Sunday, June 12, 2011

First Greece, then panic

Greece pays a heavy price as eurozone strives to protect its reckless banks

Good overview of the precariousness of Greece, the financial abuse of populations, and the likely result.

Posted by letthemfall @ 02:43 PM (1400 views)
Please complete the required fields.



11 thoughts on “First Greece, then panic

  • Rental John says:

    How long before Greeks decide enough is enough…?

    Reply
    Please complete the required fields.



  • Ha, ha, debt swap (bondholders lose lots of money) here we come. If I was Greek then I would be pushing for the default option. Get it over and done with like Iceland and start again with a new currency.
    I wonder how much UK money is sitting in Greek bonds right now? Some web reports suggest it is around 100bn. A loss of that magnitude will probably mean bankers do not get any bonuses for a few years!

    Reply
    Please complete the required fields.



  • I’ve been thinking for a while that Greece is a “test case” for defaults which many on this blog foresaw. Heather Stewart neatly sums up with:

    “Even if Germany and the ECB can somehow patch up their differences and cobble together a short-term rescue deal for Greece, they will rapidly have to turn their attention to Portugal, Ireland, and – perhaps some time next year – back to Greece. And if the economics look grim, the politics of the euro project look even worse. Skene is exactly right to say that Greece is “the canary in the coalmine”.

    Can’t help wondering whether she should have added a bit about Spain….maybe later.

    Reply
    Please complete the required fields.



  • Alan
    What about Italy, I understood they were too big to bail.

    Reply
    Please complete the required fields.



  • Japan never stood up to their debt problem, and it’s taken them 15+ years to get over it. That’s probably the future here too. Just let the bubble deflate gently.

    No one will get hurt.

    Move along. Nothing to see here.

    Reply
    Please complete the required fields.



  • Yes Dude, but Japan didn’t plan on spending the best part of two decades moribund. There is no way that is the plan in Europe. Such a deliberate choice would be a ludicrous gamble, not least because the latent WWIII seems to be warming up slowly but surely. Libya, Syria, Israel Iran etc etc. Chaos ahead. The best that can be said for Europe now is should’ve gone to specsavers.

    Reply
    Please complete the required fields.



  • All the wittering and hand-wringing about Greece, and how its problems might be addressed (or more accurately, further posponed..) – yet none of the big guns in europe will even hypothesise about the mechanics and consequences of Greece leaving the eurozone.

    Why? Because everyone knows that once one country leaves, others will follow.

    The current Greek tragedy reminds me of Poland in the late eighties, when Lech Walesa and his brave associates formed the Solidarity movement in the Gdansk shipyards. Despite endless attempts by the Warsaw pact countries to stifle their peaceful uprising, and constant denials that anything was amiss, Poland eventually broke free of the soviet yoke.

    Then, in quick succession, the other countries behind the iron curtain followed suit, culminating in the fall of the Berlin wall, and the break up of the Soviet Union itself.

    Most of you guys are probably too young to remember that exciting time, but the fat cat fogies in Brussels aren’t, and they probably fear that if Greece is set free, their financial future is as secure as the fat cats that used to sit on the Politburos of old…

    – Free Greece Now!

    Reply
    Please complete the required fields.



  • Uncle Tom – you are Max Keiser and I claim my ten shillings.

    Reply
    Please complete the required fields.



  • Uncle Tom – You are Max Keiser and I claim my ten shillings.

    Reply
    Please complete the required fields.



  • Fubar,

    No, my name really is Tom. The rest you’ll have to work out for youraself..:-)

    Reply
    Please complete the required fields.



Add a comment

  • Your email address is required so we can verify that the comment is genuine. It will not be posted anywhere on the site, will be stored confidentially by us and never given out to any third party.
  • Please note that any viewpoints published here as comments are user´s views and not the views of HousePriceCrash.co.uk.
  • Please adhere to the Guidelines

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes:

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>