The Conservative Cave
Current Events => Economics => Topic started by: BlueStateSaint on November 28, 2012, 09:39:13 AM
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Got this courtesy of Preparing Your Family, a blog that I subscribe to.
Behind the Scenes, Germany is Already Preparing For a Grexit
Submitted by Phoenix Capital Research on 11/27/2012 13:23 -0500
The US Presidential election is over and the world has woken up from the political rhetoric and propaganda to realize that the problems it faced before November 6 are still in place. Indeed, one could very well make the case that the US Presidential Election distracted most people from the fact that things were in fact getting markedly worse in the financial system.
Let’s start with Europe.
Greece has managed to get through its latest budgetary crisis (a €5 billion bond redemption due this Friday) by the skin of its teeth. In this case, the ECB permitted Greece to redeem asset-backed-securities (read: total and complete garbage) in exchange for funds.
This deal occurred commensurate with the usual promised budgetary cuts on the part of Greek politicians (none of which will be met as usual) along with the Greek populace rioting in Athens. This has been and will remain the deal in Greece right up until someone cuts off funding. At that point Greece will leave the EU, default or both.
Timing this will be quite difficult, but Germany has already given us clues that it is preparing for a Greek exit.
The next block is a little blurb from the Telegraph which shows the measures that the German Finance Minister is already implementing, when Greece goes under.
http://www.zerohedge.com/contributed/2012-11-27/behind-scenes-germany-already-preparing-grexit
Funfunfunfunfun! :o :runaway: :bolt: :panic:
(Do we have a "Pray" emoticon? We should.)