Financial Crisis in Greece

[Risto the Great]

Ouch, this is very Greek.
Macedonia (Egej) has been a very good cash cow for Greece proper. Providing over 90% of food and electricity for the rock dwellers further south. I think Greece should pay USA 50% royalties on food and electricity to the USA for napalming the shit out of the place in the "civil" war and swinging the war to the thieving Greeks favour. Obama, send them the bill.

[Risto the Great]

I was watching Papandreou in an interview last night. He said "all we want is the access to money at reasonable rates, we are not looking for a bail-out". Sorry poor fella, if you are at the bottom of the credit ratings, you don't get cheap money. You go to the pawn-broker and start pawning your Rolex. You first Papa.

[TrueMacedonian]

I hope China buys the Acropolis and makes it into a chinese resteraunt lol

[Buktop]

I hope China buys the Acropolis and makes it into a chinese resteraunt lol

Fu King Gyro's and Stir Fry hahahaha

[makedonche]

"In a radio interview, Greek Deputy Prime Minister Theodoros Pangalos criticized Germany's attitude toward the Greek debt crisis and said Athens had never received adequate compensation for the impact of Nazi Germany's invasion of Greece in 1941.
(And what compensation has Macedonia recieved for Greeces' invasion,division & theft of Macedonia - you lying cleptomaniacs?)

"They took away the Greek gold that was at the Bank of Greece, they took away the Greek money and they never gave it back. This is an issue that has to be faced sometime in the future," he told the BBC World Service radio.
(Where did this Greek gold come from? Perhaps if Germany gives it back, Grease can then return it to where they stole it from!!!)

"I don't say they have to give back the money necessarily but they have at least to say 'thanks'," he added.
(I do say they have to give it back to Macedonia and I gaurantee we will all say "thanks" - once the interest(compounding) is added.)

This is a classic example of how lying and thieving eventually starts to come back and bite you on the arse, particularly when the liars and thieves start making outrageous demands and then try to justify those demands!

[Stojacanec]

Europe paid 12 mil pounds to settle the turkish refugees across Greece in 1922-24 most in Aegean MKD.

If Greece had all that gold for Germany to take 20 years later, then why ask for the aid from Europe in the first place?

Oh thats right, Old Greece wasn't even sure if "New Greece" was going to be theirs after
WWII anyway.

So much for Macedonia being Greek for 4000 years !!

[El Bre]

Aint karma a bitch

[Soldier of Macedon]

Aint karma a bitch

Certainly is, may they get everything they have coming to them, and them some.

[makedonin]

Wasn't it that the Human Race is in "dept" of the Ancient Greeks, that's why everyone should pay the playboy life style to their "offsprings"!

Idiocracy in action!

[TrueMacedonian]

Stocks Fall on Economy, Greece

http://online.wsj.com/article/SB1000142 ... theadlines

Stocks Fall on Economy, Greece

By KRISTINA PETERSON
NEW YORK—U.S. stocks fell steeply as worries snowballed over weak economic data and reignited concerns over Greece's fiscal stability.

U.S. Federal Reserve Chairman Ben Bernanke said in Congressional testimony that he was looking into U.S. banks' swaps with Greece, adding to nervousness about the debt woes of some European countries.

The Dow Jones Industrial Average was recently down 167, or 1.6%, at 10208, with all of its 30 components in the red. The Dow's worst performing component was Coca-Cola, which sank 3.8%, after agreeing to buy most of its largest bottler, Coca-Cola Enterprises, in a deal estimated to be worth between $12 billion and $13 billion.

Reacting to the bleak economic outlook, Caterpillar dropped 3.2%.

The Dow's financial components also sank after Mr. Bernanke told a U.S. Congressional Senate panel the central bank was looking into derivative transactions that U.S. banks, including Goldman Sachs Group, made with Greece, amid concerns that they might have been used to help the government hide its debt. Goldman Sachs, which isn't a Dow component, fell 2.1%. J.P. Morgan Chase slid 2.4%, while Bank of America dropped 1.5%.

Both the Nasdaq Composite and the Standard & Poor's 500-share index slid 1.5%. Industrials and energy stocks led the tumble, as crude-oil prices fell quickly below $78 per barrel.

Investors said both weak U.S. economic data and intensifying concerns about the euro zone were prompting the market's early sell-off.

"Weekly jobless claims took another move to the downside and Greek bonds are under pressure," said John Brady, senior vice president at MF Global. "You've got a mix of ongoing credit concerns, sovereign debt ratings and the weak economic data as well."

