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Crisis Hour: Europe May Withhold Half Of €12 Billion Greek Aid As No Emergency Meeting Decision Reached

Tyler Durden's picture




 

EUR longs sure are missing Paulson's bazooka, as currency sell orders may flood the tape as soon as trading resumes at 5pm following the latest one-two knockout pair of news about Greece, which just went through the eye of the hurricane on Friday, and is about to be rocked all over again. According to Bloomberg, the math of the Greek bailout, which as we already discussed is highly impossible, is about to be made even more ridiculous, after European finance ministers have decided they may only authorize half the critical €12 billion rescue payment: "Euro-area finance ministers may authorize only a 6 billion- euro loan to
tide Greece through bond redemptions in July, while further aid hinges
on Greek budget cuts, Belgian Finance Minister Didier Reynders said. “We will in any case try to release the necessary funds for the short
term,” Reynders told reporters before a meeting of euro-area finance
ministers in Luxembourg tonight." What's worse is that any hope Europe may have finally reached a consensus on how to proceed with Greece, has once again crumbled after "Dutch Finance Minister Jan Kees de Jager said he doesn’t think euro area finance ministers will agree on a new rescue package for Greece at talks in Luxembourg today." In other words the "we'll make it up as we go along" bailout continues although any faith a credible settlement will be reached is by now completely gone.

From Bloomberg:

European governments weighed withholding half of Greece’s next 12 billion-euro ($17.2 billion) aid payment, seeking to keep the country solvent while maintaining pressure on the government to slash the debt that pitched the euro area into crisis.

“We will in any case try to release the necessary funds for the short term,” Reynders told reporters before a meeting of euro-area finance ministers in Luxembourg tonight.

Europe’s financial brinksmanship ran in parallel with Greek Prime Minister George Papandreou’s effort to save his government from collapse and win parliamentary backing for spending cuts, tax increases and state-asset sales needed to keep bailout funds flowing.

Tonight’s euro-area finance ministers’ meeting coincided with the start of a three-day Greek parliamentary debate in Athens over a confidence vote in a new cabinet at what Papandreou called a “critical crossroads.” Papandreou has 155 seats in the 300-seat parliament.

Papandreou said he planned to hold a referendum later in the year for changes to the constitution that would reform the political system in the country. The prime minister said his goal was to tackle the root causes of the country’s debt and deficits that are “symptoms of the illness, not the cause.”

On the table are incentives for bondholders to maintain their exposure to Greece, said Luxembourg Prime Minister Jean- Claude Juncker, chairman of the talks. He ruled out an agreement tonight on a new three-year package for Greece, pointing to July for a “final and overall answer.”

And adding insult to injury is the news that this critical weekend, which many had expected would solidify a European consensus over Greece, has just proven to be yet another failoure.

Dutch Finance Minister Jan Kees de Jager said he doesn’t think euro area finance ministers will agree on a new rescue package for Greece at talks in Luxembourg today.

“You have the fifth tranche, which depends on the Greek implementation of austerity measures and the IMF assessment of that,” De Jager said. “But the real discussion at the moment is about the possible second program and there lies the real discussion today. We are going to debate on that and that will be a very heavy debate.”

De Jager said he sees no need to expand the European Financial Stability Facility.

“The net value of 750 billion euros is enough, so we should stick with it,” he said. “Coming out of this crisis, the most important thing is more austerity measures, more economic reforms and of course if Greece will perform, will implement all those measures. Then we will be there, if also the private sector is participating.”

In the meantime, nothing has changed on Syntagma square, where indignant Greeks continue to ask the logical question: just how will the Greek economy grow if everyone is on strike for the next several years?

And below is Max Keiser doing his best to rile up the troops:

 

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Sun, 06/19/2011 - 15:14 | 1382858 blindman
blindman's picture


Max Keiser’s Syntagma Sq. “Greece in under bankster occupation” speech translated into Japanese

Posted on June 19, 2011 by maxkeiser
http://maxkeiser.com/2011/06/19/max-keisers-syntagma-sq-greece-in-under-...
.

Sun, 06/19/2011 - 16:34 | 1382970 ISEEIT
ISEEIT's picture

This is the shit. Ludwig is getting challenged. Ludwig is in the ring. No way that anyone really knows shit, so the proof is in 'da puddin. Ludwig VS the machine.

I love this because nothing is better than reality. I hope the asshats push it over 1.44 because the higher they play, the more fun the jump down will be.

Whooppee!

Sun, 06/19/2011 - 17:43 | 1383075 gringo28
gringo28's picture

go ahead, short the euro and then bend over for mao tse's tung. idiots waiting for europe to implode are about as stupid as those waiting for godot.

Sun, 06/19/2011 - 17:50 | 1383091 Raymond K Hessel
Raymond K Hessel's picture

Unh uh...you're stoopid...stoopid monkee.

Sun, 06/19/2011 - 18:45 | 1383153 Quixotic_Not
Quixotic_Not's picture

Mt.Gox (Bitcoin exchange) Account database hacked

The monkey got spanked!

Dear Mt.Gox user,

Our database has been compromised, including your email. We are working on a
quick resolution and to begin with, your password has been disabled as a
security measure (and you will need to reset it to login again on Mt.Gox).

If you were using the same password on Mt.Gox and other places (email, etc),
you should change this password as soon as possible.

For more details, please see this:

https://support.mtgox.com/entries/202080....

The informations there will be updated as our investigation progresses.

Please accept our apologies for the troubles caused, and be certain we will do
everything we can to keep the funds entrusted with us as secure as possible.

The leaked data includes the following:

- Account number
- Account login
- Email address
- Encrypted password

While the password is encrypted, it is possible to bruteforce most passwords
with time, and it is likely bad people are working on this right now.

Any unauthorized access done to any account you own (email, mtgox, etc) should
be reported to the appropriate authorities in your country.

Thanks,
The Mt.Gox team

 

Looks like ol' Conrad Murray is eating some nasty crow today!

http://www.zerohedge.com/article/guest-post-qe2-bernanke-chronicles#comm...

http://www.zerohedge.com/article/things-make-you-go-hmmm-it-safe#comment...

Sun, 06/19/2011 - 18:53 | 1383164 dwdollar
dwdollar's picture

Not good.  But only if you keep your Bitcoins on that site and not in your Bitcoin Client.

Sun, 06/19/2011 - 20:13 | 1383324 uniman
uniman's picture

Ouch! It's not hard to guess that anything on the Internet that has anything to do with money is going to get scammed/attacked.

Bitcoins is a great idea and a good thing if it can survive the real-world.  This most recent attack on an exchange site left the system standing and many users scrambling to harden their usage of BTC.

What doesn't kill it makes it stronger.

Sun, 06/19/2011 - 22:23 | 1383610 Quixotic_Not
Quixotic_Not's picture

Good luck to them...

Personally, I don't trust the .gov with my store of wealth, I certainly couldn't trust it to exclusive access via anonymous connections on the Internet!

Sorry, but that's just pie-in-the-sky kar-razy...LOL

Sun, 06/19/2011 - 22:25 | 1383617 Quixotic_Not
Quixotic_Not's picture

*Server burp*

Mon, 06/20/2011 - 06:02 | 1384325 Yen Cross
Yen Cross's picture

 Hows Goldie?

