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Forum Post: Debt crisis: "Greece may run out of money by August 20"

Posted 2 years ago on July 25, 2012, 11:37 p.m. EST by TrevorMnemonic (5827)
This content is user submitted and not an official statement

Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing eurozone crisis has warned.

The beleaguered country will have to refinance billions of euros worth of government bonds in less than a month and requires international assistance — which may not be forthcoming — to repay the money. International inspectors arrived back in Greece on Tuesday to assess the country’s austerity programme with European officials warning that it was “hugely off track”.

David Cameron is now receiving daily written updates on the deteriorating situation and was warned earlier this week that a Greek bankruptcy in the next month is now a serious possibility.

Official economic figures to be published today are expected to show that Britain suffered from a third successive quarter of negative economic growth — suggesting that the country is still in recession. If the figures are negative, it will be the longest double-dip recession for more than 50 years.

One senior source said: “Europe is now paralysing almost every economic initiative. “The daily analysis of the situation is filled with doom and gloom. Spain is in turmoil and Greece may run out of money by Aug 20.”

Read More - http://www.telegraph.co.uk/finance/financialcrisis/9424923/Debt-crisis-Greece-to-run-out-of-money-by-August-20.html

4 Comments

4 Comments


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[-] 2 points by grapes (3075) 2 years ago

This horror show from PIGS R US has been running for more than two years already. It seems that it will act up in Greece in earnest during the European summer intermission.

By now, investors of Greek debts should have already assessed and hedged their exposures to a Greece escaping from the clutch of the financial Holy Roman Empire. The exit of Greece from the euro area will probably not hit the savvy investors much at all. In fact, Greece's economy will probably recover faster after it has exited the euro than it would otherwise.

The horror show will resume in short order with Spain, Rome, and for the finale the United States, to be power-charged by rapidly rising interest rates on huge debts and currency devaluation (read stagflation).

[-] 2 points by DKAtoday (28487) from Coon Rapids, MN 2 years ago

And Yet the Economic Criminals Are still Free.

[-] 1 points by shadz66 (19985) 2 years ago

The Greek 99% are actually being ritually sacrificed at The High Altar of 'Bankster Ponzi Finance Kaputalism' & are being forced to suffer extreme austerity, deprivations & hardships, purely to maintain just for a little while longer - 'The Illusion of Pan-European and International Banking Solvency'.

The reality of 'Innovative Financial Products" ; of Mortgage Backed Securities, Collateralised Debt Obligations, Credit Default Swaps (apparently 'Insurance Contracts on Debt Default' but actually just bets!) and other such "Derivatives" - are fast catching up with 'International High-Finance Crapitalism'.

All this Unconscionable BS is based on and "derived" from the buying and selling of Compound Interest Bearing Usurious Debt, which up until now was 'controlled' by the totally artificially induced 'Business Cycle' {the ritualised regular contraction after the expansion of 'the economy' and 'money supply'} - but now the ever 'geometrically increasing' Compound Interest, means that there is Actually Not Enough Money In The World To Pay All The F*cking Debt & Interest !

The Abstraction that is "£MoNeY$" has now abstracted itself into the notional 'cyber-hyper-reality' of 'Credit' and 'Debit' via The Tyranny of Electronic Double Entry Bookkeeping, such that almost all of us Everywhere are ensnared in The Mysterious, Magical, Mythical Money-Matrix ... so .. We All Need To 'Swallow The Red Pill, Unplug' & Take A Good Look Around !!

For example, The Greeks need to reclaim their Democracy from their own Treacherous, Quisling 0.01%, who have sold their country to The International (in this case mainly Franco-German) Scum Bankster Parasites. They should Immediately Default ; Offer a maximum, notional and honourable 1:10, 10% on their Onerous and 'Odious Debt' ( http://en.wikipedia.org/wiki/Odious_debt ) ; Reinstate The Drachma ; Demand A Referendum On These Matters ; NATIONALISE THEIR CENTRAL BANK & currency issue and reclaim their Country, Democracy, Integrity and Sanity !!!

I recommend this clever, insightful and useful individual and his website = http://yanisvaroufakis.eu/ as well as The Excellent Documentary Film, "INSIDE JOB" : http://documentarystorm.com/inside-job/ .

In The UK, this year - 2012 'AD', is "The Diamond Jubilee" - 60 years of the now 86 year old Elizabeth Saxe-Coburg Gotha, Battenberg (Windsor) being 'HRH Mrs. Queen' & it's a Olympic and Leap Year too. Thus, wherever it is that WE are in The World, WE should all start to remember, realise and reclaim the concepts of "The Jubilee", which is an Old Testament word for celebrations and festivities arising from the regular, every 49/50 years, remission of all debts & indentured bondage !!

Back then The Wise Ancient Israelite Elders knew and understood that 'Intergenerational Permanent Debt Bondage' was a very bad thing and to be actively avoided. Sons could pay their fathers' or even grandfathers' debt but that anything else was really Servitude & thus Unconscionable !

SOLIDARITY to The Greeks and to 'The 99% Wage Slaves in Debt Bondage' - Everywhere and further :

Radix omnium malorum est cupiditas ...

Viva Greece and ..

Ζήτω η Ελλάδα !!

[-] 1 points by hchc (3297) from Tampa, FL 2 years ago

Another bailout coming soon. I can't wait to see how the markets react to this one.