Greece

[Malsua]

/chuckles

mal, you have such a way with words.

Well, sometimes the only way to get a point across is to suggest all Greeks want to do is butt sex. If we don't watch it, we're next on the 'to do' list.

[American Patriot]

lol

[vector7]

Greek deputies vote in crucial confidence motion

Jun 21 05:28 PM US/Eastern

ATHENS, Greece (AP) - Greek deputies have begun voting in a crucial confidence motion called by Prime Minister George Papandreou after he reshuffled his cabinet to face down an internal party revolt and help him pass deeply unpopular austerity measures. The vote is being conducted by roll call after a heated debate which saw sections of the opposition briefly walk out. Papandreou needs 151 votes in the 300-member parliament to win, which he is expected to do.

A loss would likely lead to early elections and throw into question whether Greece can pass a new austerity bill by the end of June as demanded by the country's international creditors. Unless the new measures pass, Greece will not receive the next batch of funds from its bailout loans, and will face a disastrous default.

ATHENS, Greece (AP)—Greece's prime minister was gambling his government's survival and the danger of a devastating debt default on a Tuesday night confidence vote aimed at helping him passing deeply disliked austerity measures that have provoked strikes, protests and a slump in his popularity.
If Prime Minister George Papandreou's new government fails to get the necessary parliamentary support in a midnight vote Tuesday, it would throw into question whether it can pass a new austerity bill by the end of the month as demanded by international creditors.

Greece is being kept financially afloat by euro110 billion ($157 billion) EU-IMF bailout fund.

A default by Greece could spark a financial maelstrom around the world, dragging down Greek and European banks as well as stoking renewed fears over the finances of other eurozone countries, such as Portugal, Ireland and Spain.

Expectations that Papandreou would win lifted world markets. His Socialist party holds a five-seat majority in the 300-member legislature, and a simple majority is needed to pass.

"Indications over the last 24 hours or so have certainly been that the government will survive, if only because the alternative would be so dire," said Beat Siegenthaler, an analyst at UBS.

Papandreou reshuffled his Cabinet last week and replaced his finance minister to ease growing dissent within the governing party.

On Tuesday the new finance minister, Evangelos Venizelos, promised that parliament will pass the unpopular austerity package by the end of June in order to comply with European Union demands to receive the next payment in its bailout loan.

Venizelos said Parliament is set to vote on euro28 billion ($40.2 billion) worth of budget cuts and other savings next week.

Greece has said it will face a default unless it receives the euro12 billion ($17.3 billion) rescue loan installment from European countries and the International Monetary Fund.

"We must follow this course to save the country," Venizelos said.
"Our European partners ... face is with distrust," he said. "This is an atmosphere that we have to change."

Papandreou's popularity has been hammered by the latest austerity measures, with an opinion poll published Tuesday giving the Socialists a 20.1 percent approval rating. Rival conservatives faired marginally better, at 21 percent, in the GPO survey for private Mega television of 1,000 adults. No margin of error was given.

Some 7,000 protesters, chanting "thieves! thieves!" were gathered outside parliament, while a strike by the country's powerful electricity workers' union continued to cause rolling blackouts for a second day.

Socialist skeptics, however, appeared to shy away from another fight.

Prominent dissenter Nikolas Salagiannis, said he would vote in favor of the government following the cabinet reshuffle.

"This has generated a slim hope that the issues can be addressed ... We back the new government," Salagiannis said. But he added: "Make no mistake, our connection with people in the street and in the squares is dwindling by the day. We have gone from austerity to more austerity, from denial to denial to get where we are ... and the public's tolerance has been used up."

Though considered unlikely, if Papandreou loses Tuesday's vote he would have little choice but to call early elections or try to form a coalition government. However, all opposition parties have said they want elections.

But even after winning, he faces an even more difficult task: Getting parliament to back the new austerity measures as well as an unpopular euro50 billion ($71 billion) privatization program by the end of the month.

If the new austerity measures pass, the finance ministers of the 17-nation eurozone will meet July 3 to give Greece its next bailout installment.

