Apr 09

FYI.


PutinTsipras

5 Myths about Greece the Banksters need you to believe (Stop Shouting!, April 7, 2015):

Greece’s Prime Minister Alex Tsipras will be heading to Moscow tomorow, and the legacy media that is the de facto public relations wing of the IMF and World Bank are in overdrive to continue to advance the narrative that Greeks are irresponsible, indolent, the visit is an amateurish attempt to blackmail Germany, and further evidence that the Syriza government is out of its depth.

Those who continue to buy into the IMF propaganda without pause should consider these points, before they decide whether or not they want to continue to do the legacy media’s work for them by reporting their key talking points almost verbatim in the comments section of every blog or media account of the current contretemps.

This should not be relied upon as a comprehensive list, but rather a starting point for your own investigation and research:

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Apr 08

300-This-Is-Sparta-Kick

“Odious Debt” Has Finally Arrived: Greece To Write Off “Illegal” Debt (ZeroHedge, April 8, 2015):

It was back in June 2011 when we first hinted that the time of Odious Debt is rapidly approaching.

As a reminder, this is what Odious Debt is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.

Today, nearly four years later, Odious Debt is now a reality in Greece, where Zoi Konstantopoulou, the head of the Greek parliament and a SYRIZA member, released two videos which have promptly gone viral, designed to promote the investigative parliamentary committee to look into the circumstances surrounding the signing of the country’s two bailout agreements that led Greece to implement its austerity measures.

The short video spots, shown below, end with the message “Check it, Erase it” referring to the country’s 320 billion-euro debt.

That this concept emerges now is perhaps confusing: it was just a few days ago when the Greek FinMin promised to the IMF that Greece would honor all of its debt commitments. Should Greece decide that some (or all) of its debt was illegal and unenforceable, this will clearly not happen. Then again, this is the same political party that made pre-election promises whose execution would require about €30 billion according to German calculation, so the relentless flipflopping is not very surprising. Continue reading »

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Apr 08

German Factory Orders Tumble By Most In 9 Months, Spanish Bond Yields Turn Negative (ZeroHedge, April 8, 2015):

Bad news is even better news in Europe. “Core” Germany saw its powerhouse economy suffer the biggest drop in Factory Orders since June (-1.3% YoY) missing expectations for the 2nd month in a row – the first consecutive drop since may 2013 (despite German business confidence rising for the 5th month in a row) as apparently devaluing the EU’s currency is not encouraging business. The result… DAX futures surging, bond yields tumbling and Spanish bond yields to 6 months are now negative..

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Apr 08

Germany Slams “Stupid” Greek Demands For “Incomprehensible” €278 Billion In Reparations (ZeroHedge, April 7, 2015):

Yesterday we reported that in what may have been an attempt to stun the world, if not so much Germany, with the law of large numbers, Greece calculated that Germany owes it a whopping €278 billion in World War II reparations, or about a third of what Germany reported was its GDP in the fourth quarter. Unfortunately for Greece, Germany does not appear to be rushing to wire the funds. As Reuters reported earlier today, Germany’s economy minister had one word for the Greek demand: “stupid.”

From Reuters:

Sigmar Gabriel, who is economy minister and German vice chancellor, called the demand “stupid”, saying Greece ultimately had an interest in squeezing a bit of leeway out of its euro zone partners to help Athens overcome its debt crisis. Continue reading »

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Apr 07

Spiegel Greece Merkel

Greece demands €278bn WWII reparations from Germany – more than its debt to EU (RT, April 7, 2015):

Germany owes Greece no less than €278.7 billion in World War II reparations, Athens said, referring to the destruction wrought upon the nation during the Nazi occupation. The sum exceeds Greece’s total debt of €240 billion to the EU.

“According to our calculations, the debt linked to German reparations is €278.7 billion euros, including €10.3 billion for the so-called forced loan. All the other amounts are related to allowances for individuals or infrastructure,” said the country’s deputy finance minister, Dimitris Mardas.

The figure was calculated by a parliamentary committee and the Greek supreme court. The numbers have previously varied between €269 billion and €332 billion.

Mardas added that at the 1946 Paris Conference the amount of reparations was set at $341.2 billion. Continue reading »

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Apr 06

Spiegel Greece Merkel

Greece Calculates Germany Owes It A Third Of Its GDP In WWII Reparations (ZeroHedge, April 6, 2015):

With almost 70% of Europeans already believing that Greece is a drag on the EU economy, this morning’s statement by Greek Alternate Finance Minister Dimitris Mardas – coming just a week after the war-raparations committee was set-up, telling lawmakers in Parliament that he has calculated that Germany owes Greece EUR 278.7 billion in World War II reparations, will surely deepen the rift (at almost 40% of Germany’s EUR 735 billion GDP) whether right or wrong.

