Looks like the majority of Greeks are voting to say FUCK YOU to the EU bankers, tyrants, and corporate fascists. Of course, sometimes it doesn’t matter how the people voted. It’s who’s counting the votes.
Don’t let the MSM convince you this is no big deal. This is the first domino. Portugal, Spain, Italy, Ireland and France are also insolvent. German and French banks are loaded with Greek debt. A NO vote by the Greeks will give courage to people in Spain, Italy, Portugal, and Ireland to tell the bankers to go fuck themselves.
This is likely to be a trigger event for the next phase of the Fourth Turning. The people versus the bankers and technocrats. Blood will start to spill. Wars will begin. Are you ready?
Greek Referendum Polls Close: “No” Seen Ahead By Most
Submitted by Tyler Durden on 07/05/2015 12:05 -0400
At 7pm local time the Referendum polls closed. Here is what the early forecasts predict:
- A poll by GPO on Mega TV gave 51.5% in favor of “no” and 48.5% in for “yes”
- Metron Analysis on Antenna TV showed “no” leading with 52% vs 48% for “yes”
- MRB on Star TV showed “no” leading with 49%-54% vs 46%-51% for “yes”
- Marc opinion poll for Alpha TV shows “no” ahead with 49.5%-54.5% vs 45.5%-50.5%
(live feed)
Metron No’s rising to 52% in the last poll:
Here is the latest breakdown by the various forecasters – Oxi ahead everywhere:
Incidentally, a huge scream of “No” can be heard in the vicinity of Sonnemannstraße 20 in Frankfurt am Main.
And even louder scream can be heared from the bookies virtually all of whom had “Yes” as a sure bet, and Paddy Power even paid out the “Yes” vote, because suddenly the No’s have it 80%.
2 hours until the first official results are out but if this result remains unchanged, CNBC may have to bring its “markets in turmoil” producers early from holiday vacation.
No vote means no slavery for the Greeks in service to the bankers. It also means that they will have to go to work for a living. No more borrowed money. Nobody will be silly enough to loan it to them.
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Official Greferendum Results Show “No” Avalanche: Singular Logic Projects “Oxi” Victory
Submitted by Tyler Durden on 07/05/2015 13:15 -0400
Update: The Greek interior ministry vendor Singular Logic projects that “No” vote will prevail with over 61% of vote in Greek referendum.
If NO succeeds, it will be a big bargaining chip – best Greece can expect is for the bondholders to take a significant haircut, then Greece gets more loans. EU elite will want this stretched out past their lifetime.
I don’t expect Greece to exit EU/EURO.
The Euro from a financial perspective is a currency peg of the Deutch Mark. The return to a Deutch Mark will initially result in a Great Depression for German Export industries as well as Germany herself.
So Germany in the short run will see high unemployment as well.
Congratulations to the Greeks for voting to cast off debt slavery, and perpetual serfdom under the EU regime. I expect that other European nations will follow in a couple of years. I never have thought that the European Union was a particularly good idea, because of the many hidden costs it imposes on participating nations, particularly the poorer, more “backward” and agrarian countries of Eastern Europe, whose simpler, barter-based economies were unable to bear the massive burden of regulation and associated costs that came with the deal.
However, I’m not sure that most of the Greeks voting, fully realize the nature of the trade-off they are making today. In casting off the shackles of unpayable debt and reclaiming their “sovereign” state, they will lose all access to credit, and to the easy, cheap money that has enabled them to think that they could actually afford their expenditure- their pensions and early retirements and guaranteed government jobs. As Overthecliff says, they’ll have to go back to work for a living, for steeply reduced incomes, and in an economy whose core supports and networks of trade have eroded during its period of dependence on cheap credit and imported goods. A lot of people will be very unpleasantly surprised to see what this will mean in their everyday lives, and they’ll express their unhappiness in social and political unrest. The next couple of years are going to be very difficult.
I read that over 90% of the Greek debt is due to the “failure” of the derivatives their govt “invested in” courtesy of Goldman Sachs not due to their careless spending (which I agree is a problem). Hmmm, just like Montgomery, AL and who knows where else.
Looks like there is more to seamanship than putting on a captain’s hat, stand next to the steering wheel, make a serious looking face and wait for the next iceberg.
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The NOs Have A Resounding Victory
Posted on July 5, 2015 by Martin Armstrong
So far it looks like about 60%+ for the NOs. This is a truly astonishing victory and we can see that this is going to have a stunning impact upon Europe as a whole by the sheer magnitude of the percentage victory after more than half the people could not vote without returning to their place of birth like the Biblical Census that forced the return to Bethlehem. We should expect the markets will be a bit shocked for the press has been touting the Brussels’ view to oppress the people. Now begins the contagion over the next few months.
“Today, in view of the common good, there is urgent need for politics and economics to enter into a frank dialogue in the service of life, especially human life. Saving banks at any cost, making the public pay the price, forgoing a firm commitment to reviewing and reforming the entire system, only reaffirms the absolute power of a financial system, a power which has no future and will only give rise to new crises after a slow, costly and only apparent recovery.”
Francis I
Greeks defy Europe with overwhelming referendum ‘No’
By Karolina Tagaris and Lefteris Papadimas
ATHENS (Reuters) – Greeks voted overwhelmingly on Sunday to reject terms of a bailout, risking financial ruin in a show of defiance that could splinter Europe.
With nearly half of the votes counted, official figures showed 61 percent of Greeks rejecting the bailout offer. An official interior ministry projection confirmed the figure as close to the expected final tally.
The astonishingly strong victory by the ‘No’ camp overturned opinion polls that had predicted an outcome too close to call. It leaves Greece in uncharted waters: risking financial and political isolation within the euro zone and a banking collapse if creditors refuse further aid.
But for millions of Greeks the outcome was an angry message to creditors that Greece can longer accept repeated rounds of austerity that, in five years, had left one in four without a job. Prime Minister Alexis Tsipras has denounced the price paid for aid as “blackmail” and a national “humiliation”…
“In the past, humans hesitated when they took lives, even non-human lives. But society had changed, and they no longer felt that way. As humans grew stronger, I think that we became quite arrogant, losing the sorrow of ‘we have no other choice.’
I think that in the essence of human society, we have the desire to become rich without limit, by taking the lives of other creatures.”
Hayao Miyazaki
“The German mind has a talent for making no mistakes, but the very greatest.”
Clifton Fadiman
60 – 40 …. may be overwhelming in terms of voting …….. BUT, 40% of the people is still a large number.
A few days ago I posted an opinion (which I read elsewhere) that Greece might erupt into a Civil War. Still sounds about right based on the vote. The grocery shelves there are already empty, literally. Stay tuned, could be a fun week.
The backpedaling begins……….I just saw a headline on Drudge, which is no longer there, which said something to the effect that Germany says Greece could exit the Euro “temporarily”.
Greece had to face the music sooner or later and today is a good day to die! To hell with the Eurocrats. Their only answer was to put Greece deeper in debt.
I hope this posts.
A pretty accurate rap about the Greek crisis. And funny too, especially when Angela makes her appearance grabbing her ginny. Putin fans will love his rap.
https://www.youtube.com/watch?v=ObpSd9DVD9E&feature=player_detailpage
Germany needs a 9/11 moment to invade Greece.
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They would be foolish to stay with the Euro currency. Their ‘economy’ is tourism-based, and as suggested by their current situation, Greek government activities necessitate domestic control over their monetary policy.
I know most of you are full of joy over the Greek vote but how is this going to effect us here in America?Seem like all the debt is connected one way or another.
At least the banksters can hear footsteps, if only for the moment. Economic Nationalism is coming. Syriza. Podemos. UKIP. National Front. Five Star. Trump. Politics is the answer. They won’t give it up easily. But, it’s coming.
bb: That’s the 64 million dollar question. I think that the PIIGS, France, Japan, England, the US etc will all fall apart due to Socialism and fiat currency soon (side bets on when). If I could find a sucker who could and would pay up, I’d bet my gold and farm on that outcome.
