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March 27, 2024, 12:55:24 pm Mark says: Shocked Shocked Shocked Shocked  When Hamas spokesman Abu Ubaida began a speech marking the 100th day of the war in Gaza, one confounding yet eye-opening proclamation escaped the headlines. Listing the motives for the Palestinian militant group's Oct. 7 massacre in Israel, he accused Jews of "bringing red cows" to the Holy Land.
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September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
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« Reply #120 on: February 10, 2012, 08:18:20 am »

Greece on strike as bailout deal in limbo

http://finance.yahoo.com/news/greece-strike-bailout-deal-limbo-103759448.html

2/10/12

ATHENS, Greece (AP) — Thousands took to the streets of Athens as unions launched a two-day general strike against planned austerity measures on Friday, a day after Greece's crucial international bailout was put in limbo by its partners in the 17-nation eurozone.

Clashes broke out in Syntagma Square, outside Parliament, as dozens of hooded youths threw fire bombs and stones at police, who responded with tear gas. No arrests or injuries were reported.

Police said some 7,000 people took part in the demonstration. Another 10,000 Communist supporters held a separate, peaceful march, chanting slogans against cutbacks that include reducing the minimum wage by 22 percent and cutting one in five government jobs in a country which is in its fifth year of recession.

Bailout creditors say Greece has not yet met demands for all the required austerity measures and, frustrated by days of dithering, have given political leaders in Athens until the middle of next week to do so. Otherwise, the country will lose its rescue loan lifeline, go bankrupt next month and likely leave the euro.

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« Reply #121 on: February 10, 2012, 08:45:33 am »

All in all, after you read a news item that's "new" for the first time in the day, and especially if it's during the day time(when everyone's in work, school, etc, where they have internet access and tv to catch all the news), definitely wait again until the evening to see if there's any more similar news items concerning this.

As you can see, during the day time everything just sounded rosey over how Greece struck a deal, and then later that afternoon it was revealed they weren't even close.

Pt being that the news outlets tend to pull this off b/c quite simply, when people get home in the late afternoon from work and school, they are tired, and prefer to do other entertainments like watch tv, eat, among other things, that they end up ignoring other news items that are of importance.
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« Reply #122 on: February 10, 2012, 02:26:18 pm »

Consider also they can get the markets to go up and down as well. Up on good news, down on bad news. I can see them baiting investors with mid day news, but by the end of the day, things turn bad. One of the biggest scams in human history.
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« Reply #123 on: February 10, 2012, 03:29:37 pm »

http://news.yahoo.com/greek-pm-says-default-lead-chaos-182456163.html

2/10/12

ATHENS, Greece (AP) — Greece's future in the eurozone grew increasingly precarious Friday as violence erupted on the streets of Athens and dissent grew among its lawmakers after European leaders demanded deeper spending cuts.

The country's beleaguered coalition government promised Friday to push through the tough new austerity measures and rescue a crucial euro130 billion ($170 billion) bailout deal, as six members of the Cabinet resigned.

Prime Minister Lucas Papademos promised to "do everything necessary" to ensure parliament passes the new austerity measures that would slap Greeks with a minimum wage cut during a fifth year of recession.

"It is absolutely necessary to complete the effort that began almost two years to consolidate public finances, restore competitiveness and economic recovery," Papademos told an emergency Cabinet meeting.

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« Reply #124 on: February 10, 2012, 03:34:43 pm »

http://news.yahoo.com/greece-more-ministers-resign-over-austerity-155832600.html

Greece: more ministers resign over austerity

2/10/12

ATHENS, Greece (AP) — Two more Cabinet members have resigned in Greece, bringing the total to three on Friday, to protest European Union demands for more austerity in exchange for a bailout.

The right-wing LAOS party's transport minister and the deputy minister of the merchant marine resigned Friday.

Hours earlier, the deputy minister of agriculture had quit and a junior party leader in the country's coalition government had said he would vote against the new austerity measures.