Sun, 06/19/2011 - 18:04 | 1383109 dracos_ghost
dracos_ghost's picture

Reluctantly, I have to agree with you. Once the shylocks find out that China is an angel creditor, that high yield Greek debt will look tasty.

Dump dollahs, buy euros and get a ridiculous yield. $2T in excess reserves will buy a lot of souvlaki.

These little Lord Fauntleroys have lost control and we will be lucky to survive.

Sun, 06/19/2011 - 15:28 | 1382863 Oh regional Indian
Oh regional Indian's picture

This Greek tragedy is being wrung and strung out for some very good data point collection by PTB.

How much goading will a people take after 15 years of fattening up?

Iceland stood up. Zimbabwe stood up. After that?

Folding like a house of cards....Ireland? UK? Greece?

The sovereign debt crisis is a permanent fixture of our fare now.

Rolling thunder...

ORI

http://aadivaahan.wordpress.com/2011/06/17/nuclear-american-cross-other-...

Sun, 06/19/2011 - 15:20 | 1382867 The Aviator
The Aviator's picture

Keiser is a real modern day hero. Exposing the banksters and bringing silver into the WORLD's spotlight!
Time to finish the job and help Keiser take silver viral! We'll take these banksters down yet!

http://silverdoctors.blogspot.com/2011/06/silver-viral-project-guidebook...

Sun, 06/19/2011 - 15:42 | 1382897 scratch_and_sniff
scratch_and_sniff's picture

He's a show man, he knows that if Greece defaulted the "austerity" felt at the moment would be small potatoes, but it doesn’t stop him grabbing the mic and doing his merry dance. We are talking about the total collapse of the state, hyperinflation^x and NO public sector jobs at all and forget about pensions, severe poverty, and the break up of the Euro, leading to all sorts of problems for each and every Euro member state...its not going to happen anytime soon, i will bet my balls on it.

Sun, 06/19/2011 - 15:54 | 1382911 Quintus
Quintus's picture

Everything you describe is going to happen anyway whether the next 'Bailout' happens or not.  There is no fix for a country as deeply in debt as Greece, certainly not the EU 'Solution' of adding even more debt.

The choice the Greeks face is whether to default now or default after a few more years of progressively greater poverty and enforced austerity during which their public assets will be strip-mined and sold off to the banking fraternity and their well connected wise-guys.

It's not really a tough decision, and the Greek public have already made it.

Sun, 06/19/2011 - 16:32 | 1382962 disabledvet
disabledvet's picture

you really can have a coup.  "it's that serious" as much as i poke fun at it all.  what happens to the other European democracies or "democratic order" is anyone's guess.  obviously the PM should have already resigned and without a doubt he has not done so for fear of prosecution.  he's only digging a deeper hole--for his country of course as he's already done.  with Libya a disaster "how many Germans does it take" again?  Only one?  This story only begins with the failed state of Greece.

http://www.youtube.com/watch?v=CvJp1X3qiog&feature=player_detailpage

 

Sun, 06/19/2011 - 16:39 | 1382981 scratch_and_sniff
scratch_and_sniff's picture

In case someone forgot to tell you, the public dont actually make the decisions. If the government default now, after so little effort to reconcile the situation, they will be banished to the dark ages. All they have done is take handouts, this was going on long before the crisis, you cant blame it on ponzi economics only when the SHTF, it has just been good old fashioned incompetence that got them here, now they realise they might have to pawn some shit to pay it down, and the toys come out of the pram. I dont sympathize, sorry.

Sun, 06/19/2011 - 17:04 | 1383013 Quintus
Quintus's picture

Banished to the dark ages?  You mean like Iceland who are back in the bond markets already and selling debt at 5% vs 11.5% that "Good European" Ireland would have to pay if they could ever persuade anyone other than the ECB to lend them money?  

Lots of countries have defaulted in recent decades and every single one of them was back in business again within a few years.  Enough with the banker scare mongering about dark ages, plagues of locusts and so forth - it's never happened in reality, regardless of how much the banking M.A.D.-mongers would like it to be so.

How and why the Greeks got to this position is pretty much irrelevant to what they should do next; crying over spilt milk and all that.  In the here and now they have two choices:  Default now or default later from a much worse position.  When you have ministers resigning from the government 'Because they want to be able to walk the streets safely' I think it is a bit simplistic and childish to say that the public is irrelevant to the decision making process.

Incidentally, I doubt anyone over there is asking for your sympathy.

Sun, 06/19/2011 - 17:19 | 1383036 Armando Javier ...
Armando Javier Finkeltein of the Boise Finkelsteins's picture

Stop with this talk about Iceland.  It is a frickin country of 300,000 people.  It means nothing. They have 3 blacks, 2 Poles and 5 Mexicans.

Sun, 06/19/2011 - 17:46 | 1383088 Quintus
Quintus's picture

Jesus Christ.  Ok then. Russia?  Argentina?  How about you name me one country that has ever defaulted, having first reached an approximately 'Western' level of economic development and is still unable to access the bond markets.

Sun, 06/19/2011 - 17:35 | 1383060 scratch_and_sniff
scratch_and_sniff's picture

Iceland is nothing like Greece, Iceland was only 80bln of banking debt, it was not mountains of sovereign debt that had been shared out in pensions and public sevant jobs, and when iceland defaulted it was only running a 2% shortfall of GDP but still in growth and taking healthy tax revenues, not a 9.2% shortfall and in deepening recession, in a country where the only people who need to pay tax are public servants. WTF?

As for saying that how and why the Greeks got to this position is pretty much irrelevant, well thats not how i see it. If they spent the money among themselves, they should at least try to have a go at paying it back, as i said, it was incompetence that got them in their position - it wasn’t some colonial masteres of the universe hit job, they took the rope to hang themselves. Beyond bankers, there is a degree of responsibility for doing business with anyone, this does not look good for greece.

"I think it is a bit simplistic and childish to say that the public is irrelevant to the decision making process." thats a good one, were they in the decision making process when they were taking the handouts? No they didn’t mind at all. All of a sudden they are all economists when they have to pay back. Fuck em.

Sun, 06/19/2011 - 17:52 | 1383092 Quintus
Quintus's picture

"In case someone forgot to tell you, the public dont actually make the decisions." - The Public do not make all the decisions

"I think it is a bit simplistic and childish to say that the public is irrelevant to the decision making process." thats a good one, were they in the decision making process when they were taking the handouts? No they didn’t mind at all.  - The Public were making the decisions

Come on mate you can do better than that.  At least try to be consistent.

Sun, 06/19/2011 - 18:16 | 1383118 scratch_and_sniff
scratch_and_sniff's picture

You are misunderstanding me, inconsequential really, but the implications of what i said was that they did not bloody care about the any decisions aslong as they were kept sweet! Now they want to make all the big decisions, hard luck. Why weren’t they on the streets protesting when they had pay rises and pension top ups? Where were all the armchair economists and frugal lobbyists proclaiming that they were heading into deficit la la land and the government should stop spending immediately! No where to be seen. There was no cap on the stupidity, now they want to offload the problem elsewhere…I have nothing to lose, don’t really care, but call a spade a spade and lets be done with this.

