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Getbig Main Boards => Politics and Political Issues Board => Topic started by: powerpack on May 16, 2010, 12:09:00 PM
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Greece blames US banks for crisis
May 16, 2010 6:01 PM | By Sapa-AFP
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Greek Prime Minister George Papandreou raised the possibility of taking legal action against US banks, which he said bear "great responsibility" for Greece’s debt crisis. Prime Minister George Papandreou raised the possibility of taking legal action against US banks, which he said bear "great responsibility" for Greece’s debt crisis.
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•World markets plunge
Asked in an interview with CNN whether Greece was the victim of US investment banks, he said: “This is where I think, yes, the financial sector—I hear the words fraud and lack of transparency. So yes, yes, there is great responsibility here.” When asked whether legal action were a possibility, Papandreou responded: “I wouldn’t rule out that this may be a recourse,” according to a transcript of the interview provided by CNN.
The Greek parliament is currently looking into deals Greek authorities carried out in 2000 with help from Goldman Sachs that allowed them to mask the extent of Greece’s debts through the use of complex financial instruments.
Papandreou said the parliamentary investigation would look at “how things went in the wrong direction and what kind of practices were negative practices.”
German Chancellor Angela Merkel has led criticism in Europe against banks’ role in the debt crisis, slamming “treacherous” practices during the Greek drama and urging governments to crack down on speculators hunting profits in the turmoil.
Greece is paying a painful price for its past overspending with the government forced to slash civil servants’ pay and pensions while raising taxes as a condition for a 110-billion-euro EU-IMF bailout.
Germany’s economy minister lashed out at the head of the country’s top bank over the weekend for casting doubt on Greece’s ability to pay back loans made to it under the EU-IMF bailout.
“At a time when the debate is being carried out so publicly, such a strong statement on the television is not helpful,” Rainer Bruederle was quoted as saying on the website of the financial weekly Wirtschaftswoche during a visit to Singapore on Saturday.
In an interview aired late Thursday, Deutsche Bank chief executive Josef Ackermann said he was “doubtful whether Greece will really be in a position to achieve” the repayment of billion of euros in emergency EU loans.
Ackermann’s comments weighed heavily on the German stock market and the euro, drawing fire from the press, with the Financial Times Deutschland saying his remarks were “dangerous for everyone” and “outrageous.”
A poll published Sunday in the Ethnos newspaper found that most Greeks, 58.8 percent, think their country will be able to steer clear of bankruptcy, while 36.6 percent considered default inevitable.
While 56.2 percent of the 1,028 people polled by the Marc SA institute considered the austerity measures to be “necessary”, 87.8 percent judged them to be “unfair”.
The EU and IMF have also agreed a package worth almost one trillion dollars designed to prevent any contagion in the eurozone from the Greek crisis and allow its members to restore their public finances to health.
But stocks and the euro continued to tumble last week as investors showed their doubt in the ability of European countries to make difficult budget cuts, prompting Spain, Portugal, Italy, and France to announce belt-tightening measures.
Merkel said Sunday that recent speculation against the euro “is only possible because of huge differences in the economic strengths and debt levels of member states.”
With the eurozone rescue package, “we have done nothing more than to buy time until we have brought order to these competitive differences and to the budget deficits of individual euro countries,” she told a conference of the Confederation of German Trade Unions.
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And he and Greece are absolutely right. America swindled the world with its financial games and now countries and people around the world are suffering. Don't be surprised when the rest of the EU, China, Japan, Australia, etc etc all come after america for the money they lost
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And he and Greece are absolutely right. America swindled the world with its financial games and now countries and people around the world are suffering. Don't be surprised when the rest of the EU, China, Japan, Australia, etc etc all come after america for the money they lost
LMAO!!!!!!!!!!!
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Doesn't have anything to do with the failed socialist experiment that is Greece. ::)
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LMAO!!!!!!!!!!!
What's so funny? Everyone knows it's true.
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What's so funny? Everyone knows it's true.
Hahaha, as if the USA could force Greece's government to overspend beyond their means. Wasn't the EU formed to prevent things like this from happening? Greece is a failed socialist experiment that blew up in their face like everyone before them. Their gripe should be with the economic bully that is Germany and their strict fiscal policy that punishes everyone in the EU but Germany.
They can blame us all they want. The US should respond by pulling any sort of loan they were planning on giving to them (why the fuck are we giving them a loan anyway?). ::)
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the average retirement age in Greece is 54....
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They're bitching about the loans but I'd be willing to bet they wouldn't change their lifestyle to avoid having to take that loan. ;)
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What's so funny? Everyone knows it's true.
sure, sure...and it was the illuminati that organized it they needed to take heat off of them from their 9/11 scheme you guys and the loose change producers where getting to close for comfort ::)
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the average retirement age in Greece is 54....
