Posted on 07/05/2015 5:44:45 AM PDT by RKBA Democrat
(Title edited due to lemgth)
Fears the central bank of Greece will collapse following today's referendum are rising as voters flocked to the polls to decide on their country's future.
[snip]
Officials are set to ask the European Central Bank (ECB) for emergency cash in a bid to stave off financial ruin following tonight's result, it has been reported.
[snip] It comes as some sources also suggested ATMs will not open this evening in a bid to save money after EU leaders threatened to withdraw the euro in the event of a 'No' vote.
(Excerpt) Read more at dailymail.co.uk ...
Here is the funny thing, though. I don’t think the EU will get the result it wants. And the current government, horrible as it is, will inadvertently do the right thing and repudiate the debt.
But the Greeks can print them. How funny if they just keeps refilling the ATMs with what amounts to government printed counterfeit money.....
No, you are stupid.
The Greeks cannot print them.
Socialism fails...all the time!!! Greeks....broom your leftist government and officially recognize “There is no such thing as a free lunch”!!! Better move quickly folks, because you are killing the golden goose that lays the golden cash egg in Greece.....the foreign tourist business!!! Wake up, fools!!!
But it takes pretty supple view of morality to see repudiation of legally contracted debts as “the right thing.”
The news media however, will report that evil capitalists in the west have turned their backs on the founders of democracy.
Greece isn't complicated. Any question you can imagine is pretty much answered when you look at it from the mind of an embezzler. Did the account have any money on June 30th? No. But pension payments hit July 1st, and many Greeks are in a race to try to withdraw their pensions before, well, you know, the check bounces.
To put it another way, the EBT gets loaded into their account, and it is how quick can you get what cash you can. And the answer, if you spent hours in line at a Greek bank, was you got 120 euros. What's going to happen to the rest of your pension? Well, the government's check is going to come back 'no such account' since they've not been able to borrow enough money to pay the credit card payment and the pension payments.
I think that’s what the Germans thought he was doing, but I don’t think that’s what he was doing.
Warm water ports
The Greeks can print Drachmas. Not Euros. If they do start printing Drachmas the future becomes pretty crazy(not that it won’t anyway).
I recall the demise of Pan Am Airlines. Their labor costs due to the unions made them unprofitable. If management was interested in fulfilling their duty to stockholders, they should have shut down, sold their assets, and declared a big dividend.
But that would have meant that MANAGEMENT would be out of work. Can't have that.
So instead they slowly sold assets to subsidize operating costs, until there was nothing left. The stockholders got nothing, but management got their fat salaries and bonuses to the end.
“Greece plans to “give the finger” to Europe...followed shortly afterwards by a request for more money.”
Sounds like one of my kids...
On the 21st of April, 1967, just weeks before a scheduled election, a junta of right-wing colonels and other army officers seized power from the Greek government in a successful coup d'etat.
The military rule ended on July 24, 1974,
Will history repeat itself?
Leni
“But it takes pretty supple view of morality to see repudiation of legally contracted debts as “the right thing.”
Between individuals, I would agree with you. In this case it’s banksters versus governments. Mafia faction versus mafia faction. Morallity doesn’t enter into it.
Regardless, the Greek government is where it’s at. You could sit there and say they coulda, shoulda, woulda done X,Y, or Z in the past. That doesn’t answer the more pressing problem of what do they do now? They’re bankrupt. They can’t service the debt now or likely ever. All the recriminations in the world don’t change that.
Repudiation screws everyone in the short run, but longer term the Greeks have the opportunity to move forward.
“Will history repeat itself?”
I don’t think the military will stage a coup, but I wouldn’t put any money on it.
I see Putin bailing them out....for a price.
Drachmas or Dollars....what's the difference???
Uh actually they can. They have printing facilities for the Euro.
http://www.businessinsider.com/greece-can-physically-print-its-own-euros-inspite-of-ecb-choke-efforts-2012-5
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