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Crisis Hour: Europe May Withhold Half Of €12 Billion Greek Aid As No Emergency Meeting Decision Reached
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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The King of Communism Part 3 Nicoloae Ceausescu
http://www.youtube.com/watch?v=WD2e_-ek194&feature=related
Wake me up when they De-mint the IMF.
The King of Communism Part 4 Nicoloae Ceausescu
http://www.youtube.com/watch?v=GCKRfZMmh7E&feature=related
OK.
That's it.
These stupid fucks created a currency and now they don't know what to do with it.
What a complete cluster-fuck.
Oh, they know what they want, but they'll be toast because they have no backing from any parliamentary or other majority back home. NONE. The people have finally grasped it that in 2012 there'll be another greek bailout, and in 2013, and in 2015, maybe even 2014 too. rinse, repeat. Ain't going to happen. The opportunity is gone.
I just can't resist this...
If Europe is teetering on the edge of bankruptcy (i.e. Greece, Portugal, Italy, Spain, etc.) wwhich will drive the Euro-bankers into bankruptcy.
and:
The US is on the brink of bk and all of it's banks are already there if we subtract the implied gubmint backstop...
and:
China is rich in ill gotten gains - but mostly currency and bonds from soon to be bankrupt nations...
Who the hell is solvent? (yeah - I know - Switzerland - but whoopee)
Should be private citizenry, right? In money terms, that's a laugh. However, we all have useful bodies and minds that have value. So when we are all converted into slaves, that value will be added as sovereign assets that offset the current insolvencies.
UBS? :-S
The King of Communism (Nicolae Ceausescu) Part 5
http://www.youtube.com/watch?v=lJqE5gCyeLU
the eastern euro trash zionist bankster rule is ending.
The King of Communism (Nicolae Ceausescu) Part 6
http://www.youtube.com/watch?v=u1BfG9Aj4Lc&feature=related
Spanish 10-yr yields break from the triangle
http://htmlimg3.scribdassets.com/7obqrkq39c10dqq1/images/7-f3ecf10340.jpg
partial default...watch asia next 6hrs.
partial default...watch asia next 6hrs.
eur/chf has flatlined.
The powers that be must be in disagreement
the eastern euro trash zionist bankster rule is ending.
George Soros with hat
http://www.businessinsider.com/george-soros-the-muni-crisis-will-be-the-...
Nicolae Ceausescu with hat
http://www.teachersparadise.com/ency/en/wikipedia/n/ni/nicolae_ceausescu...
If they wanna bailout the Greece, then why this BS keeps dragging
on and on? Just print f*cking money, that's all you gotta do,
Call Bernank and ask how. Otherwise those banks and whoever got
exposure to Greece debt could lose much more than lousy 150
billion.
Just EUR little crash can wipe out much more wealth in just days..
Print, baby, print! Fiat is Pyramid anyhow, nobody gonna pay debt
back ever.. Just keep printing until value of all currencies
hit absolute ZERO. Then create another E-currency rinse and
repeat.. :)
...aaaaand pre markets yawn. Euro basically flat at the open.
zzzzzzzzzzzzzzzzzzzzz
You speak soon.
Aye-yup. The tape is the final arbiter and he apparently 'is not surprised' or 'has been expecting this'.
Gabor Steingart on German TV philosophical talking heads show right now, know some people here love to hate him...calling for careful confidence lol
banksters lend money to deadbeat homedebtor/speculators, sell junk bonds, take bonus, get bailout, take more bonuses.
banksters lend money to deadbeat Greece, sell junk bonds, take bonus, get bailout, take more bonuses.
ad nauseam.
Why this BS keeps dragging on and on? Because the EMU is creating a diversion. Will they or will they not bail out Greece and what about Ireland and Portugal. It's all a side show. The euro is bit by bit taking over the dollars position as a reserve currency. As Willem Duisenberg said: "The euro is the first currency that has severed it's link with gold and the nation state." So that's why all this Greece, Ireland and Portugal stuff is not dragging the currency down because the euro has no link with the nation state of Greece,Ireland and Portugal.
http://www.leap2020.eu/GEAB-N-56-Special-Summer-2011-is-available-Global...
At the same time it has boosted increasing support for the European currency from the BRICS, headed by China, which after a moment of hesitation became aware of two fundamental points: first Europeans were acting seriously to face up to the problem and secondly, given the Anglo-Saxon determination, the Euro was obviously an essential tool for any attempt to exit the "dollar world"
as greece sings to the euro finance ministers:
You change your mind
Like a girl changes clothes
Yeah you, PMS
Like a bitch
I would know
And you
Over-think
Always speak
Cryptically
I should know
That you're no good for me
Cause you're hot then you're cold
You're yes then you're no
You're in and you're out
You're up and you're down
You're wrong when it's right
It's black and it's white
We fight, we break up
We kiss, we make up
You!
You don't really want to stay, no
You!
But you don't really want to go-oh
Don't you love how the word 'reform' has been hijacked. Here's a clue to bankster dickwads, it ain't reform, if it screws the people.
If that word definition fudging doesn't do it, like we see with 'entitlements', then just change the gov't to give the banksters more manuvering room to rambone your people in the ass easier.
As ZH said before 12 bill bailout vs 18 bill needed short term is no-worky math. 6 vs 18 is going in the wrong direction. Voluntary (and definitely not) = EOD, which puts the ECB in a bind, so on and so forth...like negative feedback loop to direct austerity measures + more based on the people's backlash. Barring a last ditch band-aid save, Euro is about to be munson'ed.
Glass-Steagall (and enforce it)
That is precisely what the fuckers are trying to stop.
For Christ sake. It took Clinton 70 Years to overturn Glass-Steagall.
Ya think that cunt is going to give up now?
We are way overdue for a Jubilee.
OK.
So this stupid Euro-Fascist-Communist is actually just another ignorant fuck.
Like this one.
http://www.youtube.com/watch?v=6kpk3S0vUlY
And this one.
http://www.youtube.com/watch?v=s8T0Q03oJSc&NR=1
or this one:
Go on. Go on.
Give us a hint.
What a mess: either we bailout Greece (until another bailout is required) or Greece defaults to its debt - and in that case the financial sector will have to be bailed out again, including the ECB which has an exposure of 190 € billions to Greek debt. Whatever happens, two options are increasingly clear with regard to Greece:
1. A coup.
2. Civil war.
The answer is Coup.
Greece is a NATO member.
Civil is not part of the NATO lexicon.
Getting to the specifics:
1. Bailout is packaged -> more draconian austerity measures are imposed -> coup.
2. Bailout not packaged -> default -> back to toilette-paper dracma -> civil war.
Perhaps I'm missing something.
Where and what exactly is the "bailout"?
All I see is debt.
The bailout not to default right this week.
That is not a "bailout".
It is adding more debt to debt.
Jan Kees de Jager is always optimistic and makes an outright trustfull appearance to dutch people but if you make a wordcloud it has few words;
must, help, save, european, stability, bailout, needed, only, way, keep, Euro
and none of these words is used outside the bailout window. Nice guy, wrong job. Would be better in place... uh, somewhere else
Sounds like Jan Kees de Jager is a lying piece of shit.
Black swan? Here it is:
http://www.scientificamerican.com/article.cfm?id=europe-braces-for-serio...
[hint: it isn't the crops, its the energy issues]
Told ya so... