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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 #30 on: November 07, 2011, 11:29:48 pm »

Greece to get another 8 bln euros in bailout7 November 2011, by Shawn Langlois - San Francisco (MarketWatch)
http://www.marketwatch.com/story/greece-to-get-another-8-bln-euros-in-bailout-2011-11-07

Greece will reportedly receive 8 billion euro ($11 billion) in the six tranche of its first bailout package and will begin working on the new rescue deal if the troubled country's leaders can commit to the terms.

Without the payment, which has been delayed for two months, Greece would potentially default as early as next month.

Meanwhile, eurozone ministers, in an effort to bolster emergency funds, are working to raise the 440 billion euro European Financial Stability Facility to 1 trillion euro by seeking outside investors and insuring bonds from the more unstable countries in the eurozone, like Italy and Spain.
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« Reply #31 on: November 07, 2011, 11:31:43 pm »

Greece ends deal with advisor banks: reports6 November 2011, by Chris Oliver - Hong Kong (MarketWatch)
http://www.marketwatch.com/story/greece-ends-deal-with-advisor-banks-reports-2011-11-06

Greek news media reported Sunday that Athens has terminated agreements with Deutsche Bank, BNP Paribas, and HSBC -- the three banks hired to advise on the private-sector writedown of Greek debt as part of the debt deal agreed July 21 at the European Union summit.

The contracts were terminated late last week and involve the coordinators of the "Private Sector Involvement" agreement, the centerpiece of the second bail-out package valued at $109 billion, the Athens News reported Sunday.

It wasn't clear whether the Greek government would hire new advisors or negotiate directly on the PSI agreement reached last month, in which private creditors accepted a 50% haircut on their holdings of Greek sovereign bonds, the report said.

The three advising bank, had reportedly completed significant legal and technical work on the writedowns and were to be paid 70 million euros ($96.4 million) for their work.
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« Reply #32 on: November 08, 2011, 07:00:48 am »

Greek PM asks cabinet to have their resignations ready, says state news agency - @Reuters
Story data:


http://twitter.com/Reuters

BREAKING: Greek Cabinet ministers offer resignations to prime minister to pave way for coalition government. -EC
http://twitter.com/AP/status/133884820089602048

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What can you do for Jesus?  Learn what 1 person can accomplish.

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« Reply #33 on: November 08, 2011, 01:49:03 pm »

http://news.yahoo.com/power-sharing-talks-greece-drag-155730246.html

11/8/11

Power-sharing talks in Greece drag on

ATHENS, Greece (AP) — Power-sharing talks between Greece's prime minister and the opposition leader dragged on into Tuesday evening, with senior government officials saying a deal was close and European leaders ratcheting up the pressure for a resolution.

Talks between Prime Minister George Papandreou and opposition leader Antonis Samaras began Monday. The two agreed over the weekend to forge an interim government that will shepherd the country's new euro130 billion ($179 billion) European rescue package through Parliament and end an intense political crisis that threatened Greece's solvency and membership of the euro.

Without the Oct. 27 deal, which took European leaders months to work out, Greece would go bankrupt, potentially wrecking Europe's banking system and sending the global economy back into recession.

"I believe that we are now close to an agreement with New Democracy," Papandreou said during a Cabinet meeting, referring to Samaras' conservative party.

"When one cooperates with another party, there are some red lines on either side which of course restrict things," he said in comments released by his office. "Therefore, while one could imagine ideal situations, in reality these do not exist, and one seeks simply to find the best possible solution."

Senior government officials promised a deal would come by the end of Tuesday, with one government official saying a former vice president of the European Central Bank, Lucas Papademos, was the most likely candidate to replace Papandreou as premier. He spoke on condition of anonymity because no names had officially been made public.

The official said the delay on a public announcement of a deal was mainly due to objections from the opposition party over demands from European officials for written committments by both parties that they supported the new debt deal.

On Monday, eurozone finance ministers said the heads of the two main parties had to commit in writing to the terms of the country's bailouts before Athens can receive a vital euro8 billion ($11 billion) loan installment without which the country faces default within weeks.

"It is indeed essential that a new government will express its explicit and unequivocal commitment in writing concerning all the decisions taken by the 17 euro area member states on Oct. 27," EU economic affairs commissioner Olli Rehn said in Brussels Tuesday.

The next rescue loan installment "can then be disbursed once there is full clarity about Greece sticking to the agreed course and policies," Rehn said. "It should be clear in Athens that solidarity is a two-way street and we expect a united political class to carry out its part of responsibilities."

Samaras, however, appeared to take offense.

"There is national dignity," he said in a statement issued shortly before Rehn's comments. "I have long and repeatedly explained why, in order to protect the Greek economy and the euro, the implementation of the (new European debt deal) has become 'inevitable'. I do not allow anyone to cast doubt on these statements."

His party's spokesman, Yiannis Michelakis, was even blunter, issuing a direct response to Rehn's comments.

"The fact that Europe has lost any trace of trust in the (Socialist) government, does not mean it can insult our national dignity," he said.

Another senior Greek government official said Tuesday that Greece's eurozone partners demanded more — that Papandreou and Samaras, the Bank of Greece governor, the new prime minister and the new finance minister all co-sign a letter reaffirming their commitment to the country's bailout deals and economic reforms.

