EUROPE | WHAT REALLY HAPPENED


EUROPE

Jun 30 12:43

Greece willing to call off referendum in exchange for loan deal: Reuters, citing sources

The government today tabled a new proposal asking 2-year program covering the needs of chrimatodtotikes #ert country
Meaning now have choices and actions will open good prospects for the country and Europe #ert
To find a solution we must recognize the reality
The program failed and was stagnant since last August . Today ends minutes
The Greece is seeking a solution that will not constitute a submission but will not disclaims the country responsibilities
The government seeks a new financing program for 2 years
We need a new design for its debt so that it becomes viable
Last Monday Greece submitted a proposal to its Institutions considered a good basis for discussion
The next day , the same proposal was cast in " bucket " , there has been the engagement
We seek to stabilize the economy and the start of the development process
After five years of recession and austerity we can not talk about reducing salaries and pensions as far as exit from the crisis

Webmaster's Commentary: 

The story does not support the Reuter's headline

Jun 30 12:05

On Greece and Europe: What is Called “Negotiation” is a Demand for Total Surrender

What is called “negotiation” is in reality a demand for total surrender. The Troika’s demand is to force Syriza to go back on the campaign promises that it made to voters who replaced the old right-wing Pasok (“socialist”) and Conservative New Democracy coalition, or else simply apply the austerity program to which that coalition had agreed:cutbacks in pensions, deeper austerity, more privatization selloffs, and a tax shift off business onto labor. In short, economic suicide.

Jun 30 12:04

‘New demands on Iran – deliberate stumbling blocks’

All sort of things in these negotiations are going on behind the scenes, not only between the P5+1 and Iran but between the Western allies as well.

Additional demands on Iran at the nuclear talks put forward by France are basically impossible to fulfill; it’s unlikely that they were made without the full knowledge and approval of the US, says political commentator Soraya Sepahpour-Ulrich.

Jun 30 12:01

Russia: Tit for Tat – Israel Shamir.

Summing it up, President Putin speaks softly. If he carries a big stick, he does not flash it around.

Hail, fire and brimstone, new sanctions or the US tanks on its borders, Russia takes things in stride. President Putin could adopt the motto of William of Orange: saevis tranquillus in undis, calm amidst the tempest.

Jun 30 11:30

Europe Will Soon Impose Border Controls

Europe is imposing capital controls… next up will be border controls.

Why border controls? Well in truth, it was all about the money… specifically, physical cash. As we’ve noted before… with the vast majority of the global financial system based on digital money… the minute a significant number of depositors try to move their money OUT of a bank and INTO physical cash, the whole system can collapse.

Webmaster's Commentary: 

Watch for the same thing to happen here, ultimately, as a method of stemming financial contagion, if things get too bad financially.

Jun 30 10:36

'No to Austerity': Tens of Thousands Back Syriza at Rally in Athens

Tens of thousands gathered in Athens on Monday night, adding their voices to the ranks of the Syriza government officials and international observers who are urging Greek citizens to act boldly and reject the terms of an aid deal offered by Greece's austerity-loving international creditors.

Webmaster's Commentary: 
Jun 30 10:35

Europe’s Attack on Greek Democracy

The rising crescendo of bickering and acrimony within Europe might seem to outsiders to be the inevitable result of the bitter endgame playing out between Greece and its creditors. In fact, European leaders are finally beginning to reveal the true nature of the ongoing debt dispute, and the answer is not pleasant: it is about power and democracy much more than money and economics.

Jun 30 10:32

Greek Deputy Minister of Defence: there is no panic about banks closing

The Deputy Head of Greece Ministry of Defence, co-chairman Russian-Greece intergovernmental commission Kostas Isikhos told that there was no panic in Greece in connection with bank closings on a week.
According to him, despite temporary banks closing, all clients have an access to their accounts, cash machines, but money limitation is 60 euro a day.
Such measures were taken in order to protect Greek banks and freeze an outflow of funds.
Country`s Ministry of Finance informed on Tuesday, that around one thousand banks all over Greece would be opened since July 1 on three days for retirees who don’t have bank cards.

Jun 30 10:26

Saab signs deal worth billions for Swedish subs

A deal between Swedish defence giant Saab and Sweden's military for two submarines worth 8.6 billion kronor ($1.04 billion) is set to boost jobs in the Nordic country, chief executive Håkan Buskhe said on Tuesday.

Jun 30 10:24

‘Britain to send fence to France to block migrants’

Britain is reportedly set to build a 2-mile fence at the Channel Tunnel to stop migrants from boarding UK-bound trains.

Home Secretary Theresa May has said she wanted to send a “very clear message” that people will not be able to get through to the UK through this, the Daily Mail reported.

She said, “We are working very closely with the French authorities on this issue. We have been doing a number of things to increase security around the port.

“We are making a number of changes at Calais to increase security, we're also going to be putting some extra security fencing at Coquelle at the entrance to the Tunnel.”

The report says migrants have been trying to hide in vehicles waiting to board Channel Tunnel services at Coquelles and at the ferry port of Calais.

Webmaster's Commentary: 

Translation of this message, from the UK and France, to desperate immigrants: "Kill your children first, then yourselves next: we will incinerate your bones and use them for soil enrichment!"*

*Due to the recent bovine spongiform encephalopathy (BSE) crisis in the European beef industry, the use of animal-derived products to feed cattle is now severely restricted. Large quantities of waste animal meat and bone meal (MBM), also known as animal flour, have to be safely disposed of or transformed. One disposal option is pyrolysis. Vacuum pyrolysis of an animal flour sample has been performed in a laboratory reactor. The results obtained revealed that vacuum pyrolysis can be an attractive alternative to incineration and cement kilns. The process generated a combustible gas (15.1 wt %), a high calorific value oil (35.1 wt %), a solid residue rich in minerals (39.1 wt %), and an aqueous phase rich in organics (10.7 wt %). The gas and the aqueous phase can be used to provide heat to the vacuum pyrolysis reactor and the MBM drying unit. The oil can be used alone or mixed with petroleum products as a fuel in boilers or gas turbines. Conversion of animal waste by pyrolysis into fuels can contribute to the reduction of greenhouse gases. It is suggested to use the solid residue for agricultural soil enrichment in minerals and as a soil moisturizer.

To the leadership of the UK and France; some of these people cannot possibly go home, because they will be tortured and killed; others are trying to escape crushing poverty and corrupt governments at home.

