Greece in panic as it faces change of Homeric proportions

Greece in panic as it faces change of Homeric proportions

Fear is driving a silent bank run in Greece......"Every time the markets move, I get phone calls," says an Athens-based fund manager. "They're from investors asking: 'How can I get my money out of the country?' "

One senior investment banker is more blunt: "People are scared that the government doesn't know what the #$@# it's doing." He tells a story about an acquaintance who took out €30,000, wrapped it in a bag and stashed it in his garage. "The bag had previously had some food inside," he says. "So it attracted rats, who ate the notes."

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www.guardian.co.uk...


I can't be the only one who thinks that the two bailouts that Greece has received is throwing good money at a bad situation.....there is no good way to get out of the situation. The country is broke, and taking loans at enormous interest rates will just cripple the country forever.

When will people learn that taking more credit to solve a fiscal crisis is doomed to failure. (and the bigger question is how long can other countries like Spain and Italy last)

reply to post by MidnightTide


All I see is homoerotic in that there title Looks like Greece will be the first one to economically collapse or is it the USA? Greece, right?

Its a race to the bankrupt finish line.

I have a feeling that America will be the one to suck the rest of the world economy down the toilet. Greece is just a start.

BREAKING: Moodys places US credit rating on "Negative Outlook", 1st time since 1917

Originally posted by discharged77
I have a feeling that America will be the one to suck the rest of the world economy down the toilet. Greece is just a start.

Really? From my understanding the EU is in a far more desperate situation than the U.S., and the U.S. has been throwing all kinds of money the EU's way to try to support them.

reply to post by OMsk3ptic


Going to need another debt ceiling increase for that? That extra trillion plus loan is going to get spent in no time flat.

They are all in it together...

The bailouts are imposed on the Greeks to insure that the European banks get their payments. But, the dirty little secret is that U.S. firms like AIG, now owned by the U.S. Treasury (read... the tax-paying U.S. citizen), have insured the loans. Source

So, if the P.I.I.G.S. default (because this situation is not exclusively Greek), as they should if the interest of their countries' citizens was a consideration, then the whole castle of cards would come crumbling down together.

[sarcasm] That Euro project which involved placing the control over interest and lending rates to a supra-national financial entity, thus removing the sovereignty of the nations involved sure sounds like a good plan doesn't it? Maybe we should make it into an even bigger project that involves a one-world currency... yeah that sounds like a great plan which would benefit all the citizens of the world and not just the world financial elite! [/sarcasm]

the Billmeister

Originally posted by OMsk3ptic

Originally posted by discharged77
I have a feeling that America will be the one to suck the rest of the world economy down the toilet. Greece is just a start.

Really? From my understanding the EU is in a far more desperate situation than the U.S., and the U.S. has been throwing all kinds of money the EU's way to try to support them.

The EU has German engineering prowess to lean back on, though. The US does not. Only an idiot would buy an American car.

Greece is irrelevant, look at Germany...they are by far and large the powerhouse that runs the EU in actual exports(real money) not the numbers on a screen like in the uk. Will the Germans keep bailing out these piigs? doubtful, in fact i think Angela Merkel is going toe to toe with the globalists. This isn't the early 20th century, their is no omnipotent hand behind everything as some would believe, there is a struggle between different factions with their own ideology.