The Labor Department said weekly jobless claims unexpectedly surged last week by 22,000 to 496,000, their highest level in over three months. Economists had expected initial claims to decrease by 13,000.

A separate report from the Commerce Department showing that durable-goods demand rose 3.0%, or twice what was expected, did little to boost the market.

Concerns over the euro zone intensified after Standard & Poor's said Wednesday that Greece was on the verge of junk status within a month, while Moody's said it would keep the rating unchanged if promised spending cuts by the government are enacted. Greece now plans to issue a 10-year bond next week, after the government announces a new austerity package worth between €2 billion and €2.5 billion ($2.70 billion and $3.37 billion), people familiar with the situation said.

Among stocks in focus, Blackstone Group edged up 0.9% after its fourth-quarter loss narrowed as the hedge-fund and private equity company swung to a better-than-expected profit.

Dr Pepper Snapple Group jumped 8.4% in early trading after reporting slightly better-than-expected fourth-quarter earnings and predicted 2010 sales would rise 3 to 5%. Grocery chain Safeway slid 1.6% after swinging to a fiscal fourth-quarter loss on $1.97 billion of goodwill write-downs as the grocery-store company's sales remained weak.

Dynegy's fourth-quarter loss widened on asset sales and mark-to-market losses, as the electricity generator reported a steeper-than-expected decline in revenue. Shares of Dynegy tumbled 4.2%.

In other markets, the dollar weakened against the yen, but strengthened against the euro. Treasurys climbed, with the 10-year note up 3/8 to yield 3.649%. Crude-oil prices slid and gold futures also fell.

Write to Kristina Peterson at [email protected]

[Buktop]

It is interesting to note though that last week the FED raised the discount rates from .5% to .75%. The discount rate is the rate at which the FED lends to banks, with this increase it means that borrowing from the FED is more expensive than raising the funds through the public or operating revenues. A sign that the FED feels banks are becoming more stable. Additionally, the FED is removing some of their liquidity measures that they created during the crisis, signaling progress.

What the FED didn't do was raise the Funds Rates, which is the interest rate that banks charge each other on loans. They signaled concerns over inflation will prompt them to leave the Funds rate at it's current level 0 - .25% for the coming months.

The reason that Greece's predicament affects American markets is because the US and the EU (as a whole) are each others biggest trading partners. If the EU markets slide, American markets slide, plus the fact that US banks helped Greece mask it's debt doesn't help the issue.

[TrueMacedonian]

Crybaby Greece says EU lacking leadership now

http://www.ctv.ca/generic/generated/sta ... 76715.html


A lack of leadership within the European Union has worsened Greece's financial crisis by failing to calm market fears the country might default on its massive debt load, the Greek deputy prime minister said Monday.

Theodoros Pangalos said EU leaders were “not up to the scale of the task” in dealing with the crisis.

He spoke as officials from the EU and the International Monetary Fund were due in Athens to begin a rigorous inspection of Greece's public finances. The EU has given Athens a March 16 deadline to show improvements in its budget or face tougher spending cuts.

“I'm of the opinion that today's Europe has no political leadership,” Mr. Pangalos told Greece's private Skai Television.

Asked about the financial crisis, he added: “The people who are managing the fortunes of Europe were not up to the task.”

“I believe if Delors was in charge in Europe, Mitterrand in France and Kohl in Germany ... things would not be the same,” he said, referring to former EU Commission President Jacques Delors, late President François Mitterrand, and former Chancellor Helmut Kohl.

Greece's Socialist government has promised to take tougher measures if needed to meet its target for reducing the budget deficit from a projected 12.7 per cent last year to 8.7 in 2010 — despite mounting opposition from labour unions, which are planning a general strike Wednesday.

Union protests have already caused fuel shortages. Supply problems eased after customs officials called off a strike late Sunday in the wake of a court decision declaring their protest illegal.

A poll published Sunday by the daily Ethnos newspaper showed an estimated 57.6 per cent of Greeks believe austerity measures taken so far are “in the right direction,” while 75.8 per cent think unions should show restraint until the end of the crisis. No margin of error was given.

http://www.ctv.ca/generic/generated/sta ... 76715.html


With remarks like these I say that the EU should modern "greece". If Macedonia made these statements then the EU would be all over Macedonia. This bankrupt Toilet state can't look in the mirror and point the finger on who's to blame.

Is it me or is modern "greece" starting to sweat a little

[Prolet]

Cruise = $500, Chai = $4, Fake your Finances = Greece-less

Friday, 26 February 2010

It’s been a month or two since the European Union found out Greece lied to them visavis their finances (sic). My first reaction to this was one of surprise - ‘Why is this news?’, however what surprised me greatly was the fake ‘shock’ waves that resonated out of the Union.