And THIS policy is your most "compassionate answer" to their pain?!?

Please think again, leadership of the UK and France: you can do better than this.

Jun 30 10:02

Athens has plan B if EU refuses to finance Greece

Athens has "plan B" in case the EU does not resume its financial aid to Greece, Energy Minister Panagiotis Lafazanis said in an interview with the Rossiya 24 TV channel.
"I think that at the referendum Greeks will say their "no" to the blackmail Europe is now applying to us. After that the banks will re-open and everything will be fine. If our people say their definite "no" to this blackmail, but Europe does not change its attitude and does not resume financing, we have "plan B". The lack of money from the EU is not the end. There are other sources as well," Lafazanis says.
He refused to disclose any details of the plan. He said he hopes that that the solution will be found.

Jun 30 09:47

NATO Member Turkey Breaks Ranks: Slams EU Austerity, Offers Greek Aid

While perhaps not on the scale of China or Russia assistance, Turkey has thrown its hat into the Troika-Greece farce by offering financial assistance to its embattled neighbor. As ekthimerini reports, "We are ready to help Greece survive its economic crisis with cooperation in tourism, energy, trade," Turkish Prime Minister Ahmet Davutoglu said and Turkey's left-wing parties showed solidarity by adding, "we believe that apart from imposing austerity policies on peoples of Europe, there can be more reasonable agreements." While no aid has been asked fro Turkey says it is ready to evaluate options.

Jun 30 09:46

Varoufakis threatens EU with court as Greek default looms

Greece may take EU institutions to court to stop its creditors from pushing the country out of the eurozone. Athens' bailout expires Tuesday and a default could mean it is exiled by Brussels.

Jun 30 09:40

Greece Over the Brink

It has been obvious for some time that the creation of the euro was a terrible mistake. Europe never had the preconditions for a successful single currency — above all, the kind of fiscal and banking union that, for example, ensures that when a housing bubble in Florida bursts, Washington automatically protects seniors against any threat to their medical care or their bank deposits.

Jun 30 09:31

Greece Asks For 2-Year Bailout From ESM, Merkel Promptly Shoots It Down

Update 2: The Greferendum cancellation calls have begun and Greece has now effectively applied for a DIP loan.

GREECE MUST CANCEL REFERENDUM TO ALLOW PROPOSAL AIRING: GABRIEL
GABRIEL: GREEK TALKS CAN RESUME QUICKLY IF REFERENDUM KILLED
GREECE REQUESTS LOAN EXCLUSIVELY FOR MEETING DEBT PAYMENTS: DOC
GREECE REQUESTS BAILOUT EXTENSION TO AVERT DEFAULT: DOCUMENT

Jun 30 09:22

Greece’s Downfall and Redemption

What the Greek people can turn to is a realistic and altogether more democratic and humane option – of demanding their country slash its monstrous military spend.

Decades of exorbitant military spending account for Greece’s present downfall under an Olympian-sized debt. European governments and news media portray the problem of Greece’s financial woes as public spending profligacy.

Jun 30 08:25

Will Greece Stem the Tide of Default?

Jun 30 08:16

Greek debt crisis - live updates

The head of the European Commission has made a last-ditch proposal to try to save Greece from default. The Greek premier is reported to be considering the offer.

Jun 30 07:49

A gang of wolves comes for Greece

The election of an anti-austerity Syriza government in Greece signalled trouble for the powers-that-be in the European Union. Principally Germany which has no interest in rethinking how the EU operates, since it serves German interests so well, but also the most powerful European institution: the European Central Bank (ECB).

As of Saturday, June 27, it is clear what Syriza was up against. As Greek Finance Minister Yanis Varoufakis explained, the Eurogroup (finance ministers from the 19 countries that use the euro -- collectively, the Eurozone) was never prepared to discuss the anti-austerity proposals put forward by Syriza and provide debt relief for Greece.

Jun 30 07:47

Greece asks for new 2yr bailout program

The Greek government has asked for a new bailout program from the European Stability Mechanism (ESM), that’ll cover all the country’s financial needs for the next two years, according to the government statement.

The request also includes a restructuring plan for Greek debt to the European Financial Stability Facility, that accounts for about 63 percent of the Greece's total debt.

Jun 30 06:40

16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

Stock prices are crashing in China, in Europe and in the United States. Greece is on the verge of a historic default, and now Puerto Rico and Ukraine are both threatening to default on their debts if they do not receive concessions from their creditors. Not since the financial crisis of 2008 has so much financial chaos been unleashed all at once. Could it be possible that the great financial crisis of 2015 has begun? The following are 16 facts about the tremendous financial devastation that is happening all over the world right now…

Jun 30 04:38

Greeks to say 'no' to Europe at referendum - expert

European Commissioner Guenther Oettinger told German publication Handelsblatt that the decision about the referendum was unfriendly. Is there a cold war brewing between the European Union and Greece?
Pravda.Ru asked this question to Drector of the Greek Cultural Center, Theodora Giannitsi.
"This is a natural result of the impasse process of negotiations - the period that lasts for five years. This is maybe the time, when it is peoples that stand responsible for their actions, for their leaders' actions, as well as for the future of the so-called Europe," she told Pravda.Ru.
We asked the expert what would be the results of the negotiations. The Greek people are tired, she replied. The expert believes tat the Greek people will say no to the conditions that the European Union has been imposing on Greece for the last five years.

Jun 30 03:55

Markets Crash on Greece

Jun 30 03:24

White House Says It Expects Greece To Keep Commitments

Webmaster addition: This is how the financial firms that sold credit default swaps against Greece's debt plan to avoid having to pay for them, by saying there is no default because Greece will pay back the money ... eventually ... somewhere down the road ... next century ... maybe ...

Jun 30 02:27

US to work together with EU to prevent Grexit

US will work together with its European colleagues to prevent Greece’s default and exit from the euro zone, the White House press service said on Monday after talks between US President Barack Obama, French President Francois Hollande and UK Prime Minister David Cameron.
The leaders said their economic teams were in close contact and were monitoring developments in Greece and financial markets, the White House said.

Jun 30 02:26

Greece threatens to sue EU institutions to block country’s expulsion from euro zone

Greece may seek a court injunction against the EU institutions to block the country’s expulsion from the euro zone and stop suffocation of the Greek banking system by the European Central Bank, Greek Finance Minister Yanis Varoufakis said on Monday.
"The Greek government will make use of all out legal rights," the Daily Telegraph cited Varoufakis as saying. "We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for euro exit and we refuse to accept it. Our membership is not negotiable," the finance minister said.

