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Greece Rejects Bailout Deal – Deadline To Avoid Financial Chaos In Europe Is March 1st

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No - Public DomainEurope is on the verge of a horrifying financial meltdown, and there are only a few short weeks left to avert total disaster.  On Monday, talks that were supposed to bring about yet another temporary “resolution” to the Greek debt crisis completely fell apart.  The new Greek government has entirely rejected the idea of a six month extension of the current bailout.  The Greeks want a new deal which would enable them to implement the promises that have been made to the voters.  But that is not going to fly with the Germans, among others.  They expect the Greeks to fulfill the obligations that were agreed to previously.  The two sides are not even in the same ballpark at this point, and things are starting to get very personal.  It is no secret that the new Greek government does not like the Germans, and the Germans are not particularly fond of the Greeks at this point.  But unless they can find a way to work out a deal, things could get quite messy very rapidly.  The Greek government has about three weeks of cash left, and any changes to the current bailout arrangement would have to be approved by parliaments all over Europe by March 1st.  And the stakes are incredibly high.  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.

On Monday, eurozone officials tried to get the Greeks to extend the current bailout package for six months with the current austerity provisions in place.  Greek government officials responded by saying that “those who bring this back are wasting their time” and that those negotiating on behalf of the eurozone are being “unreasonable”

A Greek government official said that a draft text presented to eurozone finance ministers meeting in Brussels on Monday spoke of Greece extending its current bailout package and as such was “unreasonable” and would not be accepted.

Without specifying who put forward the text to the meeting chaired by Dutch Finance Minister Jeroen Dijsselbloem, the official said: “Some people’s insistence on the Greek government implementing the bailout is unreasonable and cannot be accepted.”

Most observers have speculated that the new Greek government would give in to the demands of the rest of the eurozone when push came to shove.

But these new Greek politicians are a different breed.  They are not establishment lackeys.  Rather, they are very principled radicals, and they are not about to be pushed around.  I certainly do not agree with their politics, but I admire the fact that they are willing to stand up for what they believe.  That is a very rare thing these days.

On Monday, Greek finance minister Yanis Varoufakis shared the following in the New York Times

I am often asked: What if the only way you can secure funding is to cross your red lines and accept measures that you consider to be part of the problem, rather than of its solution? Faithful to the principle that I have no right to bluff, my answer is: The lines that we have presented as red will not be crossed.

Does that sound like a man that is going to back down to you?

Meanwhile, the other side continues to dig in as well.

Just consider the words of the German finance minister

Wolfgang Schaeuble, the German finance minister, accused the Greek government of “behaving irresponsibly” by threatening to tear up agreements made with the eurozone in return for access to the loans which are all that stand between Greece and financial collapse.

“It seems like we have no results so far. I’m quite skeptical. The Greek government has not moved, apparently,” he said.

“As long as the Greek government doesn’t want a program, I don’t have to think about options.”

Global financial markets are still acting as if they fully expect a deal to get done eventually.

I am not so sure.

And without a doubt, time is running short.  As I mentioned above, something has got to be finalized by March 1st.  The following comes from the Wall Street Journal

Any changes to the content or expiration date of Greece’s existing €240 billion ($273 billion) bailout have to be decided by Friday, to give national parliaments in Germany, Finland and the Netherlands enough time to approve them before the end of the month. Without such a deal, Greece will be on its own on March 1, cut loose from the rescue loans from the eurozone and the International Monetary Fund that have sustained it for almost five years.

So what happens if there is no deal and Greece is forced to leave the eurozone?

Below, I have shared an excerpt from an article that details what Capital Economics believes would happen in the event of a “Grexit”…

  • The drachma would be back. The euro would be effectively abandoned, and Greece would return to the drachma, its previous currency (it might take a new name). The drachma would likely tumble in value against the euro as soon as it was issued, and how much the government could print quickly would be a big issue.
  • It would have to be fast, with capital controls. There would be people trying to pull their money out of Greece’s banks en masse. The Greek government would have to make that illegal pretty quickly. The European Central Bank drew up Grexit plans in 2012, and might be dusting them off now.
  • European life support for Greek banks would be withdrawn. Greek banks can currently access emergency liquidity assistance from the ECB, which would be removed if Greece left the euro.
  • Likely unrest and disorder. Barclays expects that this sudden economic collapse would “aggravate social unrest”, and notes that historically similar moves have caused a 45-85% devaluation of the currency. Capital Economics suggests that the drop could be more mild, closer to 20%, and Oxford Economics says 30%.
  • Greece would resume economic policymaking. Greece’s central bank would probably start doing its own QE programme, and the government would likely return to running deficits, no longer restrained by bailout rules (though investors would probably want large returns, given the risk of another default).
  • Inflation would spike immediately, but both Capital Economics and Oxford Economics say that should be temporary. It might look a bit like Russia this year — with the new currency in freefall until it finds its level against the euro, prices inside Greece would rise at dramatic speed. The inflation might be temporary, however, because with unemployment above 20%, Greece has plenty of spare labour slack to produce more.

That certainly does not sound good.

And once Greece leaves, everyone would be wondering who is next, because there are quite a few other deeply financially troubled nations in the eurozone.

