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Post by StormInateacup on May 15, 2012 12:55:51 GMT -5
Greece has called new election after the well shaky coalition talks failed ... Greece abandoned a nine-day hunt for a government on Tuesday and called a new election that threatens to hasten the nation's slide towards bankruptcy and a future outside the euro zone. An inconclusive election on May 6 left parliament split between supporters and opponents of a 130 billion euro bailout deal which is reviled by Greeks for imposing deep wage, pension and public spending cuts. A second election is expected to produce a similarly divided parliament, with opponents of the EU/IMF rescue consolidating their gains and raising the likelihood of an anti-bailout coalition that reneges on the deal keeping Greece afloat. "For God's sake, let's move towards something better and not something worse," Socialist leader Evangelos Venizelos told reporters after a meeting of party leaders failed to agree on a government of technocrats. "Our motherland can find its way, we will fight for it to find its way." European leaders have said they will halt the aid if promises given in return for the bailout are not kept. If so, Greece could go bankrupt as early as next month. Analysts say that this will almost certainly herald a Greek return to its drachma national currency. – Reuters www.smh.com.au/business/world-business/greece-fails-again-to-form-coalition-government-20120514-1yljx.html
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Post by The Mad Hatter on May 15, 2012 12:57:26 GMT -5
They should take a page on how to do it from Iceland.
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Post by Deleted on May 15, 2012 13:27:15 GMT -5
They said on the news this morning that if Greece drops the Euro the US financials on 401K's and other retirnement and long term investments would go down the shitter.
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Post by The Mad Hatter on May 15, 2012 13:30:21 GMT -5
They said on the news this morning that if Greece drops the Euro the US financials on 401K's and other retirnement and long term investments would go down the shitter. Wall Street will use or fabricate any excuse to fuck people over.
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Post by Tofu DeBeast on May 15, 2012 14:11:45 GMT -5
They should take a page on how to do it from Iceland. Yes, probably. It was easier for Iceland since they were never on the Euro, so they could more easily let their currency devalue. Greece can't do that as long as they are stuck with the Euro. It is looking increasingly likely that they will bail out on it and go back to the drachma. This will be bad for anyone holding Greek debt, including the Euro govt and various private banks, and it will undoubtedly cause a short-term worsening of the Greek economy. But after that they are predicted to pull out of the slump faster as a devalued currency would make it easier to service their debts and make their exports more attractive. In summary, dumping the Euro would be good for Greece, and slightly bad for everyone else. This is basically what Iceland did, as well as telling the world, "Hey our banks are fucked so we are letting them fail." Of course the international Powers That Be weren't happy about being stuck with a bunch of bad debt, but after a bumpy ride it has unquestionably worked out well for the Icelandic people.
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Post by StormInateacup on May 15, 2012 18:04:07 GMT -5
France and Greece are both running true to form and returning big votes for fascist parties under pressure. They always go right - radical right in hard times those two. americanfreepress.net/?p=4047
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Post by The Mad Hatter on May 15, 2012 18:13:53 GMT -5
They should take a page on how to do it from Iceland. Yes, probably. It was easier for Iceland since they were never on the Euro, so they could more easily let their currency devalue. Greece can't do that as long as they are stuck with the Euro. It is looking increasingly likely that they will bail out on it and go back to the drachma. This will be bad for anyone holding Greek debt, including the Euro govt and various private banks, and it will undoubtedly cause a short-term worsening of the Greek economy. But after that they are predicted to pull out of the slump faster as a devalued currency would make it easier to service their debts and make their exports more attractive. In summary, dumping the Euro would be good for Greece, and slightly bad for everyone else. This is basically what Iceland did, as well as telling the world, "Hey our banks are fucked so we are letting them fail." Of course the international Powers That Be weren't happy about being stuck with a bunch of bad debt, but after a bumpy ride it has unquestionably worked out well for the Icelandic people. Exactly.
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Post by philipkduck on May 15, 2012 18:34:01 GMT -5
France and Greece are both running true to form and returning big votes for fascist parties under pressure. They always go right - radical right in hard times those two. americanfreepress.net/?p=4047Attachments:
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Post by Deleted on May 15, 2012 19:32:21 GMT -5
Sir Duck you slay me.
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