During an earlier Cabinet meeting, Socialist ministers offered their resignations to Papandreou to pave the way for the creation of the interim government, which is to last until an early election expected Feb. 19.

"We have made our resignation available to the prime minister in order to help him with his actions," Tourism Minister George Nikitiadis said. "My feeling is that tonight we will have a name (of the new premier). It's going well."

The political crisis erupted last week, when Papandreou said he would put the new European rescue package to a referendum. Other eurozone nations were horrified by the delay, markets around the world tanked and Greece's international creditors froze the payment of the next bailout.

Papandreou withdrew the plan Thursday after Samaras indicated he would back the new deal. They then reached a landmark agreement Sunday for Papandreou to step down and the temporary government to be formed.

Greece has survived since May 2010 on a euro110 billion ($150 billion) rescue-loan program from its eurozone partners and the International Monetary Fund, but all agree it's not enough. A second rescue package has been created that involves private bondholders voluntarily agreeing to cancel 50 percent of their Greek debt.

In return for its bailout cash, Greece has endured 20 months of punishing austerity measures. The efforts by Papandreou's government to keep the country solvent have prompted violent protests, crippling strikes and a sharp decline in living standards for most Greeks.
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« Reply #34 on: November 09, 2011, 09:08:24 am »

http://www.reuters.com/article/2011/11/09/greece-idUSL6E7M85FD20111109

11/8/11

Plan for technocrat to lead Greek unity govt hits snag

* Coalition negotiations far from over

* Parties looking beyond Papademos for new PM

By Harry Papachristou and Renee Maltezou

ATHENS, Nov 9 (Reuters) - A plan for former European Central Bank vice-president Lucas Papademos to lead a Greek government of national unity has run into trouble, party sources said on Wednesday, prolonging political hiatus as the country heads towards bankruptcy.

With the Greek population and the European Union clamouring for a coalition now, a government source said it would be announced later on Wednesday -- but signalled that negotiations were far from over.

In the past two days government sources have made a number of optimistic predictions about forming the government, which must secure a 130-billion-euro ($180-billion) bailout from the euro zone, only for no deal to materialise.

The socialist and conservative parties had wanted Papademos, a Greek economist well known in European capitals, to head the new government, aiming to re-establish an international credibility that the politicians lost long ago.

But sources in both parties said this was now in doubt and the two sides were looking at other options.

"The Papademos candidacy has hit problems that have to do with both parties," one of the sources told Reuters on condition of anonymity.


UNACCEPTABLE CONDITIONS

Some Greek media reported that Papademos was setting conditions that the parties would not accept, and others that there were objections from Finance Minister Evangelos Venizelos, because Papademos wanted to change the government's economic team.

Greek media have mentioned parliamentary speaker Filippos Petsalnikos and socialist lawmaker Apostolos Kaklamanis as alternative premiers, but both have denied the reports that they had been picked.

Earlier, the government source said outgoing Prime Minister George Papandreou would meet the Greek president at 1000 GMT on Wednesday, and the coalition would be announced the same day.

However, he also said negotiations would continue, signalling that the elusive deal on a government which is due to rule until early elections in February, had yet to be struck.

The stakes could not be higher. Greece must have a new coalition to secure the bailout, negotiate the release of emergency funds from the EU and IMF to avoid bankruptcy when big debt repayments come due next month, and safeguard its place in the euro zone.

On the other hand, the European Union needs to put out the fire in Greece to prove to international financial markets that it can tackle another blaze in Italy, a far bigger economy also heading for economic and political crisis.

To Vima news website expressed the exasperation felt by Greeks with all their political leaders, especially Papandreou and conservative opposition leader Antonis Samaras.

The website evoked a national fear that Greece might lose its euro zone membership, and be cast adrift to survive alone with its old currency.

"Despite its huge defeat, our political system won't get serious at the time when the country is threatened with complete collapse, wavering between the euro and the drachma.

"Mr Papandreou and Mr Samaras agreed on Sunday on a government to save the country and are now doing whatever they can to undermine it before it even starts its work," it said.



DOUBLE DISPUTE

Adding to the confusion, conservative leader Samaras became embroiled in a dispute within his New Democracy party and a related row with the European Union.

Party political sources said some New Democracy lawmakers were accusing Samaras of giving away too much, especially when he agreed to accept austerity measures in the bailout package.

Samaras had long argued that the spending cuts, tax rises and job losses imposed by the outgoing socialist government under orders from the EU and IMF had deepened Greece's crippling recession, now in its fourth year.

A New Democracy party source refused to accept the party was the main problem, but acknowledged internal divisions since Samaras staged his U-turn on the package last week, helping to open the way for Sunday's agreement in principle.

"Parts of New Democracy are causing trouble. Many party officials around Samaras don't like the way things are going," the source said on condition of anonymity.

Under pressure from party dissidents, Samaras attacked the EU for demanding written undertakings from Greece that it would stand by its promises to implement the bailout package which euro zone leaders agreed last month.

European Economic and Monetary Affairs Commissioner Olli Rehn made the demand, exasperated by Greece's record of making promises on tackling its huge debt and budget deficit and then falling short of fulfilling them.

Rehn singled out a decision by Papandreou last week to call a referendum on the bailout, a vote which might have seen Greeks reject the package because of the austerity measures tied to it. Papandreou backed down, but was forced into agreeing to make way for the unity coalition.


