Greek bank run in play

[Xircal]

It would appear that a bank run is in play in Greece with €7 billion having been withdrawn already ahead of the elections today in anticipation of Syriza win.

The ECB has now required the four largest banks to report their positions every evening according to the Sunday Times

Since Greece is effectively living on borrowed money these days, the ECB can block further withdrawals if it appears that banks are running dry.

[IMA_FARANG]

Yes. Syriza supporters would refer to the Bankers as the "Euro-Bankster (a combination of the words Banker and Gangster) Mafia".

I am hoping that Syriza will win an outright majority and that will start the eventual downfall of the Euro Bank Gangster Mafia Cartel.

Unfortunately it is more likely that although Syriza may win, they will need to form a coalition government to form an effective government.

Right now, the Germans are (in a recent poll) the most hated nationality in Greece.

Followed by the French,then Americans, and then the English.

Especially what they call the German/ French/English lick-spittle Euro-bankster scum.

The fact that the Germans have publically called for the EU"s QE program to exclude buying back the debt of Greek banks has elevated Germans to the most disliked nationality in Greece now.

Not entirely rational, but many Greeks are angry and have had it with the Eurozone and the EU right now.

We will just have to wait and see what happens.

Edited January 25, 2015 by IMA_FARANG

[iphad]

I am always suspicious when I read or see any media & as I didn't know the Sunday Times, I did a little research & see it is owned by Rupert Murdoch....... so my inclination is to only believe part of the story.

My initial opinion...is that there is a concerted strategy by the EU elite is to cause the Syriza (Radical Left Coalition) which is expected to be the leading party in the elections that was held in Greece) some bad press in advance of the election yesterday.

I'm not saying this is part of the bad press...since it was printed on the day of the election....but maybe causing a bank run when there wasn't really one...further damaging Greece's problems.

Could be people are worried of the Euro falling in value more after QE was announced this past week in Europe so they are taking what money they have left & gambling it might keep it's value in US dollars or some other currency.

Too early yet to know the real truth...

but I do support Greece digging there way out of their economic abyss with a new Greek government that promises more independence from the EU...but as usual, easy for a new government wanting to get elected to promise change then reverts back to supporting the status quo.

I guess what I'm saying is I only really know that I don't know & I don't believe everything that I read but probably somewhat influenced by it ...anything is possible.

[Diplomatico]

I am always suspicious when I read or see any media & as I didn't know the Sunday Times, I did a little research & see it is owned by Rupert Murdoch....... so my inclination is to only believe part of the story.

My initial opinion...is that there is a concerted strategy by the EU elite is to cause the Syriza (Radical Left Coalition) which is expected to be the leading party in the elections that was held in Greece) some bad press in advance of the election yesterday.

I'm not saying this is part of the bad press...since it was printed on the day of the election....but maybe causing a bank run when there wasn't really one...further damaging Greece's problems.

Could be people are worried of the Euro falling in value more after QE was announced this past week in Europe so they are taking what money they have left & gambling it might keep it's value in US dollars or some other currency.

Too early yet to know the real truth...

but I do support Greece digging there way out of their economic abyss with a new Greek government that promises more independence from the EU...but as usual, easy for a new government wanting to get elected to promise change then reverts back to supporting the status quo.

I guess what I'm saying is I only really know that I don't know & I don't believe everything that I read but probably somewhat influenced by it ...anything is possible.

No, what people are worried about is Greece reneging on their promises to pay back the billions of Euros they borrowed from other countries.

[iphad]

I am always suspicious when I read or see any media & as I didn't know the Sunday Times, I did a little research & see it is owned by Rupert Murdoch....... so my inclination is to only believe part of the story.

My initial opinion...is that there is a concerted strategy by the EU elite is to cause the Syriza (Radical Left Coalition) which is expected to be the leading party in the elections that was held in Greece) some bad press in advance of the election yesterday.

I'm not saying this is part of the bad press...since it was printed on the day of the election....but maybe causing a bank run when there wasn't really one...further damaging Greece's problems.

Could be people are worried of the Euro falling in value more after QE was announced this past week in Europe so they are taking what money they have left & gambling it might keep it's value in US dollars or some other currency.

Too early yet to know the real truth...

but I do support Greece digging there way out of their economic abyss with a new Greek government that promises more independence from the EU...but as usual, easy for a new government wanting to get elected to promise change then reverts back to supporting the status quo.

I guess what I'm saying is I only really know that I don't know & I don't believe everything that I read but probably somewhat influenced by it ...anything is possible.

