40 Responses to Black Monday? Markets go into a tailspin as Germany warns of Greece bankruptcy

  1. c/o Luisport

    September 10, 2011, 10:04 am
    Starkness Falls
    Update: Via Mark Thoma, similar sentiments from Barry Eichengreen; see addendum at the end.

    Did the euro just enter its death throes?

    OK, I know that sounds over the top, and I hope it is. But recent developments are really, really bad.

    The best guide to recent events is actually a paper written this spring, by Paul De Grauwe (pdf). I have to admit that when I first read De Grauwe’s paper I didn’t grasp the full force of his argument about liquidity crises; but he now looks absolutely prescient.

    The key point, which I’ve finally taken fully on board, is that in addition to the huge problems of adjustment created by a rigid exchange rate in the aftermath of a bubble, the fact that European nations no longer have their own currencies leaves them vulnerable to self-fulfilling debt crises – in effect bank runs on governments rather than banks (although those too).

    To head off this risk, somebody – the EFSF, the ECB, whatever – has to be ready to act as lender of last resort; Eurobonds would have served much the same purpose.

    By resigning from the ECB, Juergen Stark has conveyed, deliberately or not, the message that there will be no such lender of last resort, that there isn’t enough political cohesion in the eurozone to stand behind countries under market attack. And this translates directly into soaring spreads for Spain and Italy; the self-fulfilling crisis is on.

    You little know, my friends, with how little wisdom the world is governed.

    Extra: Barry Eichengreen weighs in with equally dire sentiments. And special props to Barry for going after the all-too-prevalent belief among VSPs that wisdom always consists in dismissing short-run concerns:

    If these three urgent tasks are completed, there will be plenty of time – and much time will be needed – to contemplate radical changes like new budgetary rules, harmonization of other national policies, and a move to full fiscal union. But, as John Maynard Keynes famously quipped, “In the long run, we are all dead.” European leaders’ continued focus on the long run at the expense of short-term imperatives may indeed be the death knell for their single currency.



  2. c/o Luisport

    The prevailing wisdom is that Greece will default (soon), and any talk of an orderly insolvency or a ringfencing of the financial system in Europe is being mocked by the markets right now.

    European banks are getting destroyed.

    Real quickly, a few notables:

    Deutsche Bank is off 6.8%.
    SocGen is off 9.3%.
    Natixis is down 6.4%.
    BNP Paribas is down 9.8%.
    This list could go on and on.

    There had been rumors of a big Moody’s downgrade of some French banks, but that hasn’t happened yet… but it hasn’t needed to for people to freak out.

    Read more: http://www.businessinsider.com/european-banks-september-12-2011-9#ixzz1Xj8xDSZg


  3. I’m watching for who is going to pay for this “orderly default”. The whole process looks like wealth redistribution by bankruptcy.


  4. chris smith says:

    The tone on Friday was largely set by the resignation of Jurgen Stark from the ECB, the second German to resign this year after Axel Weber, previously widely tipped to have been the next head of the ECB, resigned in February. Jurgen Stark’s resignation was ostensibly ‘for personal reasons’ but it is widely assumed that the resignation of both germans was primarily due to disagreement with ECB policy, and Jurgen Stark’s resignation in particular to be in protest at the ECB’s recent decision to start buying Italian and Spanish bonds.
    This matters a lot in Euroland, as without Germany, the Euro area is mainly composed of spendthrift socialist basket cases, with rigid economies and excessive taxation and spending. For anyone who feels I am being unduly harsh on socialist governments let us consider the case of (non-Euro) Britain, which was ranked the fifth most competitive country in the world on tax when the Labour Party came to power in 1997. A survey since they fell from power in 2010 now ranks the UK at 94th out of 142 countries, between Swaziland and Lesotho, and the greatly increased revenues from all those extra taxes are nowhere near enough to balance the budget, as spending increased even more massively than taxes during the 13 wasted years of Labour Party rule.
    As Margaret Thatcher famously said, ‘the trouble with socialism is that eventually you run out of other people’s money’. Socialists describe themselves as progressive, but to my eye their main shared characteristics are that they are hostile to the markets that support every Western economy, tax and spend far too much with an underlying attitude that those with savings need to be punished, run public services for the benefit of their union paymasters rather than the service users, and encourage welfare dependency that corrodes the social fabric that they claim to care so much about. Not much progressive about that to my eye.
    The point for this morning though is that the cosy half-truths and understandings that underpin the Euro area are in real trouble, and the Germans are increasingly uncomfortable with the widely held idea that they will have to act as guarantor for the countries in the Euro area that are flirting with bankruptcy.