BROKEN CONFIDENCE

Speaking in Brussels, Rehn said Greece had breached confidence with the EU by calling the referendum. Now Brussels needed undertakings to release even the next 8-billion-euro instalment of funding for Greece under its original bailout package, pulled together last year.

"This confidence needs to be mended," said Rehn. "Finance ministers of the euro area expect that there is ... a written commitment, a written confirmation of the commitment of a broad-based government of national unity."

A government source said the EU wanted Samaras to sign, along with the new prime minister, finance minister, central bank governor and outgoing Prime Minister George Papandreou.

The New Democracy response was blunt. Samaras hinted in a statement he might give no written assurances because his spoken word was enough. "It's a matter of national dignity ... I don't allow anybody to doubt my statements," he said.

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« Reply #35 on: November 09, 2011, 09:29:47 am »

Greek Bank Deposits Plunge By €5.5 Billion In September: Biggest Monthly Drop Ever8 November 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/greek-bank-deposits-plunge-%E2%82%AC55-billion-september-biggest-monthly-drop-ever

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« Reply #36 on: November 09, 2011, 09:34:58 am »

Where Does The Greek Bailout Money Go?
8 November 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/where-does-greek-bailout-money-go

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« Reply #37 on: November 10, 2011, 09:04:24 am »

http://www.dw-world.de/dw/article/0,,15520769,00.html

11/10/11

Greek parties tap former central banker as prime minister

Greek party leaders have agreed on Lucas Papademos, a former vice-president of the European Central Bank, to head a new interim government until early elections are called some time next year.

The office of Greek President Carolos Papoulias said on Thursday that after talks with party leaders, the president had "given Mr. Papademos the mandate to form a government."

Lucas Papademos, who is 64 and former vice-president of the European Central Bank, is highly regarded internationally for his banking expertise and is viewed by many as the right man to steer Greece out of its precarious economic and financial crisis.

His appointment was held up for four days as Greek party leaders squabbled over various demands as they tried to hammer out a deal on a national unity government. But days of political bickering took their toll, moving the country closer to an economic abyss. After the announcement, however, markets took an upward bounce.

Earlier, the European Union had warned, as party negotiations got started, that the Greek debt crisis was dragging Europe into a new recession, deepening the sense of gloom already hanging over the bloc.

In Athens, the critical power-sharing talks collapsed on Wednesday, with no new prime minister named, despite appeals from other European countries and the International Monetary Fund for Greece to get its house in order.

Party leaders met again at the presidential palace early on Thursday and were joined by Papademos, who had been a favorite for the premiership, but had dropped out of the running after his demand that early elections should not be held as early as February was not met.

Papademos will likely be sworn in on Friday. Greece's leading cleric, Archbishop Hieronymos, canceled a scheduled trip to the Greek islands, in a signal that he may be performing the ceremony.

The stakes are high. As well as winning parliamentary approval for an EU bailout, any new coalition has to pass the country's 2012 budget and secure the latest eight-billion-euro ($5.73 billion) installment of Greece's original rescue package to avoid bankruptcy.

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift:  Not only the Greeks were waiting to see who will lead the country
No replacement

On Wednesday, Prime Minister George Papandreou said he was handing over power to a coalition that did not exist and then failed to install an old-style politician and personal ally as premier.

The European Union and international lenders have watched in dismay as Greek party leaders feuded over a shrinking list of credible candidates to lead a national unity government.

Sources from the country's two main parties said earlier on Wednesday that party leaders had agreed on house speaker Filippos Petsalnikos to head the country's new coalition government.

But Giorgos Karatzaferis, the head of a small right-wing party, reportedly stormed out of a top-level meeting that had been expected to conclude three days of negotiations over Papandreou's replacement. Karatzaferis accused the two main parties of "trickery," but did not give any details.

So far, the parties have agreed that a "100 day" coalition should be set up to push a 130-billion-euro ($180 billion) bailout for Greece through parliament and that elections should be held in February.

'A unity government, right now'

Meanwhile, the population in Greece has grown increasingly outraged over the political deadlock that's arisen over the approval of the EU/IMF bailout package to help the country avoid bankruptcy.

"A national unity government, right now," Ethnos daily said on its front page. "The country and society cannot endure this any more."

Papandreou and Antonis Samaras, head of the main opposition party, New Democracy, agreed on Sunday that the coalition should be formed, but little else. Monday came and went without any accord on who will lead the coalition, despite Papademos emerging as frontrunner.

Frustration was also apparent in Brussels where officials said the new government had to show it was serious about implementing promises Athens has made to its EU and IMF lenders in return for the bailout agreed last month.

"It is essential that the entire political class is now restoring the confidence that had been lost in the Greek commitment to the EU/IMF program," said EU Economic and Monetary Affairs Commissioner Olli Rehn.

Bildunterschrift: Großansicht des Bildes mit der Bildunterschrift:  A new government must implement tough austerity measures
Papandreou caused chaos last week by calling a referendum on the bailout, a vote which might have seen Greeks rejecting the package because of the austerity measures tied to it.

Papandreou backed down, but was forced into agreeing to make way for the unity coalition.

Brussels skeptical

Weary of broken promises from Athens, Rehn said the coalition must "express a clear commitment on paper, in writing, to the EU/IMF program," demanding that both coalition parties sign off on pledges to continue with financial obligations.

