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It’s Germany vs. Greece, And The Very Survival Of The Eurozone Is At Stake

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Boxing - Public DomainIs this the beginning of the end for the eurozone?  On Thursday, Germany rejected a Greek request for a six-month loan extension.  The Germans insisted that the Greek proposal did not require the Greeks to adhere to the austerity restrictions which previous agreements had forced upon them.  But Greek voters have already very clearly rejected the status quo, and the new Greek government has stated unequivocally that it will not be bound by the current bailout arrangement.  So can Germany and Greece find some sort of compromise that will be acceptable to both of them?  It certainly does not help that some Greek politicians have been comparing the current German government to the Nazis, and the Germans have fired back with some very nasty comments about the Greeks.  Unfortunately for both of them, time is running out.  The Greek government will run out of money in just a couple of weeks, and without a deal there is a very good chance that Greece will be forced to leave the euro.  In fact, this week Commerzbank AG increased the probability of a “Grexit” to 50 percent.  And if Greece does leave the eurozone, it could spark a full blown European financial crisis which would be absolutely catastrophic.

What the Greeks want right now is a six month loan extension which would give them much more economic flexibility than under the current agreement.  Unfortunately for the Greeks, Germany has rejected this proposal

Germany rejected a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, saying it was “not a substantial solution” because it did not commit Athens to stick to the conditions of its international bailout.

Berlin’s stance set the scene for tough talks at a crucial meeting of euro zone finance ministers on Friday when Greece’s new leftist-led government, racing to avoid running out of money within weeks, will face pressure to make further concessions.

As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a financial lifeline, potentially pushing it toward the euro zone exit.

Even though Germany is already saying no to this deal, Greece is still hoping that the Eurogroup will accept the deal that it has proposed…

“The Greek government submitted a letter to the Eurogroup asking for a six-month extension of the loan agreement. Tomorrow’s Eurogroup has only two options: either to accept or reject the Greek request,” a government  official said. “It will then be clear who wants to find a solution and who doesn’t.” Earlier on Thursday, the German finance ministry rejected Athens’ request for an extension by saying it fell short of the conditions set out earlier this week by the euro zone.

At this point, the odds of a deal going through don’t look good.

But there is always next week.  It is possible that something could still happen.

However, if there is no deal and Greece is forced out of the euro, the consequences for Greece and for the rest of the eurozone could be quite dramatic.

The following is how the Independent summarized what could happen to Greece…

An immediate financial crisis and a new, deep, recession. Without external financial support the country would have to default on its debts and, probably, start printing its own currency again in order to pay civil servants. Its banks would also lose access to funding from the European Central Bank.

To prevent these institutions collapsing Athens would have impose controls on the movement of money out of the country. The international value of the new Greek currency would inevitably be much lower than the euro. That would mean an instant drop in living standards for Greeks as import prices spike. And if Greeks have foreign debts which they have to pay back in euros they will also be instantly worse off. There could be a cascade of defaults.

That doesn’t sound pretty at all.

The most frightening part for those that have money in Greek banks would be the capital controls that would be imposed.  People would have to deal with strict restrictions on how much money they could take out of their accounts and on how much money they could take out of the country.

In anticipation of this happening, people are already pulling money out of Greek banks at a staggering pace

In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation’s banks in record amounts over the last few days.

The Bank of Greece and the European Central Bank won’t report official cash outflows for January until the end of the month. But sources in the Greek banking sector have told Greek newspapers that as much as 25 billion euros (US $28.4 billion) have left Greek banks since the end of December. According to the same sources, an estimated 900 million euros flowed out of Greek banks on Tuesday alone, the day after the talks broke up in Brussels, sparking fears that measures will be taken to stem the outflow. On Thursday, by mid-afternoon, deposits had shrunk by about 680 million euros (US $77.3 million).

If outflows reach 1 billion euros, capital controls might need to be imposed,” said Thanasis Koukakis, a financial editor for Estia a conservative daily, and To Vima, an influential Sunday newspaper.

