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What Next for Greece and for Europe?

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Sept 15, 2011

"Peter Boone is chairman of the charity Effective Intervention and a research associate at the Center for Economic Performance at the London School of Economics. He is also a principal in Salute Capital Management Ltd. Simon Johnson, the former chief economist at the International Monetary Fund, is the co-author of “13 Bankers.”

Uncertainty about potential loan losses in Europe continues to roil markets around the world. For many investors, taxpayers and ordinary people there is no clarity on the exact current situation — let alone a consensus on what could happen next.

The news on Wednesday was relatively good, but the situation remains precarious."

What should any friends of Europe — the United States, the Group of 20, the International Monetary Fund, perhaps even China — strongly suggest the Europeans do?

A good start would involve being honest on four points. There is nothing pleasant about the truth in such crisis situations, but denial is increasingly dangerous to all involved"

more at link

http://economix.blogs.nytimes.com/2011/09/15/what-next-for-greece-and-for-europe/

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Fear sweeps markets as Germany rules out ECB intervention

Nov 24, 2011

"Angela Merkel faces down French demands for action from eurozone's central bank"

Nicolas-Sarkozy-Angela-Me-004.jpg

Angela Merkel, the German chancellor, with Nicolas Sarkozy, centre, and Italy's prime minister Mario Monti during a press conference in Strasbourg earlier today. Photograph: Michel Euler/AP

"Global investors headed for the eurozone exit on Thursday after leaders of the area's three biggest economies squashed residual market hopes for a huge intervention by the European Central Bank (ECB) to solve the sovereign debt crisis.

Fears of an imminent banking crisis are expected to intensify on Friday as inter-bank lending freezes over again, billions of euros are withdrawn from "Club Med" banks and the ECB is forced to lend more to struggling institutions. The central bank could reportedly extend the term of its loans to two or even three years."

snip

"Angela Merkel again ruled out any expanded role for the ECB and stamped down proposals for single, eurozone-wide "eurobonds" to share the risk of sovereign debt. The ECB, she said, was only responsible for monetary policy.

At a news conference in Strasbourg, the French president, Nicolas Sarkozy, and the new Italian prime minister, Mario Monti, fell meekly into line, with Sarkozy dropping French demands for urgent and expansive intervention by the ECB."

snip

"The euro began to drop as soon as Sarkozy fell into line with Merkel – only hours after his foreign minister, Alain Juppé, had called for urgent intervention by the ECB to "play an essential role in restoring confidence"."

snip

"Merkel was so pleased about Sarkozy's about-turn she repeated three times that "the French president said he had confidence in the ECB and its independence".

snip

"David Scammell, a fund manager at Schroders, said the markets would be "disappointed" by the developments in Strasbourg. Scammell told the BBC that treaty changes would simply take too long, and that an immediate solution with real firepower would soon be needed to stem the crisis. "That means the ECB," he said.

Joshua Raymond, chief market strategist at City Index, agreed that the leaders had done little to boost confidence in the City: "Merkel's determination to prevent any implementation of a eurobond before proper fiscal integration of the euro area is seen – which could take years to achieve – sent markets in an afternoon tailspin."

snip

"The only concrete decision to emerge from the mini-summit was that the three are to meet again soon in Rome to discuss further Monti's pledge for structural reforms to promote growth."

http://www.guardian.co.uk/business/2011/nov/24/germany-rules-out-ecb-intervention

Eurozone looks to International Monetary Fund as contagion spreads

Italian and Spanish bond yields reach new highs

Belgium downgraded by S&P credit-rating agency

A-sculpture-by-the-Italia-007.jpg

"A sculpture by the Italian artist Maurizio Cattelan in front of Milan's stock exchange. Amid mounting anger at impending austerity measures, the Bank of Italy has had to pay record-high rates in a €10bn bond auction. Photograph: Giuseppe Cacace/AFP/Getty Images

Eurozone leaders were tonight looking again to the International Monetary Fund (IMF) to help countries in distress as bond yields in Italy and Spain hit new highs and the credit-ratings agency Standard & Poor's (S&P) downgraded Belgium.

Meeting in Berlin, the finance ministers of Germany, Finland and the Netherlands even hinted at the prospect of an enhanced role for the European Central Bank (ECB) if all other steps to save the euro collapsed. But they again ruled it out as an immediate solution."

snip

"But there is growing scepticism that the EFSF can fill the funding gap if countries as significant as Italy and Spain completely lose the confidence of markets and hover near bankruptcy.