The moves add pressure on Prime Minister Lucas Papademos' government, which has vowed to push through the unpopular reforms to get the rescue loans and avoid bankruptcy.

Also Friday, violent clashes broke out in central Athens during a 48-hour general strike called by unions.
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« Reply #125 on: February 10, 2012, 05:27:23 pm »

2/10/12

http://news.yahoo.com/greece-deal-fails-convince-eu-demands-more-000157119.html

ATHENS (Reuters) - The Greek cabinet approved a draft bill spelling out reforms required by the EU and the IMF on Friday, taking Athens closer to getting a new 130 billion-euro bailout after the prime minister warned the alternative was "catastrophe."
 
All eyes will now be on parliament, which is scheduled to vote on the bill on Sunday. Analysts expect the deeply unpopular package to be adopted but Greek politics remain highly unstable.
 
Even after this is done, the EU also wants a further 325 million euros of spending cuts and clear commitments by main party leaders that the reforms will be implemented before it agrees to release the aid.
 
Technocrat Prime Minister Lucas Papademos told his turbulent coalition government earlier on Friday to accept the harsh international bailout deal or condemn the nation to disaster.

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« Reply #126 on: February 12, 2012, 03:41:51 pm »

http://news.yahoo.com/bailout-chaos-pm-papademos-tells-greece-005703038.html

2/12/12

ATHENS (Reuters) - Historic cinemas, cafes and shops went up in flames in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the public rage by endorsing a new EU/IMF austerity deal.
 
As parliament prepared to vote on a new 130 billion euro bailout to save Greece from a messy bankruptcy, a Reuters photographer saw the buildings engulfed in flames and huge plumes of smoke rose in the night sky.
 
The air over Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths who smashed marble balustrades and hurled stones and petrol bombs.
 
Government officials warned that Greeks faced "unimaginably harsher" sacrifices if parliament rejected the package, which demands deep pay, pension and job cuts, when it votes later in the evening.

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« Reply #127 on: February 12, 2012, 03:48:19 pm »

http://uk.finance.yahoo.com/news/greece-breath-away-ground-zero-085010700.html

2/12/12

Greece is a "a breath away from ground zero", Prime Minister Lucas Papademos warned as he urged politicians to back an unpopular international bailout on Sunday that may have to be raised to €145bn to save the country from collapse.

He told the nation in a televised address on Saturday that a rejection of the deal today would lead to “uncontrollable economic chaos and social explosion”.

“This agreement will decide the country’s future,” he said. “We are just a breath away from ground zero.”

Amid scenes of continued mounting social unrest, politicians must today decide whether to sign off fresh austerity measures demanded by the country’s international lenders in order to release a second €130bn aid package to Athens.

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Sunday's debate in the full 300-seat chamber is scheduled to begin at 1200 GMT and a vote is expected late in the evening.

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« Reply #128 on: February 12, 2012, 05:21:51 pm »

http://news.yahoo.com/greece-passes-austerity-deal-amid-rioting-230940407.html

Greece passes new austerity deal amid rioting

2/12/12

ATHENS, Greece (AP) — Greece's parliament early Monday approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled country from bankruptcy, after rioters in central Athens torched buildings, looted shops and clashed with riot police.

The historic vote paves the way for Greece's European partners and the International Monetary Fund to release €130 billion ($171 billion) in new rescue loans without which Greece would default on its debt mountain next month and likely leave the eurozone — a scenario that would further roil global markets.

Sunday's clashes erupted after more than 100,000 protesters marched to the parliament to rally against the drastic cuts, which will ax one in five civil service jobs and slash the minimum wage by more than a fifth.

At least 10 buildings were set on fire, including a movie theater, bank and cafeteria, and looters smashed dozens of shops in the worst riot damage in years. Dozens of police officers and at least 37 protesters were injured, 23 suspected rioters were arrested and a further 25 detained.