And if we do indeed witness a “Grexit”, the rest of Europe would be deeply affected as well.

The following is how the Independent summarized what could happen to the rest of the continent…

There would probably be some financial contagion as financial investors wake up to the fact that euro membership is not irreversible. There could a “flight to safety” as depositors pull euros out of other potentially vulnerable eurozone members such as Portugal, Spain or Italy to avoid taking a hit. European company share prices could also fall sharply if investors panic and divert their cash into the government bonds of states such as Germany and Finland.

The question is how severe this contagion would be. The continent’s politicians and regulators seem to think the impact would be relatively small, saying that Europe’s banks have reduced their cross-border exposure to Greece and that general confidence in the future of the eurozone is much stronger than it was a few years ago. But others think this is too complacent. The truth is that no one knows for sure.

To be honest, I think that the rest of the eurozone is being far too complacent about what Greece leaving would mean.

There are all kinds of implications that most people are not even discussing yet.

For example, just consider what a “Grexit” would mean for the European interbank payment system known as Target2.  The following comes from an article by Ambrose Evans-Pritchard

In normal times, Target2 adjustments are routine and self-correcting. They occur automatically as money is shifted around the currency bloc. The US Federal Reserve has a similar internal system to square books across regions. They turn nuclear if monetary union breaks up.

The Target2 “debts” owed by Greece’s central bank to the ECB jumped to €49bn in December as capital flight accelerated on fears of a Syriza victory. They may have reached €65bn or €70bn by now.

A Greek default – unavoidable in a Grexit scenario – would crystallize these losses. The German people would discover instantly that a large sum of money committed without their knowledge and without a vote in the Bundestag had vanished.

Ouch.

And in a previous article, I discussed some of the other things that are at stake…

If there is no deal, we could see a Greek debt default, Greece could be forced to leave the eurozone and go back to the drachma, the euro could collapse to all time lows, all the banks all over Europe that are exposed to Greek government debt could be faced with absolutely massive losses, and the 26 trillion dollars in derivatives that are directly tied to the value of the euro could start to unravel.  In essence, if things go badly this could be enough to push us into a global financial crisis.

At the end of the day, there are essentially only two choices for Europe…

#1) Find a way to make a deal, which would maybe keep the current financial house of cards together for another six months.

#2) A horrifying European financial crisis starting almost immediately.

In the long-term, nothing is going to stop the economic horror which is coming to Europe, and once it starts it is going to drag down the entire planet.

  • jakartaman

    tick tock tick tock tick tock
    I would have to question that something will happen to kick the can once again. The powers will not allow greece to bail on the euro.

  • mt noise

    Some have been suggesting that this is all to force Greece out of the Euro. What if its the opposite? An excuse for Germany to leave?

    • Mike Smithy

      You raise an interesting point. The scenario reminds me when a few years back, Texas A&M, Missouri, Nebraska and Colorado left the Big 12 Conference. The common complaint was that the University of Texas was yielding too much control and created an unfair advantage. In retrospect, the Big 12 Conference should have asked Texas to leave for the betterment of the remaining 11 teams.

    • MichaelfromTheEconomicCollapse

      You make a very legitimate point.

      Could Germany actually be the one to leave?

      That is something to consider.

      Michael

      • K2

        I doubt it michael, germany needs europe as an export market of its goods and all european countries as ‘one zone’ will be more attractive to germany to export to.

      • KP

        If Germany leaves it will only be for the reason of reestablishing the union wholly on their own terms. The European project is far too important politically to Germany and its closest allies. Germany believes they can curb the animosity caused by their history if they embrace a democratic European unification.

        This scenario would be Germany leaving the current union and establishing a true United States of Europe with political integration previously unseen. Everything Nigel Farage complains about spawns from the German point of view. Germany wants everything Farage hates.

