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Comments on other issues: Greece faces banking collapse as ATMs run dry
June 28, Online/AFPGreece weighed drastic banking restrictions to stave off a financial collapse on Sunday as anxious Greeks emptied cash machines amid fears that banks will be closed this week
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strong>June 28, Online/AFP
Greece weighed drastic banking restrictions to stave off a financial collapse on Sunday as anxious Greeks emptied cash machines amid fears that banks will be closed this week.
Long queues of up to a hundred people formed outside some ATMs in Athens as fears mounted that Greece would be forced to implement capital controls that would restrict withdrawals from its stricken banking system.
Your comments:
If Greece defaults, then America has liabilities as per guarantees. If Greece stays in the EU, then Germany carries the can.
No one is talking about things like bond guarantees.
Acropolous
It's clear now that austerity as a solution has been a disaster; it's like demanding a patient with a broken leg get up out of that hospital bed, start doing calisthenics and go on a crash diet ' because that's all supposed to be 'healthy'.
The observation that this is about power rather than a rational course of action says it all.
The financial interests have been calling the shots, and it is starting to look like the calls for austerity have been more about cutting back government than solving problems.
Austerity is how you dismantle social safety nets and turn people against their own governments.
And in all of this somehow the interests of the bankers ' no matter how shortsighted ' seem to get first priority. It is funny how that happens. Everyone now is scrambling to keep world financial markets on an even keel, but people in Greece trying to survive imposed poverty are on the backburner.
It's similar to the financial crisis in the US when the housing bubble burst, a bubble created by financial 'innovation' and deliberate bad behavior on the part of banks because they were making so much money from selling junk mortgages.
They got taken care of when the bubble burst, but millions of homeowners got no help at all because the bankers and the regulators refused to adjust those fraudulent mortgages to reflect reality.
The motto of the financial industry: Never give a sucker an even break ' and they think we are all suckers. Are they wrong?
VSO