The fund, worth a nominal €440bn, has about €200bn left but is due to see its firepower raised closer to €1tn – far short of the €2tn that markets believe is required. The Eurogroup is due to sign off this increase on Tuesday but has been warned that overseas investors have no appetite for boosting its funds. Many believe the EFSF will be able to raise it to at most €750bn, given the lack of trust on financial markets."

snip

"There is a lot of pressure about euro bonds or European Central Bank financing, and we said no, we have something else, and that is an increased role for the IMF," he said.

"On Friday, before the trio of stability-minded finance ministers met and issued a statement demanding "improved budgetary and structural economic policies" as "key to contributing towards solving the sovereign debt crisis", markets delivered yet another vote of no confidence in the eurozone."

snip

"Rehn admitted in Rome that contagion had now spread to the core of the zone. He was speaking after talks with Mario Monti, Italy's new technocratic prime minister, who has yet to convince markets he can deliver on his promises of structural reforms and savage cuts in national debt."

snip

His (Weale's)comments will put pressure on George Osborne to bring forward policies in his autumn statement that can spur economic growth and head off a contraction next year. Business groups have warned the chancellor that he risks plunging the UK economy into recession unless he finds cash for tax cuts and investment projects

http://www.guardian.co.uk/business/2011/nov/25/eurozone-crisis-ecb-imf-bonds?CMP=twt_fd

Additional links  regardiing crisis

Eurozone debt crisis: Italian bond yields spike

http://www.guardian.co.uk/business/blog/2011/nov/25/eurozone-debt-crisis-live-markets-fall?intcmp=239

Eurozone's three biggest economies squash hopes for intervention by ECB - video

http://www.guardian.co.uk/business/video/2011/nov/24/eurozone-ecb-video?intcmp=239

Only German pain can solve euro crisis

http://www.guardian.co.uk/business/economics-blog/2011/nov/24/only-germany-can-solve-euro-crisis?intcmp=239

Britain's bonds briefly a safer bet than Germany's

http://www.guardian.co.uk/business/2011/nov/24/british-bonds-safer-bet-than-germany?intcmp=239

Your country needs you to buy our bonds, says Belgium's prime minister

http://www.guardian.co.uk/business/2011/nov/25/eurozone-crisis-belgium-bond-sale-public?intcmp=239

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"and the credit-ratings agency Standard & Poor's (S&P) downgraded Belgium."

Now we are getting to the heart of the EU this is going to get interesting now...... 8)

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its all fun and games...

the new euro bond they are proposing is the start of a new shackled europe, where countries have no right to sovereign governance

both my granddads bled so i wouldnt live in a german reich

(that is not really german)(makes me wonder about the 5th phalanx)

unfortunately looking at this with historical goggles on, the customary continuation of this crazy path humanity has taken again, is war

as was eloquently put by the italian american trader on the infamous bbc interview:"governments dont rule the world, goldman sucks does, and goldman sucks doent care"

im mesmerized by the futility of blind faith/hope in the face of unavoidable derogatory facts

ie

the banksters caused this pseudo eco-armageddon and now italy along with greece have their trilateral/ecb unelected pansies at the helm

what more evidence do you need?? i ask.../

most rather blind faith/hope

not educated and prefer the ostrich/lemming solution

and yet secretly...

one hopes for the best but prepares for the worst

its all fun and games...

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using greece as a epicenter of a circle one will notice that almost all countries around are having either political, social, economic problems

in the dark new age being implemented right now the usual bipolar game is waged for the hearts and minds of the citizens

seems as if old agreements are renewed and the stem/city are dealing with the mouthpiece and gateway of the renewed muslim brotherhood ie turkey, a country that seems to have evaded troubles whilst making demands on many levels, the otoman is back? iran states turkey to be its first target if its attacked, and more specifically the us missile shield sites in turkey which are poised to protect isreal

to break it down, i see the chinafication of the eu, asean, nafta area,s where national governance is removed in addition to national identity and replaced by a central NON ELECTED technocratic (chinese communist party) management style governance whom in turn takes orders from their bosses (upper level of the pyramid) whom in turn takes their orders from the top ie the 'eye' ie draco (seated in china and expressed through the various dragon societies trickling down to lower +/- masonic/etc orders)

plan is simple

cause havoc

create polarity

let the sheep cull themselves

offer the solution of salvation

bring the whole, now manageable, world under the direct control of draco

remember the totality, Earth is the central battle ground but the war extends throughout the universe which has been under threat by draco, especially Sirius (but all this is another facet not suited for this conversation)

draco surrounded, out gunned and out positioned is threatening again the ultimate price as has been imposed on Earth at least 2 times before (Ur, Atlantis)

what will it be?