Jun 30 02:25

Europe blackmailing Greece, says minister in Athens

"The country has lived under the toughest imaginable pressure from European institutes in the past five months," he said. "They’re forcing us to do the things they’d like us to do."
"This unprecedented blackmail put us in the face of a choice, namely, either we accept what they recommend and what will put Greece to its knees and will destroy the remainders of our economy and society, or else we pull out of the euro area," said Lafazanis, one of the leaders of the ruling Coalition of the Radical Left.
"But we didn’t accept this blackmail and told them we must ask our people whether or not it accepts blackmailing," he said. "Hence we needed a referendum."

Jun 29 22:04

Group behind intercepted Gaza flotilla accuses Israel of 'piracy'

Organizers of a Gaza-bound flotilla that was intercepted by the Israeli navy complained Monday that they were victims of an act of piracy, while Israeli officials denounced the pro-Palestinian campaign as hypocritical and unnecessary.

Jun 29 19:52

Beggar Thy Neighbor? Greece's Battered Banks Beget Balkan Jitters

"Millions of people in ex-Communist Bulgaria, Macedonia, Albania, Serbia and Romania have deposits in banks owned by Greek lenders, putting this corner of south-eastern Europe in the frontline if there is contagion from the Greek crisis."

Jun 29 19:48

The Mood On The Ground In Greece: "Some Have Raised The Prospect Of Civil War"

"There have been some people that worry that the military may actually get involved. It wouldn't surprise me - there are some people in Greece that have raised the whole prospect of potential civil war."

Jun 29 19:11

Greece Crisis – How Safe Is YOUR Bank Account? Michael Rivero - June 29, 2015

Jun 29 18:40

16 Facts About The Tremendous Financial Devastation That We Are Seeing All Over The World

As we enter the second half of 2015, financial panic has gripped most of the globe. Stock prices are crashing in China, in Europe and in the United States. Greece is on the verge of a historic default, and now Puerto Rico and Ukraine are both threatening to default on their debts if they do not receive concessions from their creditors.

Jun 29 16:10

The Troika Intends to Suffocate Greece. Threaten an “Uncontrollable Crisis”…

The Central Bank of Greece surprised everyone with the publication of their monetary politics for 2014-2015. Besides revealing the consequences of the economic suffocation imposed by Brussels, it concluded that in case of not getting to a prompt deal with its European partners, a crisis of great proportions will be detonated.

“A crisis with a manageable debt as we are currently facing with the help of our partners will transform into an uncontrollable crisis, with great risk for the banking system and for the financial stability”, it quoted[1]. It was the first time this institution seriously contemplated Greece’s separation from the Eurozone.

Jun 29 15:59

Less Than 24 Hours In, Panic Hoarding Begins…

For those wondering how long they have after a full financial collapse before the shelves are empty at the grocery stores, it appears the answer is under 24 hours, as the focus has shifted in Greece from bank and ATM runs to bread and milk runs…

Jun 29 15:46

Default countdown? European banks lose €50bn as Greek debt deadline nears

The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.

The Stoxx 600 Banks Index fell by 4.4 percent, the biggest daily decline since November 2011, Bloomberg reports. Among the biggest losers is Portugues Banco Comercial down 9.1 percent, and Italy’s Banca Monte dei Paschi di Siena which slumped 7.2 percent. Spain’s Banco Popular Espanol has lost 6.5 percent and Banco de Sabadell was down 5.4 percent.

Jun 29 15:33

GREECE MAY BE The NEXT LEHMAN BROTHERS

Jun 29 13:46

Joke of the Day: NATO to Beat Russian Propaganda With 'Facts'

Says NATO’s political head Jens Stoltenberg

Meanwhile EU is to promoto “European values” in the post-Soviet space which actually means:

funding pro-EU NGOs and media
training journalists
influencing national media regulators (censors)

Jun 29 13:42

Iceland hands corrupt bankers prison sentences of up to four years and six months

Six defendants in the Kaupþing market manipulation case, the biggest case of this type in Iceland’s history, have been handed prison sentences ranging from one year to four years and six months.

Jun 29 13:38

Breathtaking German hypocrisy: Germany owes Greece 11 billion euros in unpaid loans

This little fact changes everything.

In 1943, Germany forced the Bank of Greece to lend it two loans worth 11 billion euros in today’s money.

And Germany has still not paid back the debt.

Jun 29 13:34

IMF has made €2.5 billion profit out of Greece loans

In April this year, figures released by the Jubilee Debt Campaign show that the IMF has made €2.5 billion of profit out of its loans to Greece since 2010. If Greece does repay the IMF in full this will rise to €4.3 billion by 2024.

Jun 29 13:21

A New Mode of Warfare - The Greek Debt Crisis and Crashing Markets

Eurozone financial strategists made it clear that they wanted to make an example of Syriza as a warning to Spain’s Potemos party, and anti-euro parties in Italy and France. The message was supposed to have been, “Avoid our austerity and we will cause chaos. Look at Greece.”

Jun 29 13:18

Just As You Suspected, Mega-Corporations Dominate EU Lobbying

The latest analytical report from Transparency International has revealed that the majority of lobbying meetings involving the European Commissioners and their staff were actually held with corporate managers. The EU declares the number of lobbying meetings it has approximately every six months.

Jun 29 12:48

7 photos that sum up what it looks like in Greece today

Here’s what it looks like in Greece today, after a weekend in which the government walked away from negotiations with creditors and declared a referendum on debt-holder demands for this Sunday: Banks are closed, and there are lines outside ATMs, where withdrawals from a Greek account are limited to just 60 euros.

That’s if there is still money in the ATM.

Jun 29 12:36

Anger Aimed at Troika's Ruthless Neoliberalism as Greece Exit Looms

With banks shuttered, capital controls in place, and democracy under threat, the world's eyes turn toward what the Greek people will decide.

Jun 29 12:32

Europe's richest countries (adjusted to cost of living)

Webmaster's Commentary: 

Latest victim of a US overthrow Ukraine is, of course, at the bottom of the list!

Jun 29 12:20

Russia: Tit for Tat

Hail, fire and brimstone, new sanctions or the US tanks on its borders, Russia takes things in stride. President Putin could adopt the motto of William of Orange: saevis tranquillus in undis, calm amidst the tempest. The tempest is all around. American tanks moved into the Baltic states. American warships sail up the Black sea. The EU sanctions against Russia were extended for another six months. Russian assets were seized in France and Belgium.

