Thread: Greece Debt Crisis Solution E.U. Unification Under 1 Leader

Greece Debt Crisis Long-term Solution E.U. Unification Under One Leader?

Economics / Euro-Zone
Jun 25, 2011 - 07:11 PM
By: James_Loong

As Papandreou, Greek PM, plans to put together another austerity package worth more than €6.5 billion ($9.3 billion) by the end of the month, the protesters outside the parliament building, unwilling to accept the prime minister’s course of action, shouted: “Thieves, traitors. What happened to our money?â€

Greece Yard Sale for the Rich

Stock-Markets / Financial Markets 2011
Jun 23, 2011 - 05:08 AM
By: PhilStockWorld

Greece is fixed - now what?

Well, Greece isn't really fixed, of course, but look how fast it all turned out to be nothing and this morning hardly anyone is even mentioning it. The crowds protested but this vote wasn't in their hands - it was in the hands of their corrupted officials and they voted 100% along party lines to keep Prime Minister Papandreou in power, which will now allow him to push through another $40Bn in budget cuts (14% of GDP or $2.25Tn if applied to the US budget - in a single year) that will pretty much turn the Government of Greece into nothing more than a debt collection service for Banksters - as they no longer have the money to provide any Government services to the people.


Yes, it's a Republican wet dream and it will be a fun experiment to see if we can truly strip a government down to the singular function of taxing the citizens to give money to banks - consider it a practice run for their vision of the US as soon as they can get a couple of more seats in the Senate and Michelle Bachmann is President. On the condition that the Greek Parliament agrees to sell their people down the river, the EU and the IMF agree to give them MORE MONEY. Well, not GIVE them, of course, they will lend it to them at 5.2% - which is a very nice profit for the lenders and more money than a US 30-year mortgage (but Greece is only given 7.5 years to pay it all back - an impossible task with their debt to GDP ratio).
This will plunge Greece another 25% of their GDP further into debt while the cuts in Government services are projected to lower their GDP by another 15% so we first add 25% to the 135% debt the already have, which is 160% and then we multiply that by the 15% that the GDP will drop and we get a debt to GDP ratio of 184% - isn't that special? So about $600Bn in debt at 5.2% interest is $31.2Bn a year (10% of GDP) JUST IN INTEREST - that would be like the US carrying an annual $1.6Tn interest payment while cutting Government spending down to $1.6Tn - isn't this a fun game?!?

That's the "fix" that Greece can now look forward to. Also conditioned in the loan is the forced sale of state assets. This is the real coup-de-gras for the Capitalists as they turn a nation's assets into nothing more than items in a very exclusive yard sale that only the already-rich can participate in.

Already, DT has picked off a 30% chunk of OTE, the state telecom company, which employs (employed) 30,000 people and Athens News Agency reports that tenders on a host of other state properties for full or partial sale -- including the ports of Piraeus and Thessaloniki and Hellenic Postbank, one of the country's best-capitalised lenders -- would be launched in coming months. "Greece has to take new commitments. Greece has to enlarge the ambition of its privatisation programme," leading eurozone policy-maker, Luxembourg Prime Minister and master of evil, Jean-Claude Juncker said on Tuesday. "Muhahaha!"

Again, to put this into perspective, this would be like the US being forced to sell off the Post Office to DHL, our Ports to Dubai (we didn't like that last time, did we?), the Smithsonian could go to a private Japanese collector of Americana, etc. Oh wait a minute, isn't privatizing our government services part of the Republican plank already? Gosh, I get so confused between what bankrupt Nations that are hopelessly in debt are FORCED to do by their creditors as a last resort and what the American people are being asked to vote for voluntarily...

Oh well, at least "fixing" Greece is good for our markets... What? It's not? No, our futures are, as we expected, not particularly thrilled because PIIGS was Portugal, Italy, Ireland, Greece and Spain so, even if Greece is out of the equation, we still have PIIS and that's not really better, is it? We'll have to work a U or an A into that acronym soon because a Bloomberg National Poll finds that 44% of Americans are worse-off than they were two years ago with two thirds feeling this country is on the wrong track.

“Gas prices are higher, grocery prices are higher, transportation prices are higher,â€

The Greek crisis brings us even closer to the long-planned European empire

By Norman Tebbit
Last updated: June 23rd, 2011
429 Comments


Beware of Greeks demanding gifts

A long time ago, when I spent a lot of time at the Council of Ministers in Brussels, my good friend Otto Graf Lambsdorff and I would wearily raise our heads and mutter “Beware the Greeks when they come demanding giftsâ€