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8 Reasons Why The Greek Debt Deal May Not Stop A Chaotic Greek Debt Default

The global financial system is not a game of checkers.  It is a game of chess.  All over the world today, news headlines are proclaiming that this new Greek debt deal has completely eliminated the possibility of a chaotic Greek debt default.  Unfortunately, that is simply not the case.  Rather, the truth is that this new deal actually "sets the table" for a Greek debt default.  When I was studying and working in the legal arena, I learned that sometimes you make an agreement so that you can get the other side to break it.  That may sound very strange to the average person on the street, but this is how the game is played at the highest levels.  It is all about strategy.  And in this case, the new debt deal imposes such strict conditions on Greece that it is almost inevitable that Greece will fail to meet some of them.  When Greece does fail, Germany and the other northern European nations may try to claim that they "did everything that they could" but that Greece just did not "live up to its obligations".  So does this mean that we will definitely see a chaotic Greek debt default?  No.  What this does mean is that the chess pieces are being moved into position for one.

The following are 8 reasons why the Greek debt deal may not stop a chaotic Greek debt default....

#1 Greece Is Being Set Up To Fail

The terms of this new debt deal impose some incredibly harsh austerity measures on Greece and from now on the Greek government will be subject to "permanent monitoring" by EU officials.

In other words, they will be under a microscope.

Any violation of the terms of the debt deal could be used as a pretext to bring down the hammer and cut off bailout funds.  Potentially, this could even happen just a few weeks from now.

It has become obvious that there are many politicians in Europe that would very much like to kick Greece out of the euro.  In a recent column, the International Business Editor of The Telegraph summed up the situation this way....

It is clear that Berlin, Helsinki, and the Hague have taken the decision to eject Greece from the euro whatever the country now does. Even if Greece complies to the letter with the impossible terms of the EU-IMF Troika, it will not make any difference. A fresh pretext will be found.

#2 The Next Greek Election Could Bring An End To The Bailout Deal Overnight

The next national Greek elections are scheduled for April.  Political parties opposed to the bailout have been surging in recent polls.  It is becoming increasingly likely that the next Greek government will abandon this new deal entirely.

The following is what hedge fund manager Dennis Gartman told CNBC about what is likely to happen after the next elections....

"A new government is going to come to power following elections that shall take place sometime this spring, and if anyone anywhere believes that the next Greek government shall do anything other than abrogate all the agreements made with the ‘troika,’ then we have a bridge we’d like to sell them at a very high price"

With each passing day anger and frustration inside Greece continue to rise, and those that are currently holding power in Greece are becoming very unpopular.

One current member of Greek Parliament recently talked about what he thinks will happen in the aftermath of the next election....

"If we achieve a Left-dominated government, we will politely tell the Troika to leave the country, and we may need to discuss an orderly return to the Drachma"

#3 This Bailout Deal Is Going To Make Economic Conditions In Greece Even Worse

In a previous article, I listed some of the new austerity measures that are being imposed on Greece by this new agreement....

The EU and the IMF are demanding that Greece fire 15,000 more government workers immediately and a total of 150,000 government workers by 2015.

The EU and the IMF are demanding that wages for government workers be cut by another 20 percent.

The EU and the IMF are demanding that the minimum wage be slashed by more than 20 percent.

The EU and the IMF are also demanding significant reductions in unemployment benefits and pension benefits.

The austerity measures that have already been implemented over the past few years have already pushed Greece into an economic depression.

These new austerity measures will deepen that depression.

At the moment, the Greek national debt is sitting at about 160 percent of GDP.

We are being told that these new austerity measures will reduce that ratio to 120 percent by 2020, but already there are many in the financial world that are calling such a goal "comical".

Even with this new deal, the Greek national debt is still completely and total unsustainable.  A "confidential report" produced by analysts from the European Central Bank, the European Commission, and the International Monetary Fund says the following about what this new debt deal is likely to accomplish....

There are notable risks. Given the high prospective level and share of senior debt, the prospects for Greece to be able to return to the market in the years following the end of the new program are uncertain and require more analysis. Prolonged financial support on appropriate terms by the official sector may be necessary. Moreover, there is a fundamental tension between the program objectives of reducing debt and improving competitiveness, in that the internal devaluation needed to restore Greece competitiveness will inevitably lead to a higher debt to GDP ratio in the near term. In this context, a scenario of particular concern involves internal devaluation through deeper recession (due to continued delays with structural reforms and with fiscal policy and privatization implementation). This would result in a much higher debt trajectory, leaving debt as high as 160 percent of GDP in 2020. Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it.

