Jul 03

Greece Has Spent A Half-Century In Default Or Restructuring (ZeroHedge, July 3, 2015):

On Thursday, we highlighted the pitiable plight of Greek businesses which, facing an acute cash crunch and suppliers unwilling to provide credit ahead of the country’s weekend referendum, are being forced to close the doors.

The country’s banks are set to run out of physical banknotes “in a matter of days” according to a “person familiar with the situation” who spoke to WSJ and Constantine Michalos, the president of the Athens Chamber of Commerce, fears the country’s stock of imported goods will only last for two or three more weeks.

Meanwhile, Greeks have resorted to scavenging for food and picking through dustbins for scrap metal and as we noted on Wednesday, this is hardly a recent development in Greece. High unemployment has plagued the country for years , becoming endemic and relegating many Greeks to a life of perpetual and severe economic hardship. Continue reading »

Tags: , , , , , ,

Jul 03

… at this very moment, politicians from Spain’s Podemos to Italy Five Star movement are drafting memos demanding that the IMF evaluate their own debt sustainability. Or rather unsustainability.


Did The IMF Just Open Pandora’s Box? (ZeroHedge, July 3, 2015):

By now it should be clear to all that the only reason why Germany has been so steadfast in its negotiating stance with Greece is because it knows very well that if it concedes to a public debt reduction (as opposed to haircut on debt held mostly by private entities such as hedge funds which already happened in 2012), then the rest of the PIIGS will come pouring in: first Italy, then Spain, then Portugal, then Ireland. Continue reading »

Tags: , , , , , , , , , , ,

Jul 03

NSA Leak Reveals Both Merkel And Schauble Saw Greek Debt As Unsustainable Even After Haircut (ZeroHedge, July 3, 2015):

Several days ago, we posted a NSA cable leaked by Wikileaks, in which then French finance minister Moscovici (currently a European commissioner) was admitted that the French economic situation was “worse than anyone [could] imagine and drastic measures [would] have to be taken in the next two years.” It has not improved since then.

Overnight, in another perhaps even more relevant to the current quagmire in Greece leak, Wikileaks has released another intercepted NSA communication between German Chancellor Angela Merkel and her personal assistant reveals that not only Merkel, but Schauble, were well aware that even with a debt haircut (which took place in 2012 but only for private creditors and whose impact was promptly countered with the debt from the second bailout) Greek debt would be unsustainable. Technically, she did not use that word: she said that “Athens would be unable to overcome its problems even with an additional haircut, since it would not be able to handle the remaining debt.” Continue reading »

Tags: , , , , , ,

Jul 03

The Troika Turns Europe Into A Warzone (The Automatic Earth, July 3, 2015):

So now they do it. Now the IMF comes out with a report that says Greece needs hefty debt restructuring.

Mind you, their numbers are still way off the mark, in the end it’s going to be easily double what they claim. Not even a Yanis Varoufakis haircut will do the trick.

But at least they now have preliminary numbers out. The reason why they have is inevitably linked to the press leak I wrote about earlier this week in Troika Documents Say Greece Needs Huge Debt Relief. If that hadn’t come out, I’m betting they would still not have said a thing.

It’s even been clear for many years to the IMF that debt restructuring for Greece is badly needed, but Lagarde and her troops have come to the Athens talks with an agenda, and stonewalled their own researchers. Continue reading »

Tags: , , , , , , , ,

Jul 03

Greek solidarity protests across Europe ahead of referendum LIVE UPDATES (RT, July 3, 2015):

Thousands of protesters in European cities are rallying in solidarity with Greece ahead of the weekend referendum on a cash-for-reform deal with creditors.

Tags: , , , , , , ,

Jul 02

Euro-QE

Goldman “Conspiracy Theory” Validated As ECB Expands QE Program (ZeroHedge, July 2, 2015):

The ECB has expanded the list of SSA securities eligible for purchase under PSPP. The updated list includes:  Continue reading »

Tags: , , , , , , , ,

Jul 02

Varoufakis Will Resign If Referendum Passes, Says Would Rather “Cut Off Arm” Than Sign (ZeroHedge, July 2, 2015):

“With banks shuttered and Greece’s economy hobbled by capital controls, Varoufakis said in a Bloomberg Television interview in Athens that he would “rather cut my arm off” than sign a deal that fails to restructure Greece’s debt.”

