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August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
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
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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« Reply #240 on: May 05, 2012, 05:10:06 pm »

Greek economic downturn falls on small business



May 5, 2012

Al Jazeera's Barnaby Phillips visits his old neighbourhood in Greece where residents will go to the polls on Sunday.

But, the vote comes as the country suffers through tough economic times with small businesses, once considered the lifeblood of the country, especially hard hit.

Pointing out a corridor of closed shops once familiar to him, our correspondent reports that almost a third of shops in Athens have closed in the economic downturn.
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« Reply #241 on: May 06, 2012, 08:52:20 am »

http://news.yahoo.com/angry-greeks-vote-cliffhanger-election-041733917--business.html

5/6/12

Angry Greeks vote in cliffhanger election
By Karolina Tagaris and Renee Maltezou | Reuters – 37 mins ago.

ATHENS (Reuters) - Greeks enraged by economic hardship voted on Sunday in a deeply uncertain election that could reignite Europe's debt crisis and throw into doubt the country's future in the euro zone.
 
At stake in the first general election since Greece detonated a wider European crisis at the end of 2009 is whether it will stick to the terms of a deeply unpopular EU/IMF bailout or start down a path that could take it out of the euro.
 
Leaders from all sides emphasized the importance of the vote for the future of Greece, which is suffering one of Europe's worst postwar recessions.
 
"We all agree that these elections are perhaps the most crucial and today each of us is deciding not only who will govern the country but also Greece's path for the next decades," said outgoing technocrat Prime Minister Lucas Papademos, as he cast his vote in Athens.
 
But many voters expressed their rage at the ruling parties.
 
"My vote was a protest vote because they cut my pension and there are more measures waiting for us around the corner," said 75-year-old pensioner Kalliopi, her fists clenched in anger.
 
"I live in a basement but pay the same (property) tax as someone who lives in a penthouse," said Kalliopi after voting in Athens.
 
Opinion polls indicate voters hit by record unemployment, collapsing businesses and steep wage cuts will return an unprecedented number of small parties opposed to austerity and punish conservative New Democracy and socialist PASOK, who have ruled for decades.
 
They are the only major parties backing bailouts that averted bankruptcy but caused grinding hardship.
 
The prospect that they will fail to win enough votes for a coalition government, despite finishing first and second, has raised the risk of a prolonged period of uncertainty as they seek allies from anti-bailout parties.
 
Papademos said he thought a new government could be formed this week.
 
International lenders and investors fear success for up to seven small parties opposed to the bailout could lead to Greece reneging on its bailout terms, risking a sovereign default and dragging the euro zone back into the worst crisis since its creation.
 
"WE ARE ALREADY BANKRUPT"
 
Euro zone paymaster Germany has warned there would be "consequences" to an anti-bailout vote and the EU and IMF insist whoever wins the election must stick to austerity if they want to receive the aid that keeps Greece afloat.
 
But many voters shrugged off such threats.
 
"I don't think that voting for a small party will make us go bankrupt. We already are," said 53 year-old Panagiotis, a craftsman, after voting for the conservative Independent Greeks.
 
At another polling station, 37-year-old computer technician Giannis Papadopoulos said: "I am outraged and I have been angry for 2-1/2 years. Today I voted for one of the small parties and the only thing I can tell them is please don't repeat the mistakes the others have made so far."
 
But some voters, like 60-year-old housewife Mary, saw the bailout as the only possible course.
 
"I voted for tough but necessary measures. I'm sorry to say it but their blackmail has worked in my case. What I expect is only disaster, there is no hope. I believe it can only get worse but at least we'll stay in Europe," she said.
 
PASOK leader Evangelos Venizelos said the vote was the most crucial since the end of a military dictatorship in 1974, but he was booed as he left a polling station in Greece's second city of Thessaloniki.
 
Alexis Tsipras, Greece's youngest political leader and head of the small Left Coalition, told reporters:
 
"We are certain that the people will send a message to all of Europe for a change of course. There is no place for the barbarity of bailouts in our common European path and we are certain that the Greek people will turn the page."
 
Polling stations opened at 7 a.m. (0400 GMT) and will close at 7 p.m., with many voters deciding at the last minute.
 
The first indication of the result is expected in exit polls immediately after voting stations close, but it could take many more hours to get the final outcome or even a clear picture under a complex electoral system that gives a 50-seat bonus to the first party.
 
TOO CLOSE TO CALL
 
Pollsters say this is the most unpredictable election in decades, as the traditional left-right divide gives way to pro- or anti-bailout supporters.
 
"All our tools are based on a society that does not exist anymore," said Costas Panagopoulos, at ALCO pollsters. "We cannot exclude any scenario."
 
The anti-bailout parties are too divided to rule together and even if New Democracy and PASOK scrape enough votes to renew a fractious coalition they set up in November to clinch a second, 130 billion euros bailout, the government could be too weak to weather public anger for long.
 
"The risk is high that after the elections, no stable coalition can be formed which would be willing to implement the next budget cuts and reforms," Berenberg Bank said in a note.
 
It said if Greece did renege on its commitments, it would probably have to leave the euro, something most Greeks oppose.
 