  5. Anthony says:

    The whole situation will end up in Lucifer’s lap lmfao! Lap dogs!


  6. mintukumar says:

    It’s a nice article.



  7. luisport says:

    As Obama Discusses His Job Creation Plan, Bank Of America Releases Details Of 30,000 Job Cuts
    Submitted by Tyler Durden on 09/12/2011 – 11:19 BAC Bank of America Bank of America Barclays Institutional Investors
    The irony could.not.possibly.be.any.damn.funnier; Just as Sgt. Obama had the not so lonely unemployed club band huddled around him to tell America to “PASS THIS BILL”, literally that very minute Bank of America released a statement it is sacking 30,000. Because Banana republic is so 2010, we are now officially an Onion republic.

    Comments: 88Reads: 4,250
    As Italian Bank Trading Halts Resume, The Borsa Italiana Breaks
    Submitted by Tyler Durden on 09/12/2011 – 11:08
    Just after the FTSE Mib announced it is in process of breaking once again, we get notification that the Italian banks are resuming their rolling halts as predicted earlier this morning, with Intesa the first to go offline after plunging 7.9%. What next: any selling will be punshiable by death? Or will the Society for the Prevention of Cruelty to the Status QuoTM not go that far?


  8. luisport says:

    There’s violent unrest in the world, banks are collapsing, and the economy’s once again teetering on the brink–which means that Prof. Nouriel Roubini is right back in his element.

    And he’s going to it with gusto!

    Nouriel’s sticking with his “60% chance” of a new recession. But he’s amping up the rhetoric accompanying this assessment.

    His latest warning, as recorded by Bloomberg, is that that unless world governments release massive new fiscal stimulus, we’re headed for another Great Depression.

    Here are some quotes:

    “I thought a few months ago that the perfect storm would be 2013, but now, the economic weakness in the U.S., eurozone and U.K. is front-loaded.”
    “So we’re going to double-dip earlier. The climax of it could be 2013 or it could be already earlier.”
    “You need to restore economic growth, not five years from now. You need to restore it today.”
    “In the short term, we need to do massive stimulus; otherwise, there’s going to be another Great Depression…Things are getting worse, and the big difference between now and a few years ago is that this time around, we’re running out of policy bullets.”
    Bottom line? Austerity doesn’t work. Time to spend, spend, spend…

    Read more: http://www.businessinsider.com/roubini-great-depression-2011-9#ixzz1XkuDuiNr


    • NickK0 says:

      I think that Roubini is right.
      I see some parallels between the 30’s and what is happening today.

      “Austerity” measures, such as the kind being imposed in Greece, are KILLING the local economy there. ( I should know )

      – Nick


  9. Kelly says:

    Wow thanks for sharing all of this luisport. It is alarming. I am unemployed but thankfully I’m not living on the street or struggling to eat but I know many are and are suffering and their families are. Praying for those because this is getting worse and worse.


  10. luisport says:

    zerohedge zerohedge
    Germany’s Schaeuble Says Govt Must Be Prepared for Everything
    há 3 minutos


  11. luisport says:

    Fitch May Downgrade China and Japan: Worldwide Depression Draws Closer
    Asia’s two biggest economies are in the ratings firing line alongside Europe and the United States as they deal with massive debts built up during the global financial crisis. Andrew Colquhoun, head of Asia-Pacific sovereign ratings at Fitch, told Reuters in an interview that China’s local currency debt rating could be downgraded over the next 12 to 24 months. “We expect a material deterioration in bank asset quality,” he said. “If the problems in the banking system pan out as we expect or are even worse over the next 12 to 24 months, then that would incline us to take the rating downwards.” – Reuters

    Dominant Social Theme: There is trouble ahead, but ratings agencies are on top of it.

    Free-Market Analysis: It used to be easier to believe in ratings agencies but since the world’s greatest companies almost went out of business in 2008 it is more difficult. Now Fitch is once again sounding the alarm on China and Japan but cynics might suggest it is too little too late.

    There is something fascinating (in a morbid way) about watching the ratings triumvirate grind on. It is business as usual and one is not supposed to mention the entire system failed only three years ago. In fact, it took the combined efforts of the world’s central banking community injecting some US$50 trillion into the marketplace (we estimate) to salvage the world’s economy.

