Greeks say "NO"

So the Germans rush to meet the French now , major panic , what about the rest of the EC members ?

The Picture Police won't let this one go...

.
http://i61.tinypic.com/10ginw9.jpg

the BBC are seething

I thought for sure they would vote yes

I am in shock

How are the people going to get money to live the banks are going to have to close.

This is a vote for the little people.

From today I am actively campaigning for an Irish referendum against austerity .

Either..the ECB will be forced to concede...and restart the emergency liquidity funding to Greek banks..(stopped a few days before the referendum...strange that)..

OR

..the Greeks exit the Euro...and start printing..... (actually they already have of course) Drachma.

...cant see any other way as far as the banking liquidity goes.

Alexis Tsipras, the Greek prime minister, has pledged that regardless of the result he will return to the negotiating table with creditors after the referendum. The EU, European Central Bank and International Monetary Fund – the lenders that have propped up the country since mid-2010 – have insisted that a no vote will mean the end of negotiations. That, in turn, would mean the end of financial support for Athens, which has already defaulted on a €1.6bn loan instalment to the IMF and faces a €3bn payment to the ECB on 20 July. Tsipras has said a cash-for-reform deal could be reached “within 48 hours” – just in time to see banks reopen on Tuesday, the deadline announced by the government.

..good stuff irishone.....

imo the Euro.... this whole political construct masqeurading as economic progressiveness has been an exercise in the dilution of democracy.

I thing the Eurocrats are not so stupid and have this quote at the back of their minds....

"Let me issue and control a nation's money and I care not who writes the laws."

Mayer Amschel Rothschild (1744-1812), founder of the House of Rothschild.

"The first thing is that the IMF report [released last week] proves that the debt [load] is not viable and secondly that there is a new popular mandate as it would seem from the apparent result of the referendum."

My money is on Merkel bottling it

21m ago
19:48



The heads of Germany’s savings bank association has told Reuters that Greece should now leave the eurozone.

And the head of the German exporters association told Reuters he can’t see how Greece stays in the single currency now.

Podemos rubbing their hands in glee.

And opinion polls utterly wrong -again!

10m ago
20:10


Tsipras hits the phone


Helena Smith Helena Smith


Greek television are reporting that Alexis Tsipras has spoken with several European leaders, starting with the French president Francois Hollande.

There are also suggestions that ECB president Mario Draghi has also been contacted

will the counts bottle it ?

YES  1/100

No    no offers

Halfway there. With over 50% of #Greferendum ballot boxes counted, it's
NO 61.25%
YES 38.75%

landslide

Cameron will be pleased

“History shows us that countries can escape crippling debt in a just way. In 1953, at London Conference, Greece was among the European nations signing a deal which allowed for the cancellation of German debt, to enable the country to grow again after the destruction of the Second World War. Europe needs to come together to offer the Greeks a deal which allows their country to be rebuilt.” .... green party

Good the job the EU hasn't got its army yet, otherwise tanks would be rolling into Greece to restore order, stability & the rule of law.

.
https://www.youtube.com/watch?v=eZeYVIWz99I

latest from greece

yeah lets get back to a soviet military economy

Irishone,

If irelands leaders had one ounce of courage we should be behind them and pile so much pressure on the EU they would have to cave in.
Pretty sure Italy Spain and Portugal wouldn't be far away either.

That our political leaders are spineless and obsessed with being the best boy in class in nauseating and shameful.


Viva le greece

Merkel just quoted as saying "I don't like it, but I'll have to go along with it."

With the rejection of the rules of the euro zone ...negotiations about a programme worth billions are barely conceivable,....

Tsipras and his government are leading the Greek people on a path of bitter abandonment and hopelessness.”

the BBC are praying for some sort of riots, dont they realise the people have voted and it is virtually a landslide.

All politicians are spineless , the job's all about longevity .
Truth gets very rough treatment unless there's a crisis , then a few of them resign , hopefully never to be seen again.
Then we get another lot of liars come in .
Great system if you can use/abuse it by not actually getting involved.

BBC don't seem very happy...strange.

German chancellor Angela Merkel is to meet with French president Francois Hollande tonight to discuss the situation.


mmmmmm mmmmm You can imagine this conversation .

"You do realise francois that Greece is our back door ? If we upset them we lose a barrier to more immigrants getting to Calais ? "

More again from Germany's Deputy Chancellor Sigmar Gabriel, who has spoken to Tagesspiegel newspaper.

He said Tsipras and his government were taking Greece down a path of "bitter abandonment and hopelessness."

Tsipras has "torn down the last bridges which Europe and Greece could have crossed to find a compromise," Gabriel said. "By saying 'No' to the eurozone's rules...negotiations over billions of euros in bailout programmes are difficult to imagine."


...are ******** kidding me ......all Eurozone countries have broken rules on deficit percentages and the like over the 10 years....despicable.

Germany were the first to break them I think, closely followed by France

yes Brendan...despicable hypocrisy.

