A bird's eye view of the vineyard
May 23, 2018 Biggest ISIS Attack Near Palmyra In Past Few Months Wed May 23, 2018 21:03 | Scott
https://southfront.org/syrian-war-rep... On May 22, ISIS attacked positions of the Syrian Arab Army (SAA) near the T3 pumping station, near the city of Palmyra, in the province of Homs. The attack
Will the Russian-Iranian-Syrian alliance hold as the Syrian war draws close to an end? Wed May 23, 2018 10:00 | The Saker
By Aram Mirzaei for The Saker Blog These past weeks have witnessed a lot of tensions running high, with Israel and Iran reportedly facing off near the Golan Heights. Israel
May 22, 2018 Damascus Is Secured, Daraa Is Next Tue May 22, 2018 22:02 | Scott
https://southfront.org/syrian-war-rep... Late on May 21, Russian air defense systems, allegedly a Pantsir-S short to medium range system, launched at least four missiles at ?unidentified? targets over the Khmeimim air base
One Year On ? The Truth About The Manchester Bombing Scorpion Tue May 22, 2018 19:43 | The Saker
by Nick for The Saker Blog ?Terrorism is like a scorpion; it can unexpectedly sting you at any time?. Among the Western nations to discover the bitter truth of Bashar
Tehran eyes path ahead after US withdrawal from nuclear pact Tue May 22, 2018 17:05 | The Saker
by Pepe Escobar (cross-posted with the Asia Times by special agreement with the author) Iran is considering conducting all trade in euro and yuan amid uncertainty over whether Brussels can
The Saker >>
Repeal, Abortion and the Common Good: Beyond Foetal Rights? Tue Apr 24, 2018 15:06 | Máiréad Enright
#abortiontravel Cordelia Freeman on ?The Chile-Peru Abortion Trail and the Irish Experience? Thu Apr 19, 2018 14:13 | GuestPost
#abortiontravel Sydney Calkin on ?The Changing Geographies of Abortion Access? Wed Apr 18, 2018 14:08 | GuestPost
#abortiontravel Kath Browne & Catherine Nash on ?Love both?: Naming Heteroactivism? Tue Apr 17, 2018 13:01 | GuestPost
#abortiontravel Katherine Side on ?Medical Abortion Use: Post-Referendum Possibilities? Mon Apr 16, 2018 14:01 | GuestPost
Human Rights in Ireland >>
For lefties too stubborn to quit
Signs of Hope ? A continuing series 09:30 Thu May 24, 2018 | WorldbyStorm
A serious lack of empathy? 07:45 Thu May 24, 2018 | WorldbyStorm
Doctor! Doctor! 18:28 Wed May 23, 2018 | WorldbyStorm
Incapable of apology 14:19 Wed May 23, 2018 | WorldbyStorm
Still hanging in there? 10:19 Wed May 23, 2018 | WorldbyStorm
Cedar Lounge >>
Life should be full of strangeness, like a rich painting
Some Thoughts on the Brexit Joint Report 11:50 Sat Dec 09, 2017
IRISH COMMONWEALTH: TRADE UNIONS AND CIVIL SOCIETY IN THE 21ST CENTURY 14:06 Sat Nov 18, 2017
Notes for a Book on Money and the Irish State - The Marshall Aid Program 15:10 Sat Apr 02, 2016
The Financial Crisis:What Have We Learnt? 19:58 Sat Aug 29, 2015
Money in 35,000 Words or Less 21:34 Sat Aug 22, 2015
Dublin Opinion >>
Der Spiegel bombshell: The IMF plans to dump Greece
Monday July 23, 2012 00:04 by T
Whats in store for Ireland
As reported by the financial blog The Automatic Earth written by Nicole Foss, she has reported that the German magazine Der Spiegel dropped a bombshell this morning in an article that the IMF plans to dump Greece in September. So far the Der Spiegel article is in German. Normally they will eventually publish articles in English.
"Griechenland könnte schon im September pleitegehen. Der Internationale Währungsfonds hat nach Informationen des SPIEGEL der Brüsseler EU-Spitze signalisiert, dass er sich nicht an weiteren Hilfen für das Land beteiligen werde."
Greece could go bankrupt as early as September. Spiegel has obtained information that the IMF told the Brussels leadership it would not make more money available for help to Greece.
The rest of the article goes on to point out that the IMF doesn't think that the Athens government will be able to bring down Greece's debt to 120% of GDP by 2020 and the troika estimates that giving Greece more time to achieve its goals would cost an additional €10 billion-€50 billion. Many eurozone governments, however, are no longer prepared to shoulder new Greek burdens. Moreover, countries like Holland and Finland have made their help contingent on IMF participation.
Another part she has translated is as follows:
Meanwhile, a Greek departure from the eurozone is seen as manageable in eurozone countries. In order to limit the risk of contagion, governments want to wait for the new ESM emergency fund to start. Which can't happen before the German constitutional court delivers its verdict on September 12.
The Der Spielel article is at: http://www.spiegel.de/wirtschaft/unternehmen/euro-krise....html
The reason for holding out till September is that they want to wait until the ESM is in place which is supposed to have a fund of €700 billion. Strangely this fund is supposed to be for bailing out Span and Italy should the need arise. One wonders why for Greece it isn't enough.
According to (blog author) Nicole Foss, this clearly has big implications. For one other smaller countries like Ireland and Portugal should be now much more nervous about what might happen next for them.
To quote she says:
The message might become that any and all reform and austerity measures demanded must be adhered to very strictly or else. Politicians in these other "borderline" countries might go along with it all, but will the people? Do the Irish really enjoy the idea of being strangled into submission? And will Spain really be "saved" once real debt numbers are known?
It seems far more likely that getting rid of Greece will be merely the first step in dissolving the entire eurozone. The rest of the dominos can then fall in rapid succession.
For those you are not familiar with The Automatic Earth blog and Nicole Foss, she has a good track record and is one of the few people who has managed to integrate their understandings of how Peak Oil and the Financial Crisis are interacting. She has consistently warned over the past few years that we are entering a major Depression because the current crisis is essentially the bursting of a 30 year bubble which is far bigger than the one during the 1930s and consequently the effects will be bigger. She has also consistently been of the opinion that we are in a deflationary environment and not likely to enter a hyperinflation as many other economists are predicting the eventual outcome to be. On how this relates to Peak Oil, she says that for the moment, the financial issues are the main drivers of action in the economy at the moment, and the depression, deflation and reduction in demand over the next few years will mask the effects of Peak Oil for a while.
You can find the full article at the link below.