    And where were the most powerful ratings agencies? There is no answer. Even today, there is no explanation for how so many companies and countries that were given top credit ratings might have disappeared without a trace, absent central banking stimulation.



  12. Tomwe says:

    Kondratieff cycle or “creative destruction” anyone?


  13. Tomwe says:

    “They would perform many miracles now. They would set fire to a house, as if they were really burning it, and suddenly bring it back again . . .Next they would sacrifice themselves, one of them dying for the other, stretched out as if in death. First they would kill themselves, but then they would suddenly look alive again.”
    – Popul Vuh


  14. luisport says:

    zerohedge zerohedge
    Market Soars Following Latest China Bails Out Europe Rumor: Expected Half Life – 15 Minutes http://tinyurl.com/6cg8zuh
    há 1 minuto


  15. luisport says:

    IMF Officials say Troika Expected to Approve September Greek Loan Tranche; Papandreou, IMF Clearly Delusional; Greek 1-Year Bond Yield Hits 139%

    The humane thing to do to a rabid dog is put it out of its misery. The humane thing to do to Greece is the same.

    Instead, officials in Germany, the EU, and IMF insist on putting Greece through another round of austerity measures inhumane torture in return for “one more” tranche of money.


  16. Thank you Alvin, Luisport, and all the other posters on here for all the information you are providing. I have very little understanding on how this entire world financial market works, but I have enough of an understanding to realize how dire it is.

    Do I think the euro is in its death throes? Yes I do. I remember when they started the euro and I had a bad feeling about it then.

    We have 45 minutes before the closing bell as I watch the market. It doesn’t appear to be a very good start for the week.

    I will finish with the words from Jesus written in Matthew 6:20. “But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal:”

    Be blessed and Maranatha


  17. luisport says:

    zerohedge zerohedge
    RT @TonyTassell: Here is the story: Italy turns to China for help in debt crisis http://on.ft.com/o67M4V @zerohedge
    há 4 minutos


  18. luisport says:

    http://video.cnbc.com/gallery/?video=3000045039 The HEAD of the ATHENS (GREECE) CHAMBER OF COMMERCE says there’s no way out!!


  19. luisport says:

    Rumor substantiated!

    We’ve just spoken with the reporter responsible for the Bloomberg terminal “Italy Seeks to Sell China ‘Significant’ Amount of Bonds, FT Says,” that could have set off this big rumor about talks between China and Italy on bond purchases.

    Blanche Gatt, a Bloomberg reporter based out of London, says her FT source will run on the front page of the Asian edition tomorrow — which she had the privilege to preview. No word on which other editions will also run the story.

    UPDATE: FT has finally published that article everyone’s talking about. Check it out here.

    Markets have bounced back since this confirmation, but are still down slightly on the day.

    Read more: http://www.businessinsider.com/bloomberg-reporter-confirms-china-italy-bond-rumor-2011-9#ixzz1XllCmYE8 zerohedge zerohedge
    From Reuters: “Italian Economy Minister Giulio Tremonti said on Thursday that Asian investors are reluctan… (cont) http://deck.ly/~FMnzm
    há 3 minutos » zerohedge zerohedge
    As A Reminder, Here Is What China REALLY Thinks About Italian Bond Purchases http://tinyurl.com/5udtyp4
    há 4 minutos


  20. luisport says:

    The big comeback from yesterday was fun while it lasted.

    Now it’s over.

    After a start in the green, Europe has turned sharply negative, with French banks leading the way downward for the second day in a row.

    BNP Paribas is off 11%.

    SocGen is down 6.6%.

    Remember, French banks got killed yesterday too on Greek debt and downgrade fears. Now it’s happening again.

    Worries continues regarding Greece, downgrades, and the difficulty of short-term funding right now.

    Meanwhile, this is all spilling over (as you’d surmise).

    US futures are down over 1.3% in the US. The Dow is indicated to open down 140.

    UPDATE: Some of the selling has abated, but markets are still down hard. And it turns out that the panic, at least temporarily, might be associated with a WSJ article.

    Read more: http://www.businessinsider.com/morning-markets-september-13-2011-9#ixzz1XpMtrsRk


  21. luisport says:

    Evidently the heavy selling in French banks this morning can be (partially) attributed to this WSJ opinion piece.

