Greek Government says it can't make Bailout Repayments

[Glass]

Greek deficit and debt figures shoot up
Greek public deficit and debt figures for the four years to 2009 shot up markedly Monday, days after Prime Minister George Papandreou said a delay in bailout repayments may be necessary.

Following detailed Brussels audits of Athens' books, the European Union released massively revised national figures that saw the headline deficit for 2009 rise to 15.4 percent of gross domestic product, a big jump from the 13.6 percent announced in April.

The rise was reflected in each of the previous three years also -- with the numbers jumping from 3.6 to 5.7 percent for 2006, 5.1 to 6.4 percent in 2007 and 7.7 to 9.4 percent throughout 2008 -- showing the rapid degradation of Greek government finances in the run-up to its calling in EU and International Monetary Fund aid.

EU data agency Eurostat said it was lifting all previous reservations on Greek figures after the exhaustive audit.

In Athens, the Greek government Monday estimated 2010 public deficit at 9.4 percent of GDP.

The debt figures, which show accumulated annual deficits, hit 126.8 percent of GDP in 2009 -- well up from the 115.1 percent published in April. Again, each of the previous three years' figures were raised significantly.

Socialist Prime Minister George Papandreou said on Sunday that talks were underway on the possibility that Greece might be able to prolong the period of repayment of the rescue funds beyond the intended date of 2015.


Full article... (http://news.theage.com.au/breaking-news-world/greek-deficit-and-debt-figures-shoot-up-20101115-17ugv.html)

Pigs can't fly apparently

[Ash_Williams]

That's silly. They should just borrow to make the payments.

[cthulu]

No problem, as a sovereign country, just print money as you need it. oh wait....

[mamboni]

That's silly. They should just borrow to make the payments.


Funny! So so true! Greece should take a lesson from Kalifornica. :ROFL:

On a more serious note, Greece and the other Club Med nations will never be able to manage their sovereign debt until they break away for the Euro and once account reissue their own respective currencies. Then, they can devalue and print and their interest rates can rise to reflect their true risk.

[Fullpower]

They need to adopt the proven technique of Qualitative Emulation of ZIMBABAWE, aka;
[size=18pt]...QEZ...[size=18pt]

[Gaillo]

They need to adopt the proven technique of Qualitative Emulation of ZIMBABAWE U.S.A., aka;
[size=18pt]...QEZ...[size=18pt]


Fixed that for ya! ;D

[Horn]

As the seat of Democracy, I'm sure a law to alleviate debt is forthcoming.

[osoab]

I wonder if Spain, Ireland, and Portugal still have to make payments to fund Greece?

Is Greece still selling islands?

This popped up this afternoon. Ireland Given 24 Hour Ultimatum To Take Bailout Or Be Responsible For Pan-European Contagion (http://www.zerohedge.com/article/ireland-told-take-bailout-or-be-responsible-pan-european-contagion)

[MAGNES]

Both the Irish and the Greeks can sink the EU, that ain't going to happen soon,
but it is inevitable, we all know that, so what is their game prolonging this day,
they are timing it to something, everyone fails at once, etc, that is what they
are timing IMO, some are given time to fail further, look at all the trial balloons on
global currency , all the special meetings on currencies, etc, this goes way
back and they openly spoke of this around 2008. They are planning something.

Rothchild owns the pound, UK is in trouble too, they ain't in EU, nor monetarily.
That's the only thing that doesn't fit with rest. Why would Rothchild give up the
pound, they haven't yet. They control the USD and Euro. They most likely have
tremendous influence on China and Japan. The whole system is gamed in their
favor and plans.

[MAGNES]

I'm a Hellenic Right Wing Nationalist.

All communists and socialists in ELLAS are scum and criminals.
That is their communist history, they still live, they burned half
of ELLAS to the ground not that long ago, I mention this cause
the Jew Papandreou, 3 generations of Jew Communist Traitors,
working for the Banksters, one came from US, one came from Canada,
now their 3rd generation, they were kicked out and came back, time
to kick this Jew out too. They were the communists that burned
ELLAS to the ground, the Jew George 1st came from the USA to do this,
a communist leader during the civil war, which was very very bloody.
Same MO as other places on earth. Highly connected to Banksters,
3 generations. Now they are going to do the right thing, for FED/EU
yes, explains why Goldman runs whole show there.

I want to see Greece bottom, even burn, I want to see Greeks hungry.

Unfortunately that is the only solution to our problems in every Western Country.

Sorry to say.

[ShortJohnSilver]

Magnes, don't forget, rape of Smyrna was an infamous genocidal event ...

Ataturk, the crypto-Jew was the one who carried it out.

http://www.guardian.co.uk/books/2009/may/23/paradise-lost-smyrna-giles-milton

[Glass]

I have to agree with your MAGNES. Things have to get very very bad before the atmosphere will be right to correct things. People claim Hitler was funded by the bankers but he funded the rebuilding of Germany through repudiation of the debts of Versailles and then instituted a sovereign currency. This dug them out of the mire in double quick time. Things had gotten very bad and gave him the opportunity to rise to prominence. I'm tending to subscribe to this idea. That WWII was sparked by the Soviets terrotorial designs and that the bankers wanted to shut the Germans down. I'm hoping Ireland are seriously considering the possiblity of going the same path as Germany did and some countires in South America did. If a major Irish politician suddenly dies or suffers serious illness, coma etc then that would be a good sign they have been considering it.

[MAGNES]

Things have to get very very bad before the atmosphere will be right to correct things.


A lot of smart people have said this in a much nicer and academic way,
people like Ron Paul and Peter Schiff, even people like Paul Craig Roberts,
this is where it leads to, their comments, people have not got a wake up
call, even at this point, my comments just happen to be more blunt.
And it obviously isn't news to us and others, look at the preppers.
I was expecting my Nationalist blunt comments to get attacked, lol .

Some cryptic philosophy for what it is worth, maybe laughs for you. ;D
I used specific comments for a reason, Greece is not ELLAS.
Not yet. They just think they are, but they can't be almost totally brainwashed.
This applies to all people, all nations, we are the children of the light, a light
unto nations, and they do marvel at us, we won't be extinguished without
a fight, and the wakeup call is coming, drag your partner and drag him out
of the cave, it is your duty. Philosopher Kings do rule, armies of one,
they just don't happen to be our leaders, never give up your arms and speaking truth.
Only true idiotes do.
Apollo won't smite me for the ripoffs above but some cockroach on here might.
Apollo did smite them with plague already, long ago, orcs in the dark.
Rant over. ;D Call me crazy, no problem.