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 INTERNATIONAL ECONOMIES 
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Post Re: INTERNATIONAL ECONOMIES
In the free newspaper given out on trains and buses there is a small article entitled "Italy key to euro amid fresh credit warnings".

The article says that because of their level of debts several European countries are on 'ratings watch negative' and facing having their credit ratings downgraded. These include Italy, Spain, Belgium, Ireland, Slovenia and Cyprus.

Italy is said to be the key because it is the third largest economy in the Eurozone and considered to be too big for a bailout.

Decisions will be made by the end of this month.

The article quotes the head of sovereign ratings at Fitch Ratings. (David Riley).

The triple A rating of France, the Eurozone' second largest economy, is not under immediate threat - even though it too is struggling with debts now more than 80% of GDP.

Simon

(Dateline Weds 11th Jan 2012)

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Wed Jan 11, 2012 4:19 pm
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Post Re: INTERNATIONAL ECONOMIES
Good find, Simon! :clap

Here's more info:

Fitch Calls Italy The 'Front Line' Of Europe's Debt Crisis, Warns Of Possible Downgrades

snip

With Italy's economy stagnating at best, investors remain unconvinced about the country's prospects – the yield on the country's ten-year bonds, an indication of the rate it would pay to raise 10-year money, hovered around the 7 percent mark on Tuesday. That is widely considered unsustainable in the long-run.

Italy has a debt burden of around euro1.9 trillion ($2.4 trillion), way more than the backstop the eurozone has so far provided and more than the debt levels Greece, Ireland and Portugal. Those three countries eventually had to be bailed out by their partners in the eurozone and the International Monetary Fund.

Riley said the lack of a financial firewall is one of the reasons why there's a "significant chance" Italy's A+ rating will be cut.

Riley said France, the eurozone's second-largest economy, is also facing difficulties because of its debt burden, which is over 80 percent of GDP, though its cherished triple A rating is not one of those facing an imminent cut by Fitch.

France's rating faces stress from the exposure of its banks to the European debt crisis and its position as a major contributor to Europe's bailout fund, the European Financial Stability Facility, Riley said. He noted that the country has to constantly tap markets to raise cash because the profile of its debt is relatively short-term, in contrast with Britain, for example.

Though France's top rating remains with Fitch, the markets are awaiting the verdict of rival Standard & Poor's, which said a month ago that it may downgrade the country, as well as others, on concerns over the ability of the eurozone to get a grip on its debt woes.

Lower ratings matter because they potentially make it more expensive for governments to raise money in the markets. The escalating debt crisis has been partly fueled by downgrades by the ratings agencies.

Overall, Fitch's Riley said the crisis is likely to be prolonged and punctuated by episodes of extreme volatility and that without greater involvement by the European Central Bank through the purchase of government bonds in the markets, the eurozone's current firewall, the EFSF, is "not credible."

He warned that political instability, fueled by discontent over the impact of austerity measures, could trigger problems in resolving the two-year debt crisis.

snip

Read more here: http://www.huffingtonpost.com/2012/01/10/fitch-says-credit-rating-downgrades-likely-italy_n_1196192.html?ref=business

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Wed Jan 11, 2012 9:00 pm
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Post Re: INTERNATIONAL ECONOMIES
History is going to show that this was ALL just "Smoke and Mirrors" for the Elite to get the common folks to feel fear!

Jest my 2 cents...

:clap That's it in a nutshell with almost everything going on now. We are being carefully prepped and manipulated to get us ready...... wait for it..... it won't be long now.

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Thu Jan 12, 2012 8:01 am
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Post Re: INTERNATIONAL ECONOMIES
France concedes AAA rating

NEW YORK (CNNMoney) -- France's top-tier credit rating will be downgraded by credit rating agency Standard & Poor's, the nation's finance minister said Friday.

Francois Baroin, speaking to France 2 Television, confirmed that France's "AAA" credit rating will be lowered one notch to "AA+." S&P has yet to officially announce the move.

