Tag Archives: Europe

Jeffrey Tucker: Greeks Prepare to Be Pillaged

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“One thing needs to be said about this frantic authoritarian approach: It never works. Bank closings add to the atmosphere of panic. They are often followed by an announcement that the government is going to devalue or outright steal people’s money. Whatever trust remains in the system is drained away along with the value of the currency.  But there’s another factor in play, for the first time. People are looking at Bitcoin as a way to store and move money.  There is now a Bitcoin ATM in Athens that is reportedly doing a brisk business. Redditors are sharing tips. And, of course, the exchange rate of Bitcoin is on the move again.”

http://fee.org/anythingpeaceful/detail/greeks-prepare-to-be-pillaged

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The End Game, or Just a Pause?

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“In true dramatic fashion, the Greek government submitted an 11th-hour proposal late yesterday that meets most creditor demands, in exchange for a new 53.5 billion euro bailout … Greece’s third since 2011.  In fact, details of the proposal, including spending cuts, pension reform and tax hikes, are nearly identical to the offer made by European creditors way back on June 26, which was summarily rejected by the Greek government, and then by voters in a July 5 referendum.  Hmm … the more things change, the more they stay the same.”

http://www.moneyandmarkets.com/end-game-just-pause-72130

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The EU Blacklist: A Warning for Investors to Stay Away?

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“There are 30 ‘non-cooperative’ countries, including tiny Niue in Polynesia, a country of just 1,600 people living at a subsistence level. That the EU sees this country as a threat borders on the ridiculous and shows that their motives are about control and not an honest warning that a country is abetting terrorists. It seems increasingly clear that the EU took the shotgun approach here: anybody not in the US/EU club is characterized as ‘non-cooperative.’  Until now, the targeted countries have been tolerating this economic bullying, but this latest attack has provoked some pushback.”

http://www.internationalman.com/articles/the-eu-blacklist-a-warning-for-investors-to-stay-away

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Insanity on the Thames

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“UK Prime Minister David Cameron is a seriously deluded man. First, he apparently believes Facebook and Twitter users currently have ‘absolute privacy’ in their communications. That is nonsense. Second, Cameron believes this nonexistent absolute privacy is unsustainable and intolerable. He wants to destroy it as soon as possible. This is necessary, Cameron told Parliament, because tolerating such privacy would ‘leave a safe space’ for terrorists to communicate with each other. Contrary to Mr. Cameron’s assurance, Britain certainly is trying to ‘search through everybody’s emails and invade their privacy.’ The U.S. government is doing the same.”

http://www.thedailybell.com/news-analysis/36397/Insanity-on-the-Thames/

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Hacking Team Breach Shows a Global Spying Firm Run Amok

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“Few news events can unleash more schadenfreude within the security community than watching a notorious firm of hackers-for-hire become a hack target themselves. In the case of the freshly disemboweled Italian surveillance firm Hacking Team, the company may also serve as a dark example of a global surveillance industry that often sells to any government willing to pay, with little regard for that regime’s human rights record. On Sunday night, unidentified hackers published a massive, 400 gigabyte trove on bittorrent of internal documents from the Milan-based Hacking Team, a firm long accused of unethical sales of tools that help governments break into target computers and phones.”

http://www.wired.com/2015/07/hacking-team-breach-shows-global-spying-firm-run-amok/

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Could Ukraine default in July next to Greece?

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“Next to Athens, Kiev too could fail by the end of July. Now, the Ukrainian government seeks to re-structure its debts. However, little progress has been made in negotiations with the creditors.  Since the beginning of 2015, Ukraine has been facing a deep economic crisis, hit with a national currency devaluation by 70 percent and a massive essential G-D-P drop. As the deadline for the next bond repayment is nearing, the country’s Finance Minister Nataliya Jaresko doesn’t rule out the possibility of Kiev suspending the looming pay-off.”

http://www.presstv.ir/Video/2015/07/01/418393/Ukraine-West-Russia-

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Kazakhstan, Kyrgyzstan, Ukraine, and Lithuania Trip Report

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“Before the end of the spring semester, I couldn’t bear the thought of spending the three weeks between the end of my junior year and the start of my summer internship bumming around at home, so I took Google Flights to the task to find the furthest place I could get away from Pittsburgh at the lowest cost per mile.  The result? A four-country getaway and a story of a lifetime.”

http://www.flyertalk.com/forum/trip-reports/1689102-kazakhstan-kyrgyzstan-ukraine-lithuania-ukraine-international-airlines.html

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Bitcoin Payment Service Helps Greek Businesses Avoid Capital Controls

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“With the banking system locked down, capital controls prevent Greek citizens from accessing cash and this disrupts the economy. The Irish company Spartan Route has come to the rescue of Greek businesses with an innovative service proposal: They will invoice their Greek clients’ foreign customers in euro, collect the payment, and send bitcoin back to Greece.  Their proposal to Greek businesses is simple and crystal clear: 1. Invoice Spartan Route for your exports, 2. Deliver your goods as normal to your customer through your current supply chains; 3. Spartan Route pays you with bitcoin; 4. Spartan Route invoices your customer for euro.”

https://bitcoinmagazine.com/21104/spartan-route-offers-invoicing-bitcoin-payment-service-greek-businesses/

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Greek bank official dismisses ‘haircut’ report as “baseless”

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“Greek leaders have repeatedly dismissed the possibility they will have to ‘bail-in’ depositors to prevent the collapse of the banking system.  But citing bankers and businesspeople with knowledge of the measures, the Financial Times reported: ‘The plans, which call for a ‘haircut’ of at least 30 percent on deposits above 8,000 euros, sketch out an increasingly likely scenario for at least one bank.’  The report quoted a source as saying: ‘It (the haircut) would take place in the context of an overall restructuring of the bank sector once Greece is back in a bailout programme.’ The head of Greece’s Bank Association dismissed the report as ‘completely baseless’.”

http://www.cnbc.com/id/102809199

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“It Could Never Happen Here”

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“Of course, not everyone in Greece is hurting. Many people saw this coming and took action. They took all their money out of the banks, put it under the mattress, or maybe stored it in a safe. Maybe they bought gold, or diamonds, or something else. These people aren’t standing in lines at ATMs. They aren’t going to go homeless or hungry.  But these people get a pretty bad rap—at least here in the US, where we call them ‘doomsday preppers.’ Or ‘bunker monkeys.’ Or ‘conspiracy theorists.’ Or ‘gold bugs.’ They take a beating.  Jim Rickards tweeted the other day, ‘I’ll bet there a lot of Greeks saying, ‘I wish I had bought some gold.’’ Truer words have never been spoken.”

http://www.mauldineconomics.com/the-10th-man/it-could-never-happen-here

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