A key requirement from the eurozone and the IMF is that Greece steps up its privatization drive.

European officials are also discussing a second, similar-sized bailout for Greece since it's obvious the country won't be able to return to the bond markets and raise money to pay creditors any time soon.

"I trust that the new Greek government will receive the confidence of parliament," European Commission President Jose Manuel Barroso said after meeting with Papandreou Monday, but added the crucial vote was the one on the new austerity package.

"I therefore trust that Greece's elected representatives will back these measures next week in a spirit of national and indeed European responsibility," Barroso said. "These choices are not easy, but nor are the problems that need to be addressed. Now is not the time to falter."

[vector7]

George Soros Explains How The Crisis In Europe Will End: Weaker Economies Will Probably Exit The Euro

Courtney Comstock | Jun. 26, 2011, 9:08 AM | 12,861 | 47
George Soros said at a panel discussion in Vienna today that “We are on the verge of an economic collapse which starts, let’s say, in Greece, but it could easily spread." The billionaire hedge fund manager whose huge bet on the collapse of the British pound earned him one billion dollars warned about the severity of the Euro crisis, saying, “The financial system remains extremely vulnerable.”

He also explained how the crisis will probably end, according to Bloomberg: it’s “probably inevitable” that a mechanism will have to be put in place to allow weaker euro-region economies to exit the Euro.

"I think most of us actually agree that [Europe’s crisis] is actually centered around the euro... It’s a kind of financial crisis that is really developing. It’s foreseen. Most people realize it. It’s still developing. The authorities are actually engaged in buying time. And yet time is working against them."

Of course he's talking about authorities' efforts to prevent a Greek default by offering help contingent on a budget overhaul. Preventing a Greek default is important because people worry that it would set off much larger and more damaging defaults in Spain, Portugal, and Ireland.

[American Patriot]

George Soros makes others work in the mines.

And he is trying to make us ALL work in the mines.

[vector7]

Greek Army Threatens Military Coup Sparking Fears of Military Uprisings And Civil Wars Breaking Out Across All Of Europe

Posted by Alexander Higgins - June 26, 2011 at 9:25 am
Greek Army Threatens Military Coup Saying “We Will Not Be Sold To Foreign Powers” Ahead Of IMF Bailout Loan Vote Sparking Fears Of Military Uprisings And Civil Wars Spreading Across Europe. Military Officers And Police Forces Are Now Joining The Protests.

I recently wrote that the Greek Revolution has succeeded and the Government agreed to step down and create a new Government.

Revolution Succeeds In Greece!!! Protestors Overthrow Government. New Government To Be Formed.



The Greek Revolution Has Succeeded In Forcing The Government To Step Down In The Midst Of Massive Protests Calling For The Regime of Corrupt Government And Crooked Banks To Be Replaced With Real Democracy.


Read The Rest…

That announcement came amidst violent protests, and as Tyler Durden pointed out, was nothing but a bold face lie meant to placate the masses. Soon after the announcement and the subsequent calming of the masses, the Greek Prime minister announced he would not be stepping down, instead would only be reshuffling top cabinet officials and would ask for a vote of no confidence from the corrupt parliament that is looking to put over stressed tax payers on the hook for an international loan with 30% plus interest rates to bailout crooked greedy bankers.
Needless to say, the Prime Minister survived the vote of no confidence, and the Greek Government is set to vote for and approve the IMF bailout loan under banker controlled corporate media threats that financial Armageddon will hit the world if the vote does not pass.

Economists, MSM Warn Of Global ‘Armageddon Scenarios’ As The Masses Riot In Europe And Calls For Revolution Spread To The US


Economists and the mainstream media are warning of a global “Armageddon Scenarios” as the masses continue to riot in revolt against the banks and calls for revolution spread into the US.

If you have watched the news today there is report after report of the Global markets being in a stage of economic collapse very similar to the financial meltdown of 2008.
The economic upheaval is strongly tied the massive rights and protests in Greece, Spain and in fact through out all of Europe.

