Germany preparing for inevitable Greek bankruptcy

[Boomhauer]

-These links are from a German newspaper, in German, but translated and summarized by me-

Greece set for Bankruptcy Sept 10, 2011
http://www.welt.de/wirtschaft/article13597285/Griechenland-darf-jetzt-doch-bankrottgehen.html
Germany's "World on Sunday" reported the German government intends to let Greece go bankrupt under any circumstance. Previously, bankruptcy was ruled out for fear of contagents spreading across the EU. It has become clear Greece will never repay its debts and will, likely, miss its next installment after failing to implement austerity reforms and a worsening economy (article below).
A renewed EU rescue package (EFSF), set for a vote in late Sept, should help with immediate funding for Greece during its bankruptcy, as well as support other State banks set for heavy losses on their stockpile of Greek bonds.

Greece reveals collapsing economic data Sept 10, 2011
http://www.welt.de/wirtschaft/article13597109/Griechenland-legt-verstoerende-Wirtschaftsdaten-vor.html
The Greek economy is collapsing much faster than expected, losing 5% instead of the predicted rise of 3.8% and has yet to put in place contractual austerity measures. At the same time, this plunge in economic activity has cut revenue and increased social costs.

[cutthemdown]

Spain not far behind. The EU doesn't understand they need to bail them out. They are really bailing our German banks who are so important to the EU. Whatever though the EU can never make big decisions together. They are screwing the pooch.

[Bronx33]

First what cause greece to go into possible bankruptcy?

[Bronx33]

http://www.thinkreliability.com/InstructorBlogs/blog-Greece-EconomicCrisis-1.pdf

http://www.thinkreliability.com/InstructorBlogs/Blog-Greece2.pdf

[TheDave]

This week is going to suck...

[L.A. BRONCOS FAN]

First what cause greece to go into possible bankruptcy?

The same economic weapons of mass destruction wielded by the same international bankster crooks who wiped out America's economy.

[Bronx33]

The same economic weapons of mass destruction wielded by the same international bankster crooks who currenty wipe out America's economy.


fixed, quit pretending LA ( its both parties)

[peacepipe]

not being able to print their own money is a part of it. Can you imagine if we had to depend on mexico to print our money. The EU not having a centralized government also has a part to do with it.

[DenverBrit]

not being able to print their own money is a part of it. Can you imagine if we had to depend on mexico to print our money. The EU not having a centralized government also has a part to do with it.

I can't imagine that ever happening.

[Obushma]

not being able to print their own money is a part of it. Can you imagine if we had to depend on mexico to print our money. The EU not having a centralized government also has a part to do with it.

This post is so full of FAIL.

[peacepipe]

This post is so full of fact.

fixed it for you. my post is 100% correct.

[L.A. BRONCOS FAN]

fixed, quit pretending LA ( its both parties)

Where did I say anything about parties?

Feeling a little defensive, are we?

In any event, as long as you're broaching the subject of parties, leave us not forget that yours was in charge when the banksters were allowed to run amok.

[mhgaffney]

THe US banks have apparently sold credit default swaps to the European bankers.

If Greece defaults -- the US banks will be on the hook for megabucks. If anyone has the numbers on this -- please post.

This is why Geithner read the Europeans the riot act.

Mike Whitney says that in recent weeks there's been a major capital flight out of Europe -- people there trying to protect themselves from what is coming.

The next days should be interesting -- to say the least...

[Meck77]

Tax the people! That will stop the riots!

http://www.marketwatch.com/story/greece-adds-property-tax-to-budget-plan-2011-09-11?link=MW_home_latest_news