        They would set themselves up to cushion against the crashes in southern Europe. They would only invite the nations they consider to be core European states *and* who agree the European project is vitally important. The result would be a bunch of failing states surrounding a United States of Europe, a subset of the full continent.

        This will not happen until the US collapses. Germany will continue to try to save the union as it currently stands because the EU is how they view the European project. When the US collapses, Germany’s view of the European project will shift as they recognize an opportunity to fill the vacuum left by America’s global exit. Germany will determine the failing states around them are no longer worth the effort and will recoil back into itself and its core allies, shifting the European project from one that tries to include all of Europe to one that includes only the parts that agree with Germany.

      • jsmith

        Germany needs to look to the East. Besides, German quality products sell themselves whether it is in the union or not. Why, here in California people get on their knees and worship Mercedes Benz and BMW.

        • nekksys

          And in Germany, Mercedes’ are used as a TAXI!!!

    • John Byde

      That’s the elephant in the room. I’ve read more than once that the EU will really collapse when the German people (not their pathetic leaders) get sick of it.

  • Mike Smithy

    In the event of a Grexit, I am sure that Putin would offer financial support in exchange for a Naval Base and a commitment to support the South Stream pipeline. In addition, Greece would be wise to adopt the Ruble as its currency replacement as opposed to printing the Drachma.

    • jaxon64

      I was thinking this same thing– do not be surprised if Putin is watching this very closely and ready to pounce on the opportunity. We no longer are hearing of a Cypriot banking crisis.

      • http://batman-news.com Sam Jones

        Just to point out two simple facts, first over 70% of Greeks want to stay in the euro zone so they won’t voluntarily leave and second Greece cannot be forced to leave the euro zone they have to choose to leave.
        In my view this is all just EU politics. Greece is trying to force a crisis so the Germans will be able to bend a little. The Germans and most of the euro zone don’t want to give anything because of internal politics and the contingent affect. If Greece gets help then everyone will want to get extra.
        A solution will be found but it will be made to look like the Greece got nothing to the rest of the euro zone while being sold in Greece as a victory.

    • Priszilla

      And China might help too, with buying a port. Or maybe not when Greece isn’t part of the EU anymore.

    • Matt M

      Russia offered financial support a few weeks ago, and Greece declined.

    • Alice

      no grexit. start talking about something else that will
      “BRING DOWN THE ECONOMY”
      tptb will keep this going forever. i used to believe in collaps but c’mon! …if it was to happen it would have been here.
      thes blogs are money makers!

  • T.

    #1.) “Find a way to make a deal, which would maybe keep the current financial house of cards together for another 6 months.” This is the most likely scenario. Germany will also then have another 6 months to prepare her strategic moves – Both Financially/Economically and Politically. That will provide a pressure relief valve for the short term for both Germany/Greece and the EU. But come September – “All hell will break loose.”

    • Mike Smithy

      It will likely unwind the way you have laid it out. However, it sure would be fun to see some fireworks right now.

  • Rufus T Firefly

    Time for Athens to learn firsthand what it is like to be on the receiving end of the Melian Dialogue…in this world the strong do what they want and the week must suffer. The benefits of a classical education that includes Thucydides

    • jaxon64

      The suffering is brought on by their own liberal, socialist policy failures–they live well above their means, fat pensions, tons of vacation and short work weeks, bloated government and welfare systems have imploded–these loans, bailouts and subsequent austerity requests by the lenders were caused by themselves. Now it is time to pay the piper.
      In a small way, this is what would be happening to the USA right now if the dollar were not the world’s reserve currency— a massive collapse and loan default would have happened a few years ago when our GDP/debt ratio passed 100%.
      The central banks of the world have got all of the countries under control–Greece will only leave if the globalists have it as part of their plan. Whether they are trimming the fat off of their European Union or consolidating their power and control will be seen–but make no mistake, TPTB are fully in control toward their ultimate globalist aims.