    ‘We can no longer borrow dollars. U.S. money-market funds are not lending to us anymore,” a bank executive for BNP Paribas, who declines to be named, told me last week. “Since we don’t have access to dollars anymore, we’re creating a market in euros. This is a first. . . . We hope it will work, otherwise the downward spiral will be hell. We will no longer be trusted at all and no one will lend to us anymore.”

    That line — “We can no longer borrow in dollars” — is what got people freaked out, prompting the bank to issue a denial, saying it CAN still borrow in dollars (despite well known funding issues and money-market retrenchment).

    Meanwhile, there are comments out from Merkel today basically telling everyone to choose their words more carefully when talking about the crisis.

    Read more: http://www.businessinsider.com/wall-street-journal-article-on-french-banks-leads-to-heavy-selling-2011-9#ixzz1XpNWq5PT


  22. luisport says:

    » zerohedge zerohedge
    há 1 hora


  23. luisport says:

    zerohedge zerohedge
    Record Number Americans, Or 46.3 Million, Lived In Poverty Last Year; 49.9 Million Without Health Insurance http://tinyurl.com/65dnpw3
    há 2 minutos


  24. luisport says:

    Citi’s Willem Buiter is out with a new note firmly opposing all those who toy with the idea of a Greek exit from the eurozone.

    “The prospect of Greece exiting the euro area is seldom viewed with the proper degree of fear and trepidation,” he writes.

    While Buiter admits that a Greek exit could have euro-positive implications in the long term, in the short term it would be an “economic disaster” for both Greece and the remaining 16 euro states with “severe economic and political implications” for the rest of the world.

    Here are a few of his main points:

    – A Greek exit is still unlikely but has become a lot more possible in the last few weeks.

    – While the Euro Area can’t formally kick Greece out of the euro, denying it bailout funds or forcing it to adopt unfeasible austerity measures would virtually amount to booting the Greeks out. Buiter cites stalled negotiations (set to resume tomorrow) between Greek officials and ECB/EU/IMF troika inspectors as a bad sign that this not impossible. “For the sake of economic stability and growth in the euro area, the wider European Union and the global economy, we hope that this message is taken to heart by the European authorities.”

    – Buiter believes that the troika will continue to give Greece funding, but will probably force Greece to endure more austerity cuts and will be directly involved in designing the program.

    – Private creditors to Greece will probably accept a haircut of 65-80% net present value of their investments. More than 90 percent of Greek sovereign debt held by private creditors was issued under Greek law. That means Greece could pass a single law and walk away from all these debts. Creditors would have no recourse. Not that Greece will do that — just that it can.

    – Were Greece to exit from the euro, however, Buiter would expect private creditors to lose 90-100% net present value on all Greek debt.

    – Greece will not leave the euro on its own. “A collapsed banking system, widespread default throughout the economy, a continuing non-competitive economy and high inflation with a material risk of hyperinflation would make for a deep and enduring recession/depression in Greece. Social and political dislocation would be certain. There would, in our view, be a material risk of a downward spiral of dysfunctional politics and economics.”

    Here’s what would happen in Greece if it left the euro:

    – Greece immediately issues a new currency, a run on banks would ensue, and no one will be able to get cash in Greece. The banking system there would be kaput. This also wouldn’t restore growth or competitiveness to Greece in the long run.
    – The big deal for the rest of the euro area is that an exit from the area was allowed and precedent was broken.

    – After a Greek exit, markets would immediately focus on the PIIGS countries most likely to follow suit. Investors would withdraw any deposits they would have there.

    He paints a pretty picture of just what would happen:

    Apart from bank runs in every country deemed, by markets and investors, to be even remotely at risk of exit from the euro area, there would be de facto funding strikes by external investors and lenders for borrowers from these countries. Again, putting under foreign law (most likely English or New York) all cross-border (or perhaps even all domestic) financial contracts and instruments could at most mitigate this but would not cure it.

    The funding strike and deposit run out of the periphery euro area member states (defined very broadly), would create financial havoc and mostly like cause a financial crisis followed by a deep recession in the euro area broad periphery. The counterparty inflow of deposits and diversion of funding to the ‘hard core’ euro area and the removal (or at least substantial reduction) of the risk of ECB monetisation of EA sovereign and bank debt would drive up the euro exchange rate. So the remaining euro area members would suffer (at least temporarily) from an uncompetitive exchange rate as well from the spillovers of the financial and economic crises in the broad periphery.

