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The die is cast: the EU has given Greece. Crisis teams at various levels are preparing for the Euro exit. How exactly this is to run, no one knows. In the background has already begun to cover the cost of poker. For the Greeks must play. Therefore let no one wants to even look at their cards.
The Greece-exit is a done deal: According to the German economic news from financial circles EU and the ECB have abandoned the motherland of democracy as a euro member. The reason is, interestingly, not in the upcoming elections - these are basically become irrelevant. It has come to the EU to the very late realization that the Greeks, the agreements have not been met and will continue to be unable to meet. A banker: "We helped with the Toika. The help of the troika was tied to conditions. Greece has fulfilled none of the conditions, and has been for months now. "
The loud sounds of the left-politician Tsipras were just the straw that has brought the camel's back. In the EU, the ECB and the IMF have been completed with the issue. Greece must get out of the euro, it is generally agreed across all sectors. The information contained in the former central banker and technocratic Prime Minister Lucas Papademos had delivered. He had enough time to convince the one hand, the full extent of the calamity, and also by the unwillingness of the parties to save money. Basically, his tenure was a fact-finding mission on behalf of the EU. His conclusion: Mission Impossible. About the consequences, there are different views: the central bankers do not want to pay more because they see that the whole is a bottomless pit. The politicians, led by Angela Merkel reluctant yet. As always there are the politicians advocate the status quo, because they fear nothing more than the unknown. And there are unknowns with a Euro exit any quantities.
It begins with the question: How does it work really practical? An outlet to see the EU treaties before any more than one eviction. For safety reasons, both the ECB and the Bundesbank formed crisis teams that are preparing now as the commanders on various contingencies. A small consolation is believed to have, because the debt incision was made, and therefore actually is a direct contamination of the banks as rather unlikely. Although this may not confirm officially Banker: The unofficial interpretation is that the risk of infection by the average debt "significantly reduced" was.
Most debts are now in the public sector - ie the ECB and the IMF. In the case of a state bankruptcy of Greece on the Target 2 system, the German Bundesbank would be taken immediately. Altogether, it is so appreciated, are the Greeks with 200 billion euros at the ECB and the IMF in debt. Therefore, all of which are currently very careful with scenarios: One does not want to be in the cards look. And as even the most amicable divorce in the end always haggled over the cost. Even the ECB and the IMF want to see their money again. They need the cooperation of the Greeks. A representative of the public sector: "When it comes to the discharge, the creditors will negotiate with the debtor. The creditors have no interest that the debtor is no longer on the legs. "
However, the debtor to cooperate with the creditors, some skirmishes will be fought. The Greeks would say, then we throw it out once - we do not pay but not our debt.
This game can not last for long. Since Greece can take no money in the capital markets, Greece must cooperate with the Troika. Without money, the country is very fast at the end: it can pay its civil servants no longer afford no energy, public life threatens to spiral out of control.
Right here wants to start the Troika: The next installment is due in June, there will be only when the Greeks come up with a fairly reasonable exit plan. Until then, the ECB can keep up with their financial instruments, the Greek banks so far over water, not everything falls apart.
At the same time it is hoped the troika that the ESM is surprising, because then enough money is available to prevent the contamination of other states. Because you can answer a question no one, like a of involved banker says: "We all know not whether it comes after the withdrawal of the Greeks to a domino effect or whether it really is the great liberation has been." There is always some require "discretionary action" of the ECB to keep the situation under control. In plain German: As some will have to be printed on money, so the crash can not go but even the whole euro zone in the air.
Well the conversation in much of the media suggests a Greek exit from the Eurozone is only a matter of when it wil happen and what the possible repercussions of its exit will be. The damage inflicted may not be that severe, but the markets might then turn to other countries, and worse, other countries in the Eurozone may take liberty in following Greece example should it not be such a catastophic outcome, which then without doubt, will engender an economic disaster for Europe and the world.
Originally posted by JustBreathe11
I was talking to some relatives that live in Athens and apparently they are getting ready for the coming exit. They said that all the citizens are buying up everything in sight and stocking up on canned goods. I am really worried for my relatives since all hell will break loose.
edit on 24-5-2012 by JustBreathe11 because: spelling
Originally posted by fairguy
They just said, and are still saying it literally right now on the BBC "news"...
"European leaders tell greece, we want you in the Euro".