  • K

    As I have stated in the past. I just do not see any good reason for Greece to stay. Not from their standpoint. Germany I think will stay for now. But at the first sign, of Spain or Italy pulling out. Germany will head for the door. I believe there are too many conflicting interests, for the E.U. to survive the coming economic crash.

  • GSOB

    Galatians 5:19-21 Living Bible (TLB)

    But when you follow your own wrong inclinations, your lives will produce these evil results:
    impure thoughts,
    eagerness for lustful pleasure,
    idolatry,
    spiritism (that is, encouraging the activity of demons),
    hatred and fighting,
    jealousy and anger,
    constant effort to get the best for yourself,
    complaints and criticisms,
    the feeling that everyone else is wrong except those in your own little group—and there will be wrong doctrine,
    envy,
    murder,
    drunkenness,
    wild parties,
    and all that sort of thing.

    Let me tell you again, as I have before, that anyone living that sort of life will not inherit the Kingdom of God.

    • big e

      WHAT?????/?

      • GSOB

        All doctrine and teachers are to be tried according to the Word of God.

  • CharlesH

    The newly elected politicians representing the Greeks in this whole thing must and will remember who put them into office and why. I believe the people are ready “to suck it up” if need be and be supportive of leaving the EU. You know…once you’ve lost everything…you kinda don’t give a flying fu** anymore.

  • jaxon64

    I’d say screw the Greeks– if I’m Germany or a German citizen, why would I keep supporting these people? It is not dis-similar to the welfare system in our country where the EBT masses take, take, take and call us who are getting squeezed Nazis if we want to keep the money we work for.
    Let Greece and their new leftists leader figure out a way to feed themselves for a change–they voted that they didn’t want austerity–didn’t want to live within their means and payback the LOANS ( not charity)
    I only see a strengthening of the core of the Euro if the parasitic appendages are dissected– there will be no collapse. The greek debt and economy only comprises .3% of the entire amt of Euros in circulation–the ECB can easily print this off their books and not see much, if any, adjustment in the Euro vs dollar standing–and in the long run people may have increased confidence in a Euro which is not propping up entire welfare nations.

    • http://karmaeconomics.blogspot.com/ lavista4u

      You have no idea what you talking about. Its a charade WAKE UP…..They won’t allow greece to create their own money at the same time won’t give out loans.

      Everyone is being screwed by Banks.

      • jaxon64

        How is that any different than what I actually said? I know volumes more than you could imagine about what the globalists are orchestrating—do you even know who the bankers are, what they believe and what their agenda is?– if you did then you wouldn’t be so pompous, you’d actually be quite sober and VERY careful with what info you disperse….
        “It’s the bankers” is a common mantra and won’t draw any attention to yourself however… my post was simply to comment on how this is a minor issue and if you read a post I made further along, you’ll see that I know exactly what is going on behind the scenes and how this will play out. It has been a century or more in development– a minor financial issue with a borderline 3rd world economy like Greece will not upset the globalist applecart….

      • John Byde

        Ah, the banks! The banks!

    • KP

      You have to understand Germany’s thinking. They have long been hated for Hitler’s crimes. You see it come out from every European country each and every time Germany asserts itself. Much like the US, Germany wants to “lead from behind” because if its reputation. To Germany, the European project is the only way they can recover their dignity. By creating a united Europe sitting on democratic principles, they can be an important global player without seeding memories of totalitarian takeover.

      Germany fights to keep the EU together for this reason and this reason alone. It’s impractical because it’s emotional, but that’s how humans function. We thrive on emotion first.

      • jsmith

        You mean the International Bank(s)ters who rule Germany want to keep the scheme going, right?

      • John Byde

        Good analysis, KP. But the fatal flaw in their plan is that they end up forcing “one size fits all” on the rest of us and seeming like good old bully-boy Germans. If the Germans still feel guilty, can’t they expiate it in a way that doesn’t involve the rest of us?

