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The Parthenon on the Athens Acropolis is seen behind a Greek and an EU flag atop the Greek ministry of finance February 8, 2012 (Reuters / Yannis Behrakis) 21.02, 16:38 6 comments

Greece: deeper in debt and default-bound

After weeks of rollercoaster talks, Athens is finally getting a second bailout package, yet investors have doubts that debt problems can be solved with more debt. Many say the €130 billion injection will only postpone the inevitable default.

Steven Vanackere (L), Francois Baroin (2nd L), Lucas Papademos (C) and Evangelos Venizelos (R) attend a Eurogroup meeting at the European Union council headquarters in Brussels February 20, 2012 (Reuters / Yves Herman) 21.02, 08:02 10 comments

The path o’ non-resistance: Greece gets new lifeline

Eurozone finance ministers have reached a deal for a second 130-billion-euro bailout for crisis-stricken Greece. The country’s debt will also be lowered by private holders who agreed to face value loss of 53.5 per cent on their bonds.

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A woman raises a Greek flag during an anti-austerity rally in front of the parliament in Athens February 19, 2012. (Reuters / Yiorgos Karahalis) 20.02, 10:26 5 comments

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Greek Finance Minister Evangelos Venizelos. (Reuters / John Kolesidis) 16.02, 07:39 8 comments

Greek finance minister says EU bailout disputes solved

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A fire engulfs a store during clashes between protesters and riot police near the Greek parliament in Athens on February 12, 2012 (AFP Photo / Louisa Gouliamaki) 13.02, 11:29 49 comments

Athens burns, buildings on fire as chaos, riots flare up (VIDEO, PHOTOS)

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A petrol bomb explodes near riot police during a huge anti-austerity demonstration in Athens' Syntagma (Constitution) square February 12, 2012 (REUTERS / Yannis Behrakis) 12.02, 21:36 18 comments

Greek police fire tear-gas at protesters (VIDEO, PHOTOS)

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Downgrades and demos: Greek malaise continues

Published: 22 February, 2012, 19:01
Edited: 22 February, 2012, 22:03


A protester holding a Greek flag shouts slogans during an anti-austerity rally in front of the parliament in Athens February 18, 2012 (Reuters / Yiorgos Karahalis)

Greece braces for fresh round of protests as a historical bailout package comes with austerity measures many refuse to stomach. Further rocking the boat, a downgrade on Greece’s sovereign debt has cast a dark cloud over already stormy waters.

 
5 COMMENTS
upthere-orangutan February 23, 2012, 08:11 quote
+3

so much so for a dream that euro will overtake dollar as the currency of international trade...

David762 February 23, 2012, 13:00 quote
+4

In all this horrible news about the abuse of the Greek people by their new Rothschild-controlled and appointed government, there is a silver lining -- at least if you are one of those international banksters.  The top .01% of the 1% (TPTB) wealthiest oligarchs can (and are) now buying their own personal privatized Greek island as armed refuges from the the 99%, at pennies on the dollar, for when The SHTF.  I guess they have never read E.A. Poe's "The Red Death" -- a warning against hiding from adversity behind thick guarded stone walls ...

Eurasian February 23, 2012, 13:11 quote
+5

We remember their slogan “the big banks are too big to fall” …well history also reminds empires weren’t immune either. And so will be with the capitalist one… all at once.

Enzo Lion February 23, 2012, 13:31 quote
+5

All my respect and solidarity to the Greek people, who have been so far hit the hardest by the banksters. Honestly I do not give a monkey about the downgrades and all the other BS of rating agencies and all the other institutions of a rotten system doomed to collapse anyway. Personally I think the Greek people and the people of the West should form committes of elected ordinary citizens and start discussing how to reorganise their countries once this inefficient, incompetent, ultra-corrupt and ultra-stupid banksters and their clown politicians system will break down completely.
In my honest opinion either Europe and North America start re-founding their terminally ill economies and societies from zero and restart, if necessary, from total scratch, including considering the barter system or in perhaps 5 or 10 years (or less, who knows) we will see violence spiralling out of control.

David762 February 23, 2012, 16:21 quote
+3

Enzo Lion wrote in #4

All my respect and solidarity to the Greek people, who have been so far hit the hardest by the banksters. Honestly I do not give a monkey about the downgrades and all the other BS of rating agencies and all the other institutions of a rotten system doomed to collapse anyway. Personally I think the Greek people and the people of the West should form committes of elected ordinary citizens and start discussing how to reorganise their countries once this inefficient, incompetent, ultra-corrupt and ultra-stupid banksters and their clown politicians system will break down completely.
In my honest opinion either Europe and North America start re-founding their terminally ill economies and societies from zero and restart, if necessary, from total scratch, including considering the barter system or in perhaps 5 or 10 years (or less, who knows) we will see violence spiralling out of control.

=================================================

Amen to those sentiments.  There is a third way, beyond accepting a barter system OR the kleptocrat bankster status quo -- and the brave & sensible people of Iceland have been the trailblazers.  They refused to accept the Rothschild international banksters / gamblers word that the sovereign government of Iceland owed the banksters for the losses that these private for-profit banksters themselves incurred.  ------------  If every country thus affected had followed Iceland's lead, some international banksters would have lost some serious money, some banksters might even have gone bankrupt themselves, or even better yet sent to prison for fraud.  Instead, every country will assume the wrongful debt incurred by the banksters as their country's sovereign debt, while facing economic blackmail, fiscal deprivation, severe austerity measures that decimate their country's social safety net and common weal, as well as a privatization program that strips all tangible assets from their country at pennies on the dollar.  ------------  Apparently, the audacity and hubris of the international bankster cabal knows no boundaries ...

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