Read The Rest…

However those threats do little to deter the people across Europe who feel that they have nothing left. In a Land of broken people suffering harsh austerity measures enacted to pay the tab for greedy bankers, who continue to participate in the same acts of fraud and reckless behavior that caused the Global financial meltdown in the first place, the people of Europe have had enough. Apparently so have the police and military forces.

Several news agencies out of Europe are reporting that Army and Police officers have joined the people in the riots against the banks to protest what is being perceived by European nationals as the sale of national sovereignty to foreign powers.


Greek Army Threatens Military Coup Sparking Fears Of Civil War Breaking Out All Across Europe

Xander News reports (translation):

Greek Army threatens coup

Jose Manuel Barroso, President of the European Commission, last year a prescient when he said to fear that several Southern European countries may fall prey to civil war and their democracy would be lost? Several Greek troops have now indeed threatened a military coup against the government because the Greek people, according to the union officer ANEAD feel “to foreign powers to be sold”.

Especially in Europe it is normal for the military’s political neutrality and not interfere with drafting the policy of the government. The call of the Greek officers association is therefore highly unusual, especially considering that the press spokesman for the ANEAD literally said that the army “will not tolerate violation of the Constitution, not the defense of our sovereignty should be.” That was a clear threat to the address of the current Greek government.

The Greek Parliament, this week to decide whether, in exchange for a new rescue package sovereign rights will give, such as self-determining the nature and extent of the enormous necessary cuts, the International Monetary Fund (IMF), by trends forecaster Gerald Celente recently so aptly renamed the International Fund Mafia.

Overt threats of military coup

Under Greek reservists are now quite openly discussed a possible military coup. More and more soldiers to join police officers, customs officials and the Coast Guard since last week in Athens openly against the government are going to demonstrate. The Greek Defence Minister speaks of “dangerous activities” of Greek officers and made public a letter in which officers are threatening to “ward off” the current government.

Between 1967 and 1974, Greece was ruled once before by a military dictatorship that came to power by a comparable domestic crisis today. In February this year, the Greek government under the guise of preparing for deployment abroad, the military exercise on the suppression of demonstrations and riots in urban areas. That was a clear signal that the government was considering to deploy the army against the people. Now it seems that the military no longer the government can be trusted.

After Greece, Spain and Portugal also

At the moment Greece is the second, roughly € 100 billion big ‘reddings’ fonds rushed through it, and again the hand will have to cease, the opposition from other EU countries such as Germany and the Netherlands, probably even greater. Is it a military coup in Greece, or even threaten countries like Spain and Portugal, also on the verge of bankruptcy balance, again to fall prey to a military dictatorship. The danger of civil wars in these countries occur is increasing, because the greenhouse is empty and it is clear that the citizens will no longer pick up that, while social services are taken away, the European banks and insurers still be saved.

Barroso would have predicted that it may soon be done to democracy in Greece, Spain and Portugal, so get to be right.

The nervousness in financial markets will now increase. Spain already pays more than 6% interest on its government bonds, and as it stands is that 7% soon. The experiences in Greece, Ireland and Portugal show that 7% interest is untenable, causing a crash can not happen. Spain will also have to rely on the euro emergency fund, but that by no means sufficient.

Eurozone and EU end?

Spain, like Greece need huge cuts go, it would be the Spanish army that can be perceived as an attack on national sovereignty . If it is thought that Italy and Belgium also financially dangerous water rafting, it’s not hard to imagine that the end of the eurozone and perhaps even the entire European Union will result. For the globalist political and financial elite, this is a nightmare scenario, but for the freedom-loving Europeans it is the only hope to escape from the stranglehold of the Brussels dictatorship.
Source: Xander News

Kopp Online reports that the Governments were warned against the threat of military coups over a year ago, and nations across all of Europe may soon find themselves in a showdown with their own military, just as the nation of Greece is facing today (translation):

Athens: Greek army over possible military takeover talks

Torben Grombery

There is great news for countries Domino: DC several Greek military now openly threatened with a possible military coup. The Greek government is deeply insecure.