Anyone who has bothered to spend few minutes on studying Greece is aware that the Balkan country in no way shape or form should be in the European Union, let alone in the Euro zone. Greece as a country, does not have a centralized system that will allow it to follow its economic and monetary fiscal policies, nor does it have a centralized state registry. For the latter, Greece has a virtual ‘statistical office’, whose job is to literally fabricate financial numbers for political purposes.

For comparison, Greece’s northern neighbor (Macedonia) who isn’t a member of the EU has had governmental entity that monitors its economic and monetary policies since the 1980’s.
Is Greece to blame for its debt troubles? It certainly goes back to Greece. The disastrous tax policies, non existent fiscal policy and the thriving gray economy which some believe beats out even Kosovo’s gray economy all contribute to the disaster Athens is in. However, the European Union itself is massively corrupt at all levels. Why is Brussels reacting today, when for years knew Greece’s debt to GDP ratio was well over the one allowed by the Eurozone. Brussels could have reacted 4, 5, 6 years ago, but chose to remain silent.

Bucharest

For decades Brussels had Athens’ back, while Washington had its front. Publicly, in EU circles the French and Germans called Greece “our spoiled child”, and rightfully so, it was France and Germany who gave birth to the country. But, things changed somewhat after Bucharest. Athens in order to protect its bizarre myth for ‘purity’ decided to block Macedonia from NATO, thus making fool out of the US and their geopolitical plans. Athens didn’t possess the wits to realize their move made NATO extremely weak in the eyes of the Russians, Chinese... - If one silly country can veto twenty some in major decisions… Putin probably loved it. This didn’t sit too well with the Americans, but also with the Europeans. I correctly stated despite the fact that Karamanlis was welcomed in Athens as a hero that his days as politician are numbered and would become anonymous not just in European, but Greek politics.

Today Greece is a protectorate. The EU had never enforced any of its written standards upon Greece, because the EU prefers the so called member ‘solidarity standards’ where no rules apply. Presently, the European Union isn’t capable of finding out how much really is Greece’s debt. In reality, the EU will never find out simply because Athens has cooked their finances for decades. The Greek Government admits to 400 Billion euros debt which in the normal world means over a Trillion Euros. Their official 12.3% deficit is more likely 20%.

These types of understated numbers are very normal and used by ‘clever’ governments not to cause mayhem among its population. The US Government insists on 10% unemployment, when its real unemployment is nearly 19%. The Germans, French and Italians are also very good at this. Only the Macedonian government is silly enough to publish its true unemployment figures.

Goldman

Anyone notice how in every major crisis Goldman Sachs is mentioned as a profiteer. Whatever happens in the world, the good, bad and the ugly, GS always comes on top. I’d like to work for this company! GS who are said to have profited hundreds of millions in commission, recently fired Greece’s Debt Manager just in case the EU thought they’d be able to find out Athens’ real debt.

Brussels could introduce “Euro2” as currency for Greece

You know you have gotten off the highway when the European Union is contemplating introducing brand new currency to be used only in Greece. They aren’t asking for Greece’s opinion on this. Athens has long used its ‘opinion credits’. The name of the currency being speculated is “Euro Club Med” and “Euro2” which will be valued at 70-75% of the value of the Euro. This is a fairly good idea by the EU because Greece had managed to tarnish the Euro currency in a major fashion, so much so, the Canadian dollar has now become “the currency” for Chinese and Japanese reserves. With Euro2’s introduction, it would be wise for the European Union to rename Greece to Greece2. //Gorazd V.

http://macedoniaonline.eu/content/view/12694/1/

[TrueMacedonian]

http://www.bbc.co.uk/blogs/thereporters/gavinhewitt/2010/02/greece_the_euro_and_the_nazis.html

Greece, the euro and the Nazis

Gavin Hewitt | 14:15 UK time, Friday, 26 February 2010

You can often tell the level of strain someone is under when they lash out in a surprise verbal attack.

It is true, too, with countries. This week the Greek Deputy Prime Minister, Theodoros Pangalos, turned on the Germans. Greece had never been adequately compensated for the crimes of Nazi Germany, he said. "They took away the Greek gold that was at the Bank of Greece," he went on. "They took away the Greek money and never gave it back."

What prompted the outburst was German criticism that Greece had been irresponsible with its finances and had faked its accounts. The mood in Germany is hard-set against helping out or bailing out the Greeks.

Mr Pangalos, remembering the Nazi occupation, told the Germans: "they shouldn't complain so much about stealing..."