Really?
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daily show was pointing out all the reasons greece is broke. that was one of them. along with their standard long vacations, etc, the US looks like workaholics compared to them.
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Hahaha, as if the USA could force Greece's government to overspend beyond their means. Wasn't the EU formed to prevent things like this from happening? Greece is a failed socialist experiment that blew up in their face like everyone before them. Their gripe should be with the economic bully that is Germany and their strict fiscal policy that punishes everyone in the EU but Germany.
They can blame us all they want. The US should respond by pulling any sort of loan they were planning on giving to them (why the fuck are we giving them a loan anyway?). ::)
Why is USA giving them a loan? Get the fuck out of here USA does not even have the luxury of giving anyone a loan! The money that USA is giving Greece is coming from China you moron! Do you really think USA has any money to give anyone? You really need to get your head out of the sand. The economic mess the world is in started in the USA. The criminals in Washington and Wall Street are behind it all. Make no mistake the Greek Politicians are also crimininals. Most politicians in the world are criminals. Think about it the reason a person becomes involved in politics is because they have the audacity / nerve to think they can rule over other people. Give me an Edison or Ford. They invent because they love troubleshooting a problem. The net effect of their efforts is we all benefit. Now how do we benefit from a politician / banker? We'd be better off if they grew some tomatoes in the backyard and mind their own business.
As for USA's roll in Greece's troubles look no further than Goldman Sachs:
"Goldman Sachs tricky derivatives trades may have masked the Greek debt just long enough to hurt all of us again. Goldman Sachs made up an exchange rate that allowed the Greeks to look as though they were only engaging in a currency swap when, in effect, they were getting more than a billion more than they should have from the trades in credit. Its likely that Goldman made a killing on the commissions for the swaps, and then sold the swaps to a Greek bank for even higher profits."
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Why is USA giving them a loan? Get the fuck out of here USA does not even have the luxury of giving anyone a loan! The money that USA is giving Greece is coming from China you moron! Do you really think USA has any money to give anyone? You really need to get your head out of the sand. The economic mess the world is in started in the USA. The criminals in Washington and Wall Street are behind it all. Make no mistake the Greek Politicians are also crimininals. Most politicians in the world are criminals. Think about it the reason a person becomes involved in politics is because they have the audacity / nerve to think they can rule over other people. Give me an Edison or Ford. They invent because they love troubleshooting a problem. The net effect of their efforts is we all benefit. Now how do we benefit from a politician / banker? We'd be better off if they gre some tomatoes in the backyard and mind their own business.
As for USA's roll in Greece's troubles look no further than Goldman Sachs:
"Goldman Sachs tricky derivatives trades may have masked the Greek debt just long enough to hurt all of us again. Goldman Sachs made up an exchange rate that allowed the Greeks to look as though they were only engaging in a currency swap when, in effect, they were getting more than a billion more than they should have from the trades in credit. Its likely that Goldman made a killing on the commissions for the swaps, and then sold the swaps to a Greek bank for even higher profits.
Please go away you socialist dirtbag. One only has to look at Greece and it's economic policies (hello retiring by 54) and they'll realize that country was doomed from day one. They've got no one but themselves to blame. Either they were too incompetent to run their own country (yes) or they were bitch slapped by the economic bullies in the EU (hello Germany). I'm going with both.
I'll feel sorry for them when they come to terms with the fact that their way of life is not sustainable.
And stop with the sheeple shit. You've proven yourself a retard with your horrendous debating skills with regards to 9/11.
Greece should be embarrassed. It's not surprising that their politicians won't come out and say, "Hey, we fucked this country up with our policies" when it's easier to hang it around the US's neck. The EU was formed to prevent this type of thing from happening. Now they can go crawling to the other EU countries with their tail between their legs looking for a handout so they can keep living their unsustainable, fantasy lives.
I'm laughing that they're now crying about speculators taking advantage of their incompetency instead of addressing the fact that they ran that country into the ground. They deserve it.
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What's so funny? Everyone knows it's true.
Tony two toes was dropped head first at birth and everyday until he reached 18, so you have to forgive him...in a way. Little gray matter to work with and what gray matter is available is heavily damaged so he can not see the obvious, can not comprehend beyond dick and jane and can not accept the truth when it is right in his face.
