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The Greek Debt Crisis Escalates: Is Greece Threatening To Leave The Euro?

Is the Greek debt crisis about to explode out of control?  According to Der Spiegel, the government of Greece is considering leaving the Euro and reestablishing its own currency.  If that happened, it would throw global financial markets into chaos and it might mean the end of the euro as a pan-European currency.  But the Greek government has to do something about all of these debts.  At this point Greece is literally drowning in debt.  The yield on 10-year Greek bonds has now reached an astounding 15.51%.  There is no way that is sustainable even for the short-term.  Greece is rapidly going bankrupt.  Even with absolutely brutal austerity measures in place, the debt just continues to explode.  There are protests against the government almost daily and Greece is in a state of chaos.  Unfortunately, because Greece is part of the euro they can’t just start printing lots of money as a way to get out of this crisis.  Now there are persistent rumors that Greece really is thinking about leaving the euro, and that could potentially mean big trouble for the world financial system.

It was a new article in Der Spiegel that brought these rumors to the forefront again.  Der Spiegel says that it possesses secret Greek government documents that discuss plans to leave the euro.  Der Spiegel also claims that a secret crisis meeting was held in Luxembourg on Friday night to discuss this crisis.

The following is a brief excerpt from the Der Spiegel article that caused the financial community in Europe to be in such an uproar today….

“The debt crisis in Greece has taken on a dramatic new twist. Sources with information about the government’s actions have informed SPIEGEL ONLINE that Athens is considering withdrawing from the euro zone. The common currency area’s finance ministers and representatives of the European Commission are holding a secret crisis meeting in Luxembourg on Friday night.”

So was there such a meeting in Luxembourg on Friday night?

Well, it turns out that there was a meeting of a small group of European finance ministers.  But according to German government spokesman Steffen Seibert, this meeting was planned well in advance and had nothing to do with Greece leaving the euro….

“There is a meeting of some finance ministers that has long been planned. Greece exiting the Eurozone is not on the agenda of that meeting, and it has never been.”

So is Greece actually thinking about leaving the euro?  All over Europe this notion is being denied.

Perhaps the strongest denial was issued by the Greek Finance Ministry….

“The report on an imminent Greek exit from the eurozone, as well as being untrue, has been written with incomprehensible levity despite the fact that this has been repeatedly denied by the Greek government, and the governments of other EU member states.”

What was probably being discussed at this meeting of European finance ministers is a restructuring of Greek debt.  This is something that Germany has apparently wanted for quite some time according to a recent article posted on Business Insider….

For weeks, German officials have been hinting that they want a Greek restructuring to happen. German economic advisor Lars Feld recently said that the restructuring should happen “sooner than later.” He’s previously also said “restructuring is the only road to take.”

So what would a restructuring of this debt look like?  A recent article on CNBC gives us some clues….

More importantly, tonight’s finance ministers meeting might lay the groundwork for “extending the maturities” on those loans — giving Athens a little more oxygen until it probably ends up restructuring its $470 billion existing debt by either extending maturities or exchanging Greek bonds, at a discount, for EU-guaranteed bonds, Brady Bond-style from the 1980s.

What Germany does not want is for Greece to even think about leaving the euro.  According to the article on Der Spiegel, German Finance Minister Wolfgang Schäuble is ready to play hardball with the Greeks.  Der Spiegel says that a report has been prepared that would lay out for the Greeks the severe consequences of leaving the euro….

“It would lead to a considerable devaluation of the new (Greek) domestic currency against the euro,” the paper states. According to German Finance Ministry estimates, the currency could lose as much as 50 percent of its value, leading to a drastic increase in Greek national debt. Schäuble’s staff have calculated that Greece’s national deficit would rise to 200 percent of gross domestic product after such a devaluation. “A debt restructuring would be inevitable,” his experts warn in the paper. In other words: Greece would go bankrupt.

Greece is really in a tough position.  They are going to go bankrupt if they stay with the euro and they are going to go bankrupt if they leave the euro.

Meanwhile, the anti-government protests continue.  The Greek people are not happy.  The Greek economy is coming apart like a 20 dollar suit.  Greece could end up being the spark that sets off a massive financial panic in Europe.

As I have written about previously, the European debt crisis is on the verge of spinning wildly out of control.  It is not just Greece that is facing a horrific debt crisis.  The financial problems in Europe literally span the entire continent.

A lot of Americans are obsessed with the death of the U.S. dollar, but the truth is that there is a strong possibility that the euro could end up collapsing before the dollar does.

Keep an eye on Europe.  The European debt crisis could plunge the entire global financial system into chaos at any time.  Things are not nearly as stable as they seem.

  • Kevin

    You have to live within your means. That becomes difficult when the body politic votes out everyone that refuses to help “the people” with more and more handouts while at the same time adopting free trade with slave labor nations thus insuring a lower and lower tax base.

