GREECE: Shocking New Bailout Conditions Mean The End Of National Sovereignty!

GREECE: Shocking New Bailout Conditions Mean The End Of National Sovereignty (Business Insider, May 29, 2011):

Big news on the Greece front: In order for the country to get future bailout money, the country will have to give up some sovereignty.

Specifically, according to a bombshell FT report, outside authorities will take over various functions related to tax collection (a big time problem in Athens) and privatizations.

Read moreGREECE: Shocking New Bailout Conditions Mean The End Of National Sovereignty!

Spain: More Police Brutality Against Peaceful Protesters in Barcelona (05/27/2011)

Don’t miss:

Spain: Clashes in Barcelona – Brave NWO Riot Police Beat Woman Without Cause (May 27, 2011)

Spain Erupts! Extended Photogallery From A Violent Barcelona


Completely unprovoked and unjustified attack of Regional Police on a group of pacific demonstrators in Plaza Catalunya, Barcelona, Spain on 27/11/2011.

Ruined: Ireland May Need More EU/IMF Cash: Minister

Related info:

Former Assistant Secretary of the US Treasury Dr. Paul Craig Roberts: Revolution is the Only Answer (For Greece, Ireland etc.)

Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending!

True Finns Party Chairman: Greece, Ireland and Portugal Ruined; Gangrene Spreads; Enron Looks Simple; Spain Next Zombie

And Now: ECB Allows Irish Central Bank to Counterfeit 51 Billion Euros

Rothschild Bank AND Goldman Sachs Are Both On The LIST Of Bondholders Getting US Taxpayer Billions In Irish Bailout




May 29 (Reuters) – Ireland may have to ask for another loan from the European Union and International Monetary Fund because it will struggle to return to debt markets to raise funds next year, a government minister said on Sunday.

In comments to The Sunday Times newspaper, Transport Minister Leo Varadkar became the first cabinet member to cast doubt in public on Ireland’s ability to raise cash on the bond market because of punishing yields demanded by investors.

“I think it’s very unlikely we’ll be able to go back next year. I think it might take a bit longer … 2013 might be possible but who knows?” Varadkar was quoted as saying.

“It would mean a second program (of loans from the EU/IMF),” he said. “Either an extension of the existing program or a second program. I think that would generally be most people’s view.”

Deputy Prime Minister Eamon Gilmore told broadcaster RTE that fears of a domino effect from Greece’s problems were overblown. The possibility of a Greek default has sent bond yields rocketing for indebted Ireland, Portugal and Spain.

“It’s not a situation that if Greece defaults then there are immediately implications for Ireland,” Gilmore said.

“If Greece defaults there are implications for the wider euro zone and obviously we are part of that.”

“It is wrong to put Ireland in the same basket as Greece.” (Sure!)

Read moreRuined: Ireland May Need More EU/IMF Cash: Minister

UN Warns Of Food Riots In Developing World As Food Inflation Continuous To Skyrocket

European dry spell and commodities speculation combine to push up average cereal costs by 71% to record levels


The dry riverbed of the Loire near the Anjou-Bretagne bridge in Ancenis, western France. Photograph: Stephane Mahe/REUTERS

Food prices are expected to hit new highs in the coming weeks, tightening the squeeze on UK households and potentially triggering further unrest in developing countries unless there is heavy rainfall across drought-affected Europe, the United Nations has warned.

The average global price of cereals jumped by 71% to a new record in the year to April, more than three times higher than a decade ago, according to latest UN figures, prompting its Food and Agriculture Organisation to warn that Europe faces a pivotal few weeks.

With the dry spell forecast to continue for several weeks across Europe, Abdolreza Abbassian, senior grains economist at the FAO, said: “Europe is entering a very critical month. We can’t do without rain any more. If the current situation continues prices will respond very aggressively.”

“Our fear is that we still haven’t seen the worst of food inflation in vulnerable countries and that could be coming. One way or another, rising food prices bring hardship on their people and you can’t rule out the possibility of further food riots. A lot depends on the next few weeks and it’s impossible to predict how Mother Nature will behave,” Abbassian added.

Read moreUN Warns Of Food Riots In Developing World As Food Inflation Continuous To Skyrocket

First Act Of Bioterrorism In Germany: Ehec Identified As Biological Terrorist Attack, HUSEC 41 Confirms Bioterrorism-Thesis

Google translation of all articles from LifeGen.de below:

1. Ehec-Anschläge bedrohen die EU
1.Ehec attacks threaten the EU

2. (2011-05-27) Ehec: HUSEC 41 bestätigt Bioterror-These
2. Ehec: HUSEC 41 confirmed bioterrorism-thesis

3. (2011-05-26) Ehec als biologischer Terroranschlag ausgemacht
3. Ehec identified as a biological terrorist attack

