Greece’s D-Day – Wall Street Underground

By Nick Guarino | June 28, 2015

Greek D-Day is here


Hi, Europe is in for a rough ride. This game has just gotten a hell of a lot more serious. Let me explain. The Europeans are pushing the Greeks against the wall HARD. And to their credit, the Greeks are pushing back. What Europe refuses to understand is, Greece is dead broke and no matter what they do, they will never be able to pay back the money they owe.

The IMF and the Central bank of Europe refuses to accept reality. And the reason is very simple. If they forgive the debt of Greece, then they will be forced to do the same for dead broke Spain and Italy.

The truth is, the IMF and the ECB can afford to cover Greece’s debt. Especially if they do it in stages. But it’s still a Trillion dollar hit. Here is the problem. The other dead beat European nations will not be far behind, demanding the same. The IMF and the ECB can’t afford to forgive the debt of Italy, Spain and maybe even France.

What the IMF and ECB fail to understand is, they have driven Greece to the breaking point. Instead of breaking point, Mr. Tsipras used the term humiliation.

“After five months of tough negotiations, our partners ended up with a proposal in the form of an ultimatum,” Mr. Tsipras said, arguing that the creditors were calling for “new, unbearable measures,” including cuts to pensions, salaries and tax increases.

“The goal of some of Greece’s partners is the humiliation of an entire nation,”

What has upped the ante in the game is something that happened Saturday. In an unexpected move, Prime Minister Alexis Tsipras went on national television early Saturday to call for a referendum on July 5, so that Greek citizens can decide whether to accept or reject the terms of a bailout deal proposed by the country’s creditors. The Greek parliament approved a referendum calling for a vote so the citizens of Greece can decide their fate.

Mr. Tsipras said, he was calling a referendum because Greece’s creditors — the I.M.F., the European Central Bank and the Eurozone countries — had refused to negotiate in good faith and present a fair compromise.

Read that as a referendum on a Greek exit from the Eurozone. It’s a very cleaver move. He put it to the Greek people this way. Chose to accept further draconian taxes and a severe cut back in government services and a huge cut in pensions. Or to reject the ECB demands.

What is not being said publicly is, Greek Prime Minister Mr. Tsipras is forcing the Europeans hand. If the citizens of Greece rejects (a most likely event) the austerity that the IMF is demanding, they will be in default. Loans will not be paid back.

A chain of defaults in the world banking system will occur. More importantly the new loans Greece needs will not be funded. In essence, Greece will be booted out of the European Union. And Spain and Portugal and Italy will not be far behind.

We have been warning about this for years. Kicking and screaming along the way, Southern Europe will be leaving the currency and banking union.

The only question is, when and how chaotic the exit will be. And that my friends depends on the super egos that rule Europe. The powers that be are out of touch with reality.

It is a very interesting and very dangerous game the Greeks are playing here. What happens in Greece threatens the entire European Union and the global financial system. And here is why. A chaotic default and exit will create a global economic crisis. And the IMF and the ECB damn well know it.

I have prepared for you a tape of my disaster master scenario I see on the near horizon. Please listen to it carefully. You don’t want to miss this. Because a Greek default will bring chaos to the world banking and financial system.

Click here to listen to this report.

Thank you,
Nick Guarino




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