The GDP of Greece fell by 6.8 percent during 2011.

2012 was already expected to be even worse, and all of these new austerity measures certainly are not going to help things.

And every time the Greek economy contracts that makes a chaotic debt default even more likely.

#4 The Greek Parliament Must Still Vote On This Bailout Deal

It is anticipated that the Greek Parliament will vote on this new agreement on Wednesday.

It is expected to pass.

But when it comes to Greece these days, there are no guarantees.

#5 The Greek Constitution Must Still Be Modified

Under the terms of this new agreement, Greece is being required to change its constitution.

The following is how an article in The Economist describes this requirement....

Over the next two months Greece has promised to adopt legislation “ensuring that priority is granted to debt-servicing payments”, with a view to enshrining this in the constitution “as soon as possible”. These arrangements may not amount to the budget  “commissar” once threatened by some creditors, but the effect may be pretty much the same.

So will this actually get done?

We will see.

Forcing a sovereign country to modify its constitution is a very serious thing.  If I was a Greek citizen, I would be highly insulted by this.

#6 Several European Parliaments Still Need To Approve This Deal

The German Parliament still must approve this new agreement.  This is also the case for the Netherlands and Finland as well.

Many politicians in all three nations have been highly critical of the Greek bailouts.

It is expected that all of these parliaments will approve this deal, but you just never know.

#7 Private Investors Still Have To Agree To This New Deal

Private investors are being asked to take a massive "haircut" on Greek debt.  The following is how the size of the "haircut" was described by a USA Today article....

Banks, pension funds and other private investors are being asked to forgive some €107 billion ($142 billion) of the total €206 billion ($273 billion) in devalued Greek government bonds they hold.

There is absolutely no guarantee that a solid majority of private investors will agree to this.

In the end, probably the only thing that is guaranteed is that litigation regarding this "haircut" is likely to stretch on for many years to come.

#8 The Global Financial Community Still Expects Greece To Default

Almost all of the analysts that were projecting a chaotic Greek debt default are still projecting one today.  Yes, many of them believe that "the can has been kicked down the road" for a few months, but most of them are still convinced that a default by Greece is inevitable.

The following comes from a Bloomberg article that was released after the Greek debt deal was announced....

“The danger of Greece saving itself into economic depression and having to default and exit the common currency zone remains substantial,” said Christian Schulz, an economist at Berenberg Bank in London. Jennifer McKeown of Capital Economics Ltd. repeated her forecast that Greece will quit the euro by the end of the year.

The odds that this agreement will survive for very long are not great.

It will be nearly impossible for Greece to meet all of the conditions being imposed upon it by this new deal.  All of the politicians in northern Europe that are just itching to cut off aid to Greece will soon have the excuse that they need for doing so.

And the Greek people could decide to bring all of this to an end very quickly.  If they elect a new government in April that does not support this bailout agreement, the game will be over.

So don't be fooled by all the headlines.

A chaotic Greek debt default has not been averted.

The truth is that a chaotic Greek debt default is now closer than ever.

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  • Rodster

    It’s getting messy and it’s a no win game of chess. And once it starts to unravel in Europe the feel good Dow hitting 13000 today will look a mirage.

    Once the economic freight train leaves Europe it’s all heading here. Hopefully all of this crap will hit the fan before the election so we can retire Obi-Wan Obummer.

    • GHook93

      For #3 it’s making the Greek economy worse! Oh cry me a river. The Greek economy is on the verge of collaspe! A collasped economy is worse than and economy in a depression! They will have to make tough choices either way. The EU can and should dictate the terms of the bailout. They are giving them a substantial sum of money and the Greeks are like spoiled children spending it without thinking.

      Bottomline: The Greeks MUST make serious changes either they can do it on their own or they will be forced to do it. The lazy Greeks won’t do anything. They will vote in lazier leftist. The leftist government will default on the debt in one month. The EU will pull the funds and the Greek economy and government will collaspe!

      Greece will go into anarchy! I say F#$% the Greeks! They made their bed! I just hold America takes note and seeks to avoid the Greek Meltdown and I hope America doesn’t take on too many of these socialist! We have enough socialist screwing up the country already!

