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Mon Jun 29, 2015, 04:49 PM

Greece in shock as banks shut after snap referendum call (Referendum date: July 5th)

Stunned Greeks faced shuttered banks, long supermarket lines and overwhelming uncertainty on Monday as a breakdown in talks with international lenders plunged their country deep into crisis.

With Greece's bailout expiring on June 30 and an IMF payment falling due at the same time, Prime Minister Alexis Tsipras pleaded in vain by phone with European officials to extend the program until a referendum on July 5 on its future terms.

The frantic efforts to secure Greece's place within the euro zone followed a dramatic weekend. Tsipras's decision, early on Saturday, to put the aid package to a popular vote took the lenders by surprise and sent Greeks rushing to cash machines.

It also pushed Greece toward defaulting on 1.6 billion euros ($1.77 billion) due to the International Monetary Fund on Tuesday, which would take it closer to an exit from the euro zone. A Greek official confirmed to Reuters that the payment would not be made.

More:
http://www.reuters.com/article/2015/06/29/us-eurozone-greece-idUSKBN0P40EO20150629



Published on Jun 29, 2015

Stunned Greeks faced shuttered banks, long supermarkets lines and overwhelming uncertainty on Monday as a breakdown in talks between Athens and its international creditors plunged the country deep into crisis.

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I'm astounded by the folly and greed of the Troika, they so fear the example of Greece, they put the entire Eurozone at risk, but given Germany's Beggar Thy Neighbor policy, perhaps in time, they will be a huge example of their own folly and greed. I think so...in time they may face more than what they feared, and they will deserve all of it. I initially watched the attached video at the Reuters link, which laughably or ironically, take your pick, was preceded with a Goldman-Sachs commercial. People will watch at the Reuters link, some without a clue as to the role of GS in this crisis...they're still in business, no risk of bankruptcy...they are too big to fail or jail, nations, however, are expendable.

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Response to mother earth (Original post)

Mon Jun 29, 2015, 05:29 PM

1. Profits>people.

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Response to daleanime (Reply #1)

Mon Jun 29, 2015, 05:50 PM

2. In spite of the fact that it looks like Greece is out of the EU or soon may be, I still believe they

will be the better for it as this plays out.

While there is not panic in the streets, there is some fear, as it would be here, I'm sure. The referendum is coming, much will be talked about until then.

I think it is very important for people to be able to connect the dots, if they don't already.
How anyone could side with oligarchy in all of this is beyond my comprehension.

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Response to mother earth (Reply #2)

Mon Jun 29, 2015, 06:22 PM

4. It's too easy to paint people as villains...

there by deserving of punishment. Which also makes it some one else's problem, instead of something we all should beware of.

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Response to daleanime (Reply #4)

Mon Jun 29, 2015, 07:14 PM

6. We should beware, because the poison is global, look what's happened here with too big to jails,

the crisis is deliberately contagious...with all the so called "trade agreements" being negotiated, we better realize exactly who the "villains" are.

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Response to mother earth (Reply #6)

Mon Jun 29, 2015, 07:45 PM

9. Amen.....

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Response to mother earth (Original post)

Mon Jun 29, 2015, 06:05 PM

3. in a TPP run world corporations and profits rule human beings of any nationality nt

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Response to msongs (Reply #3)

Mon Jun 29, 2015, 07:15 PM

7. Exactly. nt

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Response to mother earth (Original post)

Mon Jun 29, 2015, 06:46 PM

5. "Stunned and in shock"....really?

This has been a slow rolling and predictable avalanche...who could not see it coming?
Who could forget Cyprus?

My god, even to the dimmest of Greeks, this has been in the headlines for months.
Piling up emergency cash for worst case scenario was not that hard to figure out, was it?

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Response to dixiegrrrrl (Reply #5)

Mon Jun 29, 2015, 07:22 PM

8. My shock comes after even KNOWING all of what you say, the Troika is hell bent on putting all of

the Eurozone at risk, that's my surprise, as I thought there'd be an effort to keep Greece in the fold. They think they are making an example of Greece, who no doubt will survive and probably be more like the example Iceland has become (in time & depending on the referendum), but the domino effect has yet to play out.

They are betting the EU that there will be no domino effect or that Greece will bend. That's a very mighty gamble.
The risk they take is what is shocking, stunning even, because I feel this may not go their way.

Obviously the risk of Grexit has been there years. Excuse my dimwittedness for thinking they are absolutely, freaking, crazy to let Greece leave. It looks to me like the Troika are risking everything, but I've been for a Grexit all along, to hell with austerity & Troika greed, to hell with predatory, shock doctrine.

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Response to mother earth (Reply #8)

Mon Jun 29, 2015, 11:56 PM

13. I keep thinking of that old saying...

If a man owes the bank 1,000 and cannot pay, then he has a problem
but if he owes the bank a million dollars, and cannot pay, then the bank has a problem.

Greece owes something like 700 BILLION .
Exactly who has the problem?

Quite a few banks...none of whom want to write such huge losses on the debit side of their make believe ledgers.

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Response to dixiegrrrrl (Reply #13)

Tue Jun 30, 2015, 01:52 PM

14. Yes. Michael Hudson has said, "Debt that cannot be paid, will not be paid." What they are really

after at this point is for Greece to sell off everything, privatize it all. What is mind boggling are some here who are not understanding this for what it is. I really have to wonder how many here are here for other purposes, and are DINOs, at least for the boards or paid to either disrupt or challenge.

Yes, but the banks figure who cares, we'll be bailed out, right?

It's going to be interesting to see what July 5th brings.

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Response to mother earth (Reply #14)

Tue Jun 30, 2015, 02:06 PM

15. Banks will be bailed IN, actually.

News reports since Cyprus have reported that countries have agreed to "bail-ins", which is what Cyprus did...attach the deposits of bank customers, issue them "stock" in the bank.
A quick Google of "bail in" will reveal the progression of the idea as various countries, including the USA and Canada, have adopted it.
Many news stories touted the idea as good for citizens, along the lines of "No more bailouts".

Most people do not realize their deposits can be used by the banks in this manner.

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Response to dixiegrrrrl (Reply #15)

Tue Jun 30, 2015, 06:20 PM

16. I am familiar with it, worst than bailouts really, I follow Ellen Brown, yes people who don't

follow these things are in for a rude awakening should worst case play out, and most likely it will, all the more reason these banks don't care one bit. They are playing Russian roulette with either taxpayer money or deposits, its all the same to them, pillage and plunder & not one bit of accountability.

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Response to dixiegrrrrl (Reply #5)

Mon Jun 29, 2015, 07:48 PM

10. Apparently you thought they should keep Greece "under the tent".

Come on, Dixie, don't punk me.

http://www.democraticunderground.com/10026920598

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Response to mother earth (Reply #10)

Mon Jun 29, 2015, 08:45 PM

11. heh......

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Response to dixiegrrrrl (Reply #11)

Mon Jun 29, 2015, 08:53 PM

12. Bad dixie, bad, bad, bad.

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