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Greece Says That It Will Default On June 5th, And Moody’s Warns Of A ‘Deposit Freeze’

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Greece Euro - Public DomainThe Greek government says that a “moment of truth” is coming on June 5th.  Either their lenders agree to give them more money by that date, or Greece will default on a 300 million euro loan payment to the IMF.  Of course it won’t technically be a “default” according to IMF rules for another 30 days after that, but without a doubt news that Greece cannot pay will send shockwaves throughout the financial world.  At that point, those holding Greek bonds will start to panic as they realize that they might not get paid as well.  All over Europe, there are major banks that are holding large amounts of Greek debt and derivatives that are related to the performance of Greek debt.  If something is not done to avert disaster at the last moment, a default by Greece could be the spark that sets off a major European financial crisis this summer.

As I discussed the other day, neither the EU nor the IMF have given any money to Greece since August 2014.  So now the Greek government is just about out of money, and without any new loans they will not be able to pay back the old loans that are coming due.  In fact, things are so bad at this point that the Greek government is openly warning that it will default on June 5th

Greece cannot make an upcoming payment to the International Monetary Fund on June 5 unless foreign lenders disburse more aid, a senior ruling party lawmaker said on Wednesday, the latest warning from Athens it is on the verge of default.

Prime Minister Alexis Tsipras’s leftist government says it hopes to reach a cash-for-reforms deal in days, although European Union and IMF lenders are more pessimistic and say talks are moving too slowly for that.

Of course this is all part of a very high stakes chess game.  The Greeks believe that the Germans will back down when faced with the prospect of a full blown European financial crisis, and the Germans believe that the Greeks will eventually be feeling so much pain that they will be forced to give in to their demands.

So with each day we get closer and closer to the edge, and the Greeks are trying to do their best to let everyone know that they are not bluffing.  Just today, a spokesperson for the Greek government came out and declared that unless there is a deal by June 5th, the IMF “won’t get any money”

Greek officials now point to a race against the clock to clinch a deal before payments totaling about 1.5 billion euros ($1.7 billion) to the IMF come due next month, starting with a 300 million euro payment on June 5.

“Now is the moment that negotiations are coming to a head. Now is the moment of truth, on June 5,” Nikos Filis, spokesman for the ruling Syriza party’s lawmakers, told ANT1 television.

If there is no deal by then that will address the current funding problem, they won’t get any money,” he said.

But the Germans know that the Greeks desperately need more money and can’t last much longer.  The Greek banking system is so close to collapse that Moody’s just downgraded it again and warned that “there is a high likelihood of an imposition of capital controls and a deposit freeze” in the months ahead…

The outlook for the Greek banking system is negative, primarily reflecting the acute deterioration in Greek banks’ funding and liquidity, says Moody’s Investors Service in a new report published recently. These pressures are unlikely to ease over the next 12-18 months and there is a high likelihood of an imposition of capital controls and a deposit freeze.

The new report: “Banking System Outlook: Greece”, is now available on www.moodys.com. Moody’s subscribers can access this report via the link provided at the end of this press release.

Moody’s notes that significant deposit outflows of more than €30 billion since December 2014 have increased banks’ dependence on central bank funding. In our view, the banks are likely to remain highly dependent on central bank funding, as ongoing uncertainty regarding Greece’s support programme continues to compromise depositors’ confidence.

Unfortunately, when things really start going crazy in Greece people might be faced with much more than just frozen bank accounts.  As I wrote about just a few days ago, there is a very strong possibility that we could actually see Cyprus-style wealth confiscation implemented in Greece when the banks collapse.

In fact, the Greek government is already talking about the possibility of a special tax on banking transactions

Athens is promoting the idea of a special levy on banking transactions at a rate of 0.1-0.2 percent, while the government’s proposal for a two-tier value-added tax – depending on whether the payment is in cash or by card – has met with strong opposition from the country’s creditors.

A senior government official told Kathimerini that among the proposals discussed with the eurozone and the International Monetary Fund is the imposition of a levy on bank transactions, whose exact rate will depend on the exemptions that would apply. The aim is to collect 300-600 million euros on a yearly basis.

Fee won’t include ATM withdrawals, transactions up to EU500; in this case Greek govt projects EU300m-EU600m annual revenue from measure.

Sadly, most people living in North America (which is most of my audience) does not really care much about what happens on the other side of the world.

But they should care.

If Greece defaults and the Greek banking system collapses, stocks and bonds will crash all over Europe.  Many believe that such a crash can be “contained” to just Europe, but that is really just wishful thinking.