European officials and investors were on alert Friday following reports that several eurozone countries were about to be downgraded by rating agency Standard & Poor's.

S&P declined to comment on the reports.

The move by S&P could mean that several national governments boasting top-tier credit ratings get knocked down below AAA.

France has been at the top of the list, along with Austria, among countries many expect to be bumped out of the AAA club.


Read more here: http://money.cnn.com/2012/01/13/markets/sandp_europe_downgrade/index.htm?hpt=hp_t3

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Fri Jan 13, 2012 1:25 pm
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Post Re: INTERNATIONAL ECONOMIES
According to the NEws this am - Austria was also down graded along with France.

The cracks are appearing - altough I doubt much it is at all "real" in terms of the Elites plans! This is all engineered anyway to achieve a One World Currency setup imo.

:shakehead

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Sat Jan 14, 2012 2:11 am
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Post Re: INTERNATIONAL ECONOMIES
On Friday 13th Standard and Poor changed the credit ratings of 9 eurozone nations.

The information below comes from this link...

http://www.telegraph.co.uk/finance/debt-crisis-live/9011904/SandP-downgrade-and-debt-crisis-as-it-happened-January-13-2012.html

Hmm, lets see what happen to the stock markets in these countries on Monday!!! (OK stocks fell over the weekend, but not in these countries as their stock markets were closed)

Simon

----------------------------------

France CUT one notch to AA+
(so much for the other article suggesting that France was 'safe'!)

Austria CUT one notch to AA+

ItalyCUT two notches to BBB+

Spain CUT two notches to A

PortugalCUT two notches to BB (junk)

BelgiumAFFIRMED at AA (the country was cut in November)

MaltaCUT one notch to A-

Cyprus CUT two notches to BB+ (junk)

LuxembourgAFFIRMED at AAA

Germany AFFIRMED at AAA

SloveniaCUT one notch to A+

SlovakiaCUT one notch to A

IrelandAFFIRMED at BBB+

The Netherlands AFFIRMED at AAA

EstoniaAFFIRMED at AA-

Finland AFFIRMED at AAA

All outlooks are negative (meaning these countries face a one-in three chance of a further downgrades) EXCEPT Germany and Slovakia.

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Sun Jan 15, 2012 2:41 pm
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 Re: INTERNATIONAL ECONOMIES
Eurozone's 'big bazooka' bail-out fund is left in tatters by S&P downgrade

Plans for a €1 trillion "big bazooka" to stem the debt crisis were crushed on Monday night as Standard & Poor's stripped the European Financial Stability Fund (EFSF) of its AAA credit rating.

The EFSF, which is tasked with supporting indebted countries, was itself hobbled as S&P gave it a AA+ rating, reflecting the downgrade of France and eight other eurozone countries on Friday.

S&P said the EFSF's rating would be cut again if member states' creditworthiness eroded further.

<snip>

S&P was severely criticised across the eurozone, even before the EFSF decision was announced. Olli Rehn, an EU Commissioner, said ratings agencies are the tools of "American financial capitalism".

read the rest of the article here...

http://www.telegraph.co.uk/finance/financialcrisis/9019093/Eurozones-big-bazooka-bail-out-fund-is-left-in-tatters-by-SandP-downgrade.html

----------------------------------

Michael Lewis On Ireland: Do What Iceland Did, Screw The (*&^%$£¬|#~) Bondholders



----------------------------------

Hungary President Says Screw The IMF - And They Won't Be The Last Country To Make Bondholders Pay

Right now, Hungary is could be the epicenter of the latest next financial storm. The country is teetering on the edge of bankruptcy. Its authoritarian populist Prime Minister Viktor Orban is refusing to play ball with the International Monetary Fund. Bond yields are soaring and credit is drying up. The country may, in the next few weeks, become the first major nation of this ongoing sovereign crisis to default — and that could trigger a wave of massive, perhaps even crippling losses across the European and indeed global banking system.

