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Is This It? Mass Rioting, Civil Unrest In Greece As Economists Warn Of Global ‘Armageddon Scenarios’!

  • Although, I believe the Illuminists want to drag the crisis out for another year before allowing things to collapse in 2012, they are not God. Things are getting out of control and a Greek default can detonate and collapse the global financial system. The insurance for this is Gold. No fiat currency is safe. Do you really believe that the Illuminists will allow their Euro and USD to become toilet paper while allowing other currencies to survive? It is like shooting themselves on the foot! When their global financial hegemony goto hell, they will drag the rest of the world along.
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    Is This It? Mass Rioting, Civil Unrest In Greece As Economists Warn Of Global ‘Armageddon Scenarios’
    by Steve Watson, www.infowars.com
    As protesters continue to run riot in the streets,  economists are warning that the whole of Europe and by extension, the rest of  the world could face financial armageddon should Greece default on its debt, in  the absence of a second bailout.
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    Financial experts are warning of a ‘Lehman Moment’  as the European markets are beginning to show signs of unraveling in the wake of  the Greek crisis. “The markets have moved from simply pricing in a  high probability of a Greek debt default to looking at a scenario of it becoming  disorderly and of contagion spreading to other economies like Portugal, like  Ireland, and maybe Spain, Italy and Belgium.” a former UK Treasury official told  Bloomberg news.
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    Many European countries and banks currently hold  billions in Greek debt, meaning that a Greek default will act like a virus  throughout Europe. According to the Bank for  International Settlements, Spanish banks currently hold $600  million in Greek debt, Italian banks hold $2.6 billion, UK banks hold $3.2  billion, French banks hold $19.8 billion, German banks hold $26.3 billion and  other Eurozone countries hold a combined total of around $15.7 billion in Greek  debt. US banks also hold $1.8 billion in Greek debt and  Japanese banks hold $500 million in Greek debt.
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    The euro has declined by more than 2 percent  against the already vastly devalued dollar within the past two days. Equities  declined around the world, while corporate bond protection costs soared to their  highest level since January. There is now an estimated 78 percent chance that  Greece will not pay its debts. Four of Greece’s largest banks have been downgraded by Standard & Poor’s, while  Moody’s Investors Service said it may downgrade BNP Paribas SA and two  other big French banks owing to the amount of Greek debt they hold.
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    A worldwide market freeze on the scale of that  seen in 2008 following the collapse of Lehman is looking increasingly likely.  Such a scenario would send shockwaves through currencies, money markets, equities and derivatives globally.
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    The Greek Prime Minister, George Papandreou, is  seeking a parliamentary vote on a 78 billion-euro ($110 billion) program of  austerity cuts and asset sales. The EU and the IMF have announced that the  program must be passed by the end of the month in order that the country can  receive “funds disbursement”.
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    Should such a motion not pass, “Armageddon  scenarios come into play, which include default and potentially the whole  contagion scenario plays out.” Charles Diebel, head of market strategy at Lloyds  Bank Corporate Markets in London, wrote in a note to clients yesterday.
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    The Greek people, who are now facing either total  collapse of their country’s economy or the fire sale of everything of any value  that the country owns, have taken forcefully to the streets in protest. Central Athens has descended into a war zone with  ski masked protesters violently provoking police into firing tear gas into  crowds of otherwise peaceful protesters.

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June 17, 2011 - Posted by | Economics, GeoPolitics | , , , , , , , , , , ,

1 Comment

  1. [...] post by mosesman Category: Uncategorized You can follow any responses to this entry through the RSS 2.0 feed. [...]

    Pingback by Is This It? Mass Rioting, Civil Unrest In Greece As Economists Warn Of Global ‘Armageddon Scenarios’! » Greece on WEB | June 17, 2011


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