No, what people are worried about is Greece reneging on their promises to pay back the billions of Euros they borrowed from other countries.

ok Diplo thxs for clearing that up...so the people are making a run to the banks so they can send the money directly to the IMF & the ECB.

[Diplomatico]

I am always suspicious when I read or see any media & as I didn't know the Sunday Times, I did a little research & see it is owned by Rupert Murdoch....... so my inclination is to only believe part of the story.

My initial opinion...is that there is a concerted strategy by the EU elite is to cause the Syriza (Radical Left Coalition) which is expected to be the leading party in the elections that was held in Greece) some bad press in advance of the election yesterday.

I'm not saying this is part of the bad press...since it was printed on the day of the election....but maybe causing a bank run when there wasn't really one...further damaging Greece's problems.

Could be people are worried of the Euro falling in value more after QE was announced this past week in Europe so they are taking what money they have left & gambling it might keep it's value in US dollars or some other currency.

Too early yet to know the real truth...

but I do support Greece digging there way out of their economic abyss with a new Greek government that promises more independence from the EU...but as usual, easy for a new government wanting to get elected to promise change then reverts back to supporting the status quo.

I guess what I'm saying is I only really know that I don't know & I don't believe everything that I read but probably somewhat influenced by it ...anything is possible.

No, what people are worried about is Greece reneging on their promises to pay back the billions of Euros they borrowed from other countries.

ok Diplo thxs for clearing that up...so the people are making a run to the banks so they can send the money directly to the IMF & the ECB.

As you intended, your statement is nonsensical. People are making a run on the Greek banks to try to avoid having their savings confiscated by the Eurobanks.

[i claudius]

The Greek people on the whole do not want to leave the gravy train ,sorry i mean the Euro ,they should never have been allowed to get aboard ,they have done nothing for Europe exept take from it ,along with Spain ect ,as for the Euro ,what was that we were told ,if we did not join we were doomed , just like what we are being told now if we leave the E.U bullshit ,out i say ,it might be hard for a while but we will soon get back on our feet

[IMA_FARANG]

I am always suspicious when I read or see any media & as I didn't know the Sunday Times, I did a little research & see it is owned by Rupert Murdoch....... so my inclination is to only believe part of the story.

My initial opinion...is that there is a concerted strategy by the EU elite is to cause the Syriza (Radical Left Coalition) which is expected to be the leading party in the elections that was held in Greece) some bad press in advance of the election yesterday.

I'm not saying this is part of the bad press...since it was printed on the day of the election....but maybe causing a bank run when there wasn't really one...further damaging Greece's problems.

Could be people are worried of the Euro falling in value more after QE was announced this past week in Europe so they are taking what money they have left & gambling it might keep it's value in US dollars or some other currency.

Too early yet to know the real truth...

but I do support Greece digging there way out of their economic abyss with a new Greek government that promises more independence from the EU...but as usual, easy for a new government wanting to get elected to promise change then reverts back to supporting the status quo.

I guess what I'm saying is I only really know that I don't know & I don't believe everything that I read but probably somewhat influenced by it ...anything is possible.

No, what people are worried about is Greece reneging on their promises to pay back the billions of Euros they borrowed from other countries.

[IMA_FARANG]

The Greek people on the whole do not want to leave the gravy train ,sorry i mean the Euro ,they should never have been allowed to get aboard ,they have done nothing for Europe exept take from it ,along with Spain ect ,as for the Euro ,what was that we were told ,if we did not join we were doomed , just like what we are being told now if we leave the E.U bullshit ,out i say ,it might be hard for a while but we will soon get back on our feet

----------------------------

The Greek PEOPLE never benefited in any way from the EU bailout of the banks.

The Loans that had to be repaid and needed a "bailout" were loaned made mainly form German and French banks to Greek Banks.

Most of that money for the so-called bailout came for Eurozone taxpayers.

It may have originally gone to Greek banks, but was very quickly turned around to "repay" the loans from the German and French banks.

The Greek people never saw any benefit from that bailout, the money went to rich German and French bankers ..... the very people who had originally loaned the original loans to the Greek banks ..... even though those German and French banks knew that it was not financially prudent to loan that money to the Greek banks.

But why would they about that anyhow? The Germans and French knew they had the political power to force a "bailout" of the Greek banks.....by getting the Eurozone taxpayers to pay.

In short, the whole Greek bank "bailout" scam was designed by wealthy German and French bankers to transfer money from middle class taxpayers in the Eurozone and into French and German banks.

