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Nicolas Sarkozy tells Greece: If you don't stick to the rules, leave the eurozone

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posted on Nov, 2 2011 @ 07:25 PM
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UK Telegraph


The break-up of the eurozone has been dramatically placed in the hands of the Greek people as George Papandreou announced that a referendum on the Hellenic Republic’s membership will be held on December 4.

The Greek prime minister announced the decision in Cannes after Angela Merkel and Nicolas Sarkozy gave him an ultimatum that Greece had to “abide by the rules” of the Brussels bail-out agreement – “or leave the eurozone”.





Mr Papandreou said that that “being part of the eurozone means having many rights and also obligations”. He said that the debt crisis deal agreed in Brussels a week ago would be “difficult” for Greece and while he “hoped for a yes vote” he wanted the “Greek people to speak”.

He added: "I believe in benefits for growth, lowering our burden of debt, a strong package of support for the next few years. We can put our house in order and make a viable economy. It is important that the Greek people make decisions on important developments. They are, I believe, mature and wise enough to make this decision.

"We're very proud to be part of the eurozone. But this comes with obligations and it is crucial we show the world we can live up to those obligations.

"We could hold the referndum on December 4. A positive decision by the Greek people is not only positive for Greece but for Europe. The Greek people want us to be in eurozone - I want them to speak and they will speak soon>"


It's either the Greek people want in or out of the Euro. It is gonna be a damned if you do or don't, either way Greeks are going to feel the pain, one coming from default or the other coming from austerity.

And in other news from same article:


Hours before the Cannes talks, the European Financial Stability Facility (EFSF) was forced to pull an auction to raise €3bn of debt because investors felt uncertain about the terms. It was an inauspicious start for the vital bail-out fund which is supposed to be capable of raising up to €1trillion.

The Italian cabinet held an emergency meeting in a bid to agree economic reforms which Silvio Berlusconi promised as part of the Brussels deal. As the cost of insuring Italian debt against default remained at record highs of 6.1pc, Giorgio Napolitano, the Italian president, appeared to threatened to bring down the government if the reforms were not agreed. Ignazio Visco, the new head of the Bank of Italy, urged Mr Berlusconi to mee the demands. He said it was “necessary to proceed resolutely” in order to achieve “the lasting reduction of sovereign risk and preserve the stability of the financial system”.


It just gets worse. Having a little trouble would be a gross understatement with raising the one thousand billion dollars to build the one trillion dollar fund. And what with poor Italy now seeing its debt costs soar.

But that's not all!



Meanwhile, rumours swept the markets that France could lose its AAA credit rating after economic data revealed that the eurozone economies are stagnating.

The Markit Eurozone Manufacturing Purchasing Managers Index (PMI) for October fell to 47.1 down from 48.5 in September, where any number below 50 shows contraction. Standard & Poor’s recently warned it would cut France’s rating by up to two notches if there is a recession in the eurozone. France’s data, at 48.5, was better than that of Greece, Italy and Spain and not far behind Germany. But the spread between French sovereign bonds and German bunds soared to it widest point since the euro was launched amid fears of a downgrade - which in turn could de-rail the terms of European rescue agreements.





There were more dire warnings that a Greek referendum, expected in December, could trigger the break-up of the eurozone. Mr Papandreou faces a vote of confidence on Thursday. But traders were appeased by assurances from leaders that prolonged uncertainty would not be tolerated.

Francois Fillon, the French prime minister, said: “Europe cannot be kept waiting for weeks for the outcome of the referendum. The Greeks must say, rapidly and unambiguously, whether or not they will choose to remain in the eurozone.”


Traders appeased by assurances from these leaders?


That confidence vote should be coming within hours.



posted on Nov, 2 2011 @ 07:34 PM
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Greece, take a clue from Iceland and refuse the financial blackmail and terrorism that is the IMF.

Opt out of the Eurozone before the banks seize all your national treasures and sell them to the highest bidder.

Go back to using the Drachma, save your country from oblivion, and tell Sarkozy and Merkel to stick their financial demands where the sun don't shine.

Then give my regards to the European Central Bank and those bloodsuckers, the Rothschilds.



posted on Nov, 2 2011 @ 07:47 PM
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reply to post by surrealist
 


What an idiot. Countries cannot leave the eurozone! There is no provision for leaving....

