Greece imposes capital controls, banks to remain shut

[Asiantravel]

And not even two full days after Greece activated "Grexit" here comes "Prexit" as the default wave jumps the Atlantic

Puerto Rico In "Death Spiral", Debts Are "Not Payable", Governor Refuses To "Kick The Can"

http://www.nytimes.com/2015/06/29/business/dealbook/puerto-ricos-governor-says-islands-debts-are-not-payable.html?partner=socialflow&smid=tw-nytimes

[jpinx]

The latest inside info is that Putin will do a deal with Tsiparis which will involve some rescue roubles for Greece when they grexit, who will in turn block all further sanctions on Russia. This story has more twists than a corkscrew

[ABCer]

The EU in its present form is doomed.

Can't tell whether it is more unholy, unnatural or reckless.

Kind of reminding me "an altogether happy family whereas every individual member is unhappy".

Bye-bye Greece of EU... Hello free Greece... Don't you worry, you will not perish...

A note of caution: even Greeks must work... sometimes.

Edited June 29, 2015 by ABCer

[Basil B]

The European Commission chief, Jean-Claude Juncker, has said he feels "betrayed" by the "egotism" showed by Greece in the failed debt talks.

Yes, he must feel really angry...

Alex has made a real fool of him.

[SheungWan]

That was after they had been squeezed by their problems and had to introduce serious austerity measure. By "lazy" I refer to the politicians and their laziness to actually run the country efficiently and stop lining their pockets. A fast GDP growth is absolutley no measure of success -- there's been so many boom-and-bust scenarios the only amazing thing is that politicians are unable to recognise any other measure of success.

I guess for some, if they are in a hole they might as well keep digging. ........Anyway, to add, the reason for referring to Ireland is that unlike Greece they did pull their socks up. So, in addition in 2014, Ireland's exports: +10.5%, domestic demand: +3.5%. and finally GNP (which is GDP excluding multinationals) +5.2%. All impressive stuff and indicative of why neither Ireland or any of the other EU states gave Tsipras and his team of clowns any support whatsoever to continue what they were doing without necessary structural changes.

[TheAppletons]

The latest inside info is that Putin will do a deal with Tsiparis which will involve some rescue roubles for Greece when they grexit, who will in turn block all further sanctions on Russia. This story has more twists than a corkscrew

You don't really believe that, right? If there's a Grexit, the Athenians will have little say in anything to do with the politics of the EU. What, they're going to make everyone else eat their debt and then retain some sort of veto power? In which parallel universe?

[TheAppletons]

I guess for some, if they are in a hole they might as well keep digging. ........Anyway, to add, the reason for referring to Ireland is that unlike Greece they did pull their socks up. So, in addition in 2014, Ireland's exports: +10.5%, domestic demand: +3.5%. and finally GNP (which is GDP excluding multinationals) +5.2%. All impressive stuff and indicative of why neither Ireland or any of the other EU states gave Tsipras and his team of clowns any support whatsoever to continue what they were doing without necessary structural changes.

Now there you go again....insulting professional clowns by comparing them to Tsipras and company.

[MaxYakov]

I hope this will be the end of the Euro, once a supporter of the UK membership I can clearly see I was wrong and thankfully we did not join...

THE EU needs reform, I do not want to see the UK out but the power of the union need curtailing.

The EU needs to look at itself and understand why it was formed in the first place and that was as a trading organisation not the United States of Europe.

A federal Europe, the vision and agenda of some countries and politicians, would need a common currency. A common currency won't work without a federal Europe and real central controls.

This was the tail wagging the dog. Introduce a common currency, the need for more central controls becomes apparent, leads more and more to a federal state.

A common currency for a common market - nice idea but highly impracticable and a gift for the federalists to use for their own agenda.

Now, should, as expected, Greece default and leave the euro, the matter of Greek debt, interest repayments, loan repayments and the criminal accountability of those who cooked the books and forged figures to gain entry should and must not be simply forgotten. A few of Greek's neighbors may be getting sweaty palms thinking of where this might go.

The architect of the euro said publicly that the way it was introduced was wrong. No central bank had control over it or it's use by member states. Now there's the ECB but it's a bit late when so many countries owe so much already. Watch the Grexit and see Spain, Portugal, Italy and maybe even Ireland contemplating the same move. They've had the initial EU handoutsand loans, and now the hard work of actually making the boosted economy produce enough to service the loans is proving too much for them. They were lazy before the euro, and they're even more lazy now,,,,,,,

Hopefully, too lazy to riot.

[SheungWan]

Today the Euro has gone up! Stick that in your pipe Mr Tsipras!

[Basil B]

Today the Euro has gone up! Stick that in your pipe Mr Tsipras!

NO...

Initially It fell very sharp on early trading, against most currencies, the Thai Baht, the US Dollar, the British Pound, and recovered to be very slightly up on many curacies against Friday close.

Edited June 29, 2015 by Basil B

[SheungWan]

True. It didn't go up initially. I should have said recovered as you correctly pointed out. Remarkable though and impressive.

Edited June 29, 2015 by SheungWan

[jpinx]

The latest inside info is that Putin will do a deal with Tsiparis which will involve some rescue roubles for Greece when they grexit, who will in turn block all further sanctions on Russia. This story has more twists than a corkscrew

You don't really believe that, right? If there's a Grexit, the Athenians will have little say in anything to do with the politics of the EU. What, they're going to make everyone else eat their debt and then retain some sort of veto power? In which parallel universe?

A quick look at how the EU works when voting for sanctions will show how Greece can block them. Greece will not be leaving the EU -- only the euro......

[Basil B]

The latest inside info is that Putin will do a deal with Tsiparis which will involve some rescue roubles for Greece when they grexit, who will in turn block all further sanctions on Russia. This story has more twists than a corkscrew

You don't really believe that, right? If there's a Grexit, the Athenians will have little say in anything to do with the politics of the EU. What, they're going to make everyone else eat their debt and then retain some sort of veto power? In which parallel universe?

A quick look at how the EU works when voting for sanctions will show how Greece can block them. Greece will not be leaving the EU -- only the euro......

I am more worried about Greece's roll in NATO if it were in Putin's back pocket.

But the can Putin (Russia) afford to bank roll Greece?

Edited July 1, 2015 by Basil B