    • nekksys

      The problem isn’t the parasitic states which are borrowing so heavily. It’s the underlying debt that the other nations take on to keep nations like Greece afloat. If Greece defaults, these other nations have no return for the debt they’ve incurred. The debt, then, will be passed on those nation’s citizens in the form of tax increases, higher retail prices, reduced / eliminated government programs, lower standard of living, higher commodity prices, reduced exports / imports, etc…

    • Gay Veteran

      Germany deserves to lose out on those loans. Under capitalism if you loan money to someone one know can’t pay it back then you suffer the consequences.

  • Sean M

    next month next year. on 2 years. in 5 years.
    its always next next next .delayed delayed.
    stuff will go on forever the way it is now!

    • John Byde

      Until it doesn’t

  • http://karmaeconomics.blogspot.com/ lavista4u

    LOL…Another fake left-right paradigm. They never do anything in lame stream unless its controlled on both sides. The OUTCOME must be fixed for a news of this magnitude to be released into lame stream media.

    They are sure to reach a “last minute deal” as always…

    • Sean M

      exactly

    • nekksys

      Happened today which isn’t exactly “last minute.”

      Still rather fruitless though if you think about it. Kick the can down the road a bit and see what happens later.

  • jared thompson

    The J own the banks and seek to destroy europe and whites as they sought to many times before, especially Christianity, which thwarted their ambitions for global dominance through usury, managed wars, false flag terrorism and various other tricks and scams.

    • GSOB

      Get a life

      • Enjoy the diversity

        Come to Camden and we’ll see who doesn’t have a life.

        • Enjoy the diversity

          Or Detroit.

          • GSOB

            LOLOL

        • GSOB

          Those who are unwilling or incapable of discerning or judging between good and evil are in this manner revealing either their disobedience or their immaturity.

      • jared thompson

        You are one or shill for them, as per reading your previous comments.

        Interesting that your curt comment is exactly as advised by subverters working for agencies promoting evil agendas – attack the truth by attacking the person. Insults are the recourse of an exhausted mind.

        Are you afraid of what will happen as more people wake up to your evil?

        You need to repent to God. And stop with the lies.

        • GSOB

          LOL I am not afraid. Why should I be afraid….?

          If God is for me, who can be against me?
          He who did not spare His own Son, but delivered Him over for us all, how will He not also with Him freely give us all things?

          Who will bring a charge against God’s elect?

          God is the one who justifies;…

          ….not you and your vain attempt to accuse me of lying and trump up fear…

    • jsmith

      By that you mean the tribe, right jared? Funny how we fear coming right out and identifying the termites and fifth columnists that live amongst us! Now we know who George Orwell was talking about.

    • Joe

      Well said! But don’t forget than many of the zionismm cultss throughout the west posing as Christians (hagee, patsy robertson, falwell, swaggert, etc. etc.) are the ones who are now protecting and empowering the joos.

    • John Byde

      Up the meds, kiddo!

  • Just thinking

    Last minute deal will hold things off for six months. Then Fall on or near Elul 29. Just a guess

  • robert h siddell, jr

    This will be an interesting experiment. Will a socialist society buckle down and people work together to produce food and other necessities so all may survive or will they riot, rob and rape each other. This has great implications to the USSA.

  • http://www.facebook.com/jack.harper.520562 Jack Harper

    The Germans are still choked at Greece from 2006 when Greece succeeded in dumping their boats on the Germans for top dollar.
    Then the Baltic Dry Index fell from 250000 to 389 in 3 weeks.
    Suddenly 150 year old German shipping lines were declaring bankruptcy.
    Then the Greeks began to buy the boats back from the German banks for penny’s on the dollar.
    Thousands of ships in the works were set for delivery to German shipping company’s with no money or work.
    A lot of animosity still exists over this very issue.

  • Priszilla

    In Greece, people are already pulling all their savings from the banks.

  • Priszilla

    If the euro will fall further I should sell euros now and buy them back when they reached bottom.