I wonder if they know what voting no will mean for them?
Pigs are usually reluctant to leave the trough after they’ve learned to feed at it.
Maybe they don’t realize that’s what they are doing, leaving the trough, and somehow think a new one is waiting for them so they still won’t have to work to produce as much as they consume?
It’ll be interesting to see this one play out, I think the Greeks are in for a surprise.
Or maybe they just figure the EU can’t afford to loose them, and set an example for others to do the same, and will find some new way to fill their trough and keep the illusion going, and there’s a chance they’re right.
In any event, I’m thinking the Germans will be the ones to pay the biggest price.
bb,
At least for a while I imaging our dollar will get stronger and allow us to buy more from them and the rest of the world. The Euro is not looking good at this point.
The resulting effect on our labor as it is made even less competitive on the world market should be obvious, but we’ll have a continuing supply of cheap consumer goods.
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”
Lord Acton
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LOL! Those are some optimistic guys with their garbage bags! A used sandwich baggy would be overkill for 60 Euros.
I stopped at a local deli Wednesday evening and used a $50 note to pay for my purchase and received a 1914 $20 bill, a 1934 $10 bill and a 1950 $10 bill in change. All are in pretty damned good condition and worth far more than face value except the 1950 note which is probably worth a couple dollars over face. Methinks somebody raided grandpas collection.
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Greece Contemplates Nuclear Options: May Print Euros, Launch Parallel Currency, Nationalize Banks
Submitted by Tyler Durden on 07/05/2015 17:41 -0400
As we said earlier today, following today’s dramatic referendum result the Greeks may have burned all symbolic bridges with the Eurozone. However, there still is one key link: the insolvent Greek banks’ reliance on the ECB’s goodwill via the ELA. While we have explained countless times that even a modest ELA collateral haircut would lead to prompt depositor bail-ins, here is DB’s George Saravelos with a simplified version of the potential worst case for Greece in the coming days:
The ECB is scheduled to meet tomorrow morning to decide on ELA policy. An outright suspension would effectively put the banking system into immediate resolution and would be a step closer to Eurozone exit. All outstanding Greek bank ELA liquidity (and hence deposits) would become immediately due and payable to the Bank of Greece. The maintenance of ELA at the existing level is the most likely outcome, at least until the European political reaction has materialized. This will in any case materially increase the pressure on the economy in coming days.
All of which of course, is meant to suggest that there is no formal way to expel Greece from the Euro and only a slow (or not so slow) economic and financial collapse of Greece is what the Troika and ECB have left as a negotiating card.
However, this cuts both ways, because while Greece and the ECB may be on the verge of a terminal fall out, Greece still has something of great value: a Euro printing press.
It may not get to there: according to Telegraph’s Ambrose Evans Pritchard who quotes what appears to be a direct quote to him from Yanis Varoufakis, Greece will, “If necessary… issue parallel liquidity and California-style IOU’s, in an electronic form. We should have done it a week ago.”
California issued temporary coupons to pay bills to contractors when liquidity seized up after the Lehman crisis in 2008. Mr Varoufakis insists that this is not be a prelude to Grexit but a legal action within the inviolable sanctity of monetary union.
In other words: part of the Eurozone… but not really using the Euro.
That’s not all, because depending just how aggressively the ECB escalates events with Athens, Greece may take it two even more “nuclear” steps further, first in the form of nationalizing the banks and second, by engaging in the terminal taboo of “irreversibility” printing the currency of which it is no longer a member!
Syriza sources say the Greek ministry of finance is examining options to take direct control of the banking system if need be rather than accept a draconian seizure of depositor savings – reportedly a ‘bail-in’ above a threshhold of €8,000 – and to prevent any banks being shut down on the orders of the ECB.
Government officials recognize that this would lead to an unprecedented rift with the EU authorities. But Syriza’s attitude at this stage is that their only defence against a hegemonic power is to fight guerrilla warfare.
