ‘special’ ticket.
    Hands up who thinks events are going to slow dow and return to normal? Anyone? Buller…?!
    4.5 years left people.

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  • There are still quiet places in world. Start by turning off the telly.

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  • Excellent comment Rumble, there’s no need to watch TV most of the time.

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  • Cheekie Charlie says:

    I am suprised non of you have mentioned the likelyhood of this crises bringing about a double dip recession( the second part being a real recession)! I see the BBC reported that the austerity measures on Greece would lead to a contraction of 3% but couldn’t mention the “R” word just in case their reporting lead to a self fulfilling prophecy. Mind you how could it ever affect us, the problem is isolated, it would be like saying a few Americans defaulting on their mortgages could lead to our banks collapsing!

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  • The bank deaths are a raw and horrible lesson in what happens during real political endgames. A lot of the more dunderheaded comments I’ve read about the Greek debt such as why don’t the Greeks pay back what they borrowed? Said against the backdrop of no-strings-attached trillion dollar bailouts the Greek debt is pissing in a river. When AIG and all the other financial carrion feeders pay back the money they’ve been given then we can start demanding ‘austerity’ from ordinary people. I am a natural pessimist and so can’t see this ending in a constructive way for anyone. I’m not religious at all but one bit of scripture that stuck was “neither a borrower nor a lender be.” It takes two parties to create a debt and the the lenders also need to examine their own behaviour. To quote the editor of Stars and Stripes in Full Metal Jacket. “Its a big sh1t sandwich and we’re all gonna have to take a bite”. Spare a thought for the poor blighters grieving today for their loved ones – there’s no way back for them no bailout for the lifetime of sadness they face and lets hope the deaths stop at these three souls.

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  • cat and canary says:

    well summed up fubar. P.S. “neither a borrower nor a lender be” is Shakespeare! Quick wiki shows that the almighty actually wrote “The rich rule over the poor, and the borrower is slave to the lender” ..Nothing like the feeling of slavery to make peoples blood boil.

    I hope as you say, that this is the low point of the whole affair. I doubt it though. George Kennan wrote “wrong a man, deny him all redress, exile him if he complains, gag him if he cries out, strike him in the face if he stuggles, and at the last he will stab and throw bombs” ..Yesterday was a dark day in this whole mess, but what did the politicians really expect? Yet still they dont reign in the banks as they post billion after billion in profit

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  • happy mondays says:

    Well said fubar & c&c
    The greeks are fighting for away of life, something us british foolishly gave away decades ago, probably at the norman conquest…
    It’s sad it has come to this, but i am sure we shall see more of this in the near future, what did the governments expect!

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  • Cheers for putting me right on my sources c&c. Good ol Will Shakespeare. All my life I thought that was scripture!

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  • @Furbar
    Absolutely right. However, bank lending is not real lending. When you borrow, funds are not transferred, numbers are simply written into an account. You then have to “pay this back” at interest. It is the greatest scam ever and the cause of mayhem and misery the world over. One can never tire of Sir Josiah Stamp, head of the Bank of England in the 1920s:

    Banking was conceived in iniquity and was born in sin.
    The Bankers own the earth. Take it away from them,
    but leave them the power to create deposits,
    and with the flick of the pen they will
    create enough deposits to buy it back again.
    However, take it away from them, and
    all the great fortunes like mine
    will disappear and they ought to disappear, for
    this would be a happier and better world to live in.
    But, if you wish to remain the slaves of Bankers
    and pay the cost of your own slavery,
    let them continue to create deposits.

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  • 1. titaniccaptain

    Ugly but nessesary. It is the least uglier of the two aspects mate.

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  • letthemfall says:

    I echo the comments about the deaths in Greece.
    happy mondays makes an interesting point. What is more important? How we live our lives, or how we balance the books? Of course, no one can borrow from the future indefinitely, but for the Greeks the question of Govt debt seems less important than their immediate lives. They see the problem as corrupt and incompetent govts and powerful institutions, and to a great extent they are right.

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  • “the borrower is slave to the lender”
    — Doesn’t that depend on the size of the borrower? Big enough and the borrower turns to thief, the lender to victim.

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  • cat and canary says:

    heh heh, yeah rumble, that scripture was probably written thousands of years before IVAs were invented!!

    should now read: “the borrower stupid enough to pay back their loans shall be servent to the lender.”

    The wise follow the teachings of their wise leader Gordon…

    “borroweth as much as possible before defaulteth!”

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  • IVAs serve a purpose while society is still civil. What’s the uncivil equivalent?

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  • Rental John says:

    Civilisation is only two missed meals away from revolution….

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  • Rental John says:

    We here little mention of the situation in the eastern European states, and former Warsaw Pack countries….surely they have similar fundamental problems…but guess they have fallen off the Radar for now….!

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