And the average Eurozone taxpayer was to be kept like a "mushroom" by the pro Eurozone propaganda in the Eurozone newspapers.

You know the slogan, like a mushroom kept in the dark and fed s - - t daily.

Bottom line: the Greek PEOPLE never benefited at all from any bailout funds. It was the Germans and French who did benefit ...... just as they had always planned when they hatched the scam.

Like the country song about a divorce .....my wife got the Gold Mine and I got the Shaft.

Except in the Eurozone Greek "bailout" it was the Eurozone mushroom tax payers who got the shaft, and the French and German Euro Bankster Mafia gangsters who got the Gold mine.

Edited January 26, 2015 by IMA_FARANG

[Diplomatico]

The Greek people on the whole do not want to leave the gravy train ,sorry i mean the Euro ,they should never have been allowed to get aboard ,they have done nothing for Europe exept take from it ,along with Spain ect ,as for the Euro ,what was that we were told ,if we did not join we were doomed , just like what we are being told now if we leave the E.U bullshit ,out i say ,it might be hard for a while but we will soon get back on our feet

----------------------------

The Greek PEOPLE never benefited in any way from the EU bailout of the banks.

The Loans that had to be repaid and needed a "bailout" were loaned made mainly form German and French banks to Greek Banks.

Most of that money for the so-called bailout came for Eurozone taxpayers.

It may have originally gone to Greek banks, but was very quickly turned around to "repay" the loans from the German and French banks.

The Greek people never saw any benefit from that bailout, the money went to rich German and French bankers ..... the very people who had originally loaned the original loans to the Greek banks ..... even though those German and French banks knew that it was not financially prudent to loan that money to the Greek banks.

But why would they about that anyhow? The Germans and French knew they had the political power to force a "bailout" of the Greek banks.....by getting the Eurozone taxpayers to pay.

In short, the whole Greek bank "bailout" scam was designed by wealthy German and French bankers to transfer money from middle class taxpayers in the Eurozone and into French and German banks.

And the average Eurozone taxpayer was to be kept like a "mushroom" by the pro Eurozone propaganda in the Eurozone newspapers.

You know the slogan, like a mushroom kept in the dark and fed s - - t daily.

Bottom line: the Greek PEOPLE never benefited at all from any bailout funds. It was the Germans and French who did benefit ...... just as they had always planned when they hatched the scam.

Like the country song about a divorce .....my wife got the Gold Mine and I got the Shaft.

Except in the Eurozone Greek "bailout" it was the Eurozone mushroom tax payers who got the shaft, and the French and German Euro Bankster Mafia gangsters who got the Gold mine.

Wow, that's revisionist history if I've ever seen it.

Greece ran unsustainable government deficits for years upon years (and lied about it), financing it with loans from the EU that gave them more favorable interest rates than they could have gotten previously. When the amount of debt they had accumulated became such that the country was nearly to the point of default, they were bailed out by the EU taxpayers and the IMF.

Greece is basically in a Depression and deep financial hole of its own making through profligate government spending that employed absurd amounts of employees with overly generous benefits and early retirements. Now, when it's time to pay for its spending, Greece wants to shirk its responsibilities and whine about how it's "unfair" that they should have to pay back money it borrowed and spent.

Try that with your credit card company or your bank and see what they say.

Edited January 26, 2015 by Diplomatico

[paddyjenkins]

I am always suspicious when I read or see any media & as I didn't know the Sunday Times, I did a little research & see it is owned by Rupert Murdoch....... so my inclination is to only believe part of the story.

My initial opinion...is that there is a concerted strategy by the EU elite is to cause the Syriza (Radical Left Coalition) which is expected to be the leading party in the elections that was held in Greece) some bad press in advance of the election yesterday.

I'm not saying this is part of the bad press...since it was printed on the day of the election....but maybe causing a bank run when there wasn't really one...further damaging Greece's problems.

Could be people are worried of the Euro falling in value more after QE was announced this past week in Europe so they are taking what money they have left & gambling it might keep it's value in US dollars or some other currency.

Too early yet to know the real truth...

but I do support Greece digging there way out of their economic abyss with a new Greek government that promises more independence from the EU...but as usual, easy for a new government wanting to get elected to promise change then reverts back to supporting the status quo.

I guess what I'm saying is I only really know that I don't know & I don't believe everything that I read but probably somewhat influenced by it ...anything is possible.

