Greece Over the Brink

[polly7]

By Paul Krugman
Source: The New York Times
July 1, 2015

It has been obvious for some time that the creation of the euro was a terrible mistake. Europe never had the preconditions for a successful single currency — above all, the kind of fiscal and banking union that, for example, ensures that when a housing bubble in Florida bursts, Washington automatically protects seniors against any threat to their medical care or their bank deposits

.

But the situation in Greece has now reached what looks like a point of no return. Banks are temporarily closed and the government has imposed capital controls — limits on the movement of funds out of the country. It seems highly likely that the government will soon have to start paying pensions and wages in scrip, in effect creating a parallel currency. And next week the country will hold a referendum on whether to accept the demands of the “troika” — the institutions representing creditor interests — for yet more austerity.

Greece should vote “no,” and the Greek government should be ready, if necessary, to leave the euro.

This is, and presumably was intended to be, an offer Alexis Tsipras, the Greek prime minister, can’t accept, because it would destroy his political reason for being. The purpose must therefore be to drive him from office, which will probably happen if Greek voters fear confrontation with the troika enough to vote yes next week.

But they shouldn’t, for three reasons. First, we now know that ever-harsher austerity is a dead end: after five years Greece is in worse shape than ever. Second, much and perhaps most of the feared chaos from Grexit has already happened. With banks closed and capital controls imposed, there’s not that much more damage to be done.

So it’s time to put an end to this unthinkability. Otherwise Greece will face endless austerity, and a depression with no hint of an end.

Complete article: https://zcomm.org/znetarticle/greece-over-the-brink/


Greek Referendum on IMF Ultimatum

by James Hall / June 30th, 2015

This is a test. Will the internationalist banksters force extraction of their ill-gotten interest payments to bail out their reckless derivative trades gone wrong, or will a sovereign country abandon the chains of financial elite coercion and renounce their IMF and ECB debt? Make no mistake about it, Greece has lived high on the hog for decades and has serious internal problems. There is no free ride. However, the pain from the coming default is necessary to shed the yoke of a failed European Union construct.

So when “Greece Invokes Nuclear Option: Tsipras Calls For Referendum” ordinary peoples in every sector should have a voice if the financial deal being imposed upon Greece must go forward.



Well, is this not novel? Allowing citizens to voice their agreement or disapproval has the financial establishment in a tizzy. “PM Tsipras lashes out, and Lew urges a deal” reveals that stamping out any rebellion against the banksters orbit of dominating individual countries, covering counter party losses and keeping the debit enslavement system intact.

So when the NYT reports that “Cash Withdrawals and Hoarding as Default Looms Over Greece” the hysteria hype is simply designed to scare the daylights out of world markets. Drops in equities have not induced panic at this point since only an ostrich did not see the Greek confrontation with the EU coming.

The big difference is that the IMF banksters think of themselves as the creditor of primary claims. Now that Greece is in technical default, take the next needed step and exit the EU altogether. Break the strangle hold on the continental loan shark scheme and return to a Greek Drachma free of the illicit debit contrived by financial extortion.

Complete article: http://dissidentvoice.org/2015/06/greek-referendum-on-imf-ultimatum/

Yes, there is life after, though I wish Greece would have fought harder for its war reparations. Russia has offered aid - http://www.usatoday.com/story/money/business/2015/06/19/greek-debt-crisis/28973733/ , as well as China. Greece has been offered an invitation to join BRICS, although it hasn't asked from help yet from anyone.