EU central bankers ponder Greece euro exit

[Nate928]

What is this going to mean for us here in the USA?

We will most likely fall closely behind. The rapture in my opinion is more likely to happen before the EU falls apart. It will essentially paralyze the whole west. remember, America eventually joins the new one world government. But for Americans to be ready to let go of their pride and leave their constitution behind is if things were VERY bad fot us here and joining the NWO would be the only option. So when this happens, things will go spiraling down. But we will be with our heavenly Father

[PaulG]

everyone will run to the dollar for safety, if the euro goes down.

it go into the 90 range.

Gold and silver will drop, then as they keep printing more $$$ and keep raising the debt ceiling by about 2015 the dollar will drop out and Gold will go to 5,000 an ounce or more. This all my speculation I have no idea if this would ever happen but I believe it may.

[GR_78]

And now the runs on Greek banks have started.

Greek Depositors Withdraw $898 Million from banks on Monday

[savedatcamp]

Noticed gold and silver going way down, and the dollar rising. It's all a sham and nothing is real. Just thinking about how we could be impacted here in the USA if we aren't raptured soon.
Think I will make my garden bigger......

[OnceWasLost]

Wow. I remember about 6 months ago or so you would mention the small possibility of Greece exiting the EU (and the repercussions) but no EU officials or anyone in the finance world would even dare to mention it and now look at where we are today...crazy days we are living in...

And all this changed when people were told that the days of getting stuff from government needed to be scaled back. First chance people had a chance to elect people who promised to keep the gravy train running on time, they did. Now, even though they are as broke as before and no political solution to the existing problem there is the real possibility that Greece becomes a third world nation because of European style socialist policy.

Hmmmm sounds like the reasoning so many have here. "I know we are broke, but I need stuff and I will vote for the people promising to take from someone else and give it to me". Welcome to the United States of Greece.

[OnceWasLost]

$teve, thank you for Your time and consideration for posting this!

I think the Euro collapse will drag on over a few months until the 2012 UEFA European Football Championship in Poland and Ukraine between 8 June and 1 July 2012 and the 2012 Summer Olympic Games in London from 27 July to 12 August 2012 are over.

Bread and circuses to keep the people happy so that they do not complain about problems and don't notice the sword of Damocles hanging over them.

And here it is still business as usual -

and they knew nothing about what would happen until the flood came and took them all away - Matthew 24:39

Greek jokes.

[Shannon9602]

Noticed gold and silver going way down, and the dollar rising. It's all a sham and nothing is real. Just thinking about how we could be impacted here in the USA if we aren't raptured soon.
Think I will make my garden bigger......

Its almost like a Tsunami.... the water draw back on the beach and then whamo! It hits you before you know it!

[$teve]

I only mentioned yesterday that I'm surprised a bank run hasn't unleashed yet....

Greece on brink of collapse
By Bruno Waterfield, Brussels and James Kirkup
9:14PM BST 15 May 2012

Greece will be holding a new round of elections, having failed to agree on a coalition government
after the inconclusive poll of 9 days ago Photo: AFP/GETTY

Europe’s financial crisis lurched into a perilous new phase as dire predictions emerged of a collapse in Greece’s economy, with a run on its banks bringing an inevitable end to its membership of the euro.

As leaders in Athens accepted the need for a new general election to end a national stalemate, the International Monetary Fund said Europe’s leaders should prepare for the possibility of a Greek departure from the single currency.

Christine Lagarde, head of the IMF, warned she was “technically prepared for anything” and said the utmost effort must be made to ensure any Greek exit was orderly. The effect was likely to be “quite messy” with risks to growth, trade and financial markets. “It is something that would be extremely expensive and would pose great risks but it is part of options that we must technically consider,” she said.

Raising tensions still further, Germany warned Greek voters that the wrong result in next month’s election will force their country out of the single currency.

Greece’s president warned, perhaps most alarmingly, that its banks risk running out of money, posing a “threat to our national existence”.

Karolos Papoulias, the Greek president, warned party leaders that their continued failure to agree was risking “fatal consequences”. Citing a secret government document, he said Greeks were already pulling £80 million a day out of the country’s banks. Almost €1 billion (£795 million) has been withdrawn since the last elections on May 6.

“The extension of political instability will lead to fatal consequences. The absence of government is a serious risk to the financial security of the Greek people and our national existence,” the president was reported as saying.

Mr Papoulias said he had been warned by the central bank and finance ministry that the country faced “the risk of a collapse of the banking system if withdrawals of deposits from banks continue due to the insecurity of the citizens generated by the political situation”.