Greece faces bankruptcy in December when big debt repayments are due, unless it can get hold of more emergency funding soon.

For two years, the EU has labored to solve the problems of Greece, a very small part of the bloc's economy, leading to doubts about how it would manage if the debt crisis engulfed the far bigger Italian or Spanish economies.

Author: Gregg Benzow, Gabriel Borrud (AFP, AP, Reuters)
Editor: Michael Lawton


 
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« Reply #38 on: November 14, 2011, 11:53:23 am »

Greek conservative hard stance threatens bailout
14 November 2011, by Harry Papachristou and Angeliki Koutantou - Athens (Reuters)
http://www.reuters.com/article/2011/11/14/us-greece-idUSTRE7AD0PT20111114

Excerpt:

Greece's conservative party leader on Monday vowed to reject any toughening of austerity measures in return for a multi-billion euro bailout, signaling the new coalition government may not enjoy the kind of cross-party support demanded by lenders.

New Democracy leader Antonis Samaras said he would not vote for any new austerity measures and added that the policy mix of spending cuts and tax rises agreed with international lenders should be changed in favor of economic growth.

"I agree with the goals to cut government spending ... to reduce debt, to erase the deficit, to make structural changes. I do not agree with whatever stunts growth," he told party MPs ahead of a three-day confidence debate, starting on Monday.

Although Samaras' party are part of the new administration of former ECB vice president Lucas Papademos, its support for the three-day old government has so far been lukewarm and his backing is crucial for passing legislation needed to satisfy international lenders' demands.

Crucially, Samaras said he would not sign any letter pledging support for conditions on a 130 billion euro bailout as EU Economic and Monetary Affairs Commissioner Olli Rehn has demanded.

"I don't sign such statements," he said, adding that his word should be sufficient.

His refusal to sign could imperil an 8 billion euro loan Greece needs by mid-December to avoid default.
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« Reply #39 on: November 16, 2011, 03:21:16 pm »

http://news.yahoo.com/first-time-nations-mull-greek-exit-euro-143853109.html

11/16/11

For first time, nations mull Greek exit from euro

LONDON (AP) — Maybe it's not the Hotel California after all.

Ever since the idea of the euro currency really took off in the late 1980s, it has been accepted wisdom that entry was forever. But now, with no less than the leaders of France and Germany conceding that Greece could leave the euro, everyone is scrambling to figure out exactly what would happen.

The stakes couldn't be higher: many economists say it could plunge the global economy into another crisis on the scale of what ensued following the collapse of U.S. investment bank Lehman Brothers in 2008. Others say it would spell the beginning of the end of the dream of building a unified Europe from the ashes of World War II.

Yet some are saying it's the least bad of all possible outcomes, part of the only remedy available for a currency, launched in 1999, whose design flaws have led to three countries requiring rescue. The crisis is now threatening Italy — the eurozone's third-biggest economy — and is showing alarming signs of infecting France — its second-biggest.

If Greece decides to go back to the drachma following what would likely be a disorderly default, there would likely be a run on banks as depositors uncertain of the value of the new currency yank out their euros — that is if they are still given a chance. With deposits potentially running dry, banks would stop lending to one another and fail as they lost access to cash needed for their daily operations. Without capital, businesses would collapse and consumers would stockpile goods.

And that's just in Greece.

Investors would immediately begin speculating on which euro country would be next to fall, leading to the same kind of chaos across the continent.

"This, unfortunately, is the cost of a badly designed monetary union," said Dario Perkins, an economist at Lombard Street Research. "While in the long term, some countries leaving the euro area might be a good thing — for them and the countries that remain — it will surely be some time before those benefits are realized."

Until recently, discussions about a country's exit from the euro had been confined to market commentary and academic papers (British Foreign Secretary William Hague derided the currency as "a burning building with no exits").

Suddenly, top officials are openly discussing the possibility. At a recent summit during discussion of a possible Greek referendum on its rescue deal, French President Nicolas Sarkozy and German Chancellor Angela Merkel said in a statement that "the question is whether Greece remains in the eurozone
."

"That is what we want, they said, "but it is up to the Greek people to answer that question."

The referendum has since been canceled. A new Greek government now has seemingly not much more than 100 days to push through a package approving Europe's latest rescue package and another round of punishing austerity, over the objections of many Greeks who have staged months of violent protests.

A growing number of analysts believes those efforts will fail, and that Greece's days in the euro are numbered.

They say Greece would do better to cut and run, avoiding the straitjacket of a decade's worth of austerity.

The current plan would give Greece euro100 billion ($176 billion) more in bailout loans and get the private sector to forgive half of Greece's debt. But even in the best-case scenario it would leave the country saddled with a debt burden of 120 percent of gross domestic product a decade from now — which is the level that's causing Italy so much trouble at the moment.

"Right now they are committing themselves to 10 years of Draconian austerity that won't work," said Peter Morici, a professor at the University of Maryland. "If you want to become the Burma of Europe, this is the way of getting that done."

Morici and other proponents of a euro exit concede that the short-term pain for Greece would be huge, as deposits are converted into much-cheaper drachmas, import prices go through the roof and the financial system faces potential collapse.

