Greece headed into ‘out of control bankruptcy’ – govt. salaries and pensions soon to go unpaid
by Mike Adams
Sunday, May 13, 2012
The financial crisis in Greece is reaching an explosive tipping point, with the youth unemployment rate now exceeding a startling 50 percent and the government itself announcing it will be forced to stop paying salaries and pensions by June:
“We will be in wild bankruptcy, out-of-control bankruptcy,” said Theodoros Pangalos, the deputy prime minister of Greece. “The state will not be able to pay salaries and pensions. We have got until June before we run out of money.”
The prime minister is further concerned his country could collapse into fascism. “You know how it happened in Germany — it started with the Jews, then the Communists, then everybody — it could happen here.”
The problem is that, like most of the western world, Greece has been living on borrowed capital for decades. The left-leaning social programs, government handouts, bloated salaries of outrageously corrupt government officials and failed economic policies have thrust Greece into economic despair. And unlike the USA, Greece cannot simply print its way out of its debt crisis. So it is headed into an era of what can only be called a financial implosion that may ultimately lead to mass rioting, social unrest and potentially even revolution.
California follows in the footsteps of Greece