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Europe Crisis Deepens As Chaos Grips Greece
Wall Street Journal ^ | 05/05/2010 | Wall Street Journal

Posted on 05/05/2010 4:36:30 PM PDT by The Magical Mischief Tour

ATHENS—Greece's fiscal crisis took a new turn to violence Wednesday when three people died in a firebomb attack amid a paralyzing national strike, while governments from Spain to the U.S. took steps to prevent the widening financial damage from hitting their own economies.

U.S. Treasury officials have been quietly urging their European and International Monetary Fund counterparts to put together a Greek rescue plan more quickly to contain the damage, it emerged Wednesday, as U.S. policy makers worry the continent's problems could undermine a U.S. recovery much as U.S. housing woes hammered Europe in 2008.

In Spain, rival political leaders came together Wednesday with an agreement that aims to shore up shaky savings banks by the end of next month. Investors, meanwhile, are pouring money into bonds of countries seen as less exposed to the crisis, from Russia to Egypt.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Breaking News; Business/Economy; Government
KEYWORDS: chaos; crisis; deepens; economy; engulfs; europe; european; firebomb; fiscal; greece; greek; grips; spain; strike
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1 posted on 05/05/2010 4:36:30 PM PDT by The Magical Mischief Tour
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To: The Magical Mischief Tour

Damage, public sector unions making high wages and unsustainable pensions.


2 posted on 05/05/2010 4:39:44 PM PDT by Tarpon ( ...Rude crude socialist Obama depends on ignorance to force his will on people)
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To: The Magical Mischief Tour

I’m not versed in European history, but we seem to see this movie many times.

Interesting though that it isn’t the workers rising up against the capitalists and industry. Rather those who receive government benefits rising up against the government cutting their benefits.

Hopefully this isn’t us in five or ten years.


3 posted on 05/05/2010 4:39:47 PM PDT by SteveAustin
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To: SteveAustin
Oakland Is About To Go Bust
4 posted on 05/05/2010 4:42:49 PM PDT by blam
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To: The Magical Mischief Tour

I guess I just don’t udnerstand why they are doing this? How can they not understand that there is no more money to give them? They act like spoiled children who refuse to take no for an answer. I could see this happening with our own government workers and welfare recipents.


5 posted on 05/05/2010 4:44:24 PM PDT by chris_bdba
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To: The Magical Mischief Tour
somewhere on this site I posted "world bailout within ten years."

bump that.

If the Apocalypse hadn't been written, it would have to be...

6 posted on 05/05/2010 4:44:47 PM PDT by the invisib1e hand ("gentle when stroked, fierce when provoked")
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To: The Magical Mischief Tour

We were hoping to take a Med cruise next fall.. hope they get things under control in Greece.. and EUrope by then

I’m too old to play Tommy Commando anymore..


7 posted on 05/05/2010 4:50:32 PM PDT by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Chuck DeVore - CA Senator. Believe.)
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To: chris_bdba

1 in 3 Greeks are government employees.

Sound familiar?


8 posted on 05/05/2010 4:53:48 PM PDT by dragnet2
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To: blam

California, as a whole, is Greece writ large. Our fiscal problems exactly mirror the Greeks, except that Cali’s economy is more than five times larger than Greece’s.

That’s gonna leave a mark when it blows up.


9 posted on 05/05/2010 4:55:46 PM PDT by absalom01 (Claire Wolfe, call your office.)
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To: absalom01

In California, 1 in 7 are government employees.... 1 in 3 Greeks are government employees.

It’s getting there.


10 posted on 05/05/2010 4:57:51 PM PDT by dragnet2
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To: The Magical Mischief Tour
"For 30 years the Greek people have been held hostage," said Periandros Athanassakis, 48, a garbage collector in Piraeus, the port near Athens. "Those who stole the money should pay."

Athanassakis sounds like a Palestinian.

11 posted on 05/05/2010 5:02:52 PM PDT by mlocher (USA is a sovereign nation)
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To: SteveAustin
Try last week.