    Read more: http://www.businessinsider.com/citis-buiter-greek-exit-from-the-eurozone-will-be-disaster-for-entire-world-2011-9#ixzz1XqwqM2zh


  25. luisport says:

    Markets have been back and forth since yesterday over four separate of rumors out of Europe, with denials and confirmations flying around left and right.

    Here’s a synopsis of all those wild stories flying around the rumor mill:

    1) Italy-China Bond Purchases

    It all started yesterday afternoon, with a Bloomberg blast reporting that China might buy Italian bonds. Markets soared. The blast cited an FT article which no one could find online. The FT also denied that it had published such an article. Markets tanked.

    We got to the bottom of this, establishing that the Bloomberg reporter responsible for the report had seen a preview of an FT article on the topic. That article was published later in the day.

    Then today, Reuters cited Italian officials who said the talks centered around Chinese industrial assets, not bond purchases. The markets seemed unfazed by this news.

    2) BNP Paribas And Dollar Liquidity

    This morning, an opinion piece published in the WSJ cited an anonymous source at the bank who said, “We can no longer borrow dollars.” The bank quickly denied that, then announced later that it would investigate the article.

    3) Merkozy Announcement

    Later on, markets went nuts over news that German Chancellor Angela Merkel and French President Nicolas Sarkozy would give a big announcement today. That soon came to naught and markets dove again.

    4) Dutch Finance Minister And Greek Default

    As if three rumors were not enough already, reports circulated that the Dutch Finance Minister stated his intent to give up on Greece and saw Greek default as unavoidable. The Dutch government lambasted that report. This whole thing happened too quickly for us to tell if the markets moved on this news.

    Merkel warned everyone this morning to watch their words when talking about the crisis, but clearly this isn’t happening. These reports have (at least allegedly) come from reputable news sources, and it remains to be seen whether they hold merit.

    UPDATE: Now we’ve got a fifth one!

    5) Geithner And Expanding The Size Of The EFSF

    Reuters reported earlier today that U.S. Treasury Secretary Timothy Geithner would urge European Finance Ministers to expand the size of the European Financial Stability Fund when he meets with them tomorrow in Wroclaw, Poland. Now a Bloomberg update says that CNBC says that Reuters says that Geithner won’t advocate a bigger fund at the meeting.

    Read more: http://www.businessinsider.com/the-most-epic-24-hours-in-the-history-of-crazy-rumors-2011-9#ixzz1XroXAaeg


  26. luisport says:

    Standard Chartered CEO Says Greek Default Inevitable
    Submitted by Tyler Durden on 09/13/2011 – 15:54 default Greece Lehman Recession Standard Chartered
    Since there is no point anymore in doing any analysis or wasting time thinking, here is the copy and paste of the relevant section from a just released piece in Bloomberg. “Greek Default, Euro Exit Inevitable, Std Chartered CEO Tells Sky. Default, euro exit won’t “necessarily” occur in next 1 or 2 mos., but “quite likely at some stage,” Standard Chartered CEO Gerard Lyons tells Sky News. Greece “not going to pull down Europe” or cause world recession.” Actually, the last bit may be a rumor, at least if one remembers what happened to global banking after Lehman was taken down in a “controlled” Chapter 7. Anyway, Johnny 5: take it away.


  27. luisport says:

    Dutch Finance Ministry Says Greek Default Is Unavoidable, Immediately Retracts
    Submitted by Tyler Durden on 09/13/2011 – 15:02 Bond Central Banks China Credit Crisis default Deutsche Bank European Central Bank Germany Greece Italy LBO Netherlands Reality Reuters
    Even though it has since provoked a firestorm of denials and refutations, the reality is that Dutch media RTLZ probably had some very good sources (certainly better than the FT’s yesterday when China was supposed to LBO Italy for the 4th time in 2011) to release the following information, namely that according to the Finance Ministry, the bankruptcy of Greece is inevitable, and that the “question is no longer whether but how Greece goes bankrupt.” Additionally, Reuters added that according to Jan Kees de Jager, “We are studying scenarios in secret together with the Dutch central bank (DNB) and also with other countries. We are looking at our own economy, our government finances, the financial sector and consequences for Europe,” De Telegraaf added that the “other countries” also included Germany and Deutsche Bank. He said it was difficult to let a country go bankrupt in a controlled way. “Always, if something goes wrong there are effects on other countries, on central banks. So you will have to take into account side-effects. That is precisely the reason why we are looking at different scenarios behind closed doors.” A ministry source later confirmed a report on Dutch broadcaster RTL that the scenarios being studied included default by Greece. Of course, in keeping with the European M.O. of spreading a rumor, gauging the market response, and if response is unpleasant, to immediately refute it, Dow Jones and everyone else has since reported that the Dutch were only kidding and were not calling for an orderly default for Greece. Sure. Just preparing for one. Huge semantic difference there…