Jun 29 10:13

Greek banks will stay CLOSED tomorrow as British tourists are warned cash machines will become 'limited at short notice'

Greek banks and the country's stock exchange will not open tomorrow as the country enters the 'dark hour' of trying to rescue its stricken economy.

The Foreign Office warned today warned British holidaymakers that credit card machines and ATMs in Greece could become 'limited at short notice' and urged people to prepare for 'emergencies, unforeseen circumstances and any unexpected delays'.

With Tuesday's deadline for Greece to repay more than £1billion of its debts looming, the country is on the brink of leaving the single currency.

Jun 29 10:13

A Grexit would be disastrous and could signal disintegration of euro

Whatever the outcome of the weekend crisis meetings on Greece it has been another dreadful week for the European Union. Greece could fall out of the common currency even before the referendum planned for next Sunday and financial markets are set for a turbulent opening tomorrow. Seven years into the crisis this kind of thing simply should not be happening. There must be senior politicians in France and Germany, the principal architects of the common currency, beginning to wonder if the game is worth the candle.

Jun 29 10:08

We Are All Greeks! Europe Only Has a Future With the New Silk Road

It's not Greece which has failed, but rather Chancellor Merkel, Finance Minister Schäuble, the EU Commission, the European Central Bank, and the IMF. Why should the Greek government stick with the austerity measures demanded by the EU, which have already reduced the Greek economy by a third, lowered the birth rate, raised the death rate, and increased youth unemployment to 65%? A policy that even the IMF had to admit was completely incompetent, and that the UN expert on debt and human rights condemned as a clear violation of human rights? Greek Prime Minister Alexis Tsipras's decision not to capitulate to the "shock and awe" method of the Eurogroup's Shylocks is not only correct, but offers the chance for all of Europe to break with the insanity of the casino economy, which only serves the interests of the banks and speculators—provided however, that Germany and other countries find the courage to mobilize Europe's moral and intellectual strengths.

Jun 29 10:05

European Banks drop $56 Billion, socialist Greece poised to exit EU

European banks lost more than 50 billiion Euros ($56 billion US) as Greece shut its banks and imposed capital controls to attempt to prevent the collapse of its financial system.

Stoxx 600 Banks Index fell 4.4%, its largest dip since Novemeber 2011, with all 446 members declining.

Jun 29 10:02

Merkel says open to talks with Greece after referendum

German Chancellor Angela Merkel played down prospects of a breakthrough with Greece in the coming days, but said she stood ready to restart talks with the government in Athens after a planned referendum on Sunday.

Jun 29 09:28

EU to counter Russian propaganda by promoting 'European values'

The European Union aims to counter Russian propaganda by boosting support for independent media in “eastern neighbourhood” countries and increasing awareness of “disinformation activities by external actors”, according to a strategic communications action plan seen by RFE/RL.

Jun 29 08:47

Merkel Warns of Europe's Collapse: 'If Euro Fails, So Will the Idea of European Union'

In a dramatic appeal for Europeans to come together to address the common currency crisis, Chancellor Angela Merkel warned Thursday that if the euro collapses, so will the idea of European unity. She also described the current euro crisis as Europe's greatest test since the collapse of communism.

Jun 29 08:41

Greece May Not Even Have The Funds To Conduct A Referendum

According to Germany's FAZ, "the Greek Court also estimates that the referendum will cost around 110 million euros, according to a well-informed policy analyst. Money that in view of the strapped Greek Checkout simply will not be there, even if the country saves a EUR 1.6 billion full-scale default to the International Monetary Fund this Tuesday."

Jun 29 08:40

Greek 10Y Bonds Collapse - Yield Tops 15%

Greek stocks may be closed and the bond market super-illiquid but traders are willing to dump GGBs at almost any price for now. 10Y Greek government bonds are spiking over 400bps and have topped 15% for the first time since December 2012.

Jun 29 08:38

‘Support debt cancellation for Greece,’ MPs, economists & campaigners tell Cameron

MPs, trade unionists, economists and campaigners have called upon David Cameron to support Greek debt cancellation, saying it could be funded by seizing capital from speculators and banks that were the true beneficiaries of Athens’ bailouts.

Jun 29 08:37

Will distance from Greece save U.S. markets?

The means by which faraway market storms come to whip around U.S. stock prices is some form of contagion. This can occur when basic global banking and capital-market function is disturbed, or when many of the same people who own the collapsing assets also own stuff here and need to sell it to raise cash.

Webmaster's Commentary: 

They are ignoring the credit default swap problem.

Jun 29 08:17

Greece Will Open 700 Bank Branches On Thursday - For Limited Pension Withdrawals Only

Good news - some Greek bank branches will re-open sooner than expected.

*GREEK OFFICIAL: 700 BANK BRANCHES TO OPEN THURSDAY FOR PENSIONS

Bad news - only pension withdrawals are allowed in limited size.

*GREEK PENSION WITHDRAWALS WILL BE LIMITED TO EU240: OFFICIAL

Party's over.

Jun 29 08:11

And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable

Is this the beginning of the end for the eurozone? For years, European officials have been trying to “fix Greece”, but nothing has worked. Now a worst case scenario is rapidly unfolding, and a “Grexit” has become more likely than not. On Sunday, the European Central Bank announced that it was not going to provide any more emergency support for Greek banks.

Jun 29 07:54

Anger Aimed at Troika's Ruthless Neoliberalism as Greece Exit Looms

President of the European Commission Jean-Claude Juncker delivered a speech in Brussels on Monday that observers say has dramatically escalated the tensions surrounding a referendum vote in Greece next Sunday—a vote that could ultimately result in the country's exit from the Eurozone.

Webmaster's Commentary: 
Jun 29 07:39

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

While things have normalized since the open thanks entirely to the SNB's aggressive EUR-buying, CHF-selling intervention (good to see that central banks have read the BIS' report and have learned from their prior intervention mistakes), earlier this morning we got a snapshot of what happens if and when the SNB, and then the ECB itself, finally lose control when as a result of the Greek crisis the contagion promptly spread a few hundred kilometers west to Italy where as the WSJ reported, "several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Jun 29 07:35

Greece Done - Maybe

Greek debt talks collapse, banks close, capital controls in place and gold barley moves. The initial reaction on the Asian open was a quick $15 rise in gold and a 2% drop of the Euro against the US$. There is a sense that a last-minute deal may still be pulled off, but the general mood is one of who cares. I would suggest that there may be more nervousness than is suggested by gold’s price action and the risk to traders lies in more upside pressure. With holidays in Canada and a shortened July 4th week expect high volatility.

