International News
See other International News Articles
Title: In rebuke to EU, Greece appears to decisively reject bailout terms
Source:
LA Tmes
URL Source: http://www.latimes.com/world/europe ... referendum-20150705-story.html
Published: Jul 5, 2015
Author: Henry Chu
Post Date: 2015-07-05 15:49:25 by buckeroo
Keywords: None
Views: 986
Comments: 17
The vote, on a proposed bailout deal from Athens’ international lenders, was a strong rebuke to European Union leaders who had warned that the plebiscite was, in effect, a vote on whether Greece wanted to keep on using the euro as its currency. With 57% of precincts reporting at 10:15 p.m. local time (12:15 p.m. PDT), the “no” camp was ahead by 61% to 39%, according to the Greek Ministry of Interior. As the scale of the “no” victory becomes clear, the question immediately shifts to whether, and how quickly, Greece’s European partners are prepared to resume negotiations with Athens. Relations between the two sides have deteriorated badly over the last few weeks, especially after Greek Prime Minister Alexis Tsipras broke off talks at the end of June and called Sunday’s snap poll on bailout proposals that have technically since expired. Perhaps even more pressing will be the reaction of the European Central Bank, which has been propping up the Greek banking system for months with emergency funding. If the ECB decides at a meeting Monday to end that support, Greece’s banks will quickly run out of cash, business will grind to a halt and basic supplies could start to dwindle on store shelves. The Greek government is also nearly out of cash. If it cannot pay its debts – a major repayment is due July 20 – Athens could be forced to introduce a parallel currency and eventually leave the Eurozone. However, analysts said this was not an immediate threat. The leaders of Germany and France are to meet in Paris on Monday evening to discuss the crisis. Both had warned Greeks before the referendum that the poll was, in effect, a vote on whether Greece wanted to remain in the Eurozone. The size of the projected victory for the “no” campaign came as something of a surprise after a flurry of opinion polls showed an almost dead heat. A number of voters were undecided, however, and could have made the difference. Surveys showed that young people voted “no” in droves. Many said they agreed with Tsipras’ contention that the bailout proposals from Greece’s lenders imposed too much austerity after five years of already heavy spending cuts. The Greek economy has contracted by a breathtaking 25% since Athens began accepting emergency aid and implementing austerity measures since 2010. “These measures would worsen the situation,” said teacher Paula Andriotaki, 33. But Eurozone leaders have scoffed at that idea and said that a new agreement could be even more difficult now that Greece's financial situation has worsened further. “Yes” supporters urged Greeks to join them in order to guarantee Greece’s continued place among the 19 nations that use the euro. They said that membership in the wider European Union could also be at risk and that Greece cannot afford to be isolated. The ballot itself was the subject of some criticism, because the question it asks is wordy and couched in jargon. Moreover, the bailout deal it referred to was already technically moot. The offer from Greece’s creditors expired Tuesday night, after talks between them and Athens collapsed last week over Tsipras’ surprise decision to call the referendum. Creditors say that negotiations on a new agreement would have to start from scratch. Because of the convoluted ballot question, and the competing claims of whether the real issue at stake is the future of Greece as a member of the Eurozone, many Greeks complained of confusion over just what was being asked of them. Maria Liapi, who helped campaign for the “no” side, said she wanted to reject a bailout agreement that would bring more hardship to Greece, whose economy has already contracted by more than 25% since the country first began accepting rescue loans in 2010 and implementing harsh austerity cuts in return. But Loukia Mitsi, 40, an unemployed teacher and mother of three, said she would vote “yes” because Greece needed to stick with the euro and not be forced to revert to its old currency, the drachma. “My life got better with the euro,” Mitsi said. “I want a European solution that is good for Greece. I want a better future, and we won’t have that if we go to the drachma.” About 10 million voters were eligible to cast ballots in Sunday's referendum, Greece’s first in 41 years. In 1974, the people were asked to decide whether their country should retain the monarchy; the answer then was also no. Special correspondent Pavlos Zafiropoulos contributed to this report.Greece looked set Sunday to enter an even more volatile phase of its financial crisis as official projections forecast a resounding win for the “no” campaign in a referendum that could decide the country’s financial fate in the short term and its role in Europe in the long term..
Fuck off EU.
Post Comment Private Reply Ignore Thread
Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: buckeroo, All (#0)
This is happening at the same exact time as the Greek government asked theEU for more money. What balls, eh? FU but give me more money that we will not pay back. потому что Бог хочет это тот путь
Wasn't the outcome of "poor bastard children" a predictable outcome about ANY attempt to unify various nations into a single regional arrangement uch as the EU? Of course, the US attempts a regional arrangement as well. YOU, the US tax payer shall be stuck with the bill.