Greece has in the officer’s union ANEAD informed about their chairman, the Greek people have the feeling of being sold to foreign powers. In no European army, it is normal for an officer associations expressed in this form. Military should maintain strict political neutrality. Is independent of the above statement then also, however, the press spokesman of the officer’s union expressed with words, let that sit up. “We are not injury tolerate the Constitution, which does not serve to defend our national sovereignty,” This was a clear threat to the ( yet) reigning Athens civilian government.

For the Greek Parliament will decide yes this week, in return for the new rescue package to cede sovereignty to the IMF to make and impose itself, which must be made spending cuts.

In the Greek Association of reservists are now talking openly about a possible military coup. More and more soldiers are also for those who are police officers, customs officials and the Coast Guard to close the show since this week also openly on the streets of Athens against the government. The Greek Defence Minister Panos Beglitis speaks of “dangerous activities” of Greek officers. And he published a letter from officers, which stated that they would “defend this government.”From 1967 to 1974, Greece had experienced a military dictatorship, a similar domestic political crisis was preceded as the current one. In February 2011, the Greek government (disguised as a preparation for alleged military operations abroad ), the Greek army to quell riots and demonstrations have to practice in urban areas. At that time they apparently planned the military operation in the interior.

But now she can no longer rely on their own army. For the EU a military coup in Athens came as no surprise. European Commission President Jose Manuel Barroso warned of exactly one year (mid-June 2010) during a meeting with union leaders before apocalyptic conditions in Europe.

If the funding provided by emergency parachutes for bankrupt EU countries were not sufficient (which is predictable), it will soon be civil war and may also give military coups in the EU .

Barroso said before the then visibly shocked union leaders in countries such as Greece, Spain and Portugal would then belong to the democracy of the past very quickly. The dictatorship would return. It threatens to bankrupt several EU countries, a military coup. Also, the risk of civil wars in many EU member states will increasingly likely, because the coffers are empty, but the citizens of their usual social services would continue to demand.

It looks like you could keep Barroso’s prognosis right.

Barroso, predicted that there might be next in Greece and Spain and Portugal in a military coup. Spain is now paying more than 6 percent interest on government bonds. Takes the nervousness in financial markets with a view of the euro area continues to grow, Spain will have to pay almost 7 percent.

The experience in Greece, Ireland and Portugal have shown is that unstoppable from 7 percent interest on government bonds of the crash. Then Spain would soon be ripe for the bailout. And by then would revolt in Spain and Portugal, the military, because they evaluate the tough austerity measures, like the Greek military as controlled by outside intervention in national sovereignty.

Source: Kopp Online

Russia Today reports:

Victory or Death in Athens



A protestor holds a Greek flag by demonstrating policemen by the Greek parliament in Athens during the rally by police, coast guards and firemen against the new austerity package on June 23, 2011 (AFP Photo / Louisa Gouliamaki)

It has been a month since Constitution Square (Syntagma Square), where the Greek Parliament sits, turned into a site of public protest against the government.

*It’s crowded as if it were a busy afternoon, despite the late hours – although the local citizens assure me that tonight there are much fewer people than usual.

I’m further assured that nonetheless next week they’re going to teach the government and the parliament a new lesson by means of more street protests and strikes.

“Hundreds of people come out, and they are just ordinary Greek citizens, nothing like anarchists or anti-globalists, and neither are they any kind of professional protesters – these are the people of Greece. We are sick and tired of being misrepresented as a nation of loiterers and chair-warmers who are simply after other peoples’ money,” says a young man who is busy taking care of the thirsty riot dog named Sausage (Loukanikos) – famous for its almost ubiquitous presence during every major protest in Greece. “That’s an outstanding dog. He’s always with the people and always against the police.”

Sausage is probably the most famous dog of the Greek riots. There are thousands and thousands of his photos and video shoots. He is always in the front rows of protesters, and he lives in Constitution Square.

Outside the fence that was fitted around the parliament to cut off the public, people take turns to deliver their speeches. They are no politicians. They are working people of various professions who come here after a day of work. Everyone I ask confirms that, “We work during the day and come here in the evening to express our fury to those sitting behind this fence and pretending they’re working hard. They have a fun job indeed – getting the IMF and EU money and spending it on military contracts while cutting pensions and wages of the people who do the real work.”