Jun 29 07:26

We Are All Greeks!

It’s not Greece which has failed, but rather Chancellor Merkel, Finance Minister Schäuble, the EU Commission, the European Central Bank, and the IMF. Why should the Greek government stick with the austerity measures demanded by the EU, which have already reduced the Greek economy by a third, lowered the birth rate, raised the death rate, and increased youth unemployment to 65%? A policy that even the IMF had to admit was completely incompetent, and that the UN expert on debt and human rights condemned as a clear violation of human rights? Greek Prime Minister Alexis Tsipras’s decision not to capitulate to the “shock and awe” method of the Eurogroup’s Shylocks is not only correct, but offers the chance for all of Europe to break with the insanity of the casino economy, which only serves the interests of the banks and speculators—provided however, that Germany and other countries find the courage to mobilize Europe’s moral and intellectual strengths.

Jun 29 07:24

EU chief feels 'betrayed' over Greek debt talks

European Commission President Jean-Claude Juncker has said he feels betrayed by Alexis Tsipras', the Greek prime minister, suprise call for a referendum last weekend and said that "playing one democracy against 18 others is not an attitude worthy of the great Greek nation".

Webmaster's Commentary: 

Awwww, poor widdle Junkcer feels weally bad!

Jun 29 06:48

Greek Banks Shut Down

Jun 29 06:31

Greek Contagion Spreads As Several Italian Bank Stocks Failed To Open

"several Italian banks failed to start trading on Monday as fears over a Greek debt default induced many investors to shed peripheral stocks, including Italian, with banks suffering the most."

Jun 29 06:30

Referendum Week: Market Reaction

Jun 28 21:54

Vladimir Putin on France and Europe: “NATO Member States have Renounced their Sovereignty”

“As you know, the modern world, especially the Western world, is highly monopolised and many Western countries – whether they want to hear this or not – have voluntarily given up a considerable part of their sovereignty. To some extent, this is a result of the politics of blocs. Sometimes we find it very difficult to come to terms with them on geopolitical issues. It is hard to reach an agreement with people who whisper even at home for fear of being overheard by the Americans. This is not a joke or a figure of speech.”

Jun 28 21:47

As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting

The Eurogroup Meeting of 27th June 2015 will not go down as a proud moment in Europe’s history. Ministers turned down the Greek government’s request that the Greek people should be granted a single week during which to deliver a Yes or No answer to the institutions’ proposals – proposals crucial for Greece’s future in the Eurozone. The very idea that a government would consult its people on a problematic proposal put to it by the institutions was treated with incomprehension and often with disdain bordering on contempt.

Jun 28 20:57

The Greeks for whom all the talk means nothing – because they have nothing

After seven years of a crisis that has left 26% of Greece’s workforce unemployed, 30% of its people below the poverty line, 17% unable to meet their daily food needs and 3.1 million without health insurance, it is hard to see how anything decided in Brussels or in Athens in the coming week will do much to change the lives of a large number of Greeks any time soon.

“Those that were already on the margins have been pushed right to the very, very edge, and those who were in the middle have been pushed to the margins,” said Ioanna Pertsinidou of Praksis, a charity that runs day centres for vulnerable people and offers legal and employment advice.

“So many people – ordinary, low-to-middle income people with jobs and homes and their lives on track – have seen their lives go drown the drain so fast,” Pertsinidou said. “People who never dreamed that one day they would not be able to pay their electricity bill, or feed their children properly.”

Jun 28 16:24

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Webmaster's Commentary: 

Jun 28 16:22

Top German Politician Blasts Nuland & Carter: "F##k US Imperialism"

With intra-Europe relations hitting a new all-time low; and, having already been busted spying on Merkel, Obama got caught with his hand in Hollande's cookie jar this week, the following exultation from one of Germany's top politicians will hardly help Washington-Brussells relations. As Russia Insider notes, Oskar Lafontaine is a major force in German politics so it caught people’s attention when he excoriated Ash Carter and Victoria Nuland on his Facebook page yesterday... "Nuland says 'F*ck the EU'. We need need an EU foreign policy that stops warmongering US imperialism... F*ck US imperialism!" When he comes out swinging this way, you know something is changing.

Jun 28 16:19

Ignoring Tsipras Plea For Calm, Greeks Storm ATMs, Stores, Gas Stations

Just a few hours ago Greek PM Tsipras addressed his nation imploring then to "remain calm" and reassuring them that their "deposits were safe." It appears the Greeks did not believe him. Many were wondering where the Greek bank lines were for the past several months. Turns out the local depositors were merely waiting until just after the last minute to withdraw their funds... horde gas... and stack food. Greece, it appears is Venezuela - the new socialist paradise.

Jun 28 16:13

Euro plunges as traders head for safe havens

The euro has plunged nearly 2 per cent against the US dollar in the first signs of the market turmoil about to be unleashed by Greece's failure to agree the terms of a bailout package with its European Union and International Monetary Fund creditors.

Jun 28 16:13

Euro Drops as Tsipras’s Referendum Call Stokes Greek Exit Risks

The euro dropped more than 1 percent as trading opened in Asia Monday after Greece’s government moved the nation a step closer to leaving the currency bloc by effectively asking voters to decide on its membership.

Jun 28 16:09

Euro drops below US$1.1 as Greek exit risks grow

The European single currency dropped below US$1.1 in early Asian trade on Monday amid growing concern Greece was headed for financial collapse and a possible eurozone exit.

Jun 28 16:09

Wave of contagion expected after dramatic weekend raises ‘Grexit’ chances

Global financial markets are braced for a wave of contagion from Greece on Monday, with expected heavy losses for southern European government bonds and regional stock markets as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

Greece will keep its banks closed on Monday and implement capital controls after international creditors refused to extend the country’s bailout.

“That is going to have a real big impact on markets and that will generate increased volatility,” said Ian Stannard, European head of FX strategy at Morgan Stanley in London.

Jun 28 16:08

Markets brace themselves for bumpy opening

European markets are braced for a wave of contagion from Greece on Monday, with heavy losses for southern European government bonds and regional stock markets expected as investors scramble to discount a possible “Grexit” that most had still assumed was unlikely as late as Friday afternoon.

