European Leaders Prepare For a Greek Default !

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• In truth, there is no “alternative” reserve currency to the US Dollar. For almost 40 years, there has been no circulating currency in the world worthy of the name because ALL are paper and ALL are backed by nothing more than the future promises of governments to make good on their debts.. That simply isn’t going to happen. It never has in past history. And for most of past history, currencies were either gold itself or paper that was lawfully redeemable in Gold. - Bill Buckler…Gold This Week…Saturday, June 4, 2011
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  It’s taken almost two centuries for bankers to pull the wool over Americans’ eyes, but today you and I are working for intrinsically worthless paper that can be created by bureaucrats-created without sweat, without creative ability, without work, without anything but a decision by the Federal Reserve. This is the disease at the base of today’s monetary system. And like a cancer, it will spread until the system ultimately falls apart. This is the tragedy of the great lie. The great lie is that fiat paper represents a store of value, money of lasting wealth.” - Richard Russell
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• A Greek default is a foregone conclusion. It is a matter of when. It could start at any time. Are you prepared? Make sure you put your savings in real money: physical gold. Gold is real money for 5000+ years!
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  European leaders prepare for a Greek default
  By Graham Ruddick, and Philip Aldrick, http://www.telegraph.co.uk/
  European leaders have admitted they are preparing for a Greek default as the   eurozone debt crisis enters a pivotal week.
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  Greek politicians will vote on a radical €28.4bn (£25.2bn) austerity package   in the coming days that they must pass if the country is to receive the   vital fifth tranche of a €110bn bail-out agreed last year. The outcome is   expected to go down to the wire as the ruling party’s slim majority is   pushed to the limit by the opposition’s refusal to support the deal, a wave   of national strikes, and another round of public protests.
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  Werner Faymann, the Austrian Chancellor, said on Sunday he “can’t rule out”   a Greek default and Wolfgang Schaeuble, the German finance minister,   revealed that Europe is preparing “for the worst”.
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  “We are doing everything we can to prevent a perilous escalation for Europe but must at the same time be prepared for the worst,” Mr Schaeuble said. “If things turn out differently than everyone expects that would of course be a major breakdown. But even in 2008, the world was able to take coordinated action agai-nst a global and unpredictable financial market crisis.”
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  If the austerity package is passed, Greece has been promised a second bail-out   of up to €120bn. Private sector creditors are being urged to participate on   a voluntary basis but evidence is mounting that their involvement will be   less than the €30bn officials at the European Union and International Monetary Fund hope.
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  German banks were reported over the weekend to be pushing for state guarantees in return for voluntarily “rolling over” the debt, but the demands   were rejected by Chancellor Angela Merkel as they would increase the German   taxpayers’ exposure. In Britain, the Treasury said there were “no specific proposals” for the UK private sector to be involved.
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  President Nicolas Sarkozy indicated that French banks were prepared in   principle to take part in the programme, but no details have been agreed.
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  In a show of support for Europe, though, Chinese premier Wen Jiabao yesterday promised that China would continue to buy European sovereign debt. Noting   that it had just agreed to buy Hungarian bonds, he said: “That is China   lending a helping hand to Hungary at a time when that country is in   difficulty. We will do the same thing for other European countries.
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  “[Since the sovereign debt crisis,] China has actually increased the purchase of
  government bonds of some European countries and we have not cut back on our euro holdings.”
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  Greece’s deputy prime minister, Theodoros Pangalos, sought to shore up   support, describing talk of Greece quitting the euro as “immense stupidity”. However, he warned that although he is optimistic about winning the first round of the austerity vote, he is more wary about securing approval for specific laws to enact fiscal reforms and privatise public companies. “That’s where we may have problems. I don’t know whether some of our   members of parliament will vote against it. It’s possible,” he said.
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  George Soros, the hedge fund manager famous for shorting Sterling in the   1990s, added that it is “probably inevitable” that a country will quit the euro. “There are fundamental flaws that need to be corrected,” he said. What Europe’s leaders are saying about the bail-out.

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