      • Papa

        One thing one should always have in mind is that we are talking about human lives here, my friend. We have families, kids, old people who need support and who till now had a decent life status. Most of us are not corrupted or lazy. Most Greeks work the same hours or even more than the rest people in the “western world”. Yes, we are responsible indeed, because we tolerated our corrupted leadership for years, but I believe this shock woke us up. And two more things:
        1. Greece is neighbouring to VERY unstable regions of this planet (Balkans, North Africa & the Middle East) and that has an impact to our budget. eg Do you know how many illegal immigrands we have that we are not allowed to forward in the rest of the EU ?
        2. Maybe the “game” is not just financial and the ultimate target might not be Greece … I don’t want to further elaborate on this thought…
        Last but not least:
        We might be the first to “fall” but do you really know who will be next or the one after ???
        Unfortunatelly, Global Stupidity is limitless and that’s this planet’s most serious problem.

        • Janey

          Papa, I feel for you and yours. I have been e-mailing to a friend in Greece. He is an engineer, his wife a school teacher, and his brother a doctor. They all are living day to day, wondering when their ax will fall. They can only aford to live in a small apartment, but what a lot of people dont realize is that even tho they know the polititians are crooked, what can they do about it. We know our politians are crooked, but what can we do about it? We try to vote for the least crooked. I feel for you and I know we maybe a year or two behind you….Janey

  • knightowl77

    1) I do not see the private bondholders agreeing…

    2) Expect revolution

    3) All the EU did was kick the can a little farther

  • M

    Hey Michael, hear about the hack by “Anonymous” at Greek Ministry Website? Evidently they are demanding that the IMF exit, or it will wipe away all citizen debt electronically. Seems unlikely, but should be interesting.
    Extra butter on my popcorn, please.

    • Michael

      I hadn’t heard about that yet.

      We sure do live in unusual times.

      Michael

      • REED RICHARDS

        Michael,

        BEING A NOVICE CHESS PLAYER:

        Greece will certainly default. Default for Greece is inevitable just as austerity will crash its economy and the economy of any other nation(s) stupid enough to implement such measures while unlimited war spending goes unchecked. Power elites who run things by the consent of the fooled and the damned, really could care less about such things as defaults, crashing economies, and civilizations that go kaput. That is not their concern. These people will be too busy doing whatever it is they do (sane people do not want to know what these psychos do behind closed doors) onboard their yachts on their personal islands which they bought for pennies on the dollar.

    • liberranter

      Wiping away ALL Greek citizen debt electronically is an impossibility even for an ueber-talented bunch like Anonymous. However, they are definitely capable for unleashing absolute havoc on the Greek government’s information infrastructure. I would not only not put that past them, but would expect them to do so imminently, especially if the international banksters manage to forestall the next round of Greek elections.

  • http://www.povertylinejournal.blogspot.com/ the optimist

    Over the next two months Greece has promised to adopt legislation “ensuring that priority is granted to debt-servicing payments”, with a view to enshrining this in the constitution “as soon as possible”. /

    Wow. That is utterly amazing. The total rule of bankster-power over a government’s constitution. Insulting? A bit more than that.

    • Michael

      Yes, I may have understated things there.

      Michael

      • Bill

        You are only seeing a snow flake on the tip of the iceberg. Corruption in this world is beyond discription.

      • knightowl77

        and written into this deal is the right of the banks to seize the Greek Gov’t gold as payment of any outstanding debts…

        I think that understated is an understatement

        ;-)

        • http://lastdayrapture.blogspot.com/ TK

          Wow, This is unbelievable. Are there no Greek citizens that love freedom? Are there no Greek citizens that care about their children?
          Sounds like willing slaves.

    • http://lnx-bsp.net/ Tel

      I remember there was originally going to be a referendum on the matter last December, then there were going to be national elections in February, now supposedly we are waiting for elections in April.

      Why do I think the April elections will mysteriously “move” to June?

      Of course, if major changes are made without consultation, then those changes become illegitimate and the Greek people have no reason to continue paying their debts because they never agreed to take on those debts.

  • http://EconomicCollapse Already Gone

    $430 Billion in Budget cuts have to stick in order for this bailout to work. Also these losses will be inflicted on private investors
    ibcluding hedge fund who have been gambling that the government won’t come up with the money to pay them back. they’ve been betting
    against full payment with so called credit default swaps that leaves little incentive to agree to a deal,so it sounds like another way to make a pile of money on other people’s problems.they will default,how much more can the people of greece take before they literally
    snap? The “Book of Revelations” fits this crisis
    nicely.

  • Ken

    Have enjoyed reading your articles for some time now and this is the thing that comes to mind concerning this last post: You can avoid reality, but you cannot avoid the consequences of avoiding reality. Their failure is inevitable.

    • Michael

      I like that saying.

      Michael

      • Bill

        Me too. Is there consensus developing ?

