If you haven't been following the news on Greece you can catch yourself up with the following article:
Euro chiefs consider bailout delay until after Greek polls
But basically, a quick synopsis of the situation is as such:
- Greece owes a ton of money (a lot of it bogus CDS debt they were suckered in to over the past 10 years)
- If Greece goes bankrupt a lot of banks and pension funds and rich people lose a lot of money
- In addition, if Greece goes bankrupt then the rest of the PIIGS would do the same (compounding the losses for banks, pensions and rich people).
- On Sunday they implemented fiscal austerity rules on Greece, the rules being dictated to Greece by the rest of Europe (primarily ECB, IMF and Germany).
- And so you basically have Greece no longer in charge of it's own Country any more and outside forces enforcing strict austerity measures on the population (ie. driving Greeks in to poverty).
In response to these measures on Sunday Greek's rioted.
The next day the S&P500 was up as the world took solace in the fact that Greece was not pulling out of the EU or declaring bankruptcy.
It's a sad day when a nation sinks further in to chaos and poverty and the stock markets rejoice in response.
But as a commenter on a blog I read recently commented, the whole situation is best summed up by an old Motorhead song:
The banksters now hold the noose around Greece's neck and the population is beginning to realize that their future is one of serfdom if they are lucky.
On the PR front, what blew my mind was how little coverage all this got in North America. All the news stations were too busy covering Whitney Houston's death.
What's going on with Greece though should concern the world, because every major country in the world is essentially broke (ie. buried under debt they can't pay).
The only reason Greece is front and center is because they are the first to officially be unable to service their debt any longer (another way of saying they are 100 per cent, no doubt about it, utterly bankrupt) while the rest of the world is merely bankrupt but foreclosure proceedings haven't started yet =)
Euro chiefs consider bailout delay until after Greek polls
But basically, a quick synopsis of the situation is as such:
- Greece owes a ton of money (a lot of it bogus CDS debt they were suckered in to over the past 10 years)
- If Greece goes bankrupt a lot of banks and pension funds and rich people lose a lot of money
- In addition, if Greece goes bankrupt then the rest of the PIIGS would do the same (compounding the losses for banks, pensions and rich people).
- On Sunday they implemented fiscal austerity rules on Greece, the rules being dictated to Greece by the rest of Europe (primarily ECB, IMF and Germany).
- And so you basically have Greece no longer in charge of it's own Country any more and outside forces enforcing strict austerity measures on the population (ie. driving Greeks in to poverty).
In response to these measures on Sunday Greek's rioted.
Nigel Farage, leader of the UK Independence Party, blasted the EU for the actions it is taking with Greece.
The next day the S&P500 was up as the world took solace in the fact that Greece was not pulling out of the EU or declaring bankruptcy.
It's a sad day when a nation sinks further in to chaos and poverty and the stock markets rejoice in response.
But as a commenter on a blog I read recently commented, the whole situation is best summed up by an old Motorhead song:
The banksters now hold the noose around Greece's neck and the population is beginning to realize that their future is one of serfdom if they are lucky.
On the PR front, what blew my mind was how little coverage all this got in North America. All the news stations were too busy covering Whitney Houston's death.
What's going on with Greece though should concern the world, because every major country in the world is essentially broke (ie. buried under debt they can't pay).
The only reason Greece is front and center is because they are the first to officially be unable to service their debt any longer (another way of saying they are 100 per cent, no doubt about it, utterly bankrupt) while the rest of the world is merely bankrupt but foreclosure proceedings haven't started yet =)
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