How fucked are they?

Greece is going to get booted from the Eurozone. Banks are shut down .

Puerto Rico trying to declare bankruptcy.

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Can we boot Puerto Rico from the USA zone?

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

I think Chicago's financials are worse than PR's.

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Reality is your friend, not your enemy. -- Seacrest

Puerto Rico cannot declare bankruptcy.

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Rick Hahn is the best GM in baseball.

Q Why are there no Puerto Rican doctors?
A Because you can't write prescriptions in spray paint

Q Why don't they kill flies in Puerto Rico?
A its the national bird

Q Know why there's no Puerto Ricans on Star Trek?
A They don't work in the future either

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

Seriously though..why is PR a Commonwealth? What purpose do they serve us ?

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bombing ranges

The should be called a commonpoor, amiright!

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O judgment! Thou art fled to brutish beasts,
And men have lost their reason.

Pretty close.

But PR has more residents than Chicago.

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The Euro Group will make a last-minute deal with Greece...they don't want to eat $300 billion in loans. It's the old proverb..if I owe you $1, you own me, but if I owe you $1 million, I own you. They should have never let it get to this point, but just like with central banks all over the world, the cheap money was too hard to resist.

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They did, just a game of musical chairs mixed with can kicking.

Greece was/is supposed to pay back an IMF (bad institution) loan with..............money that was loaned to them.

So if they don't pay back a loan with a loan (basically from the same cabal) it's a terrible thing.

Hilarious, time to burn the fucker down.

PR is where Billionaires declare HOME.

....and if they wanted to boot Greece, they would have, which is the big problem in dealing with this fools now.

Greece Neede the EU...and Germany who started the EU doesnt want the first stone to drop with greece, as then a few more come in line...all while all are small parts of the EU now, at some point....someone looks at Spain....maybe even France...of course a large % of people in Germany are happy if that happens.

Euro dropped 200 poiints over the weekend, huge gap, came back 250 pts..and is right about where it was trading on Friday Close.

2nd scariest trade of the year to get in. 1st was the CHF

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

We're seeing the folly of deficit spending. Governments get addicted to debt and leave themselves unprepared for the inevitable downturn. It is one thing to run a deficit during a recession or war, but to do so over entire economic cycles will lead to a day of reckoning. CPS can't make its pension payment today (into a system that is already weakly funded), Greece can't repay the IMF, Puerto Rico needs to restructure its finances, and these are just a few examples of over indebted governmental units. I have long argued that all government units should run in balance to force politicians to rationalize spending with the necessary tax revenues. Democrats are more than willing to over spend, while Republicans are more than willing to under tax. The Central Banks are making the problem worse with cheap money (i.e. debt is more attractive).

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Hawaii (fuck) You

Merkel just nixed bailout talk until the referendum is held. She must be pissed.


German Chancellor Angela Merkel on Tuesday said Germany was unwilling to talk with Athens about a new bailout program ahead of a July 5 Greek referendum, Reuters reported. "Before a referendum, as planned, is carried out, we won't negotiate anything new at all," she said. Greece on Tuesday proposed a two-year bailout plan in a last-ditch effort to reach a deal before the expiration of its current program at the end of the day. Merkel indicated it was too late to vet a proposal, blaming the Greek government for allowing the current program to expire, the report said.

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Hawaii (fuck) You

Just make them 51 or bail them out.

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Be well

GO BEARS!!!

States can't file either. Congress will need to amend the code because IL is going to need it.

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Hawaii (fuck) You

The following video, created by Ray Dalio, is well worth watching for those who want to know why your statement is true. In a nutshell, we are past stage 1 (productivity increases) and stage 2 (central banks increasing money supply) and headed for stage 3 (deleveraging/writeoffs).

http://www.economicprinciples.org/

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So how did Greece get so fucked to start with? "Lazy" state workers pension payments? What happened to their economy?

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

A lot of government freebies as well.

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Greece should have never been admitted to the Euro, but with the help of some Goldman Sachs financial engineering (trickery), they were able to make it look like their deficit ratios were below the thresholds required for entry. Those deals eventually came due and were exposed during the crisis of 2008. Ironically, Greece probably would be better off now if they weren't locked in to the Euro and could print Drachmas (their former currency).

Aside from that, they have a huge problem with pensions (some people retire in early 50's...sound familiar?) and tax collection/corruption. There was a famous article a few years ago that described how Greeks are supposed to declare on their tax returns whether they have a swimming pool. In some suburbs of Athens, only a couple hundred declared, even though Google Maps showed there to be almost 17,000.

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Damn I was just joking but…


Quite simply, its debts were too high and inflation was out of control. By 2000, the EU finally allowed it to join, though there were suspicions at the time that Greece was operating a "limbo dance" – squeezing its figures to hit the stringent euro criteria, only for them to flip back to dangerous levels once it had entered. Indeed many believe Greece simply lied about its figures to gain entry.
At the time its inflation was 4 per cent, much higher than the European average, and was suffering from one in ten people out of work – a higher figure than currently in recession-hit Britain.
By joining the euro, however, it suddenly enjoyed substantially lower interest rates, because the it was able to borrow in euros. Whereas during the 1990s, Greece had frequently had to pay out 10 per cent or more (18 per cent in 1994) to borrow money, its rate fell dramatically to 3 per cent or 2 per cent.
Related Articles

Ben May, Greek economist at think tank Capital Economics, said: "Their mistake was to go out, borrow money and use it to fund huge wage growth, rather than pay down its already substantial debts."
Greece went on a spending spree, allowing public sector workers' wages to nearly double over the last decade, while it continued to fund one of the most generous pension systems in the world. Workers when they come to retire usually receive a pension equating to 92 per cent of their pre-retirement salary. As Greece has one of the fastest ageing populations in Europe, the bill to fund these pensions kept on mounting.

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Proud member of the white guy grievance committee

It aint the six minutes. Its what happens in those six minutes.

The outcome of stage 3 will be fat more damaging and acute due to all the central bank wizardy being thrown at it. If there was ever a time for people to figure out that the current path isn't sustainable it would have been 2006-Current Day.

The more you fight to make everything go back to the old ways the worse it gets.

Now you know what we are headed for here as well.

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Beat me to it. Like a crystal ball.

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Elections have consequences.

$1.6 Bill due to IMF tomorrow....not gonna happen

All meetings are over for today, going to try again tomorrow mrning at 9 AM....but as of tonight the previous agreement has expired ....

Greece has the worse leverage in the history of leverage! 'little guy'

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"That's what the internet is for. Slandering others anonymously." Banky
“Been that way since one monkey looked at the sun and told the other monkey ‘He said for you to give me your fuckin’ share.’”

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Power is always in the hands of the masses of men. What oppresses the masses is their own ignorance, their own short-sighted selfishness.
- Henry George