Greek Govt. Falls, The Left Rises, Bankers Panic, Snap Elections, New Drachmas...Happy New Year

On its way to your ATM soon if you're lucky.

A shiver ran through the Empire this morning as the Greek left rose up "Vowing to End the Neoliberal Experiment". The resulting snap elections in January will decide whether the country receives more dough and more debt from the ‘troika’ of creditors (European Commission, the European Central Bank and the IMF) and continue the hated policies of austerity.

Right on cue the IMF said Monday it is suspending financial assistance to Greece until the new government is formed, the others will shortly follow. As Athens-based journalist Aris Chatzistefanou says, “We have ahead of us a campaign of fear and terror imposed on public opinion by the powers that are losing their positions in the Parliament, and they’ll probably say that ATMs will stop giving us money, that the economy will collapse and that the foreign countries will invade. I don’t know what they can think of. But that’s exactly the same scenario that they were trying to impose during the previous elections and it was quite successful."

The ongoing Greek austerity stranglehold has destroyed the prospects for much of a generation. Youth unemployment is 60 per cent and the rate Greece-wide remains the highest in the eurozone at 25 percent. Greece's debts were not brought on by overspending on social programs-as the Empire's spin would have it - but by billions in military spending in response to the paranoid security fears of America after 9/11 during the lead up to the 2002 Olympics and the profit hungry bankers only to happy to keep shoveling the dough and debt.

Greece's military, the major cause of Greek debt, has been leveraging and 'convincing' successive governments to borrow more dough/debt in order to buy more from the global arms dealers and military contractors who have already pre-bribed Greece's politicians for decades. "For a long time Greece spent 7% of its GDP on defense when other European countries spent an average 2.2%. If you were to add up that compound 5% from 1946 to today, there would be no debt at all."- the Gaurdian.

Should Greece eventually chose to default and leave the EU [and they should], its new Drachma currency would dive in value and allow the Greek economy to become internationally competitive. It would mean that several hundred billion in Greek bonds currently held in official accounts would go from par to worthless overnight, leading to massive heart attack throughout the Empire. For example: Goldman Sachs has 58 trillion dollars in derivatives exposure to Greece.

"Earlier today we got a classic, if rare, example of what happens when bankers bluff with a 2-7 off suit... and the people call it." - Tyler Durden

The mainstream Greek newspapers are cranking out panic signals as if fuelled on 100% strength kaffe eleniko.- Paul Mason