Greece vs banksters: will peoples' Syriza party precipitate default, Euro exit, global crash?
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Debate: Greek economy The Debate - Press TV - Mon29Dec2014 Greece is going to hold snap elections on January 25 after parliament failed to elect a new president. Meanwhile, the International Monetary Fund (IMF) has suspended its financial aid to Greece until the formation of a new government in the debt-ridden country. Polls show that the radical leftist party, Syriza, will most probably win the elections. Syriza is a fierce opponent of Greece’s bailout deal with the IMF and eurozone countries, and has vowed to reconsider the austerity measures that have caused mounting dissatisfaction in the country. In this edition of The Debate, Press TV has conducted an interview with Tony Gosling, investigative journalist from Bristol, and Brent Budowsky, columnist at The Hill from Washington, to further discuss developments in Greece. http://www.presstv.ir/detail/2014/12/29/392371/greek-economy/ The second coming of the radical left Issue: 135 Posted: 28 June 12 Alex Callinicos Crunch-time for the eurozone? Nearly five years after it started, the global economic and financial crisis shows no signs of resolving itself. On the contrary, in Europe it is taking a more virulent form, as the eurozone inches towards some kind of moment of truth. The slow motion catastrophe in Europe threatens to kill off the chronically weak recovery in the US. This is part of a global levelling down process, as the Chinese economy, which has since 2009 provided the main motor of revival, itself runs out of steam. The Financial Times reported in mid-June: The FT/Brookings Tiger index [which is supposed to track the global economic recovery] showed world growth stalling after an initial rapid recovery from the 2008-09 economic crisis. Growth in the US was slowing, much of Europe is in recession, China’s growth outlook has weakened, the reform processes in India have stalled and other large emerging economies have slowed dramatically. Prof [Eswar] Prasad [of Brookings] said: “The engines of world growth are running out of steam while the trailing wagons are going off the rails. Emerging market economies are facing sharp slowdowns in growth while many advanced economies slip into recession”.1 One can analyse what’s happening at three levels. The first and most immediate centres on Greece. Here politics is in command: will the popular revolt against the parties supporting the Memorandum of Understanding between the Greek state and its people’s tormentors (the troika of the European Central Bank [ECB], the European Commission and the International Monetary Fund [IMF]) precipitate Greece into jumping or being pushed out of the eurozone? Most commentators agree the success of New Democracy, the main party of the Greek right, in squeaking narrowly ahead of Syriza (the Coalition of the Radical Left) in the general election of 17 June has merely bought a little time. The economist Nouriel Roubini tweeted that night: “In 6-12 months ND-Pasok gov will fall as economy will fall into a depression. Then new elections will lead Syriza to win & Grexit to occur”.2 Much more on the politics below; the economics of the Greek agony is mainly about the impact of a “Grexit” and whether it would spread contagion to other vulnerable members of the eurozone: at present Spain is most in the firing line. This takes us to the second level of analysis. The eurozone crisis is the specific European form taken by the bursting of the financial bubble that gripped advanced capitalism in the middle of the last decade. What this involved was a great surge in bank lending, which financed a series of speculative booms, often centred on the property market. A recent analysis by the Financial Times’s Alphaville blog called “The Rise and Fall of European Banking” cites a Citibank study showing how European banks led the surge in cross-border lending (largely in this case within the European Union itself) in the last decade: Global bank assets increased c160 percent from 2002 to 2008. Over this period, EU banks’ global assets increased c190 percent, with France leading the way (+250 percent). Several EU bank systems’ global assets, including France, the UK, Sweden, Greece, Ireland, Denmark and Netherlands, increased over 200 percent over this period.3 But this process has, since the 2008 crash, gone into reverse. To quote Citibank again: “Europe ex UK is the exception to the post 2009 international bounce back theme. Naturally more exposed to the second leg of the global financial crisis—the euro sovereign and banking crisis—European ex UK banks have reduced their overseas exposures in the past year, three and five years.” While US, British and Japanese banks have held on to their shares of global banking assets, those in continental Europe have seen their share fall.... http://www.isj.org.uk/?id=819
Comments
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THIS IS THE BANKSTER'S GREATEST FEAR -- Harley Schlanger
https://www.youtube.com/watch?v=dwGC2is1DGw -
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I just don't see how Greece can pay its way out of trouble no matter what plans the polititians come up with, There is one plan that might work and would shock the whole world and banking system to its core,,,, if the people supported it ,,, they don't seem to have anything to loose, So Do What President Abraham Lincoln did at the time of the American civil war... He needed money and went to the banks for a loan,,,, the interest was going to be 25 /26 % He said thank you,,,,, but no Keep your money ,, I will not enslave every man woman and child for many generations to come into crippling taxation to pay back the loan and interest,,,,,,, and thats how the Green back Dollar bill came into being, Lincoln printed his own Dollar bills,,, He printed his own government money, and declared it legal tender and providing everyone accepted it as legal tender then everyone could trade with it,,,, so in other words the government controls the money supply and not the banks,,, the government incurs no interest,,,, if the people could make it work Greece would be making a stand against the banking system and do the whole world a huge favor ,,,,pass the idea on