Read the rest of the article here...
http://dailybail.com/home/hungary-wont-be-the-last-to-make-bondholders-pay.html

Simon

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Thu Jan 19, 2012 2:08 pm
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Post Re: INTERNATIONAL ECONOMIES
Greece cleans up after night of rioting
By the CNN Wire Staff

updated 12:06 PM EST, Mon February 13, 2012

Athens, Greece (CNN) -- Anger over Greece's austerity measures exploded in the streets of Athens early Monday as tens of thousands of protesters clashed with police in riots that left 106 police officers and dozens of civilians injured, according to police.

The riot, widely described as one of the worst in Athens since Greece began dealing with its crippling debt crisis in 2010, broke out after the Greek Parliament approved a new package of austerity measures in return for a new eurozone bailout of the debt-stricken country.

Protesters among a crowd estimated by police at about 80,000 hurled rocks and firebombs toward police. Officers responded with tear gas. At least 74 people were arrested, police said.

Police said investigators were still tallying property damages, but the Athens News Agency said more than 45 buildings were damaged by fire and numerous others were looted. Among the damaged buildings were a bank, cafes and a movie theater, the news agency reported.

The violent protests reflect increasing angst in Greece over crushing economic problems, said CNN iReporter Thanasis Trompoukis.

"They are protesting because they feel that there is no end in their financial suffering. More and more (people) every day are getting poorer and become homeless in Greece, and especially Athens," he said.


Read more here: http://www.cnn.com/2012/02/13/world/europe/greece-debt-crisis/index.html?hpt=hp_t3

Note only "looting" is mentioned in the headline. ;)

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Mon Feb 13, 2012 12:23 pm
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Post Re: INTERNATIONAL ECONOMIES
Quote:
"They are protesting because they feel that there is no end in their financial suffering. More and more (people) every day are getting poorer and become homeless in Greece, and especially Athens," he said.


I cry for the Greek people! They are the current world test bed of "How to rape a country" by the Elites in forcing the future acceptance of a One World Currency and making all citizens "book assets" to mine wealth from.

At least they have the balls to standup against their INSTALLED bullshit leaders that are managing them down the poop chute!

This is what all countries face in the near future imo.

- "Being Free in this world is now a distant memory" -

:flame

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Tue Feb 14, 2012 3:11 am
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Post Re: INTERNATIONAL ECONOMIES
Sky I am afraid you are correct my friend we are in for a world of hurt with these corrupt greedy politicians :censor :headbang :fu

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Tue Feb 14, 2012 8:34 am
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Post Re: INTERNATIONAL ECONOMIES
Heehee - I love this!


The Greeks are burning the Banks





:clap

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Tue Feb 14, 2012 3:07 pm
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 Re: INTERNATIONAL ECONOMIES
S & P declares Greece in default

http://theextinctionprotocol.wordpress.com/2012/02/28/s-p-declares-greece-in-default/

February 28, 2012 – GREECE - Greece became the first euro-zone member officially to be rated in default, 13 years after the single European currency was adopted to strengthen the European Union. Standard & Poor’s cut Greece’s long-term credit rating to selective default from double-C. The move was expected, as S&P said this month that it would consider Greece in default if it added “collective-action” clauses to its sovereign debt, effectively forcing all bondholders to accept a bond-swap offering. Greece’s Parliament approved that measure last week. Moody’s Investors Service and Fitch Ratings also are likely to place Greece in default. The ratings companies deem an issuer in default any time it fails to pay back creditors in full and on time. The bigger question remains whether the action triggers payments on credit-default-swap contracts, a form of insurance against a bond default or restructuring. The net payments that would change hands between buyers and sellers of credit-default swaps on Greece wouldn’t total more than an estimated $3.2 billion, according to the Depository Trust & Clearing Corp. A committee convened by the organization that oversees those contracts, the International Swaps and Derivatives Association, has been asked by an unidentified entity to decide whether Greece’s restructuring should trigger the payouts. -WSJ