David Stockman believes that Spain is a prime candidate…

In spite of the “recovery” in Spain, close to 24% are still unemployed. That statistic explains Pessimism in the Streets.

The crisis is here to stay according to significant majority of Spaniards. The general perception is that the current situation in which the country is negative and far from getting better, can only stay stagnant or even worse.

A Metroscopia poll published in El País makes it clear that the Spanish are unhappy with the current state of the country. Five out of six (83%) see the economic situation as “bad”, while more than half of the remaining perceive “regular”.

Right now, Europe is already teetering on the brink of an economic depression.

If this Greek debt crisis is not resolved, it could set in motion a chain of events which could start collapsing financial institutions all over Europe.

Yes, we have been here before and a deal has always emerged in the end.

But this time is different.  This time very idealistic radicals are running things in Greece, and the “old guard” in Europe has no intention of giving in to them.

So let’s watch and see how this game of “chicken” plays out.

I have a feeling that it is not going to end well.

  • K

    The simple question is, what would they gain by staying in the Euro-zone? Access to markets? Their main industry is tourism, I do not see the Euro-zone, giving them a great advantage there. They do not make planes, or cars, or pretty much anything, that the Euro-zone would help them with. So for what purpose would they stay?

    • Prepp or Die

      Because they are socialists. They would no longer get to spend other people’s money. And they are out of their own money. Imagine! A welfare state without welfare??? It’s like being in deer camp with no whiskey!! Absurd!

    • jsmith

      That’s right, the alternative to stay in the Eurozone is perpetual debt for the Greeks. This is slavery! The Greeks are at an all time low and you really can’t get blood out of a rock. I hate to say this, but the Germans should be more understanding. After all, the victorious allies in WW1 imposed an impossible debt on the Germans at Versailles which they hardly paid.

    • Priszilla

      It is German industry that needs new euro countries that take out euro loans to pay for german tanks.
      Even when tge bailout started Germany insisted that the ordered leopard s are paid for from the bailout.

  • T.

    The EU will Not offer the Greeks any Debt forgiveness whatsoever – Only more Loans ie. Debt. The new Greek Government does not and will not accept that – So Greece will Exit. This will light the Fuse that sets off the daisy chain of Greek/Euro Debt Derivative implosion – Yes, the “Financial Shot heard round the world” – And the beginning of the end of the Financial/Economic world as we now know it.

    • K2

      I dont know, anything can happen, allowing greece to exit is too dangerous (as spain and italy could do the same if greece leaves), so i doubt that they will greece go. Few more reasons are mentioned in this article of why they wont let greece go.

      If by chance its unavoidable, it will be a ‘managed’ exit where safeguards will be built in place to protect derivatives and euro currency collapse. And greece banning its bank withdrawals before announcing its exit.

      • Ray

        I guess the safeguard is to make Greece a zombie nation. Not to declare default even though they can’t service their debt much like what they did to Cyprus and not provide anymore financing for Greece just leave them to pend for themselves.

        The real problem is the Greek leadership…if they decide to just exit the Euro there’s nothing EU can do. Unless they buckle down to EU bribes but if they do they just lost their credibility.

      • Dale Holmgren

        There’s nothing dangerous about letting the S & P 500 go back from 2100 to 797, as it was on Jan 1, 2009. It just means that you have the same investment dollars that you had 6 years ago.

        I don’t know why people don’t pull all their money out of the stock market right now, and just sit on the near tripling of their investment portfolio. Let someone else chase that final – what – 10%? 20%?

    • Ken S

      yeah maybe you will be correct.
      but everything that gets discussed about the pedning economic collapse never happens. always another deadline.
      always new accounting tricks. always next month or next year. seems like its all just about the drama sometimes.
      anyway, thank you Michael for your articles. i am with the folks that believe a reset is good! very good!! yes pain in short term but long term better.
      everything is so out of whack!

      • GetHubNub

        Like resetting the gut is good for the digestive system.

        • L O

          But not resetting the gut isnt going to destroy the digestive system, as the brinkmanship crowd would like you to believe.

    • Andrew Jackson

      So how much time do you think we have until SHTF comes to America? Just and general guess, and what signs of it coming here should we look for i.e. bank after bank collapsing or countries collapsing or do you think it will happen all at once?

      • T.

        My belief has been for a while now that Sep/Oct 2015 is the target date for the grand Collapse. Hemingway said when asked how he went bankrupt was “gradually then suddenly”. The banks holding these Derivatives will begin to crack and fail gradually leading up to the “7 year” Shemitah (Sep/Oct) and then something will happen in September and Everything will COLLAPSE. So, we have only a few months to prepare as I see it. TPTB have ordained and are Orchestrating this COLLAPSE – It is Not by accident.

        • Revolt to save America

          Andrew PLEASE friend me on FaceBook
          Cheryl Schankerman Erhart to share and follow this collapse. Thank you PS ANYONE else who researches the economic disaster daily please friend me, APPRECIATE like minded people. THANK YOU ! ! ! ! ! !

      • Anon

        The stuff will happen incrementally until one day we will wake up and realize that we are in six months into it.

      • L O

        Well, it’s been 8 yrs since the big scare… A person has to ask themselves. ” at what point do i accept the fact that the bus isnt going to stop here, and i should just start walking.