No, what people are worried about is Greece reneging on their promises to pay back the billions of Euros they borrowed from other countries.

ok Diplo thxs for clearing that up...so the people are making a run to the banks so they can send the money directly to the IMF & the ECB.

As you intended, your statement is nonsensical. People are making a run on the Greek banks to try to avoid having their savings confiscated by the Eurobanks.

Yes, Cyprus was a warning, all the Greeks know that. Id say good riddance to Greece, or i would say that if i was European, let them see what life is like outside the EU when they will finally have to live within their means and be denied access to the debt markets just like any other defaulter and cheat.

But if they leave who will step in to exploit that situation? Russia perhaps, or China, or just a power vacuum powerless to resist being raped by ISIS? Greece has been a cheat for thousands of years, this is just a repeat of history. They inhabit a vitally strategic location and they know that. Their method of cheating the world is always the same....borrow and fail to repay based on blackmailing their debtors in terms of the consequence of a tectonic shift in geopolitical borders. I suspect the only reason the Troika will even be considering a negotiation with these renegers and liars, who they would dearly love to see sink into the sea, is geopolitics.

Oh what a tangled web we weave. The story will never end.

[worgeordie]

"Banksters", I think that term would cover most banks in the

World never mind Greece,

regards Worgeordie

[Xircal]

I think Europe has a stark choice: either boot the Greeks out (which won't be cheap), or throw Ukraine to the wolves. In the latter case, the EU can start exporting to Russia again which will create demand, growth and new jobs. Hardly a palatable solution though.

Why on earth Greece was allowed to join the Euro in the first place is mystery to me. Corruption and nepotism are a way of life in Greece and yet nobody paid any attention to it. They fiddled the books like they've always done and nobody bothered to check the figures. Since then, they've been milking the Euro cash cow for all it's worth. And now when it comes to pay back time, they've all disappeared into their foxholes. If the EU gives into their demands to write off half the debt mountain, you can be sure countries like Ireland, Italy, Spain and Portugal are going to adopt the same line of resistance with the resulting turmoil.

The best thing that could happen now is for the EU to stand firm and insist that debts have to be repaid and current austerity measures have to remain in force. That would mean Tsipras would have to persuade the country that it would be in their own best interest to exit the Euro and reintroduce the Drachma. That can be devalued and the Greece will have complete control over its own destiny. In those circumstances the EU might be persuaded to write off a sizeable proportion of Greek debt, but not while the country remains in the Eurozone.

[chris2004]

I think Europe has a stark choice: either boot the Greeks out (which won't be cheap), or throw Ukraine to the wolves. In the latter case, the EU can start exporting to Russia again which will create demand, growth and new jobs. Hardly a palatable solution though.

Why on earth Greece was allowed to join the Euro in the first place is mystery to me. Corruption and nepotism are a way of life in Greece and yet nobody paid any attention to it. They fiddled the books like they've always done and nobody bothered to check the figures. Since then, they've been milking the Euro cash cow for all it's worth. And now when it comes to pay back time, they've all disappeared into their foxholes. If the EU gives into their demands to write off half the debt mountain, you can be sure countries like Ireland, Italy, Spain and Portugal are going to adopt the same line of resistance with the resulting turmoil.

The best thing that could happen now is for the EU to stand firm and insist that debts have to be repaid and current austerity measures have to remain in force. That would mean Tsipras would have to persuade the country that it would be in their own best interest to exit the Euro and reintroduce the Drachma. That can be devalued and the Greece will have complete control over its own destiny. In those circumstances the EU might be persuaded to write off a sizeable proportion of Greek debt, but not while the country remains in the Eurozone.

Goldman Sachs checked the figures and knew full well the true position. They went ahead anyway of course because they knew they would make a killing when Greece entered, and exited, the EUSSR.

I am surprised this bank run didn't happen weeks or months ago. No one with any sense would leave money in a Greek bank.

[Fab5BKK]

+1

Yep, Greeks spent money they didn't have and now the same Greeks expect tax payers from other countries to repay for them... interesting concept!

The Greek people on the whole do not want to leave the gravy train ,sorry i mean the Euro ,they should never have been allowed to get aboard ,they have done nothing for Europe exept take from it ,along with Spain ect ,as for the Euro ,what was that we were told ,if we did not join we were doomed , just like what we are being told now if we leave the E.U bullshit ,out i say ,it might be hard for a while but we will soon get back on our feet

----------------------------

The Greek PEOPLE never benefited in any way from the EU bailout of the banks.