Not true, they will pass the savings on to us. потому что Бог хочет это тот путь
As an American, the only "savings" you have as a citizen in good standing is rising inflation and higher taxes diminushing your hard earned money. You get the opportunity to ensure world dominion of governance by a few politicians motivated out of greed and power to assert some sort of "vision" not that it is a personal choice/decision that you are privy to.
The good news here is that if you have always wanted a ocean front villa in Greece,now is the time to start putting together your finance package because pretty soon the real estate values are going to plummet. You may want to work on a package that only requires you to make a small downpayment to hold the property from other buyers until the Greek financial crisis ends and the government agrees that no back taxes will be due,but there are going to be some bargains there if ya got the bucks and a bank willing to lend money to buy property in Greece. Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)
The Prime Minister of Greece keeps a photo of Che hanging on his office wall. What does that tell you about his economic mindset? Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)
IMHO the whole thing was a scam from the beginning. A way to get all the European nations under one banking system so the international bankers that control Europes money could bankrupt the smaller nations and then buy them and their industries up at fire sale prices. Kinda like they want to unite Mexico,the US,and Canada for the same reason. Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)
Most Republican red states would be like Greece if the USA had the same currency policy as the EU. In the USA, the wealthy states redistribute the wealth back to poor, mostly southern and western states from taxes. The Euro works as a loan dept. If your nation's debt is at a certain percentage you can borrow money from the EU at low interest. That is how it was designed to work in the EU but that system is a failure - it has hurt all economies using the euro except maybe the German one because she is an export economy and that allows them to borrow cheaply from the euro central bank because she runs a surplus. She uses that surplus to loan money to other EU nations so they can buy more German goods, etc.
Kinda like they want to unite Mexico,the US,and Canada for the same reason. That was one of the reasons. It has to do with currency trading and controls. http://www.telegraph.co.uk/finance/currency/5796892/Russian-President- Dmitry-Medvedev-pulls-new-world-currency-from-his-pocket.html Russia's President, Dmitry Medvedev, pulled the world's new currency from his pocket at the meeting of G8 leaders in the Italian city of Aquila. Mr Medvedev, who has been seeking ways to displace the dollar as the world's dominant reserve currency, produced a sample coin of what he described as a 'united future world currency'. “Here it is,” Mr Medvedev said, according to Bloomberg. “You can see it and touch it.” The coin, which was minted in Belgium, was presented to all the leaders attending the G8 summit and bears the words 'unity in diversity.' The possibility of a supranational currency “concerns everyone now, even the mints,” Mr Medvedev said. The test coin “means they’re getting ready. I think it’s a good sign that we understand how interdependent we are.” Russia, alongside China and India, have all questioned the dollar's future as a global reserve currency - a status it has enjoyed since inheriting it from sterling last century. China's central bank earlier this year laid out an alternative to the dollar in the form of a special international reserve currency administered by the International Monetary Fund. However, most experts it to take years for the dollar to be eclipsed.
Bankruptcy is not determined by income, but by what a state spends in relation to income. It appears northern states and CA, primarily Democratic controlled states, have been bankrupting themselves just fine. http://mercatus.org/publication/state-fiscal-condition-ranking-50-states According to a Mercatus Study, January 2014, the states ranked in order of the worst fiscal condition are: 1. New Jersey http://mercatus.org/sites/default/files/Arnett_StateFiscalCondition_v1.pdf The Mercatus Study (full paper) The paper is from January 2014. http://www.washingtonpost.com/blogs/govbeat/wp/2014/01/21/is-your-state-solvent/ An article about a Mercatus Study is in WaPo. = = = = = http://dailybail.com/slideshows/states-most-likely-to-go-bankrupt/7996733 1. Illinois 32 States Now Officially Bankrupt: $37.8 Billion Borrowed From Treasury To Fund Unemployment; CA, MI, NY Worst Submitted by Tyler Durden on 05/21/2010 19:46 -0400 Courtesy of Economic Policy Journal we now know that the majority of American states are currently insolvent, and that the US Treasury has been conducting a shadow bailout of at least 32 US states. Over 60% of Americans receiving state unemployment benefits are getting these directly from the US government, as 32 states have now borrowed $37.8 billion from Uncle Sam to fund unemployment insurance. The states in most dire condition, are, not unexpectedly, the unholy trifecta of California ($6.9 billion borrowed), Michigan ($3.9 billion), and New York ($3.2 billion). With this form of shadow bailout occurring, one can only wonder how many other shadow programs are currently in operation to fund states under the table with federal money.The full list of America's 32 insolvent states is below, sorted in order of bankruptedness. 1. California $6,900 [...] = = = = = http://www.thedailybeast.com/galleries/2010/06/14/50-states-in-debt.html 1. Rhode Island = = = = = http://www.thefiscaltimes.com/2015/03/30/Outrageous-Public-Pensions-Could-Bankrupt-These-States 1. Illinois = = = = = https://www.youtube.com/watch?v=zLfmDYNaNC4 Top 10's Most Bankrupt States in America Uploaded on Feb 22, 2012 Us top 10 bankrupt states in America, these states have the biggest percentage to GDP gaps... Link is bellow with list from the article that was researched. 1. Nevada = = = = =
http://wallethub.com/edu/states-most-least-dependent-on-the-federal- government/2700/ 2015’s States Most & Least Dependent on the Federal Government
It's neither. Simply put bankruptcy is the inability to pay one's debt when due. It usually is a problem of not enough available cash to pay all of the bills as they come due. Many companies, and individuals for that matter, that declared (or was declared) bankrupt were flush with assets at the time but simply short on cash. bankrupt - adjective without enough money to pay your debts: потому что Бог хочет это тот путь
It's neither. Simply put bankruptcy is the inability to pay one's debt when due. It usually is a problem of not enough available cash to pay all of the bills as they come due. Many companies, and individuals for that matter, that declared (or was declared) bankrupt were flush with assets at the time but simply short on cash. Almost all countries (like many companies) need to borrow short term - govts usually get most of their monies once a year when taxes are due with some money coming in during the year from fees or tolls, etc.