Sun, 06/19/2011 - 18:45 | 1383149 Quintus
Quintus's picture

There is no moral high-ground to be had here.  Everyone in the US who bought a McMansion on credit that they had no realistic hope of repaying...Every northern European who bought a holiday villa on the Costa del Sol by re-mortgaging their house to the max...everyone who took out multiple credit cards on which they can only make the minimum repayment....and every Greek who believed they deserved an inflated pension at age 50...they all bought into exactly the same lie that every government in the western world was peddling - "Don't worry about the future - just enjoy yourself now and we'll make sure everything is alright tomorrow".

I heard nobody objecting anywhere when the good times were rolling, but now that it's time to jinglemail the keys of McMansion, give up the holiday home, cut up the credit cards and take a pension cut - now everyone wants to blame the other guy.

Sun, 06/19/2011 - 18:53 | 1383166 hamurobby
hamurobby's picture

Look at it this way, at least the Greeks (like Americans) know how to default, its an ongoing theme.

Sun, 06/19/2011 - 19:17 | 1383199 scratch_and_sniff
scratch_and_sniff's picture

I dont know about it all being a lie, i think you are giving government way too much credit. There is hand-over-fist incompetence, sure, but in the end it doesn’t go unnoticed. Do you know how many Greeks declared income of over 1mln euro in 2010? Wait for it,(cue watery fart noise at end of drum roll) 6. Yip, that is six lol. And a grand total of 85 of them declared income of over 0.5mln euro, yes 85. The reality is that a lot of greeks are sitting on a lot of hidden wealth, coochekoo whos a clever greek, and yet they expect the outside world to pay for their public sector noose. I don’t know about your moral high ground mate, but im claiming mine, I say fuck em.

Sun, 06/19/2011 - 20:11 | 1383315 nicxios
nicxios's picture

Wow, you cracked the case Sherlock. <shock>Rich people avoid the taxman!</shock>

Sun, 06/19/2011 - 20:15 | 1383330 scratch_and_sniff
scratch_and_sniff's picture

<shock> yeah, all but 6 of them...</shock>

Sun, 06/19/2011 - 19:34 | 1383223 Founders Keeper
Founders Keeper's picture

[Enough with the banker scare mongering about dark ages, plagues of locusts and so forth - it's never happened in reality...]---Quintus

Yes, I'm sure you're right. The Great Depression of the 1930's in the US "never happened in reality." 

And Weimar Germany. I'm sure that was just a fairy tale with a happy ending.

 

The heads of state warning of financial Armageddon is actually true.

The promise from heads of state claiming they can fix the problem is a lie.

 

Mon, 06/20/2011 - 04:51 | 1384280 Quintus
Quintus's picture

Not sure what either of those two events has to do with a sovereign default?  Which is, since you seem to be a bit slow on the uptake, what we were discussing.

Sun, 06/19/2011 - 16:11 | 1382928 Jason T
Jason T's picture

Have you ever read about the German economy post 1935 after hitler booted the international bankers out once and forall?  They bartered as jews boycotted them and international finace would not allow them to trade with their "sovereign currency."  They were quite a success...so much so, it took both the capitalists of the West and Communist of the East to defeat little Germany, with their own sovereign currency.  

Sun, 06/19/2011 - 16:19 | 1382941 Ahmeexnal
Ahmeexnal's picture

Spreading lies again?

Rockefeller/JPM/Ford and many internationalist NWO (Church of Rome at the helm) are the ones who propped up the "german miracle".   The "sovereign currency" you speak of was based on "arbeit".  Slavery backed currency.  And that's what the Euro is all about.

Sun, 06/19/2011 - 17:16 | 1383031 A Man without Q...
A Man without Qualities's picture

Well said - international bankers, especially from the US were a vital part of the building of the Nazi economy.

 

http://www.amazon.com/Wages-Destruction-Making-Breaking-Economy/dp/01431...

Sun, 06/19/2011 - 17:50 | 1383095 usefuloutput
usefuloutput's picture

Good point,

May I add Vereinigte Stahlwerke AG,

aka Thyssen. (steelworks)

http://en.wikipedia.org/wiki/Fritz_Thyssen

 

Sun, 06/19/2011 - 16:22 | 1382946 scratch_and_sniff
scratch_and_sniff's picture

Good one.

Sun, 06/19/2011 - 17:04 | 1383004 russwinter
russwinter's picture

This is a myth, with a default in two years Greece will be right back in the credit markets, borrowing at relatively reasonable rates.  Iceland just borrowed at 5%. The additional good news is that the world will be without the burden of several large banksters. 

Sun, 06/19/2011 - 17:14 | 1383033 A Man without Q...
A Man without Qualities's picture

FFS, ICELAND DID NOT DEFAULT.  

Sun, 06/19/2011 - 17:54 | 1383094 russwinter
russwinter's picture

Technical that is correct, instead they let their banks collapse.  Massive banking haircuts is the preferred solution, but a restucturing of debt is twiddle dee twiddle dum. 

Sun, 06/19/2011 - 15:29 | 1382871 bob_dabolina
bob_dabolina's picture

Well they can still afford copper bromide lasers as can be seen in the video so it can't be that bad. 

Wouldn't surprise me if they brought in Tiesto and started dropping exstasy. 

Fuckin' Greeks. 

Sun, 06/19/2011 - 15:27 | 1382873 AndItsGone
AndItsGone's picture

The less we say about it the better
Make it up as we go along
Feet on the ground
Head in the sky
It's ok, I know nothing's wrong

Sun, 06/19/2011 - 15:37 | 1382880 Paralympic Equity
Paralympic Equity's picture

Just read it on bloomberg, I was stunned and happy at the same time...200 DMAs here we go...I'll wave to CAC when it passes in front of my window...

Sun, 06/19/2011 - 15:35 | 1382881 Don Quixotic
Don Quixotic's picture

Have there been any signs, whether positive or negative, in the FX markets? Also, can someone link me to a reliable, live site where I can get FX info?

Sun, 06/19/2011 - 15:55 | 1382912 Don Quixotic
Don Quixotic's picture

Thank you.

Sun, 06/19/2011 - 15:34 | 1382885 gwar5
gwar5's picture

Max is everywhere! Go Max Go!

The EU experiment is more evidence central planning is just an arrogant and destructive endeavor.

Sun, 06/19/2011 - 15:48 | 1382901 ThoughtCriminal
ThoughtCriminal's picture

a year or so ago, i advised Max to look into something like this:

"STOOF International has numerous armoured vehicles presently operating world-wide in extreme dangerous war zone and crisis areas ..."

http://www.stoof-international.de/en/armoured-limousines/

 

 

Sun, 06/19/2011 - 15:38 | 1382886 slewie the pi-rat
slewie the pi-rat's picture

the banksters are getting end played and must send them enough money to replenish the Strike Fund, comrade BiCheZ...

Sun, 06/19/2011 - 15:41 | 1382892 bugs_
bugs_'s picture

Which 5 star restaurant will we have our next emergency meeting at?  Its just so hard to achieve consensus today.  (which is amazing since they all think the same, do the same, ponzi the same, hurt the same).

