EUROPE | WHAT REALLY HAPPENED


EUROPE

Jun 27 08:54

European Ministers Deny Greek Request to Extend Debt Talks

Eurozone finance ministers on Saturday rejected Greece’s request to extend its debt negotiations beyond next week’s deadline, seeming to bring a bitter end to months of discussions of how or whether to continue providing bailout loans to Athens.

The rapid turn of events came only hours after the Greek prime minister, Alexis Tsipras, surprised Europe by calling for a national referendum on whether his country should accept bailout aid under terms he bitterly opposes.

Jun 27 08:24

Paul Craig Roberts Warns Greek Government May Be Assassinated In This Crisis If They Pivot East To Stop World War III

Dr. Paul Craig Roberts: “The Greek people and the Greek government have before them the unique opportunity to prevent World War III. All the Greek government needs to do, if the Greek people will get behind the government, is to default on the loans, resign from the EU and from NATO, and accept the deal that the Russians have offered them….

“This would begin the unraveling of NATO. Very quickly Spain and Italy would follow. So southern Europe would desert NATO and so would Austria, Hungary and the Czech Republic. NATO is the mechanism that Washington uses to cause conflict with Russia. So as the EU and NATO unravel, the ability of Washington to produce this conflict disappears.

Webmaster's Commentary: 

The money-junkies have forgotten something very important about the Greek people (the same thing the Nazis forgot).

Thermopylae!

Clearly, the Greek people remember it well!

Sadly, it appears I am not alone in my expectation that the money-junkies will likely attempt either a coup or outright assassination to keep the Greek people enslaved to their private central bank system.

Jun 27 07:54

Greek Officials Warn "Some Banks May Not Open Monday"

Following Tsipras' surprise referendum decision (and subsequent pulling of proposals by the institutions), Greece's bank jog has turned into a full sprint. ATM lines began to form at 2am, minutes after the announcement and now many ATMs are out of money and, as Bloomberg reports, some Greek banks are drastically limiting cash transactions. Despite all the reassurances that "banks will open Monday," two senior bank executives have warned that some lenders will not be able to open Monday (unless more emergency liquidity is released). Crucially, this is not just about banks being in trouble - drained of deposits electronically - this is running out of physical banknotes, there is literally no more 'real' money left in Greek banks.

Jun 27 01:13

Greece to hold national referendum on debt deal

The Greek PM has announced a national referendum on July 5 on the conditions of the debt deal with international creditors. It’s up to the Greek people, Tsipras said, to make a fateful decision on the country’s sovereignty, independence and future.

“These proposals, which clearly violate the European rules and the basic rights to work, equality and dignity show that the purpose of some of the partners and institutions was not a viable agreement for all parties, but possibly the humiliation of an entire people,” Greek Prime Minister Alexis Tsipras said in a televised address to the nation.

Webmaster addition: The referendum will include the choice whether to stay or leave the EU.

Jun 27 00:40

Greece – The Way Out

Troika Involved in “Financial Terrorism”. It’s “Economic Waterboarding”.

What the troika is doing to Greece these days is the pinnacle of financial terrorism. It is economic waterboarding. It is blackmailing of the first degree. These people are neoliberal fascists, putting the Greek government before a dilemma – ‘either you present us with an acceptable list of austerities, or we will prepare one for you’ – literally. An austerity plan you better accept, lest you may default and being expulsed from the European monetary union and maybe even the EU. That is their threat. That is what Brussels does to a brother; to one of theirs. There is not a shred of solidarity left in this miss-called ‘Union’. This ‘Union’ doesn’t deserve existing.

Jun 26 20:09

Matteo Renzi And The Coup D’etat In Italy

After the crisis of 2008, Italy was one of the most affected nations by recession and austerity plans. Moreover some supranational bodies such as the European Central Bank and European Commission exploited the conditions of vulnerability of the Italian State to impose their policies.PE In fact, the last three Italian Prime Ministers (Monti, Letta and Renzi) weren’t elected. They were appointed in their leading position under the pressure and the manipulation by EU officials.

Jun 26 18:34

It's 2 In The Morning And Greeks Are Lining Up At ATMs; Alpha Limits Online Banking

Because correlation does not equal causation, we present the following with no comment other than to note that according to Goldman's estimates (shown below), Alpha Bank, which has announced that web banking will "operate with limited functionality" over the weekend, happens to have the smallest ELA buffer of the four major Greek banks.