    • REED RICHARDS

      Ken,

      A fan of Ayn Rand? I believe is was she that said that. Correct?

      • Ken

        Yes, my apologies, I should have credited.

  • r.bitting

    ” Then I saw a great white throne and Him who sat on it, from whose face the Earth and heaven fled away. And there was found no place for them. And I saw the dead, small and great, standing before God, and books were opened. And another book was opened, which is the Book of Life. AND THE DEAD WERE JUDGED ACCORDING TO THEIR WORKS, BY THE THINGS WHICH WERE WRITTEN IN THE BOOKS. The sea gave up the dead who were in it, and death and Hades delivered up the dead who were in them. AND THEY WERE JUDGED, EACH ONE ACCORDING TO HIS WORKS. Then death and Hades were cast into the Lake of Fire. THIS IS THE SECOND DEATH. AND ANYONE NOT FOUND WRITTEN IN THE BOOK OF LIFE WAS CAST INTO THE LAKE OF FIRE….. Revelation 21:11-15.. Trust in Jesus Christ as lord and savior, for all who call on the name of the Lord shall be saved. Whoever comes to him, he will by no means cast out.

    • r.bitting

      BTW, Common sense should point you to the fact that if man wrote the Bible without inspiration from God, he would have never chosen a way of salvation that required him to answer to the standards of a higher power, because man by nature wants to be the captain of his own destiny. If this was merely the invention of man, obtaining salvation would have been much more inclusive, because man would have taken the path of least resistance. For it is appointed for man once to die, and after that the judgment.

      • http://lnx-bsp.net/ Tel

        Unless one man wrote the Bible in the hope of restraining the behaviour of other men.

      • Rowell

        The fact that man must have a church in which to pray to god, or in some sects of Christianity, confess sins to a priest for absolution, merely points to the fact that religion was created by man as a way for the few and powerful to wield ultimate control over other men. How do you keep your followers lawful and obedient? Simply promise them that despite all the crap they have to put up in life, if they live as good and obedient servants to god and the representatives of god, they will be rewarded with paradise and eternal life. Why would people sacrifice themselves in wars if they didn’t have hope in some promise of afterlife?

        Your reasoning for why religion is not a creation of mankind is weak at best. Religion is simply a tool, used by the few, to control the masses. Nothing more. The fact that many christians pray to Jesus, or a crucifix, and not directly to god only proves the point moreso. And if you say that Jesus is God, then you’re blaspheming by the standards of your own religion.

        • N. Daniels

          I am a Christian. To clarify some of your misconceptions, the CHurch is a support network for a community of believers to belong to so that we might either help or be helped on any given day. We do not pray to Jesus, we pray through Jesus because it was his sacrifice that gave us right standing with God so that we could pray. BUT….those are not the point that the few Christians who post on here are trying to make. THe truth is that those who belong to Jesus Christ are going to be protected and taken to Heaven at the appointed time. THose who do not belong to Jesus Christ will spend eternity separated from God. Ultimately it is a no-brainer…If i am wrong and have spent my whole life serving a fallacy then I have lost absolutely nothing, will have missed out on nothing good. If you are wrong on the other hand, you stand to
          lose everything. Will pray that every person who posts on this blog would come to know Jesus as Lord and that they too will find the peace that overcomes all the doubts and fears that are posted herein. God Bless you all.

          • tak

            soooooo well put n daniels people please just look around and see what is going on in this crazy world this is the end times,except the free gift that CHRIST has to offer it will change your life forever

          • DownWithLibs

            You didn’t mention that you DO NOT have to be in a church to pray to God or ask for forgiveness. This is an old testament idea still held by the Catholics and completely debunked by the book of Hebrews. Just so Rowell knows the Truth!

      • Just Me Down Here

        R Bitting,
        Thanks for kighting the good fight. I always read your comments because I know they are pointing me in the right direction.

        “Yahweh, Yahweh, Great Your glory” (NEEDTOBREATH), Signature of the Divine. Great song. I am reminded it it when I read your comments.

    • http://www.is-jesus-real.com Brad

      This is the most important decision that we all make during our lives. God has reached out to us, offering his one and only son because of his love for us. Believe and trust in him and you will be saved. None of us are good enough to earn it, it is a gift from God to those who will accept it.

  • mondobeyondo

    Anyone who has ever played chess, knows that you have to think several moves in advance in order to win. Long-term strategy is much, much more important than short-term strategy.

    Greece may be seeking short term relief, and they may even think they are getting the advantage with this debt deal. But Germany has already thought ahead several moves. In the long term, Greece is doomed.

