Greece Debt Crisis

EU Makes Greece ‘An Offer They Can’t Refuse’: Agree To A Deal By Sunday Or Go Bankrupt

Gangsters - Public DomainIt looks like we aren’t going to have to wait much longer to see if Greece remains part of the eurozone or not.  Instead of softening their demands in the wake of the Greek referendum, European leaders have given the Greek government an ultimatum.  On Tuesday night, EU officials gave Greece a deadline of Thursday to submit a new proposal and a deadline of Sunday for agreeing to a deal.  If a deal is not reached on Sunday, all aid to Greece will be cut off and the nation will be faced with financial oblivion and a forced exit from the common currency.  But Angela Merkel has already made it abundantly clear that any new deal will not include a debt haircut – one of the key things that the Greek government wanted.  If a deal is actually made, it is almost certainly going to look very much like what Greece’s creditors have been offering all along.  Needless to say, this is precisely what the Greek people just voted against, but the pressure on Greek leadership is immense at this point.  In essence, they are being given “an offer they can’t refuse”.  So will the Greek government buckle under this mobster-like intimidation? (Read More...)

Bare Supermarket Shelves In Greece Should Be A Huge Wake Up Call To Millions Of Clueless Americans

Supermarket In Greece - Photo posted by Vasilis Dalianis On TwitterWhat you are watching unfold in Greece right now is eventually going to come to your own neighborhood.  Someday, people living all around you will be storming the supermarkets in a desperate attempt to secure the food and supplies that they neglected to store up when they had the chance.  Of course the Greeks never thought that it would happen to them either.  Their civilization had endured for thousands of years, and they were a part of the most powerful economic alliance on the face of the planet.  Most Greeks never imagined that they would be plunged into a multi-year economic depression that would ultimately lead to “bank holidays”, long lines at ATM machines, and people diving into dumpsters in a frantic search for something to sell.  And this is just the beginning of the chaos in Greece – things are going to get much, much worse for them.  Hopefully, this will serve as a wake up call for millions upon millions of clueless Americans out there, because we are on the exact same path that Greece has gone down.  The sad truth is that no amount of “American exceptionalism” is going to prevent us from suffering the consequences of decades of very foolish decisions.  We are steamrolling toward our own version of economic collapse, and when that time arrives you don’t want to be caught totally unprepared for it. (Read More...)