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as the scarecrow thougt correct in the story by L,BAUM
THE WIZARD OF OZ
I SINCERELY BELIEF THAT BANKING INSTITUTIONS ARE MORE DANGEROUS TO OUR LIBERTYS THAN STANDING ARMYS ,THE ISSUING POWER SHOULD BE TAKEN AWAY FROM THE BANKS Wto IMF ECB FED AND RESTAURED TO THE PEOPLE THO WHO IT PROPERLY BELONGS THOMAS JEFFERSON A LONG TIME AGO
a political system created by unelected on contnues debt with a central bank that costs 2000 milion euros ,while it takes austarety mesures on its own people,and we cant vote them away,what a great system for the banks that rules our lives and pushes even our unborn children to take resposabilety for this money created out of thin air,
the EUro is far worse than a banana republic with all those deshonest rules and hunger for more money power and control..and it is not becouse there is no money they print it anyway so who is getting al those zeros if it cant go to education healthcare forain aid and other needs for the planet,the banks are running it all. its not a lifestream its a moneyscam redpll or greenpill everybody has the right on this planet to live no matter what race. we are all homo sapiens , todays biggest rasism is not beeing christian muslim jew or wathever origin. the differences is only created to make more money and weapons to draw those lines of differences clear .its financial racism ether poor or very very rich.the banks will get the juice anyway out off 90 percent of people and split the cake on 10percent and there s so much to share of even greater values than a number on a banknote,remember that the universal power of mother natures awarnes will never fit in a cooperative box,and when its obligated by humanety it gets angry it will wipe away the sick piece i bet my balls on it that man kind will draw the shortest end if we keep ignorent to the deep origin off all our troubles so who are all those highly schoold political class imbicyles that we as people allow to go ahead so bankers can create papernotes out of 0 which is criminal
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -
greek drachma has to be the longest drumroll in the history of drumming
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i think this is insanity. the Greeks borrow money that they cant pay back and now they say that the Germans must forgive them. I say the Greeks need to pay back the money. no if ands or buts. a whole country cant just walk away without any reprisal. that would make an unstable and liquid market.
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Greek is where Democracy began so let's hope Greece can show the world how to drive out the Oligarch-kleptocracy that run the West exploiting citizens with no mercy and give opportunity for all people to make a fair living or this will only lead to anarchy.
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American Syriza - http://taxwallstreetparty.org/program
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Freedoms a coming g .just like spring
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The Nazi and her puppets gave the Greek leaders four weeks grace for licking their asses and agreeing on condition the new leftist government provide firm commitments next week on budget cuts and reforms. So these Greek tough guys sold their supporters and their country out for four weeks. I suspect it will be four weeks in hell while the Nazi laughs her ass off. You poor gutless fools. You cowards die a thousands deaths while Muslims die once and get 72 virgins. No wonder the little girls in England left. They'd rather be in the arms of goat herders.
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EUro as $ is inifinite money debt putting people in slavery..
so it's normal that people dont' want to be slave anymore -
Syriza can't back down. If they do then it just shows that the people of Greece have no democratic voice and are ruled by Germany. If you think that Greece has seen rioting since their bale-out then you ain't seen nothing yet if Syriza bottle it.
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Europe is only digging its own grave so far.... Because if Greece is forced to exit the euro and defaults 300 billion euros in loans to other European countries the money becomes smoke.... If they continue lending Greece at the current rate Europe keeps its banks fed (because Greece repays older loans with the new loans) but the debt in whole is just getting larger and larger by the day only to become a bigger "bomb" down the road.... I think the Greek government that was newly elected says the wisest of all: restructure the debt as much as it takes to become sustainable. No default - no more crazy loans - problem solved for the long-run.
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This is the best video i have ever listened to, i hope that the people of Greece will kick the banksters in the back,
and refuse this stupid austerity. These banks have been lending out money as if there is no tomorrow, and by the way,
they create these loans out of thin air, and that is called counterfitting, which means they are criminal institutions.
We must all support the people in Greece in this difficult time. I am sick and tired of the ECB, the Troika and the
IMF. These institutions do not serve the people. -
German doesn't give a shit if Greek people starve. They want your fucking money.
They will, once again, strip people of their gold teeth, hair , hidden heirlooms and label you all as an underclass.
It is economic fascism -
Greece, please keep strong and tell Troika and Merkel to fuck off
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Great video. Thanks so much----very informative and clear about the danger of austerity and inequality.
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BRAVO ...To the speakers !! Very insight to the Greek problem ......Thanks!!
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The EU is on the brink of failure. I smell war, the bulk of Europe against Germany ......................... again. Perhaps Germany will cease to exist after round three. Third time lucky they say.
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its no secret that when nations do not follow the plan of the imf and world bank an all out economic war is assaulted until the people bend to the banks.
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