5.30.2012

CNBC: SPAIN EXITS EURO, GREECE STAYS IN EUROZONE...

http://www.cnbc.com/id/47610195

Coming soon to a debt crisis near you: the "Spexit." One analyst believes the so-called "Grexit"—a Greek exit from the euro—will not happen and thinks instead that a Spexit, Spain leaving the euro, is much more likely.

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“The euro debt crisis, like any really spectacular geo-economic event, is spawning its own special vocabulary” said Matthew Lynn of Strategy Economics on Wednesday.
We can now add Spexit to a list which includes Merkozy and Grexit, and Lynn believes the chances of Spain leaving the euro are now higher than those of Greece leaving.
“The Spanish are a lot more likely to pull out of the euro than the Greeks, or indeed any of the peripheral countries” said Lynn.
“They are too big to rescue, they have no political hang-ups about rupturing their relations with the European Union, they are already fed up with austerity, and there is a bigger Spanish-speaking world for them to grow into,” said Lynn.
“The banking system is teetering on the edge of a full-scale run. Bankia has already had to be bailed out by the government, and there are fears that others might be in just as bad shape,” said Lynn, who notes that there has never been a property crash that was not followed by a banking crisis.
“One in four Spanish households now have no bread-winner. Retail sales are falling 10 percent year-on-year. Yet the prescription from Brussels and Berlin is precisely the same as it has been for every other country struggling with the euro. Endure a deep recession. Let unemployment rise. Allow wages to fall until you claw back competitiveness," he said.
Greece will stay in as it is affordable to bail them out again, according to Lynn, who believes this is not the case with Spain.
“If the Greeks vote for a government that rejects the bailout package, some more money can be thrown at them. Pumping 10 percent of GDP (gross domestic product) [cnbc explains] into the economy only costs 23 billion euros ($28.6 billion) – peanuts. That is not true of Spain,” said Lynn.
“The Greeks understandably feel nervous about life outside the euro zone. They don’t really make anything. (...)

WWII GERMAN REPARATIONS TO GREECE. OVER 70 BILLION EUROS YET TO BE PAID.




«Η ΜΑΥΡΗ ΒΙΒΛΟΣ»
Θύματα και Απώλειες Ελλάδος
Νεκροί πολέμου 1940-41                                        13.327
Εκτελεσμένοι (σε ολόκληρη την Ελλάδα)               56.225
Θανόντες όμηροι (στα γερμανικά στρατόπεδα)   105.000
Νεκροί από βομβαρδισμούς                                   7.120
Νεκροί σε μάχες της Εθνικής Αντίστασης
(σύμφωνα με γερμανικά στοιχεία)                             20.650
Νεκροί στη Μέση Ανατολή                                      1.100
Απώλειες Εμπορικού Ναυτικού                               3.500
Σύνολο                                                                    206.922
Νεκροί από πείνα & σχετικές ασθένειες 600.000
[σ.σ. ΓΕΝΙΚΟ ΣΥΝΟΛΟ                                          806.922]
Απώλειες από υπογεννητικότητα                      300.000
Σύνολο απωλειών                                              1.106.922
Στοιχεία από το βιβλίο «Η ΜΑΥΡΗ ΒΙΒΛΟΣ ΤΗΣ ΚΑΤΟΧΗΣ», Αθήνα 2006, Εθνικό Συμβούλιο για τη διεκδίκηση των οφειλών της Γερμανίας προς την Ελλάδα.

"The BLACK  BIBLE"
Casualties and Losses of Greece during WWII Nazi Occupation of Greece.
1940-41 13. 327 dead Executed by the Nazis 56.225Murdered  hostages (in Nazi camps) 105.000Dead by bombings  7.120Killed in battle of the Resistance(According to German data) 20.650Dead in the Middle East front 1.100Merchant Marine Casualties 3.500
Subtotal 206.922
Dead from hunger and related diseases 600.000
[Pp. GRAND TOTAL 806.922]Losses of 300.000 from  low birth rate, hunger, malnutrition

Total losses 1.106.922