true power resides in the subdivisions of the 1, ie all of us

will draco succeed in their 12000 year plan? and keep the parts of the 1 separated and malleable following draco commands of self extinction?

what type of cell are you in the cosmic body?

are you imitating their cancerous example?

our freedom as individuals and thus as a whole is at stake

i choose freedom at any cost

 

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If Germany has its way, they'll buy the periphery's sovereignty and the PIIGS will be governed effectively by Germany.

The rest of europe doesn't think too well of that plan. The rest of europe would rather print their way out of this, I'm gathering.

Someone is either going to have to default or print, is what it looks like. And things are so connected that if one country defaults, everyone else does too. And if europe prints, everyone must as well.

If you ask me for a guess, I'd say there will be some liquidity event that will scare the idiots running things, and then they'll run blubbering, sniveling, whingeing and blathering back to the printing presses to turn them back on. And this time, the presses will not stop until every last currency is dead.

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so let me get this straight

you believe that the pyramid/ponzi global economic structure they have created has run away from them?

my understanding is that they have intentionally created this crisis as the major lever towards a world war that would ensure the massacre of the masses (by their design)

ask yourself, if they print the money (create it out of thin air) why would they want their loans back? their pseudo paper wealth is infinite

wouldn't  be fair to say that they have bought the world off with worthless unbacked pieces of paper?

and you think their goal is to take their worthless promises back? or even keep the pseudo economic system running?

i think not

i think they have achieved to hypnotize the masses accepting this pseudo debt, thus accepting slavery under draco

it will not go down the way they think 

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Ratings Firms Misread Signs of Greek Woes

Ratings1-articleLarge.jpg

Yiorgos Karahalis/ReutersIn December 2009, rental signs were posted at empty stores in central Athens. Ratings agencies had already begun to lower the outlook for Greece's sovereign debt.

" In a stern pronouncement, Moody’s Investors Service this week warned of rising prospects for multiple defaults by countries in the euro zone and credit rating downgrades of nations across Europe if leaders should fail to resolve the spreading debt crisis."

snip

"Until two years ago, the ratings agency took a relatively lax approach to growing signs of troubles in Greece, epicenter of the current crisis, even as the country plowed ahead with a borrowing binge that jeopardized its fiscal condition."

Moody’s held off dropping its strong A rating of Greece’s bonds despite growing political turmoil and economic woes through 2009. Investor fears over Greece’s short-term financing needs were “misplaced,” Moody’s said in a report in early December 2009"

snip

"Moody’s lapses before last year helped embolden Greece to heap on billions in sovereign debt and encouraged investors to invest more heavily in its debt. Now some of those buyers face 50 percent losses on the bonds — loans that carried the agencies’ stamp of approval but that Greece can no longer afford to pay off. Had the rating agencies been more skeptical of euro zone countries’ borrowing beyond their means, critics say, that might have slowed the debt carousel for Greece and others."

snip

“The credit rating agencies failed in their job,” said Wolf Klinz, a European Parliament member from Germany and author of a critical 2010 report on ratings agencies"

snip

"The current crisis was years in the making. It was born of Greek leaders who misled the European Union with false economic statistics to gain entry to the euro; of European policy makers who turned a blind eye to Greece’s deceptions; of banking regulators who deemed sovereign debt virtually risk-free; and of banks and other investors who, hungering for profits, joined in the groupthink that the euro zone would never let a member default. "

snip

"Shortly after Greece became part of the euro zone in 2001, a “fierce debate” erupted in a committee meeting as some people argued that the country should be upgraded to be nearly on par with Italy. “We wanted to upgrade the country on the belief that Greece was now part of the euro zone and that nobody was ever going to default and that everything was safe,” Ms. Bertin recalled. “But how many notches was the nature of the debate.” 

snip

"Shortly after Greece became part of the euro zone in 2001, a “fierce debate” erupted in a committee meeting as some people argued that the country should be upgraded to be nearly on par with Italy. “We wanted to upgrade the country on the belief that Greece was now part of the euro zone and that nobody was ever going to default and that everything was safe,” Ms. Bertin recalled. “But how many notches was the nature of the debate.”