Jun 28 15:33

Euro Exchange Rate To Dive As Greeks Rush Banks And Government Says, ‘No Cash’

The euro exchange rate is set to its one of its all-time historic lows against the United States dollar as the possibility of Greece exiting the European Union becomes more and more of a reality.

Webmaster's Commentary: 

The Asian FOREX markets just opened and the Euro is getting pounded.

Jun 28 14:06

The Central Bank of Macedonia has ordered the country's banks to withdraw funds from banks in Greece

"This is a temporary precautionary measures taken to prevent possible significant capital flight from Macedonia to our southern neighbor, which could lead to significant disturbance of the balance of payments and stability of the financial system", — reads the statement of the Central Bank of Macedonia.
It is noted that precautionary measures apply only to future transactions and do not affect those that already occur between the Greek and Macedonian organizations.

Jun 28 14:04

ATMs in Greece may stop work until Tuesday

Banks will be closed Monday for at least six working days, until next Monday, July 6.
"Measures include a daily limit on cash withdrawals in the Bank the sum of 60 euros per day with one account per person in each Bank. Be limited to interbank transfers of funds abroad and from abroad. The operation of entrepreneurs will be checked," the source said.

Jun 28 13:04

‘We don’t need EU permission’: Greek parliament ratifies bailout referendum

As an equal member of the EU, Greece does not need to ask permissions from anyone to let the Greek people speak and have their voices heard, PM Tsipras told his parliament, promising that the state’s sovereignty and future will be decided via referendum.

Jun 28 12:31

Varoufakis: If Europe Wants to Humiliate Greece, Do We Need Such Europe?

If Europe is going to stop its bailout program for Greece in order to humiliate the country’s government, a question remains open whether Athens needs such a Europe, Greek Finance Minister Yanis Varoufakis said in an interview with the German newspaper Bild.

Jun 28 12:20

Belgian doctors give healthy woman, 24, green light to die by euthanasia because of 'suicidal thoughts'

  • Laura, 24, does not suffer from any terminal disease or physical illness
  • She told doctors who assessed her condition that 'life, that's not for me'
  • Five people a day currently die with the assistance of medics in Belgium
  • New figures show that euthanasia numbers have jumped by a third
Jun 28 11:54

Greek debt crisis: Banks to stay shut, capital controls imposed

Greek banks will be closed and capital controls will be imposed, Prime Minister Alexis Tsipras says.

Jun 28 11:25

Greek banks will not be open on Monday

Greek banks will not be open on Monday, June 29. The decision was made to avoid the financial crisis.
Banks will not open until at least July 5 — the day of the referendum, where the citizens of Greece should speak about the offerings of creditors, according to the newspaper Kathemerini, with reference to its sources.

Jun 28 09:58

Armenian activists do not accept president's offer

Activists protesting against electricity price hike have not accepted the offer by President Serzh Sargsyan.

Member of “No to Plunder” initiative Vaghinak Shushanyan said they do not consider this a victory and will continue the struggle. He added that Baghramyan Avenue will be closed, since the Armenian authorities did not meet any of their demands.

Serzh Sargsyan neither canceled the decision to rise electricity price, nor promised to hold accountable the law enforcers for their illegal actions on June 23.

In a statement made earlier on Saturday, the Armenian leader said the government will absorb the electricity price hike before the end of evaluation conducted by an international company.

Webmaster's Commentary: 

The rate hike is just an excuse. This still feels like another US covert overthrow in progress. And if the Armenians think the cost of living is high now, wait until they see what it is under a new US puppet government!

Jun 28 09:40

Armenian protests resemble Ukrainian Maidan coup scenario - Russian MP

Upper House MP Igor Morozov has said that the current mass rallies in Armenia resemble the first phase of the latest coup in Ukraine, adding that the crisis could be being managed by the United States from their major diplomatic mission in Yerevan.

“Armenia is now close to a coup d’etat with use of firearms. This is going to happen unless President Serge Sargsyan learns some lessons from the Ukrainian Maidan and makes some conclusions,” the senator told RIA Novosti in comments over latest developments in Armenia’s capital, Yerevan.

Jun 28 09:35

A humanitarian tragedy imposed on Greece

The austerity program imposed on Greek society is a humanitarian tragedy.

Greece has lost more than 25 per cent of its GDP over the last five years. This is without historical precedent.

Even the Great Depression more than 85 years ago was not this bad.

Jun 28 09:27

Greek Crisis Moving Fast as Emergency Measures Considered

The European Central Bank (ECB) began discussions on Sunday to extend emergency financial support for Greece as the country moves forward with a referendum on a proposed bailout, at the same time as its current bailout speeds to a June 30 expiration.

Jun 28 09:25

GREECE: GOVERNMENT ‘PRINTING DRACHMAS’

Jun 28 09:21

From Kosovo to Crimea — Tales of Referendums

To President Obama it is irrelevant that the vast majority of Crimean citizens want to belong to Russia. His hatred of Russia and especially of President Putin has tipped any balance he may have displayed and is now extreme to the point of being malevolently insulting. He is increasingly intent on confrontation and has stated that the decision of the citizens of Crimea to accede to Russia is illegal. The White House announced that "We reject the 'referendum' that took place today in the Crimean region of Ukraine", and Obama declared "I again call on Russia to end its occupation and attempted annexation of Crimea".

Jun 28 08:53

Greece: The system versus the people

So what a wonderful system the European Union in its utter wisdom has created for the people of the Old Continent in general and the Greeks, Portuguese and Spanish in particular. A North-South divide, the Haves and the Have Nots, a two-speed, two-tier continent of the Rich and the Poor. Two Lands, Two Peoples, One Leader. Deutschland über Alles!
It is a not just a shame the way Europe has treated Greece, it is a scandal. Even more so, the callousness and sheer disrespect that everyone from Government officials to the media to the common person in the street have shown towards Greece and the Greeks, labelling them "irresponsible", "lazy" and "spendthrifts", an attitude so clear to see in the derogatory and insulting acronym PIGS given to Portugal, Ireland, Greece and Spain.

