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Blast From The EU Past: Almunia - "Greece Will Not Default. In The Euro Area, Default Does Not Exist. There Is No Plan B"
A casual reminder of what Joaquin Almunia said just over two months ago goes to show the caliber of intellect of those running the show. Needless to say, Zero Hedge was skeptical of Joaquin's bullshit. Speaking of said bureaucrat, we wonder - did he fall off the face of the earth recently? With statesmen like this, who create soundbites such as "We have no Plan B - Plan A is on the the table, it is fiscal adjustment" who needs enemies like Ben Bernanke. Oh yeah, Europe. Nevermind.
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look the important thing is this is isloated to europe. the US has decoupled its all smooth sailing from here, from bberg this evening - Harrisburg is in Greece, isnt it?
The Harrisburg Authority, operator of a trash-to-energy incinerator in the state capital of Pennsylvania, will not make a scheduled May 1 payment on a $17 million bond issue from 2002, said Michele Torres, the agency’s executive director.
The authority is preparing to notify the city, the guarantor of the bonds, that it will skip the $425,282 payment, Torres said in a telephone interview from her Harrisburg office today.
The 2002A bonds have no money in their debt service reserve accounts, Torres said.
And this is the week that Los Angeles will close all city departments (except police, public safety, and revenue generating) 2 days/week. The catalytic event? Inability of the Department of Water and Power to make it's full payment.
There will be many more such events. Excessive credit extension = unsupportable debt. The overhangs are far from being wrung out yet.
The important thing to remember is that nobody right now is paying their debts. So Harrisburg is nothing special. Its ok, though. The US govt is backstopping the whole scene. And even though the US govt is deeply in debt, the Chinese have our backs. So nothing to worry about. Spend and be happy.
This idiot is right on one thing.... "that all of Europe, the US, Africa... have economic problems..."
Well if he can figure this out, given that he is able to say something as dumb as "no risk of default"
And there was me thinking the ECB was running the D-plan, as developed by the French army prior to the Franco-Prussian War . . .
I smell an overly defensive panicking man.
I could see the other countries all ganging up and saying "Ben, you fucker, we know you are printing. You better print us some too or we are going to tell." Ben says, "Okay you fucker fuckers, but you gotta make it look good, really good, or the whole party comes to a crashing halt."
You know what, you're probably right. I think many of the financial centers of the world along with many countries know exactly what is going on. But they know that if they jump up and yell well tell, then the US will say go ahead take down the whole western financial system. It will be bad for us but definitely more than others. Countries can't afford to have light shined on what is really happening because they are just as caught in the situation as are us. But eventually it will come to an end, all things do. And usually what happens it comes from unlikely sources (PIIGS and State default on munibonds in the US).
Isn't that what the Economic Symposium in Jackson Hole every August is all about?
No, that's about getting plastered with Eastern European hookers. ;)
Who was that Iraqi minister that was always promising, in every TV interview, total victory for Saddam and complete annihilation of the enemy even as US tanks were rolling in the background?
http://www.welovetheiraqiinformationminister.com/
priceless.
An ear banging from this guy can't help but inspire, yah.....?? Just by saying " all rumors should be denied " he has inadvertently admitted the rumors are true. Psychology 101.
Greece will not default. Greece has always been at war with Eastasia...
Heh he he he he hehehh he hehhh
Sociopah Helenic Soap Operas.
Yes, speculators are clearly the problem here.
A blast from the past is right! I will say it again, "[H]e is either an idiot or evil and manipulative."
Anyone? Anyone?
This guy should be enlisted in the US propaganda huh no free press. Would fit in the barge of the Viet minh severed arms of inoculated kids, iraqi soldiers removed early babies from incubators during Koweit campaign, "we have unarguable evidences Iraq stashed WMDs like a squirrel nuts" given by M.B student black promoted general who later made money writing a book stating he knew at that times the evidences were false or Afghans turned burning non wearing burqas women into a national sport. With Iran coming up, this guy has a bright carreer to come.