WNU Editor: To put it bluntly .... "the shit has hit the fan". Greece may be rejoicing in their vote today .... but the EU, bankers, IMF, other lenders .... their response to such an overwhelming result will "not be kind" .... they are going to cut off the credit lines, banking assistance, and all the other means that Greece's financial institutions need to survive. As I had mentioned in previous posts .... a Greek No will mean very tough times ahead .... and it will last for at least 5 years (if not longer). Is Greece prepared for such austerity .... I doubt it .... but I do know one thing .... the next few years are going to be very tough for the Greek people .... especially for those who are dependent on the government for help. On a side note .... expect the markets to be in chaos Monday morning.
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Sunday, July 5, 2015
My Take On the Greek Referendum
WNU Editor: To put it bluntly .... "the shit has hit the fan". Greece may be rejoicing in their vote today .... but the EU, bankers, IMF, other lenders .... their response to such an overwhelming result will "not be kind" .... they are going to cut off the credit lines, banking assistance, and all the other means that Greece's financial institutions need to survive. As I had mentioned in previous posts .... a Greek No will mean very tough times ahead .... and it will last for at least 5 years (if not longer). Is Greece prepared for such austerity .... I doubt it .... but I do know one thing .... the next few years are going to be very tough for the Greek people .... especially for those who are dependent on the government for help. On a side note .... expect the markets to be in chaos Monday morning.
I think the EU will try and make it as tough for Greece as possible in order to send a message to the other group of PIIGS who are in just as much trouble as Greece and much more dangerous to the EU, should people vote in the other parties that hold similar anti euro sentiment as Tsypras such as LePen from France and the 5 star movement from Italy..
ReplyDeleteIceland defaulted and is coming out of their dark times/Putin is very interested in investing in Greece by running the south stream pipeline into Greece as a main distribution center for Europe and also a navel base smack dab in the middle of NATO territory.
This could get very interesting with Greece holding a lot of leverage over the EU/NATO.
Congratulations Greece!! Its going to be very tough for the next few years. Ironically, I predict a hard shift to the right in order to protect the Greek interests and independence. Expect a more nationalistic foreign and economic policy that primarily considers the Greek self interest. I believe the trend in the West towards devolution has begun in Greece. As for Greece specifically, I say back the drachma with gold and become the banking center that Switzerland used to be. Bridging the Western and Eastern world. That's how you can really stick it to the Banksters!
ReplyDeleteWNU,
ReplyDeleteThis is a little long, but it does talk about the political dimension to all of this that I have been harping on.
http://charlescrawford.biz/2015/07/05/greece-referendum-now-what/
PS. The Chinese government has made some moves overnight, but will it be enough? Is their crises connected to Greece, or does it live on it's own?