18 Replies to “My Big Fat Greek Bankruptcy”

  1. At the end of the day it’s wholesale redistribution of wealth. No one on the Left is crying about it. The only fear they have is that the gravy train runs out of track.
    When +60% of your country is populated with broke deadbeats, what do they care if your banks close and steal the workers money and or your Socialist government pulls another huge bailout rabbit from the hat?
    The biggest joke is that the Militarized Police Forces that occupy much of todays western civilization are supposed to be there for “terrorists”. The only terrorists in the eyes of the Western Elites are the Middle Class citizens that want to keep their hard earned money for retirement.

  2. And in our own country, Quebec has led the way in getting others to pick up the tab for their superior social programs.
    Ontario will shortly follow.
    Thank goodness Alberta is well on the way to being a have-not province, so Alberta taxpayers will be unable to support the parasites in central Canada.

  3. Left unsaid is the fact a large portion of the €245 billion debt was fraudulently dumped on Greece in the frenzy of huge bank bailouts in 2010 and 2012.
    Since these huge bank bailouts, ‘Greek debt’ exists only on the basis of the Wall Street practice for levying unpayable debt, known as “extend and pretend.” Its interest and repayment terms have been so dramatically changed by the creditors (in an implicit admission that it cannot be paid) that in debt-market terms, Greece “debt” is nearly worthless.
    The Greek debt swindle is similar to the TARP scam imposed on the American people following the subprime fiasco and a move by the Federal Reserve to print $4 trillion of new money to cover the gambling debt of the financial class. Big Wall Street banks were involved,( particularly Goldman Sachs), which created ‘magic’ derivatives in 2001 – Take a bank loan to Greece, make it look like a mere ‘currency swap’ rather than a debt — but turn it into a much bigger debt ten years later. So, most of the loaned money did not stay in Greece. More than 90% of the bail out transfers went directly and immediately to Deutschebank, HSBC, JPMorgan Chase, and their fellow predators, with small amounts crumbling into the hedge funds . Greek Labor and Social Security Minister and chair of the National Bank of Greece Louka Katseli said Greece actually spent a meager 3% of the $275 billion loaned by these banks.
    So the main reason Brussels/New York/Paris/London is so determined to keep Greece in the euro is so that the banks do not have to take a serious hit on their fraudulent lending policies – as per usual too big to fail (lose) will be trotted out as the slogan of the moment in the hopes od escaping public exposure of the quasi legal machinations of modern debt leveraging and marketing.

  4. Occam for the win. Bingo! Exactly correct.
    Wait for the screams of outrage when Canadians come to realize the true financial condition of Canuckistanian banks with their “bonds” that are not bonds and their bail outs from the US Fed. Just wait until the “bail in” comes into play here. Left, right, green, centre, won’t matter.
    Buy things that last like booze, ammo and 18 year old blondes. No, wait! The blondes lose value when they turn 19.
    * SIGH * Just humans being human.

  5. Occam;
    Let me get this straight. The Greeks don’t really owe this money because the banks kept extending their loans when the banks knew they could not afford it? The
    financially incompetent Greeks were taken advantage of? Shazam!

  6. Greeks are victims because they were lent money they refuse to pay back. come on! Cut the bullcrap.

  7. The only victims are the hard working “conservative” SAVERS, that voted against any Bailouts or unnecessary Loans to support unaffordable Social Programs. These people are the minority working populations of Greece and the other EU countries.
    The Bankers loose nothing as they never had anything except Digital Currency, and neither do the Leftist slags that benefit from Social Programs paid for by other peoples money.
    It’s easy to blame all the Greeks, but if +50% of the population votes for Wealth Redistribution, it’s GAME OVER.

  8. Greeks are no different than your typical NDP supporter and they deserve all the misery that awaits them, the sooner the better so they can at least give the rest of the planet, if not themselves a teaching moment. They have chosen the slow suicide of socialism and do not deserve another futile bailout. This is all political theatre to delay the inevitable reality of the situation. To the small minority of rational Greeks, I hope you have made plans for the demise of your nation’s masquerading civil and economic normalcy.