12 posted on 05/05/2010 5:04:24 PM PDT by Leisler
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To: The Magical Mischief Tour

So it’s really a WORLD crisis. Not just GS. HUMMMMM..this kind of stuff can get REALLY ugly fast. and everyone knows that euro radicals are not adverse to killing people.


13 posted on 05/05/2010 5:05:28 PM PDT by Marty62 (marty60)
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To: Marty62

Mutually assured economic destruction.

Ain’t globalism grand?


14 posted on 05/05/2010 5:18:42 PM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: Leisler

Please tell me that is a Photoshopped sign.

If not that picture should be on every billboard in America.


15 posted on 05/05/2010 5:18:43 PM PDT by mowowie
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To: SteveAustin

Us in 5 to 10 years? Try the end of this years or sooner.


16 posted on 05/05/2010 5:20:31 PM PDT by Frantzie (McCain=Obama's friend. McCain/Graham = La Raza's Senators & Estefan-Rubio)
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To: SteveAustin

A remember about 5 years ago, Larry Kudlow was predicting this was coming to Europe. He was commenting on the Paris rioting over them trying to raise the hourly work week and make it easier for employers to fire non-productive workers.

He said Europe was due for a major economic spanking and it wasn’t going to be pretty. That’s its socialist model of public sector subsides for the majority of their job creation was a total recipe for disaster. Because their abysmal private business development created such low GDP rates, and bloated pension and welfare benefits that promised payouts in the millions for paying very little into it (are you listening California????) had so crossed the point of no return line, that major recessions and entire governments declaring bankruptcy was on the way.


17 posted on 05/05/2010 5:22:16 PM PDT by Proud_USA_Republican ("The problem with socialism is that you eventually run out of other people's money.")
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To: Frantzie
Us in 5 to 10 years? Try the end of this years or sooner.

These are the good ol' day's.

18 posted on 05/05/2010 5:23:25 PM PDT by EGPWS (Trust in God, question everyone else)
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To: mowowie

It’s real.


19 posted on 05/05/2010 5:23:38 PM PDT by Leisler
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To: The Magical Mischief Tour

The globalist elite banks have thrown the Greek economy in the toilet by design so that they can financially enslave it. That’s why.


20 posted on 05/05/2010 5:29:02 PM PDT by myknowledge (B.H. Obama's just a frontman. A frontman for who? The globalist elite, stupid!)
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To: Leisler

That has got to be an agent provocatuer. Even a lefty Latin American wouldn’t be that dumb.

Tea Party folks don’t like it when the left does that to us, and I don’t think we should approve it when somebody else does that to the left. It ain’t fair.


21 posted on 05/05/2010 5:30:30 PM PDT by livius
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To: dragnet2

I think the UK has more then 1 in 3 as govt employees.


22 posted on 05/05/2010 5:31:05 PM PDT by Frantzie (McCain=Obama's friend. McCain/Graham = La Raza's Senators & Estefan-Rubio)
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To: myknowledge

I don’t want to print one worthless dollar for these communists. NO US MONEY!!! I get around and the mood of this country is getting real bad. I think something could blow.(pray no). People I talk to are PISSED!


23 posted on 05/05/2010 5:34:02 PM PDT by rogertarp
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To: SteveAustin

This movie’s worse - it’s gonna jump off the screen and infect us all...


24 posted on 05/05/2010 5:34:02 PM PDT by GOPJ ("Draw Mohammad Day" - - May 20, 2010 - Draw for freedom - draw for your children's freedom.)
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To: Leisler

Where did you get that? I`d like to download it myself. I`d pay real money to have that turned into a nice big poster.


25 posted on 05/05/2010 5:34:13 PM PDT by nomad
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To: The Magical Mischief Tour

How can we think about bailing out Greece when several of our large states are at the edge of bankruptcy?


26 posted on 05/05/2010 5:38:22 PM PDT by Rocky (REPEAL IT!)
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To: nomad; livius

http://market-ticker.denninger.net/


27 posted on 05/05/2010 5:39:02 PM PDT by Leisler
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To: SteveAustin

Five or ten years? What an optimist.


