Athens takes creditor by surprise, saying it will bundle together €1.6bn of debt payments due to International Monetary Fund and settle up on 30 June
Greece has moved closer to default and possible exit from the eurozone after telling the International Monetary Fund it would not be making a debt repayment of €300m (£219m) due on Friday.
A crisis that has been going on for more than five years entered a new phase when Athens surprised the IMF by saying it intended to bundle up four payments in June totalling €1.6bn and make them all at the end of the month.
The move came as the Greek government reacted angrily to what was seen as an ultimatum from its creditors – including the IMF – that demanded further austerity and unpopular reforms to VAT, pensions and wage bargaining as the price for €7.2bn in fresh financial help.
SAVERS are clearing cash out of Greek banks as the prospect of total economic meltdown is just days away.
The broke country is on borrowed time before it goes bankrupt and is forced to exit the euro.
“People are taking more or less everything they have got out of their accounts for fear that the government will be dipping into them next,” a bank official told the Guardian.
But Greece has struggled to pay pensions, public sector wages and suppliers in recent weeks, which has sent alarm bells ringing through the country. Continue reading
While correct, this article is still missing the main point: Germany knew the Euro would fail.
It wasn’t formed out of stupidity, wishful thinking and day dreaming. It was formed with the desire to engineer a crisis and provide a solution that was already in the pipeline a long time ago. Even Alan Greenspan just recently said the only thing that will save the EU is a United States of Europe. Ironically, he unwittingly mentioned what will happen. It will indeed break up, but 10 will remain and one in particular will rise out of intrigue as described in Daniel 8:23 (See also HERE for further explanation).
The Fourth Reich is running Europe and its United States of Europe along with its European Army is coming. You don’t have to believe it, but a lack of belief itself won’t make what was Biblically written from happening.
This is also what happens after a superpower dies — another power has to fill in the vacuum.
In 1919, the European nations that had prevailed in WWI imposed onerous peace terms on Germany via the Treaty of Versailles. The harsh economic sanctions and reparations imposed on Germany led to economic catastrophe, massive unemployment, hyperinflation and eventual political turmoil, which led to the rise of fascism a little more than a decade later. After only five years of strict enforcement, France finally relented and canceled some of the more onerous terms of the treaty, but by then the economic and political forces in Germany that would see the rise of Adolph Hitler were already in motion. The Second World War was already inevitable.
The insistence of the WWI allies on political humiliation and economic punishment for Germany presents a remarkable parallel to the position taken by German chancellor Angela Merkel over the question of economic austerity and debt repayment for Greece and other heavily indebted nations in Europe. After the human and economic pain of losing two world wars, is it possible that Germany’s leadership has not learned the key lesson of economics, namely that benevolence is always a better course than retribution? Just ask Vladimir Putin of Russia, who has set back his nation’s economy by decades in order to resist the fearsome specter of a Ukrainian free trade agreement with the EU. Continue reading