As the vote got under way early Monday, Prime Minister Lucas Papademos urged calm, pointing to the country's dire financial straits.

"Vandalism and destruction have no place in a democracy and will not be tolerated," Papademos told parliament. "I call on the public to show calm. At these crucial times, we do not have the luxury of this type of protest. I think everyone is aware of how serious the situation is."

Since May 2010, Greece has survived on a $145 billion (€110 billion) bailout from its European partners and the IMF. When that proved insufficient, the new rescue package was approved. The deal, which has not yet been finalized, will be combined with a massive bond swap deal to write off half the country's privately held debt.

But for both deals to materialize, Greece has to persuade its deeply skeptical creditors that it has the will to implement spending cuts and public sector reforms that will end years of fiscal profligacy and tame gaping budget deficits.
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« Reply #129 on: February 12, 2012, 07:55:34 pm »


http://theextinctionprotocol.wordpress.com/2012/02/12/as-austerity-reality-takes-hold-of-greece-parts-of-athens-go-up-in-flames/
February 13, 2012 – GREECE – Historic cinemas, cafes, shops and banks were set ablaze in central Athens on Sunday as black-masked protesters fought Greek police outside parliament, while inside lawmakers looked set to defy the rage by endorsing a new EU/IMF austerity deal. State television reported violence spread to the islands of Corfu and Crete, the northern city of Thessaloniki and towns in central Greece. Shops were being looted in the capital in the worst breakdown of order since 2008 when violence gripped Greece for weeks after police shot a 15-year-old schoolboy. As parliament prepared to vote on a new 130 billion euro bailout to save Greece from a messy bankruptcy, a Reuters photographer saw buildings in Athens engulfed in flames and huge plumes of smoke rose in the night sky. “We are facing destruction. Our country, our home, has become ripe for burning, the centre of Athens is in flames. We cannot allow populism to burn our country down,” conservative lawmaker Costis Hatzidakis told parliament. The air in Syntagma Square outside parliament was thick with tear gas as riot police fought running battles with youths who smashed marble balustrades and hurled stones and petrol bombs. Terrified Greeks and tourists fled the rock-strewn streets and the clouds of stinging gas, cramming into hotel lobbies for shelter as lines of riot police struggled to contain the mayhem. State NET television reported that trouble had also broken out in Heraklion, capital of the tourist island of Crete, as well as the towns of Volos and Agrinio in central Greece. Despite the chaos, Finance Minister Evangelos Venizelos warned that Greeks faced “unimaginably harsher” sacrifices if parliament rejected the package, which demands deep pay, pension and job cuts, when it votes later in the evening. On the streets many businesses were ablaze, including the neo-classical home to the Attikon cinema dating from 1870 and a building housing the Asty, an underground cinema used by the Gestapo during World War Two as a torture chamber. –Reuters
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« Reply #130 on: February 12, 2012, 08:01:19 pm »

Athens Burning As Police Runs Out Of Tear Gas http://www.zerohedge.com/news/athens-burning-police-runs-out-tear-gas



Greek Parliament Passes Latest Austerity Vote http://www.zerohedge.com/news/greek-parliament-passes-latest-austerity-vote

All Greece has done is promise to do something it won't do in hope it can get another bailout package.

For Greece, Bailout Two Is Just The Beginning http://www.zerohedge.com/news/greece-bailout-two-just-beginning

The Cost Of The Combined Greek Bailout Just Rose To €320 Billion In Secured Debt, Or 136% Of Greek GDP http://www.zerohedge.com/news/cost-combined-greek-bailout-just-rose-%E2%82%AC320-billion-secured-debt-or-136-greek-gdp

Schaeuble warns Greek promises on austerity measures no longer suffice http://www.reuters.com/article/2012/02/12/us-germany-greece-idUSTRE81B05N20120212

