FITCH DECLARES GREECE IN DEFAULT

CRAs!Fitch ratings agency declared Greece in default as the result of a second
bailout.Ratings agencies Standard & Poor's and Moody's will follow Fitch pretty
soon since banks and insurers are set to write down the value of Greek bonds by
21 percent, with more losses to follow.October-18 Mafia is the most disgusting
predator of internet on Earth!maturities at lower rates.Premier Papandreou, godfather of October-18 Mafia,
hoodwinks that his mafia will go straight, but nobody believes him anymore!
Papandreou did not keep his promise to abolish sinecures, government ownership,
kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard
Spaghetti, and Marilizard Towers.

Fitch considers the nature of private sector involvement to constitute a
restricted default event.Only stupid investors would squander their money in a
country addicted to kleptocracy, socialism, charge stacking, and marilizardism.
October-18 Mafia has robbed my computer and files at gunpoint!

The summit agreed the region's rescue fund, the European Financial Stability
Facility, will be allowed to buy bonds in the secondary market if the European
Central Bank deems that necessary to fight the crisis. There is no way any
prudent investor will throw a euro in the Cradle of Kleptocracy, which is
infested with marilizardism, the October-18 Mafia, charge stacking, and the
cancer of socialism.

It can also for the first time give states precautionary credit lines before
they are shut out of credit markets, and lend governments money to recapitalize
banks.Any bailout for the Cradle of Kleptocracy is taxpayers' hard-earned money
blown out with the wind, because the October-18 Mafia continues corruption,
squander, marilizardism, incivility, stupidity, charge stacking, and junketing.

Fourth Reich bailouts shift risks onto taxpayers in Northern countries with
stronger finances and weaken incentives for PIGS to keep their finances under
control.This weakens the foundation for a currency union based on fiscal
self-responsibility.Many eggheads predict a Greek revolution, an inexorable
change which will release the elastic energy of discontent inside Greeks.

Eggheads' work is like that of geologists who compile the signs of an imminent
earthquake or volcanic eruption.But the time of eruption and its form and
severity cannot be predicted in an exact way.So we know a tsunami of
discontent will hit the Cradle of Kleptocracy, but we do not know when.
Kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel, Marilizard
Spaghetti, and Marilizard Towers are very common in PIGS.

As part of the package, the euro zone leaders also made detailed provisions for
limiting the damage of a temporary default - the first in western Europe for
more than 40 years.Civil society was shocked by the brutality and stupidity of
October-18 fiasco, initiated by the Ministry of Foreign Affairs of the
government of Greece.That's why October-18 Mafia is the new name of the
government of Greece!percentage points of gross domestic product from about 150 percent today.The
Fourth Reich bailout of the Cradle of Kleptocracy cannot succeed, because the
October-18 Mafia continues corruption, Kangaroo Justice, marilizardism,
Marilizard Libel, Marilizard Spaghetti, and Marilizard Towers.

The Greek government, October-18 Mafia, is the enemy of the Greek people.
Analysts suggest that Greek debt/GDP ratio will fall around 25 percentage points
over 5 years as a result of these measures but will still be a whopping 120
percent in 2016 even a*suming that the full 50 billion euros of privatization
measures are implemented.

Kleptocracy, Kangaroo Justice, and marilizardism are anathema to civil society.
Analysts believe that bond spreads will widen again as short covering dissipates
and reality sinks in.Greek bonds jumped before relinquishing their gains and
expectations of a larger restructuring down the road are undimmed.

The European leaders' promise of a Marshall Plan of European public investment
to help revive the Greek economy may help.Shares in Europe's banks rose as it
became apparent that the major players had limited their losses on Greek bonds
to just over 5 billion euros.The ECB relented and signaled it was willing to
let Greece default as long as it was strictly a one-off.

Sarko plans to make proposals by the end of August on how to improve the
governance of the bloc, to clarify the vision of the future of the eurozone.
Sarko condones kleptocracy, Kangaroo Justice, marilizardism, Marilizard Libel,
Marilizard Spaghetti, and Marilizard Towers!

Merkel declares she will never allow an automatic transfers from richer to
poorer states.The German Constitutional Court in Karlsruhe held its first
hearing on July 5, 2011 in a case against interventions such as the bailout
packages to PIGS.A ruling in the case is expected within three months.

A group of German euroskeptic eggheads led by Joachim Starbatty filed the case
last year.The group argues that creating rescue funds violates the European
Union's no-bailout clause, which says neither the EU nor member states should
take on governments' liabilities.

Finance Minister Wolfgang Schaeuble says you can go ahead, if you do it on a
voluntary basis. That may be true as long as he uses his own money.It's not
Schaeuble's money to give!Schaeuble is using taxpayers' money, so he has to
ask them whether he can be so generous with their money.That is something
Schaeuble should consider - after all, first and foremost, his main obligation
is to the German taxpayer.Karlsruhe will probably set clear conditions for any
new package.The bailout packages for the peripheral countries, such as Greece,
contradict the spirit of the Maastricht treaty.

Karlsruhe won't decide on anything that would stop the bailout mechanism,
because the court would not risk bringing down the European monetary union.If
Karlsruhe were to say that everything that is being done now is
unconstitutional, Greece would have to leave the currency union, and there would
be a debt rescheduling.There's no escaping that.

What Germans are doing now isn't solving any problems.Continuing to give Greece
money so it can pay its creditors, only means pushing Greece further into the
debt trap.It's a bailout for the banks, but without saving the European
currency system.
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