The acid test will come fast: the new government must next month get parliament to approve over 11 billion euros in extra spending cuts for 2013 and 2014 in exchange for more aid.
 
With an economy which is forecast to shrink by another five percent in 2012, that will be a tough task in a newly hostile parliament.
 
If no party wins outright, the president will give the biggest group - likely to be New Democracy - three days to form a government. If it fails, the next largest group gets a chance and so on down the line. If they all fail, new polls would be called in about three weeks.
 
The Greek ballot could well steal the limelight from the expected election of Socialist Francois Hollande as president in France, where anger over economic pain has also played a leading role.
 
"The wild card is Greece, and markets are starting to get nervous about it," said Sassan Ghahramani, CEO of New York-based hedge fund advisers SGH Macro. "We could see peripheral bonds and the euro pressured on Monday."
 
(Additional reporting by Ingrid Melander, Lefteris Papadimas, Dina Kyriakidou and George Georgiopoulos.; Writing by Barry Moody,; editing by Mike Peacock)
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« Reply #242 on: May 06, 2012, 05:23:00 pm »

http://www.youtube.com/watch?v=qKpxPo-lInk&feature=player_embedded
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« Reply #243 on: May 06, 2012, 09:07:31 pm »

http://news.yahoo.com/angry-greeks-vote-cliffhanger-election-041733917--business.html

5/7/12

ATHENS (Reuters) - Greek voters enraged by economic hardship caused by the terms of an international bailout turned on ruling parties in an election on Sunday, putting the country's future in the euro zone at risk and threatening to revive Europe's debt crisis.
 
The latest official results, with over 61 percent of the vote counted, showed the only two major parties supporting an EU/IMF program that keeps Greece from bankruptcy would be hard pressed to form a lasting coalition.
 
Conservative New Democracy and Socialist PASOK, who have dominated Greece for decades, were holding less than 35 percent of the vote. That would mean they might only scrape the 151-seat threshold needed for even the most fragile majority in parliament.
 
Once mighty PASOK looked set to be pushed into third place by the anti-bailout Left Coalition party, in a stunning vote against austerity policies that have caused deep hardship in one of Europe's worst postwar recessions.

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« Reply #244 on: May 07, 2012, 02:27:21 pm »

Splintered Vote Throws Greek Politics Further Into Confusion

5/7/12

ATHENS — A day after Greece’s two dominant parties collapsed at the polls, the leader of the center-right New Democracy party announced Monday that he had failed to form a governing coalition, pushing the mandate to the second party amid growing uncertainty about Greece’s political stability and staying power inside the euro zone.

“We did everything we could but it just wasn’t possible,” the leader, Antonis Samaras, said in a televised statement. Greek law gives the front-runner three days to form a government before the baton passes to the runner-up. But a party official told the private television channel Antenna that Mr. Samaras had “not wanted to waste time at such a crucial moment for the nation.”

President Karolos Papoulias is to meet with Alexis Tsipras, the leader of the second party, the Coalition of the Radical Left, or Syriza, at 2 p.m. on Tuesday.

If Mr. Tsipras fails to form a coalition, the Socialist leader, Evangelos Venizelos, has a try.

If he fails, the president of the republic summons the leaders of all parties in Parliament and tries to broker a broad coalition. If that also fails, the president appoints an interim government to bring the country to new elections in 30 days.

On Sunday, the traditionally dominant parties, New Democracy and the Socialists, which both backed Greece’s latest loan agreement with its foreign creditors, did not get enough of the combined vote to form a majority in Parliament. Several smaller parties, whose fortunes rose on a rich harvest of protest votes, refused to join in a coalition with the larger parties.

The lack of a government could cast Greece’s loan agreement with its foreign creditors into turmoil, with a $4.3 billion refinancing looming this month and a requirement from its lenders to cut $15 billion from the budget in June. Beyond a popular rejection of Europe’s austerity recipe for Greece, the election results also marked the end of a political era for the Socialists and New Democracy.


“The established parties were collapsed — they had too much pressure from Berlin and Brussels and the I.M.F.,” said Nikos Xydakis, an editor at the Kathimerini daily and a political commentator, referring to Greece’s troika of foreign lenders. “We were expecting that, but not so violently and so quick, but they broke everything.”

With New Democracy getting the biggest share of the votes — a modest 18.8 percent — Mr. Samaras had met with a range of political leaders, including the biggest winner of Sunday’s elections, Mr. Tsipras of Syriza. That party eclipsed the Socialists for the first time to place second with 16.78 percent of the vote. The formerly dominant Socialists took just 13.1 percent, its worse defeat since its founding.

Mr. Tsipras said the results showed that the signatures on the loan agreement had been discredited and that they were “not a salvation but a tragedy.” After meeting with Mr. Samaras, he said he would not join with New Democracy but would seek to form a coalition “chiefly of forces of the left” that oppose the bailout terms, like his party does. That may prove difficult since the Communist Party, which received 8.48 percent of the vote, has said it will refuse to join any coalition.

The far-right, ultranationalist Golden Dawn party, whose members perform Nazi salutes at rallies and who routinely scuffle with illegal immigrants in downtown Athens, received 7 percent of the vote, enough to enter Parliament for the first time, with 21 seats.