  9. John Chittick >
    “so they can at least give the rest of the planet, if not themselves a teaching moment”.
    The problem is that the mentally ill don’t learn. There are already plenty of modern and historical precedents to have learned from, and they don’t get it.
    Amazingly both Argentina and Bolivia have come out today to praise the Greeks for the “NO” vote – Pleeeeease!

  10. I’m sure Argentina would support the Greeks. Talk about a country that also went down the crapper. Until WWII it had prosperity akin to the US or Canada. Then began the process of worthless governments that piddled it all away. It is essentially a low populated resource rich country with a European population, a formula for wealth but is a chronic underachiever. They lay awake at night dreaming to be as worthless as Greece.

  11. Back in 2012 PMSH refused to give our tax dollars to the Greek bailout loans. He got a lot of flak from the Euros, Press and NDP. Today Niki Ashton of the NDP is applauding the Greeks for voting to default on those loans. How very patriotic of her

  12. So Occam-the-troll give us his idea of a Teaching Moment: selfish suspended-adolescent imbeciles are not responsible for their own behaviour and need those of us who work and pay taxes to cosset them for their entire pathetic worthless lives. Thanks Occam, wow, golly, as usual you can collect your Doctor of Smartology degree at the door. Maybe you can trade it for another bongful – assclown!

  13. The first time the euro parliament voted to give, loan or whatever, cold hard cash, it was my tribe that tried to stop the Greek fall.
    One member of the euro parliament from Slovakia, explained to them that Slovakia cannot afford to give, loan, whatever to the Greeks since Slovaks being a relatively poor lot, on average make, working, so much less than a Greek on pension. The difference was in multiple times.
    Therefore Slovakia really cannot give money to the better off, since they would be still worst off themselves.
    Slovaks were damned because of it. Of course as it always is with the socialists/fascists and the media manufacturers, they got together and made the Slovaks understand that this is not done.
    And so it was.
    Here is Nigel Farrage talking about it in the euro parliament.
    “Nigel Farage – Slovakia said no to Greek bailout”
    https://www.youtube.com/watch?v=ExxfGIsqz88

  15. “Occam;
    Let me get this straight. The Greeks don’t really owe this money because the banks kept extending their loans when the banks knew they could not afford it?”
    Absolutely – you know what economic dupes socialists are – they actually expected the banks to play easy peasy – but they are predators and they downloaded debt onto a client they knew could never pay it – unless they give up some soverign territory to creditors – socialists are dupes – who would loan to them except a predator looking for certain default to take collateral.
    The extension of this credit was created from valueless debt marketing schemes – I want the whole thing to blow up so it shines light on how there above the law banks run credit swaps and off load bad debt on local banks who then pillage private saved wealth in exchange for their debt frauds

  17. I dunno if I see the fraud either Occam. Look – anytime money is lent the idea is that it HAS to be paid back…under terms and conditions that are very specific and thoroughly understood by both parties. Where’s the fraud? The socialists and stupid people ran up a tab and now they want to bail on it – that is breach of contract and will carry specific penalties which have been agreed to by both parties before the money was lent. The banks have actually waived many of those penalties to help the Greeks out. Blaming the bank for this crisis is like Orca Winfrey blaming spoons for making her fat. The politicians are far more culpable IMHO – they are the ones that agreed to those terms and conditions.
    At the end of the day your deposit at the bank is really nothing more than an unsecured loan. Fact is that as rational adults we should be chitting bricks over what is happening in Europe and should take steps to guard and hide our assets here in Canada too.

  18. Occam’s economics guru is Max Keiser folks; he got this idea from a Keiser podcast as he admits in another thread here:
    “Keiser founded the hedge fund Karmabanque, which sought to profit from any decline in equity value of companies that are susceptible to boycott from environmental groups. The hedge fund’s progress was followed monthly in The Ecologist magazine. Its targets included Coca-Cola] and McDonald’s.
    The Karmabanque hedge fund project was designed to simultaneously short-sell companies while funneling profits into environmental and ethical-business pressure groups that further act to drive down the companies’ stock prices. Describing the project, Keiser stated, “The Internet allows people, activists, from all over the world to gather, or swarm, and hit a company where it hurts most—in their stock price.” – Wikipedia.

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