financial crisis

For Greece, leaving the EU may be perilous; but it opens provocative possibilities. The government could nationalize its insolvent banks along with its central bank, and start generating the credit the country desperately needs to get back on its feet. If it chose, it could do this while still using the euro, just as Ecuador uses the US dollar without being part of the US.
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Chris Black concludes that a “court would also have to consider whether the contract was ever valid in the first place; that is – did both sides get real consideration for their part in the bargain….It is clear that the moneys lent did not actually flow into the Greek economy but were nominal loans to the Greek nation, but actually went from one lenders bank to another and back again, so that it was really a scam to steal the wealth of the Greek people….

Human life is of no concern to corporate capitalists. The suffering of the Greeks, like the suffering of ordinary Americans, is very good for the profit margins of financial institutions such as Goldman Sachs. It was, after all, Goldman Sachs—which shoved subprime mortgages down the throats of families it knew could never pay the loans back, sold the subprime mortgages as investments to pension funds and then bet against them—that orchestrated complex financial agreements with Greece.

Prime Minister Alexis Tsipras has pushed through parliament a proposal to cut at least 13 billion euros from the public purse - 4 billion euros more than the "austerity" figure rejected overwhelmingly by the majority of the Greek population in a referendum on 5 July.
The post The problem of Greece is not only a tragedy. It is a lie. appeared first on BSNEWS.

At this point it indeed looks as if Varoufakis’ role has been to act as the Western bankers’ Trojan Horse inside the Greek government, to prepare Greece and the Greek people for the slaughter, all the while posing as the tire-less fighter for Greek interests, all without a neck tie, of course.
The post What Stinks about Varoufakis and the Whole Greek Mess? appeared first on BSNEWS.

The most optimistic scenario shows that Greece would face an unsustainable debt in 2030 even if it agreed to the package of tax increases and spending cuts proposed by the European commission, the European Central Bank and the IMF in exchange for a five-month €15.5bn loan from its creditors.
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Financial technocrats were put in place to serve the domestic oligarchy and foreign bondholders. Greece was under financial attack just as deadly as a military attack. Finance is war. That is this week’s lesson.
And for the first time, debtor countries are realizing that they are in a state of war.
The post A New Mode of Warfare – The Greek Debt Crisis and Crashing Markets appeared first on BSNEWS.

Greece has a unique opportunity to exit the Eurozone gracefully, head high, telling the troika, especially the fratricidal Brussels gang, that honoring the election commitment to the Greek people is a priority – no more austerity, no more pension cuts, no more privatization of public services and public assets, no more closing of hospitals – for these honorable reasons Greece will exit the Eurozone – not surrender, never surrender. This is not surrender; this is a wise move that will lead Greece into a new and prosperous future.

What people forget is that those who've merely been charged with crimes aren't officially guilty yet. And not-yet-guilty people aren't supposed to go to the hole, except under very narrowly defined sets of circumstances – for flight risks or for threats to the community. It's certainly not supposed to be a punishment for not having $500.
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the Greek “sovereign debt crisis” is being used to create a precedent that will apply to every EU member government. The member states will cease to exist as sovereign states. Sovereignty will rest in the EU. The measures that Germany and France are supporting will in the end terminate their own sovereignty, very little of which actually remains as they do not have their own currency and their foreign policy is subservient to Washington.