After Mr. Venizelos met with Mr. Samaras, he called for a government of national unity whose “minimum goal” would be to keep Greece in the euro zone.

Mr. Venizelos, who was finance minister when Greece negotiated its second loan agreement in February, called for a four-party coalition to be led by a prime minister accepted by all sides, and who would renegotiate the terms of the loan agreement.

Mr. Venizelos suggested that the coalition be composed of New Democracy, the Socialists, Syriza and the Democratic Left, which was founded in 2010 by Fotis Kouvelis, a former Syriza member, as a more centrist offshoot. After his meeting with Mr. Samaras on Monday, however, Mr. Kouvelis ruled out joining a coalition with New Democracy and the Socialists, noting that his party had not changed its pre-election goals of ensuring that Greece remains in the euro zone, though under a new debt deal with its creditors.

But Mr. Kouvelis still could be the kingmaker, leaving the door open to a possible coalition with Mr. Tsipras. “We will wait to hear a precise and clear proposal, then we will comment,” he said.

http://www.nytimes.com/2012/05/08/world/europe/greece-in-chaos-faces-possible-new-elections.html?_r=1
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« Reply #245 on: May 07, 2012, 09:16:15 pm »



People of Greece Shake Europe

Costos Lapavitsas: The growing strength of the left shows the Greek people are getting ready to leave the Eurozone
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« Reply #246 on: May 08, 2012, 12:28:52 pm »

Are Greece and Germany getting ready to leave Euro?
Germany has a plan B to ditch the euro, which they will benefit from, without the risk of holding the bag when the euro fails.
https://alternativeeconomics.wordpress.com/2012/03/15/is-germany-getting-ready-to-leave-euro

Greece is not ready to leave the euro zone
http://www.worldtribunepakistan.com/index.php/europe/423-greece-is-not-ready-to-leave-the-euro-zone

Should Greece ditch the euro and return to the drachma.
Greece banking system would collapse, inflation would explode and contagion could even kill the entire euro edifice.
The benefits of re-gaining control of its currency, such as increased competitiveness, would outweigh the costs of leaving the euro zone and defaulting on its debt.
http://www.economist.com/economist-asks/should-greece-leave-euro-zone-and-return-drachma

Greek election: Far-left seeks anti-austerity coalition
8 May 2012  The leader of Greece far-left is to try to form a government after parties backing an international bailout deal failed to assemble a coalition.
Alexis Tsipras aims to put together a cabinet that will reject austerity measures imposed as part of the deal.
Voters in Greece, France and Italy voted in favour of anti-austerity candidates this week.
Hollande will seek an alternative to austerity.
German Chancellor Angela Merkel said austerity measures were not negotiable.
http://www.bbc.co.uk/news/world-europe-17986065
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« Reply #247 on: May 09, 2012, 12:25:07 am »

http://www.chicagotribune.com/news/sns-rt-us-europe-elections-germanybre8470qq-20120508,0,1502673.story

Germans warns Greece: no cuts, no aid

5/8/12

BERLIN (Reuters) - Leading German politicians warned Greece on Tuesday that the country would not receive a cent more aid unless it fulfills all the conditions of its international bailout.

An election on Sunday in Greece failed to deliver a parliamentary majority for the two big pro-bailout parties, plunging the country into political limbo and increasing the risk that another vote may be required to resolve the impasse.

On Tuesday, the leader of the Left Coalition party, which benefited from rising anger over austerity to take second place in Sunday's poll, declared Greece's policy pledges under its EU/IMF rescue null and void.

As Europe's largest economy, Germany has contributed the biggest share of the financial guarantees under Greece's bailout, which is paid out in installments on the condition that Athens meets specific savings goals.

"The agreements must be respected. I don't think we can or should renegotiate," said Martin Schulz, a German politician and president of the European Parliament, on a visit to Berlin.

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« Reply #248 on: May 10, 2012, 11:20:15 pm »

As New Greek Bonds Tumble To All Time Lows, Is Greece About To Re-Default In 5 Days? http://www.zerohedge.com/news/new-greek-bonds-tumble-all-time-lows-greece-about-re-default-5-days

Popcorn Time.

Greece’s Jobless Soar By 42% As Unemployment Rises To Record, Industrial Collapse Accelerates http://www.zerohedge.com/news/greeces-jobless-soar-42-unemployment-rises-record-industrial-collapse-accelerates

Excerpt from: Bankia: The Failed Bank In The Coalmine http://www.zerohedge.com/news/bankia-failed-bank-coalmine

Greece-The Situation Grows Perilous: I pointed out that the total debts of this country stood at $1.1 trillion and, since then, have gotten bigger even after the PSI took place.

In fact, Greece borrowed $130 billion to pay off $105 billion and the ECB/EIB and the IMF refused to take the hits.

Now just the country, the sovereign, owes $517 billion to various parties both public and private which is not only an astronomical number for a country of this size, about the same as the total GDP of Switzerland,

but one that cannot be paid back by any stretch of anyone’s imagination.
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« Reply #249 on: May 10, 2012, 11:22:35 pm »

Taylor: “Greece will be out of money in June – Greece will exit euro this summer”
FX Concepts’ Tyler on Greece Debt Crisis, May 8 http://www.bloomberg.com/video/92198239/

May 8 (Bloomberg) — John Taylor, founder and chief executive officer of FX Concepts LLC, talks about Greece’s debt crisis and a potential exit from the Euro.