  • alan

    It almost seems like a big Hollywood production. I think there will be some theactircal ending to this and Greece will get a bailout again. The EU stays whole. Both sides claim victory and around Christmas we’ll do it all over again.

  • Horiboyable .

    Alea iacta est
    Nothing now can stop the events that are going to take place. Foreign defaults throughout the world and a world wide recession.

    • mister_roboto

      Yes, that our very currencies are based on debt made this eventual outcome inevitable.

      • Horiboyable .

        What I am gob smacked about is the amount of people who are so willing to mortgage their own children’s future so they can consume today; its immoral.

        What concerns me today is the average intellect of the average person compared to say, when the founding fathers created the USA. Here in England many people were interested in seeing and following what Isambard Kingdom Brunel was achieving and there seems to be a higher level of interest in intellectual matters. The current generation are only interested in Xbox, XFactor, Big Brother and plenty of other nonsense. You only have to look at populous culture with artists like Pitbull and any women thinks they can grab a microphone and jiggle their bits around and think its talent. Compare these types against Carol King, Carley Simon etc and they don’t even compare.

  • XSANDIEGOCA

    A deal will be done. It will not be pretty. It will probably be illegal but…it will be done.

  • dan

    RUSSIA will step in to fund GREECE….imho

  • Robert C.

    Greece will probably get bailed out at the exact last minute. Germany, may leave the Eurozone due to having to bailout Greece so many times. Maybe that’s the plan which is to bankrupt Germany by bailing out so many other nations.

  • DJohn1

    What this is all about is the credit report on Greece paying off its loans is bad.
    Now if you or I tried to buy a house with bad credit we would have a difficult time getting a bank to give us a loan.
    So why does Greece think that they are any different than you or I?
    In England, many years ago, the Western side of Britain consisted mostly of Welsh Coal Miners. When the Coal Mining Industry went bad, most were left poverty stricken. From this came the saying to “Welsh” on a loan or a bet. The people had no money to give. But the name stuck and is sometimes used even to this day. To “Welsh” on an agreement.
    What Greece has to be wary of is the name they are getting in the international community. Because right now that name is not good.
    Germany also has a name. That name right now is they are probably one of the wealthiest members of the European community. Namely because of hard work and a car known world wide for its reliability. The two factors have placed them at the top. So it is their banks that might take a bath if the Greeks go bankrupt. They loaned them the money. Others encouraged them to loan that money to the Greeks.
    I think the people that encouraged them to loan the money to the Greeks should stand up and be counted. If I signed a co-sign agreement to someone with questionable credit, if they “welshed on the loan” I would be responsible for it. I see no co-sign agreement here. What I see is a bunch of worthless people that used their influence to create a situation where the Germans felt obligated to come to the aid of the Greeks.
    Now it is all going bad.
    The problem with the Greek situation is no one will loan them money ever again if they do not come to terms with paying back what they have loaned.
    We also face a similar situation with the money we owe. It could amount to a house of cards in which multiple nations all come crashing down with bankrupt currencies.
    I see us as a nation needing a co-sign agreement with someone very soon.

    • jsmith

      You seem to understand the situation. Greece is the first domino. The dominoes get bigger as they bump against the next countries.

  • the truth

    “There’s always next week.” That sums up the situation not only in Greece but the rest of the folks, politicians, sheeple and us.

    • John Byde

      Unfortunately, yes. Kick + Can + Road.

  • AntonioOssa

    IF GREECE LEAVES THE E.U. THE E.U. WILL EVENTUALLY FALL APART!

  • Lightmann

    What would Germany do if Greece defaults? NOTHING. They can’t do anything about it. GO GREECE!!