The Loans that had to be repaid and needed a "bailout" were loaned made mainly form German and French banks to Greek Banks.

Most of that money for the so-called bailout came for Eurozone taxpayers.

It may have originally gone to Greek banks, but was very quickly turned around to "repay" the loans from the German and French banks.

The Greek people never saw any benefit from that bailout, the money went to rich German and French bankers ..... the very people who had originally loaned the original loans to the Greek banks ..... even though those German and French banks knew that it was not financially prudent to loan that money to the Greek banks.

But why would they about that anyhow? The Germans and French knew they had the political power to force a "bailout" of the Greek banks.....by getting the Eurozone taxpayers to pay.

In short, the whole Greek bank "bailout" scam was designed by wealthy German and French bankers to transfer money from middle class taxpayers in the Eurozone and into French and German banks.

And the average Eurozone taxpayer was to be kept like a "mushroom" by the pro Eurozone propaganda in the Eurozone newspapers.

You know the slogan, like a mushroom kept in the dark and fed s - - t daily.

Bottom line: the Greek PEOPLE never benefited at all from any bailout funds. It was the Germans and French who did benefit ...... just as they had always planned when they hatched the scam.

Like the country song about a divorce .....my wife got the Gold Mine and I got the Shaft.

Except in the Eurozone Greek "bailout" it was the Eurozone mushroom tax payers who got the shaft, and the French and German Euro Bankster Mafia gangsters who got the Gold mine.

Wow, that's revisionist history if I've ever seen it.

Greece ran unsustainable government deficits for years upon years (and lied about it), financing it with loans from the EU that gave them more favorable interest rates than they could have gotten previously. When the amount of debt they had accumulated became such that the country was nearly to the point of default, they were bailed out by the EU taxpayers and the IMF.

Greece is basically in a Depression and deep financial hole of its own making through profligate government spending that employed absurd amounts of employees with overly generous benefits and early retirements. Now, when it's time to pay for its spending, Greece wants to shirk its responsibilities and whine about how it's "unfair" that they should have to pay back money it borrowed and spent.

Try that with your credit card company or your bank and see what they say.

[SheungWan]

With all the shouting and screaming blaming everybody else and so on, one thing will never change and that is the holding out of the begging bowl by the latest Greek government swept in by unsustainable populism. So do what you want with your new Drachmas, but then that's what is causing the withdrawal of funds. This time the markets are ready so it might be a case of the Clint Eastwood question coming into play: 'So are you feeling lucky, punk?'

[midas]

With all the shouting and screaming blaming everybody else and so on, one thing will never change and that is the holding out of the begging bowl by the latest Greek government swept in by unsustainable populism. So do what you want with your new Drachmas, but then that's what is causing the withdrawal of funds. This time the markets are ready so it might be a case of the Clint Eastwood question coming into play: 'So are you feeling lucky, punk?'

Sanctions next

[midas]

Euro Gold Surges To EUR 1,168 After Greek Election Landslide

http://www.goldcore.com/us/gold-blog/euro-gold-surges-eur-1168-greek-election-landslide/

[Xircal]

It's interesting to go back in time and read how the Eurozone was reacting to the Greek crisis back in 2012. This BBC News article is a good example of that: http://www.bbc.com/news/business-13798000

I think it also clearly demonstrates that if the EU gives in to Syriza's demands now, it'll become an endless series of new loans and debt write-offs ad infinitum.

It would be madness to allow that to happen.

[Cletus]

Greece simply needs to leave euro currency. If they leave, they will do better. After a period of adjustment, they will start to grow.

[SheungWan]

Greece simply needs to leave euro currency. If they leave, they will do better. After a period of adjustment, they will start to grow.

You should hand out leaflets to all those people withdrawing their Euros telling them that they will do better to wait for the issuance of new Drachmas and youtube the reaction for us.

[Diplomatico]

Greece simply needs to leave euro currency. If they leave, they will do better. After a period of adjustment, they will start to grow.

"Greece Germany simply needs to leave euro currency. If they leave, they will do better. After a period of adjustment, they will start to grow stop having to support weaker countries."

[midas]

now it’s going far beyond haggling over debt…. Greece is cosying up to Russia !