    Checkmate.

    • Janey

      You are right. Germany tried to take over Greece by force, and lost all, but now they are buying Greece. Its easier this way. No lost of life….Janey

  • I am Tyler Durden’s contempt for the system

    YAY!! Greece MIGHT get to borrow the money they need to be saved!
    =response=Idiots make the Dow ‘grow’ to 13,000…
    woohooo!!!

    Wait…what? Greece MIGHT be allowed to borrow even more money to pay off the borrowed money they are almost guaranteed to default on? Has the world truly gone completely mad?!?!?

    The economic situation of the world has become a bad punchline in a second-rate joke. All we are doing is diffusing Greece’s ‘Lehman moment’ so that everyone can shuffle the cards around like one of those street hustlers…

    ‘step right up…pick a card, any card…find the Ace, now you see it, now you don’t! You, over there in the mainstream media of America, tell the sheep it’s all roses…they’ll fall for it hook, line and sinker! step right up, pick a card…’

    Look around people; one year from tomorrow, on 2/22/2013, the world you know of as of today will be changed irrevocably as we will all be plunged into the third world reality of where our “economy” actually exists without all the smoke and mirrors…

    From nothing, to nothing…that’s the way of fiat currency…

    • http://n/a jgouig

      Good writing

      • I am Tyler Durden’s contempt for the system

        Thanks for the kudos, jg!

        Band: Tool
        Song: Aenema
        “followed by billions of dumbfounded dipsh*ts”

        The tidal wave of economic eruption we are on the precipice of will be unlike anything in the history of the world.

        The ‘consequences of ignoring reality,’ as Ayn Rand stated, are coming home to roost.

        Watch the blowback from Greece utterly annihilate the assets of the world’s banks…it’s going to be uncomfortably spectacular…

    • Paul

      So, what is new?

      In 2008 Credit Card companies cancelled the accounts of people who always paid their debts, and sold more accounts to those who couldn’t possibly ever pay, like low income households.

    • Rodster

      I enjoyed that a lot, sprinkled with some humor. :)

  • tappedops

    3/23 is the date… and the Pirates number will be 322 (3/22)… a moment past midnight… http://en.wikipedia.org/wiki/Skull_and_Bones

  • http://worldendsat5newsat11.blogspot.com Tony Lamb

    If Greece goes – We go
    See how to survive the coming Economic Collapse at: http://surviving12-21-2-12.blogspot.com

    • Craig

      I disagree Mr. Lamb. Greece’s economy is the same size as the economy in the Dallas/Ft. Worth Metroplex. If Greece goes, so what? The rich in Europe just can’t bear to see the EU break up no matter how much the common man suffers.

  • Mario

    If not for anything else, just watching what is happening is a lesson we should all learn from and hopefully others are watching. When you are in debt you become a slave to the borrower. Where have we read that before? Oh yah I remember, God told us that in His word.
    Guess what the Greeks are now slaves to the Bankers, they are now in control of the countryand they did it without firing a shot or an invading army. Is this maybe how the anti-Christ will take control of the world where everybody will follow him because he is the only one who has a plan? Where have I read that ? Oh ya Gods word again.
    Maybe there might be something to that Book after all.
    Pick it up and check out what comes next. Oh ya His name is Jesus.

  • mark

    Hair cuts are coming. The Greeks will not continue to pay the interest on the debt when the country is going up in flames. They will ripoff the Banksters. I hope that this will show the rest of the world that socialism does not work. You had better get ready as the US will be in the same boat in the future.

  • BenjiK

    Given the deep-cutting austerity measures and the obvious dismantling of the Greek economy, let’s call this for what it really is: A “quickie” bailout of Greek DEBTORS, not Greece itself. The article is absolutely correct in stating that this bailout is a “backdoor” way of ejecting Greece from the Eurozone, but it’s also a last-ditch monetary deal for prominent investors of Greek debt to score a quick payday before the country’s inevitable financial collapse.

  • BenjiK

    The more I look at this, the more it is reminiscent of a “Bain Capitol” deal: “Bain”(IMF), is in the midst of a hostile takeover in which the investors will receive a $172 billion settlement before dismantling the “company”(Greece).

  • 1% admirer

    Time for us afll to start learning Mandarin so we can better serve ourfuture credittor Chinese overlords. And Greeks had better learn to sprechen Deutsch.
    Ibelieve in the Golden rule: whoever has the gold makes the rules. And we don’t

  • Connovar

    The money will not go to Greece but straight into the banks coffers.
    When Greece defaults I will be interested to see how the PTB prevent people claiming on their CDS – thats when the shit will truly hit the fan. Trouble is I think our system is now so corrupt that nothing can be certain.