    The above was for the most part repeated everywhere and the pain to be inflicted will follow everywhere too. When this happens to individuals it’s depressing; when it happens globally it’s dangerous.

  • mondobeyondo

    I am so tempted to say Greece is stuck between Iraq and a hard place. But that would be irrelevant – Iraq has nothing to do with Greece’s current financial troubles. Nice try though.

    Greece is going to default eventually. They have little choice. Just like we – the mighty USA – will have little choice to do the same thing. It WILL happen.

    $14.2 TRILLION in debt can not be sustained, by any means. Tax the rich. Tax every single person on the entire planet. Still won’t be enough to pay this debt.

  • nobiggovduh

    They should just do what Iceland did.

    Or they can do like a company would do and just officially change there name and remove all current government officials.

    Then they would technically be a different country.

    Debt Free!

  • mondobeyondo

    “It’s all Greek to me”… – Average American

  • http://www.battlefield315.com/2011/04/what-liberals-really-think-about-tea.html 007

    If the euro fails, the dollar will spike again. This would likely cause communities like gold, oil and silver to fall further along with the stock market. Where is the right life boat to get into? The whole ship is sinking and we have only the u.s. Dollar to get back into for safety. This disgusting doomed currency will be the place of safety again till it sinks. This entire thing stinks. Nowhere to run, nowhere to hide.

  • Bruce Lee

    Enter the Dragon….

  • Sliced Alone

    Never believe anything until it has been officially denied.

  • flubadub

    You don’t hear much about how Greece’s illegal immigration problem factors into the country’s economic problems. As a gateway to Europe for Asian, African and Middle-Eastern refugees Greece is experiencing an enormous demand on its resources. Here is an excerpt from the article linked to below:

    The combat of illegal immigration is a top priority for the Greek security forces that have managed to repatriate more than 2.2 million people over the past 15 years, truly an impressive figure for a nation of just 11 million citizens in the outermost end of Continental Europe. Gradually, since the collapse of the Iron Curtain in 1989-1991, illegal immigration along with organized crime became an everyday reality in Greece with armed robberies increasing as much as 500 percent and burglaries over 800 percent, along with a flood of narcotics coming from the northern and eastern borders of the country.

    http://www.worldpress.org/Europe/3735.cfm

  • http://moneycrisisgameplan.com Money Crisis Game Plan

    The goal of the Central Bankers is to make every country dependent on them, so that they can make the rules and control the world.

    It seems like the goal of every country is to make it’s people dependent on it.

    No matter what country you’re in, people need to move towards less dependence on their government, so that they aren’t so affected by their financial irresponsibility.

    Start by buying silver, getting a clean water source like the Ecoloblue water generator, growing your own food and starting a long term food storage program.

  • http://freefood2gocoop.com Free Food To Go

    It just goes to show that even though Greece got a bailout and severe austerity measures were put into place… the collective weight of their overspending is hard to stop.

    The U.S. has no real option but to default on its debts, because there’s no way for us to pay them off, even if everyone was taxed at 100%.

    All of this works into the plans of the Central Bankers, who want every country to depend on them for bailouts. All we have to do is give up control to them.

    People should ‘leave’ the Dollar and take control by investing in water filters, silver, protection, and long term food storage.

    Free Food To Go

  • Steve

    Copy text and replace Greece with US. Tweak a little and you will have future headlines.

    Is the US debt crisis about to explode out of control? According to, the IMF the US is considering controlled default. If that happened, it would throw global financial markets into chaos and it might mean the end of the old USD as a global currency. They are considering confiscating Gold and Silver to possibly establish some backing. But the US government has to do something about all of these debts. At this point America is literally drowning in debt. The yield on 10-year US bonds has now reached an astounding 19%. There is no way that is sustainable even for the short-term. America is rapidly going bankrupt. Even with absolutely brutal austerity measures and massive raising of taxes in place, the debt just continues to explode. There are protests against the government almost daily and US cities are in a state of chaos. Unfortunately, because the Federal Reserve is part of the US they can just start printing lots of money as a way to get out of this crisis. Now there are persistent rumors that the US really is thinking about defaulting on its US Treasuries and reissuing a new currency and that could potentially mean making foreign enemies in the worlds financial systems.

  • Maria

    The time is drawing near when you will be so thankful for making the effort to prepare…or so sorry that you did not.

  • A Dodgy Bloke

    I read this on Drudge and thought ************** Crap If you have been keeping abreast of the Greek Drama, this will not come as a surprise. Greek government debt is hovering somewhere around 150% of GDP at the rates they’re paying it’s simply not sustainable. Extending maturities will just kick the can down the road a little longer. If you Goggle Government Debt to GDP you find most of the EU at 50% plus, and Germany is the only economy with any real growth.
    I don’t think the implosion will come from Europe, or the US it will come from Asia simply because nobody is looking. China has several real issues ands Japan…well we all know. The Blast will come out of Asia and will daisy chain around the planet, sending commodities to the moon and hard asset’s crashing as the market dumps sovereign debt and snaps up anything that will hold it’s value.

