Once again, although the country is teetering on the verge of bankruptcy, Greek voices united against the government and the banks Tuesday night. 20 thousand angry citizens marched throughout Athens protesting the new austerity measures. Shoved into a deteriorating political and monetary crisis, outraged citizens flooded the historic boulevards. Strikes and tear gas exploded the city as the rallying Hellenes bypassed the repressive fallout and the political destruction chocking them with more taxes and spending cuts. Which, the government urgently needs for bailout funds. The question of endurance between police and demonstrators turned violent. Rocks and firebombs hurled at riot police as demonstrators tore into hotels and businesses, cutting off electricity throughout the country while cancelling dozens of flights to bring the country to halt.
The interesting dichotomy of the crisis both in and out of parliament was, the dire need for workers on poverty levels not wanting further taxation. While, on the other lawmaker’s side they were chiseling out the austerity measures to save the ancient country through taxation. On one hand government feared that austerity measures must be past to allow international creditors to release funds, at least enough until next month. It is also scared to refuse its citizens, and yet desperate enough because nobody seems to be willing to give them anymore money. Thus, the intent and counter-intent clash further infuriating the situation. Citizens had enough of political corruption and hard conditions imposed by the Eurozone union and IMF, thereby refusing to succumb to their false dilemmas. On another thought, in the bigger scheme of things its worthy to note Greece seems to be the forerunner in restructuring the political future of the Eurozone. Because, the determining factor how all these defaults will play out, will not be only for Greece. It will also be for Spain, Ireland, and Portugal, then Italy and Belgium, all being affected.
“Crisis will come and go as they always have, until a venue is found to restructure the political and monetary resolutions of Europe says President Ron Fricke of Regal Assets.” While Greece will get bailed out again by the Euro zone countries, or together with the IMF. Both had bailed them out with Ireland last year. The GOP urges Geithner not to bailout Greece which will create more inflation for the US. So, there it is. A lot at stake here–on both sides of the globe! The outstanding debt will continue to mount until the Eurozone perhaps becomes one nation, united. Until then, Greece continues to be the major topic boosting the demand for gold as an alternative investment.
Gold for August delivery gained as much as 0.4 percent to $1,506.40 an ounce and was at $1,505.90 at 2:21 p.m. in Singapore. The price has lost 2 percent this month. The immediate-delivery contract was 0.3 percent higher at $1,505.28 an ounce. Although things have been slow moving in the metal market, we have not seen the peaks that commodities will actually achieve. But as the Greeks pound the pavement shouting why they should not be forced to pay for the crisis they believe politicians are responsible for, there will be big surprises in the metal market. Although the shinny metal simmers in summer sunshine, political interventions such as the Eurozone drama can further unfold to change things in an instant. Greece has set the tone.