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Old 06-29-2015, 07:58 PM
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Anti-austerity Protests in Greece As Bank Shutdown Bites

ATHENS (Reuters) - Tens of thousands of Greeks rallied on Monday to back their leftwing government's rejection of a tough international bailout after a clash with foreign lenders pushed Greece close to financial chaos and forced a shutdown of its banking system.

With a popular referendum on the bailout planned for Sunday, Prime Minister Alexis Tsipras put his own position on the line, saying he would respect the result of the vote but would not lead a government to administer "austerity in perpetuity."

"If the Greek people want to have a humiliated prime minister, there are a lot of them out there. It won't be me," he said in an interview on Greek state television as one of the biggest rallies seen in Athens in years was taking place.

The show of defiance came at the end of a day that started with stunned Greeks waking up to face shuttered banks, long supermarket lines and overwhelming uncertainty over Greece's future in the euro zone.

European leaders and policy makers, wrong-footed by Tsipras' shock announcement of the referendum in the early hours of Saturday morning, warned that it would be a plebiscite on Greece's future as a member of the single currency.

With Greece hours away from defaulting on a 1.6 billion euro loan from the International Monetary Fund, the crisis has escalated quickly.

Ratings agency Standard and Poor's cut Greece's sovereign debt rating one notch further into junk levels to CCC-, saying there was a 50 percent probability it would leave the euro zone.

Greeks - used to seeing lengthy talks with creditors end with an 11th-hour deal - were shocked by the turn of events. Queues snaked outside ATMs and inside supermarkets while fears of disruptions to fuel and medicine supplies grew.

Drugmakers said they would continue to ship medicines to Greece in coming weeks despite unpaid bills, but warned that supplies could soon be in jeopardy without emergency action.

The breakdown of talks has pushed the European Union and euro zone into uncharted terrain. The Athens stock exchange was closed like the banks, but other financial markets fell on fears that Greece could be heading out of the euro.

The blue-chip Euro STOXX 50 index fell more than 4 percent, with bank shares down sharply [.EU] (.SX7E). By midday, all three major U.S. stock indexes were down more than 1 percent. [.N]

"I can't believe it," said Athens resident Evgenia Gekou, 50, on her way to work. "I keep thinking we'll wake up tomorrow and everything will be OK. I'm trying hard not to worry."

After months of talks, Greece's exasperated European partners have put the blame for the crisis squarely on Tsipras for rejecting a package they consider generous. The Greek side argues that pension cuts and tax hikes demanded of it would only deepen one of the worst economic crises of modern times in a country where a quarter of the workforce is already unemployed.

A snap Reuters poll of more than 70 economists and traders taken on Monday put the probability of Greece leaving the euro zone at 45 percent, up from 30 percent a week ago.

PERSONAL BETRAYAL

Emotions were unusually raw among Europe's leaders. EU Commission President Jean-Claude Juncker said he felt personally betrayed and told Greeks a "No" vote would be seen as signaling an exit from the euro - a position that other European leaders lined up to echo.

"I will say to the Greeks, who I love deeply: you mustn't commit suicide because you are afraid of death," Juncker told a news conference.

Despite the acrimony over the weekend, the creditors said the door to negotiations remained open.

French President Francois Hollande appealed to Tsipras to return to the negotiating table and German Chancellor Angela Merkel said she was ready to restart talks with Athens after the referendum, including on how to ease its debt burden.

Hollande spoke to U.S. President Barack Obama, and Hollande's aide said they had agreed to work together for a resumption of talks and a solution to the crisis to ensure Greece's financial stability.

Greece's banks were shut after the European Central Bank rejected its request for 6 billion euros of additional emergency funding on Sunday to cope with massive withdrawals, though the ECB is expected to allow Greek banks to keep using existing funds until the referendum, people with knowledge of the matter told Reuters.

On Monday, cash machines remained closed until midday, and then opened for withdrawals of no more than 60 euros a day.

"I've got five euros in my pocket, I thought I would try my luck here for some money. The queues in my neighborhood were too long yesterday," said plumber Yannis Kalaizakis, 58, outside an empty cash machine in central Athens on Monday.

"I don't know what else to say. It's a mess."

Businesses complained that they could not pay salaries or suppliers and had to halt imports, while agricultural production was also expected to be affected.

"The worst has been confirmed by the nightmarish developments," said retail lobby chief Vassilis Korkidis.

The referendum poses a simple question: "Should the proposal which was submitted by the European Commission, the European Central Bank and the International Monetary Fund at the Eurogroup of June 25, 2015, which consists of two parts that together constitute their comprehensive proposal, be accepted?"

The "No" box appears as the first option, above the "Yes" box. The government says a "No" will strengthen its hand at the negotiating table, though other European leaders say it will instead push Greece out of the euro.

No public opinion polls were available, but the Economist Intelligence Unit said a "No" vote was more likely, raising the probability of Greece leaving the euro zone to 60 percent. ($1 = 0.9026 euros)






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Old 06-29-2015, 07:59 PM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

I was told earlier they have been into macedonia bleeding the ATMs dry.

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Old 06-29-2015, 08:01 PM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

Greece isn't in a position to fuck around.

What is it going to take for them to realize how dire their situation is? Let them sink.

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Old 06-29-2015, 08:12 PM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

I feel sorry for the common joe there, at the moment.

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Old 06-29-2015, 08:23 PM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

Greece , the birthplace of democracy and now the grave of socialism.

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Old 06-30-2015, 01:25 AM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

Socialism can work, but they took it to an extreme...... Extreme versions of anything don't work.

The pensions alone are a huge liability, and they knew this for years........ But one political party after another put getting votes ahead of reality.