Sun, 06/19/2011 - 15:39 | 1382894 disabledvet
disabledvet's picture

i'd like to think this is a parody of what's going on "over there"...unfortunately, IT'S NOT!  http://www.youtube.com/watch?v=agLwIxiEk_c&feature=player_detailpage

while the rest of us are hanging out on the beach with Bugs this summer, perhaps some reading material?  http://www.youtube.com/watch?feature=player_profilepage&v=qwpjSpc3loQ

Sun, 06/19/2011 - 15:46 | 1382896 bob_dabolina
bob_dabolina's picture

The dollar is going to EXPLODE higher. 

Let the games begin bitchez. 

Sun, 06/19/2011 - 17:09 | 1383022 jonytk
jonytk's picture

Yes and german exports are going to EXPLODE if that's the case...

 

Sun, 06/19/2011 - 15:48 | 1382898 tony bonn
tony bonn's picture

it astounding to watch all of these governments jumping through their butts to save the banksters....this high drama of politicians stitching their panties together to sew a security blanket is obscene not because their pussies are now showing but because they are so beholden to the banksters...

the banksters made bad loans, and contrary to david rockefeller's famous statement that nations don't go bankrupt, they most certainly do go bankrupt because irresponsible banksters and politicans are in bed fucking each other into oblivion....

i've seen enough of the show....let them go bankrupt and start all over again....

Sun, 06/19/2011 - 16:37 | 1382978 Raymond Reason
Raymond Reason's picture

Yes, everything is being revealed.  And it really is shocking to see....the real rulers are exposing themselves now, and they are the international banks. 

Sun, 06/19/2011 - 17:22 | 1383038 baby_BLYTHE
baby_BLYTHE's picture

just wait until the fiat currencies collapse, the government's will quickly lose any semblance of power in the eyes of the populace.

That is when the real fun begins.

Sun, 06/19/2011 - 17:22 | 1383044 walcott
walcott's picture


Nicolae Ceausescu's final speech

http://www.youtube.com/watch?v=GU53qv5aA1M

Sun, 06/19/2011 - 17:27 | 1383045 walcott
walcott's picture

 


The King of Communism (Nicolae Ceausescu) Part 2

http://www.youtube.com/watch?v=J0kVd2258Yg

 

Sun, 06/19/2011 - 15:53 | 1382903 Atomizer
Atomizer's picture

Sorry for Repost.. Think derivatives

With the support of the G-20, the International Monetary Fund (IMF) and Bank for International Settlements (BIS) have issued reports with recommendations for more effective

cross-border resolution. (75) The FSB has also addressed some of these issues, with a more comprehensive report coming in 2012. (76) There are some extreme options for dealing with this

issue including an international treaty allocating responsibility among countries for cross-border resolutions or even creating a new international authority, or a requirement that financial

companies operate in all countries through subsidiaries (rather than branches) to facilitate host country control. (77) The former is impractical and the latter would be inefficient—without

branches firms would have to capitalize all operations in each country through subsidiaries. The subsidiarization approach would also run afoul of the E.U. single passport system in which E.U.

banks are free to operate throughout the E.U.

 

75: www.imf.org/external/np/pp/eng/2010/061110.pdf

76: http://www.financialstabilityboard.org/publications/r_101111a.pdf.

77: See, e.g., INT’L MONETARY FUND, supra note 75, at 3

 

Shall I bring you a bottle of milk or your binky to deafen your crying?

Sun, 06/19/2011 - 16:22 | 1382907 anynonmous
anynonmous's picture

crisis in greece

 

crisis in America - in case you missed it on Cspan (unlikely) from Weds of this week a congressional hearing on gun smuggling to the cartels (Government agency sanctioned??) and the death of an American agent - it is unbelievable

 

http://cs.pn/mfI0Z8

 

 

 

Sun, 06/19/2011 - 21:05 | 1383430 Old Poor Richard
Old Poor Richard's picture

The smuggling wasn't government agency sanctioned, it was government agency perpetrated.  The ATF has been smuggling guns to the Mexican cartels in some hopelessly shameful, incompetent "sting".  And an ATF gun killed a US border agent.  Would be unbelievable 10-20 years ago, now earns shrugs.

In the meantime, the lamestream media (I read it in USA Today) is reporting uncritically that "80% [or some such huge percentage] of Mexican ganster guns came from the US" implying falsely they are peashooters bought in Arizona gun shops and smuggled over piecemeal.  These US-sourced guns are military arms smuggled by the CIA or sold outright through "legal" channels to central and south American governments.

 

Sun, 06/19/2011 - 15:57 | 1382908 CrashisOptimistic
CrashisOptimistic's picture

"On the table are incentives for bondholders to maintain their exposure to Greece"

This will be the final outcome.  The EU and ECB, as their mechanism of pretense, will "subsidize" the bondholders in the rollover.  The bondholders will be happy to re-lend more money to Greece as their present holdings mature, but only at prevailing market rates (30%).  The EU will essentially fund the difference between 30% and 5%, directly to the bondholders, and celebrate how the bondholders have "fully participated in the aid provided Greece".

Watch. That's how they'll camouflage it.  Greece will get 5% money, the bondholders will get 30% return.  The German taxpayer will pay the difference.

Sun, 06/19/2011 - 15:58 | 1382918 Azannoth
Azannoth's picture

I wonder if that would bring out the Germans from their sleep, I am guessing not, too many clueless people here

There is absolutely no alternative in Germany the rulling coallition is for the Bailout the incomming opposition is even more for the bailout(they are socialits afterall) there will be no change in German policy over this

Germany is laking a True Fins Party like they have in Finland, any nationalistic party in Germany would be banned in seconds by the 'supreme jewish court'

Sun, 06/19/2011 - 16:06 | 1382921 cosmictrainwreck
cosmictrainwreck's picture

WOW - what a hose-job. The hell of it is....you are probably right

Sun, 06/19/2011 - 23:33 | 1383766 hamurobby
hamurobby's picture

War reparations, third time wasnt the charm either.

 

Sun, 06/19/2011 - 16:00 | 1382915 MarketTruth
MarketTruth's picture

"European finance ministers have decided... may authorize only a 6 billion- euro loan to tide Greece through bond redemptions in July."

And then in July they will release the other $6 billion to keep the banksters domino from falling. The Euro is a joke... at least the Bernak is good at hiding the massive fraud... until the day the truth comes out of course.

Physical holding of gold and silver never looked better. Now let us hope that possible July 15 situation allows for an excellent entry point for buyers worldwide.

Sun, 06/19/2011 - 16:38 | 1382974 CrashisOptimistic
CrashisOptimistic's picture

I truly don't understand this glib presumption that gold or silver do anything helpful at all.  The microsecond that they pose any threat at all, the government will continue the preliminary action of Friday and simply make trafficking illegal, just like drugs.

Possess if if you want, but you may never buy, sell or trade it.

That moment, all quotes disappear.  How would you know if a buyer is a Federal law enforcement agent?  How would a buyer know if a seller is not?  How would you know the correct price?  It's just insane to presume it will ever have anything other than speculative value.

Prohibiting trafficking is a zero cost and effortless way for the government to snuff off any threat from it.  Just make trafficking illegal, make a few arrests and manufacture a few convictions/jail sentences, and presto, value 0.  Worse, the defense attorneys (who will lose) will take only dollars in payment.

You guys really need to rethink this.

