Greece’s pensioners to suffer MORE: Europe demands austerity as debt hits £268 BILLION

Desperate people campaign outside the Hilton hotel as the monied hold talks about their lives

Desperate people campaign outside the Hilton hotel as the monied hold talks about their lives

 

GREEK politicians are being told to go after the country’s already squeezed pensioners as it faces yet more austerity measures.

Germany and the International Monetary Fund (IMF) have failed to make an agreement over the conditions of a new bail out package.

And while the country’s debt bubble continues to mount, as it tries to cope with the migrant crisis from 2015, its citizens are being penalised. Continue reading

Greek bailout terms to give eurozone vast powers over policymaking

As predicted here for years, Greece will become the vassal state of a German-dominated Europe ran through the Troika. All roads lead to Berlin and its Fourth Reich. In the medium-term, look for more nations to be subjugated like Cyprus and Greece. They will be destroyed and rebuilt in order to form a United States of Europe.

 

The Greek government is to surrender powers over vast areas of economic and social policymaking to its eurozone creditors under draconian terms agreed for a new three-year bailout.

The 29 pages of conditions concede ultimate authority over much of Greek policymaking to the eurozone and establish a system of quarterly reviews of the reforms by the troika of institutions – the European commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) – representing the creditors.

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Greek Economy Faces Total Collapse As Doctors Flee, Retail Sales Plunge 70%

Back in May we outlined the cost to the Greek economy of each day without a deal between Athens and creditors.

At the time, a report from the Hellenic Confederation of Commerce and Enterprises showed that 60 businesses closed and 613 jobs were lost for each business day that the crisis persisted without a resolution.

Since then, things have deteriorated further and indeed, with the imposition of capital controls, businesses found that supplier credit was difficult to come by, leading to the very real possibility that Greece would soon face a shortage of imported goods, something many Greeks clearly anticipated in the wake of the referendum call as evidenced by the lines at gas stations and empty shelves at grocery stores. Continue reading

A New Problem For Greece Emerges: How To Do the Russian “Unpivot” After Capitulating To The Troika

While Greece is collectively scratching its head why Tsipras et al were at loggerheads with Europe for 4 months, during which time the Greek economy entered a recession and saw its banks not only depleted of all cash but become de facto wards of the ECB, just to reach an “agreement” that could have taken place back in February, and attention shifts to just how Tsipras will pass last night’s impromptu capitulation through hard-line leftist parliamentarians, Greece now has another problem: how to unpivot the aggressive pivot toward Russia in the past few months, which culminated with the signing of an energy deal last week in St. Petersburg.

It goes without saying that if Greece is scrambling to go back into the Troika’s good graces, Belgium will make it very clear that any overtures to Putin are to be “cease and deceased” (sic) immediately. Which opens a can of worms for the Marxists in government: how to slam shut the door to their ideological Plan B, when everyone knows the Grexit fiasco will repeat again in a few months, and Greece will again be knocking on the Kremlin’s door. Continue reading

The Greek Proposal – No End to the Crisis by Any Means

The Greek proposals included higher taxes and welfare charges and steps to curtail early retirement. This is simply more deflationary pressure that will crack Greece apart. However, Prime Minister Alexis Tsipras is not prepared to cut nominal pension or wage cuts first sought by lenders, which would more likely than not spark revolution. Tsipras was elected in January on a promise to end austerity measures, also appeared to have avoided raising value added tax on electricity or loosening job protection laws. He is not fulfilling the will of the people making his election highly questionable. He refuses to look at the Greek economy or the Euro. All he is doing is trying to now support Brussels over his own country – a VERY BAD MOVE. Continue reading

Greek GDP: The Shocking Reality Vs IMF Forecasts; And Who Is To Blame For The Greek Implosion

With a Greek default, shortly followed by a Grexit, a collapse of the “irreversible union” (but… but… “political capital“), and ultimately the end of the latest European monetary union experiment (the latest in a long and illustrious series of prior failures) now seemingly imminent, the blame game has begun. As the NYT noted overnight “the recriminations that would then fly would be so bitter that they would inflict a second round of damage.”