Cuts drive Greek unemployment to record high http://www.reuters.com/article/2012/02/09/us-greece-unemployment-idUSTRE8180PI20120209

ECB’s Noyer says Greece must accept more cuts http://www.reuters.com/article/2012/02/10/us-france-noyer-idUSTRE8190DC20120210

ECB opens door to indirect Greece aid http://www.reuters.com/article/2012/02/09/ecb-rates-idUSL5E8D90YQ20120209

Greek debt not sustainable with 70% haircut – S&P http://www.reuters.com/article/2012/02/08/us-greece-ratings-sp-idUSTRE8171K920120208
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« Reply #131 on: February 13, 2012, 11:40:37 am »

http://news.yahoo.com/greece-boils-over-120700059.html

2/13/12

The burnt out shells of at least 45 buildings in central Athens were still smoldering on Monday morning after a weekend of angry protests reached its apex on Sunday night in what Greek prime minister Luca Papademos called the worst breakdown of violence since 2008. Broken glass, chunks of marble ripped from the public squares and empty tear gas canisters lined the streets after an all-night battle pitted protesters against security forces who say they were outnumbered by a five-to-one ratio. Hundreds of protesters and police officers were injured and local Greek Sky television reported that at least twice, security forces ran out of tear gas.
 
Protests were held across the country, including in the tourist havens of Crete and Corfu, but the violence centered in Athens, where over 80,000 protesters took to the streets burning buildings and destroying property. An estimated 20,000 people also gathered in Greece’s second city Thessaloniki, where looters broke storefront windows and destroyed city parks. On Sunday, protesters were joined by a violent contingent of masked anarchists who took direct aim at security forces under the violent anti-authority mantra of the Black Bloc movement.

http://news.yahoo.com/greece-boils-over-120700059.html
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« Reply #132 on: February 13, 2012, 04:20:33 pm »

2/13/12

BRUSSELS (AP) — Greece faces further hurdles and delays before it can receive a second, euro130 billion ($171 billion) bailout in spite of its lawmakers voting through more austerity measures in the face of violent protests.

The European Union's Economic Affairs Commissioner Olli Rehn on Monday called the Greek parliament's approval of a further round of budget cuts a "crucial step forward," but Germany insisted it would still take some time before the second bailout is delivered.

Germany, which as Europe's biggest economy pays the largest part in bailout deals, said it wouldn't give its final approval for the new aid payments until early March — after it becomes clear how many banks and investment funds are willing to take losses on their Greek bonds and the parliament in Berlin votes on the new measures.

Pushing the new bailout back for several weeks underlines the amount of distrust that has built up against Greece over the past two years, when many promised cuts and reforms were passed in its Parliament but never actually implemented.

But it also means that Greece, its citizens, and the rest of the world economy won't know for several weeks whether the country can avoid a potentially disastrous default. A bankruptcy could force Greece out of Europe's euro currency union, drag down other troubled eurozone countries and further roil global markets.

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http://news.yahoo.com/greece-faces-further-obstacles-bailout-deal-171636984.html
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« Reply #133 on: February 13, 2012, 05:34:19 pm »

Germany Speaks: Not So Fast On The Greek "Deal"
13 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/germany-speaks-not-so-fast-greek-deal

Excerpt:

Europe's now painfully transparent policy of demanding that Greece decide to default on its own is becoming so glaringly obvious, we truly fear for the intellectual capacity of everyone who ramps the EURUSD on any incremental "europe is saved" rumor.

As a reminder, yesterday we said, in parallel with the Greek irrelevant MoU vote: "The only real questions are i) what the Greek population may do in response to this latest selling out of a population "led" by an unelected banker, which if history is any precedent, the answer is not much, and ii) how Germany will subvert this latest event, and put the bail [sic] back in Greece's court once again."

We documented on 1) earlier today - a couple of burned down buildings, a few vandalized store fronts, lots of tear gas and that's about it, as people still either don't believe or can't grasp the seriousness of the situation.