Taylor, speaking with Erik Schatzker and Sara Eisen on Bloomberg Television’s “InsideTrack,” also talks about the outlook for the U.S. dollar.

(Source: Bloomberg)

Greek Left Coalition Leaders Says Bailout Accord “Null And Void”, Demands Greek Debt Moratorium http://www.zerohedge.com/news/greek-left-coalition-leaders-says-bailout-accord-null-and-void
« Last Edit: May 10, 2012, 11:25:46 pm by BornAgain2 » Report Spam   Logged
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« Reply #250 on: May 11, 2012, 04:13:01 pm »

http://news.yahoo.com/greek-parties-scramble-avert-vote-081143098--business.html

Greece hurtles towards new election; hard left leads
By George Georgiopoulos and Renee Maltezou | Reuters – 1 hr 47 mins ago

ATHENS (Reuters) - Greece's politicians failed on Friday to agree a new government, sending the country hurtling towards a new vote, with radical leftists leading in the polls and poised to scrap the 130 billion euro bailout that staved off bankruptcy.
 
The prospect of a new election just weeks after an inconclusive vote that paralyzed the most troubled country in the euro zone caused havoc in financial markets.
 
The European single currency hit its lowest point since January near $1.29, while the Athens stock exchange fell more than 4 percent to its lowest level since 1992.
 
Outgoing finance minister Evangelos Venizelos, leader of the Socialist PASOK party, acknowledged his failure to form a government after he was spurned by radical leftist Alexis Tsipras, who has sworn to tear up the bailout.
 
"The moment of truth is here. I will inform the president tomorrow afternoon. I hope everybody shows maturity and responsibility in consultations with the president," he said.
 
President Karolos Papoulias will now have a last chance to meet with all political leaders to convince them to agree a cabinet, although the odds of success are seen as scant. If he fails as expected, he must call a new election for mid-June.

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« Reply #251 on: May 12, 2012, 12:14:01 pm »

http://news.yahoo.com/greek-socialist-fails-form-government-vote-beckons-030628843.html

Greece lurches towards new vote, hard left leads

5/12/12

(Reuters) - Greece's president summoned party leaders on Saturday for one final attempt to avert new elections, but the effort looked doomed to fail after politicians deeply divided over austerity plans said they would stick to their guns.
 
Greece's political landscape is in disarray a week after an election left parliament almost equally divided between parties backing and opposing an EU/IMF bailout that keeps Athens afloat in return for pledges of deep spending cuts and tax hikes.
 
If President Karolos Papoulias fails in a final attempt to persuade leaders to form a coalition, he will have to call a new vote in June. Opinion polls predict the balance of power would tip decisively towards the bailout's radical leftist opponents, potentially jeopardizing Greece's membership in the euro zone.
 
Papoulias called the leaders of the three biggest parties for coalition talks on Sunday at 0900 GMT, after Socialist leader Evangelos Venizelos became the third and last of them to acknowledge he had failed to assemble a coalition.

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« Reply #252 on: May 12, 2012, 04:49:30 pm »

Greece must ‘obey or get off euro train’ - EU
12 May 2012, by Vladimir Kremlev (RT News)
http://rt.com/news/greece-eurozone-political-crisis-093/

Top EU officials have decreed Greece should leave the eurozone if unable to stick to the austerity measures imposed by European creditors.

The political crisis in Athens is making this scenario not altogether impossible.

­The parliamentary elections in Greece on May 6 ended with no political party gaining the majority of seats needed to form a government.

Now it appears that their hopes of forming a ruling coalition are falling apart like a card-castle.

President of the European Commission José Manuel Barroso told Italy’s SkyTG24 TV channel that since Greece is unable to fulfill its financial obligations towards the EU, it should leave the eurozone.

Barroso compared the single currency to a club, the rules of which are binding for members.

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« Reply #253 on: May 12, 2012, 07:49:06 pm »

http://news.yahoo.com/greeces-left-coalition-turns-down-socialist-offer-172414957--business.html

5/11/12

Greece's Left Coalition turns down Socialist offer

ATHENS (Reuters) - The leader of Greece's anti-bailout Left Coalition (SYRIZA) party on Friday said he would not join a national unity government with Socialist leader Evangelos Venizelos, who has been holding talks with various parties in a bid to form a coalition.
 
"It is not the Left Coalition that has refused this proposal, but the Greek people who did so with their vote on Sunday," leader Alexis Tsipras said after talks with Venizelos.


http://news.yahoo.com/greeces-anti-bailout-leftists-lead-polls-165752787--business.html

5/12/12

Greece's anti-bailout leftists lead in polls

ATHENS (Reuters) - Greece's radical leftist SYRIZA party has gained support since Sunday's inconclusive election to become the most popular party, but backing for the anti-bailout group is falling, the second opinion poll since the vote showed on Saturday.
 