snip

"But in fall 2004, Greek officials stunned European policy makers when they admitted that the country’s budget deficit had exceeded the European Union’s ceiling of 3 percent of gross domestic product in every year since 1997. The European Commission sued Greece for disguising its deficits and said it should never have joined the euro

snip

But inside Moody’s in 2007, fees from the lucrative business of rating United States subprime mortgage-related securities were beginning to evaporate.

snip

"By late 2008, Greece was in turmoil. A national strike froze the country late that year, the government was in chaos and riots erupted after the police killed a youth in Athens. Nervous investors pushed up Greek interest rates"

snip

"Meanwhile, Greece hit the credit markets hard in 2009, raising $67 billion, more than double what it raised a year earlier, according to Thomson Reuters. "

snip

"Finally, in June 2010, shortly after European leaders had agreed to a $147 billion rescue package for Greece, Moody’s downgraded the country’s debt by four notches, knocking it into junk territory. Standard & Poor’s had downgraded Greece weeks earlier, but Fitch waited until January 2011."

snip

"In June 2011, just before European leaders agreed to a second rescue for the country, which included the acceptance of losses by private bondholders, Moody’s knocked the rating down by another three notches, to Caa1. "

snip

“When you get multiple ratings or large ratings downgrades, it is fair to say as a criticism that the ratings were too high in the first place,” Mr. Levey said. “Looking back, that indicates that the assumptions being made in the past were too optimistic.”

http://www.nytimes.com/2011/11/30/business/ratings-firms-misread-signs-of-greek-woes.html?pagewanted=4&_r=1&adxnnl=1&seid=auto&smid=tw-nytimesglobal&adxnnlx=1322630672-N/XtERJN91SiLbcu2CIqZw

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European Officials Agree to Bolster Bailout Fund

EURO-articleLarge.jpg

Euro zone finance ministers met in Brussels in a bid to find ways to calm market speculation Benoit Doppagne/European Pressphoto Agency

"BRUSSELS — With the euro zone debt crisis worsening by the day, finance ministers from the 17 countries that use the currency approved more loans on Tuesday to stave off a Greek default and agreed to bolster their bailout fund."

" The International Monetary Fund is expected to sign off on its share — roughly one third — early next month, making the loans available by the middle of December."

"The ministers also agreed on rules to increase the firepower of their bailout fund, the European Financial Stability Facility, and will be able to offer insurance to those buying the bonds of nations like Spain and Italy."

snip

“I think the E.F.S.F. alone will not be able to solve all the problems,” Mr. Frieden said.

“We have to do so together with the I.M.F. and with the E.C.B., within the framework of its independence,” he said, referring to the European Central Bank."

snip

"A month after European Union leaders announced a plan to resolve the crisis, most of those decisions have either been delayed or overtaken by events, said Nicolas Véron, a senior fellow at the Bruegel economic research institute in Brussels. Plans to increase the power of the bailout fund, were now “too little too late,” Mr. Véron said, adding that Europe’s policy errors were caused by a “systemic failure of our institutional framework "

snip

"Germany is determined to toughen the euro zone rules significantly before it contemplates any additional far-reaching changes to help shore up the currency. So far, Berlin has resisted both greater intervention by the European Central Bank, which might stoke inflation, as well as the short-term introduction of common euro zone bonds."

snip

"The finance ministers agreed Tuesday to release that 8 billion-euro installment, said an official who requested anonymity because an announcement had not yet been made. The money, part of the initial 110 billion-euro bailout extended to Greece last year, also must be approved by the International Monetary Fund."

http://www.nytimes.com/2011/11/30/business/global/italy-and-belgium-borrowing-costs-soar.html?ref=business

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for the uninformed...

Top ten Sovereign Debt to GDP per capita (2008 census)

1. Monaco - $540,000 per capita

2. Ireland - $448,032 per capita

3. Switzerland - $174,526 per capita

4. United Kingdom - $174,167 per capita

5. Netherlands - $136,795 per capita

6. Belgium - $126,202 per capita

7. Norway - $98,530 per capita

8. Austria - $90,289 per capita

9. Denmark - $89,853 per capita

10. Hong Kong - $84,445 per capita

although the list is from 2008, it is indicative of the massive debt held by the public and private sector

the most surprising country on the list is Norway, having a tiny population in comparison (4.8mil) and is the 5th largest oil producer in the world, this country should not have such a large debt with their claimed 1.5trillionUSD cash oil slush fund

but hey, draco has shown true colours of who  his primary enemy is

source:

http://ryankett.hubpages.com/hub/External-Debt

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Guest Heidi

Yeah the Danish economy is not good at all either. I just read this in our news this morning from our Finace Minister, Bjarne Corydon.