As Bloomberg reports, Continue reading »

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Apr 06

euro-collapse

Beppe Grillo Disarms The 7 Unfounded Fears Of A Euro Exit (ZeroHedge, April 6, 2015):

Having previously warned that “the eurozone chess game is entering its final stage,” and exclaimed that we are not at war with Russia or ISIS, we are at war with the Troika,” Italy’s erstwhile populist leader, Italy’s Five Star Movement’s Beppe Grillo unveils his Plan B by destroying seven unfounded myths with regard an exit from the euro

7 unfounded fears about an exit from the Euro Continue reading »

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Apr 06

Now that sums up the current situation nicely.

From the article:

“This is not going to be a 1921-style two-year recession that we bounce back from after a little bit of pain and unpleasantness. After a 50-year global economic boon involving what is now a $59 trillion expansion of credit in 50 years, this isn’t going to be a one or two-year hard recession. This is going to be a multi-decade global depression and I’m not sure that anyone alive today would live long enough to see the recovery. I mean, it’s like Rome: when Rome fell, there was a recovery, but it was 1,000 years later. This is the kind of depression we’re looking at if we allow this $59 trillion credit bubble of ours to implode.”


Richard Duncan: The Real Risk Of A Coming Multi-Decade Global Depression (Peak Prosperity, April 5, 2015):

Richard Duncan, author of The Dollar Crisis and The New Depression: The Breakdown Of The Paper Money Economy, isn’t mincing words about the risks he sees ahead for the world economy.

Essentially, he sees the past 50 years of economic prosperity fueled by globalization and easy credit in serious danger of being unwound, as the doomed monetary policies currently being pursued by the word’s central banks result in a massive multi-decade depression that spans the globe.

The first version of The Dollar Crisis, the hardback, came out in 2003, so I wrote it in 2002. And at that time, the dollar against gold was $300. So the dollar has lost more than 75% of its value since The Dollar Crisis was written, and I don’t think it’s going to stop here. I expect it to continue to lose value over the years and decades ahead.

But what we’re seeing is that the real theme of The Dollar Crisis was that the post-Bretton Woods international monetary system was fundamentally flawed because it couldn’t prevent trade imbalances between countries. And the US had developed an enormous trade deficit with the rest of the world and this blew the trade surplus countries like Japan and China into bubbles. And then, the dollars boomeranged back into the United States and blew it into a bubble, as well. I didn’t know when the housing bubble was going to pop in the US but I knew it would. And I wrote in The Dollar Crisis that when it did, we would have a severe global economic recession/depression that would involve a systemic banking sector crisis in the United States and necessitate trillion-dollar budget deficits and unorthodox monetary policy to prevent a Great Depression from occurring. Continue reading »

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Apr 06

nato-libyan-war

NATO is Building Up for War (Ron Paul Insitute, April 4, 2015):

The German city of Frankfurt is continental Europe’s largest financial center and host to the country’s Stock Exchange, countless other financial institutions, and the headquarters of the European Central Bank (ECB) which is responsible for administering the monetary policy of the 18-nation Eurozone. The place is awash with money, as demonstrated by the plush new ECB office building which is costing a fortune.

The original price of the bank’s enormous palace was supposed to be 500 million euros, about 550 million dollars, but the bill has now been admitted as €1.3 billion (£930 m; $1.4 bn). This absurdly over-expensive fiasco was directed by the people who are supposed to steer the financial courses of 18 nations and their half billion unfortunate citizens. If the ECB displays similar skill sets in looking after Europe’s money as it has in controlling the cost of constructing its huge twin-tower headquarters, then Europe is in for a rocky time.

Intriguingly, the Bank isn’t alone in contributing to Europe’s bureaucratic building boom. There is another Europe-based organization of equal ambition, pomposity and incompetence which is building a majestically expensive and luxurious headquarters with a mammoth cost overrun about which it is keeping very quiet indeed. Continue reading »

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Apr 05

Grexit-2

Cypriot President Throws Greeks Under The Bus: “Planning To Deal With Grexit” (ZeroHedge, April 5, 2015):

“I want to believe that there is no such risk,” says Cypriot President Nikos Anastasiades, but in a shock to the Greeks, their close ‘ally’ in Cyprus, as KeepTalking Greece notes, openly joined the international Grexit propaganda club, as Anastasiades said his country had a backup plan to deal with the fallout of a possible Greek exit from the eurozone.