But who is really to blame? Continue reading

Greece To Tax Bank Transactions, Says IMF “Won’t Get Any Money” On June 5

On Monday we got still more bad news for Greece. Around one-third of Angela Merkel’s Christian Democratic bloc opposes further aid for Athens meaning the Chancellor faces an uphill battle in convincing German lawmakers to keep Greece on life support. Meanwhile, a new report from the Hellenic Confederation of Commerce and Enterprises suggests that each day without a deal costs the Greek economy €22.3 million.

Not to put too fine a point on it, but Tuesday’s headlines are even worse. Continue reading

Greece introduces tax on bank withdrawals as elitists seek to criminalize cash

(NaturalNews) The Greek financial crisis continues to escalate, as the government recently put in place a controversial revenue-generating policy aimed at improving its economic position at the expense of its citizens.

The government will introduce a “surcharge” — really, just a tax on cash — for all cash point withdrawals, such as at banks or at ATMs, in what is proving to be a last-ditch, desperate attempt to prevent citizens from taking their money out of beleaguered financial institutions altogether.

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Greece Could Earn Hundreds of Millions of Euros From Turkish Stream – Putin

As a reminder, don’t count Greece out mainly due to the energy factor. They could very likely be a regional oil & gas hub for the European continent that’s too important to let go. Therefore, don’t be surprised if the Troika gives a few concessions towards the increasingly desperate and belligerent Greeks. Where the energy supplies actually come from, be it from Russia or another Mediterranean land such as Cyprus, is yet to be seen — although the latter would break Europe free from Russia.

 

MOSCOW (Sputnik) — The Turkish Stream gas pipeline could help Greece become one of the main power distribution centers in Europe, President of Russia Vladimir Putin said. Continue reading

Greece Ousted from Index of ‘Developed’ Countries

Like other countries within the region that are yet to go into full-blown crisis, Greece failed from the beginning, and what’s more is that it was known. A second supporting link can be found here, from Spiegel Online.

The latest setback for Greece: booted the euro-zone member from its index of developed countries.

The decision, announced late Tuesday, is the first time the index provider demoted a country from its “developed” to its “emerging-market” category since the launch of its flagship emerging-markets index in 1987.

It affirms what investors have believed for years. Multiple bailouts by the European Union and the International Monetary Fund, a sharp contraction in gross domestic product and a still-large debt burden mean Greece now has more in common with Hungary than France. Continue reading

Apocalypse Fairly Soon

Suddenly, it has become easy to see how the euro — that grand, flawed experiment in monetary union without political union — could come apart at the seams. We’re not talking about a distant prospect, either. Things could fall apart with stunning speed, in a matter of months, not years. And the costs — both economic and, arguably even more important, political — could be huge.

Europe’s answer has been austerity: savage spending cuts in an attempt to reassure bond markets. Yet as any sensible economist could have told you (and we did, we did), these cuts deepened the depression in Europe’s troubled economies, which both further undermined investor confidence and led to growing political instability.

And now comes the moment of truth.

So now what? Right now, Greece is experiencing what’s being called a “bank jog” — a somewhat slow-motion bank run, as more and more depositors pull out their cash in anticipation of a possible Greek exit from the euro. Europe’s central bank is, in effect, financing this bank run by lending Greece the necessary euros; if and (probably) when the central bank decides it can lend no more, Greece will be forced to abandon the euro and issue its own currency again.

This demonstration that the euro is, in fact, reversible would lead, in turn, to runs on Spanish and Italian banks. Once again the European Central Bank would have to choose whether to provide open-ended financing; if it were to say no, the euro as a whole would blow up.

Full article: Apocalypse Fairly Soon (NY Times)