Jun 28 08:49

35% suicide surge in Greece after austerity measures

The austerity measures in Greece generated a surge of suicides.
The number of suicides has increased by 35% for the last two years.
Bond obligations, increase of expenses in comparison with the incomes of the citizens often lead to depression and despair amid the population and instigate further suicides.
Charles C. Branas, MD have tracked the suicide rate in Greece for more than 30 years and found out that the highest monthly rates occurred in 2012.
"The passage of new austerity measures in June 2011 marked the beginning of significant, abrupt and sustained increases in total suicides (+35.7%) and male suicides (+18.5%)," the investigators write.
The tendency can be tracked in the country since the beginning of the EU economic crisis in 2008.

Jun 28 08:34

‘We don’t need EU permission’: Greek parliament ratifies bailout referendum

As an equal member of the EU, Greece does not need to ask permissions from anyone to let the Greek people speak and have their voices heard, PM Tsipras told his parliament, promising that the state’s sovereignty and future will be decided via referendum.

Referendums have been used all across Europe as a way for people to directly express their will and have their voices heard, and Greece is fully in its right to conduct one PM Alexis Tsipras said during a late-night debate in parliament.

Jun 28 08:31

Greferendum looms: Greeks rush to ATMs, EU saddened, closes door

After months of tense negotiations with its European creditors, Greece is letting the people decide what to do next.

Jun 28 08:28

Armenian president suspends increase in electricity prices

Armenian President Serzh Sargsyan has suspended an increase in household electricity prices in a bid to end protests in the capital Yerevan.

Webmaster's Commentary: 

Scaring the politicians can actually work! :)

Jun 28 08:27

ECB Says "Greek Bank Holiday Now Necessary"

Earlier this morning we noted that the ECB has now frozen the ELA cap for Greek banks in the wake of PM Alexis Tsipras' move to call for a euro referendum and the Greek parliament's vote to allow the poll to go ahead.

Jun 28 08:16

Greeks Line Up at Banks and Drain ATMs as Tsipras Calls Vote

Greece’s banks may need an injection of fresh emergency funds to operate Monday as people rushed to pull out money after Prime Minister Alexis Tsipras called a referendum that could decide his country’s fate in the euro.

Jun 28 08:16

More than a third of Greek ATMs run dry for a while on Saturday

More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said.

Jun 28 08:15

Shock vote on terms of bailout pushes Greek banks to the brink of meltdown as long queues form at country's cashpoints

Greek banks were on the brink of meltdown last night after the shock announcement that its crisis-hit government would hold a referendum on the terms of a fresh international bailout.

Webmaster's Commentary: 

The referendum will include the option of leaving the EU.

Jun 28 08:13

'Plan B' looms after Greece and Europe fall out

With Greece's creditors refusing to extend its bailout, attention has turned swiftly to preventing massive capital flight as worried Greek citizens pull cash from ATMs.
Related Stories

Fears that the banks may not open Monday have prompted the European Central Bank to meet but officials say it will be up to Greece to stem an outflow that has already reached dangerous levels.

Webmaster's Commentary: 

Not to put too fine a point on it, but that money in the banks is the property of the Greek people and neither the banks for the government have any right to say they cannot have it!

We are seeing the latest chapter in what has become a global repeating pattern. Private central banks crush a nation with artificially created debt, and when the system collapses, as it always must, they stick the people with the losses!

Jun 28 08:00

Draghi Freezes Greek ELA, Varoufakis Tells BBC "Looking At Imposing Capital Controls, Closing Banks"

With Greece having gone past the point of no return, things are now escalating very rapidly, and moments ago the BBC's Nikc Sutton tweeted that the BBC's Mark Mardell was told the Greek government will be "looking overnight at imposing capital controls and closing banks on Monday."

Webmaster's Commentary: 
Jun 28 07:50

'We Won't Get Tired': Riot Police Deployed in Armenia as Protests Over Electricity Hike Rage On

As night fell on Friday, reports emerged that buses with riot police had arrived at a major street in Yerevan where nearly 20,000 protesters had gathered to demand a reversal of a 17 percent price hike that is set to kick in on August 1. The protests are being referred to on social media as the Electric Yerevan demonstrations.

Webmaster's Commentary: 

This reeks of another covert US overthrow.

Jun 28 07:49

'Nein Danke' - smaller German firms see U.S. trade deal as threat

Martina Roemmelt-Fella, who owns a small, family-run turbine manufacturer in Bavaria, should be a cheerleader for a trade deal between Europe and the United States that promises to ease the flow of goods and services across the Atlantic.

But instead she fears the Trans Atlantic Trade and Investment Partnership (TTIP) being hammered out between Brussels and Washington will give too much power to big multinationals at the expense of small companies like hers.

"The proposals are being negotiated behind closed doors with the help of 50 or 60 big corporates," said Roemmelt-Fella, whose firm is one of the thousands of small and medium-sized companies known as the 'Mittelstand' that account for 89 percent of Germany's exporters and form the backbone of the economy.

Jun 28 02:53

'Russia rehearsed invasion of Sweden'

Claims that thousands of Russian soldiers took part in a huge military exercise which simulated a takeover of the Swedish island of Gotland earlier this year have caused jitters in Sweden.

Jun 27 17:18

The Delphi Declaration – Paul Craig Roberts

The Delphi Declaration asks the European peoples, especially the Germans, to do the right thing and object to the plunder of Greece by the One Percent.

This appeal to goodwill is likely to fall on deaf ears even though the pillage of Greece will create a precedent that can then be applied to Italy, Spain, France, and even Germany.

European governments, European institutions and the IMF, acting in close alliance, if not under direct control of big international banks and other financial institutions, are now exercising a maximum of pressure, including open threats, blackmailing and a slander and terror communication campaign against the recently elected Greek government and against the Greek people.

Jun 27 17:13

Greece – The Delphi Declaration

The world must realize that the so-called troika – IMF, European Central Bank and European Commission, is literally blackmailing Greece and subjecting her to outright economic torture.

During the weekend of 20 and 21 June 2015 a forum of international scholars, scientists, economists, sociologists, political analysts – met in Delphi Greece to discuss Greece and Europe.

The organizers were the so-called “Delphi Initiative”, sponsored by the Lyssarides Foundation in Cyprus, the Greek Institute for Research on Political Strategies, the Russian Institute for Globalization and Social Movements, and the Forum Mondial des Alternatives, France.

The world must realize that the so-called troika – IMF, European Central Bank and European Commission, is literally blackmailing Greece and subjecting her to outright economic torture.

Jun 27 14:38

Latin American Revolutions Under Attack

The World is Turning, Don't Let it Turn Away

Do not take the Latin American revolutions for granted.