  • chiller

    With friends like the EEeeuuuwww and the IMF…who needs enemies?

  • jox

    You fail again and again the analysis of Greece and Europe because of your reliance in the anglosaxon financial media. I told you: March will come and nothing will happen, even if said media forecast (how many times in the last years?) the break of Europe and the end of the Euro.

    Reality is that Europe is taking important steps to solve the debt problem. Steps that are painful, of course. And they are using Greece as a stick to menace every other country. Ireland, Spain, Portugal, Italy, and everybody else are taking austerity measures in order to deflate instead of explode the bubble.

    Compare with the situation in US and UK, and you will understand easily the interest of the media on blaming all the problems on Europe. By the end of the year you will see Europe in better shape, and all the eyes will turn where the problem really is, and where all this nightmare started.

    • http://lnx-bsp.net/ Tel

      Yes, the threat of Greece getting kicked out is more valuable than actually kicking them out.

      However, this is really a matter for the Greeks themselves to decide, and Greece is already in default, and since they have no capacity to pay, further default is absolutely inevitable.

      The real consequence of default will be seen when the German and French people try to retire and ask for their retirement savings out of their banks. However, I suspect that China might be offering to help fill that gap.

  • Bill

    HOT NEWS at this hour-Greece credit rating cut to C!

  • shypuffadder

    But we’re doing just great. Everybody (in the media) is sooo happy that the Dow reach 13000. Wall Street is baack. Party time!! How soon before the trickle down starts? The last time Wall Street did this well was in October 2007, and and Wait a Minute…

  • LC

    Greece is conquered by the financial oligarchs without one shot or swing of a sword. How many battles over thousands of years were fought in Greece and blood spilled, and the banks bring the Greeks to their knees with debt alone! It’s astonishing that STILL so few people understand the bankster game, and even more astonishing are those who think if they just conform to the system and keep selling out that they will be saved. Reminds me of the Renfield character in most vampire stories…there’s always some dumb ass who thinks the vampires are going to save him and let him be one of them if he just helps them and sacrifices his fellow humans to the vampires. But the vampire always goes back on his word to poor, stupid Renfield.

  • Paul

    German news have reported that Greeks have now to pay taxes and that several tax dodgers are now in jail.

    Also, villas and real estate are now taxed.

    Looks like “Gary” is going to win here.

    • knightowl77

      If the people (I mean sheeple) accept this, then they get what they get….Apparently the greeks would rather be slaves to the banksters…I am reminded by this quote from Samuel Adams..

      “If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen.”

  • grandpa

    It wont , keep watching those fake smiles

  • Tobrojo

    What no one will talk about is that every cut that is being done in Greece needs to be made here in America just the same. However, it is just as impossible to do here without utter destruction of the country as it is in Greece.

  • Tobrojo

    I mean, do we realize what kind of hell it would unleash if some other country would force us americans to end welfare, social security, medicare, medicaid and cut half or so of the defence budget? For giggles, lets cut the fed and the IRS while we are at it.

    • mondobeyondo

      Yep, just have the ECB tell the U.S. that they won’t grant us a loan unless we abolish Social Security, Medicare and Medicaid.

      The fury would be unimaginable.

      • Janey

        Dont fool with my Social Security. You can have all the rest, but not my SS…..Janey

  • knightowl77

    Gary2…the UK raised their top rate to 50% for the high income earners and tax receipts went down…
    How many times does this need to happen before this “fair share” argument is put down forever?

    • Tim

      He’ll never be persuaded. ;-)

    • Rodster

      Don’t bother we have too many citizens who prefer to be breast fed by the Federal Gov’t. The same thing happened in Greece.

  • Donald Wilson

    Just a matter of time.

  • goldnguns

    The intelligent would ask the riotous Greeks “what is your plan if not this plan”? They don’t seem to understand that leaving the euro behind would leave them with worthless drachmas. Admittedly, a government worker would make large handfulls but when he wants to buy something not made in Greece, that item would cost more than the handfull in hand. Retire at 50, full pension, pay no taxes cuz everyone cheats on their taxes, sip ouzo, and expect the Germans verkers to pay for all. The only thing dumber is 16 trillion in debt and 56 trillion in unfunded social security and medicare benefits.