Hardliners within the party – though not Mr Varoufakis – are demanding the head of governor Stournaras, a holdover appointee from the past conservative government.
They want a new team installed, one that is willing to draw on the central bank’s secret reserves, and to take the provocative step in extremis of creating euros.
“The first thing we must do is take away the keys to his office. We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print €20 notes,” said one.
Such action would require invoking national emergency powers – by decree – and “requisitioning” the Bank of Greece for several months. Officials say these steps would have to be accompanied by an appeal to the European Court: both to assert legality under crisis provisions of the Lisbon Treaty, and to sue the ECB for alleged “dereliction” of its treaty duty to maintain financial stability.
And who “unwittingly” unleashed all of this?
Mr Tsakalotos told the Telegraph that the creditors will find themselves be in a morally indefensible position if they refuse to listen to the voice of the Greek people, especially since the International Monetary Fund last week validated Syriza’s core claim that Greece’s debt cannot be repaid.
Recall last week we asked “Did The IMF Just Open Pandora’s Box?” We just got the answer. Our advice to Mme Lagarde: avoid stays at the Sofitel NYC for the next few weeks.
As for Europe: welcome to your own personal Lehman weekend. We hope you too enjoy making it all up as you go along, because you have officially entered the heart of monetary darkness.
IS, that’s funny. In 2009, the 7/11 down the street from my business gave me an astonishing collection of old US coins in change over a couple of months. Several dozen at least. Even got a steel penny, so whoever was raiding was spending the pennies
The Greeks have voted to cast off the oppression and demands of the EU banksters. Good for them. Now they will starve. Or cave in to some deal. No matter what they tell you there is always a deal. A deal of some kind from someone. It’s usually from some sort of Demon dressed up like an Angel. They are fucked.
bb,
In America the events in Greece will have little impact . At last count only 73 Americans in the whole nation knew about the financial and social problems in Greece. Only 14 of them cared. And only 3 could find Greece on a map.
And if the dominoes tumble enough that we do feel a little pain here in the USA there will be some BS story or reason given. Everyone will believe it, dump some hate on the target and move along. Oh look !!!………A Confederate flag.
I think Greece has a press only for fives and tens. Also, the bills show where they were printed. So any money printed will likely be disavowed anywhere else in the Euro. Also, if Greece printing Euros became a significant threat, I expect that it might end in war- ie a bomb dropped on the presses, or some such. No way the EU allows Greece to simply print Euros unfettered.
My guess Greece is about to become a complete ghetto. If the EU goes full Armageddon on them – which I believe is a likely scenario by stripping out any money flow – then it is going to get very ugly indeed in Greece very very fast. And I expect that is the most likely answer, as there are some parties that are becoming emboldened by the Greek vote in Spain, Italy, etc. I suspect the EU will want to make it perfectly clear what the cost of non-compliance will be.
There was no winning vote. Both solutions end in tears. At least they Greeks have stepped forward, but the pain is going to be tremendous and immediate, is my best guess.
It’s going to be interesting. I think most of the no votes were Greeks saying they want to keep their free shit. They don’t have a clue where money comes from. It is a preview of what is coming to USA so pay attention.
Overthecliff says:
It’s going to be interesting. I think most of the no votes were Greeks saying they want to keep their free shit. They don’t have a clue where money comes from. It is a preview of what is coming to USA so pay attention.
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The Greeks knew what voting yes meant. They chose the unknown evil over the familiar one.
I don’t give a fuck about this shit. Fart in a hurricane. Nothing, NOTHING, of significance will follow, no matter what the outcome in Greece.
When Admin advocated letting the TBTF banks in the U.S. actually fail way back when, and I agreed, that was a big deal and a potential national and global game changer. For the better. And those fuckers are still here, bigger and more powerful than ever.
This shit with Greece? Fucking piss ant politics. I just don’t care.
Anon @ 12:20 am was me. Damn site logged me out without my permission. I shall sue.