The main pro-bailout parties, conservative New Democracy and socialist PASOK, were gaining support, according to the poll by Metron Analysis for the Epenenditis weekly.
 
Greece's political landscape is in disarray after voters humiliated the only parties backing an international bailout keeping the country afloat, leaving no bloc with enough seats to form a government to secure the next tranche of aid.
 
Backing for SYRIZA stood at 25.5 percent - almost 9 points up on its Sunday result, but down from 27.7 percent in the previous poll on May 10. New Democracy gained slightly, rising to 21.7 percent from 20.3 percent, while PASOK came third with 14.6 percent, up from 12.6 percent.

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« Reply #254 on: May 13, 2012, 01:19:44 pm »

http://www.marketoracle.co.uk/Article34625.html

Greece Exit, Euro-Zone Collapse, Spain and Portugal Will Follow Within 6 Months
Interest-Rates / Eurozone Debt CrisisMay 12, 2012 - 10:30 AM
By: Nadeem_Walayat

This analysis continues on from my last article in light of the recent French and Greek elections where voters rejected economic austerity in favour of money printing Inflation stealth debt default as politically an smoke and mirrors Inflationary depression is being seen as far more palatable for populations than a deflationary depression slow motion economic collapse. However to be able to print money inline with the true state of the respective competitiveness of euro-zone economies, then these countries governments have no choice but to exit the euro-zone, or be forced out as they one by one fail to follow through on agreed austerity measures.

Greece Slow Motion Economic Collapse in Progress
 
What may be lost in the noise that is the mainstream press is the fact that Greece has not been in a recession or even a depression, Greece has been in a state of slow motion economic collapse on the scale of past economic collapses such as that of Argentina but so far without the ability to default, devalue and inflate.

As the below graph illustrates that following the financial crisis of 2008, Greece had been following a similar economic trend trajectory to that of most western economies including that of the UK, US and Germany, however the real crisis began in late 2009 when the economic recovery from the pit of the Great Recession of 2008-2009 evaporated and the Greek economy began a slow motion collapse that has so far seen Greek GDP in real terms contract by 16% since the 2008 peak, with no end in sight Unlike the V shape of the more regular debt default economic collapses such as that of Argentina's of 2001 and more recently Iceland.

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« Reply #255 on: May 13, 2012, 01:25:57 pm »

http://www.telegraph.co.uk/finance/financialcrisis/9262068/Greece-will-run-out-of-money-soon-warns-deputy-prime-minister.html

5/12/12

Greece will run out of money soon, warns deputy prime minister

Greece's deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal.

Speaking exclusively to The Sunday Telegraph, Theodoros Pangalos said he was "very much afraid of what is going to happen" after Greek voters rejected the deal in elections last Sunday.

"The majority of the people voted for a very strange mental construction," he said. "We want to be in the EU and the euro, but we don't want to pay anything for the past."
 
The main beneficiary of the election, the hard-Left Syriza coalition, came a startling second on a promise to tear up the deal, which promises EU loans to keep massively-indebted Greece afloat, but demands crippling spending cuts in return. Germany, the principal lender, has said it will stop payments if Greece breaks its promises on spending.
 
Mr Pangalos warned: "There is a school of thought that says the Germans are bluffing. They need Greece and will never throw us out of the eurozone. But what will happen, which is almost certain, is they will not give us the money to pay our debts.
 
"We will be in wild bankruptcy, out-of-control bankruptcy. The state will not be able to pay salaries and pensions. This is not recognised by the citizens. We have got until June before we run out of money.
 
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« Reply #256 on: May 13, 2012, 01:27:21 pm »

http://www.cnn.com/2012/05/13/world/europe/greece-politics/index.html?eref=igoogledmn_topstories

5/13/12

Athens, Greece (CNN) -- Greek politicians traded insults and accusations Sunday following an effort by President Karolos Papoulias to broker a coalition government, increasing the possibility of new elections in the debt-stricken country.
 
Papoulias called together the leaders of the three biggest parties on Sunday, a week after indecisive elections and three failed attempts to form a government.
 
After the meeting, the leader of the radical leftist Syriza coalition said other parties wanted Syriza to be their "partners in crime," adding: "We can't do that."
 
Syriza leader Alexis Tsipras suggested the two other largest parties, New Democracy and PASOK, were going to form a coalition with a smaller group, the Democratic Left.

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« Reply #257 on: May 13, 2012, 01:45:34 pm »

http://news.yahoo.com/greece-final-attempt-form-emergency-coalition-025237118.html

5/13/12

Greece mired in crisis cabinet talks

Emergency Greek cabinet talks yielded no clear progress on Sunday, raising the prospect of new elections that could scupper reforms and drive the country out of the eurozone.
 
President Carolos Papoulias held a day of last-ditch meetings with political leaders amid mounting threats of a loan freeze should Greece falter on promised structural reforms.
 
Papoulias initially met for 90 minutes with the heads of the three parties that topped last Sunday's inconclusive election -- conservative New Democracy, socialist Pasok, and radical left Syriza.
 
He was to meet with leaders of smaller parties later in the day.
 
If a cabinet cannot be formed by Thursday, when parliament convenes, new elections will have to be called in June.

