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Market Talk: Greek Finance Minister Says Separation From EU May Be Considered, Greek Gov't Categori

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posted on May, 19 2010 @ 04:07 PM
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www.zerohedge.com...


Greek government spokesperson categorically denies talk that Greece would consider leaving EU and Eurozone as reported by RanSquawk.

Market talk for now. With the ECB holding the bulk of Greek debt now courtesy of shadow monetization of Greek debt held by French, German and Italian banks, and the imminent default of Greece the second it leaves the eurozone, this should be a massively EUR negative development, as forexlive points out. Which is why we are rather confused by the straight up kneejerk reaction in the EURUSD.


Some talk about exiting the EU? That is a suprise while at the same time it seemed likely. They don't have the guts to do it, they would have to take on some of the most powerful people in the world who want to keep their power over every EU country for as long as possible. Losing Greece would not be acceptable.




posted on May, 19 2010 @ 04:24 PM
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reply to post by Misoir
 


Misoir,
What would you do if you were running Greece. Would you jump out of the EU or would you take your punishment for your failed policies and move on?



posted on May, 19 2010 @ 04:31 PM
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If this is being seriously considered, this is bad juju for the Greeks... I understand their frustration with the austerity measures the "high and mighty" European financiers are placing on them in exchange for a bailout, but given the severity with which their government has overspent their GDP they have to face the fact that without assistance, Greece suffers through some of the worst civil unrest the western world has seen in quite some time... just my opinion though.

Isn't there a way they could bight the hand that feeds them after they've been fed?



posted on May, 19 2010 @ 04:35 PM
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Originally posted by Legion2112
If this is being seriously considered, this is bad juju for the Greeks...


Actually it is not. I don't understand why the title say "seperation may be considered". The spokeperson said that seperation is out of the question.



posted on May, 19 2010 @ 04:39 PM
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reply to post by SIntegral
 


Oh I know, I was just remarking on the remote possibility. That being said I'll be the first one to admit that I don't know a whole lot about the situation being in the states. I know of the crash, the EU demanding austerity measures in exchange for a bailout and the subsequent riots. Is this a case of the Greek government seriously spending beyond their means or the EU trying to put them under their thumb or both?



posted on May, 19 2010 @ 05:09 PM
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Originally posted by SIntegral

Originally posted by Legion2112
If this is being seriously considered, this is bad juju for the Greeks...


Actually it is not. I don't understand why the title say "seperation may be considered". The spokeperson said that seperation is out of the question.


ah who cares what was really said. This is a fantasy MMORPG site? (sarcasm)



posted on May, 19 2010 @ 11:49 PM
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Originally posted by Legion2112
reply to post by SIntegral
 


Oh I know, I was just remarking on the remote possibility.


The possibility, as with anything, exists. But then probability takes over. The government is not keen on such scenarios, however a portion of the people are "default on the debt, exit the euro which has caused us trouble".



That being said I'll be the first one to admit that I don't know a whole lot about the situation being in the states. I know of the crash, the EU demanding austerity measures in exchange for a bailout and the subsequent riots. Is this a case of the Greek government seriously spending beyond their means or the EU trying to put them under their thumb or both?


It's understandable that people abroad have minimum information (the quality of MSM-info is tragic to say the least).

The Greek problem is a case of long-term control planning. Greece sits atop vast mineral resources which are of strategic importance to the elite. However, Greece did not have so many weak spots as to be controlled. Therefore, the Elite placed puppets which skyrocketed the debt from ~28% to 115% in twelve short years (1981-1993) and it's been stabilized at that point ever since. Then they started the selloff of state assets like companies, and now, they are planning to sell state property like ports, lands, minerals/oil etc. Oh, and the pension funds, of which some were extremely rich (and I mean EXTREMELY rich in the 70s) were looted too (so that it's ensured the cost will roll over to future budgets). That's the real issue with Greece basically. All budgets were purposefully deficient, so, yes, in a way the government was expending more than it had but that was just the means to an end:To economically control the country at a later stage. However this has multiple facets, ie there is not one reason for what has happened, it's more multilayered. For example the greek crisis is a good excuse for more globalization or tighter EU integration (the EU is not integrated in fiscal policy issues or politics). Generally there are country-specific targets, regional targets and international targets to be achieved through this crisis. I've written more about this here: grcrisis.blogspot.com...



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