As for 2) we now get the first indication that not all may be well on Wednesday.

From the FT:

"European officials rushed to finalise details of a €130bn Greek bail-out on Monday amid signs Germany and its eurozone allies may not be prepared to approve the deal at a finance minsters’ meeting on Wednesday, despite Athens backing new austerity measures."

And so the bail [sic] is once again back in Greece's court, where however since the last such occurrence, the parliament has 43 MPs less.

Quite soon, the only person left in "charge" of the country will be the ECB apparatchick and unelected banker Lucas Papademos.
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« Reply #134 on: February 14, 2012, 02:00:54 pm »

Is Greek Side Deal With Finland On Bailout Collateral About To Kill Greek Rescue Again?
13 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/greek-side-deal-finland-bailout-collateral-about-kill-greek-rescue-again

Those who actually recall the nuances of the endless Greek bailout may remember that at one point in 2010 and 2011, one of the main sticking points that threatened to derail the Greek bailout was the demand by Finland to collateralize its contribution to the Greek bailout package.

Well, guess what: it's back. Kathimerini reports that "Finland may sign a deal on securing collateral in exchange for its commitment to Greece’s second bailout in the “next few days,” Finance Minister Jutta Urpilainen said on Monday.

A vote in parliament on Finland’s participation in the bailout could follow next week, she told reporters in Helsinki."

Translation: monkey wrench was just thrown into the Greek bailout in the 11th hour as now everyone else will follow in Finland's footsteps and demand equitable treatment.

And it was all going so well...

More from Kathimerini:

Euro-area finance ministers share a “very strong” common stance in their view on what Greece must do, namely act on its pledges of austerity before more aid can be released, she said.

Finland, one of four AAA-rated euro members, last year became the only nation in the currency bloc to secure extra assurances that its commitments to a second Greek rescue be repaid by insisting on collateral.

In return, Finland agreed to pay its contribution to the permanent rescue facility, the so-called European Stability Mechanism, up-front.

“I hope we could sign the collateral agreement in the next few days,” Urpilainen said. “These conditions must be fulfilled before Finland’s parliament can give a green light” to a second Greek bailout.
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« Reply #135 on: February 14, 2012, 02:04:07 pm »

Athens - The Morning After: 48 Buildings On Fire, 150 Looted, Hundreds Arrested
13 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/athens-morning-after-48-buildings-fire-150-looted-hundreds-arrested

------------------------------------------------------------------------------

Hhhhhhhmmmmmmmm................sounds just like what happened in New Orleans after Katrina hit?(albeit noone burned any buildings or anything)
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« Reply #136 on: February 14, 2012, 02:08:27 pm »

2/14/12

The head of the eurozone countries has downgraded an eurozone finance ministers meeting on Wednesday, saying Greece has not yet given the necessary assurances about its austerity plan.

Ministers, who had demanded Greece find an extra 325m euros of savings, had been set to meet in Brussels.

But Eurogroup President Jean-Claude Juncker said the talks would be replaced by a conference call.

He said technical work with Greece was still needed "in a number of areas".

Finance ministers had not received assurances from leaders of Greek political parties on a programme of proposed cuts, Mr Juncker was quoted as saying by Reuters news agency.

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http://www.bbc.co.uk/news/business-17034677
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« Reply #137 on: February 15, 2012, 11:55:39 am »

Handelsblatt Warns Insufficient PSI Participation Will Lead To Greek Default
15 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/farage-greek-chaos-you-aint-seen-nothing-yet

Excerpt:

Which of course is not news: after all even the rating agencies have long warned a Greek default is now inevitable, and a CDS trigger will follow.

