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Greece Debt Crisis – Greeks Refuse To Pay Debt Calling It Illegal, Illegitimate And Odious
GREECE DEBT CRISIS – GREEKS REFUSE TO PAY DEBT CALLING IT ILLEGAL, ILLEGITIMATE AND ODIOUS
Angela Merkel has delivered an unusually sharp rebuke to the Greek government, accusing it of failing to implement necessary structural reforms while insisting a last-minute deal was still possible to keep it in the eurozone.
In a parliamentary speech she said that although Greece had received “unprecedented help from its partners”, it had failed to honour commitments it made to lenders.
She quoted from agreements Athens had signed earlier this year, saying they had been broken.
Greece’s central bank has warned for the first time that the country could be on a “painful course” to default and exit from both the eurozone and the EU.
“Right now we are at the cusp,” billionaire George Soros tells Bloomberg TV in this brief clip, the chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain.”
The 84-year-old fears that talks between Greece and ‘the institutions’ could “break down,” adding that “Greece is a long-festering problem that was mishandled from the beginning by all parties,” concluding that the chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain.”
Finally, Soros notes, what worries him the most is Ukraine. Greece cannot make a repayment to the International Monetary Fund (IMF) due on 5 June as it does not have the money, the interior minister says.
“The four instalments for the IMF in June are €1.6bn, this money will not be given and is not there to be given,” Nikos Voutsis told Greek TV.
Greece has to come to a deal with the IMF and EU to secure the final tranche of its bailout from the institutions.
Syriza sources say are they fully aware that a tough line with creditors risks setting off an unstoppable chain-reaction.
They insist that they are willing to contemplate the worst rather than abandon their electoral pledges to the Greek people.
An emergency fall-back plan is already in the works.
But is this an equilibrium solution for Greece?
No. Because in such an event, it would be hard to convince even the Greeks to hold any drachmas.
Put simply, while public sector employees, pensioners and government supply providers would be paid in drachmas (and be expected to pay part of their tax liabilities in the new currency), they would not be able to use that currency to buy imported goods.
Syriza sources say measures being drafted include capital controls and the establishment of a sovereign central bank able to stand behind a new financial system.
While some form of dual currency might be possible in theory, such a structure would be incompatible with euro membership and would imply a rapid return to the drachma.
A committee formed by the speaker of the Greek parliament and Syriza member, Zoi Konstantopoulou, has released a report stating that the debt the IMF and the Europeans insist the people of Greece owe to the bankers is “illegal, illegitimate and odious.”
The Rabbit Hole Goes Real Deep, Find Out How Deep… HERE
http://fusionlacedillusions.com/2015/06/18/greece-debt-crisis-greeks-refuse-to-pay-debt-calling-it-illegal-illegitimate-and-odious/
Merkel will handle things about the same way Hillary will handle them. HA HA HA HA HA
Iceland didn’t “go down the drain” when they booted the feds out what a joke. They paid off their citizens debts not the sleazy banks and are doing JUST FINE now.