Default imminent.
We said this weeks ago. It was the best option for the Greeks, and, as a bonus, it will be the beginning of the end for that foulsome thing, the bastard european union.
Read all about it here.
~snippet~
"They also abruptly shifted tack in the eurozone debt crisis by raising the possibility of using the eurozone's bailout fund to buy back Greek debt on the markets, meaning sizeable losses for Greece's private investors and reduced debt levels for Athens.
Following 12 hours of fraught negotiations in Brussels haunted by the risks of contagion in the eurozone spreading to Italy, now being targeted by the financial markets for the first time in the 18-month crisis, the 17 governments of the eurozone pointedly failed to rule out a sovereign debt default by Greece."
and
"Accepting that a Greek default was now impossible to avoid, EU governments are hoping it will be brief and "selective", not triggering a "credit event" on the financial markets that could wreak havoc on the credit default swap markets, also in the US, and unleash contagion."
Now that wasn't what they were saying a few weeks ago, was it?
They (the EU Scum) should swing by here more often.
Next up: Italy's downfall.
CR.
15 comments:
I think you are being very unfair to those nice, well-meaning Nazis of the EU especially as they will now be making it compulsory to learn the new EU National Anthem.
THREE WHEELS ON MY WAGON
(Burt Bacharach / Bob Hilliard)
A sneak preview here:-
http://www.youtube.com/watch?v=6SeZe1CKRv8
George,
You are quite right.
I shall say 3 Hail Mary's.*
* Please can someone forward instructions?
Loved the song. The Europhiles are definitely NOT singing a happy song these days though....
CR.
This is the best possible news! Off topic CR many tks for your personal comments on my blog on 10th July. It was a very kind act and much appreciated.
Good News, CR! The EU can't go away fast enough.
Bry,
You'd be there for me if I needed kind words to get me through a tough day.
No thanks necessary.
CR.
Bunni,
I am stocking up on champagne for when the big day arrives!
There IS light at the end of this dark tunnel.
CR.
George in the words of Jim Royle........EU National Athem my arse!
Anthem even!
Ranty can see into the future :O lol
They won't be allowed to default until the Greek Govt has sold off all the national assets to Latsis and his placemen on the EU committee charged with controlling the auction. To the lowest bidder of course.
Coming you a country near you soon...
Sorry, that should have read "coming to a country near you soon"....to much Merlot with lunch!
Or maybe not enough. Word verification is tedly. It's more like tiddly where I'm sitting :)
Rossa,
"...to much Merlot with lunch!"
Heresy! You can NEVER have too much Merlot.
If the Greeks have a pair, they will hang on to all of their sovereign territory. No country should be made to flog off national assets to service stupid debts.
CR.
'There IS light at the end of this dark tunnel.'
Capt'n make sure it's not the light of the oncoming train first though.
Anyways, if Greece defaults, best of luck with that. Let's see how they'll cope when having to live within their means. Being statists and all that.
Damo
The woman at the end had sort of half a clue, though she could extend that sentiment to all banks! I mean why do we even need them anymore with things like bitcoin around? I'm hoping to start up an online bitcoin shop soon, we need to take back control of our own affairs! Let the people who took out use loans deal with it!... If you haven't agreed any repayments then you owe nothing!
Selective default was mentioned in the previous posting - possibly not quite the halcyon way forward we hope it to be!
Greece will become a footnote soon as the "contagion" has spread to Italy, which is of sufficient importance to make the BBC break away from its slaying of NewsCrap and ritual worship of the fuckwit that is Robert Peston, at least for a moment or two.
From behind the Paywall, Bilderberger and Times columnist Anatole Kaletsky makes it plain - "the EU faces an immediate decision: political union or scrap the euro".
While naturally the latter course is to be preferred so that this insanity can finally be ended, it is quite likely that those who've hitched their wagons to the EUSSR will go for the former instead.
Kaletsky: "The broad outline of a solution is clear enough, since there is only one real alternative to the break-up of the euro. This is to reinforce the single currency with an EU fiscal policy, administered by an EU finance ministry and backed by rapid progress towards a federal political union."
The mechanisms are all there but the Eurocrats were counting on two or three more years to "soften up" public opinion within the Eurozone before land-grabbing what remains of its members' national sovereignty.
I'd wager they'll try anyway, using the contagion as a basis (PRS again); though it's a wager I'm happy to lose.
Meanwhile, closer to home, it's a good day to bury bad news.
Dear HM Treasury: get stuffed.
Regards
TSL
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