And of course, Greek PM Alexis Tsipras has just called for a referendum on euro membership to be held next Sunday.

Draw your own conclusions.

Jun 26 18:28

Greece Invokes Nuclear Option: Tsipras Calls For Referendum

Greek PM Alexis Tsipras has announced a referendum in a televised speech to the nation after another day of fractious negotiations with creditors closed without a deal.

The dramatic move comes after Athens rejected a proposal from the troika aimed at delivering some €16 billion in aid to Greece as part of an extension of the country's second bailout program.

Protothema now says the Greek parliament will meet on Saturday and a referendum will be called as early as next week. Whether this is simply a last minute attempt to put pressure on EU finance ministers ahead of Saturday's Eurogroup meeting remains to be seen, but one thing is for sure: Tsipras is playing a dangerous game with the ECB ahead of a difficult week that could very well see the imposition of capital controls.

Webmaster's Commentary: 

UPDATE: In looking through tweets and comments, plus information on financial services such as Bloomberg, Tsipras' announcement has triggered a major panic among the heads of the too-big-to-fail financial institutions, who were eager to rake in profits selling credit default swaps against Greece's debt, and now face a derivatives exposure many times the volume of the Greek debt itself. The derivatives losses will be enough to sink many of these institutions in a firestorm of paper that will make 2008 look like a speed bump in comparison.

It is already clear from the many protests in Greece which was the Greek people will vote. From now to the 5th is insufficient time to get vote riggers into place in Greece or to mount a propaganda campaign that the Greek people are evenly divided on the issue, to conceal another stolen election. Nobody is going to believe a claim that the Greek people will vote themselves back into the slavery of the ECB and the IMF.

I would not be surprised to see an orchestrated effort to get Tsipras out of office next week, if not an outright assassination attempt. The money-junkies have a long history of murdering uncooperative heads of state, and from their point of view they have no choice.

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WRH breaking
Jun 26 13:32

Greece – the Way Out

The Greek people are being penalized for having had the audacity to elect a socialist government – How dare they! – That’s the verdict.

What the troika is doing to Greece these days is the pinnacle of financial terrorism.It is economic waterboarding. It is blackmailing of the first degree. These people are neoliberal fascists, putting the Greek government before a dilemma – ‘either you present us with an acceptable list of austerities, or we will prepare one for you’ – literally. An austerity plan you better accept, lest you may default and being expulsed from the European monetary union and maybe even the EU. That is their threat. That is what Brussels does to a brother; to one of theirs. There is not a shred of solidarity left in this miss-called ‘Union’. This ‘Union’ doesn’t deserve existing.

Jun 26 13:18

US Tanks rolling through Austria:

Webmaster's Commentary: 

Austria is neutral and not part of NATO. What the Austrian government is doing here is illegal.

Jun 26 12:59

Italy arrests Peshawar market bombing suspect

Italian anti-terrorism detectives believe Siyar Khan was part of a jihadist network based in Italy which was plotting terror attacks on Rome and possibly the Vatican to be carried by suicide bombers imported from Pakistan.

Jun 26 09:53

NATO to offer more aid to Ukraine, but no offensive weapons

NATO members agreed on Thursday to step up support for Ukraine with more air traffic data and assistance in countering roadside bombs, but member states stopped short of offensive weapons, which Kiev has sought in its battle with Russian-backed separatists.

A new trust fund to be established “will aim at de-mining and also on countering improvised explosive devices. And this is vital for saving lives,” NATO Secretary-General Jens Stoltenberg told a news conference after a meeting of the NATO-Ukraine commission.

NATO defense ministers are set to conclude two days of talks in Brussels later Thursday. The ministers have focused primarily on concrete steps toward strengthening the alliance militarily, enabling to respond more quickly to crises. Members have agreed to increase the size of its crisis-response force and to streamline the political process for approving the mobilization of troops.

Webmaster's Commentary: 

You just have to LOVE the way NATO Secretary General Jens Stoltenberg lies with impunity.

The violations have come NOT from the side of the breakaway republics, but primarily from the Ukrainian military.

This is precisely what the OCSE has been reporting; apparently, honest reporting of the facts of the matter are frowned on by the NATO high command.