  • retired

    The Greeks really have no choice,neither do we!,
    The EU is doing it’s Austerity thing on Greece & the other EU member states.In America it is called Financial Repression.What Austerity is about is a program to bleed the wealth out of the middle income groups to pay for the massive leveraged debts run up by the banks & the rest of financial sector.However if they completely squeezed the last ounce of wealth out of the middle class it still wouldn’t be enough to pay all of these debts.
    What it may come down to for Greece is a choice between leaving the EU & going into poverty or paying off the debts of the financial classes & going into poverty!If they need to be broke they might as well do so as a sovereign nation & not as a province of the statists in Brussels!
    This may be the end of the EU if the other poorer members follow the Greek example & leave!
    P.S. If the EU buckles & gives Greece special deals the other marginal EU members will also look for special arrangements.This also will be the end for the tyrants in Brussels!
    P.S.S The EU was a great place to be involved with when business was great,but who wants to be a member when the bills start piling up!

    The EU can have their own anthem,it can use an old blues standard from 1923 called “Nobody Knows You When You’re Down & Out”

  • Josif Schmoesif

    I am no political expert on Europe, Greece, Germany, etc. but my cynicism tells me that in the next few week some new meaningless plan will arise between the European banks and the Greeks which allows the Greek socialist to save face and the euro to remain intact and all will be swept under the rug for a few more months and stocks will soar because all is well in the financial world

  • SatansHog

    No obligation to do the impossible is binding.

    – Marcus Tullius Cicero

  • armando espinet

    Going with the Russians & Chinese is probably their best bet – just like with Argentina, the Greeks have nothing to fear in respect to future funding. Consider how many times Argentina has defaulted on existing loans, yet after just a few years they once again are able to obtain new loans from the IMF and Western banks. It would be the same for Greece and the explanation is simple – the “Host” is indispensable for the parasitic organism to survive.

  • nekksys

    Being that an agreement was reached to extend the Greek bailout terms by 4 months, I get the feeling this is going to get ugly because the Eurozone leaders flinched. Germany just got slapped … and HARD! Nothing like discovering that those who are supposed to have your back, in fact, do not. Greece will be emboldened even more when they challenge the ECB and the Eurozone leadership again in 4 months.

    Wasn’t this the same kind of placative thinking that brought about WWII? “Let’s just give him this piece of France and he’ll go away.” And then it was, “Let’s just let him have Poland. He’ll stop after this! He promised!!” We all know how that turned out…

    Let’s hope Tsipras has the fortitude to hold his line while being sufficiently anti-war that he won’t resort to violent actions.

  • nekksys

    After reading that, the probability exists this scenario may, in fact, unfold as told by the writer. While Greece is busy grandstanding and making a show, Germany could very well be firing up it’s presses to mint Deutschmarks in preparation for just such a timed withdrawal. The backlash from such a withdrawal would be massive and absolutely devastating since Germany holds the EU’s pursestrings.

  • Crone

    What a bunch of nonsense. The PR firms must be rolling in dough..and laughter.

  • Randy

    The problem with Mikies reasoning is he constantly uses the word ” COULD”. We could be up S%#t creek if a comet was to hit the earth. We could be up the the proverbial ying yang if our leader was killed. We could be attacked by aliens. It’s all conjecture and fear mongering.
    If the powers that be thought it so probable that a Greece default would result in a cascading economic tsunami than I’m sure they would do what ever to placid the affected parties.
    All Michael’s rants do is make for interesting reading.
    GOD IS IN CONTROL. Nuff said!

  • Joe

    Unfortunately for muricans, the jooish federal reserve cartel will be bailing out the german bankers with freshly printed notes once Greece stops making their payments.

  • jakartaman

    As predicted in my previous post and others here.
    The can has been kicked down the road again for 4 months

  • jox

    The usual noise in the american and british media. Five years predicting the collapse of the euro and the end of the European Union, and wrong every time. The cause of this failure in the analysis is that it is based on the hatred towards the european project.

    Europe is a very difficult and complex project, based on respect between peers of different culture and history, trying to smooth the friction that always arise. Americans don’t understand that, because their relation with other countries is always as submision or confrontation.

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