Sun, 06/19/2011 - 16:49 | 1382989 Raymond Reason
Raymond Reason's picture

History doesn't support your arguement.  The value of gold has never been 0. 

When the common people lose faith in the world reserve currency, the bankers power pops like a balloon.  Power will decentralize along with currencies / economies.  The status que is centralization, and the status que is what cannot be maintained. 

Sun, 06/19/2011 - 17:17 | 1383037 Confuchius
Confuchius's picture

You might read up on the fantastic success of Prohibition in controlling people's thirst.

Sun, 06/19/2011 - 17:38 | 1383066 gwar5
gwar5's picture

I understand where you're coming from, but I don't think Gov.co will ever go there. They never went door to door in 1933 and won't have the manpower now, either.  Besides black markets make prices go up.

Besides, if the government says they are going to confiscate US citizens private PMs again, they'll have to explain what they did with the 10,000 tons they stole the last time around. And, why they're not already using the remaining 8100 tons to restore USD value after they stole it bailing out the private banks of the world. They're   more likely to try to figure a way to slap a tax it somehow to punish people for using it -- fail -- it'd be like trying to tax prostitution. 

Gold is already explicitly legal tender in Utah, other states are pending. 1 oz Mexican silver coins look like they're going to be produced and circulated again, possibly as soon as next year, because they see what is happening to the USA. 

 

 

Sun, 06/19/2011 - 18:27 | 1383130 CrashisOptimistic
CrashisOptimistic's picture

You missed my point.

The government won't expend money to confiscate.  They will simply make trafficking illegal as they do with drugs.

It's not prohibition.  You can own it.  You just can't buy, sell or trade it.  Orrr, they could tax all such transactions to an extreme extent.  That was an option not available on alcohol, which was a moral issue.

Severe taxation of gold transactions would end its relevance, not that it really has any now beyond speculation.

 

Sun, 06/19/2011 - 20:03 | 1383304 taraxias
taraxias's picture

They will simply make trafficking illegal as they do with drugs.

 

And that worked so well.......

Sun, 06/19/2011 - 20:14 | 1383329 wisefool
wisefool's picture

<sarc> I am going long on the PM sniffing dog industry. should be profit maker in any scenario.

Sun, 06/19/2011 - 15:58 | 1382917 Weimar Ben Bernanke
Weimar Ben Bernanke's picture

I have a question. Where is the Greek military in all of this? Are they planning a coup or will the nation face civil war? If Greece defaults the euro socialist dream will crash and burn. So what will happen to Europe when they face the prospect of a deep ultra depression?

Sun, 06/19/2011 - 16:42 | 1382984 disabledvet
disabledvet's picture

the Spanish socialists have already been annihilated. France, Germany, Italy and Britain are all conservative governments.  there is no "deal" only "arrests to be made."  the bigger deal is how this relates to Goldman Sachs and whether the entire European Union was "lied into existence" by them. Given the "Arab Awakening" and its attendant "side effects" i absolutely see a coup in the very near term in Greece with a possible war raging in North Africa as a consequence now.  While I'd like to think of this as the "golf match between Speaker and President" http://www.youtube.com/watch?feature=player_detailpage&v=W3A9rLoz_0o

something tells me it was more along the lines of this

http://www.youtube.com/watch?v=M87s_I-c-Xw&feature=player_detailpage

Sun, 06/19/2011 - 16:47 | 1382986 gwar5
gwar5's picture

Good questions.

My guess is that a lot of finger pointing is about to happen. Everything will be blamed and scapegoated except the real causes because they'll try to resurrect the same corruption again.

Not sure about the Greek military either, I want to see what they do, too. Wonder if the $6 billion release of funds might have from the EU to cover military paychecks -- otherwise why bother paying anything?

 

Sun, 06/19/2011 - 18:54 | 1383167 disabledvet
disabledvet's picture

exactly.  "why bother paying anything."  if you're in bed up to your eyeballs in the Goldman Sachs bs as the PM obviously is then "you're into the bs until you're over."  he's staying in for a reason--and the downgrades of other European banks says to me "they're doing a bad job papering over the Union rules for debt."  Europe has obviously now focused purely on "internal problems" which makes Greece an after-thought.  Think the financial equivalent of "when the Chinese crossed the Yalu River."  http://www.youtube.com/watch?feature=player_detailpage&v=nKLSJ6a3DmU.  As they all said "it was every man himself."

Sun, 06/19/2011 - 19:45 | 1383263 stormsailor
stormsailor's picture

to bad that in this "battle" there is no gloucestershire regiment.

 

nor marines fighting retreat from the frozen chosin.

 

in fact,  where are any heroes

Sun, 06/19/2011 - 16:03 | 1382919 americanspirit
americanspirit's picture

Isn't it a bit strange that all eyes are on Greece while the rest of the European periphery is also in financial flames and the European core is melting down. Maybe there's just too much going on at once for the human mind to manage, so we all focus on the most obvious - whatever that happens to be at the moment.  Or maybe the reality is that nobody know what is going on and nobody knows what to do.

Sun, 06/19/2011 - 16:43 | 1382980 CrashisOptimistic
CrashisOptimistic's picture

This is how the post Peak world unfolds.

And make no mistake about it; it's forever.

Sun, 06/19/2011 - 17:25 | 1383049 Confuchius
Confuchius's picture

Americanspirit;

You refer to "human minds" presumably meaning those at the ECB.

Are you certain such things are really there?

Sun, 06/19/2011 - 16:04 | 1382920 Piranhanoia
Piranhanoia's picture

The big PIGS are arguing about pretend digits they have to give out to little PIIGS so big pig doesn't get taken to abattoir first. 

Sun, 06/19/2011 - 16:09 | 1382922 Sudden Debt
Sudden Debt's picture

They'll fold. No doubt about it!

 

Reason: All the politicians want to go on vacation. No vote would mean that the problems would keep them away from the hard earned 2 month vacation.

 

Also the Greek government people still need to receive their double vacation salary. It would be bad for tourisme if they didn't get it.

6 billion is only for their basic salaries.

 

Sun, 06/19/2011 - 16:07 | 1382923 zippy_uk
zippy_uk's picture

Max Keiser for President!

You can count on my vote Max - er, actually you can't because I am from the UK. Never mind

Sun, 06/19/2011 - 16:10 | 1382927 DCon
DCon's picture

EUR/USD at 1.4267 in pre-market trading

 

dropped as low as 1.4260

 

 

 

Sun, 06/19/2011 - 16:08 | 1382930 Re-Discovery
Re-Discovery's picture

Not that bad really.  This will still be a long slow leak . . . . .until it isn't.   IMHO.

Sun, 06/19/2011 - 16:14 | 1382936 Sudden Debt
Sudden Debt's picture

That's actually pretty strong.

I expected it to drop to 1.28

There are going to be a lot of Euroshorts who will be toast next week.

 

Sun, 06/19/2011 - 16:13 | 1382931 sasebo
sasebo's picture

What do you expect when the stupid, incompetent asshole politicians you elect continue to sell the right to print money to a bunch of greedy, psychopathetic, billionaire assholes in return for campaign contributions? Might I add delusional? Since circa 1913?

Sun, 06/19/2011 - 16:12 | 1382934 Sudden Debt
Sudden Debt's picture

I don't think there's a single voter who wants their governement to do this shit.