Jun 26 08:55

THE FIVE HORSEMEN (AND ONE HORSEWOMAN) OF EUROPE’S MONETARY APOCALYPSE

As the late great U.S. comedian and social commentator extraordinaire George Carlin once said, the table is tilted, the game is rigged. Nowhere is this truer than in today’s Europe, where power is increasingly concentrated in the hands of unelected, unaccountable bankers and bureaucrats. The result is that representative democracy is on its last legs and national sovereignty (that dirty “S” word) could soon be a thing of the past.

Europe’s tilted table is dominated by the five presidents of its main institutions. Politico calls them, the “Five Horsemen of the Euro’s Future.” Or as I call them, the “Five Horsemen of Europe’s Monetary Apocalypse.” At the head of the table – the same negotiating table that is now being used as a platform for browbeating Greece’s upstart leaders into submission (see this image for that table and those sitting around it) – is Mario Draghi, Europe’s central banker-in-chief.

Jun 26 08:17

"The US will deploy heavy weapons in central and eastern Europe for the first time, Washington says, in the midst of the worst standoff between Russia and the West since the Cold War."

The US will deploy heavy weapons in central and eastern Europe for the first time, Washington says, in the midst of the worst standoff between Russia and the West since the Cold War, triggered by the crisis in Ukraine.
"We will temporarily stage one armoured brigade combat team's vehicles and associated equipment in countries in central and eastern Europe," US defence secretary Ashton Carter said at a joint press conference with three Baltic defence ministers on the eve of NATO ministerial talks.

Jun 26 07:52

Europe tells Greece to meet debt deadline or risk 'chaos'

The leaders of France and Germany on Friday handed Greek Prime Minister Alexis Tsipras a weekend ultimatum to strike a debt deal with EU-IMF creditors or risk default.

Jun 26 07:48

Greece Rejects Bailout Extension, Tsipras Says "Won't Be Blackmailed"

Reports suggest Greece has rejected creditors' bailout extension proposal.

Jun 26 07:47

Forget Grexit, "Madame Frexit" Says France Is Next: French Presidential Frontrunner Wants Out Of "Failed" Euro

There has been some confusion why Germany and the Eurozone are so strict in negotiating with France and unwilling to concede even to the smallest of what they deem as outlandish Greek demands. The reason is not so much whether Spain or even Italy, both countries with soaring unemployment, a lost generation and a sweeping movement against "austerity", follow with comparable demands should Europe concede to Tsipras, but France, where the frontrunner for the next president, the National Front's Marine Le Pen, has just warned that not only is a Grexit inevitable, but that France would follow shortly.

Webmaster's Commentary: 

"Oh my GAWD, ISIS is in France! We must invade!" -- Official White Horse Souse

Jun 26 07:03

Greece under NATO pressure not to reduce military budget amid crisis

What is notable about the Greek reform plan is that for the first time, Athens put its defense budget on the table for discussion.

Jun 25 21:58

Europe’s Complicity in Evil

Europe is essentially captive and forced to put US interests ahead of its own. Consequently, unless Europeans find their courage and discard their servile status, Europe will be badgered into more wars and eventually led into a devastating war with Russia. One European country can do little, but concerted action would be effective. For example, why do not Europeans protest that the war criminal Tony Blair was given a post in the EU?

Jun 25 21:47

Proposed copyright bill could outlaw holiday snaps of EU landmarks

A proposal for a new law brought before the European Parliament could outlaw online posting of photographs that include famous tourist attractions, if they are still under copyright.

Jun 25 11:27

American Abrams Battle Tanks Fire in Bulgaria for First Time

American battle tanks will be deployed to Bulgaria this weekend and conduct live-fire exercises across the Black Sea from Russia for the first time.

As part of a maneuver dubbed "Power Shock," the pair of M1A2 Abrams battle tanks are scheduled to be flown from Ramstein Air Base in Germany to the Novo Selo training area in Bulgaria. They'll be joined by 15 U.S. Army soldiers from the "Speed and Power" battalion out of Fort Stewart, Georgia.

The training exercise is part of a series of NATO war games taking place at Europe's eastern borders in the wake of Russia's annexation of Ukraine's Crimea region. Earlier this week, Vladimir Putin announced that Russia would add more than 40 new intercontinental ballistic missiles to its nuclear arsenal this year.

Jun 25 09:54

Eurogroup meeting ends, Greece deal still far off

Hopes of a deal between Greece and its creditors faded once again on Thursday, as the Eurogroup meeting of finance ministers quickly ended without any signs of an agreement.

