Cyprus-Forum.com

[Lordo]

and there was me thinking the greaks would save us so they are abandoning us to our fate with the wankerbankers.

life is not fair.

[Robin Hood]

A large number of the comments on here identify ‘The Banks’ (Banksters) as the problem, as it was they that made the loans knowing that the chances of having the debt repaid got less likely as the Greek debt mounted.

Banks create debt ........ which is what they did to Greece, they don’t actually loan anything ..... they create ‘money’ as a computer entry and as negative figure in a credit account and call it a loan. When the ‘loan’ is repaid it is written off the books .... i.e. the ECB/IMF write off the debt. If the capital sum is not repaid ......... the banks lose NOTHING!!!!

This so called ‘money’ did not exist until the banks created it and will cease to exist when the debt is repaid or written off. The ‘loan’ is simply the ECB/IMF allowing Greece to spend money it hasn’t got ....... i.e. the ECB/IMF allow them to write bouncing cheques on a credit account, but they don’t bounce them.

Grasp that basic principal of money creation and you can see just what a gigantic fraud the banking system is and why Greece will recover if they revert to a Sovereign currency, an independent Central Bank and the removal of commercial banks ability to create money out of thin air.

BTW: The Bank of England (and many other sources including the FED) have confirmed this is how banks make ‘loans’ and create ‘money’!

[repulsewarrior]

Why not let the man himself explain? The EU as an example of democracy in action!

A Bad Day For Democracy

By Yanis Varoufakis
Greek Finance Minister

The very idea that a government would consult its people on a problematic proposal put to it by the institutions was treated with incomprehension and often with disdain bordering on contempt. I was even asked: “How do you expect common people to understand such complex issues?”.

http://www.informationclearinghouse.info/article42267.htm

...what is wrong with what he says?

Very compelling.

[GreekIslandGirl]

I see the un-elected dictators are making threats to the Greek people to force a "Yes". Illegally threatening expulsion!

Disgraceful.

Varoufakis is on to them:

Greece has threatened to seek a court injunction against the EU institutions, both to block the country's expulsion from the euro and to halt asphyxiation of the banking system.
“The Greek government will make use of all our legal rights,” said the finance minister, Yanis Varoufakis.

telegraph

[Lordo]

interesting but i think varufakis is about to be varufakised.

[GreekIslandGirl]

Lagarde has to resign now, surely. She's broken the IMF...

She escaped doing the decent thing and resigning during the corruption charges, but now?

The IMF is meant to fix these things; instead, it has conspired to turn what should have been a containable crisis into a total disaster. With its reputation in tatters and its credibility shot to bits, it is small wonder that China and others are seeking alternative, rival models of governance for the global financial system.
If this were any normal organisation, the IMF’s managing director, Christine Lagarde, would be forced to resign

telegraph

[Get Real!]

Europe and the IMF don't seem to have any problems with Ukraine defaulting despite loaning them billions...

http://fortune.com/2015/05/20/ukraine-default/
http://sputniknews.com/europe/20150326/1020062606.html
http://www.forbes.com/sites/markadomani ... o-default/
http://english.pravda.ru/business/finan ... default-0/

What a filthy stinky world we live in... (thanks to the disgusting americans)

[GreekIslandGirl]

Europe and the IMF don't seem to have any problems with Ukraine defaulting despite loaning them billions...

http://fortune.com/2015/05/20/ukraine-default/
http://sputniknews.com/europe/20150326/1020062606.html
http://www.forbes.com/sites/markadomani ... o-default/
http://english.pravda.ru/business/finan ... default-0/

What a filthy stinky world we live in... (thanks to the disgusting americans)

Wow!

That wasn't even mentioned in the British press!! Surely, it must have got a quick moment somewhere? But certainly didn't make the "news" such as it is!

Whereas, we're bombarded constantly about the "Greek crisis", the "Grexit", the " greedy Greeks" etc etc etc.

The British press certainly has a negative agenda, portraying the Greeks in a stream of bad light and never so much as a sign of good grace.

[GreekIslandGirl]

The Guardian writes: Greece’s finance minister, Yanis Varoufakis, has published a short’n’snappy bullet point list of reasons to vote no on Sunday.

It includes the fact that Greece’s debt is unsustainable and should be restructured, and a promise that a No vote won’t lead to Greece leaving the euro.

Greeks should say “a big NO, he concludes. Here’s why:

1. Negotiations have stalled because Greece’s creditors (a) refused to reduce our un-payable public debt and (b) insisted that it should be repaid ‘parametrically’ by the weakest members of our society, their children and their grandchildren

2. The IMF, the United States’ government, many other governments around the globe, and most independent economists believe — along with us — that the debt must be restructured.

3. The Eurogroup had previously (November 2012) conceded that the debt ought to be restructured but is refusing to commit to a debt restructure.

4. Since the announcement of the referendum, official Europe has sent signals that they are ready to discuss debt restructuring. These signals show that official Europe too would vote NO on its own ‘final’ offer.

5. Greece will stay in the euro. Deposits in Greece’s banks are safe. Creditors have chosen the strategy of blackmail based on bank closures. The current impasse is due to this choice by the creditors and not by the Greek government discontinuing the negotiations or any Greek thoughts of Grexit and devaluation. Greece’s place in the Eurozone and in the European Union is non-negotiable.

6. The future demands a proud Greece within the Eurozone and at the heart of Europe. This future demands that Greeks say a big NO on Sunday, that we stay in the Euro Area, and that, with the power vested upon us by that NO, we renegotiate Greece’s public debt as well as the distribution of burdens between the haves and the have nots.

[Nikitas]

Perhaps you should also take some of the leading newspaper editorials that refute Baroufakis points and post them here too.

The term "lenders" leads to some automatic associations, ie shylocks, when the real lenders are citizens of other EU nations and any restructuring, being a tax issue, requires internal democratic procedures in at least 8of the 18 euro partner nations. There are also institutional creditors, like national insurance funds, that lent money belonging to their citizen contributors, and those managing the funds must have legally valid grounds for restructuring.

Beyond finances, this is a group with very peculiar ideas. The Education Minister publicly stated that the pursuit and achievement of academic excellence is a "tarnish" for students and has initiated moves to remove Greece from the Erasmus programme. He plans to rename all four year bachelor degrees to master degrees using study time as his only criterion. And the list of weird moves goes on and on.

The one that irks most though is nepotism and the response they give when obvious nepotistic appointments are pointed out: the other guys did the same. But these people came to power on the promise they would bring in a new ethic. Where is it?