  • Patriot Alice

    Not the entire global system, just the West, we borrow and spend our children’s future to live for today. How stupid! Our 14 trillion dollar debt and deficits in the USA aren’t too different. Do you think we should do more borrow and spend at a faster pace? Some in Washington think so…Raise the debt limit? When and who will end this stupidity? Is Bankruptcy around the corner for us too??

  • Rick

    If they were smart they would leave the EU. They don’t have a choice. Like the EU, the US is falling apart. We actually went backrupt in the 2008 recession. Owning the dollar as the worlds reserve currency is the only thing that saved us from our stupidity. We still haven’t learned or changed one thing to fix our problems. “WE are the problem”

    Wake up America! It’s time… “THE REVOLUTION HAS STARTED”

    Read “Common Sense 3.1” at ( http://www.revolution2.osixs.org )

    “Spread the News”

  • McKinley Morganfield

    I agree that the Euro zone is in deep trouble. Too many weak sisters. But I also notice the USD can not gain ground on the Euro because we are the biggest weak sister of all. We’re all standing on shaky ground. All of western civilization is desperately clinging to a multi-decade bubble created by easy credit, debt, deficits, and fiat currencies. When this one bursts the current recession that stubbornly resists the parlor tricks of Bernanke will look like the ‘good old days’. In fact the depression of the 1930s will look like a cornucopia of prosperity and plenty.

    “Give me control of a nation’s money and I care not who makes her laws.” – M. A. Rothschild

  • FED-up

    no where to run but the dollar, seems like big bad ben got what he wanted. bill gross must know some inside info he’s long the dollar.hyperinflation here we come!!!!

  • Dmitrios

    Greeks can best serve themselves by REFUSING to bail out the banks. Let them go to hell. Bring back the Drachma and move closer to Turkey. Oh wait, we’re really screwed, aren’t we?

  • Terry

    I think outright default is better than any “restructuring” plan. Tell the banksters to pi** off like Iceland did. If we default we have no choice other than to rebuild our economy and sustain ourselves.

    Default would probably only happen if regions of USA peel off and go their separate ways.

  • J2201987

    I love how the people of Greece are apparently out there protesting, even being politically active, because it sounds like they are aware of the financial hellhole that they are in. Too bad I can’t say the same for America.

    I believe the Western collapse will occur before the rest of the world. While the world economy is in deep trouble, no debt crisis can compare to the US. The American economy pretty much is brain-dead and on life support. It’s only a matter of when (not “if”) the global elite decides to “pull the plug.”

  • Randome-11

    The euro and the EU must be destroyed if the economies of europe are to recover.´
    Bailing out banks? If free market is to be abandonned, they might as well be nationalized.

  • http://www.pathtoasia.com rhea

    I think it is time to face the problem and not play poker with the future of Europe. The current status will take us nowhere, and people will not tolerate it forever. Either a sustainable solution is found, or these countries will quite simply go default and stop paying their debts at the outrageous interest rates they are being asked. Then everything will fall apart, and perhaps then the countries that now look at the PIGS in an active manner will understand that this is also their problem and their future at stake.

    Too busy for your job search? Human job search assistance – http://www.jobwaltz.com

  • Good Luck

    …growing your own food. Geo-engineering is determined to ensure we’ll all be dependant on big agra.

  • CabotAR

    It’s going to be a long, hot summer around the world & I don’t mean global warming. It’s only a matter of time before the world economic situation just falls apart.

    Great article. Thanks!

  • David K. Meller

    Why, when I read about societies undergoing economic disintegration, do I wonder if I am seeing a preview of the USSA–United Socialist States of America–the former United States of America, down the road a few years?

    Additional question, the Greeks (or Portuguese, Irish, Zimbabweans, Uzbekistanis, Ukraninians, Egyptians had, and to some degree still have, the US dollar, or whatever is left of it (about $.03, since the founding of the Federal Reserve in 1914) to “bail them out” but who will bail US Americans out when the US Dollar greenback assumes its most useful use as bathroom tissue?

    “Government takes a useful commodity such as paper, and by slapping some ink on it and calling it “money”, renders it completely worthless”!– Ludwig von Mises

    Once, again, fellow Americans, max out those credit cards, party like it’s holloween, and all together now, “U-S-A, U-S-A, U-S-A,…”

    PEACE AND FREEDOM!!
    David K. Meller

  • mondobeyondo

    So how did Greece find itself in this Mess?

