An emergency session has been announced for Monday for leaders of the Eurozone to see whether any resolution is available to prevent Greece from defaulting on national debt, a move that could cause a tidal wave throughout the EU's common currency.
A report from the Financial Times said European Council President Donald Tusk called for a meeting to "urgently discuss" the Greek situation.
The economy there has suffered in recent years because of "austerity" measures intended to try to pay off a massive debt accumulated over years of profligate spending. Greek citizens already have faced higher taxes and lower benefits, but the Eurozone lenders say they need to do more.
But residents are having no part of that discussion, and, in fact, WND had reported this week there was a lot of fear among the moneyed interests across Europe and around the globe that if Greece defaults, leaves the Eurozone and returns to the drachma, it actually could thrive.
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According to a Marketwatch report, the worry is that Greece's inability to repay its debt would produce skyrocketing interest rates, panic in the banking industry, mistrust in both borrowers and lenders, and, as Marketwatch explained, "rivers flowing upstream."
Find out what you need to know about the international economy, in "The Return of the Great Depression," by Vox Day, and also consider the timing of economic crises, as described in "The Mystery of the Shemitah," which describes the 7-year cycles in the Bible, and notes that money disasters hit both in 2001 and 2008.
There are those who say the United States and others also could end up in that situation.
But the analysis by Brett Arends says the real worry is that Greece would abandon the euro and would thrive.
"The fear is that if Greece leaves the euro, the country will return to prosperity – and then other countries might follow suit," Arends wrote.
He pointed to statistics showing economic growth in several eurozone nations has been stunted during their time in the group.
For example, Greece had real GDP growth, per person per year, of 4 percent before the euro. It's 2.3 percent with the euro. For Italy, it was 5.2 percent before, 2 percent with. Portugal? Six-point-five percent before, 2.4 percent with. Spain comes in at 5.7 percent before, 2.9 percent with.
Reuters reported that German Chancellor Angela Merkel, representing a heavyweight in the Eurozone, said negotiations will run "until the last minute," but said Greece must take action.
The report said, "Peter Altmaier, Merkel's chief of staff, said he still believed it was possible that Athens and its international lenders could reach a solution to Greece's debt crisis."
Talks in Luxembourg among the finance ministers for the 19 nations involved failed to reach agreement on Thursday, opening the door for action on Monday, or even over the weekend..
Greece is facing a critical payment of 1.6 billion euros at the end of the month to the International Monetary Fund – or face default.
Even businesses in Germany are getting frustrated with the status quo, Reuters said, with the chief executive to German drugs and chemicals Bayer calling on politicians to make a decision.
Marijn Dekkers said, "We have found ourselves in uncertain surroundings in Europe for some years."
The gravity of the problem, while it may not yet be noticeable at the local shopping mart in America, is more far-reaching that many want to admit.
CNBC reported former Rep. Ron Paul, R-Texas, said the America economy also is on the verge of a "massive collapse."
"I am utterly amazed at how the Federal Reserve can play havoc with the market," he told the network.
He cited a "horrendous bubble" in the bond market that assure it's only a matter of time before "stock market chaos."
"I don't think there's any way to know what the [time frame] is, but after 35 years of a gigantic bull market in bonds, [the Fed] cannot reverse history and they cannot print money forever," he said.
America's economy is closely linked with the world's other major influences, such as the Eurozone, and under President Obama the U.S. national debt has nearly doubled, with increases each year in the trillion dollar range.
The Financial Times also reported that the "defiant youth" of Greece actually might opt for "chaos" rather than the same cutbacks and limits that they've seen in recent years.
When the nation's central bank said the crisis was nearing its peak, and could result in banks not opening, a throng of protesters was advising their government to refuse to give in to any more demands.
"Between more austerity or chaos?" asked Iasonas Schinas, 26, of the Syriza Youth wing. "Chaos."
Unemployment for those under 25 in Greece is some 40 percent, double the EU average, the report said.
They blame the austerity measures imposed to try to deal with a national debt.
"Our lives have been destroyed. So now we have nothing to lose. And so we are claim," said Schinas.
He said the Eurozone was bluffing in its demands for more austerity and more cutbacks.
"If we don't pay, then the rest of Europe will have a problem – not us."
The Guardian reported more than 2 billion euros had been withdrawn from Greek banks this week, and Eurozone officials were stymied by Greek government leaders who were leading their nation to the brink of disaster.
Analysts have said that's an essential strategy for Greece to take in order to convince Eurozone lenders they are serious about accommodations.
Associated Press said Russia was willing to "consider giving financial aid to Greece" because the nations are partners.
But the deal seemed to come with conditions that it was uncertain if Greece would be willing to accommodate.
The result, Reuters said, is that officials were uncertain whether Greek banks would be able to open on Monday.
The word came from European Central Bank Executive Board member Benoit Coeure, who was asked whether Greek banks would be able to open on Saturday.
"Yes," he said. "Monday, I don't know."
A source, Agence France-Presse reported, said the European Central Bank on Friday raised the level of emergency funding for Greek banks.
And the Independent said Greek banks have seen 30 billion euros moved out of consumer accounts since last fall.
If a final fall happens, the report said, the European Central Bank could cut off support, and force Athens to limit what consumers could take out of banks.
But they it also could impose its own parallel currency, sending further shock waves through the world economy.
WND reported earlier that Greek officials essentially have told creditors who are owed billions that they need to be given a deal, or they'll simply default.
Greece's economic troubles are seen by many as a harbinger of things to come for other nations, like Spain and Portugal, who also have been giving evidence of looming financial crises.
Find out what you need to know about the international economy, in "The Return of the Great Depression," by Vox Day, and also consider the timing of economic crises, as described in "The Mystery of the Shemitah," which describes the 7-year cycles in the Bible, and notes that money disasters hit both in 2001 and 2008.
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