Tags: , , , , , , ,

Jul 02

Debt-Ridden Illinois Heading Toward State Government Shutdown (Government Slave, July 2, 2015):

(Emily Richards)  Illinois is heading toward a state government shutdown after the legislature adjourned Tuesday without closing a $6.2 billion gap and passing a budget by the July 1 deadline.

Illinois currently has the largest deficit and lowest credit rating of any of the 50 states. According to the University of Illinois, its current annual deficit is $9 billion, which is projected to grow to $14 billion by FY 2026.

“We’ve got a mess,” Gov. Bruce Rauner told workers at the Illinois Emergency Management Agency on Tuesday. “It’s going to take a little while to fix. I hope we can get it fixed promptly.” Continue reading »

Tags: , , , ,

Jul 01

Sure!!!


obama-satanic-salute-handsign

15 Weeks: Treasury Says Debt Has Been Frozen at $18,112,975,000,000 (CNSNews, June 30, 2015):

The portion of the federal debt that is subject to a legal limit set by Congress closed Friday, June 26, at $18,112,975,000,000, according to the latest Daily Treasury Statement, which was published at 4:00 p.m. on Monday.

That, according to the Treasury’s statements, makes 15 straight weeks that the debt subject to the limit has been frozen at $18,112,975,000,000.

$18,112,975,000,000 is about $25 million below the current legal debt limit of $18,113,000,080,959.35.

The Daily Treasury Statement for March 13 was the first to show the federal debt subject to the limit closing the day at $18,112,975,000,000. Every Daily Treasury Statement since then has reported the same thing: the debt closing the day at $18,112,975,000,000.

Every Daily Treasury Statement since Monday, March 16, has reported the debt beginning and ending each day at $18,112,975,000,000. Continue reading »

Tags: , , , , ,

Jul 01

All of this is NOT just caused by greed, ignorance and stupidity.

This has all been planned by …

Rothschild

The History of the House of Rothschild

And the Obama, Merkel, Cameron and Hollande kangaroos are just doing what they are told to do by TPTB.



19.06.2015

Tags: , , , , , , , , , , ,

Jun 30

In Big Boost To “No” Vote, Schauble Hints Greece Can Default And Stay In Euro (ZeroHedge, June 30, 2015):

In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:

*SCHAEUBLE SAID TO SAY GREECE MAY BE ABLE TO TAP EU SUPPORT FUND
*SCHAEUBLE SAID TO SEE GREECE STAYING IN EURO EVEN IF ‘NO’ VOTE

Thus spurring the probability of a consequence-less “no” vote on Sunday enabling the increased negotiating position that The Greek government had hoped for. Of course, desperate for any excuse, stocks and EUR are rallying on this and bonds are selling off.

 

Tags: , , , , , , , ,

Jun 30

Puerto Rico Announces Bond Payment “Moratorium” (ZeroHedge, June 29, 2015):

Having concluded last night that Puerto Rico debt is “unpayable,” and that his government could not continue to borrow money to address budget deficits while asking its residents, already struggling with high rates of poverty and crime, to shoulder most of the burden through tax increases and pension cuts, Padilla confirmed tonight that: PUERTO RICO TO SEEK “NEGOTIATED MORATORIUM”, ‘YEARS’ OF POSTPONEMENT IN DEBT PAYMENTS. Likening his state’s situation to that of Detroit and New York City (though not Greece), Padilla concluded, the economic situation is “extremely difficult,” which is odd because just a few years ago when they issued that bond – everything was awesome?