    • none

      GREAT NEWS T.:
      There is an inspirational uplifting new T.V. series on, the Grade A-M.C. channel or AMC. About a legendary real life lawyer. Who visits the poor in jail. he represents them in court. Often for free, and leads a life of poverty in order to do this!
      Also it is a uplifting story about how a young Mexican immigrant. Who lives in a suburban house, taking care of his elderly mother. Cooking and cleaning, also being able to run his own business from home.
      The name of the show is called. Better call Sal.

      • T.

        Dear none – Here is the best and most inspirational uplifting news of all. The Lord Jesus said in John 12:32 “And I, if I be lifted up from the earth (on the cross),will draw all men unto me.” Jesus saves.

  • ww3

    This is it boys, they will go with the BRICS, its over. The euro is down, dollar up. Euro is about to crash, maybe a month or two and then the dollar. I think we may have till June or July.

    • Mike Smithy

      It would appear that Putin has a strong poker hand in light of today’s peace plan with Ukraine. As a result, I fully expect for Greece to align themselves with Russia and adopt the Ruble as it’s currency. Whether the Russian pipeline goes through Turkey or Ukraine, I believe that Greece will ultimately be the pipeline terminal servicing Europe.

      • ItIsWell

        It’s tremendously sad when countries turn toward Russia with trust and America with skepticism. China, India, North Korea. Iran, Greece. It’s Russia that my eye is on since they are pulling others from petrodollar. Our leaders want war so bad they can taste it and they will use Ukraine like a puppet to get it.

        • Mike Smithy

          With Turkey in Putin’s back pocket, it is quite conceivable that Ukraine is somewhat irrelevant to Russia’s geopolitical goals.

        • KP

          Sad? There’s a tremendously good reason that turn is happening. America lies left and right, and subordinate nations are finally tired of it. Sure, Russia and Co. lie too, but the world isn’t stung by theirs yet. Right now they sound like revolutionary leaders. America is a financial and economic empire, and its losing its grip on its subjects through decades of self-serving, subject-destroying action. America fully deserves its fall.

    • K2

      Nothing of this sort will happen.

  • sigTRUTH

    The US tax payer will bail out Greece out or Russia will buy them.

    • willkes

      NOT. A. CHANCE. !!

      • sigTRUTH

        The fed bailed out European banks in 2008. Why not again?

        • willkes

          Because, they will not bail out Greece now. Things have changed, and can you imagine the uproar ? We cannot afford to bailout the world, it’s just not an option.

          • sigTRUTH

            Not being able to afford something doesn’t seem to stop
            our government from spending. Uproar? The American people should have been outraged a very long time ago. (Tweeting loudly is not an uproar. Sadly that is the extent of an uproar in this country)

          • willkes

            Oh, I agree with all of that.. But I don’t think we will bail them out.

  • shareefah

    Michael what year do you actually think the dollar will collapse? I’m kinda new to this blog

    • airedale

      2008. We have been on life support since 2008. Now we are waiting for the electricity to go out because we cannot pay the electric bill.

      • sharonsj

        I can’t pay the electric bill because of deregulation! So all you folks who think big businesses can’t operate properly because of government regulations have no idea what’s happening right under your noses. The more Congress and the states deregulate and privatize, the more it’s going to cost us just to survive.

  • ItIsWell

    Although the new Greek leader is a leftist radical it doesn’t sound like he is a typical political pushover like our current left and right politicians in US. This will be quite interesting watching a new powerful politician go up against the elite. Whatever move the Greeks makes will be doomed for failure and 11 million Greeks will suffer. This will eventually be our fate as well. You can only kick the can down the road for so long before reality catches up. The longer it’s kicked the worse the outcome.

  • wind

    learn from what Abraham Lincoln did to fund his war against slavery. sometimes history of an awesome man can teach us a valuable lesson to forge our future 😀

  • iguana one

    I have been watching this unfold in totality. I am 98% sure that the Eurozone cronies will pull a rabbit out of the hat at the 11th hour and the can will be securely kicked down the cobblestone road again.
    The opposite just will not be allowed to occur.
    Of course. it’s to soon. War must begin first.

    • natxlaw

      That seems to be what’s happened so far. The new Greek politicians are in a staring match with Germany, and they know Germany will blink first. For the Eurozone to fall apart is unacceptable to Germany, and the Greeks can make that happen. This reminds me of a story about a woman who made her living committing credit card fraud by dumpster diving at the homes of doctors. When the companies caught her, instead of pressing criminal charges, they worked out a payment plan with the thief. The problem, her only skill that yields the kind of money she owes is credit fraud. Likewise, the only way Germany sees a penny of its money paid back, is by giving Greece the money to do it.

  • watchmannonthewall

    Been watching this play out since late 2009. David Wilkerson said in March 2009 that when the first European nation went into bankruptcy the US would be affected, through Mexico, within two weeks leading to a complete shutdown of the US banking system for months. Will be interesting to see if we are at that point in time.
    One thing to be aware of: God said He’d do nothing unless He reveals His secret unto His servants, the prophets. (Amos 3:7) Who today is a true prophet of God who has spent time with Him and hears what He has said today? I believe David was one until his death in April 2011 and he warned the US what was going to come upon us if we did not repent. Many of his prophesies have come true and others are on the cusp of it. We haven’t repented! If fact we have gottten more in God’s face than any nation on the earth! God forgive us! Yet this (forgiveness) will only happen individually, as the nation itself will not repent despite the discipline.

