Europe halts bailout loans to Greece ahead of vote

[Warthogg]

Looks as if we're getting close to the nut-cuttin.

Germany and France pulled the plug.
China has said no more loans.


Wart


CANNES, France — Greece will receive no more European bailout aid until it has put an end to uncertainty and agreed to meet its commitments to the eurozone, the leaders of France and Germany said on Wednesday after heaping pressure on Greece's prime minister at emergency talks.

European leaders were angered by George Papandreou's surprise unilateral announcement on Monday of a referendum on a bailout deal reached with eurozone leaders at a summit last week.

Sarkozy said the next installment of Greek rescue loans, which had already been approved and were due to be paid in November, cannot be paid until after the referendum.

"We want to continue with the Greeks but there are rules and it's unacceptable that these rules are not followed," Sarkozy said.



A "no" vote in the referendum would have enormous consequences not just for Greece but for the rest of Europe. It could lead to a disorderly Greek default, force Greece out of the 17-nation eurozone, topple many fragile European banks and send the global economy spinning back into recession.


If Papandreou loses the vote, Greece faces a disorderly default which would hammer Europe's banks and threaten the much larger economies of Italy and Spain, which the bloc may not have the means to bail out.


http://www.msnbc.msn.com/id/45138767/ns/world_news-europe/#.TrIcMrLvveI

[LAGC]

I hope the Greek people vote to abandon the euro and go back to the drachma. That alone would solve the crisis, although the euro would probably suffer as a currency.

Greece was doing fine before they got sucked into the European Union and forced to compete with Germany and France for monetary value, effectively putting them in a situation of exploitation by the stronger economies, which weakened Greek buying power.

It would be like if Canada and Mexico were brought into a North American Union with one single currency. Mexicans would suffer, as the bigger economies of U.S./Canada would put them at a severe disadvantage. Then we'd have to keep bailing them out just like Europe is bailing out its weaker countries.

[El Laton Caliente]

The Greeks were on their way to this before they eveer joined the European Union. The EU was warned this was the likely outcome at the time. Solcialism is great until you run out of other people's money... and Europe has... hell we have...

[bum_whisperer]

They get what they deserve.

[O.S.O.K.]

Yes, they're getting their comeupance, but don't be too happy about it - repercussions from it may just come up and bite us in the ass...

[O.S.O.K.]

Now the Greek PM has cancelled the elections.... after getting his butt spanked.

It's like watching "the three stooges staring in: The EU Debt Crisis"

[bum_whisperer]

Yes, they're getting their comeupance, but don't be too happy about it - repercussions from it may just come up and bite us in the ass...

You're crying over spilled milk that hasn't left the cow.

[bum_whisperer]

I hope the Greek people vote to abandon the euro and go back to the drachma. That alone would solve the crisis, although the euro would probably suffer as a currency.

Yeah, it would suffer alright...no longer would the rest of the countries have to bail out the deadbeat country.

[Cypher]

Can't we just give them economy stamps or something? Government spending via un-needed welfare (buying votes) gets them in trouble so why not welfare on a national level, makes sense to me :dancing-banana-red-

[O.S.O.K.]

You're crying over spilled milk that hasn't left the cow.

We shall see. I'm stating the fact that their misery may very well become our misery.