Upcoming Events

International | EU

no events match your query!

User Preferences

  • Language - en | ga
  • text size >>
  • make this your indymedia front page make this your indymedia front page

Blog Feeds

forward

Public Inquiry
Interested in maladministration. Estd. 2005

offsite link Editing letters to the Irish Times

offsite link Stephen Collins: An enemy of my country Anthony

offsite link Elaine Byrne: Suffering from chronic naivety Anthony

offsite link Free speech under state attack in Ireland Anthony

offsite link Denis O’Brien: Are the sharks moving in for the kill? Anthony

Public Inquiry >>

The Saker
A bird's eye view of the vineyard

offsite link Documentary: Ukraine ? Masks of revolution. Eng. Subs Sun Feb 07, 2016 15:31 | The Saker
VPE presents highly anticipated, controversial (to some) documentary about so called Maidan revolution. Movie itself has been produced by high ranking agents of Kremlin inside of French Canal+ TV channel:

offsite link To Refugee Or Not To Refugee ? That Is The Question? Sun Feb 07, 2016 14:23 | mod editor
This comment was chosen by Mod TR from the post ?Turkey’s Gates To Europe?.  The moderator believes this comment looks at another reason for the flood of refugees into Germany

offsite link Russia Defense Report ? Feb. 6, 2016: Battle for Arctic Sat Feb 06, 2016 15:02 | The Saker
If you are having trouble viewing this video, go to the Youtube version at https://www.youtube.com/user/crimeanf...

offsite link Week Seventeen of the Russian Intervention in Syria: does Erdogan want war with Russia? Sat Feb 06, 2016 00:06 | The Saker
This article was written for the Unz Review: http://www.unz.com/tsaker/week-sevent... The situation with Turkey is rapidly getting out of control: not only have the Turks conducted artillery strikes across the Syrian

offsite link Coming to a head in Syria Fri Feb 05, 2016 21:39 | The Saker
by Ghassan Kadi What started as a ?War On Syria?, allowed to grow and fester unabated, fueled and sponsored by eighty three nations spearheaded by Turkey, Saudi Arabia, Qatar, Israel

The Saker >>

Human Rights in Ireland
www.humanrights.ie

offsite link Out on the Inside Thu Feb 04, 2016 06:00 | Sinead Ring

offsite link A&L Goodbody and Irish Refugee Council Asylum Law Award 2016 Wed Jan 27, 2016 08:46 | Liam Thornton

offsite link The Espaces Generation Climat and the domestication of public engagement Fri Jan 15, 2016 11:43 | Ntina Tzouvala

offsite link Reflections on climate action in the aftermath of Paris Tue Jan 12, 2016 13:17 | Ntina Tzouvala

offsite link Deportation, ISIS and the Irish Courts Mon Jan 04, 2016 08:43 | Liam Thornton

Human Rights in Ireland >>

Cedar Lounge
For lefties too stubborn to quit

offsite link When he becomes the story? 08:12 Mon Feb 08, 2016 | WorldbyStorm

offsite link Left Archive: Banshee: Journal of Irishwomen United, No. 7, Irish Women United, February 1977 02:16 Mon Feb 08, 2016 | WorldbyStorm

offsite link Sunday Independent Stupid Statement of the Week? 12:26 Sun Feb 07, 2016 | WorldbyStorm

offsite link Poll of polls from RTÉ 11:29 Sun Feb 07, 2016 | WorldbyStorm

offsite link Statement by the CPI 10:57 Sun Feb 07, 2016 | WorldbyStorm

Cedar Lounge >>

Der Spiegel bombshell: The IMF plans to dump Greece

category international | eu | other press author Monday July 23, 2012 00:04author by T Report this post to the editors

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.

Related Link: http://theautomaticearth.org/Finance/the-imf-plans-to-d....html
author by rianorr - napublication date Thu Dec 26, 2013 23:13Report this post to the editors

Foss is one of the more pessimistic writers re the global financial crisis. I think she argues
that inially there will be a deflationary depression for a number of years and then the governments
will start trying to print their way out of it.

She advises taking on no debt and having local networks of self-sufficiency to fall back on.
She has said she does not think the EU will survive the crisis intact. The future she describes is
dystopian, I sure hope she's wrong.

 
© 2001-2016 Independent Media Centre Ireland. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by Independent Media Centre Ireland. Disclaimer | Privacy