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« Reply #258 on: May 13, 2012, 02:08:23 pm »

http://www.bbc.co.uk/news/world-europe-18046280

5/9/12

European central bankers have been openly expressing views on the possibility of Greece leaving the eurozone as its leaders struggle to form a government.

Germany's top banker said it was up to the Greeks to decide, but if they did not keep to their bailout commitments, they would receive no new aid.

His counterpart in the Irish Republic said a Greek exit would be damaging but not necessarily fatal to the euro.

Greece is to make a final attempt at forming a government on Sunday.

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« Reply #259 on: May 13, 2012, 02:14:20 pm »

http://news.yahoo.com/greek-efforts-coalition-founder-174811878.html

5/13/12

Greek president's efforts for coalition founder; socialist leader says still limited optimism

ATHENS, Greece (AP) -- Critical last-ditch talks to form a coalition government in crisis-struck Greece foundered once more Sunday, leading the country one step closer to new elections, although the socialist party leader said he retained "existing but limited' optimism for a deal.

The political uncertainty has alarmed the international creditors who have given Greece billions of euros in bailout loans over the past two years, and has thrown the country's continued presence in the European Union's joint currency into serious doubt.

President Karolos Papoulias convened the heads of the parties that came in the top three spots in last Sunday's inconclusive elections, in an ultimate effort to broker an agreement after a week of talks led to deadlock.

The meeting ended without a solution. Papoulias also met later Sunday evening individually with the leaders of smaller parties that made it into parliament. Those included the extremist right-wing Golden Dawn, whose head, Nikolaos Michaloliakos, caused a furor by giving a fascist salute during an Athens city council meeting last year. The party won 7 percent of the vote in the elections.

Voters furious at the handling of Greece's financial crisis and two years of harsh austerity measures taken in return for billions of euros in international bailout loans punished the formerly dominant socialist PASOK and conservative New Democracy parties in the elections. The two saw their support crumble to the lowest point in decades, while Radical Left Coalition, or Syriza, made big gains to come in second place after campaigning on an anti-bailout platform.

The PASOK and New Democracy leaders could form a coalition with the smaller Democratic Left party of Fotis Kouvelis — combined they would have 168 seats in the 300-member parliament. New Democracy won 18.9 percent last Sunday while PASOK garnered just 13.2 percent, compared to nearly 44 percent in the last elections in 2009. Kouvelis' 6.1 percent put him in a kingmaker position, with 19 seats.

But all three insist any power-sharing deal must include Syriza, led by the 38-year-old Alexis Tsipras, given its strong showing at the ballot box.

Tsipras, however, insists he cannot join or even lend his support to a government that will continue implementing the terms of Greece's international bailout. In return for euro240 billion in rescue loans from the European Union and International Monetary Fund, Greece has imposed severe spending cuts, including slashing pensions and salaries in the public sector, and repeated rounds of tax hikes. The measures have left Greece mired in a fifth year of deep recession, with unemployment spiraling above 21 percent.

"The three parties that have agreed on a two-year government in order to apply (the bailout) have 168 seats in parliament," Tsipras said after the meeting. "Let them go ahead. Their demand that Syriza participate come what may in their own agreement is senseless and unprecedented."

Tsipras insists the terms of the bailout must be cancelled. PASOK head Evangelos Venizelos, who spent nine months handling the crisis as finance minister, and conservative leader Antonis Samaras, say that position is irresponsible and will force Greece out of the euro. Although Sunday's meeting convened by the president with the three top party leaders was inconclusive, Venizelos said that "I retain some limited but existing optimism that a government can be formed."

Samaras appeared more pessimistic.

"I made every effort for the cooperation of all," he said. "Syriza didn't listen to the mandate of the Greek people and does not accept not only the formation of a viable government, but not even the tolerance of a government which would in fact undertake to renegotiate the terms of the (bailout) and the loan agreement."

Tsipras, however, stuck to his position, insisting that supporting a pro-bailout government would be a betrayal of his pre-election platform.

"After today's meeting it is obvious they are demanding that Syriza become an accessory to a crime," he said after the discussions with the president. "In the name of democracy, of our patriotic duty, we cannot accept this shared guilt. We call on all Greeks to condemn once and for all the forces of the past and to realize that only one hope remains: unity against blackmail in order to prevent the continuing barbarity.

"Fellow Greeks, we can assure you of one thing: we will not betray you."

Tsipras will also have his eye on recent opinion polls which show his party would gain strength if Greeks go to the ballot box again next month.

A poll published by To Vima newspaper Sunday indicated Syriza would come first in new elections with 20.5 percent of the vote — less than the 28 percent an earlier opinion poll published Thursday gave him, but still well ahead of New Democracy. Although it would not be enough to form a government, it would put him in the dominant position to form a coalition with smaller anti-bailout parties.

To Vima's poll, carried out by Kappa Research, showed New Democracy in second place with 18.1 percent and PASOK losing yet more votes to reach 12.2 percent. The poll was carried out on May 9 and 10, and had a margin of error of 3.09 percentage points.

Attention Sunday night was focused on the president's meeting with Kouvelis.

