In or out?

Here are a couple of informative posts about the situation with Greece either leaving or kept in the euro. If you’re interested in some real reporting and don’t like the usual pap that is served up by the MSM, I think you’ll want to read some or all of these.

The Slog: Merkel ‘told Hollande of plans to keep Greece in eurozone at all costs’

EURef: Europa über alles

EURef: A matter of timing?

Zerohedge: The Greek Extortion Racket In Its Final Spasm

And if you read Dutch, we have DDS with: Let op. Merkel gaat door de knieën voor de Grieken (NL).

That last one asserts Merkel will fold under the Greek bluff. She may be wanting to. The piece by John Ward on the Slog confirms that particular wish of hers. Anything to keep the euro-zone and the EUnion together. But the Slog also has contacts within Germany indicating Merkel will find her position at home increasingly tenuous, if she proceeds as she seems to want to. Besides, the piece on Zerohedge argues the money just isn’t there to keep Greece in. Time is running out for the Eurocrats.

[INSTANT UPDATE] John Ward received a clue the big money boys are betting it will all be over when midsummer comes around:

JP Morgan is building massive short positions on the Euro throughout Asia. Almost all are timed to around Mid July.

Make of it what you will.

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5 Responses to In or out?

  1. DP111 says:

    Though Brussels, Germany, France etal don’t like any Euro member leaving the Eurozone, in the case of Greece, they wouldn’t mind if Greece exited the Eurozone of its own accord. They cant of course throw Greece out, as there is no mechanism for throwing a country out.

    Greece OTH will not leave the Euro as it knows that as long as it is a member, the rest of the EU will be forced to bail it out ad infinitum.

    So they will continue until the bitter end till the Euro is finally seen to be unworkable.

    • Klein Verzet says:

      Yes, I think it will go something along those lines. The EUrocrats, incl. Mrs Merkel and Msr. Hollande, don’t want Greece to exit. It is a major loss of face to the project. Even more so when the other troubled countries see Greece climbing out of the hole after a few months of hardship. They will all bolt at that point.

      Greece knows the EUnion will not want Greece to go. The EUnion has no leverage whatsoever in this crisis. So the Greeks are milking the situation for what it’s worth. The EUnion will concede. The can will be kicked down the road for a few more weeks or months, until Italy and/or Spain break.

      The euro is dead. But we will be made to ‘feast’ on its putrid flesh for many more months to come. And at the end we will have nothing left. Nothing but blind hatred and, I fear, rank lust for the blood of those that put us here.

  2. justturnright says:

    I agree with DP. However, the other countries in peril (Portugal, Spain, etc.,..) are right behind Greece. Even for someone here in the States, this is really scary stuff…..but it’s important to know.

    Thx for the post, Klein.

    • Klein Verzet says:

      The problem with the euro is that from it’s inception it was bound to rend the euro apart. Member countries are just too different. A currency union of all countries whose name start with the letter ‘M’ shows more economic convergence then do the members of the eurozone (see here).

      But this is not a European issue only. Post-WW2 we (the entire West) have had an economic system relying on deficit spending and ever more credit. Payment is due, but the money isn’t there. It’s the mother of all bubbles and it’s about to burst.

      And yes, this is frightening stuff.

      • DP111 says:

        The situation is akin to boat load of survivors with limited amounts of food. To survive they have to get rid of a few persons, but they cant throw lots, or force anyone out into shark infested waters.

        They would much prefer that some of the weaker ones sacrifice themselves for the greater good (Darwinian principle). The weaker ones see no reason why they should sacrifice themselves. So they continue until they starve, the boat is swamped, or their is a mutiny.

        The sharks eventually get their dinner.

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