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Furious Greeks press for country to default on debt

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posted on Apr, 17 2011 @ 03:30 AM
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Furious Greeks press for country to default on debt


www.guardian.co.uk

A growing chorus of voices is urging the Greek government to restructure its debt as fears grow that a €110bn bailout has failed to rescue the country from the financial abyss and is forcing ordinary people into an era of futile austerity.

"It's better to have a restructuring now … since the situation is going nowhere," said Vasso Papandreou, whose views might be easier to discount were she not head of the Greek parliament's economic affairs committee.
(visit the link for the full news article)




posted on Apr, 17 2011 @ 03:30 AM
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Well ATS, it now begins.

The PROPER, technical, economic collapse is happening, RIGHT NOW. If Greece turns around and defaults on its' debt, all of the countries that bailed it out last time will lose their investments, and all hell will break loose economically.

What does this mean and does it affect me I hear you ask?

The people of Greece are refusing to play ball with the banking system anymore - as Gerald Celente and others have predicted. When confidence in the banking system, and hatred about financing the obscene national debt arrangements (similar in nature to that of the Weimar Republic) runs rampant, interest rates skyrocket, inflation runs like wildfire, and the house of cards collapses.

Greece is connected to every major country in the world via loans, banks and 'the system'. European banks will collapse, US banks will collapse, EU economies (Ireland, Portugal, Spain, the UK and others) will collapse and default - making the US veer out of control as well.

The end-game is playing itself out in front of you - be prepared, don't get caught out.

The Revenant.

www.guardian.co.uk
(visit the link for the full news article)



posted on Apr, 17 2011 @ 03:34 AM
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And Iceland has voted not to bail out their banksters TWICE...

www.abovetopsecret.com...

"And the walls, come crumbling down..." John Cougar Mellencamp



posted on Apr, 17 2011 @ 03:38 AM
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reply to post by notsofunnyguy
 


Yes indeed - any system in the public sphere that does not have the 'faith' of the patsies it relies on will inevitably collapse. Iceland was a quality example of democracy defying the banking system!!

Rev.



posted on Apr, 17 2011 @ 04:32 AM
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Perhaps Greece can get advice from Morgan Stanley


A Morgan Stanley property fund failed to make $3.3 billion in debt payments by a deadline on Friday, handing over the keys to a central Tokyo office building to Blackstone (BX.N) and other investors, the largest repayment failure of its kind in Japan.


YahooNews

AboveTopSecret
edit on 17-4-2011 by ukWolf because: to add ATS link



posted on Apr, 17 2011 @ 04:41 AM
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hey, Lybia didn't have a central bank like a pig country does...
..and what is the first thing the rebels do...?
make a central bank..


Well, it is nice to know that the US government
has NO plans to default on the debts they have engendered on behalf of the American Peep.
So the bankers don't really care about them little fellers too much..
because they have the US...
well now, that is some pie right there..



posted on Apr, 17 2011 @ 05:05 AM
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reply to post by The Revenant
 


If they do default on there debt. Sure banks will fail and investments will be lost but its hardly a collapse of the global banking sytem. Country's like us in the UK have are dirty little fingers in many pies. So i think we would survive it.

As for spain, Ireland and portugal etc. I think there on there last legs and the euro country's wont keep them afloat forever. So they'll likely get kicked leaving stronger economies like Germany to carry on as they were.

At best its a collapse of the European union. Not the entire sytem itself. Although i dont think were far off that.



posted on Apr, 17 2011 @ 05:16 AM
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Originally posted by KrypticCriminal
reply to post by The Revenant
 


If they do default on there debt. Sure banks will fail and investments will be lost but its hardly a collapse of the global banking sytem. Country's like us in the UK have are dirty little fingers in many pies. So i think we would survive it.

As for spain, Ireland and portugal etc. I think there on there last legs and the euro country's wont keep them afloat forever. So they'll likely get kicked leaving stronger economies like Germany to carry on as they were.

At best its a collapse of the European union. Not the entire sytem itself. Although i dont think were far off that.


I disagree - the 'dirty little fingers in pies' that you mention, are precisely the problem. This 'exposure' the UK and other countries have to this economic 'plague' of bad-debt is why said economies WILL fail, and default. I can understand why it's conceivable that economic 'triage' would be considered as a route out of danger, but it wont work - the damage has been done, and like a poison, it will eventually work its' way to the heart of the economic 'body' and stop it. Dead.

The Revenant.



posted on Apr, 17 2011 @ 05:23 AM
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reply to post by The Revenant
 


So you dont think our investments in emerging economies like India, China and Russia aswell as established economies like America and Germany would keep us afloat.