    • seth datta

      The mark of the beast in the head is a form of mind control. They can interject voices in the head akin to schizophrenia, as this is one of many diseases with a demonic technoplogical basis that modern science rejects, despite offering a poor alternate solution. This is why there is a ramp up in school shootings etc.. it is like the picture of the angel whispering in one ear, and those without the holy spirit have the devil, this beast machine whispering in the other. This is the final war for the soul, it is already being fought globally, much of it unseen as we worship this idol that is not truly necessary for living, money.

      Science has already proven that God exists due to patterns that exist in the observable universe, but our so called elite hide this from us, as they would have no power over us were the public to know this.

      • seth datta

        Oh, the music was changed from 440hz to 432hz as it is easier to hypnotise the human mind with this frequency, along with subliminal messages in modern music, which in many cases is literally satanic, whilst appearing beautiful on the surface. If you or your children are brainwashed with such media since childhood, with these innocuous seeming and repetitive messages, when you act to buy things you don’t need etc, are you truly free or did someone entrain you to do that?

        • GSOB

          God’s new Temple, the Church, was established as the old Temple was torn down and reduced to rubble.

      • watchmannonthewall

        Scripture refers to “the mark of the beast”. The “beasts” were created the same day as man, on the 6th day (Gen 1:25-27). Unregenerated man, one which does not have the “breath of life” in him (Gen 2:7), the Ruach Ha Kodesh” or Holy Spirit, is a beast. Both Solomon and Paul indicated this truth in Scripture. (Ec 3:18, 2 Cor 15:32) The “mark of the beast” is exemplified by a person who walks contrary to the rules of God’s Household, His Law, Torah; one who walks “in the flesh”. Every father has rules his household is expected to observe and walk by. “The earth is the LORD’s and the fullnes thereof.” (Ps 24:1) The wheat (the “righteous”) and tares (“beasts”) grow together until the harvest of the earth. My earlier comment revolves around whether we are about to see the beginning of God dealing with mankind again in the way He dealt with both Egypt, at the exodus, and all mankind as at the time of the Flood, using Greece as the initial catalyst to begin this process, a process declared by the Biblical prophets and Jesus (Yeshua). We shall see over the next few weeks/months! If we see riots in the US this summer, we will know the collapse has happened here or is about to.

        • GSOB

          But fire came down from God out of heaven and devoured them.

        • GSOB

          The Mark of the Beast 13:16-17 was the parody of the divine sealing of the true Israel 7:2-8

      • GSOB

        The Great Tribulation ended with the destruction of the Temple in A.D. 70.

        • watchmannonthewall

          So are you saying that Jesus’ words (Mt 24:29-31) “But immediately AFTER the Tribulation of those days, the sun will be darkened, and the moon will not give its light and the stars will fall from the sky, and the powers of the heaven shall be shaken, AND THEN the sign of the Son of man will appear in the sky…and they will see the Son of Man coming on the clouds of the sky with power and great glory. And He will send forth His angles with a Great Trumpet and they will gather together His elect from the four winds of heaven from the one end of the sky to the other” happened in 70 AD? It would seem such an event would be well documented in history much as that of the Son of God walking in the flesh by Josephus, Philo and a number of Roman historical references to His life? Can you provide some historical references related to the 1st century AD indicating the events of Matthew 24, as stated by Jesus, occurred in or about 70 AD? I’d be interested in reviewing them.

    • muldoon55 .

      The entire system of government is under the control of satan and his demon hordes. satan tried to give these kingdoms to Jesus during the 40 day test in the wilderness.Matt chap 4.
      There will be no economic revival,for God (through his Son Jesus Christ) are orchestrating the collapse of this old world and its’ ultimate destruction.I believe what we are seeing is the beginning of this take down.
      The time is now to seek God while he still can be found and to put our complete trust and loyalty in his ability to sustain us as we move into what may be the darkest periods ever experienced in human history.

      • watchmannonthewall

        You are correct. It is fascinating to see that Scripture appears to support that satan did what is being done today, bringing others into debt bondage, before mankind was ever created. Two passages of Scripture which tell of the pre-man world are found in Isaiah 14:12-21 (Where we understand the reference is to satan, referred to as “star of the morning”-Lucifer in V.14). Here we see satan wants to be worshipped as God and “sit on the mount of the assembly in the recesses of the north.” David tells us in Psalms this place is actually the mount at Zion or Jerusalem, hence the constant wars there between God and satan for control of the Land!
        The second passage is in Ezekiel 28:11-19 as God speaks of one (satan) who has the “seal of perfection” who was also in “Eden, the garden of God”. (v.12-13) In verses 15-16 we are told “You were blameless in all your wways…until unrighteousness was found in you. By the abundance of your trade you were internally filled with violence.” Sounds like his wealth wasn’t enough, he coveted more and possibly incited war (violence=”hamas” in Hebrew), in heaven, to increase his wealth. Does this sound like anything going on today? Solomon said, “That which has been is that which will be , and that which has been done is that which will be done. So, there is nothing new under the sun. ” (Ec 1:9) Rinse, wash, repeat!

