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originally posted by: theabsolutetruth
Greece voted 60% no to EU bailout.
Greece will be leaving the EU according to the EU.
The surprise resignation of Greek finance minister Yanis Varoufakis and rising bets on a 'Grexit' will likely keep sentiment shaky, despite Athens denying that the 'no' vote could lead to an exit from the euro zone.
The increased probability of a 'Grexit' has moved above 50 percent for the first time and that could see a risk-off mood prevail, according to ING.
Meanwhile, Wolfgang Piccoli, managing director at Teneo Intelligence, told CNBC that the likelihood of a 'Grexit' now stands at 75 percent, from 15 percent previously.
BRUSSELS/BERLIN (Reuters) - France and Germany called for an emergency summit of euro zone leaders to discuss Greece's stunning referendum vote on Sunday to reject bailout terms, as calls mounted in Berlin to cut Athens loose from Europe's common currency.
German Chancellor Angela Merkel's deputy said Athens had wrecked any hope of compromise with its euro zone partners by overwhelmingly rejecting further austerity.
Merkel and French President Francois Hollande conferred by telephone and will meet in Paris on Monday afternoon to seek a joint response. Responding to their call, European Council President Donald Tusk announced that euro zone leaders would meet in Brussels on Tuesday evening (1600 GMT).
German Vice-Chancellor Sigmar Gabriel, leader of Merkel's centre-left Social Democratic junior coalition partner, said it was hard to conceive of fresh negotiations on lending more billions to Athens after Greeks voted against more austerity.
Leftist Prime Minister Alexis Tsipras had "torn down the last bridges on which Greece and Europe could have moved towards a compromise," Gabriel told the Tagesspiegel daily.
His comments reflected a mounting public demand in the most powerful EU country, which is also Greece's biggest creditor, to eject Athens from the 19-nation currency area, of which membership was intended to be irreversible.
originally posted by: Telos
The following is part of another thread about the crisis in Greece but I thought I'd post it here as well:
Not many know the situation in Greece and how did this country end up with such a huge debt. I've been to Greece many times and I have lots of friends there. Until the moment the debt issue came to surface, no one had any idea of what was going on. For decades greek people have lived a nice life, paying little to no taxes at all, get paid excessively by the government, receiving a 13 and even a 14 pay as bonus (for doing nothing), paid vacations (a month)... On top of that this country has (had) the most inflated bureaucratic system I ever seen in my life. So many government positions who did nothing but milk the system and the budget. And lets not forget something even more crucial in a capitalistic system, this country produces nothing of importance. Their main income was and still is tourism. They don't have a heavy industry, mining or oil. All they have is some very light industry like manufacturing and the rest is olives, cheese and olive oil. And yet this people lived like kings, never paid taxes, relied a lot on government subsidies, exaggerated salaries, abuses with public funding and a total lack of respect for the economical system.
At this point I ask, why should Greece be treated any different from other countries who got loans? Whose fault it is that this country finds it self in over 300 billion euros in debts? They have been milking Europe for decades and living at the other europian countries expenses for decades. And now they say we don't pay because we have no money and people can't take anymore measures (the result of this very people abusing the system, stealing in unpaid taxes and avoiding obligations that keep a country's economy healthy). This is criminal, not what EU is trying to do. I do feel sorry for the people in Greece and I can imagine what kind of hardship they're going through. But blaming Europe and especially Germany for what is clearly a fault of a parasitic government and most of all of a parasitic mentality, is not the solution.
This are my two cents in the matter.
originally posted by: DerBeobachter
a reply to: theabsolutetruth
Hellas, Greece, this is what democracy looks like
They chose a hard time now but with a chance for recovery later.
Better than to be an EU and bankstersslave forever!
The normal(not the rich) greece people were destroyed by the rich, the banksters, the EU, now they decided to try something new, they have nothing more to lose anyway.
I wish that they can show other nations like Spain or Portugal that this was the right decision, but i am afraid that the banksters, the EU, the rich and powerfull will now do whatever they can so that greece can´t recover, whatever they will do, and even if everything is right what they do.
So that Greece can´t be an example for other EU-states, how right it is to free yourself from slavery.
To the brave greece people, i wish you all the best!!!
originally posted by: xuenchen
In early 2010, it was revealed that through the assistance of Goldman Sachs, JPMorgan Chase and numerous other banks, financial products were developed which enabled the governments of Greece, Italy and many other European countries to hide their borrowing. Dozens of similar agreements were concluded across Europe whereby banks supplied cash in advance in exchange for future payments by the governments involved; in turn, the liabilities of the involved countries were "kept off the books".
Economy of Greece
originally posted by: Talliostro
Don't know your friends, but most of my friends/family and coworkers here are bright enought to see through the Bild/Spiegel propaganda crap.
originally posted by: Dr1Akula
Then you missed everything my friend, and u should do some research, Until the referendum, it was a blackmail situation all these 5 years, either you accept our (loan) deal, or since you don't have your own momentary since you have euros, we stop the cash flow, and let you bankrupt
Do a research about how Greece got into the euro currency.....
1. Leave the EU and abandon the Euro
2. Guarantee double middle fingers to existing creditors (Can the EU banks absorb a 320 Billion Euro write-off?)
3. Either leave NATO or join Turkey as a Russia-friendly voice in NATO (along with a solid source of insider information.)
Who''s next? Spain, Portugal, Italy? Are these mass migrations of economic and war refugees going to overwhelm the entire civilized world and its economic systems?