onlooker wrote:OS, Greece is not exactly living the good life under the lending model is it? We are not talking about buying house or going to University, Greece is struggling just to employ, house and feed people. So your argument is continue with the same. My argument is for Greece and others to quit the system and try something different. If your Greece and many other countries you have nothing to lose and maybe you will bring down an unjust and inequitable system. Have the people of South America, Africa and other places benefited from this system? Get back to me when you have done an honest appraisal of that question.
Angry eurozone ministers said Greece's shock decision Saturday to hold a referendum on its bailout had closed the door on the chances of a deal to save Athens from default and a possible euro exit.
The most dramatic day in the five-month crisis saw long lines of people queueing at cash machines in Greece after the announcement by leftist Prime Minister Alexis Tsipras amid fears of a bank run and possible capital controls. In Greece's second city, Thessaloniki, some banks have run out of money, according to an AFP reporter, while a National bank branch had a queue of 50 people.
The Greek government's immediate priority on Monday will to be to keep the country's banks open.
Greece will vote on July 5 on the outcome of negotiations with its international creditors that have dragged on since January, when Tsipras's Syriza party first took power on a promise of ending austerity.
As the Eurogroup of eurozone finance ministers held a crunch meeting in Brussels, their Dutch leader Jeroen Dijsselbloem said he was "very negatively surprised" by the Greek referendum decision.
Germany's hardline pro-austerity finance minister Wolfgang Schaeuble said the Greek government had "ended the negotiations unilaterally."
Greece was stunned by the referendum announcement by radical leader Tsipras, which came just hours after he had been at a summit with European leaders in a bid to end the crisis.
"The people must decide free of any blackmail," the 40-year-old prime minister said in a televised address to the nation late on Friday.
"We were asked to implement austerity measures... deregulation of the labour market, pension cuts, and an increase in VAT on food products, aiming towards the humiliation of an entire people," Tsipras said in his address.
The Eurogroup will now also be discussing worst case scenarios, ranging from a Greek default next week to a possible exit from the eurozone, which would shake the European post-war project to its foundations.
onlooker wrote:Anything that weakens the political-economic system revolving around money will automatically help the disenfranchised and poor. So yes pardoning the debt of Africa cannot but help Africa. But I think you and me are in difference realms. You find it seems the system acceptable, i do not.
AgentR11 wrote:Must stock up on popcorn. Looks like they mean it this time!
Question is... will Twitter's internet connections melt.
Yanis Varoufakis speaks
"We explained to my colleagues why we could not accept the institututions proposals. Briefly, it had to do with three fundamental issues: the prior actions which were seriously recessionary and redistributive, redistributing burdens from those who could and should bear them, to those who cannot".
Second was the financing of the next five months was "technically inadequate, the numbers did not add up" and "baked in" a new program by providing new loans from the EFSF.
"We explained that we didn't have a mandate to sign a non-viable unsustainable agreement."
"The real reason for the impasse is because our suggestion, from the moment that we were elected that we try and find common ground to build an agreement....but ever since Feb 20 the other side have been trying to drag us back into the MoU. We can have any agreement we want as long as it is the MoU." (The original imposed Austerity agreement)
onlooker wrote:Anything that weakens the political-economic system revolving around money will automatically help the disenfranchised and poor.
radon1 wrote:onlooker wrote:Anything that weakens the political-economic system revolving around money will automatically help the disenfranchised and poor.
No one forces anyone into this system. Everyone is free to quit this system whenever they please. The question is, what to do next once you are out of this system? Perhaps, write another post?
Having decided against scrapping its currency, the government in Reykjavik now mulls a complete ban on its banks creating krona when they issue new loans…In recent years Scandinavian central bankers have shown the same dauntless appetite for exploration that once saw Nordic ships fan out across the globe. In this spirit Reykjavik should give sovereign money a shot. Nations far bigger and meaner than Iceland have struggled to come to grips with financial excess through conventional means. As well as showing other countries a potential way forward, by bringing the axe down on fractional reserve banking the Icelanders might just regain some control over their economic destiny.
Radical bank reform is mostly endorsed by academics, commentators and crackpots. So it is certainly worth taking note when a senior person in a real government calls for a top-to-bottom makeover of banks and the monetary system…Still, the Sigurjonsson plan is a plausible blueprint for better banking and Iceland is a good place to start. The population may be embittered enough to try something new and the established global powers of banking would probably tolerate an experiment in this miniature economy.
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