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Greek bank run begins...
07-03-2015, 01:07 PM #31
Octo Mother Superior
Posts:43,703 Threads:1,499 Joined:Feb 2011
Greece to run out of essential food and medicine within days and banks down to last €500m

Daily allowance of cash from many ATMs has dropped from €60 to €50 as polls are neck-and-neck

07-03-2015, 01:26 PM #32
misterbumps Member
Posts:1,051 Threads:38 Joined:Apr 2012
Such a sad situation. All those people especially the old and ill.


Even Finland is owed money.

I can see by your coat my friend you're from the other side. Just one thing I got to know. Who won?
07-03-2015, 03:15 PM #33
Accidental Stoner Member
Posts:9,097 Threads:76 Joined:Feb 2011
(07-03-2015, 01:26 PM)misterbumps Wrote:  .../
Even Finland is owed money.


Actually, my tax-% went down a bit, last year.

Good to get more out of the gigs.
07-04-2015, 02:55 PM #34
Octo Mother Superior
Posts:43,703 Threads:1,499 Joined:Feb 2011
<blockquote class="twitter-tweet" lang="en"><p lang="en" dir="ltr">Greece's GDP collapse is among the worst advanced economy falls since 1870. And most of those were war-related. <a href="https://*.co/QLp6fYN83u">pic.twitter.com/QLp6fYN83u</a></p>&mdash; RBS Economics (@RBS_Economics) <a href="https://twitter.com/RBS_Economics/status/617249088409595904">July 4, 2015</a></blockquote>

Finland negotiated that loan separately from the eu, I don't know what sort of deal they worked out 13.gif
07-04-2015, 05:01 PM #35
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
07-04-2015, 05:33 PM #36
Octo Mother Superior
Posts:43,703 Threads:1,499 Joined:Feb 2011
07-05-2015, 05:28 PM #37
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011

07-05-2015, 06:20 PM #38
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Quote:First let me say that the Greeks are not innocent victims and have much responsibility in their problems. However, it is important to understand how the Greek nation entered the Euro.

Germany loved the concept of the Euro because as the county with the most sound currency, blending that currency with other weaker currencies would lower the value of the currency they did business in (Duetsche Mark). This would be advantageous to their already strong export business, would allow them to payback debt at a discount, and allow their banks a monopoly on loaning to other EU nations. Win,win, win.

Bringing in Greece and other Mediterranean countries was seen as a no brainer if you follow the above script. Talk about lowering the value of one's currency. Has the Drachma or Lira ever been known for it's stability? Bring them in and make the Euro even cheaper. More exports for the Germans, easier debt loads and more suckers to lend to. The problem with Greece was that (surprise) it's balance sheet was crap. Too much debt to "qualify" for inclusion. But that didn't stop the Euro masters. Nope - the went to the most powerful political family in Greece (Papandreou) and sold the dream to him...or more like bribed him. Isn't interesting how a politician can get so rich??? The Papandreou family is among the wealthiest in Euro; unofficially of course. This socialist family has done more harm over the years to the Greek nation than any other entity. But they are charismatic and the Greek love them. Similar to the way the people of Chicago loved Capone so much in his heyday.

Back to the story - The EU "led" Papa to Goldman Sachs. GS devised a plan using bullsheet derivatives to move a bunch of Greece's debt "off the balance sheet". Abracadabra Greece now can get in the EU! Only their debt really didn't go away.

After being told how wonderful it would be to join the EU the ignorant Greek bought it hook, line and sinker. Now comes the real kick in the "balls". Greece's economy wasn't doing all that bad at the time, actually better than expected. But in order to get as much blood from them, the EU (led by the Germans) gave them loan shark terms in regards to the conversion ratio. In other words, the ratio to convert Greek Drachmas to Euros was 20-30% undervaluing the Drachma. It's like a bank taking over your mortgage and demanding payment in a currency worth 30% more than the dollar. What a deal, huh? Essentially a ticking time bomb.

Things went well enough until the 2007-08 crisis that led the Fed to drastically lower interest rates and eventually start QE. The result of this sent the Euro flying against the Dollar and that was the real nail in the coffin for Greece, which had run up amazing amounts of debt on Socialist programs and not to mention the 2004 Olympics. The other "tax collection" issues ingrained in Greek society did not help. In was soon found out the Papandreou had movied $millions out of the country in his wife's name. Still, the Greek love him.

In my opinion, the EU led by the Germans acted like a loan shark by lending to somebody they knew couldn't pay back. Instead of writing down that debt, they want to extract as much blood as possible. Bankruptcy laws do not exist to them. Ironic how it's the Germans that were a victim of this loan sharking ( which helped trigger WWII ) in their past and the beneficiaries of the greatest restructuring program in World history (The Marshall Plan) that want the blood the most.

In the end, a number of people got very rich and now tens of millions will suffer horribly for it.

07-05-2015, 06:29 PM #39
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
EIU .... Economist Intelligence Unit run by Rothschilds... predicts the Oxi camp will win. If true the Greeks are in for a lot of pain short term but eventual recovery.
07-05-2015, 06:41 PM #40
Octo Mother Superior
Posts:43,703 Threads:1,499 Joined:Feb 2011
Polls close in about 20 minutes.
07-05-2015, 06:43 PM #41
Octo Mother Superior
Posts:43,703 Threads:1,499 Joined:Feb 2011
Less than half an hour to before polls close and as we wait for the results, finance ministry chiefs and the Bank of Greece are due to meet almost immediately to discuss the fate of the banking system.

07-05-2015, 06:46 PM #42
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Bullish for the markets... no matter the result, PPT has the spin under control

One thing is certain, if they vote No the banks will seize deposits, but if they vote Yes the banks will seize deposits rofl.gif
07-05-2015, 06:49 PM #43
UniqueStranger Art in my heart
Posts:15,354 Threads:435 Joined:Jun 2012
I read, recently, that 80+ percent of the Greek people want to stay with the Euro, but that will hurt.
07-05-2015, 06:49 PM #44
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,870 Threads:1,453 Joined:Feb 2011
time.gif about 10 more minutes eh?

07-05-2015, 06:52 PM #45
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
(07-05-2015, 06:49 PM)UniqueStranger Wrote:  I read, recently, that 80+ percent of the Greek people want to stay with the Euro, but that will hurt.

Then they don't get that the Euro is where their debt troubles compounded. Read my post #38 above.



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