In addition, the euro would plummet dramatically, which would cause substantial financial problems all over the planet.  As I recently explained, the euro is headed to parity with the U.S. dollar and then it is going to go below parity.  Before it is all said and done, the euro is going to all-time lows.

Of course the U.S. dollar is eventually going to totally collapse as well, but that comes later and that is a story for another day.

According to the Bank for International Settlements, 74 trillion dollars in derivatives are directly tied to the value of the euro, the value of the U.S. dollar and the value of other global currencies.

So if you believe that what is happening in Greece cannot have massive ramifications for the entire global financial system, you are dead wrong.

What is happening in Greece is exceedingly important, and it is time for all of us to start paying attention.

  • Liberty First

    I would think that if they try a deposit freeze in the USA when the stuff hits the fan that they will see violence of a sort they have never imagined. Let us pray not.

    • jsmith

      Greeks are not like the American sheep. They will take to the streets. You can only squeeze so much blood out of a country that is at the ropes end.

  • Robert C.

    It will be a last minute deal that will somehow come out of the works.

    • jsmith

      You mean loaning the Greeks more money to pay the loans they can’t pay with new loans that they will eventually not be able to pay. Did I get that right? It’s insane or a game.

      • old fart

        No problem as our government does it daily, remember always vote for the thief of your choice

      • Robert C.

        It’s a game of musical chairs except the losers are the voters.

      • Nemnor

        The whole thing is irrational. But then again, the world-wide Capitalist system had never been a rational system. One key example of that is… currently, about 32,000 people (mostly Children) die every day from hunger, malnutrition and preventable diseases, while the likes of Warren Buffet are adding $millions to the $billions they already have.

    • greyprepper

      You’re probably right.

  • GSOB

    The dollar is king

    • Mondobeyondo
      • GSOB

        If this is true,…. it is not illogical that
        dollars will come back to our country….
        The Fed will raise interest rates and we will see hyperinflation.
        The US economy would shrink and poverty will grow.
        The food and water chain we’re dependent on should be of concern.
        It is good to prep.

        Thanks.

    • Guest

      Spoken like a true U.S. government employee.

      • GSOB

        That doesn’t really make any sense.
        The dollar has been king since Nixon.
        You are playing peek a boo, whoever you are.

      • EgbertThrockmorton1

        I’m not so sure, GSOB works for a living….that would be “NOT a US government employee”.

  • Mondobeyondo

    The sky may be about to fall…for real this time.

    • MichaelfromTheEconomicCollapse

      You always make me smile Mondo.

  • chuck

    This is being blown off by all concerned markets, at least so far. No big deal it seems. We’ll see.

    • T.

      This is the 3rd payment Crisis in 90 days for Greece.
      A Greece “Default” will have Massive ramifications for the Global Financial System – However, TPTB will keep these “Crises” going until September 2015. Why? TPTB cannot let a “Financial Global Meltdown” crisis happen that would put “All The BLAME On The BANKS”.
      No. TPTB will “Create” a huge “False Flag” event between July 15th and the end of August – THAT WILL BE BLAMED FOR THE “GLOBAL FINANCIAL COLLAPSE” – Which will come in September – “Shemita”.

    • CRAT

      This dog and pony show has been going on for what, 4-6 months? After a number of “final” ultimatums, well, I just ignore the noise. A person can cry wolf only so long before just being ignored.

      • John Byde

        Until the wolf comes

    • MichaelfromTheEconomicCollapse

      The markets assume that a deal will happen at some point. But if it doesn’t, this is going to be a very, very big deal.

      • Horiboyable .

        Very true, because it will cause investors to think if one EU member can fall out, well there maybe others. Third party activity in the Euro Zone at the moment is at an all time high. If Greece falls out and the consequences are not so bad, like Iceland, this would embolden other zombie EU states to follow suit. The EU have painted themselves into a very dangerous corner. The world economy is already turning down and this will be the noose round the Euro neck. Big money is already buying into the DAX because they know they will get cashed out in DM. I wont even mention the bond market but that baby WILL burst.You will have your World Wide Collapse.

    • Chuck

      So far still not a big deal. I don’t see anything collapsing. Who cares about Greece anyway? Stand up if you do.

      • T.

        Your timetable is Way too brief. See if You can find it within Yourself to hold out until SEPTEMBER 2015. By October 1st, Let’s have this Conversation again – That’s only a little more than 120 Days.
        All Hell Will Have Broken Loose.

