What to do about Greece

[mikey_the_redneck]

What is astonishing to me is that the Greek PM called for a referendum to let the people choose their destiny, and was attacked for it.

How are they going to pay off their debt ...with more debt? This is more than austerity, it's slavery.

I hope the European Union completely fails.

[troutman]

'SNL' summons gods to solve Greek economic crisis

http://entertainment.msnbc.msn.com/_...conomic-crisis

In a skit that featured the whole cast, Zeus (Jason Sudeikis) summons the gods to Mt. Olympus to solve the economic crisis. And no one is more surprised than Zeus that Greece has fallen into such a deep hole because “as we know, the Greeks are widely known as a hard-working, industrious people. A people willing to labor week in and week out, three days a week, one hour a day until the age of 45.”

But the Mighty One hits a roadblock right away when he learns there are at least two gods of war –- Ares and Athena -- but no god of finance. Poseidon (Andy Samberg), the god of the ocean, offers a suggestion that involves a dolphin and a human woman –- hear him out! –- but fails to mention what either could do to ease the debt crisis.

The recommendation from Hades (Bill Hader)? Kill everyone. Dionysus (guest host Charlie Day) has the spending part down cold, but saving … not so much.

Which forces Zeus to summon Klaus (Fred Armisen), the German god of prudence and austerity. But as been the case in real-life, his suggestion isn’t welcome.

[chemgear]

http://money.cnn.com/2011/11/09/mark...elds/index.htm

Italy's borrowing costs continued to surge for a third day Wednesday, with yields on 10-year Italian bonds climbing above 7%.

The surge comes a day after Prime Minister Silvio Berlusconi agreed to step down, a move that did little to quell investor fears about Italy's debt problems.

Yields on Italian 10-year bonds traded as high as 7.48% , rising above the key 7% level and marking its highest since the euro was launched in 1999. Yields initially spiked after London clearing house LCH Clearnet raised margins on the amount of collateral traders had to put up to hold Italian bonds

[icarus]

Originally Posted by mikey_the_redneck

I hope the European Union completely fails.

Okay. You're aware that the EU is Canada's second largest trading partner, accounting for 10.5% of trade right?

[chemgear]

http://business.financialpost.com/20...risis-deepens/

Fearful Greeks have withdrawn savings from banks over the past week because of a deepening political crisis and fear of an exit from the euro, banking sources said on Wednesday.

Greeks withdrew as much as 5 billion euros — nearly 3% of total deposits — after outgoing Prime Minister George Papandreou’s shock call last week for a referendum on a eurozone bailout, said one banker, who declined to be named.


http://business.financialpost.com/20...core-eurozone/

German and French officials have discussed plans for a radical overhaul of the European Union that would involve establishing a more integrated and potentially smaller eurozone, EU sources say.

French President Nicolas Sarkozy gave some flavour of his thinking during an address to students in the eastern French city of Strasbourg on Tuesday, when he said a two-speed Europe — the eurozone moving ahead more rapidly than all 27 countries in the EU — was the only model for the future.


So I guess they may not kick them out of the Euro . . . just left behind when the create a newer, "better" Euro . . .

[chemgear]

Taking steps to "allow" countries to "leave" the Euro:

http://business.financialpost.com/20...eave-eurozone/

German Chancellor Angela Merkel’s Christian Democratic Union party voted to allow euro states to quit the currency area, endorsing the prospect of a move not permitted under euro rules.

[FlameOn]

Greece's new unity government, after agreeing to a implement a bailout with the fall of the previous PM, have rejected that they will sign a written agreement to abide by the terms of the bailout. Basically they want to loan, but won't agree to the binding terms to pay it back... Sneaky Greeks
http://www.reuters.com/article/2011/...7MF0R520111115

[CaptainCrunch]

Germany ain't gonna like that.

[FlameOn]

Originally Posted by CaptainCrunch

Germany ain't gonna like that.

I think Italy and France not liking that is going to be the far more immediate concern. Bond markets are already taking a pounding.

[CaptainCrunch]

True.

At this point, there's no way that they can do the bailout without some guarantee's there's no point, they'll just be back in April, hat and hand saying that they can't afford to cut checks for their civil servants.

I think its gotten to the point where Greece literally has to be pantzed and paddled.

[chemgear]

I'm guessing this will be in the news over and over again for a long time to come:

http://business.financialpost.com/20...spains-shores/

The Spanish government was forced to pay the highest borrowing costs since 1997 at a sale of 10-year bonds, with yields a steep 1.5 points above the average paid at similar tenders this year, drawing descriptions from the market ranging from “pretty awful” to “dreadful.”

The euro fell in response. Paris fared a little better, but again had to pay markedly more to shift nearly 7 billion euros of government paper. Fears that the eurozone’s second largest economy is getting sucked into the debt maelstrom have taken the two-year crisis to a new level this week.