They inspired the entire Planet. They brought hope to every corner of our scarred Earth. But now they are themselves in need of our support.

All of revolutionary Latin America is “screaming”.

As I described in two of my recent books, “Exposing Lies Of The Empire” and “Fighting Against Western Imperialism”, the Empire is using similar destabilization strategy against all countries that are resisting its deadly embrace.

Jun 27 14:25

Lower US Flag on 4th of July

We need to do a lot more searching, a lot deeper digging, if we're going to root out and destroy the virus that has been killing us for centuries!

For over half a century, I’ve written articles against racism and war. I was shocked and I grieved to see what happened at the Charleston Emanuel Church. Quickly, the call went out: We need to have a “conversation” about race in America! And, almost as quickly: Take down the Confederate flag! But, let’s be very clear: the Confederate flag is NOT a central issue here.

On the 4th of July, when Americans raise their flags as a proud symbol of their “freedom,” will anyone dare to lower their flags to half-mast to commemorate the 60,000 Americans who died in a now-acknowledged “unnecessary” war in Vietnam– let alone the millions of Asians?

Would it be disrespectful even to suggest such a gesture?

Jun 27 13:51

Austrians launch petition to quit EU

Austrians have launched a petition to quit the EU, arguing that the nation will be better off economically if it leaves the union. To force the national parliament to consider the initiative activists need to have gathered 100,000 signatures by July 1.

Jun 27 13:44

Panicking Greeks withdraw billions from cash machines amid fears of exit from euro

Banks in Greece will remain open and people should stay calm, a senior Greek politician said today.

He was speaking hours after Prime Minister Alexis Tsipras announced a surprise referendum to be held on July 5 on the bailout terms offered by foreign creditors.

Jun 27 13:30

Greece on the Edge: Bailout Extension Rejected, But Referendum Still On

The Eurogroup has refused to extend Greece's current bailout deal, which is set to expire on June 30, days before a referendum is set to take place on the financial aid package currently being negotiated.

Greek Prime Minister Alexis Tsipras reportedly called European leaders, including German Chancellor Angela Merkel and French President Francois Hollande on Saturday to tell them, "Democracy is of the highest order in Greece and the referendum will take place regardless of the Euro group decision."

Jun 27 13:17

The Delphi Declaration - On Greece and Europe

Many readers of the European and American press must be confused about what actually is happening in the negotiations between Greece (Alexis Tsipras and Yannis Varoufakis). The European Troika (the IMF, European Central Bank and European Council now object to the name and want to be called simply “the Institutions”) have stepped up their demands on Syriza. What is called “negotiation” is in reality a demand for total surrender. The Troika’s demand is to force Syriza to go back on the campaign promises that it made to voters who replaced the old right-wing Pasok (“socialist”) and Conservative New Democracy coalition, or else simply apply the austerity program to which that coalition had agreed:cutbacks in pensions, deeper austerity, more privatization selloffs, and a tax shift off business onto labor. In short, economic suicide.

Jun 27 11:29

US, NATO Powers Intensify Preparations for Nuclear War in Response to “Russian Aggression”

The NATO military alliance is preparing to implement a more aggressive nuclear weapons strategy in response to alleged “Russian aggression,” according to NATO sources cited by the Guardian Wednesday evening.

Proposed changes include provisions for greater involvement of nuclear forces in ongoing NATO military exercises along Russia’s borders and new guidelines for nuclear escalation against Russia, according to the NATO officials.

The alliance’s nuclear doctrine has been the subject of quiet, informal discussions “on the sidelines” of the ongoing NATO summit. The new policies will be formally articulated and confirmed at an upcoming conference of the alliance’s Nuclear Planning Group, which was rescheduled for an earlier date this week as word got around about the secretive planning.

Webmaster's Commentary: 

We are being Conditized (as the fawning focus on Gary Condit and Chandra Levy right before 9/11) by the faux news presstitutes, while some very serious developments are taking place to which thinking Americans need to be paying attention are barely mentioned.

Call me silly, but a potential nuclear war against Russia by NATO is one of those issues.

But those in bowels of power in DC and NATO have a problem; they have zero credibility with the American people, and any proclaimed act of alleged "Russian belligerency" will not be accepted be accepted as the truth.

I am very concerned about a potential false flag against the US or US interests on the 4th of July, as a way to beat any last breath of skepticism on the part of the American people about who, really, is to blame, and who would actually benefit from such an atrocity.

A note to US and NATO leadership: if you are betting that this will work, as skeptical, broke, and war-weary as the American population is, you had really better think again.

Jun 27 09:57

Riot Police Deployed in Armenia as Protests Over Electricity Hike Rage On

The protests have been ongoing for the past week in a society riddled with low wages and unemployment. At a cabinet meeting Thursday, Prime Minister Hovik Abrahamyan said demonstrators were violating the country's constitution and that the government would not change its decision. He did, however, offer the possibility of providing compensation as relief for those unable to afford the price hike.

Jun 27 09:46

Gazprom building global alliance with expanded Shell

Gazprom is building a global strategic alliance with energy major Royal Dutch Shell that will include asset swaps and allow the Russian gas giant to penetrate new markets, its chief executive told Reuters.

Gazprom, the world's top gas producer, said on Thursday that Shell and its long-time gas buyers in Europe - Germany's E.ON and Austria's OMV - had agreed to build two new Nord Stream gas pipelines under the Baltic sea to Germany.

In a rare interview, chief executive Alexei Miller said the agreement with Shell also foresaw an expansion of the firms' joint $20 billion liquefied natural gas plant on the eastern island of Sakhalin as well as global upstream asset swaps.

Webmaster's Commentary: 

Oh, yes, the US and European sanctions are working brilliantly....in terms of building Russia's energy sector, that is!!!

Jun 27 09:23

Rejecting 'Blackmail' Deal, Greece Calls Referendum on Bailout

Greek Prime Minister Alexis Tsipras this week called for a referendum on the financial aid deal that is currently at a standstill in negotiations, putting the future of the bailout package to a popular vote at the last minute as he rejected another austerity-heavy plan from creditors.

Jun 27 09:20

Greek debt crisis LIVE UPDATES

Greece and its lenders have been gridlocked in talks over its €240-billion debt for about six months. Fears of Greece defaulting are causing a run on the banks, with people withdrawing record amounts of deposits. RT will report on the latest developments.

Webmaster's Commentary: 

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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