The only thing that there is massive confusion over is whether and how this event will impact everyone else, and whether it will lead to an explusion of Greece from the Eurozone.
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« Reply #138 on: February 15, 2012, 11:58:31 am »

Farage On Greek Chaos: "You Ain't Seen Nothing Yet"
15 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/farage-greek-chaos-you-aint-seen-nothing-yet
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« Reply #139 on: February 15, 2012, 12:07:56 pm »

http://theextinctionprotocol.wordpress.com/2012/02/15/greece-entering-final-death-spiral-as-explusion-from-eu-looms/

Greece entering final death spiral as explusion from EU looms
February 15, 2012 – GREECE – The escalating brinkmanship came as fresh data showed that Greece’s economy contracted by 6.8pc last year and at an accelerating 7pc rate in the last quarter, far worse than expected by the European Union (EU), the European Central Bank (ECB) and the International Monetary Fund (IMF) “troika.” The country appears to be in a self-feeding downward spiral that is playing havoc with budget targets, leaving Greece with a Sisyphean task of ever deeper cuts. Premier Lucas Papademos called his cabinet together late last night to find a further €325m (£272m) of fiscal austerity demanded by the troika, likely to be defence cuts and lower salaries. The coalition parties failed to convince the Eurogroup that they would stick to the deal, and the mood has been poisoned by EU demands for an escrow account to seize Greek budget revenues at source. Blackened buildings set alight by protesters on Sunday were cordoned off on streets around parliament in Syntagma Square, a vivid reminder to Greece’s politicians that any misjudgment could push the country towards anarchy. Approval of EU finance ministers is needed to unlock all parts of the complex €130bn loan package, including a 70pc “haircut” for private holders of Greek bonds, allowing the country to avoid default in March. Germany and Northern allies seem willing to force Greece out of the euro unless there is total compliance, calculating that the eurozone is now strong enough to stem any contagion. Luc Frieden, Luxembourg’s foreign minister spelled out the warning in crystal clear terms. “If the Greek people or the Greek political elite do not apply all of these conditions, I think they exclude themselves from the eurozone. The impact on other countries now will be less important than a year ago.” Mr. Frieden even suggested a return to the drachma. “It might be something which would allow Greece also to get a new start, to create an economy that can create jobs,” he said. The tone of recent comments from Germany, Holland and Finland suggest that the creditor powers have already decided to eject Greece, causing great bitterness in Athens. –Telegraph
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« Reply #140 on: February 15, 2012, 12:12:24 pm »

Greek Economic Deterioration Accelerates As Q4 GDP Slides By 7%, Unemployment Over 20%
14 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/greek-economic-deterioration-accelerates-q4-gdp-slides-7-unemployment-over-20
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« Reply #141 on: February 15, 2012, 09:30:28 pm »

http://news.yahoo.com/euro-zone-ponders-delay-2nd-greek-program-135355130.html

2/15/12

Exclusive: Euro zone ponders delay of 2nd Greek bailout program
BRUSSELS (Reuters) - Euro zone finance officials are examining ways of delaying parts or even all of a second bailout program for Greece while still ensuring it avoids a disorderly default, several EU sources said on Wednesday.
 
The delays could possibly last until after Greece holds elections expected in April, they said, although it depends to what extent Greek political leaders make firm commitments on further spending cuts and labor reforms unpopular with voters.
 
While most elements of the package, which will total 130 billion euros, are in place, some euro zone finance ministers are not satisfied that all Greece's political party leaders are fully behind the reforms and so want legal guarantees.
 
It is also not clear that Greece's debt-to-GDP ratio, which currently stands at around 160 percent, will be cut to 120 percent by 2020 via the agreement, as demanded by the 'troika' of the European Commission, IMF and European Central Bank.

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« Reply #142 on: February 16, 2012, 08:36:25 am »

http://news.yahoo.com/greece-targets-debt-deal-eurozone-tightens-controls-102842290.html

2/16/12

Greece rescue at crossroads as debt cut shortfall grows
A massive rescue package for Greece faced a substantial rewrite on Thursday, after officials revealed that Athens could not meet its debt targets and divisions grew over the country's eurozone future.
 
