Monday, June 29, 2015

Greece and the Risks of Global Contagions


Greece has announced it will default on its next scheduled IMF payment while the national referendum is held to determine whether or not Greece leaves the EU, which may very well be beneficial for Greece but it is right that the citizens decide. Banks are closed in Greece, as is the stock market.

See comments at ZeroHedge for a variety of interesting insights and viewpoints:

http://www.zerohedge.com/news/2015-06-29/greece-will-default-imf-tomorrow-government-official-says

Robert Samuelson argued in his interesting article published in The Washington Post that a Greek default would not have effects beyond Greece:

http://www.washingtonpost.com/opinions/the-next-financial-crisis/2015/06/28/b01c91c2-1c36-11e5-93b7-5eddc056ad8a_story.html?wpisrc=nl_headlines&wpmm=1

However, it is notable that Puerto Rico just announced it would default on its debt:

http://www.usatoday.com/story/money/2015/06/29/puerto-rico-debt-crisis-default/29458475/

Meanwhile, China's stock market is dropping fast, "as margin calls bite," according to Fortune:

http://fortune.com/2015/06/29/china-stocks-crash-into-bear-territory-as-margin-calls-bite/

Lots of brush fires for central bankers to try and control contagion effects.

Life is going to get worse for majority of people in affected countries, especially Greece.

Already conditions in Greece have deteriorated significantly from 5 years or so of austerity. I cannot imagine the additional social impact of further austerity measures.

Lots of predators are lined up on the sidelines to extract what they can from a broken Greece.


Relevant previous posts:








4 comments:

  1. To what extent is a Greek default part of a plan? I think the EU was a bad idea to begin with. Bigger is often not better. Perhaps Greece needs to follow the Iceland approach. Paul Craig Roberts, Ron Paul, etc, believe the global economy is nearing a total collapse.

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  2. "Quietly into Disaster" http://holgerstrohm.com/?q=node/136
    "In the future the consequences of nuclear energy will be devastating. The atrocities of Mister Stalin and Hitler will completely fade against them."
    We do not seem to recognize wisdom in the West as anything more than an anachronism from older societies; and as something for odd people to pursue.
    This fine German film seem fairly definitive. The Greeks might have said that the nuclear enterprise amounted to mocking the gods; and that their revenge would be terrible.

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  3. : at least in greece they are non nuclear. they are sunniest place in europe with most sunlight geothermal power wave power in the world. the imf finances nuclear power so does the eu . greece will be lucky to get out of eu and away from imf. i love what you do majia. thankyou so much

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  4. At least in greece they are non nuclear. Greece is one of the sunniest places in Europe with the potential for the most solar power, geothermal power, wave power in the world. The imf finances nuclear power so does the eu . greece will be lucky to get out of eu and away from imf.
    The united state floats on a layer of radioactive ooze. Hundred of opena air tests, underground nukes in 10 states to release natural gas in 60s 70s, Uraniumines tailings. plutonium plants everywhere. 1 trillion gallon of nuclear waste pumped into ground all over us in 60s 70s 80s, radioactive fracking waste, bad mediacl waste of cobalt 60 etc in every city, bad fuk fallout,100 aging reactors some coming close to disaster every week dumping tritium into rivers lakes and ocean each with npp w cooling pools for hi level used nuclear reactor waste 1000s of tons enough to blow up solar system. then all the hi level fallout from japan. santa susana, tmi, idaho meltdown and other covered up nuc accidents. all the bombs. nuclear shis sunk off coast. millions of barrels of nuc waste dumped into sf bay pacific and atlantic. fire in st louis dump by nuclear waste dump. The united states has this plus real economic hell from unemployment homelesness 2.5 million in prisons private prisons as slave labor. Greece is non-nucpear not contaminated. could get away from the wolves and start a renewable renaissance and sell energy to the wolves. I love what you do majia thankyou so much

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