      • Nessie Dot

        Obviously people who have no knowledge of economical stuff or politics like you, would not care. People who understand about the issue do care. ”Stand up if you agree”? Um..where are we, in a classroom or in teen youtube? ”like if you agree” lol

  • Genada

    They will pay, this is a assault on the people of Greece. They are being stripped of any and all assets. Then they will be nothing but a debt colony and it’s serfdom for the people of Greece.

    The real crisis is when the people of Greece turn to Golden Dawn out of sheer desperation.

    The people of Illinois should watch what happens here. Those of you that live off the state are going to be hit very hard when they decide on how to fix the bond crisis there and the taxpayer will be coming in for a heavy dose of new taxes as well.

  • fnd111

    Michael: The only solution for Greece is to vote in Golden Dawn. They will pull Greece out of the EU / euro and stop all this madness. +FD

    • EgbertThrockmorton1

      The economics of Greece are squarely Socialist. This is WHY they are running out of other people’s money.(apologies to the Iron Maiden)

      • Nemnor

        EgbertThrockmorton1, from since Capitalism became established about 500 years ago, virtually EVERY country/region in the World remained ESSENTIALLY a Capitalist economy.

        The confusion and miss-education in your head is that – you are not aware that what you refer to as “Socialist”, is really a DECADENT form of ESSENTIAL Capitalism. It was indeed the SAME “pure”/”real”/”free market” Capitalism (which you probably imagined existed at one time), that NATURALLY and inevitably decayed into the various forms that you might label as “corporatism” or “socialism” or “communism” or “crony capitalism” or “fascism” or “welfare(ism)”, etc.

        In it’s ESSENTIAL form, Capitalism is – an economic system in which, in GENERAL, the means of production and distribution are privately (corporately) and/or State owned, with the PRIMARY end-purpose of generating PROFIT (surplus value), by employing (and sometimes even enslaving) the labor/efforts of Workers/People.

        The above definition IS indeed the essential (and general) character of the economy in Greece (which is CAPITALISM – “real” or “free market” or not), and irrespective of the “Socialist” label you erroneously apply to Greece.

        • EgbertThrockmorton1

          We shall see come June 5th, won’t we? Actually, my Socialist label I applied to Greece, both politically and economically is not in error. Thank you for the response.

  • Fellie Chn

    There is JUST TOO much corruption in the banking system with
    ALL these market manipulation, pleading GUILTY to FRAUD . . . 5 banks that is .. . CITI, JP Morgan, Barclays etc. , . JUST too small to NOT fail. Without raising the RATES, These fraud can go on for years and years, and the Feds & FEDS pretending to be NUMB on these fundamental issues, what a scam ?

    Remember NORMAL interest rates is always GOOD for a
    country’s economy. A KEEPER of prices of “GOODS” within a “CHECK & BALANCE”. Keeping the rates almost to zero is a FRAUD. . with high cost of basic commodities all over us . . Inflation ? Think of it as DOUBLE TAXATION, — FOOD, HOUSING, ENERGY, CLOTHES, EDUCATION, medicines & healthcare, EVEN
    defense spending ? I am not even an economist, still it is SO easy to understand the system, NOT even the media coverage, dare to print.

    Who looses ? Surely NOT the IRS, I was thinking voters — families
    making lesser income than what they can afford (not hard to figure out) and Retirement . . Who wins . . not too hard to figure it out too – maybe the POLITICIANS, Big Business Corp., Corp Executives, Big Banks of course and Wall Street ?

    Too simple of a discourse. Our leaders failing it’s citizens.

  • greyprepper

    “Sadly, most people living in North America (which is most of my audience) does not really care much about what happens on the other side of the world.”
    And we shouldn’t. Screw Europe! They made their own bed, let ’em lie in it!

    • Genada

      What your failing to understand is it’s all interconnected. That those banks that loaned to Greece have cds with our banks. So if they were to blow up, ours do as well.

      • greyprepper

        Meh, the fact that we’re interconnected with Europe in any way, shape or form is a fundamental issue. I know you’re right, I just wish it wasn’t so! :(

    • Nemnor

      But what is happening (and will happen) with Greece, will eventually happen with the USA, the UK, France and virtually every other country that SEEM relatively “strong” now.

      The issues in Greece ARE not simply and only a “Greek problem” (but you should have know that). The “Greek issues” is gradually an INCREASING world-wide phenomenon.

      The main root of the problem is the world-wide Capitalist system – which is now DECADENT, is at a “dead end”, and is NOT able to generate long-term recovery BY ECONOMIC MEANS ALONE.

