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ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral

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posted on Feb, 5 2015 @ 12:21 PM
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a reply to: BornAgainAlien

It will be interesting to see what Yanis Varoufakis comes up with. I heard him on TV recently, before he became finance minister and he seems quite radical in his views.

If Greece doesn't play ball with the EU, they will be demonised, not just by the troika but also the general populations of member countries. All fueled by media spin. I can recall the stick Iceland got for standing up to the bankers. I watched an interview where Jeremy Paxman tried to take the Icelandic president to task and he was unable to. His questions were rather loaded and delivered with attitude but Ólafur Ragnar Grímsson answered everything with clarity and honesty. He also told how the media did not report the fact that Iceland had always agreed to honour any debts.
edit on 5-2-2015 by midicon because: (no reason given)




posted on Feb, 5 2015 @ 01:34 PM
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originally posted by: Willtell

originally posted by: crazyewok
I have a family member that works for a big German bank.

They have said that Germany has been preparing not just for Greece but a Spanish and Italy default and are well prepared and willing to take the hit just to prove a point that you don't # with the Germans and they are the power behind the euro.


The Germans have a lot of balls and hypocrisy as well.

They cried like babies over their WWI debt, WWII debt and convinced the winners of the war to lighten up.

All they did was almost destroy and enslave the world.

What did Greece do so bad? Allow people to retire at 60

OH THAT’S SUCH A GREAT SIN.

Compared to what Germany did it’s a joke.


World War II was caused because the war reparations Germany was forced to pay for World War I made life impossible for the average Germany family. That led to a lot of resentment to anyone lending money.

After World War II, the Americans had to help reconstruct Germany in order to prevent yet another war coming up in the future. Bringing stability back to Europe would then help the other Mediterranean countries become democratic rather than dictatorships.



posted on Feb, 5 2015 @ 01:54 PM
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originally posted by: stormcell

originally posted by: Willtell

originally posted by: crazyewok
I have a family member that works for a big German bank.

They have said that Germany has been preparing not just for Greece but a Spanish and Italy default and are well prepared and willing to take the hit just to prove a point that you don't # with the Germans and they are the power behind the euro.


The Germans have a lot of balls and hypocrisy as well.

They cried like babies over their WWI debt, WWII debt and convinced the winners of the war to lighten up.

All they did was almost destroy and enslave the world.

What did Greece do so bad? Allow people to retire at 60

OH THAT’S SUCH A GREAT SIN.

Compared to what Germany did it’s a joke.


World War II was caused because the war reparations Germany was forced to pay for World War I made life impossible for the average Germany family. That led to a lot of resentment to anyone lending money.

After World War II, the Americans had to help reconstruct Germany in order to prevent yet another war coming up in the future. Bringing stability back to Europe would then help the other Mediterranean countries become democratic rather than dictatorships.


Then what’s preventing the Greeks from taking up arms and trying to conquer Europe.

Along with maybe the Spanish, Portuguese, Ireland, and maybe Italy, what they call the PIIGS group…

Ironic isn’t it, being that the only PIGS in this scenario are the European Bankers!



posted on Feb, 6 2015 @ 05:22 AM
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a reply to: BornAgainAlien

I just told a friend of mine

Any kind of deal made between new government and Greece is doomed to failure unless Greece leaves the Euro and goes back to their own currency



posted on Feb, 6 2015 @ 02:36 PM
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Ouch...

Eurogroup Gives Greece 10 Day Ultimatum: Apply For Bailout Or Grexit



GREECE MUST APPLY FOR BAILOUT EXTENSION ON FEB 16 AT THE LATEST TO KEEP EURO ZONE FINANCIAL BACKING -EUROGROUP CHAIRMAN DIJSSELBLOEM

Source


It seems almost like they want it to happen.



posted on Feb, 6 2015 @ 02:51 PM
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originally posted by: Willtell
Then what’s preventing the Greeks from taking up arms and trying to conquer Europe.

Their manufacturing capacity.

Even if they had the will, they wouldn't be able to produce the tools fast enough to to outproduce any of the major European powers, let alone the EU.

They are decades away from having that capacity if their entire economy shifts to 'war mode' now.



posted on Feb, 6 2015 @ 03:01 PM
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a reply to: Willtell

Germans work and pay the bills while the Greeks laugh and sit around drinking all day. Let the Greeks out and watch them fail over and over again. Who is going to prop them up.....Russia.....China....Ya right. They also understand Greece is nothing but a welfare state with nothing to offer.



I predict if Greece stops getting bailouts and free money to hand out it will fail and cause a revolution inside that country.



posted on Feb, 6 2015 @ 11:55 PM
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a reply to: BornAgainAlien

Which is quite understandable, greece has shown to be unreliable and is a big mess.
After hundreds of billions of bailout money from european taxpayers and haircuts to lower their debt, they simply say they want to go back to their old behavior, spend money which they do not have, oh and more debt reductions.

They were on the road to recovery and they threw it under the bus.

I don't think Greece should think that China, Russia or some other country is stupid enough to think that Greece is suddenly a trustworthy partner.
If Greece defaults, it will be disastrous for the greek people and i feel for them, but they owe it to their government(s).



edit on 7-2-2015 by earthling42 because: (no reason given)



posted on Feb, 7 2015 @ 01:52 AM
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a reply to: earthling42

If only it was that simple.

The Greek population is not to blame for it all.

Goldman Sachs en de vernietiging van Griekenland/Goldman Sachs and the destruction of Greece

Dutch



posted on Feb, 7 2015 @ 02:10 AM
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originally posted by: crazyewok
I have a family member that works for a big German bank.

They have said that Germany has been preparing not just for Greece but a Spanish and Italy default and are well prepared and willing to take the hit just to prove a point that you don't # with the Germans and they are the power behind the euro.