Jun 25 09:15

Greek Pensioners Demonstrate Against Inhumane Austerity Demands

45% of Greek pensioners already live in poverty due to previous austerity measures but now the troika is demanding more cuts to their pensions.

Jun 25 08:59

No more open borders in EU? Migrant issue builds barriers

The issue of illegal immigration has proved highly divisive for the EU, which has been unable to agree a common solution.

Jun 25 08:33

EU creditors deny Greek reform plan – Now what?

Prime Minister Alexis Tsipras said the international creditors didn’t accept the new Greek proposals prior to another round of negotiations on Wednesday.

Jun 25 08:29

Greece v IMF: same tactic criminal elite used to steal Africa Structural Adjustment Economic Warfare

The rulers of Greece and Europe are pulling out all the stops--including exploiting the anti-Islam and anti-immigrant hysteria following the Charlie Hebdo murders in France--to try to prevent a victory for the radical left party SYRIZA in national elections planned set for next weekend. But opinion polls still show SYRIZA with a lead over the current ruling party, the center-right New Democracy.

Jun 25 07:07

FRENCH SPIES SECRETLY ORGANIZED AND FUNDED THE LIBYAN REBELS, ACCORDING TO CONFIDENTIAL EMAILS TO HILLARY CLINTON

French spies secretly organized and funded the Libyan rebels who defeated Moammar Gadhafi, according to confidential emails to Hillary Clinton that were made public on June 22. According to one entry from March 22, 2011, “officers” with the General Directorate for External Security — the French intelligence service — “began a series of secret meetings” with Jalil and Gen. Abdul Fatah Younis in Benghazi in late February and gave them “money and guidance” to set up the council, whose formation was announced Feb. 27. The officers, “speaking under orders from [Sarkozy] promised that as soon as the [council] was organized France would recognize [it] as the new government of Libya.”

Jun 24 19:55

Commerzbank Suggests Greece Could Sell Gold Reserves to Make Payment

Bankers alchemy. Turning worthless paper into gold.

Jun 24 16:12

Agreement on Greek Crisis Could Be a Done Deal

Jun 24 13:48

Greek Democracy Is Failing — Paul Craig Roberts

The Greek debt is unpayable. It is simply too large to be repaid. The austerity that the EU and IMF have imposed on Greece has worsened the problem by driving down the Greek economy, thus making the burden of the debt even heavier. Despite the obvious fact that the EU’s austerity policy is a failure and cannot succeed, the Greek “debt crisis” drama continues.

Jun 24 13:18

Britain faces FREEZING winters as slump in solar activity threatens ‘little Ice Age’

BRITAIN could face colder than average winters with a plunge in solar activity threatening a new “little ice age” in the next few decades.

Jun 24 12:49

A New Problem For Greece Emerges: How To Do the Russian "Unpivot" After Capitulating To The Troika

It goes without saying that if Greece is scrambling to go back into the Troika's good graces, Belgium will make it very clear that any overtures to Putin are to be "cease and deceased" (sic) immediately. Which opens a can of worms for the Marxists in government: how to slam shut the door to their ideological Plan B, when everyone knows the Grexit fiasco will repeat again in a few months, and Greece will again be knocking on the Kremlin's door.

Jun 24 11:47

Austrian Campaigners Start Collecting Signatures in Support of EU Exit

According to a representative of the initiative’s non-partisan committee, Austrian civic initiative Heimat & Umwelt, or Homeland and Environment, have begun collecting signatures on Wednesday in support of the country's exit from the EU.

Jun 24 10:25

Here’s who is most exposed to a Greek default

As the chart above from Copenhagen-based Danske Bank shows, as of March Greece’s outstanding debt stood at 312.7 billion euros ($349.6 billion). Of that, €231.2 billion is in the form of loans, with €205 billion belonging to the institutions, or the “official” sector (as opposed to the private sector). The institutions include the International Monetary Fund, the eurozone’s European Financial Stability Facility and bilateral loans from eurozone countries.

The fact that so much of Greece’s debt is seen in the hands of official creditors is one reason analysts say investors have remained relatively sanguine throughout the latest chapter of the drama.

“The private sector “has almost no direct exposure to Greece anymore,” wrote strategists at J.P. Morgan Cazenove, in a Monday note urging clients to get back into German stocks.

Jun 24 10:21

Greek Film Shows Way Out of Debt Bind

"Debtocracy" introduces the concept of "odious debt" and points to strong precedents for repudiating debt that has been incurred fraudulently.