It is not necessarily the best approach to win support and, not surprisingly, the Germans are furious. Otmar Issing, a former German European Bank executive, said bluntly: "The crisis is made in Greece - it is a result of bad policy." Hans-Werner Sinn, head of the Ifo Institute, echoed the views of many Germans when he said "Greece should never have entered the eurozone".

Even the Greek Prime Minister, George Papandreou, weighed in: "The issue of German World War Two reparations has not been finally settled. We have never given up on our claims." However, he said, he would not raise the issue with the Germans during the current crisis - which begs the question of why his deputy put it in the mix in the first place.

Mr Papandreou was surely right when he went on to say, however, that if we put reparations on the agenda "it would be very easy for people with bad faith to interpret this as a sign of weakness again and that we are looking for an alibi to shirk our responsibilities."

But the mood between the two countries has soured. Greece's oldest consumer group has called for a boycott of German products and stores. They object to a German magazine where the Venus de Milo statue is portrayed as giving the finger to the Greeks which it calls "the cheats in the euro family". The Greeks are offended and the German ambassador was summoned to see the Speaker of the Greek parliament.

The Greeks do not like the tough line being taken by Berlin over a potential bail-out. Yesterday some German banks decided against buying Greek bonds. There is a sense that we may be nearing a decisive moment over whether Greece can raise money to finance its deficit. This week officials from the EU, the European Central Bank and the IMF have been in Athens. Their conclusion is that Greece is likely to fail to meet its targets for reducing the deficit with the austerity measures it has introduced so far.

Today there was a tone of desperation to Papandreou's appeal to the Greek people: "Will we let the country go bankrupt or will we react?" he said. "Will we let the speculators strangle us, or will we take our fate in our hands?"

Next week he will go and visit Angela Merkel. She, of course, will say she supports the stability of the euro, but it is becoming harder for her to persuade the German people that they should use their money to help the Greeks.

Increasingly Germany is becoming the key to the eurozone crisis. It has done well out of the euro. Some countries would now like Berlin to increase its domestic demand, to enable other weaker countries to export to Germany and so kick-start their economies. But Germany will be very reluctant to loosen the tight spending and wage discipline that has served it so well. Politically it is a hard sell to compromise a cautious, responsible economy to help out those who have fudged the books.

[fyrOM]

George Soros set to Profit from Euro's Demise

http://macedoniaonline.eu/content/view/12766/52/

Friday, 26 February 2010

The man who broke the Bank of England in 1992 is said to be at the centre of a plot to cash in on the demise of the Euro, however, the end result being aimed for is very, very evil: "Creating a Centralized Budget within the EU and abolishing the independent budgets currenty maintained by each EU nation state".

George Soros's investment business Soros Fund Management is among a group of heavyweight Wall Street hedge funds which have launched a series of massive bets against the euro.

The bets came after an all-star 'ideas dinner' in New York where some of the world's most powerful currency speculators argued that the euro will plunge to parity with the U.S. dollar.

The single currency has been under enormous pressure because of Greece's debt crisis, plus financial worries in Portugal, Italy, Spain and Ireland.

The euro traded at $1.51 in December, but has since fallen to $1.34.

Traders are borrowing 20 times the size of their bet, boosting their potential gains and losses so that a euro move to parity with the U.S. dollar could represent a 'career' trade.

If investors put up $5million to make a $100million trade, a five per cent price move in the right direction doubles their initial investment.

Details of the secretive dinner emerged in the Wall Street Journal just days after Mr Soros warned in a newspaper article that the euro could 'fall apart' even if the European Union can agree a deal to shore up support for stricken Greece.

He said: 'Makeshift assistance should be enough for Greece, but that leaves Spain, Italy, Portugal and Ireland. Together they constitute too large a portion of euroland to be helped in this way.' This propaganda and bs is brought to you by Soros.

Mr Soros, who made more than $1billion when the pound was ejected from the Exchange Rate Mechanism on Black Wednesday in 1992, believes the structure of the single currency is 'patently flawed'.

He believes that unless the European Commission is given sweeping powers over taxation and spending, the single currency will always be vulnerable to financial turbulence in individual states.

'If member countries cannot take the next steps forward, the euro may fall apart,' he added.

Mr Soros's investment house, Soros Fund Management, did not respond to calls.

In a separate move last week, traders from Goldman Sachs, Bank of America's Merrill Lynch unit, and Barclays helped a separate group of investors to bet against the single currency.

The trade involved buying an inexpensive 'put' option that will provide its holder a big payoff if the euro falls to the level of a single U.S. dollar within a year.


is soros trying to take down greece by taking down the euro and make a buck out of it too