Ten days ago, people formed a live chain around the parliament building and kept the MPs inside until the police arrived to help the politicians out.

“Do you know how it started?” asks Helena who seems to know everyone in the square. “There were three lads discussing things in the internet forums, one was 16 and two others still younger. They were bugged by many reports saying that the Greeks just cannot act as decisively as the Spanish, and they spread a call to come out on a protest among everyone they knew. The very next day, hundreds of people came out, and two days later there were thousands. And these teenagers got scared and deleted their messages. And people thought that it was done by the police or intelligence agencies. And that sent hundreds of thousands into the streets, you see?”

There is no sign of anti-globalists. Musician Theos explains, “They keep to themselves, they stay in their district and do not mingle. They claimed our protests had no agenda. The anarchists show up once in a while to start up an occasional fight with the far-rightists. Police take advantage of this sending in their agents disguised as anarchists so that they could throw a Molotov bomb to give the police an excuse to use tear gas against the protesters. We already caught some of the moles, dressed as anarchists but with a police ID in their pocket.”

A revolution in Greece would be impossible without the Church. “There have been no public statements from the Church, but our bishops sent off priests to be with the protesters, and everyone knows about it.” This is the explanation I got when I noticed a massive figure in a black robe with a cross. This is one of the most prominent priests. During the clashes with the police he was here holding up the revolution banner.

“He comes from the South where people consider themselves to be direct descendants of the Spartans. He was holding a white banner with a blue cross and mottos “Victory or Death” and “With the Shield or On the Shield,” but the fact is that they, people from the South, have always considered themselves free. So basically it’s only a question of “Victory or Death,” comments a reporter who comes to do shoots in the square every day.

An elderly barefoot man approaches us while we talk. Hearing that I’m from Russia he gives me a gift of a hand knitted cross saying, “It’s from a very famous women’s monastery. Keep it safe. Russian people have always been appreciative of such gifts.”

There are dozens of tents on the lawn at the lower end of the square which is covered in slogans, caricatures and proclamations.

There are witty slogans like “Even the maid said no, and you can’t!” They mean the hotel maid who ruined the reputation of the IMF head Dominique Strauss-Kahn. The maid is held up as an example to follow for the Greek government forced to take unpopular measures. It has shown its inability to oppose the pressure of the global financial institutions even by word.

There are odd slogans. To give you an example, there are demands to legalize the rights of foreign workers in Greece. “Not everyone supports the demand, of course, but it is important that it does exist. We are neither nationalists nor bigots and do not want to survive at the expense of those who have come to Greece to work,” a lad who spent the night under the slogan told us. Three metres away from the lad some Africans are selling African figurines and fake bags.

“It’s bad that there is no centralized committee or think-tank mass protests of the kind that would normally be required. There is total anarchy. Everyone does what he wishes. And official opinion polls have shown that at least 75% of the Greeks are in favour of the revolution,” while listening to these words I keep taking pictures of the guys with PCs sitting under the sign “Media Centre”.

A woman approaches me and asks for me to stop, “We have decided it would be better to leave faces out of shot.” An instant later she is opposed by the supporters of the freedom-of-information idea and I am allowed to take pictures. But the woman feels obliged to provide me with a few instructions, “Still try to keep people’s faces off the camera. The police will be after them,” she says. But there are many secret service officers as well as disguised policemen in the square who are all taking photos as I am.

The artistic part of the protesting crowd seems to fear nothing. Artists are surrounded by handcrafted items of all sorts, installations, pictures and satiric posters and comment on their work with great pleasure. A wannabe juggler is practising his skill in the distance. After all, it is a European revolution and any contribution is welcome — if the only thing you can do is juggle, this skill should be used to promote the common cause as any other.

Hundreds of people are sitting in a circle on the pavement of the square.

Speakers come and go — there is a table with a microphone on it and each speaker is given three minutes to present his vision of the problem and a possible solution. Then a vote is taken on the proposed solutions.

