EU given six weeks to protect itself against 'inevitable Greek default'

Finally they have opened their mouths and mentioned the unmentionable - Greek default being invevitable.
Source

Now the only thing I am wondering about is where on earth 1.7 trillion, yes trillion, will come from to shore up the European Financial Stability Facility (EFSF).

It's game over; 6 weeks to find that amount of money, the printing presses can't pump it out quick enough.

reply to post by Colbomoose


Well this article covers where the money will come from, well sort of. Multi-trillion plan to save the eurozone being prepared. The other thing is, do they think the markets are going to wait six weeks to panic? Look out come monday, it ain't gunna be pretty!

reply to post by Colbomoose


The US is running scared. They know that the game is over for them as well, if Greece defaults. No matter what they do within the next six weeks it won't stop the global financial meltdown. The faster it comes the better it is for all of us.

They don't have to physically print the currency. Most "money" does not physically "exist" anyway. They just have to say it exists and most people will believe it. The market knows better though. The currency will be debased just like when Rome started adding base metals to their gold coinage. The money will have less "value".

Nooothing will crash, it's just another doomsday news, this time with economical background, to keep average joe, yyy average pier, paul and dietrich in line with their all increasing taxes.

Money have only a value we gave them, based on avalaibility of goods and resources, and how much of those is being frozen or herded by one conglomerat.
Just another type of slavery.

I can't help but feel when they give this a number like "6 weeks to fix" it really means something is pretty imminent and that has got to panic the market..I wonder what they will do to prop up the markets in the meanwhile? and how bad this really will begin to look from Monday.

Originally posted by stainlesssteelrat
Nooothing will crash, it's just another doomsday news, ...

How much do you want to bet on that?

Originally posted by ALF88
How much do you want to bet on that?

That markets wont' crash in 6 weeks over Greece? My monthly wage ;]

Originally posted by stainlesssteelrat

Originally posted by ALF88
How much do you want to bet on that?

That markets wont' crash in 6 weeks over Greece? My monthly wage ;]

Hahaha, how much is that? Unemployment benefits? Just kidding...

Anyway you said NOTHING IS GOING TO CRASH, which is a bold statement and how do you define crash.

reply to post by ALF88


Well, not in the terms of some kind economical revolution, financial collapse etc etc. There might be some bitter pills to swallow, but there will be no revolutions, no massive riots, no fall of bankers, no anarchy. It's just gonna be more gloomier for middle-class and poor.
World market is well controlled, our owners won't just let their labor-bringing herd to scatter away.

Riots really depend on a couple of things,
A) Motivation, Austerity measures, major crack down on social media, unemployment
B) repressiveness of a government,
so neither can be ruled out completely for a lot of the world at the moment
china has already got a certian amount of unrest any way, the US has always had an
anti-government undercurrent, and well erope, things could get well out of hand their.
In Australia i think that most australian would rather watch the cricket or the footy
rather than go out an protest about something, let alone riot.
I can say that about Australians as i am one. but I guess anything is possible givern the
right motivation. the rest is here say.

Originally posted by stainlesssteelrat
reply to post by ALF88

 

Well, not in the terms of some kind economical revolution, financial collapse etc etc. There might be some bitter pills to swallow, but there will be no revolutions, no massive riots, no fall of bankers, no anarchy. It's just gonna be more gloomier for middle-class and poor.
World market is well controlled, our owners won't just let their labor-bringing herd to scatter away.

We will have to wait and see I am sure it won't take that long, in the meantime I will think about what I will do with your salary, if it is worth anything in that case. Would you mind changing the amount to gold or silver before the collapse?

Apart from that you don't seem to know what anarchy means, just like most people. What you are talking about is anomy.

Sad news for the people in Greece. This is a great article for those interested on how a Greece default will lead too.

www.businessinsider.com...

Cheers

Originally posted by stainlesssteelrat
reply to post by ALF88

 

Well, not in the terms of some kind economical revolution, financial collapse etc etc. There might be some bitter pills to swallow, but there will be no revolutions, no massive riots, no fall of bankers, no anarchy. It's just gonna be more gloomier for middle-class and poor.
World market is well controlled, our owners won't just let their labor-bringing herd to scatter away.

Nobody knows, but here's what is happening:

Police brutalize peaceful wall street protestors

No its not the Arab Spring revolution by any stretch. By shear numbers its hardly a dent given the level of apathy and stupidity for the residing general population. However its the first time, that I can recall, whereby the people are actively targeting the financial sector regardless of the outcome or intent.

Also I assume your somewhat familiar with the protests in Greece, expect that to become far more severe if they default and head into much more difficult economic hardship. Heading off Greece is essential because if the contagion (almost hate using this word with a movie name out there :-/ ) bigger nations like Italy or Spain could become very dire.

The bottom line is your right in some respects but we as a generation are in uncharted waters given, for the most part, how easy life has been. We've had no major global wars, people have some degree of luxury and can live their lives in relative peace. That could crumble quickly when life savings, pensions and jobs erode even faster.

brill

Originally posted by ALF88
We will have to wait and see I am sure it won't take that long, in the meantime I will think about what I will do with your salary, if it is worth anything in that case. Would you mind changing the amount to gold or silver before the collapse?

Yeah, just six weeks. But we're talking about major events, not protests under auspicions of opposing political parties. Sending gold is pretty expensive these days .

Apart from that you don't seem to know what anarchy means, just like most people. What you are talking about is anomy.

Right, I used in popular sence of this word, disorder and lack of government. Sorry to offend you.

Originally posted by stainlesssteelrat
Yeah, just six weeks. But we're talking about major events, not protests under auspicions of opposing political parties. Sending gold is pretty expensive these days

.

No problem, you can deduct transport from the money.

Originally posted by stainlesssteelrat
Right, I used in popular sence of this word, disorder and lack of government. Sorry to offend you.

Nah I didn't feel offended.

Christine Lagarde has signaled that the International Monetary Fund (IMF) may have to tap its members – including Britain – for billions of pounds of extra funding to stem the European debt crisis.
IMF has warned that its $384bn (£248bn) war chest designed as an emergency bail-out fund is inadequate to deliver the scale of the support required by troubled states.
In a document distributed to the IMF steering committee at the weekend, Ms Lagarde said: "The fund's credibility, and hence effectiveness, rests on its perceived capacity to cope with worst-casescenarios. Our lending capacity of almost $400bn looks comfortable today, but pales in comparison with the potential financing needs of vulnerable countries and crisis bystanders."
www.freerepublic.com...

This is ridiculous, outrageous, and criminal. This dame wants to keep her perks, her clout, and her inflated salary by bilking the taxpayers of taxpaying, working countries to bail out the indolent, foul-mouth Greek unions who want to retire at fifty on our dough.
You don't have to be a Socrates to know the answer: cut them off, tell them to learn self-reliance and responsibility, and to pay for their frivolity. Not one penny more!
And get our money back from the IMF and close the crony factory that it has become. Let's just learn to live within our means.