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    The Makings of a Perfect Storm

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    Technician
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    The Makings of a Perfect Storm

    Post by Technician on Wed 21 Sep 2011, 1:16 pm

    Hi Everyone,

    Thought these comments were best posted on here, although consumer issues would do; as the coming crisis will be damaging to us all. I hope it is now becoming clear to all the 'Euro Luvvies' who may contribute on here ( oops !!!!) that the current crisis in the EU and the decimation of Greece is akin to 'going to hell on a handcart'

    Greece has now only 24 days cash left. If it does not get the bailout by the Europeam Bank ( 8 Billion ) then public sector services will go into terminal decline. The lights will go out, civil servants will not be paid ( thats before they plan to make another 100,000 redundant ).

    Employment is now over 1 million ( in a country of 11 million ) Riots continue on the streets, there is an exodus from the city's back to agricultural land, where many people hope they can get a better living. Civil disorder is growing, and people are tearing up and burning their tax demands. After contracting in 2009 and 2010, GDP fell by a further 7.3% in the second quarter of 2011.

    Bartering has appeared among the poor and the not so poor. Medical services in working-class areas are running low on basic provisions. Schools and transport are disintegrating. The budget deficit for 2011 is on course for 10% of GDP, when the target was slightly above 7%. The debt-to-GDP ratio could reach 200% in 2013, up from 115% in 2009. Still the muppets at the EU refuse to accept that Greece has not a hope in hell of paying back this money. They are treating a patient with terminal illness with a sticking plaster in the desperate hope that it will not default and stay in the Euro.

    In early September they blackmailed Greece: Take further austerity measures or there will be no more lending. The government has buckled, introducing the equivalent of a heavy poll tax on property. There will probably be mass layoffs of civil servants, further wage and pension cuts, still higher indirect taxes, and so on....the pain continues. In practice Greece is on the brink of defaulting and abandoning the Euro. Although none of the major parties is prepared to acknowledge it; or the muppets in the EU. The tragedy is that Greece now has a far weaker economy than in 2010. It is likely, therefore, that there will be major economic and social upheaval with unpredictable outcomes.

    Those money grabbing, self servicg EU Mandarins are now starting to see their 'integration' plans and the common currency falling apart. They are not particualrly worried about you or me, or the pissed off general public of Greece, but about maintaining the status quo so they can continue to line their own dirty pockets.

    What the hell is this country doing continuing to pay into this criminal 'club' ? So here we are; Greece on the brink. Italy with a decreasing credit rating and ruled by an 'eight in the bed' randy prime minister, and Britain with continuing poor growth and its own levels of rising discontent.

    How much more of a message do the 'Euro Luvvies' need that this enterprise is a busted flush. Its not when will Greece default and leave the Euro, but how quick it will happen.

    Technician
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    papa_umau
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    Re: The Makings of a Perfect Storm

    Post by papa_umau on Thu 22 Sep 2011, 12:03 pm

    Yes Technician, Greece is certainly in a bad way.

    The thing is....If the big and rich and powerful members of the EU allow Greece to pull them down they would be foolish if not reckless.

    Greece has ways of dealing with its terrible debt problem and I think that once it is clear that this country may default on it's debt liabilities one of two things will happen.

    1). Either Greece will bring out emergency powers in order to stabilise it's economy and it will accept the protests that this will cause on the streets of the country. ( A difficult but an unavoidable action if Greece wants to stay as a member of the EU ).

    OR...

    2). The European Union will threaten to expel Greece and this threat would allow it to fail and this act would stop the Greek problems from spreading to the rest of the union. Of course if this does happen all of the countries that are holding debts for Greece, especially Germany and Britain will be forced then to write off these debts.

    Any actions along these lines would be done to ensure that the European Union continues.

    What must NOT be done is for the member states to panic as if that happens the whole setup may come crashing down.

    I am sure that the "antis" in UKIP and other similar organisations would just LOVE this to happen, but I don't think it will as the long term results would be catastrophic for any country that is fully committed to the European Union.

    THEY...are just not going to allow this to happen !


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    zathrus
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    Re: The Makings of a Perfect Storm

    Post by zathrus on Thu 22 Sep 2011, 12:40 pm

    I'm with you on this one Technician.

    One of the words that was used that was said when the banks crashed was "toxic" debts and I think that these debts now suffered by Greece are as toxic as they come.

    Mind you Ireland got out of the hole as did Iceland and if they can weather that "perfect storm" I see no reason why Greece can not too.

    As Paps says, the rest of the European Union do not want to get dragged under by Greece's debts and they will do what is required to be done to ensure that that does not happen.

    It is all going to come to a head very soon I think.
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    Re: The Makings of a Perfect Storm

    Post by papa_umau on Fri 23 Sep 2011, 12:28 pm

    Yes Zath' the debts that Greece are carrying at the moment ARE "toxic" as many of the more successful European countries are holding these debts and are terrified that Greece may default.

    Personally I cannot see Germany or France or any of the other founder-members of the European Union allowing Greece to go bankrupt as they all know that whatever happens, Greece are once again - after all of these problems are dealt with - going to be a viable member of the European Union club.


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    Angie baby
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    Re: The Makings of a Perfect Storm

    Post by Angie baby on Sat 24 Sep 2011, 12:33 pm

    I think that we should just wait and see what happens as I really cannot see the central European bank letting Greece default as if it does they might then see a run on the Euro that could lead to Italy defaulting and then Spain defaulting and then disaster befalling the EU.

    That is just not going to happen.

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    Re: The Makings of a Perfect Storm

    Post by Guest on Sun 25 Sep 2011, 4:30 am

    Why were they allowed to borrow the money in the first place? What about the people whose money they borrowed? Everyone talks about default like it is a simple solution without realising it is your money they have stolen. I want it back - I don't care if there is rioting on the streets of Athens. There will be rioting on the streets of Clapcoland if I don't get it.

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    papa_umau
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    Re: The Makings of a Perfect Storm

    Post by papa_umau on Sun 25 Sep 2011, 1:08 pm

    Obviously by that talk you don't have a clue how governments and countries and yes, even corporations work.

    The world revolves around credit and without the ability to borrow many countries and companies would just stagnate or go backwards.

    What has to be done, ( and the Central European Bank are doing it right now ), is to ensure that countries, ( just like some individuals ), do not get themselves too deeply into hock with these loans from other countries.

    This, in today's climate of global stress and financial pressure, is hard for even the best of countries to avoid.

    Just be assured that Greece and Italy and Spain - who are also in trouble - will not be allowed to fail as that would do serious damage to the whole of Europe.

    I guess that the only thing that is left to do is to "watch this space".


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