Sunday, July 3, 2011

Greece’s precarious debt crisis could lead to a default

by Anthony Manduca

Greece has cleared the way for fresh IMF and EU financial aid after its Parliament approved two parliamentary votes on sweeping austerity measures. The Greek government’s victory averted an immediate eurozone crisis and paves the way for the payment of €12 billion in aid this month and a deal on a second bailout to replace the €110 billion package agreed to last year.

The austerity measures adopted are indeed harsh and it is not surprising that the country erupted in violence on the day of the first parliamentary vote. The five-year plan put forward by the Greek Socialist government – under immense pressure from the EU and IMF – consists of public spending cuts of €14.32 billion, tax rises worth €14.09 billion and the raising of €50 billion from privatisations.

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  1. 12 measley Billion

    Shit man

    We spend that

    In a day

  2. I actually feel sorry for the average Greek citizen. Then again, we have the same situation here.

  3. No, actually; we don't have to ask "the others"
    if we need more monoploy money. We just go ahead and print it.

    To infinity !

    And beyond !

    I said 10 years ago - this path is not sustainable - now; I'm not so sure. practically
    every country in the world is connected at the hip and most are doing the exact same things.

    As long as said country's will accept each others funny money in whatever form; they
    could concievably play this fiddle for a long, long time. Inventing new ways time and again
    to entice one another and the poulace on down
    the road.

    Day traders, Insider traders, speculators, hedge funds. Derivatives of every color and
    flavor; venture capatilists; mortgage backed securities; home equity lines of credit;
    unsecure lines of credit; credit default swaps
    the stock market; futures; unions; too big too fail; quanitative easingl austerity measures

    I mean; they're really good at making this shit up ( cash for clunkers ) and then MAKING it

    Could go on for a long, long time as it slowly erodes the entire foundation of worth and vitality of each and every country

  4. Anon at 5:18,
    WELL SAID!!!

  5. in may 0f 2010 flash crash
    this thing is holding on buy its fingertips
    this last week was more manipulation in history

    soon the game will end
    then even the skeptics will know
    that this is the greatest depression the world has ever seen

    oh yes the usa goverment built fema camps
    first time in history for what?

    soon you will know!

    the delusion is the ponzi skeem will never collapse.
    like a war that never ends
    ask the romans how that turned out or germany in ww2

    the sad part is many will blow thier brains out when they realize that its over

  6. 5:18 I do not think they can keep it up that long because people do not have jobs ... social security ... medicare ... etc...

  7. Holier than ThouJuly 4, 2011 at 7:29 AM

    It seems "they" want us to enjoy the trivial, senseless, electronic entertainments that grow exponentially while we sit around having our freedoms and independence taken away.

    Nobody reads books anymore, I mean real books too, not that vampire genre trash. People today can't even name states. The average adult now is probably no smarter than the average 3rd grader was 20+ years ago.

    Reality shows, drugs, booze, poor schools, immoral leaders, bad nutrition, and an excess of amusement have devoured us. The Internet is not innocent in this either.

    Nothing can cause you to be more distracted than clicking through links of garbage articles, profiles, and videos to finally realize you lost five hours of your life.

    Revision history is blossoming too thanks to photoshopped pictures and humans not considering how vulnerable their brains are to the impressions images have. (Gullibility is not an option, what you sense will be believed/absorbed even if you rationally disagree.)

    With all the new techs coming out to play with, why should we be concerned about economy? Things have never looked better for mankind! We get to sit on our cell phones texting all day without having to say a word to the friends next to us. We can download the newest blockbusters right where we sit and watch all the opiated actresses with their plastic faces make C movie performances. Addictive and fattening diet sodas are only 10 feet away, but it might be quite enervating after getting up to find the remote control.

    The future is looking bright... no but honestly, it could just be destiny. Suppose those who keep their souls in reality, or try to limit noxious habits might be keeping alive literally. Maybe God insists this phase of humanity takes place so we can wake up to a nightmare worse than WW2 in order to return to plain spiritual living.

    Karma may have just been building up like a snowball and we're almost at the climax. It's not punishment, it's just the natural consequences of being ignorant and indulging in bad habits.

    Read what Lau Tzu says in the Hua Hu Ching, parts 70 through 78. That is the most illuminating text I've come across regarding an "End Times" scenario.

    (And there is no single End Times event. Even Revelations states in the part where the Beast is thrown into the fire that God will let him out at a later time for another "season.")

  8. Greeks are DoomedJuly 4, 2011 at 9:04 AM

    Greece is doomed, the Greek people are doomed. They will be the worlds filthy poor, Gypsies, stank of the land.
    Welcome Greeks to the Rich mans game.

  9. @7:29:

    Average IQ has actually gone up. Children also learn a LOT more in school and a lot more is expected of them.

    The scores and knowledge needed to get into Harvard 20 years ago now would get you into a much lower tier university. The margin for error is so razor thin now and the competition is so high that for most people schooling is actually a total waste of time, there just aren't enough jobs to take advantage of it. The top is still the best off, but even they are struggling, and it is coming down to luck more and more rather than intelligence, hard work and knowledge.

    I do not believe the future is bright, even sarcastically. That standard of living you're mentioning is reserved for the elite few, while the rest of us slip further and further into poverty.

    If you give the banks and corporations power you will wake up to see your children without a country and home and in poverty. I mangled that, but I think you know where that comes from.

  10. Kids today may have higher IQs, and may be smarter in math, but now they are abysmal at History and English.

  11. What kind of headline is this? No kidding, it could lead to a default! Hopefully it leads to some politicians at the end of some rope!

  12. might expect in greece job loss lower wages and loss of sovereignty.
    would a loss of sovereignty work for some?

  13. The whole debate over the debt ceiling raised or not here in the US is a sad joke. The bankers run and regulate our government. They get what they want, and they want more debt.

  14. Greece is already broke. They can't pay. That is why they needed the bailouts. Greece is to default for sure.

  15. Austerity Measures = a nice term meaning that, normally through sky high taxes and little gov services you become a slave to the banksters. Well we are already clandestine slaves but with "AE" you become a slave out in the open.


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