Here in Belgium, we're on the brink of becoming Greece II, AND STILL WE SHIP MONEY IN CARDBOARD BOXES TO THOSE MORONS?!

Sun, 06/19/2011 - 16:19 | 1382947 sasebo
sasebo's picture

I don't see a big disagreement here, but, where do you think the right to print money comes from? The tooth fairy? Somebody is voting these assholes into office to take care of the other assholes.

Sun, 06/19/2011 - 16:26 | 1382956 Sudden Debt
Sudden Debt's picture

I don't disagree with you, I agree.

Here we have 6 political parties, and not a single good one.

To whoever you vote, they will or would or are fucking things up as we speak.

We are now more than 1 YEAR without a govenrment! In which dimension can somebody call this normal?

 

Sun, 06/19/2011 - 17:02 | 1383007 macholatte
macholatte's picture

We are now more than 1 YEAR without a govenrment! In which dimension can somebody call this normal?

 

Sincerely curious and Not trying to be a smart ass..... Why do you need a government if nothing has changed without one?  Is there a lesson to be learned here? Are the people doing OK, better, worse?

 

Sun, 06/19/2011 - 18:50 | 1383160 Advoc8tr
Advoc8tr's picture

I'd like to know the answer to that very pertinent question also?  It seems the obvious thing to ask and clearly things aren't that bad without a majority government in place.

 

... all the proof I need that it can work without catastrophe and therefore should be tried given the alternative has failed time and time again.

Sun, 06/19/2011 - 19:37 | 1383232 Alienated Serf
Alienated Serf's picture

no parliamentary majority/ named PM is hardly a stateless existence.

Sun, 06/19/2011 - 20:43 | 1383403 Ahmeexnal
Ahmeexnal's picture

Your assumption that there is "no government" in Belgium and hence the lesson to be learned is that "governments" are not needed is wrong.

The truth of the matter is that Belgium has not had a "figurehead, democratically elected government" for a year.  Who then holds real power is what you should ask.

And the answer is:  http://www.monarchie.be/en

Sun, 06/19/2011 - 16:19 | 1382951 Re-Discovery
Re-Discovery's picture

This is why Ponzi schemers in the private sector always get caught.  You MUST shift the money around forever.  If you stop, you're dead.

Sun, 06/19/2011 - 17:03 | 1383008 macholatte
macholatte's picture

or take the money and shift the blame

Sun, 06/19/2011 - 16:15 | 1382938 IdioTsincracY
IdioTsincracY's picture

Check this out:

This is the International version of Der Spiegel:

http://www.spiegel.de/international/

This is the German version of it:

http://www.spiegel.de/

Can you tell the difference?

So the federal government expected, despite the voluntary nature of a strong involvement of the creditors. Deren Beitrag müsse "substantiell" und "quantifizierbar" sein, sagte Finanzminister Wolfgang Schäuble (CDU). Their contribution must be "substantial" and "quantifiable" be said Finance Minister Wolfgang Schäuble (CDU). Und Merkel sagte, es müsse versucht werden, in den Verhandlungen einen "substantiellen Beitrag" der privaten Geldgeber zusammenzubringen, wenn auch nicht "auf der offenen Straße". And Merkel said it must be tried together in the negotiations a "substantial contribution" of private donors, although not "on the open road."

 

Google-English version here:

http://translate.google.com/translate?hl=en&sl=de&u=http://www.spiegel.d...

Sun, 06/19/2011 - 16:19 | 1382940 Josh Randall
Josh Randall's picture

Mad Max is the MAN! - he and Bob Chapman are gutsy fighters regardless of what anyone says

Sun, 06/19/2011 - 16:20 | 1382942 Atomizer
Atomizer's picture

Assessment of the 2011 national reform programme and stability programme for GREECE Accompanying the document Recommendation for a

COUNCIL RECOMMENDATION on the National Reform Programme 2011 of Greece and delivering a Council Opinion on the updated stability

programme of Greece, 2011-2014 

http://ec.europa.eu/europe2020/pdf/recommendations_2011/swp_greece_en.pdf

 

It's all fun and games within the immediate social circles and teleprompter story tellers.

 

The Commission has assessed the draft National Reform Programme3. It has taken

into account not only its relevance for sustainable fiscal and socio-economic policy in

Greece but also its conformity with EU rules and guidance, given the need to

strengthen the overall economic governance of the European Union by providing EU

level input into future national decisions. In this context, the Commission stresses the

urgency of implementing the planned measures to comply with Council Decision

(2010/320),HEREBY RECOMMENDS that Greece should: fully implement the measures as laid down in

the Council Decision 2010/320/EU as amended by Council Decision XXXX/XXX, and

further specified in the Memorandum of

Understanding of XX/XX/XXXX and its subsequent supplements[, in particular the last

supplement of XX/XX/XXXX].

Done at Brussels 

Just insert the date of signing. heehehee 

Run for the hills peasants and don't watch the magician hand at work!

Sun, 06/19/2011 - 16:18 | 1382945 PulauHantu29
PulauHantu29's picture

Please Do Not Disturb the Sheeples!

"No doubt the reader thinks he knows nothing about the money and labor questions, and that they are quite beyond his understanding. If he has ever tried to learn anything, he has been so bewildered by opposing theories and opposing assertion as to feel that he knew less than he did before. He is, therefore, quite ready to leave these questions to the politicians, and to vote on them as they think best"

Simon Newcomb, The ABC of Finance at:

http://www.econlib.org/library/Newcomb/nwcABC1.html#Introduction

Sun, 06/19/2011 - 16:20 | 1382955 IdioTsincracY
IdioTsincracY's picture

Where's my American Idol?!?

"I know why we're here. We're all here because we're not all there."
Steven Tyler

Sun, 06/19/2011 - 16:22 | 1382948 OrdellRobbie
OrdellRobbie's picture

Greeks morons and belgians smart??? I will spare you the belgium jokes!

Sun, 06/19/2011 - 16:29 | 1382954 sitenine
sitenine's picture

Greece owes money.  Yes, of this we can be sure.  Greece can not pay what they owe.  No kidding.  Solution: loan them more money.  We already know how this will end.

So, which came first, the bank or the desire to borrow from the bank?  I mean, seriously, have banks done this on their own?  Nation states set up the banks, be they state run or private is of very little consequence.  Theoretically, the people of each nation state, in theory mind you, run the central government for their own benefit.  My point is that banks are inseparable from the people in concept.  What has gone wrong we might ask?  Why are banks fuqing us all over if we depend on them to borrow from?  How the fuq did this happen?  As I see it, the answer is simple, plain, and as old as humanity.  Greed.  Not greed of the banks, not greed of the state, but the greed of the people.

Reference a rant I made last week:

http://www.zerohedge.com/article/america-being-raped-just-greece-and-oth...

Too many, mostly westerners (not that I have anything against geography), either believe on their own, or they have been led to believe, that they are entitled to more than they have produced.  Banks facilitated this desire because they saw profit in it so long as the rest of the world (the parts that matter) went along with it.