As ekathimerini reports,  Cyprus President Nikos Anastasiades told a media conference in Nicosia on Friday that Nicosia has a backup plan to deal with the fallout of a possible Greek exit from the eurozone.

“I want to believe that there is no such risk,” Anastasiades said in response to a reporter’s question. But to be on the safe side, Nicosia has “prepared a plan to deal with whichever outcome may transpire,” Anastasiades said, citing a Cypriot saying according to which “forward-looking children cook before they get hungry.” Continue reading »

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Apr 05

–  Czech president says his ‘doors are closed’ to US envoy over Moscow WWII visit comments (RT, April 5, 2015):

Leader of the Czech Republc, Miloš Zeman, says he won’t let any ambassador of another nation intrude with advice over his foreign visits. This comes as the US Ambassador criticized Zeman’s plans to go to Moscow’s celebration of the WWII parade.

“I’m afraid, after this statement the doors of the Prague Castle are closed for Ambassador Schapiro,” Zeman told Parlamentni Listy webportal on Saturday. Prague Castle is the president’s official residence and office.

Earlier, the US ambassador to the Czech Republic, Andrew Schapiro, criticized Zeman’s decision to go to Russia for Victory Day celebrations in May. He called the plans “short-sighted”, as it would “be awkward” if the Czech president was the only statesman from an EU country on Red Square.

“I cannot imagine a Czech ambassador in Washington giving advice to the US president on where he should travel,” Zeman said. “I will not let any ambassador interfere with the program of my foreign trips.”

In the interview, the president also voiced his concern over the current Western attempts to isolate Russia. Continue reading »

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Apr 04

bank cash

Germany Generously Offers To Freeze The Bank Accounts Of Wealthy Greeks (ZeroHedge, April 4, 2015):

Back in 2013, when one cuts through the rhetoric and posturing, what the Cyprus depositor bail-in and subsequent capital controls were all about, was an attempt to confiscate deposits of ultra-wealthy Russian billionaires held the banks of this beloved by the Russian oligarchy offshore tax haven. At least that was the theory: in practice the wealthiest Russians got advance notice of what the Greek government in collaboration with the Eurogroup was planning, and quietly moved their funds to even safer offshore venues, leaving the local population to pick up the pieces.

Fast forward two years later, when Greece is on the verge of complete monetary collapse and which is now scrambling to “borrow” funds from local pensions and other public sources of scarce capital just to remain in compliance with IMF debt repayments and avoid a hard default. In fact, according to some, Greece may not have the funds to make its next mandatory payment due on April 9 to the IMF with the long overdue Greek exit from the Eurozone to follow in due course. Continue reading »

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Apr 04


Apr 3, 2015

Description:

Greece is preparing to leave the Euro zone and will nationalize its banks. Jobs reports shows the economy is no recovery but headed for a major collapse. Full time hard to come by, the US is pushing a part-time recovery. Younger people in US cannot find jobs, many retiree’s are not receiving interest on their retirement and they need to get jobs. IMF planning to tax every ones savings, retirement to bailout the bankers. Ukraine introduces martial law bill. Saudi Arabia drops weapons to pro-Hadi forces. US getting involved in Yemen by refueling planes, firing missiles and giving Intel to Saudi Arabia. Continue reading »

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Apr 04

EU has already collapsed – Beppe Grillo

‘EU has already collapsed’– Beppe Grillo to RT (Rt, April 2, 2015):

The EU is an absolutely useless grouping; if it really was a community, European nations could have easily saved Greece and prevented it from being in the situation it is now, Beppe Grillo, an Italian comedian and the leader of Five Star Movement told RT.

In an exclusive interview with RT, Grillo, a comedian turned political activist shared his views on current events in Europe and what might be expected in the future, adding that the sooner Italy leaves the eurozone the better. Continue reading »

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Apr 03

GREXIT

Greece Said To Prepare “Grexit”, Drachma, Bank Nationalization Plans (ZeroHedge, April 2, 2015):

On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, a missed IMF payment and/or failure to make interest payments to either the ECB or private creditors over the coming weeks would likely lead to default within 30 days, at which point “mark-to-fantasy” becomes mark-to-market and then “mark-to-default” in very short order.