Franco-German call for eurozone summit

AFP

Posted at 21:10


Chancellor Angela Merkel and President Francois Hollande want a eurozone sumit on Greece on Tuesday (Berlin)


NOW WE KNOW WHO RUNS THE SHOW

eurozone summit needs to guarantee greek bonds otherwise ECB pulls ELA funding of the banks and grexit happens wednesday.

Why don't they sell a bunch of their islands?

...as I have posted elsewhere...

I think they are trying to weigh up the cost of keeping Greece in...a lot...

...and the potential huge huge cost of derivative trades unwinding if they exit.....not to mention the political cost...

..many of these bonds are used as collateral for derivatives trades that are leveraged many times.!!!!

The Leopard 05 Jul 15 21:51 
Why don't they sell a bunch of their islands?


They have about 200 uninhabited ones they could flog.

I dont think you can sell territory, or you cannot at times like this.

They would be far better off going back to the drachma
Put the money they are paying back into the current account
Massive depression this year O K , but better than paying back for the next twenty

they will get debt restructuring, a deal will be done imo

Great game of poker, who will blink first.

The eu is finnish and has been for a long time, how on earth can a central organisation generalise over independent countries with different values..

the clinton foundation said to be veeery interested in the island of lesbos

I take note of the outcome of the Greek referendum. This result is very regrettable for the future of Greece. For recovery of the
Greek economy, difficult measures and reforms are inevitable. We will now wait for the initiatives of the Greek authorities. The
Eurogroup will discuss the state of play on Tuesday 7 July.

Jeroen Dijsselbloem, President of the Eurogroup


No wonder they said fook you, to these euro arses. Saying he knows better than Greeks the future of Greece

The top men in the EU told the Greek people that if they voted No they would be out. They must be shiitting bricks now the Greeks smiled and said no anyway.

yes and if cameron plays his cards right he has got merkel and hollande by the short and curlies

milliband would of been in bed with them

Martin Schulz, head of the European Parliament, was still insisting on Sunday that a "No" vote must mean expulsion from the euro, but his view is becoming untenable.

Jean-Claude Juncker, the Commission's chief, is equally trapped by his own rhetoric after warning last week that a No vote would be a rejection of Europe itself, leading to calamitous consequences.

Top Syriza officials say they are considering drastic steps to boost liquidity and shore up the banking system, should the ECB refuse to give the country enough breathing room for a fresh talks.
"If necessary, we will issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago," said Yanis Varoufakis, the finance minister.

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http://www.telegraph.co.uk/finance/economics/11719688/Defiant-Greeks-reject-EU-demands-as-Syriza-readies-IOU-currency.html

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.

gloves are off

the more erudite readers of the great works among us could have easily predicted this

"...the cows say MOO
the greeks say NO
The dogs say WOOF..."

Pretty ironic that only 62% could be bothered to vote.

The Germans would love a few of those Greek islands

Especially if they were allowed to reserve the sun lounges

Varoufakis gone enjoyed his press conferences

Yes he doesnt want to stay around and get the blame when it all goes wrong.

Varoufakis is an economist, not a politician. His entire career, and his academic qualifications are built on the conviction that

a) austerity does not work;
b) the Eurozone will collapse unless it becomes a union for recycling tax from rich countries to poor countries;
c) Greece is insolvent and its debts need to be cancelled.

By those measures, any deal Greece can do this week will falls short of what he thinks will work.

.http://blogs.channel4.com/paul-mason-blog/yanis-varoufakis-economist-play-politics/4081

Yes perhaps he will leave Greece and move to Fantasy land.

hardly any of the money including the biggie 100 billion ever made it into the greek economy - it went to the banks.

Deal by Sunday or Greece out and all 28 EU countries to help with humanitarian aid to the failed state

Europe the final countdown
.https://t.co/TX4cLyuaV8

yes mobo....

now Germany...and especially France have socialised all the bad investments their private banks...hedge funds and other financial institutions made......as well as bailing out the Greek oligarchs...

....they are less worried about the immediate financial implications for the precious financial sector.

..I wonder though if Deutsche Bank have assured Merkel and Co that none of the 55 trillion euros ...(yes that really is trillions, not billions) of derivatives they are carrying will not unwind on Greek exit!!!!!!!!

FredRescue     



The Germans would love a few of those Greek islands



Joel



Especially if they were allowed to reserve the sun lounges 

Brendan's post at 10.56 from Paul Mason sums it up.

A big load of Greek refugees coming to a town near you...until they get kicked out of the E.U. that is

The whole problem is banks need to lend to make profit and grow under the fractional reserve banking system
they get bigger and consequently make bigger mistakes in their pursuit of profit.Greece is a by product of
reckless lending. Unless we radically overhaul the whole banking sector we will just create more problems
like Greece..Puerto Rico Argentina.

greeces debt is around 350 bn.
bailout of our own banks is said to have been 1.1 trillion

let the greeks sink f..k em

Jul 8, 2015 -- 3:04AM, G1_Jockey_4 wrote:

greeces debt is around 350 bn.bailout of our own banks is said to have been 1.1 trillion

said by who?  An idiot?