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Old 06-30-2015, 03:11 AM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites



Global stocks tumbled Monday after Greece closed its banks and limited the amount of money citizens can withdraw from them after bailout talks with its creditors broke down over the weekend. The Greek drama has been unfolding for many months (if not years) but the latest developments revived fears the country could exit the euro zone, with unpredictable consequences.

The Dow fell nearly 350 points, or 1.9%, while the S&P 500 lost 2.1% and the Nasdaq tumbled 2.4%. European stocks suffered their biggest drop in eight months with Germany's DAX and France's CAC each falling about 3.5% while major bourses in Spain and Italy fell more than 4.5%. The stock market in Greece was closed but the FTSE Greece 20 ETF, a U.S.-based proxy for Greek equities, fell 19%. Meanwhile, so-called safe haven assets like U.S. Treasuries, Germany bunds and gold rallied.

Whether the selling resumes Tuesday remains to be seen, of course, but investors have a few more days to think about what a 'Grexit' would mean ahead of Saturday's referendum wherein Greek citizens will decide whether or not to accept conditions for another bailout.

"We’ll see if the Greek people in response to the chaos that is now taking place will vote yes on the referendum instead of having its new Marxist government take them over the cliff on the platform that the private sector should exist to finance a bloated public sector with very generous benefits," writes Peter Boockvar, chief market analyst at The Lindsey Group. "That said, a debt write down is an inevitable component of what is a needed restructuring and a no vote (if they can someone stay in the euro after) would quicken that likelihood. On the other hand, if the referendum is essentially a vote on whether to stay in the euro or not (which it seems it will be), a yes vote must take place for the sake of the Greek people. A debt restructuring will then happen eventually anyway."

In addition to the Greek news, Puerto Rican Gov. Alejandro Garcia Padilla put additional pressure on stocks by telling The New York Times the island's debt was “not payable,” raising the specter of default across the Atlantic as well. Puerto Rico has approximately $72 billion in outstanding debt which has been popular with U.S. municipal bond investors because it's free of all federal and state taxes; top institutional holders of Puerto Rican bonds include OppenheimerFunds, Franklin Resources, Lord Abbett and Nuveen, Bloomberg reported last month.

But there's no such thing as a free lunch, as the saying goes; Monday afternoon, the White House said no federal bailout of the U.S. territory will be forthcoming and Puerto Rico cannot declare bankruptcy, as Detroit and other municipalities have done, unless Congress acts to change the law.

David Kotok, chief investment officer at Cumberland Advisors which has $2.4 billion of assets under management, says Governor Padilla may be borrowing a page from Greece Finance Minister Yanis Varoufakis, who is an expert in game theory.

"When you play game theory...it's a game of chicken," Kotok tells me in the accompanying video. "When you play chicken you need to be the last one in the game. That means it isn't until the eleventh hour, the 59th minute and 59th second before someone turns. We'll see."

Bill Witherell, Cumberland's chief global economist, agrees "the most likely outcome will be a last-minute deal, unsatisfactory for both sides, that again kicks the can down the road, avoiding 'Grexit'. That said, the possibility of a truly dire end to this Greek tragedy has significantly increased."

Coincidentally, the 'eleventh hour' for both Greece and Puerto Rico occurs on Tuesday when the former has a nearly $8 billion loan payment due to the International Monetary Fund and the latter has to approve a budget for the fiscal year starting July 1 when it also faces a $655 million payment on its general obligation bonds. (Gov. Padilla was slated to discuss Puerto Rico's budget and related debt woes in a televised address Monday evening.)

Kotok expects the market will become "rocky" and more volatile as these double debt issues play out this week, but remains bullish on stocks, as has been the case for some time.

"As long as we still have zero interest rates, asset prices rice," he says."The upward trend [remains] intact until interest rates normalize. That hasn't happened yet and Greece says it won't happen for a while."

Indeed, fed fund futures markets on Monday showed investors are now betting the Fed will hold off raising rates until 2016, based in part because of the central bank's concerns over events in Greece. That's one bright spot for stock investors and a key reason why Monday's selloff wasn't even worse.

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Old 06-30-2015, 03:18 AM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

good....another nail in the Eurozones coffin...

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Old 06-30-2015, 04:34 AM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

"Grexit"? Srsly?

J.H. Christ.

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Old 07-04-2015, 09:34 AM
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Re: Anti-austerity Protests in Greece As Bank Shutdown Bites

Giorgios Chatzifotiadis, 77

A Greek who lived and worked in Germany for many years working in coalmines and metal foundry

Meanwhile Wolfgang Schäuble a corrupt, bribes and illegal party donation money accepting ass o|
is still on aussy politics.

Quote:
The CDU donation scandal refers to the discovery of illegal forms of party financing by the German Christian Democratic Union (CDU) during the 1990s, which included the accepting of hidden donations, the non-disclosure of cash donations, the maintenance of secret bank accounts, and illegal wire transfers to and from foreign banks.

The scandal was uncovered in late 1999 and remained the dominant subject of political discussion and news coverage in Germany for several months. The Gesellschaft für deutsche Sprache selected the term Schwarzgeldaffäre (literally, "black money affair" i.e. "illegal earnings scandal") as German Word of the Year 2000. Opinion polls conducted by the Allensbach Institute suggest that in November 1999 (before the scandal became known), the CDU was expected to receive around 45 percent of the popular vote in a hypothetical German federal election. By February 2000, this value had plummeted down to 31 percent.[1]

As a consequence, two of the leading CDU figures of the 1980s and 1990s, Helmut Kohl and Wolfgang Schäuble, lost their political influence, with Angela Merkel and Roland Koch emerging as the most powerful German conservative politicians.
https://en.wikipedia.org/wiki/CDU_donations_scandal

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