Papoulias' mediation to broker a deal could in theory continue until May 17, the scheduled opening date for the new parliament, although they are expected to end sooner. If no agreement is reached, Greece will have to hold new elections next month, most likely on June 10th or 17th.
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« Reply #260 on: May 14, 2012, 09:48:41 pm »

Merkel tells Greece to back cuts or face euro exit

5/14/12

http://www.telegraph.co.uk/finance/financialcrisis/9265930/Merkel-tells-Greece-to-back-cuts-or-face-euro-exit.html

Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned.
 
Raising the spectre of a Greek exit, the German chancellor said “solidarity for the euro” was threatened by the ongoing political crisis in Athens.
 
Stock markets around the world fell sharply with fears mounting that a euro break-up could lead to renewed financial turmoil. The FTSE-100 index of Britain’s major companies fell by two per cent to 5465, with bank shares hit particularly hard.
 
The cost of Spanish government borrowing also hit a record high since the single currency was introduced because of concerns that the crisis will spread.
 
Today, François Hollande, the new French president, will be sworn in and, in an indication of the concern gripping Europe, will almost immediately travel to Berlin to hold talks with Mrs Merkel that will be dominated by Greece’s plight.
 
Attempts to form a new government in Athens have been thwarted for the past nine days, although the country’s president will meet all major parties this afternoon to discuss the forming of a “technocratic” administration rather than a coalition.
 
An outgoing Greek minister warned that the country could descend into “civil war” amid the chaos of a euro exit. “If Greece cannot meet its obligations and serve its debt the pain will be great,” Michalis Chrysohoidis was quoted as telling a local radio station. “What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”

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« Reply #261 on: May 15, 2012, 08:50:27 am »

Euro Officials Begin to Weigh Greek Exit as Euro Weakens (Update 1)
14 May 2012, by Patrick Donahue (Bloomberg)
http://www.bloomberg.com/news/2012-05-13/euro-officials-begin-to-weigh-greek-exit-from-common-currency.html

Excerpt:

"We’re really getting to a denouement,” Michael O’Sullivan, head of portfolio strategy at Credit Suisse Private Banking, said today in a Bloomberg Television interview.

“We’re getting to the part where a decision has to be made” on whether Greece leaves the 17-nation currency union, he said.

Euro finance ministers meeting today in Brussels may discuss the bailout for Greece, as well as the situation in Spain, where the government last week made a fourth attempt to clean up banks.

Getting German Chancellor Angela Merkel to weaken her demand that debt cutting be the core of the crisis response will be a key objective of new French President Francois Hollande when the two meet tomorrow in Berlin.

The euro fell for the 10th day in 11, weakening 0.4% to $1.2872 at noon in Brussels, the lowest in three months.

Bonds in Italy and Spain tumbled, with Spanish 10-year yields climbing to more than 6.2% today for the first time since Dec. 1.

Each country’s spread against German 10-year notes jumped by more than 30 basis points.
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« Reply #262 on: May 15, 2012, 03:45:51 pm »

http://www.cnbc.com/id/47434632/

Greeks Withdraw Nearly $1 Billion From Local Banks
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« Reply #263 on: May 15, 2012, 05:33:41 pm »

http://www.cnbc.com/id/47428134

Stocks Post Loss on Greece, S&P at 3-Month Low
Published: Tuesday, 15 May 2012 | 5:16 PM ET

Stocks faded in the final hour of trading Tuesday to finish lower following news that Greek depositors withdrew 700 million euros from the nation's banking system and after Greece's leaders failed to agree on a coalition government.

The S&P 500 closed at 3-month lows, while the Dow logged its ninth loss in the last 10 sessions. Major averages are on pace for their biggest monthly losses since last September.

According to a transcript, Greek depositors recently withdrew 700 million euros from the nation's local banks, said President Karolos Papoulias, though the exact timing of the transfer was unclear.

"I think people need to prepare for the eventual removal of Greece from the EU and investors are getting ahead of that before they're forced to," said Matthew McCormick, vice president and portfolio manager at Bahl & Gaynor Investment Counsel on CNBC's "Closing Bell." "It's a political market and an event-driven market."

The Dow Jones Industrial Average slipped 63.35 points, or 0.50 percent, to close at 12,632.00, led by Hewlett-Packard [HPQ  22.40    -0.565  (-2.46%)   ] and Home Depot [HD  48.67    -1.21  (-2.43%)   ].

The S&P 500 declined 7.69 points, or 0.57 percent, to end at 1,330.66. The Nasdaq erased 8.82 points, or 0.30 percent, to finish at 2,893.76.

The CBOE Volatility Index, widely considered the best gauge of fear in the market, briefly spiked above 22.

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« Reply #264 on: May 15, 2012, 06:30:37 pm »

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« Reply #265 on: May 15, 2012, 10:09:04 pm »

Majority Of Neo-Normal Greek Cops Vote Neo-****

In case anyone was wondering why such a fuss was made about a few far left and far right parties gaining ground in the Greek elections, here is the leader of the Greek Golden Dawn party - treating us to his world view. No commentary necessary.



In a somewhat stunning revelation, especially after our earlier note on the Golden Dawn leader's 'position' on the issues of the day, GreekReporter notes via the news paper To Vima, that more than half of all police officers in Greece voted for pro-**** party Golden Dawn in the elections of May 6th. It's not really for us to judge (well maybe it is) but when some polling stations report Golden Dawn receiving 19-24% of the votes, things are going from the dismal to the horrific (and potentially chaotic) very fast.

