Greece will run out of money soon, warns deputy prime minister

[BlueStateSaint]

I've seen where the EU is going to withhold 1 billion euros tomorrow if Greece doesn't get its' act together.


Greece will run out of money soon, warns deputy prime minister

Greece's deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal.



By Andrew Gilligan, Athens

7:00PM BST 12 May 2012

Speaking exclusively to The Sunday Telegraph, Theodoros Pangalos said he was "very much afraid of what is going to happen" after Greek voters rejected the deal in elections last Sunday.
 
"The majority of the people voted for a very strange mental construction," he said. "We want to be in the EU and the euro, but we don't want to pay anything for the past."
 
The main beneficiary of the election, the hard-Left Syriza coalition, came a startling second on a promise to tear up the deal, which promises EU loans to keep massively-indebted Greece afloat, but demands crippling spending cuts in return. Germany, the principal lender, has said it will stop payments if Greece breaks its promises on spending.

Mr Pangalos warned: "There is a school of thought that says the Germans are bluffing. They need Greece and will never throw us out of the eurozone. But what will happen, which is almost certain, is they will not give us the money to pay our debts.
 
"We will be in wild bankruptcy, out-of-control bankruptcy. The state will not be able to pay salaries and pensions. This is not recognised by the citizens. We have got until June before we run out of money."


The rest is at:  http://www.telegraph.co.uk/finance/financialcrisis/9262068/Greece-will-run-out-of-money-soon-warns-deputy-prime-minister.html

Oh boy.  Hang on gang, it's gonna be a bumpy ride!
 

[Mr Mannn]

I know the collapse of Greece will cause Human suffering.

But if I could help them, I would not do so. Greece is merely sowing what they have reaped. This is entirely a matter of their own making and NO ONE can blame a conservative for this mess.

Spain Greece and later we may see France implode as well. in every case they will end up a dictatorship. The standard fallback for all European systems. The people are disarmed and can do nothing.

Its kinda sad, but it looks like the EU will toss its freedoms out the window.
Sorry gang, but I really don't feel like saving their butts this time around.

[txradioguy]

Greece...is what the U.S. would turn into if Obama could get his way unopposed.

As is stands it looks like the real life version of the DU "island" Franks always refers to.

Out of control socialist feel good nanny state crap...that's put them severly in debt...and the people suckling from the teat are pissed that the tap is about to be cut off.  So their idea is to just continue to spend.

And anyone that suggest that the spending get reeled in and some of the free gov't cheese now have a price tag gets runout of town on a rail.

Greece is going to cause the entire EU...or at least their stifiling centralized monetary policy...to come crashing down.

[NHSparky]

Problem is, they're going to take down the EU with them, and us to a lesser extent.

Much of the Eurozone is already in recession, and our latest GDP has been revised downward to barely 1 percent.  Not a recession, but damn close.

While a recession would certainly spell doom for a second Obama term (and that of course makes me overjoyed) I don't like the cost that the average American is going to have to pay for it.

[DumbAss Tanker]

Greece will run out of other people's money soon, warns deputy prime minister

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Fixxord.

[SSG Snuggle Bunny]

All they need is some domestic industry and a little human ingenuity and they'll be bouncing back in no time!