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Thursday, July 30, 2015

Total Collapse: Greece Reverts To Barter Economy For First Time Since Nazi Occupation

Months ago, when Alexis Tsipras, Yanis Varoufakis, and their Syriza compatriots had just swept to power behind an ambitious anti-austerity platform and bold promises about a brighter future for the beleaguered Greek state, we warned that Greece was one or two vacuous threats away from being "digitally bombed back to barter status."

Subsequently, the Greek economy began to deteriorate in the face of increasingly fraught negotiations between Athens and creditors, with Brussels blaming the economic slide on Syriza’s unwillingness to implement reforms, while analysts and commentators noted that relentless deposit flight and the weakened state of the Greek banking sector was contributing to a liquidity crisis and severe credit contraction.

As of May, 60 businesses were closed and 613 jobs were lost for each business day that the crisis persisted without a resolution.

On the heels of Tsipras’ referendum call and the imposition of capital controls, the bottom fell out completely as businesses found that supplier credit was increasingly difficult to come by, leaving Greeks to consider the possibility that the country would soon face a shortage of imported goods.



Anonymous said...

Citizens are now desparate to get to the US just like everyone else on planet earth.

Anonymous said...

The underground / barter economy is alive and well here in the US as well - already keeping the citizens from total collapse in to chaos.....

Anonymous said...

9:13 our debt problem is worse than Greece's. Too bad all the illegal immigrants will be stuck in Greece no. 2 in a few months.

Anonymous said...

Bring the collapse on. I'm so sick of the flat slob stupid kardashian- watching trash in the country. Let the food dry up and nature take her course.

Anonymous said...

They'll never get in...too "white"-ish.