Its only assumed other countries wouldn't stop them.. But it would be incredibly expensive



posted on Nov, 2 2011 @ 07:49 PM
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HAHA Frenchie said what????
So sorry but they are usually the first ones to stick the finger to anyone.
Shame really, i've witnessed with mine own eyes their blockades, the live sheep burning, the general frenchness..
LMAO They actually give a # now?

Don't get me wrong, sometimes I find their *give a #ness* inspiring, but nevertheless in the current climate, tis a tad cheeky.

edit on 2-11-2011 by Suspiria because: (no reason given)



posted on Nov, 2 2011 @ 08:12 PM
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Sometimes I see Greece as the obstinate teenager concerning it's financial mess.

But sometimes, a teen is right...in principle anyways.

But principles alone are not going to pay off their debt at this point.

They had best get ready for more austere times, regardless of whether they take the bailout or not.



posted on Nov, 2 2011 @ 08:19 PM
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"It's either the Greek people want in or out of the Euro. It is gonna be a damned if you do or don't, either way Greeks are going to feel the pain, one coming from default or the other coming from austerity."

Hummm I like how you phrased that...well said



posted on Nov, 2 2011 @ 09:58 PM
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Originally posted by Rockpuck

What an idiot. Countries cannot leave the eurozone! There is no provision for leaving....

Its only assumed other countries wouldn't stop them.. But it would be incredibly expensive


Yes, now imagine how expensive it would be if Italy is thrown in the mix? And from there, who knows who else might get either forcefully booted out or leave? Perhaps it would be less costly to expel the Eurozone from Europe rather than expel individual Eurozone countires from the Eurozone.


And China refusing to commit to EFSF amid Greek concerns is not helping the situation either!



posted on Nov, 2 2011 @ 10:38 PM
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Looks like Greece should do the right thing and leave the EU.

It's going to collapse anyway.



posted on Nov, 2 2011 @ 10:58 PM
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George Bush was at Goldman Sachs HQ in Manhatan. OWS protesters showed up to confront him. Keith Olbermann I guess confirmed he was there. The thing I want to know is what was he doing there. Goldman Sachs was deep into Greek debt. Gary D. Cohn Has played a big part in Greek debt. And tonight Bush was at his office. Some thing big must be about to happen. The crashing of the EU? The break up of the EU?

www.nytimes.com...



The bankers, led by Goldman’s president, Gary D. Cohn, held out a financing instrument that would have pushed debt from Greece’s health care system far into the future, much as when strapped homeowners take out second mortgages to pay off their credit cards.

It had worked before. In 2001, just after Greece was admitted to Europe’s monetary union, Goldman helped the government quietly borrow billions, people familiar with the transaction said. That deal, hidden from public view because it was treated as a currency trade rather than a loan, helped Athens to meet Europe’s deficit rules while continuing to spend beyond its means.

edit on 2-11-2011 by JBA2848 because: (no reason given)



posted on Nov, 3 2011 @ 07:53 AM
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Euro laughing stock tells another Euro laughing stock to ditch it? Now I've seen everything.


two



posted on Nov, 3 2011 @ 08:30 AM
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reply to post by surrealist
 


So why is Sarkozy in the title of this thread, but not the German Chancellor? They both said the same thing, according to the article quote the OP posted.


The Greek prime minister announced the decision in Cannes after Angela Merkel and Nicolas Sarkozy gave him an ultimatum that Greece had to “abide by the rules” of the Brussels bail-out agreement – “or leave the eurozone”.



posted on Nov, 3 2011 @ 08:30 AM
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I would give a lot to have the entire EU disbanded. We got none of the good stuff we were sold this bill of goods on and got a lot of over-regulation and micromanagement, which we certainly didn't bargain for.

The situation with Greece is different than it was for Iceland. Iceland's troubles weren't the result of fiscal irresponsibility by the government, as is the case of with Greece. Iceland's woes stemmed from banking misadventure. Fair enough for them to let the banks fend for themselves. Why should it fall on the necks of the small population to bail them out? But Greece was living beyond its means, pure and simple. That will always end badly. Those who do it must suffer austerity as a result. It's the only way. The fact that they aren't happy to do it means they haven't learned their lesson.

I hope they vote to leave the eurozone, personally. Pain is a great teacher, even greater than fear.




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