Tuesday, 29 March 2011

Will Greece default on its debt?



Above is a report I heard this morning on BBC World Service radio asking if Greece will default on its debt and what the consequences would be for the country and for the euro if it did. The report includes an interview with Greece’s finance minister, Giorgos Papaconstantinou.

15 comments:

Hermes said...

Closely following the sad news of Manolis Rasoulis's death, Greek playwright and journalist Iakovos Kambanellis died today. He also wrote many film scripts such as Stella. He was also responsible for the script of O Drakos directed by Nikos Koundouros. One of the great Greek films of all time.

http://www.youtube.com/watch?v=csCLiloVBaQ

lastgreek said...

Will Greece default on its debt?

If G-Pap and G-Papacon had a tincture of grey matter in their porous skulls, they would have defaulted already.

...if Greece will default on its debt ...

Most of this debt is not Greece's debt; that is, it is not the citizens' debt. This debt was incurred by banksters and politicians. (How many villas did Akis Tsochatzopoulos "acquire" at the nation's expense while in politics?)

...and what the consequences would be for the country...

Nothing worth writing home about. The lederhosen and frog eating banksters will scream, shout, and threaten--an epic hissy fit, really. That's all they CAN do.

...and for the euro if it did.

Who cares about the euro? It was never Greece's currency to begin with. The Greek currency is the drachma. If a nation can not have its own currency, then it doesn't deserve to have it's on sovereign country.

You know how the Lederhosen spell "euro"?

D-E-U-T-S-C-H-E M-A-R-K

And why not? The euro was always theirs to begin with.

You guys think I am being sarcastic here? Think again.

Today, the Russian debt to its GDP is around 7%. Not bad, eh?

Today, the Greek debt to its GDP is ... 150%.

What gives?

Oh that's right--the Russians had defaulted on their MASSIVE debt back in 1998. (The debt to GDP was had reached about 60% in 1998) Sure, it was tough for a few years, but the Slavs recovered in no time.

The Argentines defaulted and recovered, too.

Ditto the Icelanders.

If the Irish stay sober long enough to realize that debt default is in their best interest, they, too, will default.

The report includes an interview with Greece’s finance minister, Giorgos Papaconstantinou.

A dickless twat: that is what G-Papacon is. Of course, he can prove me wrong by doing what is best for Greece. But he won't, will he?

I don't have any more to say on this :-)

John Akritas said...

Drakos is a weird, surreal film. Superb. A shame, on what I've seen anyway – 1922, Byron: Ballad of a Demon – Koundouros couldn't keep it up. I once saw Nena Venetsanou performing Kambanellis' Ballad of Matthausen – she was quite brilliant; much better interpretation than Farantouri.

Hermes said...

O Drakos was way ahead of its time. 1922 had potential but the narrative was a little disjointed. I have been trying to track down the Byron movie from the Internet for years. My parents took me to see it when I was 12 or something and I only vaguely remember it.

John Akritas said...

You can watch the Byron film here:

http://www.veoh.com/watch/v19874378wmWfQm24

I found it a disappointing film – a little tedious – even though Kountouros gets it right when he portrays Byron in 1823 as a forlorn figure, quite different to the one who first visited Greece.

lastgreek said...

Well...? No one has anything to say?

Btw, do you know why the banksters want so badly to renegotiate the debt, that is, the terms? The first time around, all they had was the Greek government's taxing power as security. This time around they want real assets to be pledged by the Greek government. By real assets, they mean land---you know ... like islands!

Greece is seriously up shits creek without a paddle, and our very own Hermes here regales us with his movie selections ... and J obliges ;-) (a little dry humour, boys)

lastgreek said...

This time around they [banksters] want real assets to be pledged by the Greek government. By real assets, they mean land---you know ... like islands!

No sooner had i wrote the above last night, this is the headline in Bloomberg news this morning:

Greece May Need to Break Taboo on Selling Land Outright to Slash Its Debt

Basically what it says is that Greeks should get over their fear of getting raped. Rape is good.

Here's the link to the article. Very sad:

http://www.bloomberg.com/news/2011-03-30/greece-may-need-to-break-taboo-on-selling-land-to-slash-its-debt.html

And what do some financial blogs have to say on the Greek government going ahead with the sale of PUBLIC Greek land to satisfy the bankster crooks? Here, I'll copy and paste one:

As predicted . . . Yea, Greeks are dumb fucks

No argument from me :-(

John Akritas said...

It would indeed be a great pity, LG, if the Greek government sold off land for the building of these hideous tourist complexes, golf courses and so on. As far as I'm aware, these massive hotel complexes don't exist in France or Italy and we shouldn't have them in Greece.

Anonymous said...

lastgreek said...