"The economy went into reverse in the last quarter.

The Government spendings went back, and the private consumption is negative.

Denmark can be moving into the third recession in just a few year. Denmark have financial problems.

We are in a deep crisis."

Source: http://nyhederne.tv2.dk/article.php/id-46202038:minister-vi-er-i-dyb-krise.html

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EUROPEAN UNION BUREAUCRATS TO DENMARK: DANISH ROLLS ARE NOW CONTRABAND - TOO MUCH CINNAMON

 

http://www.libertynewsonline.com/article_322_34732.php

 

 

If you harbored any doubts about whether regulation runs riot in Europe, consider the fate of the Danish Roll under EU jurisdiction. At Christmas time in Europe, a staple from Brussels to Denmark is the beloved kanelsnegler, a delicious coiled cinnamon roll. This year, the EU has ordered the Danish roll to disappear.

EU regulation places a limit on the amount of cinnamon permitted in baked goods (15 mg per kilo). That limit is said to be necessary to block ingestion of a common form of cinnamon called cassia that contains coumarin which, at high dose levels, may affect liver function. Despite the fact that the Danish have consumed kanelsnegler for over 200 years with nary a complaint and plenty of joy, the Danish government is dutifully following the command of the EU by ordering its countrymen to rid the land of this delicacy.

With Danish bakers’ backs against the wall, the Danish government promises to implement the EU regulation by prosecuting all who fail to heed its command by ridding Norway of the beloved roll forever. The Danish baking industry has until next February to comply. The Danish government is warning the Danes (as they watch on television the government announcement while eating Danish rolls), that their next Danish could be their last (death by Danish).

 

snipped to end. ???

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Thank you for the article luci.  At first I didn't believe it (there was a mistake in that article), until I did a search online and found that it's been reported in many places. *sigh*

 

Quite unbelievable really.  The EU are worried that cinnamon levels could cause liver damage, but are not worried that alcohol causes liver damage.  One can barely eat more than two Danish rolls (hardly damaging, unless you want to argue about the wheat! :) ) --- yet can drink vast quantities of alcohol...oh, that's no problem!

 

If it was such a concern, what's wrong with asking the Danes to decrease the amount of cinnamon, instead of banning the delicacy?  What about other countries who have a similar type of pastry?  

 

Eh, I really don't get it.  The EU have gone bonkers once again.  I remember when cucumbers had to be a certain size to be sold in Swedish stores.  If it was 1mm too short, they couldn't be sold... True!

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Cinnamon helps keep blood sugar levels where they should be..... :-
 

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Thank you for the article luci.  At first I didn't believe it (there was a mistake in that article), until I did a search online and found that it's been reported in many places. *sigh*

 

Quite unbelievable really.  The EU are worried that cinnamon levels could cause liver damage, but are not worried that alcohol causes liver damage.  One can barely eat more than two Danish rolls (hardly damaging, unless you want to argue about the wheat! :) ) --- yet can drink vast quantities of alcohol...oh, that's no problem!

 

If it was such a concern, what's wrong with asking the Danes to decrease the amount of cinnamon, instead of banning the delicacy?  What about other countries who have a similar type of pastry?  

 

Eh, I really don't get it.  The EU have gone bonkers once again.  I remember when cucumbers had to be a certain size to be sold in Swedish stores.  If it was 1mm too short, they couldn't be sold... True!

 

 

It's lunacy to distract from the circus I guess, but they really intend to enforce it..   Take every bit of joy from the little people and hoard it for themselves..  

 

The cucumber thing just sounds a little bit discriminatory and creepy.  :)

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Cinnamon is also has anti-inflammatory, anti-viral, anti-biotic, and anti-fungal properties.  In fact, its essential oil is one of the ingredients in the popular "Thieves Oil," which is an anti-microbial/anti-septice healing and cleansing oil passed down through the ages. It is also a digestive aid.

 

Heaven forbid that people can make their own choices and suffer their own resulting consequences (or benefits). 

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Cinnamon is also has anti-inflammatory, anti-viral, anti-biotic, and anti-fungal properties.  In fact, its essential oil is one of the ingredients in the popular "Thieves Oil," which is an anti-microbial/anti-septice healing and cleansing oil passed down through the ages. It is also a digestive aid.