Some economists have suggested that a euro exit could be done in an orderly way by closing Greek banks while the country prepares to reissue the drachma. Costas Simitis, a former prime minister, said that would spark panic, warning that Greeks would rush to withdraw money from banks. “If they close more than three days there will be a bank run,” he said. A report in Germany’s Wirtschaft Woche magazine forecast that a Greek bankruptcy and exit from the euro would cost the governments of the single currency’s 17 members £240 billion, pushing the eurozone and European economy into a crisis not seen since the 1930s.

http://www.telegraph.co.uk/news/worl...-collapse.html

[PaulG]

I agree with the tsunami analogy, before it arrives all the people look at the fascinating view of the ocean floor and all the things that are normally hidden by the water above.

Then as they are mesmerized by the receded shoreline the wave comes in at a speed they can't out run and takes them all out.

[araj54]

Question for the economic brains?
Are the economic events that seem to be leading to some sort of a financial collapse a result of lack of foresight and mismanagement, or is it being systematically orchestrated, one step at a time?

[OnceWasLost]

Question for the economic brains?
Are the economic events that seem to be leading to some sort of a financial collapse a result of lack of foresight and mismanagement, or is it being systematically orchestrated, one step at a time?

The answer is Yes!

Lack of foresight in that the redistributive economics of social welfare will always lead here.

Mismanagement when the numbers made it obvious they could not sustain the numbers and took no measures to fix it before it reached critical mass.

Orchestrated in that this level of chaos works perfectly in the end times scenario and God holds the timepiece.

[araj54]

In a way it is kind of amusing at how God has allowed the "elite" to spin their web of deceit which will eventually threaten to strangle them all. We can sleep at night without narcotics, I doubt that they can.

[$teve]

A couple of people in Australia are now



Eurozone breakup 'quite likely': ANZ's Smith

ANZ chief executive Mike Smith said the breakup of the eurozone was “quite likely” as countries in the region's south would have to decouple from the currency union in order to become competitive.

http://www.smh.com.au/business/euroz...#ixzz1v0clUM7a



Eurozone unlikely to survive, says Henry

FORMER Treasury secretary Ken Henry says the eurozone is highly unlikely to survive, and he never believed the troubled currency union would work.

Asked if he thought it was ''almost impossible'' for the eurozone to survive because of these flaws, Dr Henry said: ''Well, that is my view. Personally, I've never seen how the euro would work. I've never seen how it could be expected to work without a genuine fiscal union.''

http://www.smh.com.au/business/euroz...#ixzz1v0d5JAC6

Well Europe might just get 'genuine fiscal union' soon enough. At least the former treasury sec can see the experiment was never likely to work anyway, rather than stating a knee-jerk reaction now that the eurozone crisis has blown up again. Funny I kind of wonder if some back-door deals or something will be done to hold the zone together a little longer than what many expect so they can pillage the country for whatever they can get even further. I think the political parties who have come out campaigning in favor of strong growth policies (and debt surge policies) have dug themselves a big trench because they have teased their constituencies with anti-austerity policies and if they start back pedaling on their campaign policy 'promises' imaging the civil backlash that would result? The current protesting would be like children playing on the streets by comparison. Just my opinion here though.

It's also been suggested that the mainstream parties in Greece may see a rebound at their next elections because the Greek population is now seeing their extreme parties with no concrete way forward and feeling more fear. Thus the Greeks voted against their mainstream parties and in favor of extreme political parties out of anger, will now turn and reverse their votes back to the mainstream parties our of fear. Yet to be seen. It could easily go the other way and the extreme political parties gain far greater votes at the next election.

[WVBORN56]

Question for the economic brains?
Are the economic events that seem to be leading to some sort of a financial collapse a result of lack of foresight and mismanagement, or is it being systematically orchestrated, one step at a time?

When you are broke and keeping borrowing and spending like nobodies business, then no doubt it is planned and orchestrated. They are doing the exact opposite of what is needed and they are not stupid. Easy conclusion IMHO.

[Nate928]

When you are broke and keeping borrowing and spending like nobodies business, then no doubt it is planned and orchestrated. They are doing the exact opposite of what is needed and they are not stupid. Easy conclusion IMHO.

I agree. I think the demise of the economies were planned by satans followers.

[GR_78]

European Central Bank cut Greek Banks off at the knees.

Imagine what the runs on Greek banks are going to be like now.

[Lookingup7]

There is a rumor on the blog marketticker that the ecb has cut off the greek banks. Can anybody confirm if this is true because i cant find anybody else talking about it.

[ByFaithIFly]

there is a rumor on the blog marketticker that the ecb has cut off the greek banks. Can anybody confirm if this is true because i cant find anybody else talking about it.

ecb ?????

[Hootmon]

http://rr-bb.com/showthread.php?1760...43#post2246743

[SS69]

This is on Drudge right now.

http://www.reuters.com/article/2012/...84F0SN20120516

Unfortunately I don't know enough about bank to understand what this means

Tom