But they argue that Greece would eventually be able to re-invent itself through its ability to print its own currency and set an appropriate economic policy for its own needs. Tourism, Greece's number one industry, could reap a massive windfall as it becomes a cheaper place to holiday.

"Letting the value of the drachma fall to levels consistent with a trade surplus that permits Greece to service its debts, Greece's economy would begin growing again, and many of Greece's army of unemployed would be put back to work," Morici said.

Others are highly skeptical that Greece — or anyone else — would benefit from it exiting the euro. A Greek departure would open up a whole new set of uncertainties in the markets: Instead of wondering which country may have difficulty paying its debts, investors would begin to wonder who is next to leave the euro.

If that would mean people converting euros to Italian liras, Portuguese escudos or Spanish pesetas, then depositors around the world may look to get their money out of Europe altogether, a likely shock to the international financial system that could take decades to mend.

Christopher Pissarides, a Nobel Prize-winning economist at the London School of Economics, said the changes in the global financial system over the past few decades mean it would be hard to prevent such a scenario from unfolding.

"It could be the biggest bank run in history," he said.

..
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« Reply #40 on: November 16, 2011, 04:05:49 pm »

Maybe it's just me, but this stuff makes it obvious what they are leading up to. They got all these problems, so enter the reaction we are seeing now, and next up, their solution, and boy do they have a solution!

Remember what Jesus was teased with on the mountain top? That is exactly what these people are being teased with, the offer, falsely so, that if they just do this and that, they will have all their wildest finanacial success in the world. They have been duped into fighting over corrupted and cankered treasures on earth.
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« Reply #41 on: November 16, 2011, 08:54:10 pm »

Greek third-quarter GDP shrinks 5.2% on year16 November 2011, by William L. Watts - Frankfurt (MarketWatch)
http://www.marketwatch.com/story/greek-third-quarter-gdp-shrinks-52-on-year-2011-11-15

Greek third-quarter gross domestic product contracted 5.2% compared to the same period last year, the country's statistical agency said Tuesday.

That follows a 7.4% year-on-year contraction in the second quarter.

The European Commission earlier this month forecast the Greek economy to shrink by 5.5% this year and 2.8% in 2012 after contracting 3.5% in 2010.
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« Reply #42 on: November 19, 2011, 08:41:12 am »

Isn't the Yield Curve supposed to be INCREASING?

Greek 1 year bonds: 266%
- http://www.bloomberg.com/quote/GGGB1YR:IND

Greek 2 year bonds: 111%
- http://www.bloomberg.com/quote/GGGB2YR:IND/chart

Greek 10 year bonds: 28%
- http://www.bloomberg.com/quote/GGGB10YR:IND

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« Reply #43 on: November 19, 2011, 01:55:37 pm »

Greek conservatives reject signing reform pledge

http://news.yahoo.com/greek-conservatives-reject-signing-reform-pledge-131430169.html;_ylt=AlAPpLtNG2Jdo9eQEWaTnMMKewgF;_ylu=X3oDMTRvZzFvY2tmBGNjb2RlA2dtcHRvcDEwMDBwb29sd2lraXVwcmVzdARtaXQDTmV3cyBmb3IgeW91BHBrZwM4OWVlY2IzNy1iZTczLTNkOTEtYmEzYy1lM2I0Zjc0NmMwZDMEcG9zAzIEc2VjA25ld3NfZm9yX3lvdQR2ZXIDYWM3NWYwNjAtMTJiMC0xMWUxLThmNGUtOWZiNGE2M2JkNTEz;_ylg=X3oDMTNhYzhkbGthBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDNWJlNmU1NjEtYmQ3Zi0zNTRkLTlmNmUtYWE4YjhiNDRiZWRlBHBzdGNhdAN3b3JsZHxtaWRkbGUgZWFzdARwdANzdG9yeXBhZ2UEdGVzdAM-;_ylv=3

A major conservative party in Greece's new unity government refused Saturday in talks with EU and IMF officials to drop its opposition to signing written reform pledges in return for crucial loans, reports said.

Antonis Samaras, head of the New Democracy party, said its support for the government set up last week specifically to enact reforms tied to a eurozone bailout deal was commitment enough, Mega television reported.

He reportedly made the remarks to senior auditors from the European Commission, the European Central Bank and the International Monetary Fund.

The officials had on Friday also held talks in Athens with Finance Minister Evangelos Venizelos and Prime Minister Lucas Papademos, a former ECB deputy chief parachuted in to lead the new coalition on November 11.

They also met on Saturday with George Papandreou, the former prime minister who leads the socialist Pasok party, the other major party in the unity government.

Poul Thomsen, the IMF deputy director for Europe who is leading the delegation to Athens, declined to comment after the talks.

George Karatzaferis, whose small far-right LAOS party completes the government coalition, is due to meet the officials on Sunday. He has also expressed opposition to a written pledge to Brussels.

Eurozone finance ministers have demanded written commitments from Athens on austerity measures and structural reforms before releasing an instalment of eight billion euros ($11 billion) from a May 2010 bailout deal.

The funds are all that stands between Greece and bankruptcy next month.

A new eurozone lifeline agreed in Brussels last month, slashing the country's 350-billion-euro debt by nearly a third, also hangs in the balance.

The three coalition parties on Wednesday backed Papademos's government in a vote of confidence carried by 255 votes to 38.