As the eurozone tightens the screws to monitor every detail of a debt rescue package after losing patience over unkept promises from Athens, some governments want watertight commitments from Greece's entire political spectrum that austerity and reforms will be carried through even after April elections.
 
"We are not in a dictatorial monetary union," said Luxembourg Finance Minister Luc Frieden, noting that "a state is free to choose to leave."
 
However, he underlined: "If a member state says, 'we prefer not to take money from other states and return to a national currency without making structural reforms,' then that state has chosen to exclude itself."

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« Reply #143 on: February 16, 2012, 08:37:02 am »

http://news.yahoo.com/euro-zone-ministers-eye-february-20-meeting-greece-005151953.html

2/16/12

Euro zone ministers eye February 20 meeting on Greece

BRUSSELS (Reuters) - Eurozone finance ministers abandoned a plan to gather on Wednesday to discuss aid for Greece and instead decided to talk by phone as they continued to grapple with unresolved problems over a financial rescue plan.
 
Greece needs a second package of financial aid to save it from disorderly default.
 
But its political leaders have so far failed to deliver sufficient commitments to economic reform, Eurogroup President Jean-Claude Juncker said in a statement on Tuesday.
 
"It has appeared that further technical work between Greece and the troika is needed in a number of areas, including the closure of the fiscal gap of 325 million euros in 2012 and the debt sustainability analysis," Juncker said in a statement.
 
"Furthermore, I did not yet receive the required political assurances from the leaders of the Greek coalition parties on the implementation of the program," he said.
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« Reply #144 on: February 16, 2012, 08:43:49 am »

http://news.yahoo.com/eurozone-delays-greek-bailout-092243359.html

2/15/12

Eurozone steps up Greek surveillance drive

The eurozone told Greece it must accept tough EU surveillance if it is to unlock a stalled bailout next week and avoid a messy default, despite meeting key hurdles at Wednesday night talks.
 
A statement from Eurogroup chair Jean-Claude Juncker after a lengthy video conference, during which hardline finance ministers demanded rigid oversight of Greek state revenues and expenditure, avoided any direct mention of the disputed 230-billion-euro ($300 billion) rescue.
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« Reply #145 on: February 16, 2012, 01:08:50 pm »

http://news.yahoo.com/greece-germany-tension-rises-reflects-wider-european-rift-172457470.html

2/16/12

ROME (Reuters) - Whether or not Greece secures a new bailout to avoid bankruptcy next month, relations between Athens and Germany look close to breaking point. Their inflammatory exchanges reflect a wider rift between northern and southern Europe.
 
Greek resentment of pressure from northern creditors led by Berlin is shared in other parts of the south, where a single-minded focus on belt tightening rather than growth is seen as more likely to worsen the euro zone debt crisis than fix it.
 
"There are obviously forces within Europe that are playing with fire because they think ... not all the conditions might be met, and that may even want Greece outside the euro zone," Greek Finance Minister Evangelos Venizelos complained on Wednesday.
 
Exasperation in Germany, the Netherlands and Finland about Greek backsliding on promises and delays in meeting demands for reforms in return for a second international bailout is matched by rising anger in Athens at daily lectures from Berlin.

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« Reply #146 on: February 16, 2012, 01:10:20 pm »

Greek bailout tensions hit other euro countries

LONDON (AP) — Mounting political tensions and frustration at a lack of resolution over whether Greece will get a vital bailout rekindled fears Thursday that Europe's debt crisis could spread to other countries.

As stocks and the euro fell on Thursday, borrowing rates rose for Italy and Spain's government debt — a sign that investors are worried that the two countries would be dragged back into a crisis that had shown some signs of easing.

