This actually was to be expected about now. Before it was all about courting European Union Banks to get loans. However, now Greece has to actually "Do Something" because they are drowning, like give out IOUs or print money like Drachmas or something. Otherwise Greece will soon be a "Black Hole like Somalia used to be and Syria has become these last 5 years. It's up to the Greeks now whether they live or die, stand or fall. Likely the world is not going to save them. It's entirely up to the Greeks now. They defaulted their loans and no one is going to lend them anymore money. Sink or Swim Greeks. It's the only chance to survive left. That's likely part of the problem with a Socialistic party running the Government because you likely need patriotic entrepreneurs to print money about now who are also Greek. And Socialists don't tend to be entrepreneurs unfortunately. It's a case of "Lead, follow or get out of the way!"
Thu, Jul 9, 2015, 1:32AM EDT - US Markets open in 7 hrs and 58 mins
'Events are now spinning out of control' in Greece
By Myles Udland
July 7, 2015 4:52 PM
(AP Photo/Petros Giannakouris) The Greek people voted "no" on Sunday, much to the government's surprise.
Ambrose Evans-Pritchard at The Telegraph has just dropped a bomb on the situation in Greece. Writing in The Telegraph on Tuesday, Evans-Pritchard reports that the Greek referendum unexpectedly called Friday and carried out Sunday was held in anticipation that Greece's controlling Syriza government would lose.
That's right: Greek Prime Minister Alexis Tsipras called a referendum on the latest bailout terms offered to Greece, campaigned that the Greek voters should vote "no" and reject these measures, and expected the vote would still be a "yes."
Instead the vote was an overwhelming "no," with 61% of the votes going that way and Syriza seeming to have won a huge victory.
But as Evans-Pritchard outlines in his bombshell report Tuesday, everything is falling apart for Syriza, Tsipras, and the entire country of Greece.
"What should have been a celebration on Sunday night turned into a wake," Evans-Pritchard writes.
(REUTERS/Philippe Wojazer) Greek Prime Minister Alexis Tsipras.
"Mr Tsipras was depressed, dissecting all the errors that Syriza has made since taking power in January, talking into the early hours. The prime minister was reportedly told that the time had come to choose, either he should seize on the momentum of the 61pc landslide vote, and take the fight to the Eurogroup, or yield to the creditor demands — and give up the volatile [Greek Finance Minister Yanis] Varoufakis in the process as a token of good faith." Varoufakis resigned in the middle of the night Sunday, and news broke that Tsipras and Varoufakis' replacement — Euclid Tsakalotos — would head to Brussels for an emergency meeting on Tuesday.
When they showed up at the meeting Tuesday, they didn't have a plan.
A report from Reuters on Tuesday indicated that Greece's banks had only two days of cash left. And this after ATM withdrawals had been limited to 60 euros per day for over a week.
On Monday, the European Central Bank declined to increase its emergency lending assistance to Greece, meaning that Greek banks will not have access to any more cash from the ECB. Greece last week, and again Monday, had requested an increase in the ELA.
As Evans-Pritchard reports, "Syriza has been in utter disarray for 36 hours ... Events are now spinning out of control. The banks remain shut. The ECB has maintained its liquidity freeze, and through its inaction is asphyxiating the banking system."
(REUTERS/Stefanos Rapanis) People lined up to withdraw cash from an ATM outside a National Bank branch in Iraklio on the island of Crete, Greece, on June 28.
Reports on Monday also indicated that Greek banks would be closed at least through Wednesday, but now it looks as if the bigger question is how the banks will reopen at all. When results of Greece's referendum came in, Wall Street banks were nearly unanimous in saying that the most likely scenario for Greece was an exit, or "Grexit," from the euro.
According to Evans-Pritchard's report, Tsipras rejected a "triple plan" devised ahead of the referendum that aimed to avoid a Grexit by firing the Bank of Greece governor, seizing all cash stowed away in various central bank branches, and issuing a parallel currency with IOUs denominated in euros.
Something like this plan, however, is what Tsipras may have to do anyway, according to Evans-Pritchard, as Greece has quickly run out of options.
The latest headlines out of Europe indicate that all 28 European Union members — not just the 19 members of the eurozone — will convene for a summit this Sunday.
Italian Prime Minister Matteo
Renzi told Reuters on Tuesday that he was "not pessimistic" about this
meeting, believing that a deal could be reached and this would be the
final meeting on the issue.
Renzi added, however, that it was up to Greece to come up with a plan.
end quote from:
http://finance.yahoo.com/news/events-now-spinning-control-greece-205211512.html
Also, it's not just about Greece anymore, it's about: "Will the European Union even survive this latest outcome?" And the only realistic answer right now is: "Maybe". The answer has to be maybe because even the U.S. started coming out of it's Great Depression in 5 years. The fact that Greece could never come out of it's Great Depression doesn't mean that all of Europe can pile on and just watch the Greeks suffer and die the next 100 years.
So, what happens to Greeks now likely is going to happen to the whole European Union. If Europeans keep treating Greeks badly the European Union is likely over because other nations won't want to be treated like Greece has been these past 5 years.
The European Union was a good idea just like the United States was a good idea. But running the European like the United Nations is what brought Greece to it's knees like this. It either needs to break up entirely or become more ONE "European Union" and let the National identities float away. YOu really can't have nations as individual countries and have them all be bound together they way they are now without problems like Greece or potentially, Italy, Spain and Portugal too.
Unless somehow they are all for one and one for all the European Union likely will end within a few years from now.
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