Tags: , , , , ,

Jun 30

ChinaLogalGovernmentSupply

This Insane Debt Chart Explains Why Chinese QE Is Inevitable (ZeroHedge, June 29, 2015):

Last week we took an in-depth look at how China’s bewildering hodge-podge of hastily construed easing measures can’t seem to get out of their own way. Perhaps the most poignant example of this is how the country’s massive local government debt swap effort — which, as a reminder, aims to restructure a provincial government debt load that amounts to 35% of GDP — is effectively making it more difficult for the PBoC to keep a lid on rates, even as the central bank has embarked on a series of policy rate cuts, with the latest effort coming over the weekend. Here’s how we described the situation last week: Continue reading »

Tags: , , , , , , ,

Jun 29

This-Is-Sparta

Greece Will Default To IMF Tomorrow, Government Official Says (ZeroHedge, June 29, 2015):

Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back.”

“If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options.”

So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours. Continue reading »

Tags: , , , , , ,

Jun 29

America-Blue-Screen

Has America reached a ‘blue screen of death’ moment? A hard reboot now seems inevitable… (Natural News, June 27, 2015):

In just the last week alone, America’s politicians forfeited the nation’s economic future by secretly passing fast track trade authority, California lawmakers accepted bribes from Big Pharma to legalize mass medical genocide against blacks by passing the mandatory vaccination law SB 277, online retailers banned the Confederate flag while promoting Nazi symbolism, howling leftist maniacs began vandalizing historical monuments in cities like Austin Texas, the U.S. Supreme Court declared that words have no meaning in law, and Apple yanked historical Civil War games from its app store because those games showed “Confederate imagery.”

As the United States of America remains inundated with Fukushima radiation and chemtrail geoengineering experiments, it has now surpassed $18 trillion in national debt. Nearly 50 million Americans are on government food stamps, and political correctness is now so insanely absurd that the University of California has ordered its professors to avoid using “offensive” phrases like “land of opportunity.”

These are all signs that America has entered the blue screen of death phase of civilization — that “memory dump” moment when everything stops working and the computer tries to figure out what happened before suddenly rebooting to BIOS and trying to reload the operating system. Continue reading »

Tags: , , , , , , , ,

Jun 29


May 19, 2015

Tags: , , , , , , ,

Jun 29

Here Comes “Prexit”: Puerto Rico In “Death Spiral”, Debts Are “Not Payable”, Governor Refuses To “Kick The Can… (ZeroHedge, June 28, 2015):

As we noted last night, for a whole lot of time nothing at all can happen under the guise of “containment”… and then everything happens all at once. Because not even two full days after Greece activated the “Grexit” emergency protocol, leading to capital controls, and a frozen banking system and stock market, moments ago the NYT reported that the default wave has jumped the Atlantic and has hit Puerto Rico whose governor Alejandro García Padilla, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions. Continue reading »

Tags: , , , , ,

Jun 25


Jun 24, 2015

Description:

Max Keiser: The Greatest Economic Collapses In History is Coming!
Alex Jones talks with Max Keiser about the coming economic collapse and how oblivious the American public is. Continue reading »

Tags: , , , , , , , , , , , ,

Jun 21

Greek GDP vs forecasts_0

Greek GDP: The Shocking Reality Vs IMF Forecasts; And Who Is To Blame For The Greek Implosion (ZeroHedge, June 21, 2015):

With a Greek default, shortly followed by a Grexit, a collapse of the “irreversible union” (but… but… “political capital“), and ultimately the end of the latest European monetary union experiment (the latest in a long and illustrious series of prior failures) now seemingly imminent, the blame game has begun. As the NYT noted overnight “the recriminations that would then fly would be so bitter that they would inflict a second round of damage.”

But who is really to blame? Continue reading »

Tags: , , , , , , , , ,

Jun 17

Greek Debt Committee Just Declared All Debt To The Troika “Illegal, Illegitimate, And Odious” (ZeroHedge, June 17, 2015):

It was in April when we got a stark reminder of a post we first penned in April of 2011, describing Odious Debt, and why we thought sooner or later this legal term would become applicable for Greece, because two months ago Greek Zoi Konstantopoulou, speaker of the Greek parliament and a SYRIZA member, said she had established a new “Truth Committee on Public Debt” whose purposes was to “investigate how much of the debt is “illegal” with a view to writing it off.”

Moments ago, this committee released its preliminary findings, and here is the conclusion from the full report presented below:

All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious. Continue reading »

Tags: , , , , , , , ,