Lack of bailout deal will force Greece to exit the euro
Pressure is mounting on Greece with the start of the new year as the country's government is aware that time for reaching a bailout deal with its international lenders is running out.
A government spokesman warned in an interview for Sky TV on Tuesday that unless an agreement with the EU, IMF and the ECB is struck quickly, Athens will have to leave the Eurozone and then “the situation will be much worse.”
Until now neither Greece nor the EU took the country's exit from the euro under consideration, as it would lead to further crisis escalation in the area. However, in the face of lack of support for the harsh austerity measures, Greek officials have begun issuing warnings about the possibility of Greece leaving the Eurozone which would have disastrous consequences for the country.
Troika inspectors will visit Athens in mid-January in order to establish conditions for the next 130 billion euro bailout tranche. Before that Greece still needs to implement various public spending cuts and carry on with the privatization program.
Greeks & Italians moving money out of banks
Greeks and Italians are taking their money and running, moving it abroad for fear the euro zone crisis will topple banks and wipe out what remains of their savings. Bankers in Greece say worries about the resilience of local banks, coupled with a rise in burglaries, has helped trigger a surge in demand for safe deposit boxes for those who have yet to set up accounts outside the country.
“They’re worried about a default and a run on the banks Argentina-style,”
My view:
As predicted by myself and some other bloggers, Greece appears to be the first country that will exit the Euro. While my exit target date remains aimed at the April Easter holiday, a later date is possible with additional band-aids from the EU.
Bank runs are also becoming apparent in both Greece and Italy. We can expect to see people continue to pull out cash in an attempt to protect their savings.
At some point, perhaps after the Greek exit, we can expect to see Gold move up substantially as investors look for an alternative currency that is not manipulated by central banks and the Anglo-American banking system.
Silver could also see significant upward movement at that time.
Greece is the first domino that will fall.
The question is, which domino will fall next, and how quickly?
Pressure is mounting on Greece with the start of the new year as the country's government is aware that time for reaching a bailout deal with its international lenders is running out.
A government spokesman warned in an interview for Sky TV on Tuesday that unless an agreement with the EU, IMF and the ECB is struck quickly, Athens will have to leave the Eurozone and then “the situation will be much worse.”
Until now neither Greece nor the EU took the country's exit from the euro under consideration, as it would lead to further crisis escalation in the area. However, in the face of lack of support for the harsh austerity measures, Greek officials have begun issuing warnings about the possibility of Greece leaving the Eurozone which would have disastrous consequences for the country.
Troika inspectors will visit Athens in mid-January in order to establish conditions for the next 130 billion euro bailout tranche. Before that Greece still needs to implement various public spending cuts and carry on with the privatization program.
Greeks & Italians moving money out of banks
Greeks and Italians are taking their money and running, moving it abroad for fear the euro zone crisis will topple banks and wipe out what remains of their savings. Bankers in Greece say worries about the resilience of local banks, coupled with a rise in burglaries, has helped trigger a surge in demand for safe deposit boxes for those who have yet to set up accounts outside the country.
“They’re worried about a default and a run on the banks Argentina-style,”
My view:
As predicted by myself and some other bloggers, Greece appears to be the first country that will exit the Euro. While my exit target date remains aimed at the April Easter holiday, a later date is possible with additional band-aids from the EU.
Bank runs are also becoming apparent in both Greece and Italy. We can expect to see people continue to pull out cash in an attempt to protect their savings.
At some point, perhaps after the Greek exit, we can expect to see Gold move up substantially as investors look for an alternative currency that is not manipulated by central banks and the Anglo-American banking system.
Silver could also see significant upward movement at that time.
Greece is the first domino that will fall.
The question is, which domino will fall next, and how quickly?
Sorry PW off topic...Blatant CNN FRAUD
ReplyDeleteCheck out the cnn fraud when they cut this soldier off.....
BLATANT CENSORSHIP by CNN of Soldier Supporting Ron Paul's Foreign Policy
http://www.youtube.com/watch?v=3TSxm2V8aVQ&feature=player_embedded
Proof the fix is in....
I am afraid you are correct Bill.
ReplyDeleteHow can we expect a leadership contender to do well or win if the media has essentially blacklisted him?
Big media + Big Government + Big Military = Big Trouble for the USA.
PW, you forgot one; Big Banks!
ReplyDeleteJohn T.
You sure are right on that one John!
ReplyDeleteHow could I forget the big banks??