    • sandbagger

      Pastor Lindsay Williams also said when the Euro crashes the Dollar has perhaps two weeks until it also crashes.

  • Phil from Germany

    <I think we can safely say there will be a Grexit, apart from the staggering 26 billion in derivatives that will without doubt be defaulted on, what about the "Club Med " with Irish outpost ?. Think they are going to carry on bieng fleeced by the IMF ?, think not. Going to get nasty here in Europe, now to all those who didnt listen , and still wont…….tough, suck it up !

    • GSOB

      We must believe what Jesus said:
      within the lifetime of those who were listening to Him, He would come in His Kingdom.

      That is exactly what He did, culminating in His ascension to His heavenly throne.

  • Genada

    World wide there is a debt problem. There’s just too much debt. Greece is just the first step of what is going to be a long process of massive amounts of defaults across the world. The world sold the future for the present and now the bills are coming due.

    • Revolt to save America

      HI, how are you, I agree, scary times, not just financial system, the isis crap and well IT”S COMING at us from every direction. nowhere to run either. 🙁

      • GSOB

        Flee to Christ for salvation

        Acts 4:12

  • Priszilla

    That chaos will be a conscious decision. The greek think they can’t have it any worse. So now let the bank presidents see whether they really need their million euro bonus until 1. March, or if they could wait a little longer to pay the rent.

  • Rocketman

    I think Greece will say…Blink. Then we will see the wide spread social chaos.

  • alan

    I think this whole deal is buying time for the bankers to print each other I.O.U’s and to be backed be the full faith of whatever. Everyone gets conditioned to the exit news and when it happens no one really cares, its old news.
    I think it will be a dud, maybe people will be out celebrating and touch a few cars. Then in Six months who knows maybe the military will be running the country.
    I got my popcorn ready just in case!

  • chilller

    The EU wasn’t a very well thought out plan. They let Greece in…that was stupid…then they lend Greece money they know Greece can’t pay back…very stupid. Then…everyone places bets in the form of derivatives that everything will go well? WTF!

    • Priszilla

      German industry delivers to Greece and gets paid from euro loans. That’s the whole idea.
      That’s the same industry that installed Hitler. Only this time they were smarter to get to the money.

  • Priszilla

    Greeks with family in Europe will be much better off, as their Euro will buy much more drachma.
    Greece as tourism destination will become cheaper.
    Greece won’t buy as many german goods anymore.
    and won’t need as many euro debts as before.


    None of this will happen. Yellen has the printing presses on standby. My guess is that another 500 billion will be pumped into the EU to stave off disaster. The beat goes on….

    • iamcurious

      You may well be right. If memory serves me correctly, the Fed printed and gave internationally, something like 28 trillion to prop up the whole world economy, back in 2008.

  • Rufus T Firefly

    Germany needs to stop pussyfooting around and get their money back from Greece by any means necessary. You can’t let these vermin get away without paying back their debts.

    • Gay Veteran

      in capitalism if you make a loan to someone who is unlikely to pay it back then the bank must suffer the consequences of their own bad decisions

  • Bill

    ATTENTION everyone. Even if you read nothing else for a week, please read the article link I’ve askedi Michael to approve. It is all about TPP, the West Coast Port shut down and the destruction of America. It’s economy, and it’s Constitution.

    • Bill

      Why did you remove it Michael?

    • Rob W

      This is the most important thing that will happen to us. No one can stop it.

    • Bill

      If you are waiting to read the link please tell Michael below.

  • jox

    In Spain, the left party Podemos is watching the events en Greece with great interest. It is very probable that Podemos wins the next election, but it will depend on what happens in Greece.

  • John H. Ruszkowski

    Greece will eventually have to become part of BRICS and hope that this will help them in the long run.

    • KP


  • Steve Hansen

    The Greeks don’t want to pay their debt, and they don’t want to leave the EU..! And the EU want them to continue to be part of EU and pay their debt (with new loans)…!

  • Rob W

    Germans and Greeks…

    In the 7 years of crisis from 2007 to 2014, a graph of Greece’s real GDP per capita exactly mirrors Germany’s in the period from 1913 to 1920.

  • Unix

    The Greeks borrowed the usury money, spent it, and now don’t want to pay it back? imagine that? socialists are a funny lot. The EU empire squid will squeeze them dry…but the funny thing is, this will cause the dominoes to fall, and the world is awash in fiat paper, one spark and poof…could this be that spark? we’ll see sparky!?

    • sharonsj

      90% of the loans went to the banks, not the people, but the government stuck the people with the repayment. That’s why the Greeks have been trying to burn down their own parliament (until the latest election when they were so mad they elected Marxists, NOT socialists). Too bad Americans don’t realize the same transference of debt happened here too.

  • VigilanteCaregiver

    This is interesting. 18 members of the Golden Dawn (neo-Nazi) party from the previous parliament, along with 54 others, will stand trial for being members of a criminal syndicate. Finding this from multiple sources dating to Feb. 4th. This indictment includes Golden Dawn head Nikolaos Michaloliakos.

    Greek version of Night the Long Knives?

    The more things change the more they stay the same.