      The danger facing the World is that, as the socioeconomic situation continue to get worse in virtually every part of the globe, there is the ever increasing prospect that the world-wide Capitalist system generate WW-III (for the same reasons the System brought about WW-I and WW-II).

    • MichaelfromTheEconomicCollapse

      What happens in Europe is going to deeply affect us before it is all said and done.

      • greyprepper

        I have no doubt, just wish it weren’t so.
        We have enough to worry about without throwing Europe into the mix but I guess we can thank central banking for that. :(

      • Rapture Fanatic

        Jim Rickards says it will be one snowflake which causes the mount everest global financial avalanche.

    • Nessie Dot

      Why do you even comment? lol

      • greyprepper

        Good question. It doesn’t bring me a whole lot of joy. Boredom I guess. 😛

        • Nessie Dot

          lol :p

  • GSOB

    A man’s home used to be his castle.

    The income tax gave the government the keys to every door and the sole right to change the locks.

    • MichaelfromTheEconomicCollapse

      Well said.

    • Rapture Fanatic

      i think you mean property tax (in which case i agree).

      • Richard O. Mann

        Both. If you fail to pay either, and own a home, the government will come and take it away. You own nothing in this world these days.

        • GSOB

          You got it right.

    • XSANDIEGOCA

      Very well stated!

    • krinks

      Property taxes did that.

    • Kim

      Sadly, you’re right.

  • Catman

    What happens in Greece, like Cyprus, is a learning exercise for the IMF and all other financial players to practice on. They know there will be bigger fish to fry down the road, and they are honing their skills. Five years from now they will manage these situations more methodically and authoritatively. The Euro and the euro zone must be preserved above all else according to these players.

    • Mike Smithy

      The game changer in all of this is Russia. If the European Oligarchs think that they will be able to contain the fiscal contagion authoritatively, they would be wrong.

  • GetReal4U2

    get ready for the upcoming September economic collapse…the first domino is about to fall…

    • MichaelfromTheEconomicCollapse

      Yes, the second half of this year is going to shake a lot of people up.

      • GetReal4U2

        Micheal, I continue to find it so amazing how the government is absolutely lying about the economy…America and the UN are completely turning against Israel and embracing godless lifestyles…thanks for your updates on various issues…I get more updated information on these site than the liberal media, who continue the lies…

        • Gay Veteran

          what liberal media? we have corporate media.

          btw, have you posted any on our godless murder of people around the globe? say, our war of aggression against Iraq? or are you just fixated on genitalia

          • GSOB

            Get a life will ya?

          • Gay Veteran

            Get a brain will ya?

          • GSOB

            Make sure that your character is free from the love of money, being content with what you have; for He Himself has said, “I WILL NEVER DESERT YOU, NOR WILL I EVER FORSAKE YOU,” so that we confidently say, “THE LORD IS MY HELPER, I WILL NOT BE AFRAID. WHAT WILL MAN DO TO ME?”…

            **************************************

            “As obedient children, do not conform to the evil desires you had when you lived in ignorance.

            But just as He who called you is holy, so be holy in all you do; for it is written: “Be holy, because I am holy.”

            ***********************************

            …..rescuing you from the Jewish people and from the Gentiles, to whom I am sending you, to open their eyes so that they may turn from darkness to light and from the dominion of Satan to God, that they may receive forgiveness of sins and an inheritance among those who have been sanctified by faith in Me.’

          • John Byde

            You mentioned genitalia, GV, not him.

          • Gay Veteran

            you can elaborate on “…embracing godless lifestyles….”

      • T.

        What

    • df NJ

      I hope we get a good 15% to 20% correction. Then people can get some doom and gloom ouf of their heads for a year or two.

  • Avner

    What you’re seeing in Greece is a potential harbinger of future USA. Study closely. There are a lot of lessons to be learned for sure.

    • XSANDIEGOCA

      EXACTAMUNDO!!

    • robert h siddell, jr

      Except the US Elite will have plenty of freshly “printed” dollars (whereas Greeks don’t have enough Euros) but the rest of the world will demand more and more green paper for their food, fuel and goods. To the common man though, same difference (broke).

      • Evil_shadow

        Greenbacks? you mean US one right? I dont think so… Why on earth would anyone still want US $$, given self destroying Central banks actions against currency? week after week there are signings of contracts for international trade with OTHER currencies not only US dollars. I dont want to be in your shoes when will this bubble burst.Best thing would be to study how to survive in hyperinflation stricken country.

