Wednesday, 17 February 2010
From: The Vast Minority
GREEK resistance fighters have hit back at the global bankers plunging their people into poverty.
A bomb exploded outside a JPMorgan Chase office in Athens on Tuesday - thanks to the usual warning, nobody was hurt.
Reported the New York Post, in a report headed 'Blast proves Greeks miffed': "The blast comes just days after reports that JPMorgan, Goldman Sachs and other banks may have played a role in creating the current sovereign debt crisis looming over a number of European countries by selling to those nations products which helped them spend beyond their means.
"A JPMorgan spokesman declined to comment on the bank's sovereign financing business. Goldman officials also declined to comment.
"While no one has yet claimed responsibility for the blast, the explosion happened against a backdrop of increased frustration across Greece amid signs that the Greek government will be slashing costs in an effort to avoid a financial collapse.
"Indeed, the European Union yesterday said it would consider providing substantive aid to the struggling country only if it first took steps to help itself, including balancing its budget, slashing spending and imposing new taxes. The country has until March 16 to come up with a plan.
"The anticipated belt tightening by the government doesn't sit well with Greek citizens, many of whom have taken to the streets in recent days to protest.
"Greece's national deficit has ballooned to 120 percent of gross domestic product -- the highest among the countries in the European Union, according to data from Bloomberg. Perhaps even more troubling, Greece has $11 billion in debt that will need to be refinanced in April and May, said Larry Kantor, head of research at Barclays Capital.
"Earlier in the week, Greek Finance Minister George Papaconstantinou suggested in published reports that Greece may be just the tip of the iceberg. 'Today it is Greece, tomorrow it can be another country,' he warned.
"Indeed, many observers say bigger countries such as Spain could pose an even bigger threat to global financial stability than Greece."
The global war against capitalism is only just beginning...