Concern has crept into the markets that Greece could still be forced into a disorderly default on a vital euro14.5 billion ($19 billion) bond repayment due next month. Despite answering concerns over its commitment to tough austerity measures, the country has yet to clinch deals with its international creditors for a bailout worth euro130 billion ($170 billion) and an accompanying euro100 billion ($131 billion) debt writedown agreed with its private bondholders.

Over the past few days, fears have grown that the bailout deal may be unraveling and on Wednesday relations between Greece and its partners in the eurozone hit a new low.

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http://news.yahoo.com/greek-bailout-tensions-hit-other-euro-countries-133846104.html
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« Reply #147 on: February 16, 2012, 05:08:51 pm »


http://uk.news.yahoo.com/greece-agrees-crucial-cuts-bailout-bid-203513259.html
12/16/12

Greece has agreed a further 325m euros (£270m) of spending cuts as it tries to secure another massive EU/IMF bailout, finance minister Evangelos Venizelos has said.

But, despite Greece's assurances about this and several other key demands on top of the 3.3bn euro (£2.7bn) package of cuts already agreed, eurozone ministers want to put Athens under even tighter surveillance in return for the 130bn euro (£108bn) bailout.

The finance chiefs of the 17 countries that use the single currency held a conference call amid doubts over whether the new bailout, which comes on top of a 110bn euro (£91bn) rescue granted in May 2010, can ultimately save debt-laden Greece.

The ministers welcomed the news that it had found extra cuts on top of austerity measures already agreed, and also that the leaders of the main Greek political parties will implement promised cuts and reforms even after elections expected for April.

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Such an account would give the eurozone more control over what Greece does with its money, after the country has repeatedly missed budget, reform and privatisation targets over the past two years.

However, it could constitute an unprecedented interference into the fiscal affairs of a sovereign state in Europe
.
« Last Edit: February 16, 2012, 05:13:18 pm by BornAgain2 » Report Spam   Logged
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« Reply #148 on: February 16, 2012, 05:27:05 pm »

Next Steps For Greece
16 February 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/next-steps-greece

Excerpt:

And so we are back to the same fiscal feudalism that Germany demanded, and the Greece refused weeks ago.

We have been pondering the ECB bond swap 'news-story' and the market's reaction to this with incredulity.

Our earlier discussion of the deal (here and here) pointed to the problems and now Peter Tchir explains how this debt swap is actually a step towards a Greek default (thanks to the removal of the CAC-encumberance within the ECB).

It is also a large step towards colonization as the FT notes that the bailout terms will contain "unprecedented controls" on Athens.

It is our earlier comments on the unintended consequence of this ECB action - that of explicitly subordinating all other sovereign bondholders in Europe, and that this would likely raise the very large specter of legal action by other Greek bondholders arguing the ECB has received unfair treatment - that the FT also brings to investors' attention (which is seemingly being ignored on the eve of OPEX).

Whichever way you look at this - it is not good for Greece and could have significantly negative implications for the rest of the European sovereign bond market just as investors are starting to dip a toe in the cool risk water once again.
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« Reply #149 on: February 16, 2012, 08:39:19 pm »


http://news.yahoo.com/source-greek-plan-cannot-sufficiently-reduce-debt-171039590.html
2/16/12

Source: Greek plan cannot sufficiently reduce debt

BRUSSELS (AP) — Current plans to save Greece from financial collapse would still leave the country with debt far above the maximum level set by its international creditors, a European diplomat said Thursday.

When they tentatively agreed on more help for Greece in October, the leaders of the 17 euro countries said the country's debt load had come down to 120 percent of its economic output by 2020 — the maximum they said was manageable without external support. The new level is now expected to be closer to 129 per cent, the diplomat said.

The fact that even substantial new help, both from the eurozone and private bondholders, cannot sufficiently decrease Greece's debt load is one of the main reasons doubts over a second, euro130 billion ($170 billion) bailout for Athens have emerged.

The diplomat was citing figures from a new report by Greece's international debt inspectors — the European Commission, the International Monetary Fund and the European Central Bank.

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