I can see what you mean by the dominoe effect, a lot of these failing economies are important export markets. I still think we could take the hit though, and if not then good ridence monetary sytem R.I.P. The sh*t will hit the fan but maybe something better will blossom from the ashes.



posted on Apr, 17 2011 @ 05:36 AM
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The way I understand it would happen is to take all their short term debt, i.e., 2yr, 5yr, 10yr notes and turn them into 30yr notes. The debt would still be there just moved way down the road. This is still considered a default because they didn't pay the notes on the original due dates but moved them much further out.



posted on Apr, 17 2011 @ 05:41 AM
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Happy is the man who is out of debt.
(proverb:@@



posted on Apr, 17 2011 @ 05:55 AM
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How would it effect the economics of the world banking system if the EU broke up and smaller countries said they won't play the money game like Iceland? Would troops go in as they are in Lybia to 'restructure their financial thinking?'

Its hard to get my head around this. My response when I find something seriously not working is to either change it or get rid of it.



posted on Apr, 17 2011 @ 06:05 AM
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Originally posted by Lynda101
How would it effect the economics of the world banking system if the EU broke up and smaller countries said they won't play the money game like Iceland? Would troops go in as they are in Lybia to 'restructure their financial thinking?'

Its hard to get my head around this. My response when I find something seriously not working is to either change it or get rid of it.


Thats actually a good point.

Presumably they would set up their own system of currency like Gold for example and then join up with similar countrys. I think thats what Libya was cosidering doing. Country that already have a centralised banking sytem would collapse before this change could take effect so they would probably try to avoid it at all costs. They would also have to hope that they had enough Gold reserves or at least enough natural resources of there own to make it work. Which non of the failing country do i think. Lybia might have been able to make it work because they have plenty of oil.

Now would we take military action against all those countrys that drop out or refuse to pay their debts. Probably not because it would cost us a hell of a lot of money for very little reward. I think the sytem could continue without the countrys in question, thats just my oppinion.



posted on Apr, 17 2011 @ 06:29 AM
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Originally posted by KrypticCriminal
reply to post by The Revenant
 


So you dont think our investments in emerging economies like India, China and Russia aswell as established economies like America and Germany would keep us afloat.

I can see what you mean by the dominoe effect, a lot of these failing economies are important export markets. I still think we could take the hit though, and if not then good ridence monetary sytem R.I.P. The sh*t will hit the fan but maybe something better will blossom from the ashes.


Interesting angle - I'm certain we have some 'time' bought for us by said investments. But I'm also convinced that those same investments are fuelled by the very debt that is killing our economic system. Money / Debt is like a steroid that boosts the system, but damages it at the same time. Now we're on the major crash after the drug fuelled high.

I sincerely hope you're right with your last point. I really do.

The Rev.



posted on Apr, 17 2011 @ 06:32 AM
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Originally posted by KrypticCriminal
Now would we take military action against all those countrys that drop out or refuse to pay their debts. Probably not because it would cost us a hell of a lot of money for very little reward. I think the sytem could continue without the countrys in question, thats just my oppinion.


I think we're more likely to see the sort of running battles that happened in the 30's in eastern Europe. I don't think invasions will happen, but certainly we'll see continued civil unrest, and then outright repression because of it. The pieces are already in motion - the hand is moving so to speak.

The Revenant.



posted on Apr, 17 2011 @ 06:37 AM
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reply to post by KrypticCriminal
 


I recently read an article about Libyas ability to sustain it's self, it was further discussed here on ATS

AboveTopSecret

The source article here

Source

Possibly the alternative has been proposed in America already, if you've not read or heard about H.R. 6550 you may well be stunned, especially if you are in favour of a return to states banking and the end of the US Fed. Introduced in December 2010 with no chance of being approved, it remains on the books so to speak until a time it may be called / needed. Well worth the read.

H.R. 6550



posted on Apr, 17 2011 @ 06:40 AM
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reply to post by ukWolf
 


Thnks for the heads up.

Im gonna make a cuppa and do some reading.



posted on Apr, 17 2011 @ 06:43 AM
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reply to post by ukWolf
 


Yes, that's a great contribution, thank you for the sources. I'm going to have a read myself as well.

The Rev.



posted on Apr, 17 2011 @ 06:59 AM
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Possibly the alternative has been proposed in America already, if you've not read or heard about H.R. 6550 you may well be stunned, especially if you are in favour of a return to states banking and the end of the US Fed. Introduced in December 2010 with no chance of being approved, it remains on the books so to speak until a time it may be called / needed. Well worth the read.
reply to post by ukWolf
 


That was a good read. This bill would eliminate the Federal Reserve AND fractional reserve banking. Unfortunately it was introduced in the last congress and is no longer on the books for this congress. It would have to be reintroduced to this congress



posted on Apr, 17 2011 @ 07:14 AM
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reply to post by fltcui
 


I just see it as someone's "1st draft", you know how they are for tweeks, adjustments and amendments but it's a good starting point for anyone serious in government who wants this type of change to come... see Ron Paul.

There must be some thought or strategy when they propose a bill thats going nowhere, maybe it's just to wave under the noses of the bankers to try and frighten them to make change.

The Bill covers a lot of the ground that I've been reading about in the last couple of years regards debt free money, full employment and so on




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