Posted on 06/21/2015 7:56:25 PM PDT by canuck_conservative
Either Greece’s banks will open on Monday and Christos Dranos’s butcher’s shop will still be in business. Or they won’t and his shop and the country’s ties to the Euro will be in serious peril....
Greece’s banks suffered a €4.2 billion ($5.8 billion) run last week ahead of an emergency European Union summit called for Monday in Brussels on the country’s deepening debt crisis and the continuing standoff between Athens and its foreign creditors....
A continuing rush for cash at ATM machines over the weekend suggests that panic has already set in. But beaches and coffee shops in Athens were as packed as ever — as was the Parthenon, underlining that at least the country’s last viable major industry, tourism, is still prospering....
Still, many Greeks remain convinced that the EU, the IMF and the European Central Bank are bluffing and that they will once again come through with funds at the last minute, as happened in 2012, and that Greece will not have to drop the euro, a possibility that has become known as the “Grexit.”
“They cannot let Greece collapse. Too much money is involved,” predicted a senior executive with one of Greece’s most well-known hotels, who offered only a first name because he was not authorized to speak publicly about such a sensitive subject. “I believe that Greece will get a further credit extension.”....
Although Prime Minister Alexis Tsipras was in Brussels for backroom talks over the weekend, there is not much reason for optimism. His hard-left government, which was elected in January on a promise to end austerity, has not yet shown any signs that it is willing to undertake the cuts and tax rises that the EU and the IMF have demanded....
The paradox is that, while 74 per cent of Greeks want to ....
(Excerpt) Read more at news.nationalpost.com ...
Or have they had enough?
Hey world .... the sooner you say 'no' ... the sooner it can be fixed.
Too big to fail!!!
So, keep they keep flushing money into the sewer. ...................... I have no idea what will happen, but my friend who knows Europe intimately predicts not only collapse, but war. Soon.
I’d say 50/50 as to whether the EU capitulates. They want to, but I’m not sure the IMF is on board at this point. Mlle. Lagarde seems to have gotten her fill.
...... Not to worry ..... Out of the goodness of their little hearts...... Russia or China will step in to give them a much needed economic boost. Heck ..... The Prez of Faux America will probably give them a medal for their economic courage.
Failure to remove the cancerous tissue (Greece) now will just allow the cancer to spread.But nobody who counts cars about that.
Five years they’ve been at this stalemate.....taking the entire EU on a ride...and dancing on Putin’s doorstep as they do.
Maybe time to cut them loose and let Greece go solo....do I hear A Marshall Plan type aid coming from Russia in the works?
To avoid a medium sized collapse today they will foster a enormous collapse later...
They wuz Russian shoppers looking for a price tag...
Heck, that is even true for the USA for the last 8 years (or more).
Ah, kick the can down the road some more.
It's much more likely they'll mismanage it, in which case Greece will self-destruct as hungry crowds riot in the streets, and the EU will plod along a bit longer while experiencing the "death of a thousand cuts".
i want to make some money off of this. i wonder how one can short the euro.
from a web search the first thing that pops up is td direct trading page with an example for euro/usd. interesting...
Think you can beat the HFTs with light speed connections to the currency desks, eh?
Only if I have a giant microwave oven...
Seriously: For a lot of HFTs, optical fibre is still too slow—the technology used in current transatlantic cables, for example, does not *begin* to approach the speed of light—as most people know, glass has excellent refractive properties...
They’ve moved on to direct, point-to-point wireless links. Lasers, satellites, microwave, millimetre-wave transmissions...oh my.....(in Takei’s inflection)
...Greece's banks suffered a €4.2 billion ($5.8 billion) run last week... A continuing rush for cash at ATM machines over the weekend suggests that panic has already set in. But beaches and coffee shops in Athens were as packed as ever -- as was the Parthenon, underlining that at least the country's last viable major industry, tourism, is still prospering... many Greeks remain convinced that the EU, the IMF and the European Central Bank are bluffing... "They cannot let Greece collapse. Too much money is involved," predicted a senior executive with one of Greece's most well-known hotels... "I believe that Greece will get a further credit extension."... Prime Minister Alexis Tsipras['] hard-left government, which was elected in January on a promise to end austerity, has not yet shown any signs that it is willing to undertake the cuts and tax rises...
“If Greece exits the EU and manages it well (highly unlikely) it will be the end of the EU as other member nations suffer “Greek envy”. “
That is why they have to make an example out of Greece. Radical leftists want to take over in larger European countries, and renounce their debts as well. The Podemos Party is rising in Spain.
Europe has prepared for a Greek default for years, it would be much harder to absorb larger countries defaults, everytime leftists win an election. It would be a huge incentive to elect leftists, just to get out of debt.
It is coming down to the wire, and Monday could well be it for Greek Default in terms of decision, even if it won’t be final until the 30th. If things don’t go well on Monday, emergency measures like closing banks and such could start hitting by Tuesday.
I imagine that will happen, one way or another. Even if it’s Russia or China stepping in.
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