28 posted on 05/05/2010 5:41:21 PM PDT by little jeremiah (http://lifewurx.com - Good herb formulas made by a friend)
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To: mowowie

It was discussed on a thread today, can’t remember the exact title but it was specific about that sign. Levin? Horowitz? With I could remember. If you check today’s articles you’ll find it.

The conclusion was that it is not photoshopped.


29 posted on 05/05/2010 5:43:15 PM PDT by little jeremiah (http://lifewurx.com - Good herb formulas made by a friend)
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To: The Magical Mischief Tour

Coming soon to a nation near you. :)


30 posted on 05/05/2010 5:43:23 PM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: SteveAustin

Ooooooo... I certainly hope so. The moochers out in the open - bring it on. Loot my part of town, baby! I’ve got a little friend I want you to say hello to.


31 posted on 05/05/2010 5:45:56 PM PDT by farlander (Sic Semper Tyrannis)
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To: The Magical Mischief Tour

Imagine if there was only one salary, and everybody made it. Then we could all go ahead and do our jobs, whatever our abilities were, but we’d do it for the love of the work and for our common good. Wouldn’t that be grand?


32 posted on 05/05/2010 5:54:38 PM PDT by ichabod1 (Can around 25-30% moonbat base really steal the country from us and hold it?)
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To: Leisler

I heard some in Greece are saying “We gave the world Democracy. You OWE US!”

Looks like the less equal animals are rising up against the pigs. There Will Be Blood.


33 posted on 05/05/2010 5:56:14 PM PDT by ichabod1 (Can around 25-30% moonbat base really steal the country from us and hold it?)
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To: Leisler

Wow... you’ve GOT to be kidding me.


34 posted on 05/05/2010 6:07:06 PM PDT by TheZMan (Just secede and get it over with. No love lost on either side. Cya.)
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To: Leisler; mowowie

It’s at Leisler’s link to Denninger. Down towards the bottom of the page.


35 posted on 05/05/2010 6:10:12 PM PDT by little jeremiah (http://lifewurx.com - Good herb formulas made by a friend)
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To: chris_bdba
I guess I just don’t udnerstand why they are doing this?

It's all part of the socialist agenda. Get useful idiots to join World Worker's Party type of groups to cause enough strife that eventually capitalism collapses. It has been happening been incrementally for decades and now the push is on.

36 posted on 05/05/2010 6:10:57 PM PDT by RedMDer (Throw them all out in 2010... Forward with Confidence! Forward!)
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To: ichabod1

At the business end of a firearm too!!! Long live Marxism! Workers of the World Unite!


37 posted on 05/05/2010 6:14:02 PM PDT by erikm88
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To: GOPJ

Greece is succubing to anarchy. No one seems to bein charge. This will not end well. Even if they get a bailout, that money is already gone. ANSWER has itself a victory there.


38 posted on 05/05/2010 6:19:40 PM PDT by MestaMachine (De inimico non loquaris sed cogites- Don't wish ill for your enemy; plan it)
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To: MestaMachine

succumbing

scusa


39 posted on 05/05/2010 6:20:42 PM PDT by MestaMachine (De inimico non loquaris sed cogites- Don't wish ill for your enemy; plan it)
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To: myknowledge
"The globalist elite banks have thrown the Greek economy in the toilet by design so that they can financially enslave it. That’s why."

You hit the nail on the head.

Goldman Sachs is up to their rear-ends in the Greek financial mess

"U.S. Treasury officials have been quietly urging their European and International Monetary Fund counterparts to put together a Greek rescue plan more quickly to contain the damage, it emerged Wednesday, as U.S. policy makers worry the continent's problems could undermine a U.S. recovery much as U.S. housing woes hammered Europe in 2008."

International Monetary Fund: US Governor Timothy F. Geithner, Alternate Governor: Ben Bernanke. The US has roughly a 17% stake in the IMF. Translation: We are already helping bail out Greece.

