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Brussels. According to EU sources in the European capitals it is already running the preparation on Greece to declare bankruptcy, German newspaper Suddeutsche Zeitung announced.
Various options for action are been considering. One option under consideration is banks "voluntarily" to simplify part of the obligations of Athens, according to sources.
Meanwhile, the Ministry of Finance denied preparing an emergency plan for Greece.
Originally posted by moondoggy2
Of course the Greece bailout will fail. All the bailouts will fail. That's the plan! The American bailout is showing signs it will fail, as well. bailout, the fail, then bailout again, then fail. It will repeat until the time comes when no country has any money. The banks will be broke, and the citizens of the world the poorest ever, save a select few: The elite rich. That's when we being to incorporate North America into one region, (the North American Union), the same will happen with South America. Then Africa is next. After that comes Asia, and the South Pacific nations.
It already started when THEY formed the European Union. How could you people not see this coming? It's all just little baby-steps to a One World Government!
I truly wish I am wrong, but I don't think I am.
"Plan B" for Europe
EU gears up against the bankrupt Greece
01/19/2011, 18:30
By Claus Hulverscheidt and Cerstin Gammelin
Perhaps banks and funds are in the event of an imminent bankruptcy without "voluntarily" to a portion of their claims.
The EU countries are preparing the case prior to that Greece , despite all savings efforts but has yet to file for bankruptcy. According to the Süddeutsche Zeitung is a subject of discussion among other things, whether the banks "on a portion of their claims against the government in Athens could give voluntarily." Decided that's not enough.
Greece is currently undergoing a strict austerity program and receives a large scale loans from the Euro-partners and the International Monetary Fund (IMF). According to the official version, this drastic times lead to Athens, interest and principal in a few years will easily be able to pay and the financial market new loan replaced.
This position also represents the federal government in Berlin. From among the EU countries, however, rumored that there is a growing number of experts, who feared that Greece's debt load itself will not be able to lift, if it successfully completes its austerity program. Also circulating in the financial markets, such a scenario, as the very high risk premiums Greek government bonds with two years showed maturity.
In the capitals of the EU will present a "Plan B" discussed. It would allow the Greek government to buy back bonds issued by it at a discount, for example, 20 percent of the nominal value. The securities are being traded on financial markets with some even lower rates.
The owners of the bonds, therefore, primarily banks , insurance companies and investment funds, may wish to consider therefore whether they contain or repel a loss of hope for better times to keep in want. In this case, they were however a risk that higher loss of suffering still. To pay for the bond purchases, can the Greek government would receive more loans from the stabilization fund EFSF, the Commission, the Euro countries and the IMF have established the EU.
A spokesman for the Ministry of Finance rejected the reasoning and stated that the participation of private creditors in debt restructuring state was only for the period after mid-2013 planned if the EFSF was replaced by a new one, then permanent shield. However, the statement is only apparently in contradiction to the current discussion: When the new screen is effective, namely to finance houses can be the first time urged to forgo part of their claims. "In the discussion here, Plan B is' on the other hand it is a voluntary waiver," it said in the circles.
The government in Athens had brought the idea of a debt restructuring itself into a conversation on Tuesday. Although rejected Deputy Prime Minister Theodoros Pangalos called off a haircut, a claim so average. However, at the same time he proposed to postpone principal and interest payments on bonds.
During the deliberations, as the current screen is improved and a permanent European stabilization mechanism can be established, it is also about the repayment terms for loans to Greece. The recent Luxembourg Prime Minister Jean-Claude Juncker after a meeting of EU finance ministers have confirmed. Similar discussion is also in the case of Ireland. A EFSF spokesman declined on Wednesday not comment on the discussion of voluntary debt reorganization.
Originally posted by wcitizen
Iceland seems to be the model to follow. No bailouts. No IMF. Let the banks hit the ground. Restructuring, regulation and arrest of bankers...it's a recipe that seems to be working for them.
Originally posted by purplemer
Originally posted by wcitizen
Iceland seems to be the model to follow. No bailouts. No IMF. Let the banks hit the ground. Restructuring, regulation and arrest of bankers...it's a recipe that seems to be working for them.
well said it seem the correct thing to do. But i wonder if that would work somewhere like the uk, most of the monety here is made through the banking sector. what happens when you bite the hand that feeds.
Originally posted by purplemer
Originally posted by wcitizen
Iceland seems to be the model to follow. No bailouts. No IMF. Let the banks hit the ground. Restructuring, regulation and arrest of bankers...it's a recipe that seems to be working for them.
well said it seem the correct thing to do. But i wonder if that would work somewhere like the uk, most of the monety here is made through the banking sector. what happens when you bite the hand that feeds.
Originally posted by _SilentAssassin_
NEWS FLASH: Money has no real value.
duh.
Originally posted by burdman30ott6
1. "money isn't pegged to gold"... OK, and what makes gold valuable in the first place? It, like money, is just a thing with a particular scarcity which translates a value to it. They may not be making any more of it (unlike money), but you never know when the world's largest lode will be discovered, the market saturated, and the value dropped.
Originally posted by burdman30ott6
2. "you can't eat money, be sheltered by money, or defend yourself with money." OK, true enough, but you can trade money for all of these things TODAY. Prepare for the future, but live in the present. Furthermore, if you applied those criteria to everything else in life, things like art, music, non-facilitative literature (read: anything other than survival and how-to books), most electronics, and virtually all gadgetry has no real value and should be rejected by the elevated individual.
Originally posted by SevenBeans
Of course all the things you mention have real value, I'd much rather read Tolstoy than a worthless green rag wouldn't you?