As with the Israeli and British elections, suddenly the polls have failed entirely to predict the (elite-desired) outcome. These polls are not being used to measure public opinion but to push a desired outcome. The same is true of phony polls telling us that a supposed 60% of Americans favor amnesty, favor higher taxes, favor sodomy marriage, etc.
? The vote was cast, "OXI."
I doubt there has ever been or will ever be any time in history when people will voluntarily vote for LESS "free stuff" for themselves. They will happily vote for less "free stuff" for everyone else,but never for themselves. Why is democracy held in such high esteem when it’s the enemy of the minority and makes all rights relative to the dictates of the majority? (Ron Paul,2012)
With 57% of precincts reporting at 10:15 p.m. local time (12:15 p.m. PDT), the “no” camp was ahead by 61% to 39%, according to the Greek Ministry of Interior.
#2. To: SOSO (#1)
#3. To: buckeroo (#2)
YOU, the US tax payer shall be stuck with the bill.
#4. To: SOSO (#3)
Not true, they will pass the savings on to us.
#5. To: buckeroo (#0)
(Edited)
In rebuke to EU, Greece appears to decisively reject bailout terms
#6. To: SOSO (#1)
This is happening at the same exact time as the Greek government asked theEU for more money. What balls, eh? FU but give me more money that we will not pay back.
#7. To: buckeroo (#2)
Wasn't the outcome of "poor bastard children" a predictable outcome about ANY attempt to unify various nations into a single regional arrangement uch as the EU?
#8. To: SOSO (#1)
#9. To: SOSO, buckeroo (#3)
#10. To: sneakypete (#7)
(Edited)
IMHO the whole thing was a scam from the beginning. A way to get all the European nations under one banking system so the international bankers that control Europes money could bankrupt the smaller nations and then buy them and their industries up at fire sale prices.
#11. To: Pericles, SOSO, buckeroo (#9)
Most Republican red states would be like Greece if the USA had the same currency policy as the EU. In the USA, the wealthy states redistribute the wealth back to poor, mostly southern and western states from taxes.
2. Connecticut
3. Illinois
4. Massachusetts
5. California
2. California
3. Michigan
4. New Jersey
5. Nevada
6. New York
7. Rhode Island
8. Massachusetts
9. Ohio
10. Florida
2. Michigan 3,900
3. New York 3,200 4. Penn. 3,000
5. Ohio 2,300 6. Illinois 2,200
7. N.C. 2,100
8. Indiana 1,700
9. New Jersey 1,700
10. Florida 1,600
2. Connecticut
3. Massachusetts
4. Illinois
5. Hawaii
6. New Jersey
7. New Hampshire
8. Indiana
9. Louisiana
10. Oklahoma
2. Arizona
3. New York
2. Illinois
3. Arizona
4. New Jersey
5. Maine
6. Vermont
7. North Carolina
8. Washington
9. Connecticut
10. New Hampshire
#12. To: nolu chan (#11)
#13. To: nolu chan, Pericles, buckeroo (#11)
Bankruptcy is not determined by income, but by what a state spends in relation to income.
#14. To: SOSO, nolu chan, buckeroo (#13)
Bankruptcy is not determined by income, but by what a state spends in relation to income.
#15. To: buckeroo (#0)
The size of the projected victory for the “no” campaign came as something of a surprise after a flurry of opinion polls showed an almost dead heat.
#16. To: TooConservative (#15)
#17. To: TooConservative (#15)
These polls are not being used to measure public opinion but to push a desired outcome.
Top • Page Up • Full Thread • Page Down • Bottom/Latest
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]