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Tony two toes was dropped head first at birth and everyday until he reached 18, so you have to forgive him...in a way. Little gray matter to work with and what gray matter is available is heavily damaged so he can not see the obvious, can not comprehend beyond dick and jane and can not accept the truth when it is right in his face.
dont you get you fool Im part of the illuminati...talk about dense!!!!!!! ::) youve seen me post for how long and you still havent figured that out? :-\
look out your window, see the man wearing a baseball hat acting like he isnt watching you?.....
LOOK OUT BEHIND YOU!!!!!!!!
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dont you get you fool Im part of the illuminati...talk about dense!!!!!!! ::) youve seen me post for how long and you still havent figured that out? :-\
look out your window, see the man wearing a baseball hat acting like he isnt watching you?.....
LOOK OUT BEHIND YOU!!!!!!!!
You're too dumb to even be in the boys club let alone illuminati...come on...try harder two toes.
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You're too dumb to even be in the boys club let alone illuminati...come on...try harder two toes.
you shall pay for your insolence >:(
you know nothing of the illuminati and its far reaching arm and all seeing eye...
watch you back jag >:(
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Please go away you socialist dirtbag. One only has to look at Greece and it's economic policies (hello retiring by 54) and they'll realize that country was doomed from day one. They've got no one but themselves to blame. Either they were too incompetent to run their own country (yes) or they were bitch slapped by the economic bullies in the EU (hello Germany). I'm going with both.
I'll feel sorry for them when they come to terms with the fact that their way of life is not sustainable.
And stop with the sheeple shit. You've proven yourself a retard with your horrendous debating skills with regards to 9/11.
Greece should be embarrassed. It's not surprising that their politicians won't come out and say, "Hey, we fucked this country up with our policies" when it's easier to hang it around the US's neck. The EU was formed to prevent this type of thing from happening. Now they can go crawling to the other EU countries with their tail between their legs looking for a handout so they can keep living their unsustainable, fantasy lives.
I'm laughing that they're now crying about speculators taking advantage of their incompetency instead of addressing the fact that they ran that country into the ground. They deserve it.
Hey scrotum I posted a reply in the 9/11 thread. Go check it out. Refute the debate about wall thickness and diagrams posted showing the footprint of an airplane overlaped with a building model of the Pentagon. It is a 3D model. 3D models are drawn at scale 1:1 so there is no room for error in terms of scaling the building and plane accurately. If you want to debate then go post in that thread. Let's see your amazing skills.
Yes the Greece government / financial establishment ran their country into the ground with the help of the USA. As a matter of fact the USA ran themselves into the ground also. The whole western world has. The USA abused their powerful position in the world by having the dollar as the world currency. The USA is controlled by money junkies. Don't look at junkies to come up with a solution. They can't their brains can only think of the substance they are addicted to: money!
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you shall pay for your insolence >:(
you know nothing of the illuminati and its far reaching arm and all seeing eye...
watch you back jag >:(
lol
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daily show was pointing out all the reasons greece is broke. that was one of them. along with their standard long vacations, etc, the US looks like workaholics compared to them.
I don't know if they do it on the mainland, but when we were in Crete, everything stopped during the afternoon. Like a Greek siesta, from like 2-3 pm till like 5-6 pm they don't do shit.
Also, they view age differently. So a 54 yr old is what we consider a 53 yr old. When a person has their 53 birthday, the day immediately after, they are no longer 53 (they're 53 +1 day, etc.). So, they consider themselves 54. Good people though for the most part.
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I don't know if they do it on the mainland, but when we were in Crete, everything stopped during the afternoon. Like a Greek siesta, from like 2-3 pm till like 5-6 pm they don't do shit.
Also, they view age differently. So a 54 yr old is what we consider a 53 yr old. When a person has their 53 birthday, the day immediately after, they are no longer 53 (they're 53 +1 day, etc.). So, they consider themselves 54. Good people though for the most part.
shit im moving to greece a 3 hour nap everyday lol its like your in high school again... :D
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I don't know if they do it on the mainland, but when we were in Crete, everything stopped during the afternoon. Like a Greek siesta, from like 2-3 pm till like 5-6 pm they don't do shit.
Also, they view age differently. So a 54 yr old is what we consider a 53 yr old. When a person has their 53 birthday, the day immediately after, they are no longer 53 (they're 53 +1 day, etc.). So, they consider themselves 54. Good people though for the most part.
Have you ever been to Positano, Italy? I hear it get so hot and humid that people have to take a couple of showers during the day (kinda like Jay Cutler - lol!) I think it would make sense to lie low when it is that hot unless you blast yourself with AC like they do in Las Vegas.
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The country was doomed from it's overspending but it was also taken advantage of by banks that used it's situation to milk it for more dough. The people better get used to living a life of servitude for a looong time to pay for this.