"And what do some financial blogs have to say on the Greek government going ahead with the sale of PUBLIC Greek land to satisfy the bankster crooks? Here, I'll copy and paste one:



As predicted . . . Yea, Greeks are dumb fucks
"


LG, I'm not a "regular" participant here but I empathize with this gross injustice. Selling of hotels is one thing...but land is another.

I wouldn't blame the Greeks necessarily. Sure, there may be some fault on their part but overall they are just as much the victims in all this. It's akin to a slow death by a thousand cuts. What course does one take to rectify a bad turn when so much is thrown at them all at once? If anything, the leadership should bear the full brunt of responsibility for this dismal fiasco. They've cultivated this stagnating and ineffective governing method for decades while pushing only binary thinking. Transcending ideas are now required. You see this same pattern or approach in most religions today. Most major faiths are only two sides of the same coin. The answers (or solutions) actually exist well beyond the coin yet--no one wants to admit it or are incapable of doing so at this time.

The grotesque situation currently unfolding in Greece perfectly validates the need to never forget one's history as well as the benefit of a quality education which allows one to appreciate the benefits and opportunities they possess--and further how to maintain it for themselves as well as future generations. Outright theft of national treasure by shadowy power brokers is currently permeating throughout many (if not all) Industrialized nations. People are being encouraged to embrace all cultures as, 'equal and as one' under a multicultural banner while handing over all their sovereign rights to banks, transnational corporations and the like.

(cont'd)

Anonymous said...

PARTII

It's very obvious to anyone who is aware of reality--the wrong individuals are in charge of world affairs. What is their end game (the so called "elite")? Who knows? We are not talking about philosopher-kings, here. I have my theories about this small group of clannish individuals but will keep them to myself. Will state though, their actions (those of the "elite") resemble something beyond greed and total power at this point and is rapidly morphing into a form of mass psychosis. It's a shame really since what is currently being inflicted upon all of civilized mankind is so unnecessary.

There is a solemn irony as well. The more we technologically advance, the further we socially devolve into primitive social machinations. If the best that mankind has to offer intellectually (& philosophically) is denigrated or dismantled (and certainly not encouraged), then what sort of future are we collectively creating? Certainly not one revering beauty, morality or intellect. It's beyond tragic and wholly frightening the more one contemplates this perverse conundrum.
Maybe I'm reading too much into it? Who knows? All I can say is the sacrifices made by the ancestors in the Western world (and overall) are quickly being forgotten, belittled and are SEVERELY under-appreciated by present day society's inhabitants. If one doesn't appreciate what they have, it's that much easier for another to abscond their freedom or worse.

When I look at Greece I still believe they possess the substance (wherewithal) to produce another Solon, Thucydides, Claude Shannon, Plethon, Hypatia, Pythagoras and the like. Maybe not in the near future but the possibility is there. And, they have to WANT to do such a thing--as well as be in the position to do so. If you are not properly instructed and realize what you are capable of becoming--how can you be expected to realize your potential? The Greeks have gone through periods where they have "forgotten" who they were or endured a turning inward of sort. I wouldn't count them out and definitely do not see them as incapable of overcoming this latest travesty. The proof is witnessed through the many achievements of the Greeks throughout history. It's in their very culture to overcome and excel. With competent leadership (and one which takes pride in who they are)--Greece could become and achieve so much more for its people as well as the West.

(must learn to be a bit more concise with my posts)

-HCG

Anonymous said...

As an aside, the current "refugee" problem experienced by the tiny Italian island of Lampedusa is a prime example of backward and misplaced compassion paired with inept leadership currently plaguing the West. It sparked my earlier (lengthy) response to your post, LG.
I've read reports there are now more illegal immigrants than native inhabitants on Lampedusa. And, what's worse, a lot of the "freshly" arrived are complaining their reception isn't up to standard. Are you kidding me? This youtube clip shows one guy stating how he is bored, the Italians aren't properly providing him with basic necessities and he now wants to go to France to "work." Oh and as for their numbers? He feels ALL of Italy's millions should be able to provide for a few thousand of his countrymen. See link below.

http://www.youtube.com/watch?v=1UUjK3YoD_I

What the hell does Italy owe those men? Sure, they are human beings but last I checked so are the Lampadusans. If anyone needs assistance it's the native inhabitants on the island who are witnessing their fishing and tourist industry (along with their homes) being invaded, trashed and transformed into a refugee cesspool. When all the cameras are gone and the humanitarian organizations have picked up and taken their carny-like caravan of non self-respecting horde to more prosperous lands, who will assist the native inhabitants with restoring or re-attaining their disrupted livelihoods and homes? No one. That's who. And, I bet they wouldn't ask for any assistance anyway.

It's really irritating me--especially that man in the youtube clip--and I don't even live there (nor have I visited). Why freely give up your self-determination? What kind of men are these? Even as a woman I'd rather provide for myself (or make every possible effort to) as best I can rather than outright demanding someone else provide for me. Talk about no dignity and no shame. Those "men" should be embarrassed by their lack of self-worth. But instead, they'd rather preen for the cameras and convince some non-thinking idiots to send them money, clothing and offers of free housing.
-HCG

hotcargirl said...

