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As we know, Greece is in technical default on its 1.5 bln euro payment to the IMF/EU creditors. Experts tell us that this could snowball, with Greece going into default on all its debt, which is over $350 bln. If Greece defaults on its entire debt obligation, it will send huge shocks through the world financial system and will seriously undermine Eurozone and Germany.
This is why Greece’s negotiation position isn’t that hopeless. They have aces up their sleeve. EU can’t afford Greece’s total default, neither can it really afford Grexit. US cannot afford Greek default either, because it can signal the beginning of the end of the whole dollar-based empire.
The national referendum announced by the ruling Syriza party on the future of Greece is to take place on July 5th. Greek PM Tsipras urges people to vote ‘no’ to creditor demands, in order to improve his negotiating position.
My prediction: The Greek referendum will deliver the majority NO vote to austerity and creditor demands.
The fact that creditors didn’t give an extension to Greece so people could vote, instead squeezing the country on June 30th, is very telling. I wonder, what happened to the supposed ‘democracy’ the West is so proud of? How democratic is it to sabotage the Greek national referendum – a true voice of the people?
First, it’s clear double standards: Greece, a member of the EU, is treated as an unloved, unwanted child by the EU and IMF. IMF, of course, represents the interests of the US and EU, where US rules supreme.
At the same time, IMF’s Christine Lagarde tells us that Ukraine, not a member of the EU, will continue receiving IMF loan tranches, even if it defaults on sovereign debt it owes Russia. This is in direct violation of the IMF laws.
So, the West is now in violation of both self-professed cornerstones of its society: democracy and law.
Do you know how empires die? That’s how – they implode on themselves, confused and in denial. We are observing a slow disintegration of the Western (US-EU) empire. This is the time when only the blind and the unscrupulous don’t see that the king is naked.
Second, and most importantly, the difference in position on Ukraine and Greece by the IMF and EU is clearly geopolitical in nature and has absolutely nothing to do with economy. The common denominator in both is the country’s relationship with Russia.
The present Kiev junta in Ukraine is supported because it’s at loggerheads with Russia, yelling and screaming on every corner that Russia attacked them. No one believes that, but this narrative is diligently parroted by the Western MSM, nevertheless.
This has to be expected, if whistleblower journalists from countries such as Ukraine and Germany come out with revelations that they are given the text of what to say in their reports – a text written at the US embassy – and told not to deviate from it. A well-known Kiev journalist Oles’ Buzina was recently killed after the publicly revealed that his publication was forced to print false information based on the US embassy in Kiev script. German whistleblower journalists who have revealed that the entire journalism profession in Germany is sold-out to the US, doing only USA’s bidding, are forced to go into hiding because of threats.
Greece is shunned and squeezed because it dares to have good relations with Russia, speak up against anti-Russian sanctions and participate in Turkish Stream project.
I talked about the geopolitics and economics of Turkish Stream in my previous episode: Macedonia Coup Attempt – War Against Russia & China (LadaRayLive 12).
GREEK DEFAULT AND GREXIT PREDICTIONS
You know my prediction about Greece: it will exit the EU by 2017. In my original prediction, which you can find in Secret Connection: Russian Gas to Turkey-Greek Election-EU Breakup (LadaRayLive 6) and my FT articles, I said that the reason it will take some time is because the relationship with the EU is so complex that it will take some time to untangle.
We already see that the energy is moving in the direction of Grexit. But it won’t happen yet. Greece and EU will be delaying it for now. The most important mark for Grexit will be the completion of Turkish Stream. Grexit will happen close to that date – this is the date to watch!
Of course, due to the importance of Turkish Stream for so many reasons, it will be sabotaged by the US, EU and Germany. It will be a difficult going, as I said in the previous episode. But it will be done.
From this perspective, it’s more beneficial for Greece and all other parties involved, including Russia, if Greece agrees to certain conditions by creditors and stays low for now. Direct confrontation with the EU will only make them sabotage Turkish Stream more forcefully.
For now, Greek debt will have to be a compromise, where EU will give some and Greece will, too. There is indication that that’s what Greek PM Tsipras is doing.
To conclude: will eventual Grexit cause a domino effect all over the EU? Yes, it would. However, it won’t be fast. I see it as a slow and gradual process, taking years and lots of negotiations.
For the next few years, the make-or-break moments of reckoning to watch are: completion of Nord Stream-2, Turkish Stream, discontinuing of gas transit to EU via Ukraine, and a change of power in Ukraine, accompanied with gradual weakening of the US. The timeline for all this is 2016-2019, with most events taking place between 2017-2019. US weakening will continue after 2019.
Watch video version of this article:
(LadaRayLive 16 episode)
P.S. I’ll be taking a few days off this weekend to meditate and relax (I’ll be checking in for emails and comments). Have a great weekend, all! See you next week!
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New LadaRayLive Episode! LRL6. Secret Connection: Russian Gas to Turkey – Greek Election – EU Breakup
Watch the new LadaRayLive Episode No.6 on YouTube!
Lada’s geopolitical and geoeconomic analysis and predictions.
In the short couple of days after #Syriza won the Greek elections, #Greece has already challenged the EU more than once. Will there be #Grexit? Who is next to rebel (Spain already is)? Will this lead to the EU breakup, and when?
We talk about the EU game changer: how Russia’s discontinuing the South Stream project and announcing the new alliance with Turkey, together with the new Turkish Stream pipeline, influences the future of Eurozone.
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