Greece: The 1st Domino

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Putting Politics above Markets:

Historical Background to the Greek Debt Crisis

http://www.cato.org/pubs/researchnotes/WorkingPaper-5.pdf

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The eurozone has fallen into a spiral of downgrades, falling economic output, rising debt and further downgrades.  A recession has just started.  Greece is now likely to default on most of its debts and may even have to leave the eurozone.  When that happens, the spotlight will fall immediately on Portugal, and the next contagious round of downgrades will begin.

http://www.ft.com/intl/cms/s/0/987fd2fe-3ddc-11e1-91ba-00144feabdc0.html#axzz1jcetL754

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Euroskeptics on Greece: ‘We told you so!’

http://www.americanthinker.com/blog/2011/09/euroskeptics_on_greece_we_told_you_so.html

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The Greek Tragedy is a Case Study in Class Warfare

http://www.americanthinker.com/blog/2012/02/the_greek_tragedy_is_a_case_study_in_class_warfare.html

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Greek workers erupted in fury and the government wobbled after the country’s foreign creditors demanded further budget cuts in exchange for a fresh bail-out that is needed to ward off what could be a disorderly default next month…  Lucas Papademos, the Greek premier, was scrambling to shore up his coalition government after five ministers resigned in protest at the wage and pension cuts that international lenders have demanded before they will sign off on a €130bn bailout.

http://www.ft.com/intl/cms/s/0/93358966-53d9-11e1-9eac-00144feabdc0.html#axzz1m0dJvkGA

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Children ‘dumped in streets by Greek parents who can’t afford to look after them any more’

http://www.dailymail.co.uk/news/article-2085163/Children-dumped-streets-Greek-parents-afford-them.html

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Greek lawmakers approve austerity bill as Athens burns

http://www.reuters.com/article/2012/02/12/us-greece-idUSTRE8120HI20120212

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Greece: OWS on Steroids

http://www.americanthinker.com/blog/2012/02/greece_ows_on_steroids.html

[Once again, that is exactly why we have titled this Update Topic what we have.]

[You’ll see.]

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On February 21, 2012, the world was informed of a “resolution” to the Greek debt problem.  ASND collected several reports about that “resolution” not published in the mainstream media.

Greece’s Problems Are Far from Over

http://frontpagemag.com/2012/02/22/greeces-problems-are-far-from-over/print/

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… the patchwork of [financial rescue] measures… required to give the rescue even a chance of success means it’s unlikely to be the end of the continent’s debt crisis.

http://cnsnews.com/news/article/greece-secures-bailout-avoid-debt-default

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A huge amount of heavy lifting, in terms of making the numbers work, is done by the debt sustainability analysis, and specifically the assumptions it makes… where’s all this economic growth meant to be coming from, in a country suffering from massive wage deflation?… But of course even with well-below-market interest rates, Greece is still never going to pay that money back.

http://blogs.reuters.com/felix-salmon/2012/02/21/the-improbable-greece-plan/

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“”Why did [Germany] give [Greece] more and more money without questioning our ability to repay?

http://www.melbourneweeklyportphillip.com.au/news/world/world/general/greece-on-the-edge/2459770.aspx?storypage=0

[ASND simply asks, yet again, “Why aren’t American politicians asking the same question about China and Japan?“]

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Is There a Message Here for Americans?

http://pjmedia.com/blog/greece-crumbling-further-faster/?print=1

[The correct answer to that question, of course, is also the reason why ASND publishes the Euro-Economic Crystal Ball Updates.]

