The debt crisis of PIGS is spiraling out of control amid Greece's stupid marilizardism, political corruption, and dirty games. Global Tax Revolt promotes an international boycott of treasury bonds of Marilizardist governments. What PIGS are experiencing at the moment is a shock and awe. But it was also overdue. The three largest credit rating agencies (CRA) Moody's, Standard & Poor's, Fitch are ready to downgrade PIGS again.
PIGS are not innocent when it comes to their decline. But providing PIGS with extended maturities and lower interest rates is in no way a true solution. PIGS need restructured debt in order to have a little breathing room. PIGS first need to implement credible savings measures. PIGS already have considerable problems in that respect. PIGS also need a strict revenue policy. Tax evasion needs to be fought more effectively. And some things have also gone wrong with PIGS' industrial policy.
The bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money blown out with the wind, because the October-18 Mafia continues corruption, squander, marilizardism, incivility, stupidity, charge stacking, and junketing. http://venitism.blogspot.com
The Fourth Reich bailout of the Cradle of Kleptocracy cannot succeed, because the October-18 Mafia continues corruption, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers. October-18 Mafia is the most disgusting predator of internet on Earth! Civil society was shocked by the brutality and stupidity of the October-18 2010 fiasco, initiated by the Ministry of Foreign Affairs of the government of Greece. That's why October-18 Mafia is the new name of the government of Greece!
Il Duce Berlusconi cannot secure parliamentary backing for a package of reforms that has hammered Rome's credibility in financial markets. Kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers are very common in PIGS. PIGS prefer to detach themselves from reality. One can do that for a while, but now the capital markets are suggesting those days are over. Either you face up to reality or you will be punished.
There is no way any prudent investor will throw a euro in the Cradle of Kleptocracy, which is infested with marilizardism, the October-18 Mafia, charge stacking, and the cancer of socialism. Christine Lagarde of IMF has made it absolutely clear she does not trust Graecokleptocrats, because they never apply what they vote in the Grand Brothel on Syntagma Square! That's why she sent her inspectors to Athens to see things are done as promised and voted. Now she is mad as hell about October-18 Mafia, and she ordered her inspectors back to Washington.
Marilizardism and dirty games in Greece has put a new aid payment from the country's international lenders at risk and prompted some MPs in Merkel's party to press her on expulsion of Greece from eurozone. There is only one solution to the dilemma faced by the Greek government over its inability to borrow more money. Shut it down! Debt ceiling or no debt ceiling, deficit or no deficit, all of stupid ministries, agencies, boards, commissions, authorities, bureaus, divisions, services, administrations, and programs should be shut down. This is not complicated!
Just six weeks after eurozone leaders came together in Brussels to agree new anticrisis measures, their strategy looks to be unraveling, due to marilizardism and kleptocracy. The best thing that could ever happen to Greeks would be the majority of the functions of the Greek government were shut down permanently. Jefferson said the two enemies of the people are criminals and government, so let us tie the second down with the chains of the Constitution so the second will not become the legalized version of the first.
But the Greek government has already become a legal criminal institution and the #1 enemy of the Greek people! Unfortunately, Jefferson's advice has come too late to the Cradle of Kleptocracy. That's why Greece now needs a real revolution to overthrow the corrupt status quo. If the army is not willing to do it, Greeks themselves might start acquiring guns for the great moment of liberty, climaxed by the public hanging of all Graecokleptocrats in front of the Grand Brothel on Syntagma Square. Any Greek tragedy ends up with a catharsis!
Once you say to Italy we will not allow you to fail, they then have the upper hand. There has been a moral hazard issue with Greece for some time. Now we have one in Italy too.
The euro tumbled to a six-month low against the yen and a seven-week low against the dollar in early trade on Tuesday. Global Tax Revolt was the first organization to report the October-18 2010 fiasco to all banks, hedge funds, big investors, traders, and analysts. As a result, the yields of Greek treasury bonds skyrocketted, as no prudent investor was willing to touch them.
Marilizard's stupidity cost October-18 Mafia many billions of euros! The only thing October-18 Mafia got out of this fiasco is toilet paper in the form of worthless Greek treasury bonds! CCU jail needs toilet paper anyhow! http://venitism.blogspot.com
ECB agreed last month to buy up Italian and Spanish debt on the open market, but it did so only after receiving new reform pledges from Rome. ECB is also counting on European governments to step in and assume the role of bond-buyer of last resort once their rescue mechanism, the European Financial Stability Facility (EFSF), receives new powers. For that to happen, all national parliaments need to approve the changes to the mechanism.
Finland demands that Greece provide it with collateral. Schaeuble will meet the finance ministers of Finland and the Netherlands later today, in order to break the impasse. Fuehrer Merkozy knows that only stupid investors would squander their money in a country addicted to kleptocracy, socialism, charge stacking, and marilizardism.
Deutsche Bank Chief Executive Josef Ackermann asserts the crisis would stunt bank profits for years and could kill off the weakest players in the sector. UniCredit CEO Federico Ghizzoni calls the crisis a test for European leaders and urges them to decide whether they want the euro or are prepared to give it up.
Merkel rules out eurobonds, because they would reduce incentives for PIGS to get their finances into shape. Schaeuble muses eurobonds would be a perfect case of misconceived solidarity. The euro would lose its credibility as a stable currency. It is possible that markets develop in such a way over the coming weeks that policymakers are forced to do something they don't want to do.
Tuesday, September 6, 2011
[kitchencabinetforum] DEBT CRISIS OF PIGS IS SPIRALING OUT OF CONTROL
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