Oh, and to make matters worse, Italy's PM was there yesterday spewing nonsense about boats being deployed to ship them to other regions in Italy. Un-commentable. Truly a word has not been created in any language which can describe this optimum display of extreme inanity.

Well, I'll end here. Apologies for veering off topic from what's being unjustly demanded of the Greeks & Greece. I guess in some sordid way I wanted to express this same nefarious activity is manifesting in far too many forms both in Europe and even in the U.S. (to some degree). Well, a positive outlook is everything comes in cycles--people won't always be praised and rewarded for ignorance and laziness.
-HCG

lastgreek said...

There is a solemn irony as well. The more we technologically advance, the further we socially devolve into primitive social machinations.

Indeed, HCG. Even the gods have bowed and fallen before mankind's technological advances. But even with all of this ingenuity, we are still idiots, incapable of learning from our past. There is a Greek word for this human affliction: hubris.

It's very obvious to anyone who is aware of reality--the wrong individuals are in charge of world affairs. What is their end game (the so called "elite")? Who knows? We are not talking about philosopher-kings, here.

No, definitely not philosopher-kings. More like money-laundering bankers.

From The Guardian:

How a big US bank laundered billions from Mexico's murderous drug gangs

As the violence spread, billions of dollars of cartel cash began to seep into the global financial system. But a special investigation by the Observer reveals how the increasingly frantic warnings of one London whistleblower were ignored.

On 10 April 2006, a DC-9 jet landed in the port city of Ciudad del Carmen, on the Gulf of Mexico, as the sun was setting. Mexican soldiers, waiting to intercept it, found 128 cases packed with 5.7 tons of cocaine, valued at $100m. But something else – more important and far-reaching – was discovered in the paper trail behind the purchase of the plane by the Sinaloa narco-trafficking cartel.

During a 22-month investigation by agents from the US Drug Enforcement Administration, the Internal Revenue Service and others, it emerged that the cocaine smugglers had bought the plane with money they had laundered through one of the biggest banks in the United States: Wachovia, now part of the giant Wells Fargo.


Btw, Wells Fargo comprises nearly 20% of Warren Buffett's total current stock holdings. To quote Buffett, "Banking is a very good business unless you do dumb things." Does "dumb things" include money laundering, Warren? As if we didn't know how welfare recipients like Warren Buffett make their money.

Link: http://www.guardian.co.uk/world/2011/apr/03/us-bank-mexico-drug-gangs

When I look at Greece I still believe they possess the substance (wherewithal) to produce another Solon, Thucydides, Claude Shannon, Plethon, Hypatia, Pythagoras and the like.

Yes, Claude Shannon was a Greek. As Greek as they come. He thought like a Greek, you see. Unfortunately, the same can't be said of most modern Greeks today.

And just how "thoughtful" were the ancient Greeks?

Well, consider nuclear energy. Without the concept of the steam engine---the conversion of raw heat into mechanical work---the nuclear reactor would be useless. It would just sit there getting hot. You see, a nuclear reactor, because it does not directly generate electrical energy, is all about boiling water---boiling water into steam! That is its sole purpose: STEAM. And it is this steam that spins the damn turbines to create electricity.

So, which thoughtful Greek was it that invented the steam engine ("steam device", if you prefer)? Hero of Alexandria (c. 300BC).

Oh, and to make matters worse, Italy's PM was there yesterday spewing nonsense about boats being deployed to ship them to other regions in Italy

Well, in 2008, Berlusconi promised Gaddafi 5 billion US dollars (or was it euros?) over 20 years IF Gaddafi would stop illegal Libyan immigrants from reaching the Italian coastline. I guess that the bi-lateral agreement is now null and void as far as Gaddafi is concerned.

hotcargirl said...

Thanks, LG for the above link. About half of the shenanigans occurring on the U.S./Mexico border is hardly ever reported in the MSM.

The U.S. Mexican border has many, many unresolved issues. Gun alley is hardly ever mentioned, the trafficking of women, the forced drug mules who double as illegal economic migrants (or is that vice versa), the unchecked pharmaceutical companies willing collaboration with God knows who in the U.S. government and corporations and so on.

Not to always recommend downer documentaries but "Border: the Movie" paints the closest picture if one wishes to see what the U.S. border states have been dealing with and this has been going on for quite some time.

http://www.bordermovie.com/

As for Warren Buffet, he's been on record openly stating his secretary pays more income taxes than he. At least he's honest about taking advantage of his status.

-HCG

Anonymous said...

LG, your Buffet comment reminded me of another documentary I saw a while back: "I.O.U.S.A."

http://www.iousathemovie.com/

He makes an appearance but the overall documentary is worth a view.

-HCG