Thursday, May 6, 2010

Paying The Greek Piper

The Greek's sent the US markets into a tailspin today! If you've been reading this blog, you first heard about Greece's problems on 12/12/2008.

From Larry Edelson at Weiss Research:
"For decades now, reasonable people have warned that the European Union’s insane government spending and skyrocketing debt could not go on forever. The day would inevitably come when Europe would have to pay the piper. In Greece, that day is today! The nation is in absolute chaos: Hundreds of thousands of government workers are staging their third general strike of the year to protest the huge spending cuts the government must make to avoid defaulting on its debt. The entire country is paralyzed. Air traffic controllers, train and ferry operators, teachers and even shopkeepers have walked off of their jobs. Hospitals are working with emergency medical staff only. And despite the more than 1,500 police that have been deployed to prevent violence in Athens, there’s blood in the streets:
-A firebomb at an Athens bank killed at least three people yesterday.
-Young thugs are hurling gasoline bombs at stores, businesses and government buildings, setting fires throughout Athens.
-As many as 60,000 union demonstrators have attempted to storm the parliament building, hurling rocks at riot police, who pelted them with tear gas, stun grenades and baton charges.
-In Thessaloniki, 20,000 protesters marched through the city center, smashing the windows of stores and restaurants."

"THIS is what we’ve been warning you about. THIS is what a sovereign debt crisis looks like. THIS is the kind of chaos — and worse — that euro-zone leaders are now terrified will spread across the continent."

SOURCE: Weiss Research Inc.

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