Papademos will discuss the deadlock with EU President Herman Van Rompuy and European Commission chief Jose Manuel Barroso in Brussels on Monday, and then with eurozone leader Jean-Claude Juncker in Luxembourg on Tuesday.

The interim government is slated to hold early elections in February, and the winner will be charged with pushing through the rest of the rescue programme. Samaras is currently leading polls to win a four-year term.

..
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« Reply #44 on: November 22, 2011, 09:32:42 am »

11/21/11

As the euro area's sovereign debt and economic crises escalate, a two-front attack looms for banks in weak-link countries.

On one front, international financial intermediaries risk being caught dead — like MF Global — holding an excess of debt from Europe's PIIGS: Portugal, Italy, Ireland, Greece and Spain.

For banks relying on funding from financial markets, their too-hot-to-handle debt has created a liquidity crunch, but one that analysts think may be within the European Central Bank's ability to stem with aggressive action.

The more lethal threat comes from the inside via an old-fashioned run on bank deposits.

Any sign that a country is gearing up to quit the euro would trigger "the mother of all capital flights," said Jacob Kirkegaard, research fellow at the Peterson Institute for International Research.

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

As fears that Greece will leave the euro have grown, a quiet bank run has proceeded. Deposits held by corporations and households fell 22% from the start of 2010 through September.

Deposit outflow from Greek banks reportedly accelerated in recent weeks, spurred by a threat that Europe would rescind its bailout package if Athens failed to meet austerity demands
.

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http://news.investors.com/Article/592428/201111211844/euro-zone-greece-bank-deposit-runs-italy.htm
 
 
 
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« Reply #45 on: November 23, 2011, 08:24:38 pm »

http://news.yahoo.com/protest-builds-against-unpopular-greek-property-tax-082358419.html

11/23/11

Protest builds against unpopular Greek property tax

Opposition to an unpopular property tax imposed to help secure bankruptcy-saving EU loans gathered pace in Greece on Wednesday ahead of a new general strike called by unions against austerity cuts.

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

They ignored a prosecutor's order to evacuate the building after receiving support from Greece's main left-wing parties, KKE and Syriza, who are also fighting against a new wave of spending cuts.

"We're not cutting power to the poor even if they throw us in prison," reads a Genop-Dei banner hanging from the building.

Several mayors in working-class Athens districts are also encouraging their residents to contest the tax, which is among measures taken to plug budget shortfalls persisting after two years of tough belt-tightening.

The main unions have called a general strike on December 1, the sixth this year, against an austerity budget that will be pushed through parliament by a new unity government under ex-European Central Bank deputy chief Lucas Papademos, which was installed a fortnight ago.

The property tax was introduced by the previous government in September and would charge residents between 0.5 and 16 euros ($21.6) per square metre, depending on their circumstances.

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« Reply #46 on: November 25, 2011, 08:07:08 am »

Portugal's Rating Cut To 'Junk' By China's Dagong
23 November 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/portugal-rating-cut-junk-chinas-dagong

Arguably the least biased (or perhaps least cognitively dissonant) of the major ratings agencies,

China's Dagong has just moved Portugal's rating to junk (BB+) from comfortably investment grade (BBB+) - a 3 notch drop.

The rating agency also left the peripheral nation on negative watch.

This action follows Monday's Greek downgrade from C to CCC.

Is this a ploy for better entry levels when they save the world with their EFSF-buying bazooka?

Or more likely a more honest reflection of a debt-laden, slow-growing, austerity-facing nation burdened with inadequate leadership and an inability to control its own fate?
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« Reply #47 on: November 26, 2011, 08:05:25 pm »

http://finance.yahoo.com/news/greece-may-miss-2012-selloff-195827256.html?l=1

11/26/11

Greece may miss 2012 selloff target due to EU crisis
ATHENS (Reuters) - Greece may miss its target for privatization revenues next year because of the worsening economic climate in Europe, the head of the agency responsible for selling state assets said in an interview to be published on Sunday.

Greece's repeated failure to meet budget targets including for privatization revenues has angered international lenders, raising questions about whether they will continue indefinitely to keep the country afloat with bailout loans.

Costas Mitropoulos, head of the Hellenic Republic Asset Development Fund, told the Kathimerini newspaper the privatization revenue target of 9.3 billion euros ($12.3 billion) for 2012 was "achievable," based on the draft budget assumptions.

"But reality will show whether these assumptions were right. In order to be able to sell, there should be buyers," he said, noting that even Germany failed this week to sell all its bonds at an auction.

"If this (difficult economic) situation continues, then it is certain that it will be difficult for us to find buyers for our assets."

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« Reply #48 on: November 29, 2011, 01:25:55 pm »

Officials in Brussels say Eurozone finance ministers have approved an 8 billion euro bailout loan for Greece - @BBCWorld

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« Reply #49 on: November 29, 2011, 01:30:35 pm »

Officials in Brussels say Eurozone finance ministers have approved an 8 billion euro bailout loan for Greece - @BBCWorld



When they shall say peace and safety...you know the rest...
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« Reply #50 on: November 29, 2011, 08:35:59 pm »

http://news.yahoo.com/greece-gets-10-7-billion-rescue-plan-stalls-004314186.html

11/29/11

Greece gets $10.7 billion but rescue plan stalls

BRUSSELS (AP) — Eurozone ministers sent Greece an euro8 billion ($10.7 billion) Christmas rescue package Tuesday to stem an immediate cash crisis yet failed to resolve fears that the common euro currency might be doomed.

