Free Energy - Freie Energie - energia libre - OverUnity.com

The latest news from Greece   http://finance.yahoo.com/news/relief-vies-sense-shame-streets-115459251.html  triffid




ATHENS (Reuters) - Greeks resigned themselves on Tuesday to a 130-billion-euro EU/IMF bailout that won their country a last-minute reprieve from bankruptcy at the price of a decade of austerity and humiliating foreign scrutiny of national finances.[/size]
Agreements among euro zone ministers during all-night talks in Brussels secured a second rescue package since 2010 in return for a new round of spending cuts that have already cost thousands of jobs and eroded public services.[/size]
Relief mingled with a sense of shame on the streets of Athens as Greeks who in two months could be choosing a new government digested what the deal means for a country now being treated as the sick patient of the 17-nation currency union.[/size]

For a five dollar donation you can help man start mining the moon for water by the year2020.Bill Stone is the man  to do this.
http://www.rockethub.com/projects/3822-shackleton-energy-company-propellant-depots
triffid

With the price of gas predicted to go up to six dollars a gallon here in the USA come the following predictions.
More used cars not selling,fewer oil changes ,less business at auto part stores,more people riding mopeds.More bicycles.
 
For me.I just stay home more.triffid

... http://news.yahoo.com/germans-overwhelmingly-oppose-greek-bailout-poll-141634352.html
(The Greeks did only buy themselves some more time.   Their original problem remains unchanged:  They continue to borrow money and their banks are still experiencing a quiet run on their deposits.) 
...

I may not have done them any good.   Moody's or S&P downgraded Greece's rating to "selective default"
Thusly:   http://www.taipeitimes.com/News/biz/archives/2012/02/29/2003526601
Okay, this isn't very good, to say the least.   People can assume the worst and it can happen.   Whether or not the rest of Europe or Asia thinks this is as serious as some may think, remains to be seen.   But default on worthless bonds that cannot be used for collateral is a potential game changer.

...
This won't go away until someone takes a severe 'haircut' and cuts their losses to get rid of bad loans on banks' books now.   Europe would probably experience another recession as a result, however.

This may be 'in the cards', 'down the road', so to speak.   Things and scenarios will need to finalize before further developments continue downhill.
 
--Lee

When Ron Paul predicts terrible things coming.Then I fear more than usual.triffid




Our government wants to raise taxes to raise money.They want to raise corporate taxes.More unemployment will be coming as a result as more money flees the usa for safer shores.

Some good news I guess .It looks like greece will get get its deal next week.   http://finance.yahoo.com/news/iifs-dallara-says-confident-greek-192929433.html  triffid

ATHENS (Reuters) - The chief negotiator for the body representing private sector holders of Greek bonds expressed confidence on Saturday that a bond swap deal which is a key part of Greece's bailout program would be completed successfully next week.[/size]
"We can sense in our discussions with investors that momentum is building," Charles Dallara, managing director of the International Institute of Finance (IIF), told Greece's Antenna television in an interview.[/size]
"I'm quite optimistic that the participation levels will be quite high," he said, but he declined to predict a figure.[/size]

Not all of the article was included.   Thusly:
"Bondholders have until March 8 to sign up to the agreement under which they will exchange their existing Greek government bonds for new paper in a swap deal that will see the nominal value of their holdings cut by 53.5 percent.              Failure to secure a deal with private sector creditors would threaten the 130-billion-euro bailout package agreed last month with the European Central Bank, the European Union and the International Monetary Fund. Greece has said it would not be obliged to go through with the arrangement unless it gets 90 percent participation. If participation is below 90 percent but above 75 percent, it would consult with its public sector creditors.              Assuming a sufficient number of investors accept the deal, European leaders should give final approval to the bailout in a teleconference on March 9. Dallara said that any deal contained at least some risk of failure but he said the danger facing the bond swap deal, reached only after months of tortuous negotiations, was slight. He also played down concerns that the debt restructuring could trigger credit default swap contracts that some investors took out to protect themselves against the risk of default.              The International Swaps and Derivatives Association (ISDA), the body which rules on whether a so-called "credit event" that would trigger the CDS has occurred, decided on Thursday that Greece had not breached the terms of the insurance contracts.              Under the deal, private sector bondholders will be forced to accept a loss while Greece's public sector creditors will not and despite Thursday's ruling, investors could seek a further ruling from the ISDA that could trigger a CDS payout.              However, Dallara said he did not believe the CDS issue would derail the bond swap. "Of course, any individual investor may well ask for another ruling at some point. But this again does not trouble me and does not present a hurdle, ' " he said.




It's still not a done deal if the other countries might think this financial stunt won't stop the Greek financial decline.   I  did say someone has to take "a haircut", and this would be it.   Will it help?   We'll see eventually.

--Lee

http://www.blinkx.com/watch-video/brynjolfsson-cuggino-on-bonds-oil-strategy/w5a50nkVV0DzN6sJ9oCJEA  here they talk about greece a little.About a controlled default???As if you can control one?triffid

http://www.huffingtonpost.com/2012/03/04/greek-debt-crisis-factory-worker_n_1318730.html

There's other articles as severe out there, I'm sure.   I might look for more.

--Lee