  • http://www.conservativemormonmom.blogspot.com Eva

    You say, “All over the world today, news headlines are proclaiming that this new Greek debt deal has completely eliminated the possibility of a chaotic Greek debt default.” Of course! This is how the news media works for and props up politicians! I think more people are beginning to see through them, thanks to bloggers like you.

  • Tim

    Per the Zero Hedge article below, some public sector employees in Greece will work without a salary this month or even be asked to return to return money.

    http://www.zerohedge.com/news/its-official-greece-unveils-negative-salary

    • Michael

      Negative salary?

      That is crazy.

      Michael

      • REED RICHARDS

        Michael,

        Yes, either a zero or a negatie salary. Just one more reason why austerity will never work.

    • http://lnx-bsp.net/ Tel

      Strangely, when paying negative salary, they still act surprised when “Anonymous” hacks start to happen. In Greece, no one is loyal to government, and that includes most of the government itself!

    • mondobeyondo

      Looks like a lot of Greek employees will be quitting their jobs…

  • William

    Of course, the game of the criminal trash in the City of London is to plunder the remaining wealth of Greece and destroy what remains of Greek national sovereignty. And, of course, the CDS will not be triggered. America is next, but most Americans are all to happy to sit mute and watch cable TV and vote for incumbents in the US Congress. Limbaugh, Santorum, Gingrich and Faux News will not save America. Got Gold, Silver, Guns, Ammo ???

  • Barn Cat

    One third of the Greek workforce is unionized government workers. That alone has destroyed the country.

    Greece will agree to anything to get the money. The rest of the EU will give them the money no matter what to avoid default.

    • Papa

      That’s not true. We have 700.000 employees in the public sector (population of Greece is 11.000.000). The vast majority has nothing to do with unions.
      I m starting to believe that you are being deceived by your mass media.

  • Cinderella Man

    Wall Street is terrified of credit default swaps concerning Greek debt. Check out the article on CNBC if you can stomach that site. The derivitive bubble is about to burst dont fall for the false market rally its coming down soon!!!

  • Rodster

    [b]Florida Drivers Shelling Out Nearly $6 A Gallon At Some Gas Stations[/b]
    http://tampa.cbslocal.com/2012/02/22/florida-drivers-shelling-out-nearly-6-a-gallon-at-some-gas-stations/

  • El Pollo de Oro

    “What are these so-called austerity measures? What do they really bring? Oh, they bring a lot more poverty. Oh, they bring a worse GDP. Oh, they bring more unemployment.” —Gerald Celente

    In previous rants, I’ve mentioned that the nightmare in Greece hits home with me because I was in Athens several weeks before the shooting of Alexandros Grigoropoulos and the first Greek riots of 2008. It was very unsettling to see all hell breaking loose around Syntagma Square and other places I had visited. Well, there has been a lot more rioting in Greece since then, and there is even more to come. When, as Gerald Celente says, people lose everything and have nothing left to lose, they lose it—and things can get really nasty when a developed economy like Greece UN-develops and millions of people who used to be middle class become the neo-poor. Greeks don’t want to join the Third World and have India’s standard of living; nor do people in Spain or Italy.

    “Villains prosper while the rest are fired, foreclosed, and foreordained to suffer for the sins of their rulers.”—Justin Raimondo

    “Far too few have much too much, and way too many have much too little. So when the money stops flowing down to the man on the street, the blood starts flowing in the streets.”—Gerald Celente

    “Even a dog knows when he’s being kicked, and the middle class in America has been kicked over and over again.”—Alan Grayson

    “This thing is collapsing. You better get ready for the big crash. It’s coming, and it’s going to wipe out a lot of people. There’s no salvaging this Ponzi scheme.”—Gerald Celente

    Here’s another country to keep a close eye on: Italy. If conditions in Italy (which is the third largest economy in Europe) go from bad to worse, it is bound to affect us here in La Repubblica Banana d’America (formerly Gli Stati Uniti). Italy is not a small economy, and pain in Italia will inevitably result in a lot of pain in the BRA (which is already in terrible shape).

  • http://goto.glocalnet.net/pdn/ Awakened

    This is nothing you will escape dear americans!

  • David M

    I did some simple math. If the Dow was last at 13k Mid 2008. If you just figure out 3% growth for four years. It should be at about 14,600 now.

    So even with their jiggered numbers, they are till sub par on where things might be in a healthy economy.

    Not to forget it’s all pumped up with cheap money from the government.

  • Gelaometamoutrasas

    Greece was going to default in 2010. Then in 2011. Now in 2012. Aren’t you tired yet? I suggest you burn the degrees you might inexplicably have and change jobs.