“The eurozone has got to deliver something which is going to calm markets down and at the moment markets feel like they are being given no comfort whatsoever,” said Marc Ostwald, strategist at Monument Securities.

[mikey_the_redneck]

I love this Nigel Farage guy .....he just unloads on the EU Commission, including Herman Van Rompuy.

Politics needs more common sense guys like this.

http://www.zerohedge.com/news/watch-...ce-euros-grave

"Now that he has been proven correct, he has every right to gloat, which he does to everyone's delightful amusement in the European parliament. The look on the unelected von Rompuy's face, especially as he watches his decade-long bureaucratic nirvana crash and burn every single day, is quite priceless."

[CaptainCrunch]

Bump, the latest idiotic move by their government

http://hosted.ap.org/dynamic/stories...MPLATE=DEFAULT

ATHENS, Greece (AP) -- Greek disability groups expressed anger Monday at a government decision to expand a list of state-recognized disability categories to include pedophiles, exhibitionists and kleptomaniacs.
The National Confederation of Disabled People called the action "incomprehensible," and said pedophiles are now awarded a higher government disability pay than some people who have received organ transplants

The new list gives pyromaniacs and pedophiles disability pay up to 35 percent, compared to 80 percent for heart transplant recipients.
"It's really not serious to grant Peeping Toms a 20-30 percent disability rate, and 10 percent to diabetics, who have insulin shots four or five times a day," said Vardakastanis.

[Barnes]

Originally Posted by CaptainCrunch

Bump, the latest idiotic move by their government

http://hosted.ap.org/dynamic/stories...MPLATE=DEFAULT

I wonder if you could compound those?

Step 1: Move to Greece.
Step 2: Steal a Vespa.
Step 3: Find a woman's window and watch her.
Step 4: Take off your cloths.
Step 5: Light her house on fire.

That's like 150% disability!

[CaptainCrunch]

Originally Posted by Barnes

I wonder if you could compound those?

Step 1: Move to Greece.
Step 2: Steal a Vespa.
Step 3: Find a woman's window and watch her.
Step 4: Take off your cloths.
Step 5: Light her house on fire.

That's like 150% disability!

If she's under 18 its like 185%

[Barnes]

Originally Posted by CaptainCrunch

If she's under 18 its like 185%

I wanted to stay away from that one...

[CaptainCrunch]

Well you've broken every other law, you might as well break the final frontier and cash in.

What's the worst that can happen in a Greek Prison . . . snicker.

[chemgear]

Still getting bogged down it seems, continues to be interesting to watch:


http://business.financialpost.com/20...ek-debt-talks/

Greece and its creditor banks, racing against the clock to reach an agreement to avert a disorderly bond default, packed up work without a deal on Friday but with more talks likely next week.


http://business.financialpost.com/20...friday-source/

Standard & Poor’s is set to downgrade the credit ratings of several eurozone countries later on Friday, but not those of Germany and the Netherlands, a senior eurozone government source said.

[Cowperson]

Originally Posted by chemgear

Still getting bogged down it seems, continues to be interesting to watch:


http://business.financialpost.com/20...ek-debt-talks/

Greece and its creditor banks, racing against the clock to reach an agreement to avert a disorderly bond default, packed up work without a deal on Friday but with more talks likely next week.


.

Orderly versus disorderly is the key thing . . . . .

Whether or not they're broke really isn't the argument.

Cowperson

[CaptainCrunch]

Originally Posted by chemgear

Still getting bogged down it seems, continues to be interesting to watch:


http://business.financialpost.com/20...ek-debt-talks/

Greece and its creditor banks, racing against the clock to reach an agreement to avert a disorderly bond default, packed up work without a deal on Friday but with more talks likely next week.


http://business.financialpost.com/20...friday-source/

Standard & Poor’s is set to downgrade the credit ratings of several eurozone countries later on Friday, but not those of Germany and the Netherlands, a senior eurozone government source said.

That's typical in a lot of ways.

Greek guy 1 - "Gentlemen we're facing a crisis of significant proportions, we've got a upcoming deadline to avoid a default we have to work until we . . . . "

Watch beeps

Greek guy 1 - "That's lunch, good work men, we'll reconvene after a hearty meal and a afternoon nap"

4 hours later

Greek Guy 1 - "Ok Gentlemen we all look well rested, lets roll up our sleeves and get this puzzle solved"

watch beeps

Greek Guy 1 - "Hmm, that's 4:30 gentlemen, lets pack it up, go spend a nice weekend resting up and we'll get this ####### solved when we get to work on Monday at 11:00, have a great weekend"

Greek Guy 2 to Greek Guy 3 - "Man these people are total ballbusters, I've never worked so hard in my life"