This is what Greek democracy is like. Let me remind you that the origins of democracy are in Ancient Greece. And who can prevent the Greeks from improving its basics on the central square of the capital city today?

This popular parliament starts its work at 9pm.

And after the democracy classes, the Greeks go to dance and sing.

Professional musicians and amateurs play together. Singers volunteer.

Old and new songs are played, songs from the islands, southern and northern parts of the country. Those who are good at dancing dance to this music and experts feel free to comment, “This is a 13th Century song. And this one was composed by an Englishman in the 18th Century, but it is considered local in many regions. And this is a dance from Crete. See that musical instrument? It is only used in Istanbul and on one tiny island. And that lad, the one who has been playing, is blind.”

The crowd gradually disperses by 3-4 O’clock in the morning but a few hundred remain and stay awake and guard the square lest it should be won back by the government that is hated by three-quarters of the Greek population.

“The revolution does not have a committee, but it has reached consensus: people have united against political parties, against syndicates, fascism and racism. They have realized that the socialists in parliament are no socialists at all and that the communist deputies have betrayed their ideals, that fascism and racism are imposed on the people in order to split society, to make them fight one another and be unable to give rebuff to the government. This realization means a lot,” says a girl who was hopping to traditional Greek tunes a moment ago.

[Malsua]

George Soros...never has something so little as a blood clot been so absent from someone so deserving.

[Malsua]

I wish the US would implement severe austerity measures.

Since I only give to the government, it wouldn't affect me in the slightest.

[American Patriot]

Been there, done that... got the tee shirt.

[vector7]

Greece Virtually Out Of Cash One Day Before Critical Bond Maturity

Submitted by Tyler Durden on 05/14/2012 08:45 -0400

Curious why the topic of tomorrow's €430 million non-Greek law bond maturity payment (which we first pointed out as a D-Day type of cash outflow for the Greek people) is particularly touchy? Simple: if Greece makes the payment it will see its already in the red cash balance drop by another 30% to a sub redline €1 billion.

Which would mean the country will likely not pass go and go straight into looting mode once the people realize that some evil, evil hedge fund hold outs (who are doing precisely what they are contractually entitled to, and what we said back in January would be the event that breaks the bank, i.e., holding out) have been paid in full despite the Greek restructuring, while there is no money to pay anything else... Because as Bloomberg points out, "the level of funds in Greece’s state coffers has fallen below 1.5 billion euros ($1.9 billion), Imerisia reported, citing “reliable information.”

If the state doesn’t receive predicted revenue for the rest of this month, it will find it difficult to pay for social services, pensions and public-sector wages, the newspaper said." Translation: when the money runs out, it's game over. But it will also be game over if and when Greece either does not want to or does not have the cash to pay tomorrow.

Things are moving fast now.

[American Patriot]

Moving so fast Greece will be in ruins.... again.

Those Europeans just can't keep their civilization going for more than a few hundred years, can they?

[Malsua]

Greece is at the end game of socialism. It's not fallen yet because larger socialist entities are propping them up.

This is what happens when 70% of your workforce is either in or getting money from the government. Musical chairs is fun and all until the music stops and they realize there are no chairs and that in fact everyone had a hand in stealing a chair for themselves.

[American Patriot]

Well, it's going to get nasty over there.... It's close enough to Peterle that I hope he has some way to fend off the invaders when they get there... cuz you know the Greeks were always invading the Romans before.....

[vector7]

This was posted on ZH to...supposedly a current picture of the Greek Finance Ministry!

[vector7]

I posted this for Peterle.

[American Patriot]

I posted this for Peterle.

/chuckles

See Peterle? The crew here thinks of you.

lol

[Malsua]

A world wide Tax revolt would be something to see. The issue is, those doing the revolting are the same that are expecting their checks from the government.

"WE'RE NOT PAYING ANY MORE!!!"
"WHERE'S OUR CHECK??????!!!!!"

[American Patriot]

Irony of Ironies, eh?

It has been something to watch the last few years as the system collapses. Everyone is bitching in the USA about "This is what Capitalism does!" and yet, it's really what Socialism is DOING to the world.