 

Heaven forbid that people can make their own choices and suffer their own resulting consequences (or benefits). 

 

Thieves Oil 'TO', is amazing and smells divine.  Some number of years ago, I bought the oils to make it myself.  I had a sinus problem that kept coming back, so I decided to fix it myself.  I applied it on my neck and around the lymph glands behind the ears.  Breathing it in as well, and in about 10 minutes a glunk dropped down from somewhere and I could then deliver it to the proper receptacle.  It felt like someone removed a sock from my brain.  ;)   For the next three days or so, more things started to clear on out.   I was in love.  My heart grew 3 sizes.  8) 

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That's great, luci (btw, i'm so happy you are back here posting-- I am loving your posts these past several days!).  I too buy the separate oils and mix Thieves oil myself. It's much cheaper that way. I dilute with fractionated coconut oil or MCT oil, which stretches it even further. I usually rub it on my spine daily, just as a preventative.  If I get a little scratchiness in my throat, I  just take a drop by mouth.  And sometimes I put a drop on the soles of my feet.  It really is a good combo to have around.

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That's great, luci (btw, i'm so happy you are back here posting-- I am loving your posts these past several days!).  I too buy the separate oils and mix Thieves oil myself. It's much cheaper that way. I dilute with fractionated coconut oil or MCT oil, which stretches it even further. I usually rub it on my spine daily, just as a preventative.  If I get a little scratchiness in my throat, I  just take a drop by mouth.  And sometimes I put a drop on the soles of my feet.  It really is a good combo to have around.

HI Kandescent, thank you !!

 

And thank you for the suggestion to stretch my TO!..  I've never tried either one, so I'll pick some up..it's time to make a fresh batch.  Yes, it's really much much cheaper to make it yourself, and I think it smells a little stronger than the pre-made blend..  It's a wonderful preventative, and I love the story anyway..  Used to be on my feet all the time and after an epsom soak, dab on some TO and socks and the feet are ready for a new day.   

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the first picture is of the current greek prime minister (who was voted into office with 18% of electorate)

the rest of the pictures you will understand

 

so when asking whats next, one should look at the bigger picture as the whole globe is undersgoing a manufactured and intended change

its not just greece, europe or the us, its the whole planet....

 

(use translate if you want but its not really nescessary as the pics speak for themselves)

 

http://www.makeleio.gr/?p=54387#more-54387

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the first picture is of the current greek prime minister (who was voted into office with 18% of electorate)

the rest of the pictures you will understand

 

so when asking whats next, one should look at the bigger picture as the whole globe is undersgoing a manufactured and intended change

its not just greece, europe or the us, its the whole planet....

 

(use translate if you want but its not really nescessary as the pics speak for themselves)

 

http://www.makeleio.gr/?p=54387#more-54387

 

T,

 

I think I spot that 'critter' in the following picture as well..

 

Katy Perry at the 56th Grammys.  (Some have taken the view that it was not really a dance, but ritual invocation)

 

Katy+Perry+56th+Grammy+Awards+Show+2tmEi

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A Greek island - yours for the price of a London flat

Dec. 14, 2014

Kitty Knowles

 

v29-Greece1-AFPGetty.jpg

Cash-strapped Greeks are selling off their slices of paradise       Oxia is available for €5.5m      AFP/Getty

 

"Fed up with Britain's icy blasts and soaring house prices? Then why not bask in the sun and paddle the azure seas from the shores of your own Greek island. You may have to share living space with goats, but with more than 20 Greek islands for sale, Brits can live out their Mamma Mia! fantasies for the price of a central London flat.

 

Little Lesbos, an uninhabited 16-acre haven in the Aegean Sea, 200 metres from the island of Lesbos and described as "one of the most beautiful islands in the Mediterranean" by real estate company Vladi Private Islands, is available for €800,000 (around £630,000).

 

Greek islands traditionally pass down through the generations, and this is the first time that Little Lesbos, which boasts clear water bays, sandy beaches and abundance of vegetation, has been for sale."

snip

http://www.independent.co.uk/news/world/europe/a-greek-island--yours-for-the-price-of-a-london-flat-9923414.html
 

 

 

 

 
 
 
 
 
 
 
 

 

 
 

 

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meanwhile a brazilian sister to norwegian gaint staoil has started drilling for oil in the Aegean in the territorial waters of my other home in Mykonos

 

hey they just found the oil now after they bankrupted the country like a mob run restaurant to make trillions on junk bonds milken style

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