    Well – long, long ago, back in the mid-1990’s, the Euro was created to “unify” Europe and create the “Eurozone”. The drachma, franc, lira, Deutschmark, etc. were dumped, in favor of a common currency, the Euro.

    Things were looking great when the Euro started rising. Countries like Italy, Spain and Greece started to splurge (sing along now..”We’re in the Money…”) Greece even won the 2004 Olympics, and went hog wild building new stadiums, sporting venues and so forth.

    Well, eventually the Euro started falling, and the big margin call came. Payback time! Greece ended up with a huge debt. That was the first time around, a couple years ago. They got bailed out. Now Greece is in debt again (that’s right now.) Will they get bailed out again? Spain is in a similar position. They are also looking at a bailout. Italy and Ireland are wobbly. At least Germany is doing reasonably well at this point.

    The U.S. is in even WORSE shape. We had our bailouts too. (GM, Chrysler, Fannie, Freddie, etc). During the boom years, our population splurged on new houses, TV’s, SUV’s…obsessed with getting a new cell phone 3 weeks after they bought their last cell phone. Payback time will be coming to us soon.

    We are all soon going to be in a world of hurt, literally and figuratively.

  • Randome-11

    Germany´s options.

    1) Bail out, pay for the failures of others until its own economy collapse under the strain.

    2) Cut itself free from the chaines of the EU and its failed members, found a new economical union with the economies that actually works, bring about an economical and political re-alignement in eastern and central europe from Bruxelle to Berlin.

  • Gary2

    Greece needs to stiff the bankers just like not paying your credit card when it starts hurting to do so. The stupid bankers should not have extended credit. They took a risk and lost. Too bad so sad!

  • McKinley Morganfield

    We have borrowed from tomorrow to pay for yesterday for 5 decades. The piper must be paid. We must lay in the bed that has been made. We, the voters, have created this crisis. We have time, after time, sent to DC or our state capital thieves/whores who have given us what the majority demand: free cake.

    We have to take the pain, and it will be very painful, and allow the correction to unfold. It won’t be pretty, but that is what has to happen. The longer we push the inevitable correction into the future the more painful the consequences. If we can do that in a relatively cohesive manner (I’m skeptical) we can survive as a society; otherwise welcome to the next Dark Age. Ashes, ashes we all fall down.

  • JohnFromIreland

    Lmao at nobiggovduh

    “Or they can do like a company would do and just officially change there name and remove all current government officials.

    Then they would technically be a different country.”

    Genius :)

  • Matt

    The bankers aren’t stupid. About the only group profiting wildly over the last 3 years is the bankers, in collusion with the govts. No matter what happens to Greece and Europe, the bankers will come out of it with another round of $million+ bonuses. And they aren’t above the law, they just ‘buy’ new laws to keep their game going. Do you now see why the Founding Fathers put gold & silver in the Constitution? Not yet? Haven’t been smacked up along side your head enuf yet? I think the public still needs a few more head-smacks to clear the cob-webs and see the light – they’re not quite there yet.

  • Your Future

    The Greek people are being abused by capitalist pigs. They won’t allow that to continue for much longer. Viva la revolution!

  • http://johndalen.com John Dalen

    Reading all the comments above, I can see that we are all awake here, and you all have the situation pretty well sized up. I think that we all might consider bringing GOD into the discussion. What you see happening all around you is rather “biblical” wouldn’t you agree? All the silver and all the gold, and all our other preparations will not save us, apart from God. Pray for your salvation, and pray often, as the coming of the Lord is near, even at the door! Can I get an Amen, anyone?

  • hung

    Hi John

    Totally agree with you. NWO is being fulfilled right before our eyes. There will come a stage that only acceptance of Jesus as redeemer and total trust in him will enable us to escape the coming collapse….amen

  • Matthew

    Reader Request: please put dates on your articles. Thanks :)

  • Kartush

    Most of protests are Staged and very well Orchestrated, they pretend fighting but do not hurt each other. This is worth it to get hundreds of billions from EU. Greeks are very smart; the deception started with the Trojan Horse and is going on with very well orchestrated “PROTESTS”. If you want Greece to be paid off, for the Enormous Army, Universal Free Health Care, Lucrative Pensions, and Taxes that they never Pay, then you pay them by yourself, PAY THEM OFF, BY YOUR OWN POCKET.
    DON’T LET GREECE TO DRAG YOU DOWN. CUT OFF THE ROPE, AND LET THEM GO FIRST…

  • http://dallascarstorage.com/security-storage-requirements.php Linwood Butac

    By the time I get my car out of storage I would like to have an idea if everything runs fine or not

  • jordan

    since many ar urban slaves workin for the rich and believed in d media.life wil remain dsame.now its everyone to his tent cos goverment,capitalism cant help

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