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Germany drawing up plans for Greece to leave the euro

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posted on Feb, 18 2012 @ 06:41 PM
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Did anyone seriously think that the crisis in Greece would have any happy ending? Like, seriously? Well I guess the markets do.
Sooner or later the situation is just gonna blow. It just isn't feasible or viable. You cannot draw blood from a stone and despite the rhetoric about the work ethics of Greeks, it is beyond the capacity of the country to resolve its debt crisis, the surging debt costs, it's too far gone. This isn't far mongering, it's just a fact. Like someone who can no longer afford their mortgage due to increasing interest rates on their debts, that granted are too big, so Greece can't afford to pay their debts, even with bailouts. See link for full article.

UK Telegraph


Plans for Greece to default, potentially leaving the euro, have been drafted in Germany as the European Union begins to face up to the fact that Greek debt is spiralling out of control - with or without a second bailout.

The German finance ministry is actively pushing for Greece to declare itself bankrupt and to agree a "haircut" on the bulk of its debts held by banks, a move that would be classed as a default by financial markets.

Eurozone finance ministers meet on Monday to approve the next tranche of loans from the EU and the International Monetary Fund, designed to stave off national bankruptcy while the new Greek government puts the country's finances in order.

But the severe austerity measures being demanded have caused such fury in Greece, and the cuts required are so deep, that Wolfgang Schäuble, the German finance minister, does not believe that any government would be able to implement them.

His pessimism has been tipped into despair with a secret European Commission, Central and IMF report that even if Greece made good on its promises, it would not be enough to reach the target of bringing total debt to 120 per cent of GDP by 2020.

"He just thinks the Greeks cannot do what needs to be done. And even if by some miracle they did what has been promised, he - and a growing group - are convinced it will not pull Greece out the hole," said a eurozone official.

"The idea instead is that the Greek government should officially declare itself bankrupt and begin negotiating an even bigger cut with its creditors. For Schäuble, it is more a question of when, not if."

The German finance minister's comments are certain to plunge the authorities in Athens into even deeper gloom. On Saturday they tried to sound optimistic, with a cabinet meeting to thrash out the final details of an austerity package.




posted on Feb, 18 2012 @ 09:09 PM
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Well it's about freakin' time. Shoot that horse and put Europe out of it's misery. The U.S. needs to do the same eventually. Screw the banksters - they created the mess so they need to take their haircuts skinhead-style.




posted on Feb, 18 2012 @ 10:31 PM
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I didn't think anyone could leave or be made to leave with the contract that is in place for this Euro nation. The only way to leave would be a total collapse they still have spain portugal italy ireland and what ever other countires that are facing debt problems to go.



posted on Feb, 18 2012 @ 11:33 PM
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This is nothing short of the very end of fiat currency as we know it....
The continuing crises will lead to the devaluation of all the fiat dollars rubbles or deutch marks soon enough.....
We are being forced into a new and totally controlled one world currency....
By the next five or so years all countries that can be bankrupted will be going down like nine pins....
Eventually with famine, war, poverty and pestilence we will be their slaves,,,,,
The funny part, the part that has be dying laughing is that all we have to do is to turn on the banks and tell them to shove it, and theres nothing they can do,,
Our goverments can yet be foreced by the people to arbitrate a fair shake for the people from the corporations, or if nessessary dissolve and sell off their assets for the peoples coffers.....



posted on Feb, 20 2012 @ 01:40 AM
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reply to post by surrealist
 

I didn't realize you already made this thread when I opened mine here. Sorry.



posted on Feb, 20 2012 @ 01:48 AM
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reply to post by surrealist
 


If greece leaves the euro... It will be like dominoes... Greece now... Spain, italy, ireland...

The euro is like communism... It looks good on paper, yet the reality is much to be desired.

The euro was doomed to fail the moment it was conceived. Why not put the dead horse out of its misery and admit to the faliure instead of toppling the global economy by prolonging the inevitable??

Korg.



posted on Feb, 20 2012 @ 02:20 AM
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reply to post by Korg Trinity
 

The question is, how to kill a dead horse?


Seriously though, "killing" the EZ is also inevitably toppling the global economy.
We're #ed, no matter what.
At least this fake economy would come to an end in the process... hopefully.
But not even that is for sure.
edit on 20-2-2012 by ColCurious because: (no reason given)




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