EU warns of economic damage if Greece summit fails
Reuters EU leaders must find a convincing solution to Greece's debt crisis at a summit on Thursday or the global economy will pay the price, the head of the European Commission said in an unusually sombre warning. Jose Manuel Barroso delivered the message as officials of the 17-nation currency area and bankers struggled to pin down a package of measures to persuade markets Greece can be saved from default and the rest of the euro zone from contagion.
The fact of the matter is Greece will fail. This isn't me being pessimistic this is me being realistic. No matter what the EU does it will only delay the crash in Greece. After Greece crashes the Euro, Dollar and Pound will fail. It is inevitable. The only question is when this will happen. My best bet is soon. Very soon.
"Nobody should be under any illusion: the situation is very serious. It requires a response, otherwise the negative consequences will be felt in all corners of Europe and beyond," Barroso told a news conference.
He said the elements of a solution must include: measures to ensure the sustainability of Greek public finances, private sector involvement in funding for Athens, more flexible use of the euro zone's EFSF bailout fund, repair of the region's banking system and liquidity to keep the economy going.
The thing is the EU knows they are just delaying the crash and we here all know that serious situations like this are often downplayed in order to stem public panic. This article in my opinion genuinely warns of an imminent crash. Its not like they are going to say 'We are delaying the inevitable crash but overall we are .. screwed'
That would cause pandemonium and bring about the crash a lot quicker. There are a lot of powerful and rich entities preparing for this global crash so time is of the essence. Of course there is still a lot of talk of conspiracy to orchestrate and execute this global meltdown for the intentions of bringing about a one world government.
Might be the time to finally start stocking up on non perishable food and water..
Reuters
Love reading some of the articles this morning (AEST):
Investors are hoarding gold and cash as a perfect storm brews in global equities and credit markets.
Volatile equity markets coupled with the growing risk of sovereign bond default are sparking a rush to defensive assets, fund managers and investment strategists said, with little sign of sanctuary seen in any major global economy.
Funds run for cover from perfect storm
Germany is criticised for blocking “scope for more flexible action through the European Financial Stability Facility”. France is to blame holding up "repair of the banking sector" and the ECB for failing "to ensure the provision of liquidity to our banking system".
But despite the intervention, diplomats and officials have remained pessimistic about the outcome of the summit. “It feels like another fudge is being cooked up. Nothing learned, nothing ventured, nothing gained,” said an official.
One diplomat close to talks suggested that the euro could face “its splat moment”.
“There is a sense of crisis but the panic is leading to paralysis. Eurozone leaders are like a rabbit caught in the headlights and the truck is rocketing towards them,” he said.
Euro could face its 'splat moment' as Jose Manuel Barroso breaks cover
The sense of urgency in the news today is very apparent. Here's hoping the summit the pulls a rabbit or two out of a hat.
Withdarwing your money won't protect it. Doesn't matter if it is in a bank or held in cash. When inflation bites, you still will only be able to buy nothing with it.
Metal is the only protector against it.
The G to S ratio is now less than 40.
Expect things to pick up pace!
Well, problem is, schools are being manipulated as well, school loans NEVER go away in the USA, you can NOT wipe them out in bankruptcy; thus, I cant take out a loan because I'd never be able to pay it back because....there are no jobs, every market it flooded, wife applied for a .......basic payroll accounting job 18 months ago with the county...BASIC payroll were talking here..Also dont pay your loans you get raided
600 people showed up and 3/4 were with bachelors or higher ~!
by the police with a search warrant... and papers.. also they can charge more than u even got.. or claim you owe more
I grow my own veg and *wink* greens, bring on the hard times Im ready
I can never understand people who really believe if the SHTF they will be fine. There is now a huge brigade of people who grow their own food. This whole crap of me and my family will be fine. To hell with everyone else. People like this never really think things through. If you are the only person for miles around with your own supply of food what exactly you think is going to happen when everything turns to hell? You will need a small army to protect your food because that is what will be coming to take if from you.
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