    • JR

      You make an important point. Think of the “sitzkreig” in 1939 between France and Germany. Think of the dire predictions of the housing crisis in 2005 by folks like Shiff. Then one day it is too late, and you have lost everything. The issue is not that the coming of this is delayed, the issue is rather whether the underlying presuppositions are reasonable. IMHO, you have missed the point, and quite badly.

  • JR

    OBAMA WHITE HOUSE: A DIV. OF GOLDMAN SACHS

  • McKinley Morganfield

    “The terms of this new debt deal impose some incredibly harsh austerity measures on Greece and from now on the Greek government will be subject to “permanent monitoring” by EU officials.”

    Its exactly the same deal floated in July, 2011 with very minor changes. Been there, done that.

    “If we achieve a Left-dominated government, we will politely tell the Troika to leave the country, and we may need to discuss an orderly return to the Drachma”

    For one of those rare times, I side with the ‘left’. Greece needs to do an Iceland.

    “The austerity measures that have already been implemented over the past few years have already pushed Greece into an economic depression.”

    This is what happens when government deficit sending is allowed to become the largest factor in the economy.(Wake up America.) Yes, government austerity measures will cause contraction, but contraction is the medicine because deficits are the disease. Starve fever, never feed it. More debt never cures unsustainable debt.

  • JustanOguy

    Greece is doomed… Gives more people time to prepare for the even bigger bubble when it pops…

  • Ducky

    Complain all you want about Obama… Its wealthy white males that are engaged in all the rape and pillage tactics… Who owns the banks? Who owns the corporations? Who owns the investment firms on Wall St? Who sits in the US Senate? Who makes up the majority of the House?

    If you don’t see the situation for what it truly is, then you are lost… Vote Obama out and put in another puppet… Makes no difference and the Oligarchs own them all…

    When you vote, you vote for a proxy that represents the business of the elite, think tanks that write the policies and the military complex along with the financial oligarchs…

    Keep blaming Obama if it makes you feel good… Bloody fools…

  • http://www.simplecleareasy.com SCE

    Greece should be allowed to leave the Euro and default just as Argentina and Iceland have done.

  • Darren

    This is a portion of an article about how the US could be on the same path as Greece that I read on cnbc.com that shows you how liberals think, which is nothing new:

    John Carney, Senior Editor of CNBC
    “The U.S. economy is far healthier than the economy of Greece. We aren’t locked into a currency union that deprives us of monetary flexibility. Our government can never run out of money to service its debt because the debt is denominated in currency the government creates.”

    I guess they have never heard of Inflation or worse Hyperinflation.

    • Janey

      If the US couldn’t print their own money, we would have been like Greece along time ago. I dont understand how we can keep printing money and inflations doesn’t seem to go up. Can someone explain this? ….Janey

  • jim

    but to be honest anything is possible in the Eurozone even democratically elected eurocrats and referendums. Yeah and pigs do fly.
    To be honest why the hell would anyone lend 110Bn Euro to anyone that was going to default.

  • http://www.econmelt.com jp

    An important point; Greece has ALREADY defaulted. After all, when you can’t won’t or don’t pay back 100% of your agreement on bonds… that’s a default. And that’s already history. The only question now is, what will the price be on those bonds?

    As with America’s phony funny printing money out of thin air — so called quantitative easing — the EU liquidity flooding is only masking things over, like pancake make up on a washed up starlet, and making things much worse. As usual, the noodnicks in charge only address symptoms.

    Fatal mistakes and flaws — from not indicting bankster hoodlums, to breaking up the banksters to the massive corruption and conflicts of interest in congress, the courts, the presidency, the regulators, the credit ratings agencies, the mass media … — will forever be talked about by historians of the future who will look back on this time with raised eyebrows and a shaking of the head.

  • Janey

    I am old and decrepid. My husband (may he rest in peace) was very concerned over the Y2K, and did all he could to get ready for the world to go to he!!. I live 10 miles outside a city of 25,000 in the back woods of KY. I still have all his survival equipment, and last summer I built a greenhouse. The way I feel about it is that, bring it on. I would like to see all the welfare people revolt, and even the politians that got us into this mess go hungry. After I see this, I will be ready to go on to the promise land. Obuma caused this, not Bush….Janey

  • Nobody

    As long as oil is being bought with USD, there wont be significant loss in value. Why was Iraq invaded? Why Libya? Why Syria, Why Iran? These countries want to sell oil for other currencies. That would sink the dollar! Thats where the ball is on the grand chessboard. No one is talking about China here!

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