Updated 11:13 am CST. The Greek Debt Committee just declared, “all debt owed to the EU and IMF, illegal, illegitimate and odious. The committee advised Greece not to pay!
European stock markets were lower again Wednesday amid worries over Greece defaulting on its debt obligations to the European Union and International Monetary Fund. Greek prime minster Tsipras is taking a hard line against EU and IMF demands refusing to back down from campaign promises. Tsipras say’s he will not betray the trust of the Greek citizens who elected him to protect Greece from continued austerity.
The Greek central bank is warning of a new bout of recession if talks fail but the “current” recession should be of equal concern. The Greek economy saw negative growth in the first quarter of 2015 contracting by 0.2 percent. The turmoil has prompted an outflow of around 30 billion euros from Greek lenders between October and April.
Greece is scheduled to make a payment of 1.6 billion euros to the International Monetary Fund at the end of June and default is guaranteed unless EU creditors give Greece another handout.
With stocks and bonds ridiculously overvalued, it’s simply a wise decision to protect a portion of our wealth with tangible assets. It’s wise to listen to two of the major players who have been gaming this system for many years:
HSBC warned in May, 2015 that the world economy, “is like an ocean liner without lifeboats.” It also advised investors to consider gold.
Bank of America warned in May, 2015 that the markets were in a, “twilight zone” and advised investors to hold more cash and gold.
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