[vtsnowedin]

By the way, I think things will get VERY ugly in Greece if they default. My issue is with the oft-repeated claims that moderately high oil prices slay economies, and the related people "can't afford" oil at prices above (variously, $20, 50, $70, etc) when the globe overall cruised along with moderate real GDP growth for four-ish years with high oil prices.

You are perhaps forgetting all the economic "Stimulation programs" that have been tried post 2008. That may well be where the GDP growth they are reporting has come from ,hiding the effects of +$70 oil. Now that the bills are coming due it remains to be seen who can pay their bill and still have a productive economy. The next few weeks and indeed years will prove to be very interesting.

[Withnail]

[Withnail]

Forgot to add

Live official Greek polling website as it happens

http://ekloges.ypes.gr/current/e/public ... l?lang=en#{"cls":"snoms","params":{}}

Not long to go now.

Gas

Hell Yeah!

[Withnail]

Glory to the heroes. Glory to the Greeks.

[StarvingLion]

The "cultured" Greeks will vote for FryJoints and MuskMobiles like every other urban ghetto in the Anglo-Saxon Banking Shithole.

[Cog]

There will be a good buying opportunity in stocks Tuesday.

[ohanian]

I guess the pope is Catholic after all

[Sixstrings]

Greece may use its euro printing presses to just start printing 20 euro notes, "with or without" authorization from the ECB:

Greece Contemplates Nuclear Options: May Print Euros, Launch Parallel Currency, Nationalize Banks

They want a new team installed, one that is willing to draw on the central bank's secret reserves, and to take the provocative step in extremis of creating euros.

"The first thing we must do is take away the keys to his office. We have to restore stability to the system, with or without the help of the ECB. We have the capacity to print €20 notes," said one.
http://www.zerohedge.com/news/2015-07-05/greece-contemplates-nuclear-options-may-print-euros-implement-parallel-currency-nati

[onlooker]

Actually what appears more likely is that Greece will cozy up to the BRICS, meaning China and other members. I get the sense Greece has had enough of EU.

[americandream]

onlooker

All liquidity radiates from London so I suspect that it will be the TransAtlantic power bloc that will be decisive.

[onlooker]

Not looking good for compromise as statements coming out from Eurozone officials paint a picture that the decision of Greeks to vote NO, makes further bailouts very difficult and widens gap between EU and Greece. This sounds to me like EU is firm on perhaps allowing or ordering Greece out of EU. That is a momentous occurrence should it happen.

[davep]

Not looking good for compromise as statements coming out from Eurozone officials paint a picture that the decision of Greeks to vote NO, makes further bailouts very difficult and widens gap between EU and Greece. This sounds to me like EU is firm on perhaps allowing or ordering Greece out of EU. That is a momentous occurrence should it happen.

I think it's just German posturing. They know as well as anyone else that debt restructuring is essential, after the IMF report came out. They need to be seen to be tough.

[onlooker]

Ah yes Dave for the sake of their own people meaning the Germans.

[Sixstrings]

Ah yes Dave for the sake of their own people meaning the Germans.

Mmmhm, and therein lies the problem. That the EU is a confederation, not a union.

Federal unions are better.

When we have a financial crisis, we have 50 states that must balance their budgets to start with, and we have one federal reserve central bank and a 50 state federal union. It makes the US system much stronger than the european model.

Essentially, the European State is dealing with the "state banks vs. national bank" thing that we used to deal with, centuries ago, before we federalized with a strong central government.

[Sys1]

Greece budget is balanced, beside debt, more money gets in than out, because of tourism and ports. The only problem is the debt, not sustainable. It must be canceled. The only reason why Greece is going down is because it has to pay the interest of the debt.
What IMF and EU propose it to add new credits to repay former crédits they gave (actually only interests).
IMF never helped Greece, they enslave people with debt, just like a dealer doesn't help a junkie with heroine. He gets money and kill around him.
The economic paradigm of today is a Ponzi scheme based of infinite growth on a small planet. The IMF is a gigantic Ponzi scheme and it seems it is time for collapse. All medias have decided to spread hate on greeks like Deutchland did on judes in the 30's.
Know your enemy. It is capitalism.

[Outcast_Searcher]

Greece budget is balanced, beside debt, more money gets in than out, because of tourism and ports. The only problem is the debt, not sustainable. It must be canceled. The only reason why Greece is going down is because it has to pay the interest of the debt.

Which is why Greece needs rapid access to much MORE EU loan funding or their banks will implode -- because they have more money going in than out. Sure.

[americandream]

Austerity....is coming.