4. (2011-05-25) Ehec-Infektion kann Bioterror-Anschlag sein
4. Ehec: wave of infections can be bioterrorism attack

5. (2011-05-25) Ehec: Drohender Versorgungskollaps alarmiert Nierenfachärzte
5. Ehec: Threatened supply collapse alarmed nephrologists

1.Ehec attacks threaten the EU:

Still, it speaks no one officially, you can read it for us set after an analysis of recent facts: The contamination with EHEC pathogens in Germany, UK, Sweden, Denmark and the Netherlands may be no accident – but the well-designed shape of the first bioterrorist attack on the EU. A look at the epidemiological evidence Statsitiken since 2000: although EHEC Erkrankunegn 1,200 per year are normal, die in Germany, only between zero and three people from the consequences of the infection. Now that within a week, six people lost their lives, these sources lack of hygienic conditions in the factories explain. Spain would be stamped as the cause distraction from the real dangers.

Read moreFirst Act Of Bioterrorism In Germany: Ehec Identified As Biological Terrorist Attack, HUSEC 41 Confirms Bioterrorism-Thesis

Greece For Sale: Cabinet Approves Asset Sales – Here’s What’s For Sale

The Greek government has been and still is in bed with the financial terrorists.

Is there a solution for the people of Greece that will put an end to the endless rape of its assets by the elitists?

Former Assistant Secretary of the US Treasury Dr. Paul Craig Roberts: Revolution is the Only Answer (For Greece, Ireland etc.)


Greece’s Cabinet Approves Asset Sales (Bloomberg, May 23, 2011):

Greece’s Cabinet endorsed another package of spending cuts and state asset sales after the worsening bond-market selloff across the euro region forced the government to step up austerity measures.

Finance Minister George Papaconstantinou is seeking financial advisers to sell stakes in Hellenic Telecommunications Organization SA, Public Power Corp SA and a number of other companies, according to an e-mailed statement in Athens today. The government also approved revenue and spending measures to reach its 2011 deficit target after falling short of its tax collection goals.

Here’s What’s For Sale In The Great Greek Yard Sale (Business Insider, May 23, 2011):

Spending cuts and higher taxes haven’t improved the debt situation in Greece, so the last best hope is asset sales by the government.

Details of these sales are starting to come public.

Kathimerini has an overview of the initial sales:

  • A stake in state-controlled telecom firm OTE Telecom
  • A stake in state-controlled Hellenic Postbacnk
  • A 17% stake in power company PPC.
  • A reduction in holdings in ports Piraeus and Thessaloniki.
  • Holdings in Thessaloniki water company (EYATH).

All told, the country is looking to raise some 50 billion euros in the process, but top EU official Olli Rehn is already casting doubt on that number, saying he doesn’t think its possible to raise that much money through sales.

 

Former Assistant Secretary of the US Treasury Dr. Paul Craig Roberts: Revolution is the Only Answer (For Greece, Ireland etc.)

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Paul Craig Roberts:

“The west prides itself that it is the standard for the world, that it is a democracy. But nowhere do you see democratic outcomes: not in Greece, not in Ireland, not in the UK, not here, the outcomes are always to punish the innocent and reward the guilty.

And that’s what the Greeks are in the streets, protesting. We see this all over the west.

There is no democracy, there are oligarchies, some of these smaller European countries are not even run by their own governments, they are run by Wall Street… There is probably more democracy in China than there is in the west.

Revolution is the only answer… We are confronted with a curious situation.

Throughout the west we think we have democracy, we hold ourselves up high, we demonize China, we talk about the mafia state of Russia, we talk about the Arabs and so on, but where is the democracy here?”

Eurozone Debt Crisis Deepens: Greece’s 10 year government debt has surged to 16.98%, Portugal’s to 9.6% and Ireland’s to a new record at 10.76%. The yield on Italian 10-year government debt is up 9bp to 4.85% after S&P cuts its rating outlook on Italy’s sovereign debt to ‘negative’ from ‘stable’. The Spanish 10 year bond has risen 11 basis points to 5.57%.

Eurozone Debt Crisis Deepens Sending Euro Lower And Gold To New Record At EUR 1,080/oz (ZeroHedge):

Eurozone Debt Crisis Deepens Sending Euro Lower and Gold to New Record at EUR 1,080/oz

The euro, global equities and bonds in peripheral Eurozone countries are all lower this morning on heightened concerns about the debt crisis in the Eurozone. The euro has fallen against all currencies and is now at a record low against gold at EUR 1,080.21/oz. Silver is lower against most currencies but is higher against the Australian dollar and the euro ( EUR 24.80/oz).