"At first we thought this predatory IMF behavior was reserved for the Third World, but now it's clear Europe and America are also in their cross-hairs."

In April 2015, a Greek parliamentary committee endorsed this concept. Clearly any debt deal reached this week will only pass the Greek parliament by virtue of the votes of the opposition parties. Greece's predicament exemplifies what may happen to any country that has forfeited its power to create credit, i.e. the medium of exchange (currency.) That's us all.

Jun 24 08:34

The U.S. And EU Will Collapse Regardless Of Economic ''Contagion''

By Brandon Smith

In order to understand what is really going on around the globe in terms of the collapsing economy, we must set aside false mainstream versions of reality. When it comes to the EU and its current fiscal turmoil, it is very important to, in some respects, ignore Greece entirely. That’s right; forget about all the supposed drama surrounding Greek debt obligations. Will they find a way to pay creditors? Will they default? Will they make a deal with Russia and the BRICS? Will there be last-minute concessions to save the system? It doesn’t matter. It’s all a soap opera, an elaborate Kabuki theater run by international financiers and globalists...

Jun 24 06:43

'Absurd' new EU law could mean you'll face legal action for taking pictures of famous landmarks: Photos could be punished for breach of copyright

A proposed EU law could see photographers punished for breach of copyright if they snap famous landmarks and works of art in public spaces.

The UK, and several other EU member states, enjoy 'freedom of panorama', which allows pictures of copyrighted works in public spaces, such as the London Eye or the Angel of the North, to be used both privately and for profit.

However, the proposed changes to EU-wide law would require snappers to obtain permission from the copyright holder, even if the landmark, building or work of art is in the background of a picture.

Jun 24 06:21

Dutch court orders government slash greenhouse gas emissions by at least 25 per cent by 2020

A Dutch court has ordered the country slash greenhouse gas emissions by at least 25 per cent by 2020, after a group of citizens took their government to court.

"The court orders the state to reduce the overall volume of greenhouse gas emissions in such a way that they are at least 25 per cent less in 2020 compared to 1990," judge Hans Hofhuis said.

The ruling came after almost 900 Dutch citizens took their government to court in April in a bid to force a reduction of greenhouse gas emissions to tackle climate change.

Jun 24 04:55

Ukraine’s President Poroshenko Says Overthrow of Yanukovych Was a Coup

Ukraine’s President Petro Poroshenko requests the supreme court of Ukraine to declare that his predecessor, Viktor Yanukovych, was overthrown by an illegal operation; in other words, that the post-Yanukovych government, including Poroshenko’s own Presidency, came into power from a coup, not from something democratic, not from any authentic constitutional process at all.

In a remarkable document, which is not posted at the English version of the website of the Constitutional Court of Ukraine, but which is widely reported outside the United States, including Russia, Poroshenko, in Ukrainian (not in English), has petitioned the Constitutional Court of Ukraine (as it is being widely quoted in English):

“I ask the court to acknowledge that the law ‘on the removal of the presidential title from Viktor Yanukovych’ as unconstitutional.”

Jun 23 15:58

Video: More austerity? Default? Grexit? EU talks spawn panic

After a day of talks in Brussels, a deal to save Greece’s teetering economy is still not in place

Jun 23 15:20

Has Washington Gone Looney Tunes?First appeared: http://journal-neo.org/2015/06/22/has-washington-gone-looney-tunes/

Given a series of recent speeches by leading US officials and actions, the question must be frankly posed: Has Washington gone collectively looney tunes? Even as the governments of the EU are moving to buck US pressures and ease the sanctions, the Obama Administration seems intent on marching in the direction of a nuclear confrontation with Russia. As the ancient Greek expression puts it, “Whom the gods would destroy they first make mad…” The following recent developments fit that pattern quite nicely, thank you.

Jun 23 13:17

Europe: Victim of Its Own Sanctions

Despite the EU’s refusal to acknowledge the detrimental effect of sanctions against Russia on its own economy, the true cost is finally hitting home...

Jun 23 13:00

GREECE ECONOMIC COLLAPSE CONTINUED...

Jun 23 09:57

Greek debt crisis LIVE UPDATES

Pensioners are marching through Athens with demands to end austerity, according to reports on Twitter. At least 70 coaches with protesters have reportedly arrived.