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… the complex 237 billion euro ($314 billion) [bailout] deal agreed Tuesday remains at immediate risk to the need to get a large commitment from private sector holders of Greek bonds to participate in a debt writedown… [and] the [IMF] has already pumped a record 20 billion euros into the country in the first bailout, without succeeding in stabilizing the country’s finances.

http://www.breitbart.com/article.php?id=CNG.0ec34b41a1639e68a33560f385a9c2f3.91&show_article=1

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Greek default looms as voluntary debt deal looks set to fail

http://www.telegraph.co.uk/finance/financialcrisis/9121151/Greek-default-looms-as-voluntary-debt-deal-looks-set-to-fail.html

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… doubts remain over whether [Greece] can avoid a default.

http://www.telegraph.co.uk/finance/financialcrisis/9132244/Greece-in-last-ditch-scramble-to-avoid-default.html

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In 2012, a write-down of Greek debt occurred, which allowed Greece to avoid default. Over €100 billion was written off in this transaction.

http://www.americanthinker.com/2012/04/debt_the_new_equity_major_economic_dislocation.html

[For those who don’t know, a write-down is a euphemism forthe debt was cancelled and the lenders lost everything,” meaning the stockholders who own the lenders who loaned Greece all that money for all those years when they were spending more than they could repay lost every penny of it.]

[BTW, the “stockholders” of nations who loaned Greece all that money are also known as taxpayers.]

[Any of this sound familiar?]

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Greece, Portugal, and Spain are now all officially in a recession, and France, the Netherlands, and England aren’t far behind.

http://www.americanthinker.com/blog/2012/04/europe_back_in_recession_are_we_next.html

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In a country that has had one of the lowest suicide rates in the world, a surge in the number of suicides in the wake of an economic crisis has shocked and gripped the Mediterranean nation – and its media – before a May 6 election.   The especially grisly death of pharmacist Dimitris Christoulas, who shot himself in the head on a central Athens square because of poverty brought on by the crisis that has put millions out of work, was by far the most dramatic.”

http://www.reuters.com/article/2012/04/28/us-greece-election-suicide-idUSBRE83R08N20120428

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Greek Euro-Exit Talk Goes Public as Officials Air Doubts

http://www.bloomberg.com/news/2012-05-09/greek-euro-exit-talk-seeps-into-public-as-officials-air-doubts.html

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if the Greek people thought austerity was painful, wait until they experience the torture of default.”

http://www.americanthinker.com/blog/2012/05/greeces_radical_turn_to_the_left_to_be_confirmed_in_next_months_election.html

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Greece will run out of money soon, warns deputy prime minister

http://www.telegraph.co.uk/finance/financialcrisis/9262068/Greece-will-run-out-of-money-soon-warns-deputy-prime-minister.html

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Stocks, Commodities Drop as Euro Weakens on Greek Crisis

http://www.bloomberg.com/news/2012-05-14/euro-falls-to-3-month-low-as-oil-u-s-futures-decline.html

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Greek depositors recently withdrew 700 million euros from the nation’s local banks…

http://www.cnbc.com/id/47428134

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The European Central Bank has stopped providing liquidity to some Greek banks as they have not been successfully recapitalized…

http://www.reuters.com/article/2012/05/16/us-ecb-greece-banks-idUSBRE84F0SN20120516

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Fitch on Thursday sliced Greece’s long-term credit rating to CCC from B-, citing a ‘heightened risk’ Greece won’t sustain its membership in the eurozone.

http://www.foxbusiness.com/markets/2012/05/17/fitch-slashes-greek-credit-rating/

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Greek Euro Exit Being Considered: Former PM Papademos

http://www.cnbc.com/id/47524590

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Greece’s probable exit from the eurozone will have a contagious effect on the rest of Europe, as well as the world economy.”

http://www.aei.org/files/2012/05/16/-the-euro-end-game_17001871275.pdf

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Secret Central Bank Aid Props Up Greek Banks

http://www.cnbc.com/id/47513542

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Greece warned of public finances collapse

http://www.ft.com/intl/cms/s/0/fec2a4e2-a817-11e1-b8a9-00144feabdc0.html#axzz1w7YtKpbO

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If Greece left the euro, living standards would plummet, incomes would be slashed by more than half, and inflation and unemployment would skyrocket, the National Bank of Greece warned on Tuesday.

