Austerity vote in Greek parliament "may fail"

Let's hope they fail. The bailouts are not for the Greek people, they are for the German and French banks. Let the banks take a bath, and bring back the Drachma. Any Greek members of parliament who vote to sell off their country's assets for cheap to the vultures need to be investigated for bribery. I am sure there are some envelopes full of cash being offered by the fat unelected Eurocrats.
Do the right thing Greece, the whole free world is counting on you.
Cheers!

The Greek Trojan debt horse will destroy the world economy nothing to gloat over of the dead beets who borrow to their yin yangs then refuse to pay their debts. No loan sharks put a gun to the Greek heads and said borrow it was their own home grown stupidity of cooking up false accounting books trying to fool them selfs and the international community of their solvency. When the borrowed good times came with credit no one in Greece was saying we will have to pay it back when we sober up from our self inflicted drunken stupor. Now they have the bill and a big headache and are crossed because people gave them credit and now its their fault not the Greeks get real.

Let's hope they fail. The bailouts are not for the Greek people, they are for the German and French banks. Let the banks take a bath, and bring back the Drachma. Any Greek members of parliament who vote to sell off their country's assets for cheap to the vultures need to be investigated for bribery. I am sure there are some envelopes full of cash being offered by the fat unelected Eurocrats.
Do the right thing Greece, the whole free world is counting on you.
Cheers!
(Dragan, 27 June 2011 16:14)

The biggest fallacy in the Greek bailout saga is that German and other EU taxpayers are carrying the burden of these bailouts.Neither the German taxpayer nor any other EU taxpayer has paid a single euro to date. The funds are guarantees, intended to reassure private investors that eurozone states will not default. Even if push came to shove they'd be loans and not gifts .The Greek bailout is also a bailout of German – and French – banks, who had stacks of Greek bonds in their vaults because they were high-yield (very risky).

As i have mentioned before, the Greek debts as well as those of Ireland and Portugal are simply unpayable.Greece should default. Others have done it in the past and we can see the people of Argentina et al are not starving etc. The ratings agencies,hedge funds and banks need to take a hit where it hurts them most,their pockets.

The Greek Trojan debt horse will destroy the world economy nothing to gloat over of the dead beets who borrow to their yin yangs then refuse to pay their debts. No loan sharks put a gun to the Greek heads and said borrow it was their own home grown stupidity of cooking up false accounting books trying to fool them selfs and the international community of their solvency. When the borrowed good times came with credit no one in Greece was saying we will have to pay it back when we sober up from our self inflicted drunken stupor. Now they have the bill and a big headache and are crossed because people gave them credit and now its their fault not the Greeks get real.
(Lenard, 27 June 2011 19:21)

Why should a greek default bring the world economy down?To start with,the Greek economy is only 3% of that of EU and 60% of Greece's debt is owned by Greek banks and pension funds.German banks are holding $20 billion and French banks £30 million of Greek debt.So where is the problem?

The problem is the contagion effect.A swift default by Greece will pull down Ireland and Portugal into the crisis and then,possibly,Spain and Italy.A year ago, Spain was paying 2.1 percent to borrow money for two years. Now, it's paying 4.4 percent. Portugal's 2-year note yields have more than quadrupled to 13.2 percent from 3 percent, while Ireland's yields have almost quintupled to 12.6 percent from 2.6 percent.How could this countries continue to borrow at those rates?

It suffices to say that much of the Eurozone's periphery debt has been passed to UK and US banks which in turn insured themselves in London and new York with Hedge Funds.The problem here is the Hedge Funds pocket the insurance premiums but they haven't got the capital to cover any losses.This the nightmare senario for a Greek default.The whole ponzi scheme will come down.

Why should a Greek default bring the world economy down? It will be a very rapid domino affect when the Greeks refuse their debt others will to. Their will be such a panic in the world economy it is already so very skittish it is all illusionary perceptions the 1930s big depression will be looking good in comparison.

