Greece wipes out Citizens Debt!! Tells Bankers to suck it

www.infowars.com...

www.zerohedge.com...

Think filing for bankruptcy is the only way to get debt discharge? Think again, at least in Greece. While previously we have reported that Greek courts had written off "untenable" debts of unemployed Greeks owed to local banks, Kathimerini describes a landmark case which may have profound implications for the indebted country, in which a fully employed woman has had the bulk of her debt written off. From Kathimerini: "In what could turn out to be a significant ruling for Greeks suffering from the economic crisis, a court in Hania, Crete, has become the first in the country to order that the majority of the debt owed to banks by someone still in full employment be wiped out. Sunday’s Kathimerini understands that the Justice of the Peace Court in Hania based its decision on a 2010 law that allows judges to give protection to people struggling to meet their financial commitments. Until now, the legislation has only been used to give debt relief to unemployed people or those with no substantial income." This means that virtually every indebted person in Greece, regardless of employment status will rush into court rooms, demanding equitable treatment and a similar debt write down. It also means that the Greek bank sector, already hopelessly insolvent, is about to see its assets, aka loans issued to consumers, about to be written off entirely. And since the ultimate backstopper of the entire Greek financial system is the ECB, the creeping impairments will have no choice but to impact, very soon, the mark-to-market used by both the ECB and the various national banks. Finally, how long before other courts in Europe express solidarity with their own citizens and proceeds with similar resolutions?

Is this something similar to what we saw in Iceland? The people are revolting against the same banks which put people into debt and enslavement with predatory practices and the usage of usury (lending of money on interest). It is for this reason it is forbidden in all major world religions (usury). Could we see something similar in the USA?

If you have any better sources, it would be appreciated. It may just be time to buy buy buy on the stock market

I just read every American owes the Government $189,000. I can't pay that. I wonder if a bankruptcy court would wipe out my personal debt to the government?

reply to post by TheOneElectric


My cousin is a hedge fund manager on wall street and he tells me that zero hedge is a pretty reliable source

Wow, this is great news if it is true! But could it bite the ordinaries in the butt?

The house my hubby owns has lost over 10% of it's value since 2008, and we are still above water, thank goodness. During that time we replaced our roof totally and added two patios to our back yard, but of course, that doesn't matter.

But could this be the beginning of the end of what's left of the economy and the US dollar?

COULD THIS BE THE EVILS STARTING TO MAKE THEIR MOVE TO FINALLY COLLAPSE THE ECONOMY TOTALLY?

Cause isn't the guy in charge there now a former big bankster that was appointed by the EVILS, and I think they did that in Italy, too? (putting a bankster in charge?)

Originally posted by Nite_wing
I just read every American owes the Government $189,000. I can't pay that. I wonder if a bankruptcy court would wipe out my personal debt to the government?

I never agreed to have the government spend me into debt and I bet you didn't either. This money is owed by Congress, not by citizens. They're the one who supposedly approved the "budgets" that generated $189k per man, woman and child. Go after them for it. I wash my hands and feet of the whole mess.

I hope this spreads like wildfire and Greece just plain stiffs the banks. Its been the other way round for far too long.

Greece is having a bad week..... it seems like all the numbers are finally coming out. March was the month I heard that Greece would default and really collapse.... 30 days away??? Intersting times. The US should watch and learn from what is currently happening in Greece because if serious changes are not made that is our future.

Investors face more than 70 pct loss in Greek deal

I agree with Professional, Zero Hedge is a pretty reliable source.

This story .IF TRUE........ really pisses me Off

Because.............

I have been sensible and careful with the money i have.........

I have NOT borrowed excessively or put myself in DEBT but if all thats going to happen is that those whom can't control themselves today or over the past decade get REWARDED by having their debt (and Responsibilities) written off then that is just UNFAIR on people like me......

I will be very annoyed and angry if true..

PDUK

reply to post by THE_PROFESSIONAL


S&F for a great article (and changing your profile pic!)

Greek banks are really POd about the ruling. Seems folks now have a precedent and this will no doubt motivate others to attempt the same.

Originally posted by PurpleDog UK
This story .IF TRUE........ really pisses me Off

Because.............

I have been sensible and careful with the money i have.........

I have NOT borrowed excessively or put myself in DEBT but if all thats going to happen is that those whom can't control themselves today or over the past decade get REWARDED by having their debt (and Responsibilities) written off then that is just UNFAIR on people like me......

I will be very annoyed and angry if true..

PDUK

I completely understand your sentiment but your government (whichever that may be) probably has been and that's where the problem lies.

reply to post by PurpleDog UK


Why be pissed? How is someone receiving a forgiveness a harm to you. It does not affect you at all. This is the same attitude as the brother of the prodigal son.

Bold move, if true. Any thoughts on repercussions (positive, negative) both for Greece and on the International scale?

Since I am Greek I can verify that there is a law from mrs Katseli where households that are indebted with crazy amounts of money and can't pay anymore have their debts deleted or they pay for some years an amount which allows them to have enough money to survive as well.

Considering the fact that all those banks have already taken their money back from EU packets and since the % they charge extra is worst than loan sharks then I guess it's only fair for this thing to happen.

Stop a minute and remember what Russia did. The same thing. "We now default on all loans", and the bankers went crazy. To boot, they told them not to come after us either. We will not take it kindly. Its time bad banking and bad lending policy crash back to the ones causing it. As far as me owing 189K, sorry nothing to give there.

RP for PREZ.

Originally posted by micmerci
reply to post by PurpleDog UK

 

Why be pissed? How is someone receiving a forgiveness a harm to you. It does not affect you at all. This is the same attitude as the brother of the prodigal son.

Pissed because I have gone without whilst others have had it all and more and not worried about how to pay for any of it ??

They have lived without care and People like me have done without because we see and understand responsibility and values.......

Cancelling debts is rewarding blind stupidity and ignorance.....neither of which make for a society worth living or being part of .......

PDUK

reply to post by micmerci


I agree with PDUK, I have been careful, not spent outrageously, I don't have 2 mortgages so I could have my 2nd house in the sun, I don't have a flash car and fine furnishings. I could have had all these if I'd taken out loan after loan and then cried foul when the banks wanted the money paid back. NO NO NO!! Why should these spendthrifts get away with it and keep all their booty too. Very unfair! And no I don't have any sympathy or forgiveness for them!!

Wow this could be huge.
Imagine the consequences IF this is really true and IF this verdict endures and IF it catches on.
But that's a lot of IFs...

This just happened to a few people here.. We still have to see what the future holds.

To the OP! Are you by any chance greek and you last name being Galifianakis?

Cool Pic, dude!!!

Originally posted by micmerci
reply to post by PurpleDog UK

 

Why be pissed? How is someone receiving a forgiveness a harm to you. It does not affect you at all. This is the same attitude as the brother of the prodigal son.

How about his pension company being the ones going bankrupt because the debt is canceled, and his savings are now lost ? While he saved his money, the other guy borrowed them, and spent them on car's and tv's, now the spender gets off the hook, and the sensible guy has lost his pension.

You can't just cancel debt, you have borrowed someone else's money.

The bank have no money of their own.

We've had this in the UK for years.

It's called bankruptcy and debt reconciliation.

Seems like Greece are having to apply it to most of the nation, it's still perfectly legal and correct.

If you cannot pay then you cannot pay..simple as.

Cosmic..