National Confederation of Greek Commerce (ESEE):
– Greece Warns It Will Soon Be In ‘Condition Of ABSOLUTE POVERTY’
You’ve been warned:
– Max Keiser on Greece: ‘The IMF is a Financial Mafia’ (April 28, 2010):
The only solution for Greece is to arrest the Goldman Sachs bankers immediately and all those involved in the fabrication of Greek economic data in 2000, when you became a member of the eurozone. The next step is to nationalize all banks like Sweden did in 1993. The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.
Flashback:
– Greece Must Sell Up To €300 Billion ($434 Billion) In State Property!!!
This is what will happen to you if you are unprepared people of Greece:
– Greek Euro Exit: 60% Currency Devaluation, Default, Banking Sector Collapse
There will be no warnings! (Not only because any warning would instantly cause a BANK RUN!)
Looks like some Greeks are aware of what is going on:
– Silent Bank Run In Greece: ‘Anxious Greeks Emptying Their Bank Accounts’ (Spiegel)
Here is what happened to Mexico:
– Hedge Fund Manager Kyle Bass Explains The New World Order (Panel Presentation):
On Greece:
For those who think a 50% write-down on debt will fix Greece, you have lost your mind. It is only a full wipe-out of the non-TROIKA-owned debt that is the only mathematical way for Greece to have any chance.
…
Don’t believe these governments when they tell you everything is going to fine. The day before Mexico devalued by 60% they denied that they would ever devalue. They can and will never tell you the truth. Find your own numbers.
Here is what happened to Belarus:
– Belarus Devalues Its Currency By 56% Overnight, Against Every Currency Out There:
Luckily for those who held their “money” in the form of gold and silver, they just got an instantaneous 56% value preservation and a relative boost in their purchasing power with just one central bank announcement.
Protect yourself NOW!
Got physical gold and silver? (Having ‘your’ euros in other EU countries will not be the solution.)
This is how the solution looks like:
I’ve told people to invest to invest in gold since 1999.
Gold performance in the last 10 years: +504,51%
Silver performance in the last 10 years: +679,88%
Only physical gold and silver are real.
Everything else is an illusion.
Paper investments in gold and silver will not be covered and there is a bloodbath coming.
As a sidenote, there is a crisis coming, that will be much worse than the crisis of 2008.
More info here:
– RED ALERT: Baltic Dry Index Continues To CRASH! (Jan. 30, 2012)
IMF official admits austerity is harming Greece
Poul Thomsen of the IMF: ‘Greece has done a lot, at great cost to the population.’ Photograph: Kostas Tsironis/AP
– IMF official admits austerity is harming Greece (Guardian, Feb. 1, 2012):
Poul Thomsen, head of the IMF’s mission in Greece, concedes that ‘social tolerance and political support have their limitations’
A leading architect of the austerity programme in Greece – one of the harshest ever seen in Europe – has admitted that its emphasis on fiscal consolidation has failed to work, and said economic recovery will only come if the crisis-hit country changes tack and focuses on structural reforms.
Poul Thomsen, a senior International Monetary Fund official who oversees the organisation’s mission in Greece, also insists that, contrary to popular belief, Athens has achieved a lot since the eruption of the debt crisis in December 2009.
“We will have to slow down a little as far as fiscal adjustment is concerned and move faster – much faster – with the reforms needed to modernise the economy,” he told the Greek daily Kathimerini, adding that the policy shift would be “reflected” in the conditions foreign lenders attached to a new rescue programme for Athens.
In an extraordinary departure from the script the IMF has followed to date, the Danish official, who is also in charge of the IMF programme in place in Portugal, acknowledged there was a “limit” to what society could endure.
“While Greece certainly will have to continue to reduce its fiscal deficits, we want to ensure – considering that social tolerance and political support have their limitations – that we strike the right balance between fiscal consolidation and reforms,” he said. As such, the IMF had cautioned against “an excessive pace” of fiscal reduction.
Dispelling suggestions that negotiations were fraught between the Greek government and the EU, ECB and IMF – the “troika” of creditors – Thomsen said talks over a new aid package would be “completed very soon; it is a matter of days”.
Athens’s first financial lifeline – a €110bn bailout granted in May 2010 – relied heavily on belt-tightening measures that included hefty tax rises and across-the-board wage and pension cuts. Although the policies helped bring down Greece’s primary deficit from €24.7bn in 2009 to just over €5bn in 2011, they have proved to be explosive, prompting unprecedented social unrest and a recession of a size not seen since the second world war.
The Greek economy is projected to contract by over 5% this year; GDP has fallen almost 16% over the past three years. The new bailout programme will concentrate more on spending cuts, with the finance ministry announcing that €4.4bn will be saved by reining in expenditure on welfare and defence. Loss-making state utilities will also be shut.
But on Wednesday, experts said the policy switch would only work if more rescue funds were pumped into the programme, which currently stands at €130bn. A deal to restructure Greece’s €350bn debt – due to be announced by the end of the week – would also be vital, they said.
Greek officials have repeatedly blamed the worse-than-expected recession on missed fiscal targets, arguing that further wage cuts, demanded in the name of boosting competitiveness, would serve only to exacerbate the downturn.
Yet while foreign lenders have often levelled criticism at Greece for failing to implement long-overdue economic and structural reforms, Thomsen conceded that the time had come to show more “sensitivity”.
“I share the frustration of many Greek officials that much of the criticism from abroad overlooks the fact that Greece has done a lot, at a great cost to the population. While much still needs to be done, Greece has already come quite a long way. Failing to recognise this will not help mobilise support for the programme.
“In this regard, I think that officials – myself included – need perhaps to be more sensitive to ensuring that we send a balanced signal when we say that the programme is off-track,” Thomsen said.