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Wed Feb 29, 2012 3:05 pm
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Post Re: INTERNATIONAL ECONOMIES
simple simon wrote:
S & P declares Greece in default

http://theextinctionprotocol.wordpress.com/2012/02/28/s-p-declares-greece-in-default/

February 28, 2012 – GREECE - Greece became the first euro-zone member officially to be rated in default, 13 years after the single European currency was adopted to strengthen the European Union. Standard & Poor’s cut Greece’s long-term credit rating to selective default from double-C. The move was expected, as S&P said this month that it would consider Greece in default if it added “collective-action” clauses to its sovereign debt, effectively forcing all bondholders to accept a bond-swap offering. Greece’s Parliament approved that measure last week. Moody’s Investors Service and Fitch Ratings also are likely to place Greece in default. The ratings companies deem an issuer in default any time it fails to pay back creditors in full and on time. The bigger question remains whether the action triggers payments on credit-default-swap contracts, a form of insurance against a bond default or restructuring. The net payments that would change hands between buyers and sellers of credit-default swaps on Greece wouldn’t total more than an estimated $3.2 billion, according to the Depository Trust & Clearing Corp. A committee convened by the organization that oversees those contracts, the International Swaps and Derivatives Association, has been asked by an unidentified entity to decide whether Greece’s restructuring should trigger the payouts. -WSJ


Thanks for the update, Simon.

I hate to be the pessimist here but I don't understand how borrowing more money is the answer? It makes no sense to me.

Any time I start seeing/hearing words like "bond-swap offering," "credit-default- swaps," etc. I go :huh ?

There is absolutely no way Greece can ever "pay" back all the money "owed" by this country - I don't think it is even possible if they held a State fire sale and sold ALL national assets. Correct me if I'm wrong but I don't think their GNP even supports a partial payback.

It ain't happenin' folks - not no how - not no way. :nono

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Wed Feb 29, 2012 3:42 pm
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Post Re: INTERNATIONAL ECONOMIES
Unfortunately, (I am NOT really up on economics, so if I am wrong please correct me) I do not believe the US could pay back its creditors either. I wonder how many more countries will fall before the US is stated to be in default (which it already is in reality). It will take a lot for S&P or others to say this about the US, until the puppetmasters are ready that is.

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Wed Feb 29, 2012 7:41 pm
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Post Re: INTERNATIONAL ECONOMIES
You are so right, Ruts. There is no way all the debt of the world can ever be paid back.

Thus, the talk in the last few months of a Jubilee year. ;)

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Wed Feb 29, 2012 9:35 pm
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Post Re: INTERNATIONAL ECONOMIES
Ratings agency Moody's downgrades Greece

ATHENS, Greece (AP) — The ratings agency Moody's downgraded Greece to the lowest rating on its bond scale late Friday, following a deal with private investors that would see them ultimately lose an estimated 70 percent of their holdings in Greek debt.

Moody's lowered Greece's sovereign rating to C from Ca, arguing that the risk of default remains high even a bond-swap deal with banks and other private investors, due to be completed this month, is successful.

It said it would "re-assess the credit risk profile" after Greece issues the new bonds.

Ratings agency Standard & Poor's took similar action on Feb. 27.

con. http://www.google.com/hostednews/ap/art ... a703204cdf

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Fri Mar 02, 2012 9:55 pm
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Post Re: INTERNATIONAL ECONOMIES
Bluebonnet wrote:
Thanks for the update, Simon.

I hate to be the pessimist here but I don't understand how borrowing more money is the answer? It makes no sense to me.

Any time I start seeing/hearing words like "bond-swap offering," "credit-default- swaps," etc. I go :huh ?

There is absolutely no way Greece can ever "pay" back all the money "owed" by this country - I don't think it is even possible if they held a State fire sale and sold ALL national assets. Correct me if I'm wrong but I don't think their GNP even supports a partial payback.