  • As per negotiations already made and discreetly made. When Greece leaves the euro Russia and China will move in and build military basses and installations and Greece will in effect become a satellite of Russia and China. That is why Greece don’t want anymore money and any more austerity hoops to jump thru. But you can’t blame them. It will NOT, in the end be a good deal for the Greeks they will just trade one master for another. And in the end they will find they are still salves.

  • guest

    The new leaders of Greece may be admired for sticking to their guns but I wonder where they were when Greece was racking up their unpayable debt. Greece is now like a soldier on Omaha Beach. They have the enemy in front and the sea at their back. Greece has no choice but to stand fast in the hole they’ve dug for themselves. They’re already in a depression. Their only leverage is the threat of contagion. Will the EU stand fast and risk contagion or will they welcome home the prodigal son whether the tax payers of the EU like it or not. I suspect the taxpayers of the EU are about to get a lesson in New World Order democracy and take a haircut for the benefit of the TBTF crowd.

  • Orange Jean

    Off topic, but a reminder to preppers… check your food supply!

    I say this because I am currently “snowed in” … and got in the mood to make some Boston Baked Beans from scratch, and while I have 2 bags of black beans and 1 bag of 15-beans for soup… I do not have anything suitable for baked beans. Plus, I could not find that one can of Spam I had (I had a craving for friend Spam and eggs this morning) either!

    OK, people in the North would have a good laugh as me being snowed in, as I only got 6″, topped with a little ice… but they do not sand, salt or plow the roads for a good 6 miles from here… and I have to use a cane or walker, so I’m stuck eating whatever I have in the house. Plenty of food and T-tissue but no plain beans to make what I’m craving, alas!

    • iamcurious

      Just look at it as good drill for a time to come when we’ll have to eat whatever we have, with no recourse to “going to the store”. Also, be glad for being awake enough to know it’s coming and have some time to prepare!

      • Orange Jean

        Agreed and I do!

        Plus, I lucked out after all… found the beans a short while later (1 bag), off in the back of my pantry in an awkward to get to place, the only place I hadn’t looked in yet before posting that. I’d looked there once already, but didn’t pull everything out before looking in back. It’s amazing what small things we can appreciate when we can’t take things for granted.

        Now I’ll be slow cooking those beans overnight, should be a delightful smell throughout the house when I get up at the crack of dawn when I need to call in to say I can’t get in.

  • Randy Townsend

    Greece has no good options. If they leave the EU, what country would lend them money? Any drachma-based currency (regardless of name) would be the equivalent of Monopoly money – not worth the paper it’s printed on. The people of Greece would be the ultimate victims of this mess – a clear warning to countries (like the US) that profligate spending, endless deficits, and no fiscal restraint does indeed have a cost. Not that our pols would get that message….

    • KP

      Russia would, since they’ve already offered. Greece would extend Russia’s influence the pipeline running natural gas to Europe, making Greece highly valuable to them. They’ve already confirmed the Turkish Stream and told Europe no more gas will go through Ukraine. Greece was the European entry point from the Turkish Stream. If Russia pulls Greece into its sphere of influence, that natural gas will pass through Turkey into Greece, and Greece will make a fortune doing for Russia and Europe what Ukraine used to do. And that’s highly valuable to Greece. It’s roughly win-win.

  • Bill

    Thank you Michael

  • elvisisdead

    Yet another “authority” who overvalues Greece in the grand scheme of things. Greece is like the drug-addled cousin of Europe. He’s always in some trouble, needing to be bailed out, and you just work around it. It’s one mess to the next. Greece has never been a stable, thriving, place. A brain drain from about 1900 on as the country suffered through civil wars, right-wing dictatorships, invasions, famine etc did permanent damage to civil society. The Greeks I know are some of the hardest working, shrewdest, people and they all live HERE in the USA.
    Begs the question of who’s left in Greece?
    A beautiful country stuck about 1910 on the grand scheme of things. It is not the axis on which Europe spins. Talk to any European and they’ll tell you that. A backwards backwater state that will always be backwards.

  • A Dodgy Bloke

    I hate making predictions, because most of the time I’m wrong. I think Greece is gone. The EU has a couple of reasons to let to Greeks go. One It makes an example out of Greece, and seeing the Greeks riot in the streets will deter any other collection of left wing loons who might get elected in the EU and want to challenge any bailout deal. Two it puts the rest any hope in Spain and other places that the EU can be pushed around. Leave the Euro and look at what happened with the Greeks, is what the EU will tell these guys. That will put the fear of God in many people in the EU, in Government and out. Nobody really knows the amount of Derivatives contracts on the EU and Greek debt. The smart money has already sold these contracts to somebody else. Greece debt to GDP is well over 200% no way can the Greeks pay that off. Europe has much bigger problems it’s time to cut louse Greece and move on.

  • GSOB

    The Rapture and the Second Coming will occur together.

  • GSOB

    Satan is unable to prevent the victory of Christ’s Kingdom.

