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Europe
UK draws up contingency plan as Bank of Greece warns of 'uncontrollable crisis' - live updates
2015-06-17
Posted by:DarthVader

#7  The UK + Bank of Europe, etc. are NOT exactly in the black themselves.
Posted by: JosephMendiola   2015-06-17 19:58  

#6  Hey Greece, Borrowing might be a little tricky now.
So you're going to have to fund those "pensions" via tax, and all the taxes the left likes harm the economy which will mean less tax.
Whoops.
Posted by: Bright Pebbles   2015-06-17 17:47  

#5  Whoops - here are excerpts from the above report:
All the evidence we present in this report shows that Greece not only does not have the ability to pay this debt, but also should not pay this debt first and foremost because the debt emerging from the Troika’s arrangements is a direct infringement on the fundamental human rights of the residents of Greece. Hence, we came to the conclusion that Greece should not pay this debt because it is illegal, illegitimate, and odious... As far as unsustainable debt is concerned, every state is legally entitled to invoke necessity in exceptional situations in order to safeguard those essential interests threatened by a grave and imminent peril. In such a situation, the State may be dispensed from the fulfilment of those international obligations that augment the peril, as is the case with outstanding loan contracts. Finally, states have the right to declare themselves unilaterally insolvent where the servicing of their debt is unsustainable, in which case they commit no wrongful act and hence bear no liability.

People’s dignity is worth more than illegal, illegitimate, odious and unsustainable debt...Having concluded a preliminary investigation, the Committee considers that Greece has been and still is the victim of an attack premeditated and organized by the International Monetary Fund, the European Central Bank, and the European Commission. This violent, illegal, and immoral mission aimed exclusively at shifting private debt onto the public sector.
Posted by: Anguper Hupomosing9418    2015-06-17 14:19  

#4  The "Debt Truth" committee of the Greek parliament just threw down a gauntlet:
Posted by: Anguper Hupomosing9418    2015-06-17 14:16  

#3  Always have a contingency plan when you have done nothing else but extend and pretend.
Posted by: Anguper Hupomosing9418    2015-06-17 14:10  

#2  Germans getting a little tired of paying the pensions for Greeks who retire at 55? Can't say as I blame them. Maybe the Greeds will have to do some actual work for a change.
Posted by: Ebbang Uluque6305   2015-06-17 11:58  

#1  This does have the potential to be the first domino to fall in a global economic upheaval. Hopefully it is just contained to southern Europe. The world cannot handle another rescission in our current depression.
Posted by: DarthVader   2015-06-17 10:09  

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