The Greek Trojan debt horse will destroy the world economy nothing to gloat over of the dead beets who borrow to their yin yangs then refuse to pay their debts. No loan sharks put a gun to the Greek heads and said borrow it was their own home grown stupidity of cooking up false accounting books trying to fool them selfs and the international community of their solvency. When the borrowed good times came with credit no one in Greece was saying we will have to pay it back when we sober up from our self inflicted drunken stupor. Now they have the bill and a big headache and are crossed because people gave them credit and now its their fault not the Greeks get real.

Let's hope they fail. The bailouts are not for the Greek people, they are for the German and French banks. Let the banks take a bath, and bring back the Drachma. Any Greek members of parliament who vote to sell off their country's assets for cheap to the vultures need to be investigated for bribery. I am sure there are some envelopes full of cash being offered by the fat unelected Eurocrats.
Do the right thing Greece, the whole free world is counting on you.
Cheers!

Let's hope they fail. The bailouts are not for the Greek people, they are for the German and French banks. Let the banks take a bath, and bring back the Drachma. Any Greek members of parliament who vote to sell off their country's assets for cheap to the vultures need to be investigated for bribery. I am sure there are some envelopes full of cash being offered by the fat unelected Eurocrats.
Do the right thing Greece, the whole free world is counting on you.
Cheers!
(Dragan, 27 June 2011 16:14)

The biggest fallacy in the Greek bailout saga is that German and other EU taxpayers are carrying the burden of these bailouts.Neither the German taxpayer nor any other EU taxpayer has paid a single euro to date. The funds are guarantees, intended to reassure private investors that eurozone states will not default. Even if push came to shove they'd be loans and not gifts .The Greek bailout is also a bailout of German – and French – banks, who had stacks of Greek bonds in their vaults because they were high-yield (very risky).

As i have mentioned before, the Greek debts as well as those of Ireland and Portugal are simply unpayable.Greece should default. Others have done it in the past and we can see the people of Argentina et al are not starving etc. The ratings agencies,hedge funds and banks need to take a hit where it hurts them most,their pockets.

Why should a Greek default bring the world economy down? It will be a very rapid domino affect when the Greeks refuse their debt others will to. Their will be such a panic in the world economy it is already so very skittish it is all illusionary perceptions the 1930s big depression will be looking good in comparison.

The Greek Trojan debt horse will destroy the world economy nothing to gloat over of the dead beets who borrow to their yin yangs then refuse to pay their debts. No loan sharks put a gun to the Greek heads and said borrow it was their own home grown stupidity of cooking up false accounting books trying to fool them selfs and the international community of their solvency. When the borrowed good times came with credit no one in Greece was saying we will have to pay it back when we sober up from our self inflicted drunken stupor. Now they have the bill and a big headache and are crossed because people gave them credit and now its their fault not the Greeks get real.
(Lenard, 27 June 2011 19:21)

Why should a greek default bring the world economy down?To start with,the Greek economy is only 3% of that of EU and 60% of Greece's debt is owned by Greek banks and pension funds.German banks are holding $20 billion and French banks £30 million of Greek debt.So where is the problem?

The problem is the contagion effect.A swift default by Greece will pull down Ireland and Portugal into the crisis and then,possibly,Spain and Italy.A year ago, Spain was paying 2.1 percent to borrow money for two years. Now, it's paying 4.4 percent. Portugal's 2-year note yields have more than quadrupled to 13.2 percent from 3 percent, while Ireland's yields have almost quintupled to 12.6 percent from 2.6 percent.How could this countries continue to borrow at those rates?

It suffices to say that much of the Eurozone's periphery debt has been passed to UK and US banks which in turn insured themselves in London and new York with Hedge Funds.The problem here is the Hedge Funds pocket the insurance premiums but they haven't got the capital to cover any losses.This the nightmare senario for a Greek default.The whole ponzi scheme will come down.