Deadly riots erupted in Greece over the weekend in protest of the government’s latest austerity plan, which was passed by parliament to meet the requirements of the “Troika” for the next Greek bailout. Prime Minister Papandreou reacted by pledging to hold a referendum on the issue of the new bailout plan. The possibility that Greece might refuse the new bailout — and thus all but guarantee its default on its sovereign debt — caused stock markets all over the world to drop precipitously. Stock indexes in Europe and the United States fell from 2% to 4% today.In other news, alleged computer hackers invaded the Palestinian telecom networks and brought down telephone and internet service in the territories. There’s no word yet on whether the hack attack was in retaliation for the admission of “Palestine” to full membership of UNESCO.
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4 comments:
A French newspaper burnt
The highly satirical newspaper Charly Hebdo was due to commemorate the rise of the Islamists in the Tunisian elections and the announcement of charia law in Libya by publishing caricatures. The front page depicts Mahomet.
http://www.fdesouche.com/253538-charlie-hebdo-rebaptise-charia-hebdo
Let me comment on the new briefs.
I lost a lot of money when the stock market went down. Thinking globally, I hope the Greeks default. This will put pressure on the whole global banking network, which depends heavily on mutual subsides and central control. Of course, Greece then has the opportunity to institute a rational monetary system and live within its means, or go totally down the tubes.
I also am totally opposed to actively disrupting the Palestinian territories. If the attack originated in Israel, it is the responsibility of Israel to find the people responsible and punish them. The Islamic societies will sink themselves with their medieval banking laws and their total suppression of free thought. But, the west should not inject itself into the precess.
I think Greece's only salvation will be exiting themselves from the Euor-catastraphy (Eurotastrophy).
Who'd of thunk that a total socialization of the European economy would result in implosion?
Anyway,... the current agreement to bolster the Euro by heaping more debt on Greece, only serves to dig Greece deeper in their financial hole. How anyone thinks this will ever solve the problem, I dunno.
Maybe if Greece is smart enough to extricate themselves from this morass others will follow and we can be done with this crazy Euro-socialization-experiment thing.
Greece has already defaulted, the banking 'haircut' is simply an acceptance of the fact.
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