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Wolfgang Schäuble

June is becoming a decisive month in the struggle of the Greek people to roll back the killer austerity imposed over five years by the International Monetary Fund and the European Central Bank. Even though Athens had the money to pay a €300 million debt service payment on June 5, Tsipras and Varoufakis chose to exercise their option to delay that payment, and all payments due this month, until June 30. Unless some solution is found in the meantime, meaning in the next two weeks, the world economy will go to the brink at that time, which coincides with the transition from the second to the third quarters. Greece is far from being the only country on the brink. There is also for example Ukraine, which has been openly preparing for default for several months. The Rada in Kiev has passed a bill allowing for default which targets Russia. The carpetbagging Ukraine Finance Minister, an American woman named Natalie Jaresko, has been campaigning for Ukraine to get a debt write-down or haircut – exactly what Greece has been asking for, only to meet a stone wall from the Eurogarchs and Eurozombies. As for Argentina and Venezuela, the US has been doing everything possible to drive them into default. The world financial system is once again in grave peril, with political meddling playing a big part this time.

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