Although Greek officials came out midday with a “categorical” denial of reports that the country was set to run completely out of cash in just 7 days, it now appears Athens may be prepared to chance a missed IMF payment and all that comes with it if it means saving face and preserving Syriza’s campaign promises to the beleaguered Greek populace.  Continue reading »

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Apr 03

Greece

Tsipras Heads To Moscow As IMF Withdraws Athens Staff; Greek Default Risk Hits Post-Crisis High (ZeroHedge, April 2, 2015):

Amid growing pressure from their ‘Troika colleagues’ with Eurogroup Chair Dijsselbloem noting there is “still a long way to go” on Greek proposals and The IMF withdrawing its staff in Athens; new prime minister Alexis Tsipras heads to Russia to meet with Putin early next week. As Kremlin spokesman, Dmitry Peskov noted – somewhat intriguingly – “Greece has not asked [Russia] for financial aid… yet,” as Tsipras is expected to seek agreement for a ‘road map’ of initiatives on the political and economic levels. Greek default risk has resurged in the last few days to its highest since the last ‘restructuring’…

Greek default risk hits post-crisis highs…

Greece-CDS-default-risk-on

With friends like this… Continue reading »

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Apr 02

Greece

Greece Faces D-Day On April 9, Will Default Within 30 Days Of Missed Payment, BofAML Says (ZeroHedge, April 2, 2015):

Greece officially runs out of cash on April 9 according to Reuters, citing Eurozone officials, and with interest payments due on the 17th and the 20th, and with €2.4 billion in t-bills coming due in two weeks, BofAML outlines the end game. 

And speaking of April 9, that is the day that the country has told Eurozone officials it will officially run out of cash according to Reuters. 

Coincidentally, it’s also the day Tsipras will be in Moscow to discuss “international developments” with President Putin.

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Apr 01

Greece Hints At Default, Russian Pivot:”Will Not Respect IMF Deadline” – What Happens Next (ZeroHedge, April 1, 2015):

Update: GREECE GOVT DENIES PLAN TO DELAY APRIL 9 IMF PAYMENT: REUTERS

For now the algos can’t decide if Greece is joking about making the payment or joking about not making the payment.

* * *

IMF-Greece

The hints are growing louder that the Troika-Greece standoff will not end well for either side. Spiegel is reporting that Greek Interior Minister Nikos Voutzis has stated:

“If no money is flowing to 9 April, we will first determine the salaries, pensions pay here in Greece and then ask our partners abroad to achieve consensus and understanding that we will pay 450 million euros to the IMF not on time,”

In other words… Continue reading »

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Mar 31

H/t reader M.G.:

“Another article on Greece from Bloomberg…..does not address many of the points the NY times did……..but at least they are mentioning it…”

Greece’s Debt Crisis Explained (Bloomberg, March 25, 2015):

Time is running out for Greece. By early April, the Greek government will have a bond payment come due, and there will be no way for the government to make the payment unless it gets a fresh tranche of cash from its creditors, who are in large part euro zone governments.


H/t reader M.G.:

“Here is a story that ought to be worrying every state of the EU and the US economy……..Greece.

Greek officials are meeting with Russian and Chinese leaders…..Greek leaders already assuring China they have a place in the largest Greek shipping port. Russia and China are financial and political allies, and together, they could easily step in and help Greece if they leave the Euro…..
If Greece leaves the Euro, it will start a financial unraveling that will spread throughout the Euro Zone and the US……”

Greece-Athens

Greece Looks to Russia as Deal With Europe Stumbles (New York Times, March 30, 2015):

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Mar 28

greece russia flags

Greek Energy Minister Slams “Unscrupulous, Imperialist” Germany, Will Seek “Bold Alternatives” In Russia (ZeroHedge, March 28, 2015):

With fresh rumors springing late on Friday that “this” just may be the weekend Greece – with close to no funds left in either the financial or government sector – imposes capital controls, a precursor to a full-fledged Grexit, the situation in Athens is on a knife’s edge. Yesterday is also when the Syriza government submitted its list of 18 proposed reforms to the Troika: a reform package which the Guardian dubs reform-for-cash“, as Greece hopes the roughly €3 billion in revenue generated from the reforms will unlock €7.2 billion in financial assistance.

Rather, make that promises of reforms to generate €3 billion in revenue. Because the question, and problem for Athens, is which comes first: does Greece implement the reforms and generate the revenue or does Europe disburse the funds. It is a problem because the reforms will be extremely unpopular if and when they pass. According to Bloomberg, which sources Greek Skai TV, among the proposed reforms is an increase on the duty paid on cigarettes and alcohol. Other proposals include: Continue reading »

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