Chaos and economic disaster are still stirring up in Greece, with a sharp
rejection of foreign control of their troubled affairs.
More austerity and new rounds of loans? Voters in Greece’s emergency
referendum were overwhelmingly against it. Whatever happens next, they stood
up to the authoritarian tactics of the European Union. Hurrah.
Greeks voted overwhelmingly to reject creditors’ proposal of more
austerity measures in return for rescue loans, in the country’s first
referendum in 41 years Sunday.
The referendum “will stay in history as a unique moment when a
small European nation rose up against debt-bondage,” Varoufakis
said. (source)
Now signal the panic. Collapse may be impending. Then doom. Contagion
could spread to America, too, and trigger global market implosion and
derivatives meltdown.
This weekend brought not only the “no” vote but the resignation of Greek
finance minister Yanis Varoufakis, who angrily pointed the finger at
predatory creditor banks who he said are using “terrorism” against the angry,
defiant people of Greece.
Yanis Varoufakis, Greece’s finance minister, on Saturday accused the
country’s creditors of trying to “terrorise” Greeks into accepting austerity.
“What they’re doing with Greece has a name: terrorism,” he told Spanish
newspaper El Mundo. “Why have they forced us to close the banks? To frighten
people.” (source)
As things stand, the banks are still closed, ATM withdrawals are very
limited and strict capital controls have imposed to avoid a full on bank run…
but now they are looking to take deposit funds to cover the emergency as
well.
With the very near possibility of collapse, amid a shortage of cash and short
term money, banks in Greece are poising themselves to “bail in” during
financial emergencies by seizing customers bank accounts.
FT reported:
Greek banks prepare plan to raid deposits to avert collapse
Greek banks are preparing contingency plans for a possible
“bail-in” of depositors amid fears the country is heading for
financial collapse…
The plans, which call for a “haircut” of at least 30 per cent on deposits
above €8,000…
So that could be coming next.
European finance figures expressed woe over the Greek rebellion, and deep
upset at the threat to the Euro, decrying:
“a path of bitter austerity and hopelessness.”
“What we certainly don’t want to do is to take decisions that will
threaten the monetary union.”
It should be a stark reminder who will carry the costs of failure – the
people. Once again, it is the public who bears the losses, and the private
clubs who enjoy the profits.
Americans may remember the episode with MF Global – where the company lost
big in derivatives and stole customers funds to cover their losses.
Well, that one taught everyone what to expect… be sure, there is more
coming.
Read more:
Greece is Just the Beginning… Again: “This Kind of Carnage
Can Happen All Over Europe”
Greece Today, America Tomorrow: This Picture and Video
Explain Exactly Why Doomsday Preppers Are Getting Ready For An Imminent
Collapse
Coming To America: The Hoarding Begins: Greeks Rush To
Grocery Stores, Gas Stations and ATMs In Anticipation of Collapse