Stock markets around the world rose earlier in the day, hoping that intense pressure from the bond markets would finally force the 17-nation eurozone into quicker and more robust action.

But even as Italy's borrowing costs skyrocketed to a euro-era record, the 17 finance ministers only found a veneer of credibility to coat the euro's rescue fund with more leverage. They failed to increase the bailout fund to match earlier predictions and kicked other major financial issues — like a closer fiscal union — over to their bosses, the EU leaders meeting next week in Brussels.

The ministers did agree to use the fund to offer financial protection of 20 to 30 percent to investors who bought new bonds of troubled eurozone nations, an effort to help those countries get back to borrowing on global markets again.

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« Reply #51 on: December 05, 2011, 08:11:35 pm »

http://news.yahoo.com/imf-says-approves-2-2-billion-euro-tranche-182309378.html

12/5/11

IMF releases 2.2 billion euro in aid for Greece

WASHINGTON (Reuters) - The International Monetary Fund on Monday agreed to release a 2.2 billion euro ($2.95 billion) aid disbursement to Greece, part of a three-year IMF-EU bailout package to help the debt-stricken country avoid bankruptcy.

"The executive board of the International Monetary Fund today completed the fifth review of Greece's economic performance under a program supported by a three-year Stand-By Arrangement for Greece," the IMF said in a brief statement.

The disbursement brings to 20.3 billion the sum paid out to Greece so far under the 30 billion euro IMF loan agreed in May last year. It is part of a bigger 110 billion euro rescue package for the country.

The approval of the latest aid tranche followed assurances by Prime Minister Lucas Papademos and his new unity government that the country would stick to terms of a debt reduction deal.

Last week, European leaders approved an 8 billion euro tranche for Greece.

An IMF mission will travel to Athens between December 12 and December 16 for preliminary discussions with the new coalition on economic policies.
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« Reply #52 on: December 06, 2011, 12:27:52 pm »

http://www.spiegel.de/international/europe/0,1518,802051,00.html

12/6/11

Anxious Greeks Emptying Their Bank Accounts

Many Greeks are draining their savings accounts because they are out of work, face rising taxes or are afraid the country will be forced to leave the euro zone. By withdrawing money, they are forcing banks to scale back their lending -- and are inadvertently making the recession even worse.

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« Reply #53 on: December 07, 2011, 09:28:22 am »

http://finance.yahoo.com/news/greek-lawmakers-approve-2012-austerity-234742872.html?l=1

Greek lawmakers approve 2012 austerity budget

Greek lawmakers overwhelmingly back 2012 austerity budget in parliamentary vote


ATHENS, Greece (AP) -- Greece's lawmakers overwhelmingly approved next year's austerity budget early Wednesday, extending tough spending cuts that have already left Greeks struggling as the country tries to slash its vast debts and tame a severe recession.

With three parties, including the majority socialists and their rival conservatives, participating in Greece's new coalition government, the budget was passed with a 258-41 majority in the 300-seat Parliament.

"This is a difficult budget ... with ambitious targets," Prime Minister Lucas Papademos told lawmakers just before the after-midnight vote. "But we must achieve our targets and implement the measures that are foreseen."

"The financial crisis in our country is not a passing storm," Papademos warned. "Given the size of the problems, our national effort will not be completed in 2012. It will take many years, and will require the efforts and insistence of several governments."

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« Reply #54 on: December 22, 2011, 09:43:06 pm »

Greek Budget Deficit To Pass 10% Of GDP, Country Stops Most Cash Outlays
20 December 2011, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/greek-budget-deficit-pass-10-gdp-country-stops-most-cash-outlays

Excerpt:

While European banks may or may not succeed in delaying the inevitable unwind of the Eurozone by a month or two, the European credit catastrophe is taking on a grotesque form, first in Greece, where following news that the budget deficit will soar past an unprecedented 10% of GDP, the Greek government has halted virtually all cash outflows.

Ekathimerini reports that "The government has decided to stop tax returns and other obligation payments to enterprises, salary workers and pensioners."

In other words, the entire government has now virtually halted one half of its operations - the outlays - as the country reverts even more to its status as European bank debt slave, in perpetuity, or until the country breaks away from the Eurozone and reinstitutes the Drachma (which as Zero Hedge pointed out first in August, continues to trade When Issued at various desks) whichever comes first.

----

Now, before we forget, there is this one other country that runs 10% deficits of GDP... Oh no, we just forgot who it was... Whoever could it be?
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« Reply #55 on: December 24, 2011, 10:13:15 am »

http://news.yahoo.com/greek-hospitals-turned-away-pregnant-women-040000634.html

12/23/11

Greek Hospitals Turned Away Pregnant Women

Pregnant mothers are advised to remain calm at all times, but Elli Zachariadou could not hide her shock a few weeks ago when she heard reports about women having to pay at least €900 up front in order to give birth at public hospitals. Even more shocking to Zachariadou and other Greeks was the news that a number of hospitals had turned away pregnant women because they did not have the necessary cash.
 
