Greece Calls Crisis Meeting As Debt Talks Stall!!!

When you see the Greek bonds interest rates how can you believe these bogus meeting would to solve anything.

...would help to...

Thank you very much for the PIN! This is a major info!

Emergency Meeting Called In Greece, New Sign Bailout May Be In Trouble Negotiations between Greece and its creditors about the terms of an orderly Greek restructuring appear to have stalled in Athens, amid troika adamance that the country accept even more dramatic austerity measures in return for the aid they are expected to receive as part of a second bailout, according to the Telegraph.

Prime Minister Lucas Papademos has called an emergency meeting of party officials in an attempt to convince them to vote through the spending reforms and bring the debt swap deal to resolution.

Meanwhile, International Business Times reports that dissatisfaction with the Greek government rose to 91% in a poll two weeks ago, although the majority of respondents still supported Papademos.

A government explained to the Telegraph that it has been difficult to reach any kind of agreement with the inflexible troika. "The troika doesn't appear to be willing to accept any concessions whatsoever on reducing the minimum wage and scrapping bonuses," the aide said. "No political party is willing to move either, saying wage cuts are a red line they are simply not going to cross. You tell me how this is going to be resolved. We have no idea and we're very worried."

This impasse follows positive reports that Greece and its creditors would likely reach a deal this week, as well as the fallout of a now relinquished German proposal for Greece to give up budget control in exchange for the next bailout.

UPDATE: Our Greek contact @YanniKouts tells us that Greek politicians are likely to follow Papademos's lead and agree to the new austerity. Even so, we're wondering how much austerity the Greeks can handle—even if everything goes well they will likely have years of recession ahead


Read more: [link to www.businessinsider.com]

Just a few days to go and we start to get ideas of whsre it ends

It's just too scary!!!

Portugal is next.

Luis, you and your family better start prepping for at least 2-4 years of pure insanity over here. Things are going to get worst FAST, and if you have a countryhouse or something similar, better start prepping everything to move FAST when shtf.

living in a crowded city is a no-no next years.

When grease get outed
There will be many more willing to walk az for some iffy debt it wont mater whatt punishments are foorced when the empires faill whose to collect

Get your passport in order, Luis. You can come hang out on the ranch with your American friends.

Hey, we're financially screwed, too, but at least we can protect ourselves from the zombies.

They keep moving the goal posts every week, it doesn't matter anyway. This whole game is being played out but it will have the country defaulting.

Its the haircuts that could screw people. You cannot entice anyone to buy bonds when current holders might take a 70% PLUS haircut.

EDIT: The whole situation is fucked and there is no way out of this one (sure they could find a way to kick the can a little longer, but overall it is inextricable).

March 20th here we come. And yes, if forced to get the buzz, hedge funds will sue.

Last Edited by ScottFlex on 01/31/2012 08:27 PM

Greece for sale, people included, best thing for Greece to do is to default, and sod the EU.

And will ISDA declare a 70% haircut not to be an event of default, for purposes of CDS payouts?

Seems there may be a limit to how much manipulation the Greek political system will put up, and also a limit to how much the ordinary definitions of words can be twisted and tortured with the usual impunity.

I heard on NPR yesterday that the reason they can't sell the Greek islands is that there are no buyers! I'd call BS on that one, I'd guess NPR is just on the creditors' side, angling for a lower sale price / more islands given away to pay the debt run up by the bankers and corrupt officials.

Yes, Greece should say goodbye to the EU and go their own way. I'd buy some Greek products, same as I do now.

GO DOOM!! YOU CAN DO IT!!!

Stand firm Greece and Portugal. Iceland told the banksters to take a hike and they are recovering just fine. You don't owe the money because it was fraud from the get go. Educate your fellow citizens and just say NO.

ICELAND

BUDGET SURPLUS IN LESS THAN 2 YEARS

NO RIOTS, NO DRAMA, JUST A FEW BANKSTERS ARRESTED

Greece is NOT Iceland... Please do more research into it and you will see why the PIIGS are screwed.

sounds like yet another ploy to milk yet even more money out of the sheep

say "Baaaaa"

Please do not bedismisive of greeek debt talk

All is going to plan


STALLING to delay the inevitable