http://www.reuters.com/article/2012/05/29/greece-euro-idUSL5E8GTI5320120529

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Thousands of well-educated workers are fleeing Greece as the eurozone crisis batters their homeland.

http://worldnews.msnbc.msn.com/_news/2012/05/30/11933342-it-is-virtually-impossible-to-find-a-job-brain-drain-is-new-greek-tragedy?lite

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Greece Warns of Going Broke as Tax Proceeds Dry Up

http://www.cnbc.com/id/47700847

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Unemployment:

Unemployment in Greece spirals to 21.9 percent in March as austerity takes its toll

http://finance.yahoo.com/news/greek-unemployment-hits-21-9-093038028.html;_ylt=A2KJ3CTQjtBPNScAxjvQtDMD

and…

Greek unemployment surges to 24.4 pct in June

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-09-06-05-26-46

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Greek Socialists Rage over Spain Bailout

http://frontpagemag.com/2012/06/11/greek-socialists-rage-over-spain-bailout/print/

[ASND simply asks, “Can’t they all just get along?”]

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A quiet run on Greek banks spells more trouble for euro zone

http://www.americanthinker.com/blog/2012/06/a_quiet_run_on_greek_banks_spells_more_trouble_for_euro_zone.html

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 Greek health system crumbles under weight of crisis

http://www.reuters.com/article/2012/06/14/us-greece-health-idUSBRE85D1IO20120614

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Banks prepare for worldwide chaos after weekend election [in Greece]

http://www.telegraph.co.uk/finance/financialcrisis/9335072/Debt-crisis-Banks-prepare-for-worldwide-chaos-after-weekend-election.html

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 Greece is expected to ask for a third international bail-out agreement as soon as a government is formed, ramping up the pressure on Germany and Brussels to back the eurozone or break it.

http://www.telegraph.co.uk/finance/financialcrisis/9339904/Debt-crisis-Greek-government-will-be-forced-to-seek-third-bail-out.html

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Greece’s new government will present ‘alarming’ data on its recession and unemployment to international debt inspectors this week, in a bid to renegotiate the terms of its bailout agreements… demonstrat[ing] that the current austerity program was counterproductive.”

http://news.yahoo.com/greece-present-debt-inspectors-alarming-data-095944151–finance.html

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Debt crisis: Greek economy is in a ‘Great Depression’

http://www.telegraph.co.uk/finance/financialcrisis/9418656/Debt-crisis-Greek-economy-is-in-a-Great-Depression-says-Samaras.html

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Debt crisis: Greece to run out of money by August 20

http://www.telegraph.co.uk/finance/financialcrisis/9424923/Debt-crisis-Greece-to-run-out-of-money-by-August-20.html

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Greece’s economy shrank 6.2 percent on an annual basis in the second quarter, a slump that is expected to persist as the government scrambles to nail down billions in additional cuts to keep international bailout funds flowing.

http://www.reuters.com/article/2012/08/13/us-greece-economy-idUSBRE87C0IU20120813

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Greece needs two-year extension on fiscal pledges

http://www.france24.com/en/20120915-greece-needs-two-year-extension-fiscal-pledges

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Anti-austerity walkout called by [Greek labor] unions expected to ground flights, disrupt local transport and shut public service offices

http://www.guardian.co.uk/world/2012/sep/26/greek-workers-begin-general-strike

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Greece’s biggest company is leaving the country… announcing it will move to Switzerland and list its shares in London, dealing a blow to the debt-crippled Greek economy.

http://www.cnbc.com/id/49371256/

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Greece is running out of cash.  The current strategy is really not working and there is substantial political risk.

http://www.cnbc.com/id/49606194

[ASND was surprised to hear that Greece and ANY cash.]

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Hit by crisis, Greek society in free fall

http://www.washingtontimes.com/news/2012/nov/1/hit-crisis-greek-society-free-fall/

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Petrol bombs thrown [in Athens] and teargas and water cannons used during protests as draconian cuts pass narrowly

http://www.guardian.co.uk/world/2012/nov/07/greece-austerity-protests-violence

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