– The Second Bailout Has Now Failed: Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System
– Germany’s Top Court To Rule On Legality Of (Unconstitutional) Euro Bailouts
And all taxpayer bailout money went to the banksters for NOTHING in return (except more destruction and chaos. Exactly as planned by the elitists.).
From the article:
“Greece failed long ago. It is only stubborn idiots at the ECB, EU, IMF, and leaders of various countries who insist otherwise.
They insist otherwise to protect their banks. Yet, by throwing more money into the pot that will now clearly be defaulted on, they have made matters far worse.”
As intended by the elitists.
Got gold, got silver? (BTFD!)
Don’t wait for the dollar and the euro to collapse on you.
– Greece 1-Yr Rate 60%; Finland Retains Collateral Demand; Multiple Veto Points; ECB “Litmus Test” Coming Up; Germany Accuses ECB of Treaty Violations (Global Economic Analysis, August 28, 2011):
Once again the bond markets have spoken, and once again the message is the same: default. Greek two-year bonds are near 44%, having touched as high as 46%. The interest rate on 1-year Greek government debt is a stunning 59.8%.
Greek 1-Year Government Bonds
Greek 2-Year Government Bonds
44% a year, for two years or whopping 60% for one year, unless of course there is a default.
Not only does the bond market say Greece will default, but the implied haircuts are huge given those interest rates.
Greece Not Saved
Supposedly “Greece was Saved” on that blue circle when yet another bailout (throwing more good money after bad) was approved.
The deal unraveled for numerous reasons but demands by Finland for collateral are at or near the top of the list. Austria, Slovakia, and the Netherlands now want collateral as well.
Under great pressure from Germany, the EU, and IMF, Finland allegedly dropped those demands. It was a lie. Finland did not drop demands for collateral, and that shows you the effect of multiple veto points where such decisions must be unanimous or they fall apart.
17 Veto Points
Please consider A Small Country — Finland — Casts Doubt on Aid for Greece
Finland is just one of 17 euro zone countries whose parliamentary approval is needed for the expanded bailout fund and whose domestic politics could upset the process. The case of Finland points to a bigger governance problem in Europe, said James Savage, a professor at the University of Virginia who has published a book on European monetary union.
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Tags: Banking, Bonds, Debt, ECB, Economy, EU, Europe, Germany, Global News, Government, Greece, IMF, Italy, Politics, Portugal, Society, Spain