Being german i would like to reply to this comment:

That may well be what the higher uppers want but they are so out of contact with the average german. I and many that i know don't want that and would really like to op out of the euro. But we didn't get to choose back then; the politicians choose for us instead knowing that the ppl would have said no!

We ourselves have huge debt problems so that i can't understand why we have to take up more debt to finance other ppl's debt.....

edit on 7-2-2015 by Fett Pinkus because: (no reason given)



posted on Feb, 7 2015 @ 05:08 AM
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A good read about it...

Greece Exposes The Global Economy's Achilles Heel



So an intense game of chicken is playing out before our eyes. Neither side seems willing to bend. On the one side, you have Greece being led by people who know that the current path being demanded by the EU leads to many years, perhaps decades, of punishing depression for the people of Greece. On the other side is the EU, which worries that if Greece "gets away" with debt restructuring, other weak countries in the Eurozone will want to as well...

...Greece has merely exposed the fatal flaw of the modern economy, it's Achilles Heel (to stay with the Greek motif), which is that, by definition, a system suffering from Too Much Debt cannot pay it back. The only meaningful question to address at this stage is: Who is going to eat the losses?

The banks would like that to be the citizens of Greece, and the citizens would prefer it to be the other way around. This is the drama that is now playing out.


Source



posted on Feb, 7 2015 @ 12:21 PM
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a reply to: BornAgainAlien

Well as i said, they owe it to their governments.
Goldman Sachs is not the cause, Greece spends more than it's national income, it did that before and after the deal with goldman sachs.
The result is 360 billion debt against a gdp of 210 billion, so the 5 billion deal with goldman sachs is not the real problem.
Before they joined the euro, they could simply devalue their drachme, but after they joined the eurozone this was not possible anymore.
A currency union requires member states to have the same budget discipline, this has not been the case.
The Greek financial management was a fraudulent mess with a lot of hidden debt.
In the end we know that the eurozone and its banks have been hit hard because of the american fraudulent derivatives scams with their rating agencies simply putting an AAA stamp on garbage.
There is big money to be made if Greece defaults on it's debts, who is to say that america is not behind this again?
Greece has been downgraded this week and there are more downgrades to follow in the coming weeks.
This new path of the newly elected government is a road to destruction while Greece was well on its way to recovery.



posted on Feb, 8 2015 @ 04:12 PM
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This is worth a chuckle if it was not so true. It will for sure be an interesting few weeks.



www.youtube.com...
edit on 8 2 2015 by skywatcher44 because: (no reason given)



posted on Feb, 8 2015 @ 04:47 PM
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a reply to: skywatcher44

It made me laugh, thanks !

To embed an YouTube video, just use the YouTube button and copy/paste everything behind the = in the YouTube video web address, so that would be in your video vnuAh3esdpE



posted on Feb, 8 2015 @ 05:36 PM
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a reply to: BornAgainAlien

No, A greek exit yes, but an EU and euro collapse? no.
Italy won't be next, they might have the highest national debt, but their financial house is in order.
This is panic footbal from Greece.



posted on Feb, 8 2015 @ 06:08 PM
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Go Greece!



posted on Feb, 8 2015 @ 06:24 PM
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If drug and alcohol abuse treatment was done with the same logical process as Keynesian economics, you'd treat a heroin addict with smack and an alcoholic with booze until they get better.

There is no doubt Greece has both a debt and a spending problem. This was known even before they were allowed in the EZ. One of the reasons people somewhat rightly point to The Vampire Squid in Greece's predicament, is their complicity in writing the derivatives that allowed Greece to show the debt to gdp ratio necessary join the Eurozone to begin with. There is very good argument that Greece's entry was fraudulent to begin with.

However, the troika has known all that all along, and gave them the money anyway. Greece has devalued and defaulted multiple times over the past half century. Why anyone would have thought they would behave differently as part of the Euro is beyond me.

The rest of Europe does not care about Greek pensioners not getting paid, the long term viability of the Greek economy, rise of nationalist parties or any thing else involving the Greeks other than the ability to pretend that the Greek debts held by their highly leveraged banks and insured by derivatives with unknown counter party risk don't have to be marked at something less than face value setting off a chain of events that resembles what was happening in 2009 but worse.

When I say I am unsympathetic to Europe's plight in regards to Greece I truly mean it. I'd feel the same amongst my family if someone was whining about getting stiffed after loaning money to the cousin who has filed bankruptcy every decade their whole adult life. They knew who they were loaning the money to.



posted on Feb, 8 2015 @ 07:04 PM
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a reply to: earthling42

Greece was well on its way to what?

What bank do you work for?



posted on Feb, 9 2015 @ 12:03 AM
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a reply to: Willtell

No, i'm not working for a bank.
In 2013 they had a deficit of 13 percent, in 2014 it was 2.2 percent, the forcast for 2015 was 1 percent.
Unemployment has decreased from 27.3 percent in 2013 to 26 in 2014 and the forecast was 24 percent for 2015.
GDP growth was -6.4 in 2012, -3.7 in 2013, 0.6 in 2014 and the forecast for 2015 was 2.9.
Debt to gdp was 177.3 percent in 2013, in 2014 it was 177 percent and the forecasts for 2015 was 171,9 percent.
Their credit rating was elevated from junk to bbb last year and the interest had come down sharply.

I'd say that is the right direction for Greece, in 2016 or certainly in 2017 there would be a budget surplus and thus room for spending.
Sure they are not there yet, but i'd say 'well on its way to recovery' is a good way summarize their situation.

I know it is very difficult for many greek people, but in my reality this path which the new government has chosen to go is not in the benefit of the greek population, it is short term relief with more and deeper problems in the long run.



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