Greece on brink of collapse

UK Telegraph

Europe’s financial crisis lurched into a perilous new phase as dire predictions emerged of a collapse in Greece’s economy, with a run on its banks bringing an inevitable end to its membership of the euro.

As leaders in Athens accepted the need for a new general election to end a national stalemate, the International Monetary Fund said Europe’s leaders should prepare for the possibility of a Greek departure from the single currency.

Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Raising tensions still further, Germany warned Greek voters that the wrong result in next month’s election will force their country out of the single currency.

Greece’s president warned, perhaps most alarmingly, that its banks risk running out of money, posing a “threat to our national existence”.

Karolos Papoulias, the Greek president, warned party leaders that their continued failure to agree was risking “fatal consequences”. Citing a secret government document, he said Greeks were already pulling £80 million a day out of the country’s banks. Almost €1 billion (£795 million) has been withdrawn since the last elections on May 6.

“The extension of political instability will lead to fatal consequences. The absence of government is a serious risk to the financial security of the Greek people and our national existence,” the president was reported as saying.

Mr Papoulias said he had been warned by the central bank and finance ministry that the country faced “the risk of a collapse of the banking system if withdrawals of deposits from banks continue due to the insecurity of the citizens generated by the political situation”.

Some economists have suggested that a euro exit could be done in an orderly way by closing Greek banks while the country prepares to reissue the drachma. Costas Simitis, a former prime minister, said that would spark panic, warning that Greeks would rush to withdraw money from banks. “If they close more than three days there will be a bank run,” he said. A report in Germany’s Wirtschaft Woche magazine forecast that a Greek bankruptcy and exit from the euro would cost the governments of the single currency’s 17 members £240 billion, pushing the eurozone and European economy into a crisis not seen since the 1930s.

So a bank run in Greece is underway threatening to bring the country down into economic collapse and expedite its exit from the Eurozone?

I have no problem in housing all the pretty Greek girls

reply to post by surrealist


I saw this on the news here in the UK glad we did not go for the euro the whole of Europe is #ed!

reply to post by Somethingintheclouds


In my honest opinion, Europe's cities were better off with their own individual currencies, Only God knows why they all took on the Euro!

American economy already "worse than Greece"



k's a b!

Originally posted by faryjay
reply to post by Somethingintheclouds

 

In my honest opinion, Europe's cities were better off with their own individual currencies, Only God knows why they all took on the Euro!

Well the pound is not doing very well at the moment we are in a recession again and we only just got out of it!

oops,

forgot the us-worse-than-greece figures:

Originally posted by BiggerPicture
oops,

forgot the us-worse-than-greece figures:

The whole world is #ed!

I made a similar thread yesterday - it's really on the edge of the cliff now.

www.abovetopsecret.com...

Minister Warns of Civil War with Kalashnikovs.


There's been a run on the banks

"ATHENS—Greek depositors withdrew €700 million ($898 million) from local banks Monday, the country's president said, as he warned that the situation facing Greece's lenders was very difficult."

"Greek banks have seen a steady decline in deposits since the start of the country's debt crisis in 2009, which prompted depositors to withdraw cash and transfer funds to overseas banks."

online.wsj.com...

So Greece will go back to drachma.
I'm sure that they will. Unless Miss Germany will fund their way through the corrupt government there.
THIS IS SPARTA!
But to all you people on here.
One suggestion- Save up money and buy a lot of property and land from Greece..Sell it in 10 years Will give you a nice profit margin

Originally posted by faryjay
reply to post by Somethingintheclouds

 

In my honest opinion, Europe's cities were better off with their own individual currencies, Only God knows why they all took on the Euro!

They (local politicians in each country) took on the Euro knowing it was a bad idea because the IMF/BIS/UN bribed university academics to say it was a good idea. They spoon feed BS to the politicians a little bit at a time, coupled with their own bribes. Got the local politicians in each country used to feeling all warm and fuzzy and powerful and rich and feeding at the trough of the "big boys club." Then they forced it through when they had all the extortion materials they needed on all the politicians and university academics. You know the old story, "if I (IMF/BIS/UN) fail, then you (academics and politicians) all go down with me (IMF/BIS/UN)."

This scam has been run for so long, it's just old and sick but these @ssclowns fall for it every time.

Cheers - Dave

Originally posted by faryjay
I have no problem in housing all the pretty Greek girls

Likewise with the guys

OP, funny how we all saw this coming a year ago, and all those so-called professionals are siting back like it's a surprise!

This is not a surprise. The IMF and ECB knew exactly what they were doing. They were lending a massive amount of money to a failed nation in an effort to pay themselves back. They were bailing out themselves at the cost of the Greek people.

Right now, the Greeks should be printing a replacement currency, sending troops out to guard their borders and telling the vultures of the global financial cartel that if they step foot in their country again they will be executed.

I can almost guarantee that there will be struggles in Greece, but in ten years they will be prosperous and the rest of Europe will either still be in chaos or in a very bad way.

There should have been no bailouts. Yes, the collapse would cause pain, but all that has happened is they've robbed the people more through austerity.

This could have all been over by now if we hadn't allowed the global mafia of the IMF to run a protection racket!

Originally posted by Somethingintheclouds
reply to post by surrealist

 

I saw this on the news here in the UK glad we did not go for the euro the whole of Europe is #ed!

Why would the UK give up the pound for the Euro? The pound kicks ass (comparatively), not so much for the Euro. Although when the rest of EU switched to the Euro I rejoiced as I was living in Italy at the time and hated using Lira.

But on to Greece,... haven't they been on the "brink" for a while now?

This is huge

Greek president says 700 mn withdrawn from banks today

www.agi.it...

I've said it before and I'll doubtless say it again - Neither Euro-socialism nor "austerity" to line the pockets of bankers is the answer. The only way forward is Iceland-style nationalism: Maintain non-socialist nationalism but at the same time tell the bankers to go **** themselves.

Will Greece man up and do the same? How about the rest of Europe?

Nationalism. It's not just for breakfast anymore.

Look to Iceland. Land of beautiful solutions.

We have a nationalist party in power in Scotland and we are getting a referendum on independance from the UK.

Whats interesting is that the SNP (Scottish National Party) are promoting Green energy and such wheras most countries around the world are still all about oil.