Greece’s 10 year government debt has surged to 16.98%, Portugal’s to 9.6% and Ireland’s to a new record at 10.76%. The yield on Italian 10-year government debt is up 9bp to 4.85% after S&P cuts its rating outlook on Italy’s sovereign debt to “negative” from “stable”. The Spanish 10 year bond has risen 11 basis points to 5.57%.
Equity markets in Europe have followed their Asian counterparts lower. Asian equities fell due to Eurozone debt concerns but also inflation concerns and the risk that the US economic recovery is faltering. Italy’s stock market (FTSE MIB) is down 3% while Spain’s IBEX is down 1.7%.

Besides sovereign debt risk, gold is also being supported by geopolitical risk as seen in the increasingly unstable nuclear armed Pakistan where armed militants attempted to take over Pakistan’s naval air force headquarters.

There is increasing tension between the U.S. and Pakistan after what the U.S regards as Pakistan’s failure or collusion regarding Osama Bin Laden.

China has increasing economic and military ties and interests in Pakistan and has vowed to standby Pakistan and has called on the world to respect Pakistan’s sovereignty.

Separately, in an interview with the Financial Times on Saturday, Henry Kissinger has warned of a world war involving Pakistan and India.

And for Gerald Celente ‘THE GREAT WAR’ has already started (and I totally agree with him):

The No.1 Trend Forecaster Gerald Celente’s Dire Warning For The World (Video – Must-see!)

Gerald Celente Special Trend Alert: The 1st Great War of 21st Century Has Begun!

Webster Tarpley:

US, Pakistan Near Open War; Chinese Ultimatum Warns Washington Against Attack

Wall Street Journal, May 23, 2011:

Pakistan: Beijing Agrees to Operate a Key Port (WSJ)

Here Is What Happens After Greece Defaults

When it comes to the topic of Greece, by now everyone is sick of prevaricating European politicians who even they admit are lying openly to the media, and tired of conflicted investment banks trying to make the situation appear more palatable if only they dress it in some verbally appropriate if totally ridiculous phrase (which just so happens contracts to SLiME).

The truth is Greece will fold like a lawn chair: whether it’s tomorrow (which would be smartest for everyone involved) or in 1 years, when the bailout money runs out, is irrelevant. The question then is what will happen after the threshold of nevernever land is finally breached, and Kickthecandowntheroad world once again reverts to the ugly confines of reality. Luckily, the Telegraph’s Andrew Lilico presents what is arguably the most realistic list of the consequences of crossing the senior bondholder Styx compiled to date.

What happens when Greece defaults. Here are a few things:

  • Every bank in Greece will instantly go insolvent.
  • The Greek government will nationalise every bank in Greece.
  • The Greek government will forbid withdrawals from Greek banks.
  • To prevent Greek depositors from rioting on the streets, Argentina-2002-style (when the Argentinian president had to flee by helicopter from the roof of the presidential palace to evade a mob of such depositors), the Greek government will declare a curfew, perhaps even general martial law.
  • Greece will redenominate all its debts into “New Drachmas” or whatever it calls the new currency (this is a classic ploy of countries defaulting)
  • The New Drachma will devalue by some 30-70 per cent (probably around 50 per cent, though perhaps more), effectively defaulting 0n 50 per cent or more of all Greek euro-denominated debts.
  • The Irish will, within a few days, walk away from the debts of its banking system.
  • The Portuguese government will wait to see whether there is chaos in Greece before deciding whether to default in turn.
  • A number of French and German banks will make sufficient losses that they no longer meet regulatory capital adequacy requirements.
  • The European Central Bank will become insolvent, given its very high exposure to Greek government debt, and to Greek banking sector and Irish banking sector debt.
  • The French and German governments will meet to decide whether (a) to recapitalise the ECB, or (b) to allow the ECB to print money to restore its solvency. (Because the ECB has relatively little foreign currency-denominated exposure, it could in principle print its way out, but this is forbidden by its founding charter.  On the other hand, the EU Treaty explicitly, and in terms, forbids the form of bailouts used for Greece, Portugal and Ireland, but a little thing like their being blatantly illegal hasn’t prevented that from happening, so it’s not intrinsically obvious that its being illegal for the ECB to print its way out will prove much of a hurdle.)
  • They will recapitalise, and recapitalise their own banks, but declare an end to all bailouts.
  • There will be carnage in the market for Spanish banking sector bonds, as bondholders anticipate imposed debt-equity swaps.
  • This assumption will prove justified, as the Spaniards choose to over-ride the structure of current bond contracts in the Spanish banking sector, recapitalising a number of banks via debt-equity swaps.
  • Bondholders will take the Spanish Banking Sector to the European Court of Human Rights (and probably other courts, also), claiming violations of property rights. These cases won’t be heard for years. By the time they are finally heard, no-one will care.
  • Attention will turn to the British banks. Then we shall see…

Read moreHere Is What Happens After Greece Defaults

FKN NEWZ: IMF Raped Greece, Ireland, Portugal


Added: 20.05.2011

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