“My immediate thought on hearing about the hospital charges was, how am I going to have this baby?” Zachariadou said. “You know, €900 is about three months’ rent. It’s not the kind of money we have lying around.” In years gone by, the 33-year-old Athenian’s social-security fund would have picked up most of her hospital bill, but she has joined the growing ranks of Greece’s long-term unemployed who have no such coverage.
 
As their country grapples with its economic problems, accessible and affordable health care is one of many things Greeks like Zachariadou can no longer take for granted. Burdened with a crippling public debt of some €350 billion, Greece’s economy is about to complete a worse-than-expected year. The recession will be deeper and the public deficit larger than the Greek government and its international lenders, the European Union and the International Monetary Fund, had forecast.
 
The added element to the Greek crisis is that amid this economic maelstrom, the government has to carry out much-delayed structural reforms. One of these is the overhaul of Greece’s health service, where attempts are being made to cut spending and waste. However, this comes at a time when cash-strapped Greeks are relying on free or subsidized medical care in greater numbers. The Health Ministry said earlier this year that the number of patients being treated was up 8 percent this year on 2010. As a result, Zachariadou is one of tens of thousands caught in a fiscal crunch.

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« Reply #56 on: December 27, 2011, 09:09:04 am »

http://news.yahoo.com/greek-retail-sees-worst-christmas-sales-decades-094215410.html

Greek retail sees worst Christmas sales in decades

ATHENS (Reuters) - Greece's stores had their worst Christmas in decades, with retail sales dropping by 30 percent compared with the same period last year as the economic crisis shattered consumer confidence, the ESEE retail federation said on Tuesday.
 
"Nine out of 10 Greeks are less generous, not out of choice but out of necessity," ESEE said. "Retailers endured a Christmas gloom that chipped away any optimism they had before the holidays."
 
The sharp drop in sales came despite widespread discounts by retailers in the run-up to Christmas.
 
Greeks have been suffering wage and pension cuts, rising inflation and a recession now into its fourth year, which has slashed living standards and forced them to cut spending.
 
Clothing and footwear sales dropped 40 percent, electrical goods by 30 percent, and sales in the food and drinks sector by 15 percent compared with the same period
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« Reply #57 on: December 31, 2011, 09:26:34 am »

http://news.yahoo.com/greek-tax-officials-strike-over-salary-cuts-162419380.html

12/29/11

Greek tax officials on strike over salary cuts

ATHENS, Greece (AP) — Greek tax officials walked off the job Thursday at the start of a 48-hour strike to protest salary cuts and other austerity measures, as the government struggles to meet revenue targets demanded by the country's international creditors.

Tax offices shut down for the last two working days of the year, prompting hundreds of Greeks on Wednesday to rush to settle last-minute issues before the strike. Many handed over their car license plates, preferring to keep their vehicles off the road rather than paying an increased tax.

The Athens Chamber of Small Industries said it sent a letter to the country's finance minister, Evangelos Venizelos, urging a change in the higher road tax and arguing it was clear the government would be unable to collect the euro1.2 billion ($1.55 billion) it hoped for from the levy.

The chamber said there had been a 30 percent increase in the number of people turning in their vehicle registration plates compared to previous years. That would lead to decreased road tax revenues and hurt the economy through a fall in the consumption of fuel, vehicle spare parts and spending on car maintenance and insurance, it said.

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« Reply #58 on: December 31, 2011, 09:28:09 am »

http://news.yahoo.com/greek-bond-swap-deal-may-soon-reached-official-150220948.html

12/29/11

Greek bond swap deal may soon be reached: official

ATHENS (Reuters) - Greece could soon reach a deal with banks and private creditors on a bond swap to reduce its mountain of debt, the government spokesman said on Thursday, as it tries to resolve differences with its creditors and avoid default.
 
The deal is a pivotal part of a second, 130 billion euro ($168.3 billion) bailout package for Athens agreed by euro zone leaders in October. Greece, which faces bond redemptions of 14.5 billion euros in March, needs to seal the deal to avert a costly default.
 
"I think there will be an agreement relatively soon. I don't think there will be a problem with this deal," government spokesman Pantelis Kapsis told Real News radio.
 
"Apart from that, (the issue is) how many (bondholders) will participate, which will be seen at the end of next month or in early February," he said.

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« Reply #59 on: January 01, 2012, 10:57:04 pm »

http://www.guardian.co.uk/world/2011/dec/28/greek-economic-crisis-children-victims?CMP=EMCNEWEML1355

12/28/11

Greek economic crisis turns tragic for children abandoned by their families

Nation shocked by stories of parents forced to give up children because of poverty – but charities warn of more cases to come


Even before Greece's economic crisis engulfed his own home, Dimitris Gasparinatos found it hard to provide for his six sons and four daughters. His wife, Christina, who was struggling to make ends meet with his salary of €960 (£800) a month and welfare aid of about €460 every two months, was unhappy and desperate.

Deep in debt, the couple owed money to the butcher, baker and grocer – the very people who had kept them going in the port of Patras, west of Athens. In their tiny flat, the family slipped increasingly into a life of squalor.

"Psychologically we were all in a bit of a mess," said Gasparinatos. "We were sleeping on mattresses on the floor, the rent hadn't been paid for months, something had to be done."

And so, with Christmas approaching, the 42-year-old took the decision to put in an official request for three of his boys and one daughter to be taken into care.
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