Jun 23 08:28

Gardasil Firestorm in Denmark

By Norma Erickson

In March 2015, a Danish national television station (TV2) aired a documentary focusing on girls who suspected they had been injured by the HPV vaccine Gardasil. Immediately after the airing of the show, girls with similar experiences started coming out of the woodwork. Virtually all of the girls had the same story to tell...

Jun 23 08:22

NATO plans 40,000-strong rapid response force in E. Europe

NATO’s rapid response Spearhead Force in Europe might reach 40,000 troops, a tenfold growth from the initial 4,000-strong force deployed last year, the military alliance’s chief said. Most of these troops will be stationed near Russian borders.

“NATO defense ministers ... [will] make a decision to further increase the strength and capacity of the 13,000-strong NATO Response Force (NRF) to 30,000 or 40,000 troops,” Secretary-General Jens Stoltenberg said Monday.

The decision is to be officially announced during NATO’s defense ministers meeting on June 24-25 in Brussels.

Jun 23 08:08

Will Seizure of Russian Assets Hasten Dollar Decline?

The timing of these actions is quite curious, coming as the Greek crisis in the EU seems to be reaching a tipping point and Greece, having perhaps abandoned the possibility of rapprochement with Europe, has been making overtures to Russia to help bail it out of its mess. And with the IMF’s recent statement pledging its full and unconditional support to Ukraine, it has become even more clear that the IMF and other major multilateral institutions are not blindly technical organizations, but rather are totally subservient lackeys to the foreign policy agenda emanating from Washington. Toe the DC party line and the internationalists will bail you out regardless of how badly you mess up, but if you even think about talking to Russia you will face serious consequences.

Jun 23 08:02

Tsipras under pressure agreed to the "solidarity tax" on earnings

Google Translate: French President Francois Hollande on the results of the summit said:

"We are approaching an agreement, but there are still a lot of work. It must be to reach a comprehensive and dugovro?nog agreement. It should all end by the end of nedelje.Ne can not be said about the exclusion of Greece from the eurozone. "

Hollande admitted that there would be no third program of financial aid to Athens:

Jun 23 07:52

Europe’s Malpractice of Greece

A modern hospital is equipped with a variety of specialized wards. One of them is the intensive care unit, or ICU. Here go those who are especially sick and in need of the most devoted attention. The existence of the ICU recognizes that illness and operations do not affect all patients in the same way. Some, who are robust, recover quickly. Others who are weaker, or older, or sicker, may require different treatments and more help.

Jun 23 07:04

Sanctions Cost: Europe could stand to lose 100bn Euros

Europe has extended sanctions against Russia over the crisis in Ukraine for another 6 months.

Jun 23 07:03

Make or Break: Greek PM, FM head to Brussels for final deal push

Greece will make a last-ditch attempt to find a deal with its European creditors at an emergency summit of eurozone leaders.

Jun 22 21:50

As Pressure Mounts, Europeans Rally in Streets for Greek Dignity

According to reports, protesters carried banners that read slogans such as, "Our lives do not belong to creditors," and "If Greece were a bank it would have been saved."

Jun 22 21:47

The Rise of the “Non Leftist Left”. The Radical Reconfiguration of Southern European Politics

Over the past decade fundamental changes have taken place in Southern Europe, which have broken with previous political alignments, resulting in the virtual disappearance of traditional leftist ’parties, the decline of trade unions and the emergence of ‘middle class radicalism’.

Jun 22 21:36

At least three killed in Graz, Austria after man drives into crowd before 'stabbing passers-by'

A seven-year-old boy is reportedly among the three people killed in Austria by a man who ploughed his car into crowds in the country’s second-largest city and then reportedly started stabbing people.

Jun 22 20:28

For The First Time Ever, Total ECB Claims On Greek Banks Surpass Total Greek Deposits

Net of the latest ELA increase, when adding some €38 billion in collateralized EFSF bonds and other collateral usage, we find that we have not only reached parity but crossed it: as of this moment Greek deposits, which are generously estimated at €120 billion but in reality are lower, are less than the total ECB claims on Greek banks and the Bank of Greece, amounting to €126 billion. And with that the possibility of a Greek bail-in which could amount to up to 100% of total Greek deposits, becomes all too real.

Jun 22 19:51

Greece Capitulates: Tsipras Crosses "Red Line", Will Accept Bailout Extension

Under pressure from all sides (and most importantly from Mario Draghi who holds the fate of the Greek banking sector in his hands) Greece looks to have folded and is now set to accept an extension of its current bailout program. PM Alexis Tsipras now faces an uphill battle to unite Syriza around what is likely to be an unpopular agreement. If he fails, the country could plunge into political and social turmoil.