  • Brian Gray

    Goldman Sachs played a major role in deceiving and fictitiously financing Greece’s entry into the EU, which after all was Thatcher’s/Bush Sr./and Mitterand’s political policy on behalf of the dying and desperate Anglo/Dutch Empire and Jacob Rothchild’s Inter-Alpha banking consortium and their London/Wall Street banking apparatus, to destroy national sovereignty on the way to New World Order One World Government. This is old hat, yesterdays news kinda stuff…Imperialistic, Oligarchy has always functioned this way. Free trade pacts like the NAFTA,TPP, and CETA another way to consolidate corporate and financial control of nations.
    The Empire is dying and to maintain their hegemony of their whorish system, in their psychosis, are willing to plunge the world into global thermonuclear war!

    • Lennie Pike

      True what you said, but the guitar won’t get the job done.

  • Revolt to save America

    do you think anything like this EFFECTS how AMERICANS see the banks and effects possible bank runs here ? or ?? COMMENtS ::::

  • Undecider

    In addition to rejecting the bail out, every Greek citizen needs to become armed. You know the banksters are going to try a civil war or some crap.

  • victor

    Can anyone expand on the Russia, Turkey, and Greece oil connection, someone mentioned, and not going thru Ukraine.
    Find it interesting, has Michael spoke on this earlier, new to site, about a month now.
    How much of a game changer would that be against the EU, if that allowed Greece to leave.
    I think for Russia it would only make Putin’s head swell more and add to his cockiness.
    How much does it really effect us in the U.S., far as the Market.
    I’m aware of the blood moons and believe the first one came to pass with the killing of the 3 teens, than the fighting took place. Don’t really know if anything happened on 2nd blood moon, but know there’s a lunar in March, which I believe is judgement or dealing with the nations. What is interesting is around the time Greece makes their decision. Does everything go crazy, or is it business as usual.
    Really would like Your comments, as just learning about the metrics of these countries.

  • Avner

    Step in Russia, and the US started currency war continues to go against everything the Western bankers want. LOL…… Quick look over here! Jihadis are doing what they have been doing since the 1200’s in beheading “infidels.”

    Oh I forgot we have to be nice to the muzzies too. Boy…… Americans are just dumb. Flat. Out. Dumb.

    For the Greeks, you know what…. they are doing the right thing. Take back control of their currency and country’s financial soverningty. They got conned into debt, there is no moral obligation to pay your “debt” when the other party conned you into it. It’s all business.

  • RUSS

    Hi!, Patrons Of The Economic Collapse Et. Al.:
    Decades ago the American Institute For Economic Research located in Great Barrington, Mass., (888) 528-1216, sent me their research based upon voluntary vs. involuntary co-operation. From that point of view the Greek vs. European saga is very interesting, because it appears to me that the new Greek government is stating plainly to everyone: “If you want US to feel the pains of default; then let’s see how it feels for the whole world to go down the tubes with US!!! Will these events tend then towards voluntary co-operation or not is getting very close isn’t it? March 1st is right over the hill and everything will be in plain sight shortly will it not? As a side not here, please allow me to state that we the people of the US probably have a certain empathy but not on the exact same level as the Greeks. My uncle worked hard in Los Angeles, Ca. for many years prior to his retirement expecting to earn additional income from investing in interest bearing CD’s & the like but, although he has the investable funds, he has been forced into extreme austerity circumstances he would have NEVER expected during his working career, because OUR once benevolent US banks do not offer anything near a reasonable interest rate and so the banks are taking their position out on OUR elderly retired? Something stinks to high heaven here doesn’t it folks? What use are OUR banks here; except to allow US to write checks to pay OUR bills plus have excessive fees forced upon us? It’s a guarantee isn’t it that this economic distortion faced by the elderly retired is not done on a voluntary but instead a very involuntary basis which is self serving the banks who on the other end charge excessive interest from those who borrow OUR money from those same banks accepting OUR deposits!! If it wasn’t for necessities without which we can not use such as bank checking writing to pay OUR bills, my suggestion would be to do exactly what the Greeks are proposing to do which is keep OUR money at home bankrupting all these over lording banks; enabling them to feel the economic pressures being felt today by millions of retired oldsters such as my uncle.
    RUSS SMITH, CA.(One Of Our Broke, Fiat Money Corrupt States)

  • chekmate2

    Something I’ve never understood about the Euro: How can you have an economic union without a political union? When individual EU members can set their own economic polices that other EU members must cover, the collapse seems extremely likely. To put it into another context: Why should I work hard so that you can have a lifestyle better than mine that you don’t have to pay for? This will probably start the exodus from the Euro. By the way… Where will Greece go for financing? How can they be trusted not to default if they default here? This will not end well.

  • Assumpta

    Disenfranchised young people and older people who have either lost or do not have any credit fuel assets are ready for a jolly up!
    Greece will start a general back lash against the corrupt system

  • Ray

    Obama is not clueless about ISIS, he is complacent. He is actually very supportive of ISIS he’s just playing the brainless idiot so he’ll not be blamed when ISIS installs their caliphate and take over the entire Middle East which is what Obama wants. It’s also another way to divert the stupid American peoples attention from the bigger problem we have at home namely: The Obamacare, unemployment, debt and flooding the US with illegal aliens, etc., etc..

  • sandbagger

    I heard that Russia has offered to bail out Greece. This was on Boom-Bust with Erin Ade yesterday (2/17) Whether or not they will take that offer could be a game changer.