  • Richard

    Yet another fine article, Michael. I have no idea whether you read my comments or even take any notice of them but I can assure you that your new-found straight-talk minus the other stuff is much appreciated… and I’m quite sure I’m not the only one…
    Thank you again.

  • Mike Smithy

    It would appear that what we have is an old fashioned Mexican standoff. The first one to blink loses.

  • john

    why all these stories, I thought we were at full recovery with low employment rate.!?
    it s like when a patient go to dentist to extract a tooth but problem is that he has no teeth.
    dentist can not charge him and patient can not eat.

  • alan

    A lot of hot air will be blown and another loan will be given. Repeat every 6 months.

    • Beanodle

      TPTB cannot risk Greece going down

      • Evil_shadow

        Its not a Greece that is BIG problem; Spain is. Bigger country with similar problems and similar politic parties like syriza in Greece. They’d left greece out of EMU, but are afraid if Spain would follow and denounce common currency.

  • sherlock32555

    It will come back to bite us in the rear one way or another.

    • df NJ

      Government by the rich, for the rich, screw the worker.

  • Maneb

    Start paying attention? Good idea. How about getting the US’s own mess under control? The world’s biggest debt junkie!

    • df NJ

      In terms of sins of the flesh do you blame man or do you blame God for making women so damn beautiful. Is the debt the same thing as a beautiful woman? Yes if you are the one making the choices. But if people are adding debt to our ledger against our will or through crime then who do we blame?

  • JailBanksters

    So they are not going to repay money that never existed and won’t exist until they pay it back. That’s going to P off the J’s

  • DJohn1

    A friend of mine once said: “Take all the cars off the road that are not paid for in full. Then no one will be on the road with a car.” My friend was a humorist.
    Greece has no choice. Greece is basically bankrupt.
    Now are they going to take Greece off the road?
    No one wins. Everyone looses.
    The ramifications will hit everyone with loans to Greece.
    What has to happen?
    I suggest that the new plan won’t work either.
    What has to happen has to be realistic. It has to be doable.
    And there in a few words is the problem.

    • Rob W

      A debt jubilee…

      • T.

        Amen. Just like the Bible says in Leviticus 25:10-28. The Lord’s way is ALWAYS the Best.
        Jubilee = Freedom
        “Ye shall know the Truth and the Truth shall make you Free” John 8:32. JESUS saves.

  • Annette Smith

    I agree with alan….I think a lot of hot air will be blown and another loan will be given.

  • jox

    It is very strange to let a country default for a payment of 300 millions, when the central bank prints and distributes 20.000 million EVERY MONTH.

  • Patriot Alice

    LET’S NOT CARE FOR A CHANGE. Sometimes you just have to face your demons, like it or not.

  • Raymond Chuang

    I think unlike 2011, we will NOT have a domino effect crisis. The reason is simple: every European bank in the Eurozone outside of Greece made substantial steps to beef up their liquid reserves so if Greece does leave the Eurozone, it will have little, if any, effect on the rest of Europe.

    • EgbertThrockmorton1

      I believe you have struck THE nail on the head. I am in agreement.

  • Priszilla

    Better start withdrawing money from your accounts. Enough to pay your bills until December, and the groceries. Who knows whether your bank is exposed to Greece.

    • watchmanonthetower

      Could be that’s just what they want, Pris. Start establishing a withdrawal pattern that could be ‘reviewed’ at any time for suspicious activity; whatever that might be.

      Cash withdrawals flags collect, and now with today’s rather obvious tightening of the use of cash, one may expect a letter in the mail much sooner than I did, notifying you of your own activity. Trust me – it’s chilling beyond belief.

      Withdraw if you must, just be smart; there may be a few tricks to shadow your activity. I need them no longer…

      ~Watchman

      • Priszilla

        I always pay cash. At least for anything thats not rent or a bill. and who is to say how much of that cash goes to the grocer and how much under the mattress, into niece’s piggy bank or beggars’ hats?

  • grumpyhillbilly

    I realize Greece defaulting will have a huge effect on European banks and markets. However the Greek crooked politicians need a lesson or two on squandering loans. I think the Germans need to let Greece default, but I think it’s doubtful the EU will let it happen.

    • Gay Veteran

      banks need to lose money when the lend it to countries they knew could not pay it back

    • Nessie Dot

      The greek crooked politicians? Every country’s politicians are crooked right now..especially on the US.