Jun 22 19:30

Greece Capitulates: Tsipras Crosses "Red Line", Will Accept Bailout Extension

On the Greek side of the table, Tsipras must convince Syriza party hardliners that concessions are preferable to Grexit and the economic malaise that would come with redenomination. For some on the Left Platform, compromising the party’s electoral mandate is simply not an option and it’s these lawmakers (who just two weeks ago voted to leave the euro and default) that Tsipras will need to sway or else attempt to push an unpopular agreement through parliament a gambit which implicitly assumes that the ensuing political upheaval and voter backlash is preferable to economic collapse. The problem with the latter approach is that it effectively means the troika will have succeeded in using financial leverage to subvert the democratic process, an eventuality that die hard Syriza hardliners are in no mood to suffer.

Jun 22 16:43

Welcome to Sweden - An angry wog talks

Jun 22 14:18

Going on holiday to Greece? Tourists warned to take enough money in case cash machines are switched off in euro crisis

Crisis plans to help British holidaymakers were being drawn up last night as Greece lurched closer to bankruptcy and exit from the eurozone.

As the Government held talks on how Britons will be assisted if they become stranded, tourists were advised to take enough euro notes to cover emergencies in case Greek banks switch off cash machines.

It came as Prime Minister Alexis Tsipras defiantly refused to implement austerity measures needed to unlock emergency funds to avoid a debt default.

Jun 22 13:55

Greece’s exit from eurozone to be failure for all — Luxembourg premier

Greece’s exit from the eurozone will become a failure for all, Luxembourg Prime Minister Xavier Bettel said upon his arrival at an extraordinary summit of euro area leaders on Monday.
The heads of state and governments of the eurozone’s 19 member states are discussing the ways of preventing Greece’s default.
"Today we’ll only discuss and consider the situation again. I hope we’ll be able to move forward on Thursday or Friday [on this issue]," Television Channel Yle quoted the Finnish premier as saying.
Finish Finance Minister Alexander Stubb said earlier on Monday the Greek debt talks might last many days as Greece’s new proposals received last night had not yet been considered by the EU institutions.
The summit of the eurozone leaders and the heads of European institutions convened on Monday is expected to reach compromise on the program of structural reforms for Greece, which is required to ensure a sufficient budget surplus to guarantee its ability to repay outstanding loans.

Jun 22 11:21

US's Ashton Carter calls Putin 'malign influence' in Eastern Europe

Defense Secretary Ashton Carter has called Russian President Vladimir Putin a "malign influence" in Eastern Europe and said the Russian leader's vow to expand Moscow's cache of nuclear missiles was "loose rhetoric."

Jun 22 11:17

EU Extends Economic Sanctions Against Russia Until February 2016

European Union foreign ministers on Monday extended economic sanctions against Russia until January 31, 2016.

Jun 22 11:17

US, NATO Bracing for Long-Term Standoff With Russia Under Putin and Beyond

Instead of building bridges and accepting Russia's stance as having merit, the US and the North Atlantic Alliance have chosen to immerse themselves in shaping up for a lasting showdown with Moscow.

The standoff could last years or even decades, according to the Pentagon chief, who defended the US and NATO's intensified war-games, expanded military presence on the borders with Russia and increasingly belligerent rhetoric.

Jun 22 08:42

Land and sea migration into the European Union

Jun 22 08:34

Be wary of Russia/Greece news

While there is some important data coming out this week, in particular the corporate profits report on Wednesday, the world will be watching the European Union's debate regarding the future of Greece and whether or not politicians are willing to allow Russia to become Greece's ‘Spasitel' (savior).

If this occurs, Russia would gain an immediate advantage in ending future economic sanctions by the EU, as such a vote must be unanimous, and the Greeks would certainly side with their new comrades. One thing is certain, there will be plenty of headlines to bewilder observers and cause additional market volatility.

Jun 22 08:33

‘The People Will Not Be Blackmailed': Thousands March in Athens Against Austerity

Throngs flocked to Athens on Sunday to call on the ruling Syriza party to stand up to international creditors and reject further austerity measures.

In the second mass demonstration this week alone, thousands of protesters chanted “No to the euro” and “The people will not be blackmailed.”

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