Greece

[AuFinger]

I hope the Greeks do leave the EU.

Misery lay ahead for generations to come if they stay in.

At least moving out gives them an opportunity for some kind of prosperity within a generation or two!

[Pipers]

11.30pm last night it was announced Greece are having a referendum on the question of in or out of the Euro to be held on the 5 July.  

 

They are going to get the last deal today Saturday 27 June then the Government will make the decision to advise the people to take or reject the deal in the vote.

 

Or in true Greek style they will all fall out the Government will fall apart and will they will have another election

 

Two links   

 

http://www.bbc.co.uk/news/world-europe-33296839

 

http://rt.com/news/270046-greece-debt-deal-referendum/

[HighlandTiger]

Amazing that the Greeks can sort a referendum in days, and it takes us years to plan one

[AuFinger]

There is no good solution.

It's either out and pain, or in and pain + interest.

Either way the real issue to watch when this resolves is how Italy and Spain, and perhaps France respond.

The Troika have played their card as 'kneecap finance' here and have won no friends.

[Pipers]

I think Greece have been promised money (loans) from Russia.  It makes sense for them to walk away from the debt, the same as Iceland did.   

[AuFinger]

Yeah it's interesting what may happen there.

But as for debt generally, it takes a lender and a borrower to tango.

The lenders are the evil ones in this case, vampires addicted to debt based economic growth.

Even right now in the UK we're being encouraged to borrow money we can't probably afford in the bigger picture, with very low interest rates.

All that has done is just push up prices of assets in many areas.

Gold and silver are cheap now by all accounts I would say.

[Pete]

When I was in Athens last year I noticed the restaurants were still not issuing till receipts and VAT receipts.

This is to under declare profits and of course not pay the government any tax or VAT.

The government is telling the people they will not have to pay back their loans and everyone is blaming the lenders who have provided billions to help them out.

The sooner Greece quits the Euro and the EU the better in my opinion to give Greece a chance to recover.

They are in a club that they cannot afford to remain members of and the rest of the EU does not want to subsidise them any longer, the rest is politics.

[sovereignsteve]

But as for debt generally, it takes a lender and a borrower to tango.

The lenders are the evil ones in this case, vampires addicted to debt based economic growth.

 

No one forced them to lend to Greece but they are not evil as such, just foolish. It would serve them right if Greece did default. However, Greece did borrow most of this money under false pretences. Someone there needs to be held accountable.

At some point, pretty much all this money will have to be written off, it'll be interesting to see who suffers the most when it does happen. Big banks anyone? :lol: Short back and sides all round?

[AuFinger]

Bail ins.

Until the plebs have given all they've got the bankers will keep this crony gravy train going.

[KDave]

Bail ins.

Until the plebs have given all they've got the bankers will keep this crony gravy train going.

Bail ins have been happening the last 6 years but not many people have noticed. QE has already diluted the value of everyone savings. An additional consequence of QE has been inflated asset prices making it a double hit for us plebs who have been saving to acquire some! That is of course with exception of gold and silver. Thank the gods.  

 

Cyprus style bail ins are of course the next level and I agree with you that we can expect this in Greece if banks need to be saved from the brink (again). The powers that be prefer the quiet way though. 

[AuFinger]

Yes I can imagine more Euro QE, nirp zirp, and limiting cash withdrawals to yet lower levels ala France post recent 'terror' attack.

This in turn just adds to inflation of many goods like cars and properties, especially as they're bought with cheaper credit, or even credit that pays to own!

Ie, most of the important stuff you need is inflating as the fiat is debased more and more.

But yes it's a great time to buy and hold pm as they're affordable given the prevailing mid to long term outlook I'd say.

[KDave]

Looks like the negotiations have not gone so well. Greek banks will be closed tomorrow until 5th July at the earliest to 'avert banking collapse'. In other words the collapse has already happened and they are not going to work to face the music.

 

Time to buy some more gold?

 

http://www.bloomberg.com/news/articles/2015-06-28/running-out-of-cash-greece-counts-on-ecb-to-avert-black-monday

[HelpingHands]

Looks like the negotiations have not gone so well. Greek banks will be closed tomorrow until 5th July at the earliest to 'avert banking collapse'. In other words the collapse has already happened and they are not going to work to face the music.

 

Time to buy some more gold?

 

http://www.bloomberg.com/news/articles/2015-06-28/running-out-of-cash-greece-counts-on-ecb-to-avert-black-monday

If there is a domino effect of Greek then French and German banks collapsing then UK banks we will hear this line without fail 'No body saw this coming' (even though everyone has been talking about Greece for years.

[Scuzzle]

What's the bets Royal Bank of Scotland will be in there somewhere, everywhere there is a sh!t end of the stick to be held they are never far away.

 

 

Edit - knew it, just checked HSBC, Barclays and Royal Bank of Scotland are the UK banks with Greek debt exposure, the usual suspects.

[Abbotssilvercoins]

I just put an order in for more silver. My bet is that silver will move up short term (as people cover short positions) faster than the euro loses against the pound.

[HawkHybrid]

http://www.bbc.co.uk/news/world-europe-33305019

 

 

• A maximum of €60 (£42; $66) can be withdrawn from an account in one day

 

 

HH

[MCJ]

I just put an order in for more silver. My bet is that silver will move up short term (as people cover short positions) faster than the euro loses against the pound.

I think you're right, Gold and Silver shorts need covering

http://news.goldseek.com/GoldSeek/1435517693.php

[Paul]

http://www.dailymail.co.uk/news/article-3142521/Meltdown-shutters-stay-locked-Greek-banks-Branches-stay-shut-July-7-ministers-draw-plan-capital-controls.html#comments

 

......and so the slow motion car crash takes another step towards collapse.

 

If we are to believe our lame-stream media report

 

• Bank holiday in place in Greece until July 7th
• 60% of ATMs are empty
• and maximum daily withdrawls of 60 euros per day

 

Wonder what will happen next.

[Cornishfarmer]

http://www.dailymail.co.uk/news/article-3142521/Meltdown-shutters-stay-locked-Greek-banks-Branches-stay-shut-July-7-ministers-draw-plan-capital-controls.html#comments

......and so the slow motion car crash takes another step towards collapse.

Bet this thumb is warm

If we are to believe our lame-stream media report

• Bank holiday in place in Greece until July 7th
• 60% of ATMs are empty
• and maximum daily withdrawls of 60 euros per day

Wonder what will happen next.

[HighlandTiger]

I know what will happen next. The Chinese will be churning out fake Euros, which will be appearing on allibaba soon

[MickB]

I just put an order in for more silver. My bet is that silver will move up short term (as people cover short positions) faster than the euro loses against the pound.

There's a lot of people with the same idea if you look at Bullionbypost website where they have a high demand for silver today due to the situation in Greece.

[AuFinger]

Should be going to STG.

20% vat to hmrc if you go elsewhere... Feeding the beast hehe!

[Scuzzle]

Governor of Puerto Rico just announced they are days away from default on $72 billion debts also.

[Danny-boy]

Governor of Puerto Rico just announced they are days away from default on $72 billion debts also.

Sounds like the dominoes are teetering on the edge of a rally, and not a good rally.

[silversword]