With a debt burden 160% of its GDP, Greece formally agreed three months ago to the EU’s austere plan of severe spending cuts and financial reform in exchange for a financial bailout.  But, the majority of Greeks refused to accept the notion of responsible debt spending and voted in defiance of the financial treaty.  The result for Greece, now, is a government in chaos and an economy on the verge of collapse.  Today, Germany’s Chancellor, Angela Merkel, delivered an ultimatum to the Greeks; comply with the agreement or be severed from the euro.

via Drudge, The Telegraph reports,

Greece may be forced to leave the euro if the country refuses to implement spending cuts agreed with the European Union, Angela Merkel warned.

Raising the spectre of a Greek exit, the German chancellor said “solidarity for the euro” was threatened by the ongoing political crisis in Athens. …

The cost of Spanish government borrowing also hit a record high since the single currency was introduced because of concerns that the crisis will spread. …

Attempts to form a new government in Athens have been thwarted for the past nine days, although the country’s president will meet all major parties this afternoon to discuss the forming of a “technocratic” administration rather than a coalition.

An outgoing Greek minister warned that the country could descend into “civil war” amid the chaos of a euro exit. “If Greece cannot meet its obligations and serve its debt the pain will be great,” Michalis Chrysohoidis was quoted as telling a local radio station. “What will prevail are armed gangs with Kalashnikovs and which one has the greatest number of Kalashnikovs will count … we will end up in civil war.”

New elections may be held next month and Greek voters are likely to be warned by European leaders that their country may be ejected from the euro if they do not support parties backing austerity measures.

Germany and the European Central Bank are thought to have drawn up detailed plans for a Greek exit for the euro. They are designed to stop it provoking panic in other vulnerable countries, particularly Spain and Ireland. However, this is fraught with difficulties, particularly if Greece refuses to take part in a “negotiated exit”.

Greek Minister Chrysohoidis warns that a separation from the euro may likely lead Greece into a civil war, and the ones with more weapons will win.

This is the hideous creature that is formed when irrational spending and catastrophic debt are allowed to spiral unrestrained.  Just wait…Illinois and California are putting the finishing touches on their monsters.

 

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  1. The hideous creatures will break out into the open after Romney is elected, by design, to make it look like his fault.

  2. This is what America will decome if dumbo gets reelected.

  3. Darn right! The past several years, the Left and their sycophants in the media have done their darndest to keep a tight lid on all this so that they can keep up the narrative that the world is a happy place since “The One” got into the Oval Office.

    Once Romney is elected, the enire reverse will happen and all hell is going to break loose in Europe and elsewhere and, right on queue, the talking heads in the Leftist Media Establishment will start reporting the riots in all their bloody detail (including in-depth interviews with the rioters) while blaming it all on the ascendancy of rightwing Republicans into positions of power in the US. You can take that one to the bank!

  4. The cult of the Golden Dawn worships the black sun. Their coming into power has already caused enormous financial losses at JP Morgan. Stock market gains for the year wiped out. Darkozy gone from France. Now Merkel displays an embarassing loss of temper. Cracking up from the stress. Making the weak bluff . Her bluff will be called to grow the power of darkness . The international brotherhood of Satan has an agenda . Hell on earth . Armageddon…> http://youtu.be/o8mLAsDQhHQ

  5. Ve Germans are not all smiles und zunshine.

  6. What Hitler tried in Europe and take it over will bombs and bullets. This Commies will do it by debt and their greed. And take it over on bill at a time.

    We gave you money now we own you as you can not pay it back.

  7. S#it is about to get real.

  8. It’s about to get real in the Whole Foods parking lot in LA and chicago, and it won’t be who has the most AK’s but the most MAC-10′s and Glocks.

  9. Let’s see… really early retirement age in Greece, lots of gubbermint employment, nice benefits, how many months of vacations, oh yeah, Johnny is attached to the Greek financial teat, and he’s going to hang on for dear life. And who wouldn’t? After years of having it easy, who wants to go back to working for a living? So there naturally be civil war. Either that or war with Daddy Germany, who is no longer into funding said Greek government teat.

    Same thing will happen here if we keep expanding government programs. Which is, of course, O’s goal.

  10. Germany is pissed because they ALREADY lent hundreds of billions of Euros to the Greeks IN EXCHANGE FOR PROMISES to institute austerity measures which, to date, they’ve shown themselves too timid to implement and so they keep making excuses why they can’t keep the promises they’ve made. Bottom line… one group of Leftists scamming another group of Leftists out of their money. Simple.

  11. Actually, it won’t be as bad as the armed gang thing. Greece will be kicked out of the Euro and the government will start issuing drachma script which will cause rampant inflation. Certain parts of the country will face riot but mostly it will be orderly. The communists will *try* to seize power but will fail.

    Barter will hold the day or people will trade in a stable currency like roubles or dollars or pounds. Eventually, a “new” drachma will be instituted and things will go from there. Expect another Weimar Republic, not a Mad Max wasetland.

  12. Addendum, the Germans will be rather put out but only at the polticians who trusted the Greeks. That classic line from Animal House comes to mind here.

  13. I wonder how long the Greek mob honestly thinks they can defy reality before the whole thing implodes. I have never seen another free country with such a consistently clueless electorate.

  14. Moscow used the tyranny of the soviet block system to feed off eastern european countries. When that fell down, the East German communists regrouped, put on new clothes, and came up with the EU system so a Berlin master race of bureocrats could replace Moscow and feed off the bond slaves . Now that the gig is up …Merkel is revealing she is the real life Rosa Klebb from Russia with Love…The communist deep agent has removed her disguise and popped the poison knife from her shoe toe …..> http://youtu.be/Pi4gVq7zsTU

  15. See what happens when sheep run the country?

  16. The Greeks are kinda like a certain demographic in this country: Give us money or we’ll burn down the cities.

  17. Beware of Greeks bearing debt.



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