If you have someone doing the work, and everyone else sitting around collecting the produce, the guy doing the work is gonna eventually tire of it, and quit working.

Or become a slave to those awaiting the produce.

What I fear is the system forcing us all to continue working until we die to feed the jerks.

[vector7]

WORLD BRACES FOR EURO SPLIT

(Telegraph) - Raising the spectre of a Greek exit, the German chancellor said “solidarity for the euro” was threatened by the ongoing political crisis in Athens.

Stock markets around the world fell sharply with fears mounting that a euro break-up could lead to renewed financial turmoil. The FTSE-100 index of Britain’s major companies fell by two per cent to 5465, with bank shares hit particularly hard.

The cost of Spanish government borrowing also hit a record high since the single currency was introduced because of concerns that the crisis will spread.

Today, François Hollande, the new French president, will be sworn in and, in an indication of the concern gripping Europe, will almost immediately travel to Berlin to hold talks with Mrs Merkel that will be dominated by Greece’s plight.

Attempts to form a new government in Athens have been thwarted for the past nine days, although the country’s president will meet all major parties this afternoon to discuss the forming of a “technocratic” administration rather than a coalition.

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An outgoing Greek minister warned that the country could descend into “civil war” amid the chaos of a euro exit. “If Greece cannot meet its obligations and serve its debt the pain will be great,” Michalis Chrysohoidis was quoted as telling a local radio station. “What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”

New elections may be held next month and Greek voters are likely to be warned by European leaders that their country may be ejected from the euro if they do not support parties backing austerity measures.

George Osborne, the Chancellor, travelled to Brussels yesterday to take part in meetings with other European finance ministers about the worsening crisis.

Speaking on arrival, he said: “The eurozone crisis is having a real impact on growth across Europe.

“The British recovery has been damaged over the last two years not by Britain getting a grip on its public finances but by uncertainty in the eurozone. It is that uncertainty, not austerity, that is doing the real damage to the European recovery, and indeed the British recovery.”

Today, Mr Osborne may agree to looser banking rules, stipulating how much money banks must keep on their balance sheets, to allow more flexibility in responding to the turmoil.

A report from Fitch, the credit rating agency, said yesterday that the British economy may not re-emerge from recession before 2014 if there is a “shock case” of a disorderly Greek exit from the euro.

Germany and the European Central Bank are thought to have drawn up detailed plans for a Greek exit for the euro. They are designed to stop it provoking panic in other vulnerable countries, particularly Spain and Ireland. However, this is fraught with difficulties, particularly if Greece refuses to take part in an “negotiated exit”.

Yesterday, Mrs Merkel raised the spectre of Greece leaving the euro. She is under increasing pressure in Germany to force the country out of the single currency to avert several more years of uncertainty. “I believe it’s better for the Greeks to stay in the euro area, but that also requires that we set out a path on which Greece gets back on its feet step by step,” said the chancellor.

“The solidarity for the euro will end only if Greece just says, 'We’re not keeping to the [austerity] agreement.’ But I don’t expect that to happen. I do think they are making an effort. There are many, many people in Greece who actually want it.”

Wolfgang Schaeuble, the German finance minister, added: “We have a very nervous situation in the eurozone.”

He said the advantages of Greece staying in the euro outweighed any perceived gain from exiting the single currency. “But it will be strenuous,” he said. “The price if they decide to leave the euro is very high. It would cause a huge amount of turbulence for all of us.”

The British Government is largely watching the euro turmoil from the sidelines and has not seen the details of contingency planning in Germany. Ministers are relatively confident that British banks would not be hit too hard directly by a Greek meltdown, but the indirect impact of how this would spread through the global financial system are far less certain.

The Foreign Office also has plans to evacuate British citizens from Greece if it becomes dangerous. A government source said: “The situation is now political rather than economic so is out of our hands. We are well prepared to help protect British citizens from the storm.”

Source: http://www.telegraph.co.uk/finance/financialcrisis/9265930/Merkel-tells-Greece-to-back-cuts-or-face-euro-exit.html

[American Patriot]

About time.

Socialism should FALL. Hard.