It ain't happenin' folks - not no how - not no way. :nono



They can never pay back their loans Blue - and it is a method of the banksters and the politicians to "STEAL" the country from the citizens, as they are forever placed in "debt" to their creditor - The EURO Crooks shadow government!

America on the other hand is the holder of the reserve currency of the world. They just print money when they need it. Unfortunately - the people have been saddled with the debt that the "FED" created on their behalf (which made then FED incredibly wealthy - as the interest return goes into the pockeys of the 13 families) and so it is another fiefdom created that will allow the ONE WORLD ORDER to take place without any person of any state in the world having a say in the matter!!!

A victory for the kings and princes of the world without going to war!

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Sun Mar 04, 2012 10:46 pm
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Post Re: INTERNATIONAL ECONOMIES
Blue, borrowing money to repay debts is great if you just wish to buy time, but of course it actually increases the amount which (eventually) will need repaying. So in a longer term its not at all helpful.

Unless you intend to default...

------------------------------------------------------------

The slow-moving financial train wreck looks like its really on the final straight. Not just because of the S&P rating about Greece but also because today (Tues 6th March) the European markets plunged 3% as Greece threatened to default. In short, Greece seems to be saying that banks should accept financial 'haircuts' - or it will default to the tune of Euro 1 Trillion. (London Evening Standard).

Meanwhile, the Dutch far-right are saying that Holland would be better off out of the Euro, and point to Sweden & Switzerland whose economies are faring better than theirs - and both of whom retain their own currencies.. (London Daily Telegraph)

The webbot dateline of the first weeks of March might yet prove accurate.

Simon

(sorry no weblinks - both articles read in 'paper' versions of the newspapers.)

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Tue Mar 06, 2012 3:47 pm
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Post Re: INTERNATIONAL ECONOMIES
Simon - wow 1 TRILLON Euros. :awe

Sky posted a really good article in another thread about the corruption in Greece and how this is orchestrated. It makes for a really good read.

I, too, think the web bots are dead on in that March will be an interesting month, indeed.

Just watched a Brad Meltzer's Decoded Episode on 2012: The Beginning this afternoon. Here is a link:

http://www.history.com/shows/brad-meltzers-decoded/episodes/

It is a very sobering look at 2012.

I especially was struck by one of the emergency responders' answer to the question how long before folks begin to react after a catastrophe.

His response "Three days to animal."

Another expert said most folks will last about 4 days without water - then the rioting/looting begins.

The last point that was driven home is the question of what happens on 12/21/2012 when people begin to believe the end is near.

Sorry to be OT on this but they also discussed the financial collapse as well and tied financial collapse and climate change to the world of the Maya and today. :shock:

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Tue Mar 06, 2012 5:56 pm
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Post Re: INTERNATIONAL ECONOMIES
Greece: Historic restructuring paves way for bailout
By Ben Rooney @CNNMoneyMarketsMarch 9, 2012: 8:18 AM ET

NEW YORK (CNNMoney) -- Greece's private sector creditors agreed to a historic restructuring of the government's debt early Friday, setting the stage for the nation to secure more bailout money and skirt a messy default.

Investors agreed to restructure €172 billion worth of Greek bonds, which represents 85.5% of the total €206 billion held by the private sector, said the Greek finance ministry. Another 69% of investors that own Greek bonds not issued under Greek law agreed to restructure roughly €20 billion.

"On behalf of the Republic, I wish to express my appreciation to all of our creditors who have supported our ambitious program of reform and adjustment and who have shared the sacrifices of the Greek people in this historic endeavor," said Venizelos in a statement.

Greece is widely expected to activate so-called collective action clauses, which the government retroactively added to its bond contracts a few weeks ago, to make the restructuring binding for all holders of Greek bonds issued under domestic law.