    • Evil_shadow

      Germans KNEW about falsified economic data of Greece.they knew about shady dealings with goldman sachs.And yet they turn blind eye.But that was back then, today is new day, new rules….And they are trying to punish greeks for their own mistakes, not just national govt’s.

  • krinks

    Now we know why the US has declared war on cash transactions. They plan on freezing and taking everyone’s bank accounts the moment they can’t float any more debt.

  • Chuck

    I still don’t see anything collapsing. Who cares about Greece? Stand up if u do.

  • Chuck

    I still don’t see anything collapsing. Who cares about Greece where nobody has to pay for anything or very little. And they get umpteen weeks of vacation without producing anything for it. If u care about Greece stand up.

    • Nessie Dot

      Clue in Chuch, we’re not 12 year olds in a classroom. We can’t stand up, this is a comments section, lol.

  • Selaretus

    Means nothing. The entire financial system of the world has been kicking the can of accountability down the road of reality for years and nobody seems to care as long as the sheeple think they are rich and all their prudent ‘investments’ are making a profit. Lies, denial and mutual hallucination are the only thing propping up the giant Ponzi and the illusion of wealth.

  • LWZRGHT

    People need to start thinking of Greece as one block in a Jenga game. Even though you’re only pulling out a small piece of support, there are other pieces that have been removed already, and more put on top of them. We’ve already seen the “wobble,” when the stock market drops by 1-3% with average bad news about Greece. Default is a different story.

    Few probably realize that Franklin Templeton and a [company near you] owns a significant number of Greek bonds. They bet on them when the Greek crisis began, probably by purchasing them at “bargain basement!” prices. Investment companies were so confident three years ago that the Euro area would serve as a backstop and that the Greek government would continue to support austerity measures. That has all changed, and it might as well be a die roll now.

  • Bob332

    To the people of Greece .BEND OVER. THE BIG ONE IS COMING. You wanted Socialism , you got it!

    • jox

      It’s not the party that is currently on the government that has brought Greece to this situation. Greeks have chosen Syriza as a way out of the OTHER parties, inept and corrupt.

    • Nessie Dot

      Such an ignorant comment..my eyes are hurt.

    • Evil_shadow

      So you’re blaming socialism for all this fuss? maybe in Greece, but what about rest of the developed world? I never thought that US stands up for socialism…

  • Richard

    Nice, nice article, Michael. Really well communicated. If anyone else feels the recent changes in Michael’s prose are worthy of comment, please don’t hesitate to join me in congratulating him. It is really refreshing and it speaks volumes for his great intelligence. Thank you, Michael.

  • jdumon

    Economic and financial collapse in Europe will spread worldwide. Don’t dream it will stay contained to Europe.

    • Evil_shadow

      if that aint a curse… two econ. collapses in 35 years in Europe ( ex Yugoslavia) , and yet we haven’t learn NOTHING from that.As if it was not enough for Wiemar republic crisis, post ww2 German hyperinflation, Marshall’s plan and break up of Yugoslavia… Well, it was nice too meet you all guys and gals 😉 see ya in next life 😛 (as i doubt that there will be internet for long amidst fully blown econ collapse)

    • sam

      What are your thoughts about Russia today and the consecration of the world in ’84?

  • Blue Liberal

    Greece has been collapsing for the last, 3 months.

  • DB200

    “…but without a doubt news that Greece cannot pay will send shockwaves throughout the financial world.”

    If this is true, then I don’t know in what kind of parallel universe the financial world lives. For all normal European citizens it is crystal clear that Greece will default and that the lenders will not get their money back. If it isn’t on the 5th of June, then later perhaps, but sooner or later we will wake up one day and Greece will have its drachme back.

  • Lou

    This is what you get when Socialists (we call them Democrats here) are put in charge. They believe public money is a piggy bank for them to buy votes through government giveaways of welfare, food stamps, housing, and even cell phones. In Greece, it was “jobs” that required no work. In this way, the “workers” who got those no-work jobs got to feel good about not accepting charity but that’s all it was.
    Something like 60% of the Greek population of 11 million had government “jobs”. In fact, they actually ran out of chairs for the government “workers”!! Who paid the salaries? The overtaxed citizens and the citizens of other countries that lent (it’s never coming back) money to the Greeks to bail them out. So what do the Greeks do last year? Vote in a dyed-in-the wool Socialist who wants…guess…more money!! Tough love is needed here.

  • f16hoser

    Can’t wait for 5 June to come and pass with out incident. This is really getting old. I don’t even read the articles anymore. The Headlines are entertaining enough…

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