The Greek Crisis - What You're Not Being Told
Tsipras Closing Speech at the EU Parliament Strasbourg
Grevolt? Voices supporting Athens grow in European Parliament
7 July, 2015,
The knives are out for Greece and its Prime Minister Alexis Tsipras, as Greece desperately tries to cut a deal with the Eurozone, to keep its economy afloat. However, as deadline day looms, Athens has a growing number of supporters in Europe.
Guy Verhofstadt, President of the Group of the Alliance of Liberals and Democrats for Europe (ALDE) addresses the European Parliament during a debate on Greece in Strasbourg, France, July 8, 2015. (Reuters / Vincent Kessler)
German MEP, Manfred Weber was scathing in his criticism towards Tsipras, accusing the Greek Prime Minister of “destroying confidence in Europe” and that the “he should apologize for those utterly unacceptable statements that unfortunately he has passed over them in silence.” Weber made it quite clear, that in his opinion, Tsipras and the Greek government were responsible for the current crisis.
Posters with the word "No" (Oxi) and a Greek flag are seen on the desks of Members of the European Parliament during a debate on Greece at the European Parliament in Strasbourg, France, July 8, 2015. (Reuters / Vincent Kessler)
“I am frightened by this Europe, which continues sanctions against Russia and with all these armed forces around as well. There are people in here who are saying it is not Islamic terrorism that is the problem, but the right, the populists – like Orban, Le Pen, Cameron,” said the Matteo Salvini, the leader of the Italian party, Lega Nord.
Greece and others now find themselves in the wrong currency. There is a new Berlin Wall and it's called the Euro.
— Nigel Farage (@Nigel_Farage) July 8, 2015
The German nazi speaks
The German Siege Of Greece Begins (No, This Is Not A Repeat From 1941)
6 July, 2015
Did you notice that Greece’s creditors are not rushing to offer the Greeks a new deal in the wake of the stunning referendum result on Sunday? In fact, it is being reported that the initial reaction to the “no” vote from top European politicians was “a thunderous silence“. Needless to say, the European elite were not pleased by how the Greek people voted, but they still have all of the leverage. In particular, it is the Germans that are holding all of the cards. If the Germans want to cave in and give the Greeks the kind of deal that they desire, everyone else would follow suit. And if the Germans want to maintain a hard line with Greece, they can block any deal from happening all by themselves. So in the final analysis, this is really an economic test of wills between Germany and Greece, and time is on Germany’s side. Germany doesn’t have to offer anything new. The Germans can just sit back and wait for the Greek government to default on their debts, for Greek banks to totally run out of cash and for civil unrest to erupt in Greek cities as the economy grinds to a standstill.
German Chancellor Angela Merkel’s deputy said Athens had wrecked any hope of compromise with its euro zone partners by overwhelmingly rejecting further austerity.
Merkel and French President Francois Hollande conferred by telephone and will meet in Paris on Monday afternoon to seek a joint response. Responding to their call, European Council President Donald Tusk announced that euro zone leaders would meet in Brussels on Tuesday evening (1600 GMT).
German Vice-Chancellor Sigmar Gabriel, leader of Merkel’s centre-left Social Democratic junior coalition partner, said it was hard to conceive of fresh negotiations on lending more billions to Athens after Greeks voted against more austerity.
Leftist Prime Minister Alexis Tsipras had “torn down the last bridges on which Greece and Europe could have moved towards a compromise,” Gabriel told the Tagesspiegel daily.
“It is up to Greece to make something of this. We are waiting to see which proposals the Greek government makes to its European partners,” the office of German Chancellor Angela Merkel, Europe’s leading austerity advocate, said in a statement.
Angelos Chryssogelos, an expert on Greek politics at the London-based think tank Chatham House, said the strength of Sunday’s mandate handed to Tsipras means it will be almost impossible for the prime minister’s leftist Syriza party to make a deal with European creditors.
“The Europeans made it pretty clear where they stand, and they have been consistent,” Chryssogelos said, adding that the creditors also are unlikely to back down. “Right now, voters across the eurozone largely support the tough stance taken by the eurozone.”
Chryssogelos said Greek voters may have underestimated the resolve of the creditors to reach an accord on their terms. “If someone is seen getting preferential treatment, then someone else will want that treatment,” he said, referring to other eurozone debtors such as Ireland and Portugal.
In a move sure to increase pressure on Greece’s flailing banks, the European Central Bank on Monday decided not to expand an emergency assistance program, raising fears that Greece could soon go completely bankrupt.
The move put a swift crimp on Greek leaders’ jubilation after winning a landslide endorsement from their citizens to reject Europe’s austerity demands and seek a new bailout bargain. Now they must seek a bargain before the money runs out within days, which would likely force them off the euro.
The dwindling cash is sucking the life out of everything from coffee shops to taxis, as anxious Greeks economize amid fears for the future. Greek leaders also banned transfers of money abroad, meaning that very little can now be imported into the country.
Printing plants are warning that they may run out of paper to print newspapers by the end of the week. Butchers say that stocks of imported meat are dwindling.
Greek Prime Minister Alexis Tsipras probably has 48 hours to resolve a standoff with creditors before civil unrest breaks out and ATMs run out of cash, hedge fund Balyasny Asset Management said.
The global derivatives market is roughly $700 trillion in size.That’s over TEN TIMES the world’s GDP. And sovereign bonds… including even bonds from bankrupt countries such as Greece… are one of, if not the primary collateral underlying all of these trades.
Greece is not the real issue for Europe. The entire Greek debt market is about €345 billion in size. So we’re not talking about a massive amount of collateral… though the turmoil this country has caused in the last three years gives a sense of the importance of the issue.
Spain, by comparison has over €1.0 trillion in debt outstanding… and Italy has €2.6 trillion. These bonds are backstopping tens of trillions of Euros’ worth of derivatives trades. A haircut on them would trigger systemic failure in Europe.
Listen to this! It sounds more like propaganda from a totalitarian state than anything