 

ANSAmed: Greece: More than half police officers voted Neo**** party

    Upsetting result revealed by newspaper "To Vima"

     

    (ANSAmed) - ATHENS, MAY 11 - More than half of all police officers in Greece voted for pro-**** party Chrysi Avgi' (Golden Dawn) in the elections of May 6. This is the disconcerting result of an analysis carried out by the authoritative newspaper To Vima (TheTribune) in several constituencies in Athens, where 5,000 police officers in service in the Greek capital also cast their ballot.

     

    At some polling stations Chrysi Avgi' obtained 19 to 24% of votes.

     

    Others, like Agios Panteleimonas and Kypseli, traditional strongholds of the party, reached 15 to 18%. According to the newspaper, at the 11 polling stations (from 806 to 816) located near the police station (Ellas), Chrysi Avgi' received most votes, reaching 18.64% at station 813 and 23.67% at number 816.

     

    Other polling stations situated at a short distance from the ones mentioned before, where police officers do not vote, recorded 12-14% of votes for the Golden Dawn party.

     

    Moreover, the four polling stations located near the riot police station (MAT), used by the police, recorded percentages between 13 and 19 for Chrysi Avgi'.

     

    These figures, To Vima underlines, are impressive, considering the fact that other polling stations close to the riot police station reached 7-10% of votes for the pro-**** party. Based on the electoral lists, 550 to 700 people have voted at each of these voting stations, of which 20 to 30% police officers. This means, the newspaper worked out, that 45 to 59% of police officers have voted for Chrysi Avgi'. (ANSAmed).


http://www.zerohedge.com/news/majority-neo-normal-greek-cops-vote-neo-****
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« Reply #266 on: May 15, 2012, 10:41:34 pm »

Greece has a Golden Dawn party? Isn't there a secret society by the name of the Order of the Golden Dawn, which CS Lewis was a member of?

Guess none of this comes as no surprise - either way, look how elections have swayed in recent years all over the world. Yes, they are all rigged, but they are considerably less "conservative" voting. Gone are the so-called Reagan/Thatcher "conservative revolutions".
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« Reply #267 on: May 15, 2012, 10:46:54 pm »

It's Official: Greece To Pay May 15 Bond Maturity
15 May 2012, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/its-official-greece-pay-may-15-bond-maturity

Earlier, we reported on media speculation that this was a done deal. We now get confirmation.

GREEK FINANCE MINISTRY TO PAY EU435 MLN BOND

GREECE SAYS TODAY'S DECISION DOESN'T PREJUDICE FUTURE DECISIONS - no, just those you have to COMPLY with

In other words, just as Zero Hedge predicted in January, non-Greek law bondholders, who did not comply with the PSI, had all the leverage.

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« Reply #268 on: May 16, 2012, 09:27:35 am »

http://news.yahoo.com/caretaker-government-greece-risky-repeat-vote-052211264--business.html

Judge to lead Greece to fateful June 17 vote

ATHENS (Reuters) - Greece put a senior judge in charge of an emergency government on Wednesday to lead it to new elections on June 17 and bankers sought to calm public fears after the president said political chaos risked causing panic and a run on deposits.
 
European leaders who once denied vociferously that they were fretting over Greece leaving their currency union have given up pretence. Asked if he was concerned about a Greek exit, European Central Bank chief Mario Draghi said simply: "No comment".
 
Greeks have been withdrawing hundreds of millions of euros from banks in recent days as the prospect of the country being forced out of the European Union's common currency zone seems ever more real - although there has so far been no sign of a run on bank branches in Athens.
 
Political leaders failed to form a government following an inconclusive parliamentary election on May 6, leaving the state with its coffers almost empty and no elected cabinet in place to satisfy lenders it deserves the money needed to stay afloat.

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« Reply #269 on: May 16, 2012, 02:44:41 pm »

http://www.telegraph.co.uk/finance/financialcrisis/9270884/Debt-crisis-Greek-euro-exit-looms-closer-as-banks-crumble.html

A tsunami of capital flight from Greece threatens to overwhelm the authorities, forcing the country out of the euro before fresh elections in June.

5/16/12

Economists warned that the Greek financial system could crumble within weeks or days unless the European Central Bank steps up support.
 
President Karolos Papoulias told party leaders that banks had lost €700m in withdrawals on Monday alone as citizens rush to pre-empt capital controls and a much-feared return to the Drachma.
 
He cited central bank warnings that "great fear" might soon escalate to panic. The leaked details lend credence to claims that capital flight by both savers and firms have reached €4bn a week since the triumph of anti-bailout parties on May 6.
 
Steen Jakobsen from Danske Bank said outflows are becoming unstoppable, not helped by open talk in EU circles of `technical’ plans for Greek withdrawal.
 
"This has a self-fulfilling prophecy built into it and I don’t think we can get to June. The fuse is burning and the only two options now are a controlled explosion where Germany steps in to ensure an orderly exit, or an uncontrolled explosion," he said.

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