The use of the clauses should bring the total participation rate in the restructuring to more than 90%, the threshold Greece needs to cross in order to meet all the conditions of its second €130 billion bailout from the European Union and International Monetary Fund.

Euro area finance ministers are expected to discuss the restructuring during a conference call later Friday, when they could approve the final portion of the bailout.

Read more here: http://money.cnn.com/2012/03/09/markets/greece-creditors-default/index.htm?hpt=hp_t3

:hmm

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Fri Mar 09, 2012 8:12 am
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 Re: INTERNATIONAL ECONOMIES
Just heard on the BBC radio news (at 1am!)...

The credit rating agency named 'Moodys' has declared Greece to be in default.

The timing more or less dovetails with the webbot forecast for an event which sees the end of building tension.

Simon

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Fri Mar 09, 2012 6:33 pm
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Post Re: INTERNATIONAL ECONOMIES
That's right, Simon, here's an article on that:

Moody's: Greece has defaulted


Moody's Investors Service considers Greece to have defaulted per its default definitions. The announcement comes despite Athens reaching a deal with private creditors for a bond exchange that will shave €107 billion from its €350 billion debt.

­The agency pointed out that even though 85.8 per cent of the holders of Greek-law bonds had signed to the deal, the exercise of collective action clauses that Athens is applying to its bonds will force the remaining bondholders to participate.

Eventually, the overall cost to bondholders, based on the present net value of the debt, will be at least 70 per cent of the investment, Moody's explained.

"According to Moody's definitions, this exchange represents a 'distressed exchange,' and therefore a debt default," the US rating firm said. "This is because (i) the exchange amounts to a diminished financial obligation relative to the original obligation, and (ii) the exchange has the effect of allowing Greece to avoid payment default in the future."

con. http://rt.com/news/moody-s-greece-default-debt-241/

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Post Re: INTERNATIONAL ECONOMIES
HLOY CRAP this is all just mumbo jumbo jiberish which translates to, and please pardon my langauge

"We just screwed the Greeks and that was our testing ground, we are coming for you next !!!!!!!!!"

UNBELIEVABLE how these crooks can just do this right in front of the peoples faces.

No wonder Greek streets are on fire and the people are protesting!!!!!!!!!!

They should burn the entire country to the ground and leave these banking thievs with NO ASSETS because to be honest the bankers just bought the country of Greece :headbang :fu

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Post Re: INTERNATIONAL ECONOMIES
Isn't it interesting that this happens over a weekend??

And it is also not the first time in history that Greece has taken it in the proverbials!! It is really the people of that country that need education to the fact that they are being raped - again!!

Oi vei! :crazy

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Post Re: INTERNATIONAL ECONOMIES
:huh :huh :huh


Greek Tragedy Part of $37 Trillion, Not $3.5 Billion
March 9, 2012


Today legendary trader and investor Jim Sinclair told King World News the “credit event” in Greece totals much more than the $3.5 billion which is being reported by the mainstream media. Sinclair also said if the CDS’s are in fact made to pay, this could require the rescuing of eight international banks, through Fed swaps that could total in the trillions of dollars. Here is what Sinclair had to say about what is happening : “The release made by the International Swaps & Derivatives Association (ISDA), for the average Mensa member or genius, is totally incomprehensible. The press is using the word default, but the ISDA is using the word ‘auction.’ Clearly, the amount of CDS’s outstanding is infinitely more than the $3.5 billion that is being quoted.”

"The BIS confirms, in the area of CDS's the total outstanding is approximately $37 trillion. So I believe the reports being given about this just being a small and modest market event is false. As a market observer and having more than 50 years in the business, the real number is at least 50% or more of the existing $37 trillion that is related to Greece.

Snip


The bottom line is if these CDS’s are made to pay, we are looking at an inflationary hell. This is also key, whether or not this is a default, this is a revelation of the outrageous weakness in all fiat currencies.”


Source Article



:awe :awe

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Sat Mar 10, 2012 2:54 am
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