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All posts under ‘Greece’

Greeks Can’t Tap Cash, Gold, Silver In Bank Safety Deposit Boxes

Capital controls have been in place in Greece since the start of the month to protect the banks from mass withdrawals by nervous Greeks. Greeks who had prepared for bank runs by withdrawing cash and buying gold and silver bullion and then lodging that bullion and indeed cash into safety deposit boxes have also been caught up in the draconian capital controls.

Greece Just Lost Control Of Its Banks - Why Deposit Haircuts Are Imminent

One of the preconditions imposed on Greece for a deal is that it signs into law European rules that would put eurozone authorities at ECB & Brussels in charge of identifying & closing or breaking up sick banks. There will be absolutely nothing Greece can do to avoid it as on Wednesday, the government will vote to hand over its sovereignty to Europe for absolutely nothing in return.

Not Just Debt: Government Spending & Easy Money Fuel Greek Crisis

It is not debt as such that is behind the current crisis in Greece. Large government outlays and strong increases in the money supply are being ignored in most analyses of the Greek crisis. Loose fiscal and monetary policies have been instrumental in the generation of various non-productive activities that have been squandering wealth.

Greece Preparing "Alternative Currency", Kathimerini Says

It now appears increasingly likely that Greece will be forced to return to the drachma currency or will at least be compelled to issue some manner of scrip in the face of an acute cash shortage and a worsening credit crunch which together threaten to leave government employees in the lurch and cut off the flow of imported goods.

Global Capital Markets Are A Tale of Two Crises

A crack-up was always just a matter of time. Is this the time? Both have the potential to ignite a global systemic meltdown. Are China and Greece the snowflakes that start the avalanche? Probably not. The system is fragile and these crises are urgent. But they are also amenable to government responses ranging from plain vanilla bailouts to more extreme bail-ins.

Conspiracy Theory: A Greek Default Is Precisely What The ECB Wants

From an economic perspective, Greece shows “internal devaluation,” – which is a very polite way of saying plunging wages, labor costs, and generally benefits, including pensions. Goldman essentially says that it is in the ECB’s & Europe’s, best interest to have a Greek default – and with limited contagion at that – one which finally does impact the EUR lower.

Is Greece About To "Lose" Its Gold Again?

What everyone appears to be forgetting is a nuanced clause buried deep in the term sheet of the second Greek bailout: a bailout whose terms will be ultimately reneged upon if & when Greece defaults on its debt. Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal.

At The End Of The Road - Greece Prepares For Default, FT Reports

A default would almost certainly lead to the suspension of emergency ECB liquidity assistance for the Greek financial sector, the closure of Greek banks, capital controls & wider economic instability. Unfortunately for Greece, the default threat has been used, abused & denied so many times, nobody cares, or believes it will be used.

Greece Says ‘No’ To Fake Bail-Outs – Jeff Nielsen

With a sane (and apparently honest/legitimate) government achieving election in Greece; the past six years of European “bail-out” fraud is about to be fully exposed. Indeed, the recent history of Greece, alone, is little more than a road-map of fraud, conclusively illustrated by a concise summation of events.

TODAY Greece Decides: Europe... Or Russia

At precisely the same time as the FinMin is in Brussels discussing the fate of Greece in the Eurozone, the new Greek foreign minister will be in the Kremlin, getting instant updates from Brussels and perhaps discussing the fate of Greece in the Eurasian Economic Union. Put in the simplest of terms, today Greece will decide: Europe, or Russia.

Is Greece Finally Ready to Do the Right Thing & Leave the Euro?

The euro is one of the greatest monetary frauds in history & its managers have waged one of the greatest campaigns of financial terrorism in history. They have persuaded just about everyone on the planet that exiting the euro would be an unmitigated disaster for the Greek people. This is absolutely opposite of the truth.

How a Default by Greece May Sill Unravel the EU

Greece is actually in the driver’s seat. Historical evidence shows that once a country reaches such a situation it is likely to default within the next 2 years. Quotation: “If you owe the bank thousands, then you have a problem. If you owe the bank millions, then the bank has a problem.” In the current situation, it is the EU that has a problem.

Greece Recovery? 60% Of Greeks Live At Or Below Poverty Levels

A report from Greece’s State Budget Office found that three in every five Greeks, or some 6.3 million people, were living in poverty or under the threat of poverty in 2013 due to material deprivation and unemployment. Greece also ranks fourth among EU states in poverty disparity, after Spain, Romania and Bulgaria.

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