BREAKING: Massive shutdown of Greek public broadcasters, NO TV, NO radio and NO internet, starting at midnight.

Tuesday, June 11, 2013
By Paul Martin
June 11th, 2013

They are ripping Greece apart.

Greece Shutting Down State Broadcaster to Cut Costs

In a surprise move, Greece’s conservative-led coalition government said Tuesday that it would shut down the state broadcaster as part of a cost-cutting drive imposed by the country’s foreign creditors, prompting protests from labor unions and the government’s increasingly alienated junior partners, which said they had not been consulted.

Describing the Hellenic Broadcasting Corporation, known as ERT, as a “modern-day scandal” and “a unique case of lack of transparency and waste,” a government spokesman, Simos Kedikoglou, said ERT would stop broadcasting at midnight on Tuesday and reopen soon as a “modern state organization” with a fraction of its 2,900 employees.

“Just six short months ago (before GGBs rallied 119% and the Athens Stock Index 53%), the EU and IMF agreed on Greek Debt/GDP targets, pronounced the nation “fixed”, and went on winter vacation. Well, surprise, the hockey-stick of expected GDP has not come to pass and now, as Der Spiegel reports, the IMF is refusing to participate in further rescue programs for Greece unless financing for the nation is secured for the next 12 months – in other words -a new haircut for Greece will be required to cover the EUR4.6 billion funding shortfall.”

The Rest…HERE

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