  28. luisport says:

    1. Japanese banks hold $432 million in Greek debt

    2. Spanish banks hold $540 million in Greek debt

    3. U.S. banks hold $1.5 billion in Greek debt

    4. Italian banks hold $2.35 billion in Greek debt

    5. UK banks hold $3.4 billion in Greek debt

    6. French banks hold $14.96 billion in Greek debt

    7. German banks hold $22.65 billion in Greek debt

    8. Greek banks hold $62.8 billion in Greek debt

    9. But banks in Europe have been working to cut their exposures

    10. Greek Banks Downgraded by S&P

    11. Moody’s expected to downgrade Soc Gen, BNP Paribas, and Credit Agricole this week

    12. …


  29. luisport says:

    Another wild day in Europe so far.

    Moody’s kicked things off with an expected downgrade to Societe Generale and Credit Agricole. BNP Paribas declined over 4% after the company announced a plan to sell $95 million in assets to raise its Tier 1 capital ratio 9% by 2012.

    European Commission President Jose Manuel Barroso provided some good news in the past hour with plans to present options for the introduce eurobonds. Barroso offered this inspirational speech via Reuters: “This is a fight for the jobs and prosperity of families in all our member states. This is a fight for the economic and political future of Europe. This is a fight for what Europe represents in the world. This is a fight for European integration itself.”

    European markets opened down, jumped higher, and then started to fade.

    Read more: http://www.businessinsider.com/moodys-downgrades-french-banks-barroso-eurobonds-2011-9#ixzz1XuyYh5OQ


  30. luisport says:

    – UK Unemployment breaks the 2.5 million milestone.
    – Inflation rate 4.5% for August

    These are just 2 of todays headlines in UK newspapers.

    And massive strikes to cripple the UK under way.


  31. Bone Idle says:

    China has been bitten by Portuguese financial losses. There is no way they will prop up failing socialist Southern European countries. China will try and buy off blue chip Northern European companies. They are looking at the future.

    It’s 02:15am April 15 1912 for the SS Euro Titanic. At 02:20am the ship goes down. Guess who will get the life boats.


    • nickk0 says:

      Will there *be* any lifeboats ??

      – Nick


      • Nickko – I believe that those who knew we needed lifeboats have already prepared them, whether physically (as in preparation) or spiritually (as in a relationship with God). Those who have put their trust in their governments or have totally ignored the warnings, will be totally lost. My lifeboat is in the only begotten Son of God. I am safe in His arms.



  32. luisport says:

    zerohedge zerohedge
    ‘Perfect Storm’ Of Global Banking and Sovereign Debt Crisis To Lead to Global Currency Crisis http://tinyurl.com/6z48uzn
    há 1 minuto


  33. luisport says:

    zerohedge zerohedge
    EU Sells Bailout Bonds at Yield Premium to German, Finnish Debt – Bloomberg
    há 1 minuto » zerohedge zerohedge
    Goldman bearish on European outcome: “Financial crises usually don’t self correct’’
    há 2 minutos


  34. luisport says:

    zerohedge zerohedge
    Full Austrian statement here http://bit.ly/oTIlTG
    há 24 segundos »
    zerohedge zerohedge
    Austria Fails To Ratify EFSF Expansion, EURUSD Plunges http://tinyurl.com/6bqpvx8
    há 1 minuto » zerohedge zerohedge
    OPPAAAAA: Austrian parliament committee does not approve EFSF upgrade; needed two thirds majority
    há 5 minutos


  35. summerbreeze says:

    Most of protests are Staged and very well Orchestrated, they pretend fighting but do not hurt each other. This is worth it to get hundreds of billions from EU. Greeks are very smart; the deception started with the Trojan Horse and is going on with very well orchestrated “PROTESTS”. If you want Greece to be paid off, for the Enormous Army, Universal Free Health Care, Lucrative Pensions, and Taxes that they never Pay, then you pay them by yourself, PAY THEM OFF, BY YOUR OWN POCKET.


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