Tag Archives: Greece

John Ward – Euroblown : American Influence On The Greek Government Waning – Sources – 9 August 2012

Intrigue, austerity denial, side-deals, and economic collapse: but the bottom line is ‘debt monetisation’

Coalition dilemma…which way is up?

Senior sources close to Greek Opposition MPs are claiming this morning that those calling the shots in the ruling Coalition of Antonis Samaras do not view a return to the drachma with American support as “a viable alternative to staying within the EU”. The Troika’s abrupt change of attitude to Greece is also suggesting to some observers that “some kind of secret deal” has been done between the ECB and Athens to both reassure the Troikanauts, and keep the Greeks onside. But it’s clear the Germans aren’t on board with this. Continue reading

Mish/ Mike Shedlock – Complete Absurdity In Greece : ECB Prints Euros To Give To Greece To Make Interest Payments To ECB – 9 August 2012

No entity is willing to stand up and say the obvious, that Greece is insolvent and cannot and will not pay back its debts.

Moreover, in spite of an ECB mandate that  prohibits direct financing of governments, the ECB is doing just that.

Simply put, the ECB is printing euros, to give to the Greece, so that Greece can make interest payments to the ECB on maturing bonds. Continue reading

Der Spiegel – Printing Money The European Central Bank’s Discreet Help for Greece – 9 August 2012

The European Central Bank is now taking risky measures to help save Athens from its acute financial emergency. Increasingly, euro-zone leaders are pushing the dirty work on the ECB. In the end, though, they will likely have no choice but to pay Greece the next tranche of its bailout package. Continue reading

John Ward – ECB Policy On Greece: Yes, You Do Have To Be Mad To Work Here – 7 August 2012

It doesn’t get much sillier than this.

Earlier on Eurenders, Mario the money-changer told Stavros at the Bank of Greece that he could have more and easier access to the wonga at Mario’s Loans. But Stavros already owes Mario €3.2Billion on a previous Bond.

So Stavros asks the eurozone for a bridging loan from the ECB to pay back the Bond issued to the ECB. Eurozone says no. So Stavros asks the ECB for a further 30 days in which to cough up. Eurozone says no. Continue reading

Mish/ Mike Shedlock – Faber Says Germany Should Abandon The Euro – 2 July 2012

Marc Faber, publisher of the Gloom, Boom and Doom Report, spoke with Bloomberg Television’s Betty Liu this morning and said that, “If I were running Germany, I would have abandoned the eurozone last week.”

Faber went on to say, “In the case of Greece, one should have kicked out Greece three years ago. It would have been much cheaper.” Continue reading

John Ward – Greek Debt History : How Oapandreou And The Troika Turned Down A Second Lifeboat -29 June 2012

New Greek Finance Minister: he devised a way to get Papandreou off the hook, he steered Greece into the Euro in 2001. The plot thickens.

Yannis Stournaris

How a top German consultancy fed the Greeks a lifeline…to no avail. Continue reading

John Ward – Greek Deficit : How Berlin Encouraged Papandreou To Big-Up The 2009 Greek Deficit – 26 June 2012

Defence of German banks a key factor

Schäuble and Merkel….implicated in an incredible scam

How Venizelos fired ELSTAT moles to cover up the truth

Spanish European Commissioner backs story of international fraud Continue reading

Mish/ Mike Shedlock – Greek Finance Minister Resigns Before Being Sworn In; Cyprus Seeks Bailout From Euro Zone Partners – 25 June 2012

(Lucas: After Spain made its request official for a bailout by 100 Bn Euros the rest follows in line as forseen.)

One might think the the newly elected Prime Minister of Greece would have enough common sense to not appoint a finance minister with a history of medical problems. One might also think a person with known medical problems would turn down the position if offered because of the obvious stress. Continue reading

John Ward – Cyprus : Shock For Brussels & Troika As Putin Bids To Create Another Cuba – 21 June 2012

Cypriots close to sealing €5bn loan from Moscow

One of the problems of having your head up your backside, examining the  internal view of your navel, is that the field of vision is extremely restricted. Frau Merkel having done it again yesterday afternoon (“I never agreed to that, it’s just a theory”), things go from bad to worse as ClubMed picks up the tab for multivariate greed, and the blindness of the eurozone’s founders. Continue reading

John Ward – Euroblown : Now It Really Is, As Spain & Italy to get… – 20 June 2012

$750 BILLION

That’s $1500 for every EU citizen…to bail out two countries

Worse still, two-thirds of it doesn’t exist

Every penny of it represents completely wasted money. Why?

Because it is a muddle-through hybrid like everything Sprout & Kraut Inc do: it won’t stop the financial forest fire engulfing Europe, and it isn’t a bailout: it’s simply designed to buy up the bond debt for which Spain and Italy are liable. Continue reading