  • Jack MacAlister

    Hey everybody,

    I lived in Greece for a few years and they are wonderful people and fiercely proud. They have a national holiday called OSHI Day. Oshi means no in Greek. Oshi Day is a commemorative day for celebrating when Greece said “NO” to Germany in WWII when Germany asked Greece to join them. I have a feeling that OSHI DAY Part II will soon be a national holiday.


  • Horiboyable .

    ME; Hey Mr Isis why are you chopping my head off
    Mr ISIS; Because I cant get a damn job and provide for my family and get myself a 6 Pack on a Friday night.
    ME: Well that sounds perfectly reasonable. Why don’t you call Mr Obama and get the USA to lay a little industry on ya.
    Mr ISIS; Really, do you think those infidels would help us because its awfully hot here and I could really do with a Bud Lite.
    ME: Sure McDonalds would love to exploit some new markets and sell more of their pork burgers and McTrotter nuggets.
    Mr ISIS; Wow I am going to give you a break instead of chopping off your head.
    ME: Thanks man, you are a swell guy. Cam you break my arm because I would sure like to walk away from this situation.

  • armando espinet

    From the West’s perspective, I cant imagine the EU (Germany) not realizing that it’s better to get back “some part” of the money they loaned than to lose 100% of it – and possibly have the huge derivative chain come apart too. There’s also the matter of contagion with the rest of the PIIGS like Italy & Spain – not to mention even more dire consequences. Looking at this from a Greek perspective and suspecting that they have a “Standing Offer” from Russia & China should they decide to default on the EU & IMF, I think it’s probably best for Greece to not just abandon the Euro, but also leave the EU and withdraw from NATO – here’s why… 1. They’d get a fresh start, like someone after declaring bankruptcy and support the mandate of the majority of Greeks that voted for Syriza. 2. They’d be free of the unpopular EU-Russia embargo and would be able to sell their agricultural products to Russia at top prices. 3. They could come to a financial arrangement with Russia to extend the new Gas pipeline coming from Turkey, thereby getting free revenue & ensuring their own future energy needs. 4. After kicking out the Americans, they could rent current US Bases (principally Souda Bay in Crete) to their new partners (the Russians and Chinese), both of whom would pay handsomely for the privilege of having a base in this prime Mediterranean location. Obviously, this last point is the main reason the US is pressing the EU to give in to the Greeks.

  • muldoon55 .

    Once Greece leaves the euro,I’d bet Russia would be more than happy to take them under their wing and help them financially. When Italy,Portugal,Spain see that, what will stop them from joining with Greece in breaking away from the sinking ship that is the eurozone with it’s harsh economic austerity requirements.
    The BRICS alliance is only getting more and more economically consolidated.Hell, when Germany sees all that happening what do you think she’ll do especially in light of the fact that Russia supplies most of her energy needs now. It’ll be a no brainer.
    As the oligarchs in london see their control slipping away, coupled with the simultaneous crumbling of their financial empire,is it really a stretch that they would initiate a nuclear first strike against BRICS in the hope of when the nuclear dust settles, they’ll come out on top.
    It’s all or nothing for these satanically driven maniacs!!

  • H. Springs

    Conspiracy view: Merkel may be taking the hard line to get Greece out of the Euro and start the domino chain to break away from the trans-atlantic banking empire that is imposing sanctions on Russia, which is threatening business between Germany and Russia. Nike.

  • L O

    I have to say, that over the years i have read so many brinkmanship articles claiming the greek sky is falling, that i doubt Greece leaving the Euro is going to cause some major economic meltdown.. I seriously doubt that Spain or Italy, is going to follow suit.. greece will struggle, but they will again, gain traction.

  • watchmannonthewall

    I really don’t know where to start with the things copied from your source. I think the best way to respond is to mention the disciples asked Jesus three seperate questions at the beginnning of Mt 24. Jesus answered all three questions but not necessarily in Matthew. For the greatest detail of the destruction of Jerusalem one must go to Luke 21:12-24 which starts with “But before all these things…” and ends with “”and they will fall by the edge of the sword and be lead captive into all nations; and Jerusalem will be trampled underfoot by the Gentiles until the times of the Gentiles be fulfilled.” Jesus’ prophesy was merely a restatement of prophesies given by both Jacob to his sons and by Moses just prior to the entry to the Promised Land. God already knew all Israel was going to be exiled hundreds of years later. Beginning in verse 25 of Luke 21, Jesus now deals with the disciples question of the signs prior to His return. Yes, there are approximately two days or 2,000 years (a day with the Lord is as a 1,000 years) between the destruction of Jerusalem and the Great Tribulation when the harvest of the entire earth has ripened, due to the scattering of the holy seed (both houses of Israel) throughout the earth. Note Paul said “all Israel shall be saved” not “all the church.” Abraham was a Syrian, not a Jew. See UTube Passion for Truth video “Identity Crisis”. Jesus answers the final question of the disciples regarding the end of the age by stating heaven and earth will pass away and no man but the Father knows the timing of this, not even Him. There are dozens of points to be made in these Scriptures but way too long to get into in the blog. Keep an open mind regarding prophesy as God hasn’t revealed it all yet. Only those who continually search and are willing to move when the cloud moves will be prepared upon His appearing! Let’s not be foolish virgins! Blessings to you and yes, thanks to Michael who allows us to encourage and sharpen one another on his blog!.

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