Greece is collapsing, Persian aggression grows, and Rome is in disarray.
It's like being back in 430 BC

good point 303bn euros
the uk banks 1.1 trillion was £s

"The financial history of Greece has been unsatisfactory from the outset...a tax and improvident system of administration, the corruption of political parties and the instability of the government, which has rendered impossible the continuous application of any scheme of fiscal reform....all alike have contributed to the economic ruin of the country... Excessive borrowing....remissness in the collection of taxation... in the main attributable to the non-payment of direct taxes"

c/o Encyclopedia Britainnica 1910

Excessive borrowing

takes 2 to tango, could just as easily say excessive lending by german and french banks who have now dodged the bullet because euro citizens are going to pay for their mistakes

....indeed Brendan.....

I was talking about 1910.  Not fair to blame The Great War on the Greeks imho.

6 hours work a day and retire at 55 ,where did it all go wrong ?

Reminds me of being in the boozer ,had a few ,the  gambling  lounge lizard approaches on false pretenses and begs for a loan ,against better judgement i succumb to his pitch .
Avoids me like the plague and with one thing and another i dont see him again for months .
Then in another boozer i spot him ,he brazenly comes over ,quickly apologizes,assures me he will be good for the  tenner next week on pay day and with a fresh pitch nearly succeeds in  getting  me to buy him a drink.
Being the Psychopath he is he has me feeling bad about it all and nearly succeeds .
Upon investigation he owes every fooker he has ever met and unless extreme coercion is applied chances of recovering funds are zero .He does all the pubs on a rota ,news of anyone having a win at the bookies produces an inbuilt response and he quickly corners his victim alone and extracts funds .Often he he switches a loan from someone who might subject him to violence to a softer target in same pub.He merrily gambles and drinks to excess without a care in the world .Only concern is where next loan is coming from .

sounds like me Bread do I know you

*owe

Managed a bookies ,simular to boozer really ,the problem is u give someone a loan u must be certain they will give it back at some stage ,otherwise u lose the custom as well ,being certain is the problem Had a brilliant punter used to perm accas on football won a few lost a few ,one saturday he was short asked if I would cover him for a score of the bet ,Without a thought I said no prob ,bet l lost I never seen him again been coming in for months punting in hundreds ,A poxy score

yup ...thats him ,lined you up for that for weeks

.

Looks like Greece are going to accept the demands of its creditors. Dispite the government being elected on no vote and despite a massive endorsement in the referendum.

Who is really running the world when things like this can happen, Is democracy as we think of it a myth, and is it time to start worrying?

The alternative being starvation and humanitarian aid?

The Captain of The Titanic didn't want to take any responsibility, despite being the only person on the ship with any idea of the best course to take through the icy waters.  Instead he thought he'd hold a referendum amongst the passengers.  The clueless passengers decided to head straight for the iceberg.  The Captain saw the iceberg would sink the ship but thought "what the **** this is a democracy" and sailed straight into it.

Macarony in what way is this undemocratic? When you've external governments and organisations they aren't governed by the views of people outside a country. I remember last year that absolute tool Salmond and his  moronic supporters trying to say that if Scotland voted Yes then it would be undemcratic for Scotland to not keep the pound or the UK not comply with anything else that d*ck wanted - i.e. That the views within one country should influence the views of people outside the country. This is palpable rubbish.

The people of Malta could vote tommorow that they should all get free XBoxes and Holland should send them free Edam and blondes, it doesn't mean Microsoft or Holland should give a sh*t.

The point I am  making is there has been two democratic votes, with two very decisive results. Both now to be overruled by some high power than the sovereign government.

Who is the new king of the word?

Bubbles seem to be doing a big climb down. Aren't Syriza doing a thing they refused to do before they won a referendum saying they definitely shouldn't do it?

Agree to an extent about the real ruler`s Macaroni, i fear our referendum ought to be cancelled as we are already sure of the result.

Ireland`s first referendum was not what banks and EU wished to hear, promptly instructed them to go through the whole process again, this time with threatening letters from employer`s before the vote.

Tsipras bottled it imo. Greeks said no...but Tsipras feared for the banks being shut down for ages.

Jul 10, 2015 -- 7:03AM, macarony wrote:

The point I am  making is there has been two democratic votes, with two very decisive results. Both now to be overruled by some high power than the sovereign government.Who is the new king of the word?

The stupid coont thought the country would vote "yes" and then he could fak off and leave someone else to sort out the mess.

Since they voted "no" he has been desperately looking for a way out.  He has got the parliamentary opposition to vote for the cuts, so if there is a deal he will fak off and leave some sort of unity coalition to implement them.

Outside of the EU Greece are **** they will do whats necessary to stay in.