My point is, we have come to a point in time were it has become obvious to all that promises to pay back what we need immediately to survive mean little to nothing.  Borrowed money = borrowed time.  There is no time when you are staring down the day of reckoning.  There is only a realization.  A realization that humans have been extremely hateful to their fellow humans just to live in comfort while not giving the slightest care about how the rest (those who don't matter) are living in shite.  'Borrow' has become synonymous with 'own'.  Debt obligations are no longer understood by the masses because they have become disassociated with the goods or services that were paid for with the debt originally.

But it's Father's Day.  Have a wonderful day all :)

Sun, 06/19/2011 - 16:26 | 1382957 oldmanagain
oldmanagain's picture

For the Greek people, default is the only answer.  For the world monetary system(?) this can only be cured by immediate large sums of money and even this would only be temporary.  Greece needs to devalue, start over.  As do Ireland, etc.  Devalue and invite the tourists from around the globe. The profits reinvested in education, tech, etc.

The banks upon being bailed out have been haughty, pampered and these turkeys have the gall to fight any regulation.

The critics who blame the Greek people are ridiculous.  Same crowd believes tax cuts pay for themselves. Optimum growth would then be a tax free, road free, arena free, etc. society. Chicago found out how expensive parking meterings can be in monopolistic private hands.

As a rule, anything CATO promotes, you should should grab your ankles or run.

Sun, 06/19/2011 - 16:30 | 1382959 bankonzhongguo
bankonzhongguo's picture

Greece.  You can't even start negotiating until you have officially defaulted.

You are not even at the end of Act 1.

Act 2 starts with ECB and IMF goons being shot in the streets.

Fuck the banks, but prepare for hard times.

Good people forget that these banksters also hedge the other side of Greek default.

Sun, 06/19/2011 - 16:58 | 1382967 IdioTsincracY
IdioTsincracY's picture

Run on the Banks(ters)?!?

Sun, 06/19/2011 - 16:29 | 1382965 zippy_uk
zippy_uk's picture

This is what Greece faces:-

http://www.youtube.com/watch?v=rH6_i8zuffs

NOTE: In the clip banks stopped people accessing money. NOTE: Politician saying it was difficult times rather than the economic collapse that it was. NOTE: Demonstrators protesting hunger. And if the EURO collapses, it could come to the whole of Europe.

 

MAX KEISER - Can you do a show on what happened in Argentina and compare with what is going on now ?

Sun, 06/19/2011 - 18:33 | 1383140 usefuloutput
usefuloutput's picture

Many parallels with Argentina indeed.

(2001 Bankrun)

 

 

 

 

Sun, 06/19/2011 - 18:50 | 1383147 Reptil
Reptil's picture

The difference is that Argentina was weakened, and it's government shielded from polular anger. Also the level of corruption is just as high in some government circles (Netherlands), but it's far less overall, of a different nature (think NWO not bank fraud) and not  accepted at all. Here there's a strong middle class (core of europe). They might have thrown caution in the wind, and ordinary people do not understand what could happen in a currency collapse, but we'll live, and be the first to restructure the banks, before the global currency crisis inevitably hits everywhere. As a nation we contributed heavily to the IMF and to the EU, so if they try again to put some blame in our shoes, we'll retalliate in a manner that will surprise and shock. (even more than after previous attempts)

I say bring it on. We'll see who betray(ed) us, and who really is owner and who's just borrowed. And then take appropriate action.

This is the prevailing attitude now in my country. Boter bij de vis.

Sun, 06/19/2011 - 20:57 | 1383419 Ahmeexnal
Ahmeexnal's picture

The prevailing attitude in the NL is angst. But not about the economical collapse. It's about the upcoming season 5 of "Idols":

http://en.wikipedia.org/wiki/Idols_%28Netherlands%29

Sun, 06/19/2011 - 16:30 | 1382969 rsnoble
rsnoble's picture

Does this mean SPY will finally tag the 200 tommorow then finally be on its way to the 1000 gap fill before Ben Stinky launches QE3?

Sun, 06/19/2011 - 16:32 | 1382971 magpie
magpie's picture

Lets travel back into the deep archaic past, February 2011:

http://www.voxeu.org/index.php?q=node/6093

This column proposes a two-step market-based approach to debt reduction. The step by step is presented for readers in a hurry; justification and discussion follow.
Step 1) The European Financial Stability Facility (EFSF) would offer holders of debt an exchange into EFSF paper at the market price prior to that country’s entry into the EFSF-funded programme. The offer would be valid for 90 days. Banks would be forced in the context of the ongoing stress tests to write down even their banking book and thus have an incentive to accept the offer. The ECB would be expected to participate in the exchange and close its programme of distressed government bond purchases (for more on this issue see also Manasse 2011).
Step 2) Once the EFSF has acquired most Greek, Irish, and Portuguese debt, it would assess debt sustainability country by country.

Sun, 06/19/2011 - 16:37 | 1382972 viator
viator's picture

Germany 'dismisses Greek debt compromise plan'

http://www.google.com/hostednews/afp/article/ALeqM5hh6sw4CF1nPYouOGX-rOU...

 

Sun, 06/19/2011 - 16:40 | 1382979 Caviar Emptor
Caviar Emptor's picture

This is all just a game of liar's poker. Each side is busy bluffing it's way for the benefit of the world at large, thumping their chests and pretending to be 'outraged' by the mere mention of the word 'debt'. Keep in mind even Germany itself has a debt/GDP ratio above the US. Saying there will be no Greek bailout is like saying the US won't raise the debt ceiling and there will never be a QE3. Right. When you've rigged a Ponzi there's only 2 things you can do: Extend it or let it implode. An implosion would take down nearly all the banksters and most politicians and political regimes. Guess which way this will go? 

Sun, 06/19/2011 - 16:40 | 1382982 sgorem
sgorem's picture

"Grease" is just another Greasey spot in the road. Stick a fork in em, their done for. They can't win no matter what happens. Until I see violent bloodshed, politicos hung from the rafters, burning buildings, etc., then this is just the first out. IREland on deck, Port-u-geese in the dugout. Can't wait for it to come to the good ole USSA. Been saving all my White Zin bottles for something useful. FUCK yEU !! ps. go Max.......

Sun, 06/19/2011 - 16:41 | 1382983 ThisIsBob
ThisIsBob's picture

The joyous part of all this is, is that 17% of any IMF money Greece gets will come from the US Taxpayer.

 

Meanwhile, the bankers who actually did the deals have long ago received their bonuses and are likely out yachting this lovely afternoon.

 

 

Sun, 06/19/2011 - 16:48 | 1382992 sgorem
sgorem's picture

You are 100% correct. Thank you for enlightening some people(sheeple) that don't understand this about the "American Contribution" to the International Mother Fuckers.

Sun, 06/19/2011 - 16:46 | 1382985 Snake
Snake's picture

 There is a pressing need for an Audit Commission to examine Greek public debt. Current EU and IMF policy to deal with public debt has entailed major social costs for Greece. Consequently, the Greek people have a democratic right to demand full information on public and publicly-guaranteed debt.

http://www.gopetition.com/petition/43171.html

Sun, 06/19/2011 - 16:47 | 1382991 onarga74
onarga74's picture

UPDATE:  No more scary stories...market will rock tomorrow Long TZA puts

http://online.wsj.com/article/BT-CO-20110618-702412.html

 

Sun, 06/19/2011 - 16:51 | 1382995 rsnoble
rsnoble's picture

and just how will the rest of the unsolvent zone bailout greece??  That doesn't matter for market participants at this point in time if indeed that's the bs that will be fed to everyone in the am.