40 posted on 05/05/2010 6:21:35 PM PDT by Bokababe (Save Christian Kosovo! http://www.savekosovo.org)
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To: The Magical Mischief Tour

It is very simple. Those who have conscripted wealth away from those who earn it and entitle those who don’t now have to face reality. Those who earn won’t and those who won’t get will riot.

Nice freaking mess, Socialists.


41 posted on 05/05/2010 6:36:54 PM PDT by Shady (The Fairness Doctrine is ANYTHING but fair!!!!)
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To: SteveAustin
"I’m not versed in European history, but we seem to see this movie many times."

Greece has been a mess for decades. There is a really strong communist element in Greece, and it has been riddled with domestic strife since long before the 2nd World War.

What's happening today in Greece I believe foreshadows what is to come in many of the European countries with over-indulgent social programs.

Too many people have become far too accustomed to government largess. It's an unsustainable model.

42 posted on 05/05/2010 6:37:24 PM PDT by OldDeckHand
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To: Bokababe

And in Greece, who gets the bailout dollars? The banksters get the lion’s share, while the political elite pick up the rest.


43 posted on 05/05/2010 6:43:22 PM PDT by myknowledge (B.H. Obama's just a frontman. A frontman for who? The globalist elite, stupid!)
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To: EGPWS

These are the good ol’ day’s.

Yeah, I was telling an employee the same thing. I told him wait until the cannibalism starts.


44 posted on 05/05/2010 6:53:46 PM PDT by lookout88 (.combat officer's dad,)
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To: Frantzie
I think the UK has more then 1 in 3 as govt employees

Maybe 1 in 3 is a government employee, another third actually works for a living, and the remaining third is on the dole.

45 posted on 05/05/2010 7:03:16 PM PDT by behzinlea
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To: Leisler

Damn.

I’d like more proof that it is real. If so, it’s a bombshell.


46 posted on 05/05/2010 7:04:17 PM PDT by CriticalJ (Suppose you were an idiot. And suppose you were a member of Congress.. But then I repeat myself. MT)
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To: behzinlea

I thought the NHS was one of the largest employers in teh world with something like 720,000 employees largely providing lousy health care in filthy hospitals.


47 posted on 05/05/2010 7:08:38 PM PDT by Frantzie (McCain=Obama's friend. McCain/Graham = La Raza's Senators & Estefan-Rubio)
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To: chris_bdba
They act like spoiled children who refuse to take no for an answer. I could see this happening with our own government workers and welfare recipents.

They cannot admit they have made a mistake. They will never admit socialism/communism is a failure. Even though the first large nation to embrace it collapsed (Soviet Union) and nations that have only partially embraced socialism are now sitting on total debts close to and over 1 trillion dollars each. These leftist pukes would rather burn bank employees alive then admit they were wrong.

48 posted on 05/05/2010 7:12:00 PM PDT by justa-hairyape
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To: The Magical Mischief Tour
Legitimate protests have been hijacked by violent animals. But the anarcho-commies and their illegal alien comrades. We pray for the safety of police. They have to unfortunately carry out failed and socialist policies of the government.

Greece needs to grow its economy aggressively and it cannot do so when it is chained to the Euro and ECB.

So an orderly and rapid exit from the Euro is essential to restore competitiveness. It is possible that a move away from the Euro will result in a run on the banks but it does not have to be so. The government can decide to allow all deposits currently in euros to remain in this currency while introducing a “new drachma” for payments and salaries.

The “new drachma” can be originally set at parity with the euro and allowed to freely move in the markets. It may decline precipitously originally, but if Greece resumes fast growth, it would recover some of its value.

It shouldn't take long.

49 posted on 05/05/2010 7:15:53 PM PDT by eleni121 (For Jesus did not give us a timid spirit , but a spirit of power, of love and of self-discipline)
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To: Leisler

The crowd you show would be a great excuse to open up on them with something belt-fed-!


50 posted on 05/05/2010 7:30:46 PM PDT by imjimbo (The constitution SHOULD be our "gun permit")
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