Europe closes lower after Greece talks collapse

[uhnope]

Source: CNBC

European equities closed sharply lower on Monday after talks between Greece and its creditors collapsed at the weekend, raising the prospect that Greece could default on its debt obligations.

The pan-European FTSEurofirst 300 closed around 1.4 percent lower, with Greek stocks tumbling down to close around 4.7 percent, as peripheral bond yields spiked during session.

The U.K. benchmark FTSE 100 index closed around 1.1 percent lower, having traded at three-month lows during the session. The French CAC and German DAX underperformed, both closing lower around 1.75 and 1.9 percent.

Talks between Greece and its creditors over the weekend yet again failed to resolve the impasse over reforms, with European officials blaming Athens for failing to offer concessions in return for a final tranche of desperately-needed financial aid.

Read more: http://www.cnbc.com/id/102758186

---

Deadbeat Nation is dragging down Europe with it.
You borrow money, you pay it back. What part of that don't you get, Yanis?

[Dont call me Shirley]

1. Goldman Sachs played a major role in the financial mess in Greece. Forgive the debt!

[hill2016]

2. who

as you asking to forgive the debt? German taxpayers?

[Dont call me Shirley]

3. Goldman Sachs owes it, they stole it, just like they stole billions from us.

[hill2016]

4. sorry?

they didn't steal anything from Greece.

What billions did they steal?

[Dont call me Shirley]

9. These...

http://www.bloomberg.com/news/articles/2012-03-06/goldman-secret-greece-loan-shows-two-sinners-as-client-unravels

http://www.ft.com/cms/s/0/ca979904-2216-11df-98dd-00144feab49a.html

http://www.theguardian.com/business/2010/feb/25/markets-pressure-greece-cut-spending

http://www.alternet.org/economy/how-goldman-sachs-may-provoke-yet-another-major-financial-crisis

http://www.huffingtonpost.com/kevin-connor/goldmans-role-in-greek-cr_b_479511.html

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=103x519005

http://www.democraticunderground.com/10026271487

[hill2016]

10. so

Goldman did an exchange rate swap with Greece? Both sides entered into the agreement willingly? How is that different from any city doing a interest rate swap (fixed for floating) with a bank?

How is that stealing? What exactly did they do that was illegal and if so, under which laws (presumably not under Greek law)?

[Dont call me Shirley]

12. GS was as innocent in the Greek crisis as it was in the us 2008 collapse. They stole trillions.

[NewSystemNeeded]

11. Forgive the debt?

Like the world did for Germany at the end of WW2?

Why, yes.

[Jack Rabbit]

6. +1

It's odious debt and the Greeks should not have to repay it.

The banksters who caused the 2008 collapse, including Pretty Boy Lloyd at Goldman Sachs, have not paid for their crimes and it time they did.

Too big to fail my ass. They're too big for their breeches. The world economy will collapse if we let them sink? Baloney. The world economy will again collapse under the weight of their crimes if we allow them to continue committing them. Let them sink.

[Javaman]

5. Deadbeat nation? it's far more complex than that...

the previous Greek administration was a piece of work.

They let the rich skate free without paying their taxes.

When you look in the rear view mirror you will see that the EU was wanting Greece to join regardless of their financial situation.

The EU was fine and dandy with the former Greek administration cooking their accounting books to gain access, under the unbelievable notion that all things will wash out when Greece becomes a member.

Then that same administration defaulted. big surprise. Because they weren't collecting enough tax revenue from the rich Greeks.

out goes the old administration and in comes the new one. A new one that doesn't want to play the games that old one played. The kind of game that the EU was fine with.

So now to penalize the new Greek Administration they demand that Greece play the austerity card.

the new Greek administration doesn't want to play that failed game of stupidity.

so now the EU is playing chicken in a game of the race to the bottom and they know it.

who will blink first? Not Greece, I can bet you that.

How 'magic' made Greek debt disappear before it joined the euro

http://www.bbc.com/news/world-europe-16834815

Debt Crisis: Wealthy Greeks Still Don't Pay Taxes

http://www.spiegel.de/international/europe/wealthy-greeks-still-dodging-taxes-despite-crisis-a-864703.html

The above links are from 2012, when it became glaringly apparent, just how screwed up the whole situation had become and the rest of the world finally found out about the EU's Greek secret.

quid pro quo by the former Greek administration and an EU wanting to hamstring a nation with the promise of being "part of something larger".

BS from both sides back then, but there is a new sheriff in Greece town and the EU don't like it.

[hill2016]

7. well

you missed out the part where Greece wants to borrow more money.

[Javaman]

8. Of course they do.

Last edited Tue Jun 16, 2015, 12:17 PM - Edit history (1)

they are still in a pit, but they want fair terms, not PayDay Lenders terms.

The EU wants to control them to with in an inch of their lives, Greece doesn't want to play that.

[quadrature]

13. the Euro, gave false credibilty to Greek govt finances

the first generation of Greek politicians
of the euro era, borrowed a lot of money.

because they could

the people began to think that the
economy of the bubble-years was normal.

now you have a mess