Sun, 06/19/2011 - 16:53 | 1383000 rsnoble
rsnoble's picture

gonna be funnier than hell when everyone grows a fucking brain and realizes everyone is absolutely fucked at the same time. 

Sun, 06/19/2011 - 17:00 | 1383003 Barb Dwire
Barb Dwire's picture

That was from yesterday...

Sun, 06/19/2011 - 17:07 | 1383016 SheepDog-One
SheepDog-One's picture

'Bankrupt Spain supports Greece'...yipeee!

Sun, 06/19/2011 - 17:05 | 1383020 Dick Darlington
Dick Darlington's picture

Ah, Zapatero again... You must be new to this game if You take anything coming out of this guys mouth for real. This is the same guy who has saddled Spain with abt 125bn euros of commitments on his little solar subsidy scheme during the bubble years. This is the same guy who has hit the wires more than once lying that China will buy all and any debt his gubbermint issues and at one point chinese officials publicly said he was full of crap. He's following the EU communications policy which says "when things get tough You have to lie", thanks to Jun(c)ker who revealed it in public. Zapatero knows Spain is next and he'll say anything to get core Europe to pay for his and others epic failures at least for so long that he's out of the game. He has said he will not run for second term as prime minister.

Sun, 06/19/2011 - 18:54 | 1383165 Reptil
Reptil's picture

That's half of the picure, and half is "almost" so I call BS.

He inherited a huge mess from that piece of filth Aznar, and a collapsing real estate market (UK consumers).

Government debt was low compared to neighbours. They weren't playing Santa Claus. Then at least they put it in solar and infrastructure, and not in bankster pockets. That's a difference that will count in the coming years.

Italy is the one to watch out for, not Spain. Spain is bad, but the depth of the risk is calculable.

Sun, 06/19/2011 - 17:27 | 1383052 onarga74
onarga74's picture

Yes but the Wall Street Journal knows everything.  Google News isn't always fresh and I should know from experience that the updates will be updated.  The IMF and EU have to see Greece as the house on the corner, grass never mown, 3 wrecked cars, and a backhoe bucket in the front yard...Deliverance II

Sun, 06/19/2011 - 16:52 | 1382997 Raymond Reason
Raymond Reason's picture

Mad Max has got to be a worst nightmare to the banksters. 

Sun, 06/19/2011 - 17:04 | 1383009 walcott
walcott's picture

MAX!!!! 

Sun, 06/19/2011 - 17:04 | 1383010 SheepDog-One
SheepDog-One's picture

The boy who cried wolf...very soon there will be no belief at all in the next 'we're saved' announcement and the wings will fall off.

Sun, 06/19/2011 - 17:02 | 1383012 Highrev
Highrev's picture

. . . as currency sell orders may flood the tape . . .

Or maybe not.

http://www.zerohedge.com/article/china-discloses-vital-self-interests-european-bailout

I say there will be "voluntary" "rollover" (yep that's the word I think we might be hearing) into a longer dated maturity "conversion".

And if things really get tough in the meantime, they can always take the Californian route and print up a few IOUs.

;-)

Sun, 06/19/2011 - 17:04 | 1383019 Highrev
Highrev's picture

Okay, we got a gap lower open . . .

Now the question is if this is a knee jerk that initially goes in the wrong direction . . .

Get out the popcorn.

 

Sun, 06/19/2011 - 17:48 | 1383084 you enjoy myself
you enjoy myself's picture

who knows how it pans out once europe opens, but with EUR/USD only down .003 cents there's clearly not a rush to the exits just yet.   if that holds, you might even see a squeeze this week.

Sun, 06/19/2011 - 17:06 | 1383015 magpie
magpie's picture

By now the more interesting question has become how the EU "manages" a country on the brink of martial law.

Sun, 06/19/2011 - 17:07 | 1383017 Re-Discovery
Re-Discovery's picture

EUR/USD now positive.  I guess Fed can't have a meltdown yet.

Sun, 06/19/2011 - 17:31 | 1383053 Caviar Emptor
Caviar Emptor's picture

Calling the bluff

Sun, 06/19/2011 - 17:07 | 1383025 Greeny
Greeny's picture

They should boot those lazies from EZ long time ago.

f* bailout, just let them be on their own, default, whatever.

Their GDP probably ZERO right now, anyway. Apple probably makes

more money than Greece. But their ability to shitting over

financial markets is huge.

Sun, 06/19/2011 - 17:17 | 1383032 Franken_Stein
Franken_Stein's picture

 

No, let them be the trigger of a global market crash and a total liquidity freeze.

The sooner the financial shithouse of cards collapses and all bankers get wiped out, the better and that bankster cancer is then rooted out for good.

 

Sun, 06/19/2011 - 17:57 | 1383102 kaiten
kaiten's picture

spot on, Greece should have never been allowed to join, in the first place

Sun, 06/19/2011 - 17:13 | 1383028 thetrader
thetrader's picture

look for some nice vol in fx in a couple of hours. people of greece are screwed, this is the beginning, let's watch Spain next....

Sun, 06/19/2011 - 17:14 | 1383034 BC6
BC6's picture

Silver bears part 6 prophecy coming true?

spot = 35.90

physical price = lowest I see is just under 48

Sun, 06/19/2011 - 17:23 | 1383040 sitenine
sitenine's picture

physical price = lowest I see is just under 48

WTF?  You aren't looking hard enough BC6.

Sun, 06/19/2011 - 17:32 | 1383061 Re-Discovery
Re-Discovery's picture

Yeah, this is just not accurate.  I know that eagles and bars remain more available at lower premiums over spot than at any time in the past several weeks.

Sure you aren't talking about a collectible?

Sun, 06/19/2011 - 17:38 | 1383071 BC6
BC6's picture

Sorry guys.After a re-research, I can find eagles for 41. Can you recommend where I can find prices lower than paper spot as you mentioned for eagles?

Sun, 06/19/2011 - 17:54 | 1383100 Re-Discovery
Re-Discovery's picture

Not 'lower than spot'.  Lower 'premium'.  You will always pay more than spot at any regular dealer.  The question is how much of a premium you pay.

Sun, 06/19/2011 - 17:23 | 1383039 g3h
g3h's picture

Calm down.  EUR did not open plunged.  It is flat now.

Sun, 06/19/2011 - 17:24 | 1383041 Greeny
Greeny's picture

removed duplicate

Sun, 06/19/2011 - 17:20 | 1383042 Greeny
Greeny's picture

What spot? Silver Market still closed..

Sun, 06/19/2011 - 17:21 | 1383043 Yen Cross
Yen Cross's picture

  Ahh, another quiet Sun/Mon fx open.  )sarc on.

Sun, 06/19/2011 - 17:28 | 1383048 Caviar Emptor
Caviar Emptor's picture

If we all print then nobody pays

Sun, 06/19/2011 - 17:26 | 1383050 walcott
walcott's picture


Terror Tranche? Israel can't let go of Palestinian cash

http://www.youtube.com/watch?v=kFbOFn4pSKE

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