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World On Verge Of Economic Collapse As European Leaders Prepare For Greek Default

Posted on: June 28, 2011

European leaders are now openly admitting they are preparing for an imminent default on Greek debt causing the bank ran media, who have been warning of “Armageddon Scenarios” and global financial meltdown Greek defaults, to suddenly develop schizophrenia throwing their propaganda machine in revers and run stories saying it is “no bid deal” if Greek defaults.

Truth be told, China is scared enough that they are stepped in to offer billions to suck up worthless European sovereign debt and billionaire hedge fund manager George Soros isn’t buying the Wall Street propaganda machine’s attempt to manipulate the market psychology either. He tells reporters that a Greek debt default will trigger a global economic collapse will begin with the Greek debt default and spread from there.

As I last wrote on Greece the Greek Army has threatened a military coup if politicians approve a new IMF Bailout loan, with an over 30% interest rate, needed to cover just the interest on the old bailout loan.

Of course that loan isn’t going to bailout the citizens of Greece, who are facing unimaginable austerity measures to pay back the loan, but the bailout is instead for to save the greedy bankers who put the nation in the situation there in by continuing to engage in the same scandalous financial practices that caused the financial meltdown in the first place.

Apparently, due the threat of the military coup along with military and police members join in the protests against the banks, European leaders are now accepting that Greek will not approve the bailout loan and instead saying they are preparing for Greek default on their debt.

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.

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”.

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.

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.

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.

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.

Read More here…

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