Skip to content
Socio-Economics History Blog

Socio-Economics History Blog

  • About

Socio-Economics History Blog

Socio-Economics History Blog

Gonzalo Lira: Fearless Prediction – On March 20, Greece Will Default !

February 23, 2012 by mosesman
It is all about bailing out the banks!
  • Was Greece rescued by this 2nd bailout? I don’t think so! The Greek sheeple are being financially rape by Illuminist banksters! But the Illuminist western MSM will not tell you so! Greece is better off defaulting on all its debts!
    –
    Fearless Prediction: On March 20, Greece Will Default! 
    by Gonzalo Lira, http://gonzalolira.blogspot.com/ 
    On March 20, Greece has to come up with €14.3 billion—or else it will be bankrupt. Of course, Greece doesn’t have €14.3 billion—that’s why the Troika of the IMF, the EC and the ECB are trying to hammer out a deal to bail them out again: A bailout to the tune of €136 billion. They’ve had marathon-length negotiating sessions, one “crucial emergency meeting” after another—hell, they even called the Pope to send them a case of holy water and a truckload of wooden stakes. I’m serious!
    –
    Last Monday, a deal seemed to have emerged: That’s what the announcement sounded like. In fact, it looked so much like a done deal—it was spun so decisively as a done deal—that I was all set to write something snarky like, Greece Takes It Greek Style: “Thank You Troika, May I Have Another” Bailout On Its Way. (What can I say: I’m a vulgar bastard.)
    –
    But then . . . then we all started looking at the fine print of the deal. And that’s when everyone who follows this stuff started to realize that the deal wasn’t a deal—merely the illusion of a deal.
    –
    A motto of mine: Never try to do the work someone else has already done for you. In the case of analyzing the Greak “deal”, I turn to John Ward, who pretty much nailed the critique of the deal:
    –
    1. [A]lthough the ECB has made a reasonable fist of complicating its subordination of the private bondholders – money out, profits redistributed, local central banks reinvesting and so forth – it remains a preferential deal done outside this so-called ‘bailout with PSI’. The IIF creditors have sort of voluntarily taken the extra 3.5% hit, but the coupon they’ve been offered is worth less than the original. In a statement issued by representatives of private bondholders, the new interest rates – 2% for the first three years, 3% for the next five, and 4.2% thereafter were described as “well below market rates”, and the creditors will lose money on them. The tone of the statement screams ‘involuntary’. In English, all these factors spell default.
    –
    2. Nobody has actually signed up to anything yet: as usual with all things EuroZen, the bankers are alleged to be on-board, but the IIF statement made after the press conference suggests otherwise: ‘We recommend all investors carefully consider the proposed offer, in that it is broadly consistent with the October agreement’. That’s not true for one thing: but as a recommendation, it’s somewhat limp. Further, there is still a body of hardline ezone sovereigns who don’t want to do the deal – and in Germany itself, a growing rearguard campaign to stop it. (See this morning’s Spiegel for immediate evidence). And finally, most Greek citizens themselves will react violently to some of the more pernicious clauses.
    –
    3. The ‘agreement’ contains almost a full bottle of poison pills: Berlin has got its debt Gauleiters in the end, only 19 cents on the euro will go to the Greek Government itself, 325 million euros in additional spending cuts have been found, Athens has agreed to change its constitution to make debt repayment the top priority in government spending, the escrow account must have three months debt money in it at all times etc etc. The idea that Greece can now toddle off and have a liberal democratic general election without any of these being issues is Brussels space-cadet stuff at its most tragi-comic. (An opinion poll taken just before the Brussels deal showed that support for the two Greek parties backing the rescue package had fallen to an all-time low while leftist, anti-bailout parties showed gains.)
    –
    4. Several Grand National leaps lie ahead before the default is avoided. Parliaments in three countries that have been most critical of Greece’s second bailout – Germany, the Netherlands and Finland – must now approve the package. In Greece itself, further violence will test political resolve about yet more cuts in wages, pensions and jobs. Greece’s two biggest labour unions have already lined up protests in the capital tomorrow. Very significantly, Jean-Claude Juncker of Luxembourg and the IMF’s Christine Lagarde stressed at the press conference that Greece still had to live up to a series of “prior actions” by the end of the month before eurozone governments or the IMF can sign off on the new programme. If ever I saw a get-out clause, that’s it.
    –
    … for more click here!

end

Post navigation

Previous Post:

Stephen Leeb: Expect US$6 per Gallon Gas & Huge Surge in Gold & Silver!

Next Post:

Scandal: Greece To Receive “Negative” Cash From “Second Bailout” As It Funds Insolvent European Banks!

Pages

  • About

Recent Posts

  • Former US Deputy Assistant Secretary of Defence Elbridge Colby: China Has ‘Incentives’ to ‘Strike Big And Early’ — A ‘Pearl Harbor’ Event ??
  • Israel, Islamic Jihad Announce Ceasefire in Gaza — Death Toll in Gaza Rises to 41: Health Ministry
  • Will Fighting in Gaza Trigger a Wider War? | Inside Story
  • How Did 5 GTA Docs Die in 2 Weeks? Dr Richard Urso Interview
  • 14 More DEAD Kids Newly Reported in VAERS Today! August 5, 2022
  • Dr. Sherri Tenpenny: Brain Damage Caused by Cox-vid ‘Vwacxine’ Injecxtions
  • Biden Declared a Climate Emergency – WHO WROTE IT AND WHY ARE WE IN THIS POSITION? | Mel K
  • IN THE TRENCHES: FBI Says You Are a Domestic Terrorist
  • Hungarians Want ‘More Chuck Norris’ – Orban — The Country Wants More Rangers, Not Genders
  • What UFO News Congress JUST Learned Will Change Everything | Redacted with Clayton Morris
  • What Putin And China Just Did to the WEF is a Game Changer | Redacted with Clayton Morris
  • Fourteen Young Canadian Docs Die After Getting the Shot. Normally Would Be ~0 Over 30 Years.
  • Why Did Dr. McCullough Say, “The Pfizer Vaccine Reverse Transcribes and Installs DNA Into the Human Genome?”
  • U.S. Life Insurance Companies See 40% Death Increase in All Causes… 300% Increase in Cancer Patients Over the Past Year
  • CxV-1×9 Vwax Nothing Short of Horrific Experiment – Karen Kingston
  • Israel-Palestine Latest Updates: 3 Children Killed in Gaza Blast
  • 15 Dead As Israel Pounds Gaza, Military Prepares For “Week Of Fighting”
  • Medical Study Shows Unvaccinated Have Stronger Immunity Than Vaccinated After Eight Months
  • BRICS Gold Rush Continues As The West Fiddles.
  • Doctors Criticize Fauci For Saying COVID Vaccines Induce ‘Only Temporary’ Menstrual Irregularities

Archives

  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011

Categories

  • Disaster
  • Economics
  • Endtimes
  • Geo-Politics
  • History
  • Medicine & Health
  • Satire
  • Science & Technology
  • Social Trends
  • Uncategorized

Meta

  • Log in
  • Entries RSS
  • Comments RSS
  • WordPress.org
February 2012
M T W T F S S
« Jan   Mar »
 12345
6789101112
13141516171819
20212223242526
272829  
© 2022 Socio-Economics History Blog | WordPress Theme by Superbthemes