In recent months, Kotzias wrote on Twitter that sanctions against Russia weren’t in Greece’s interests. He said in a blog that a new foreign policy for Greece should be focused on stopping the ongoing transformation of the EU “into an idiosyncratic empire, under the rule of Germany.”

http://www.bloomberg.com/news/articles/2015-01-27/tsipras-names-cabinet-heading-for-clash-over-bailout-and-russia

[Naam]

Euro Gold Surges To EUR 1,168 After Greek Election Landslide

http://www.goldcore.com/us/gold-blog/euro-gold-surges-eur-1168-greek-election-landslide/

"Euro Gold surges" =

suggestion:

-take a calculator,

-calculate Gold price in €UR pre Greek elections,

-compare with price post elections,

-laugh heartily and promise not to frequent sites in future which publish rubbish to BS the ignorant ones.

for the record:

EURUSD closing friday 23.jan 112.80

EURUSD closing monday 26.jan 113.45

Gold closing friday 23. jan 1,294.75

Gold closing monday 26.jan 1,281.25

question:

where's the beef surge?

Edited January 28, 2015 by Naam

[Xircal]

Sometimes, what I read in the Press doesn't seem to be in keeping with the situation on the ground. For example, some thinktanks are worried that if Greece exits the Eurozone and then prospers, this will lead to other countries to vote for populist parties. But they don't seem to take into account the facts on the ground. Corruption is endemic in Greece. Tax evasion is a national pastime and nepotism is a way of life. Greece prosper? Certainly not on its own. The country has become a nation of parasites who love the high life as long as someone else is paying for it.

So they'll go looking for another big lender and maybe turn to Russia. But Putin has enough on his plate already with his little adventure in Ukraine. Their own financial market has already been given junk status so they're hardly in a position to finance a whole new country especially since they're unlikely to be repaid when the debt matures.

Also, Greece joined NATO in 1952 and any turn towards the Russians will get them booted out of that too. That would mean the US being given their cards to quit Souda Bay, Crete naval base which is a nice little earner for them. That certainly won't win them any friends on the other side of the Atlantic.

Maybe the Russians will step in. But Greece should bear in mind that once in, they won't take kindly to being told to quit if future relations go pear-shaped as they surely will.

Edit: corrected spelling mistake.

Edited January 28, 2015 by Xircal

[SheungWan]

Sometimes, what I read in the Press doesn't seem to be in keeping with the situation on the ground. For example, some thinktanks are worried that if Greece exits the Eurozone and then prospers, this will lead to other countries to vote for populist parties. But they don't seem to take into account the facts on the ground. Corruption is endemic in Greece. Tax evasion is a national pastime and nepotism is a way of life. Greece prosper? Certainly not on its own. The country has become a nation of parasites who love the high life as long as someone else is paying for it.

So they'll go looking for another big lender and maybe turn to Russia. But Putin has enough on his plate already with his little adventure in Ukraine. Their own financial market has already been given junk status so they're hardly in a position to finance a whole new country especially since they're unlikely to be repaid when the debt matures.

Also, Greece joined NATO in 1952 and any turn towards the Russians will get them booted out of that too. That would mean the US being given their cards to quit Souda Bay, Crete naval base which is a nice little earner for them. That certainly won't win them any friends on the other side of the Atlantic.

Maybe the Russians will step in. But Greece should bear in mind that once in, they won't take kindly to being told to quit if future relations go pear-shaped as they surely will.

Edit: corrected spelling mistake.

'Some thinktanks are worried'.

[iphad]

Sometimes, what I read in the Press doesn't seem to be in keeping with the situation on the ground. For example, some thinktanks are worried that if Greece exits the Eurozone and then prospers, this will lead to other countries to vote for populist parties. But they don't seem to take into account the facts on the ground. Corruption is endemic in Greece. Tax evasion is a national pastime and nepotism is a way of life. Greece prosper? Certainly not on its own. The country has become a nation of parasites who love the high life as long as someone else is paying for it.

So they'll go looking for another big lender and maybe turn to Russia. But Putin has enough on his plate already with his little adventure in Ukraine. Their own financial market has already been given junk status so they're hardly in a position to finance a whole new country especially since they're unlikely to be repaid when the debt matures.

Also, Greece joined NATO in 1952 and any turn towards the Russians will get them booted out of that too. That would mean the US being given their cards to quit Souda Bay, Crete naval base which is a nice little earner for them. That certainly won't win them any friends on the other side of the Atlantic.

Maybe the Russians will step in. But Greece should bear in mind that once in, they won't take kindly to being told to quit if future relations go pear-shaped as they surely will.

Edit: corrected spelling mistake.

You must be Greek to know "what the facts on the ground are"...you definitely aren't Russian.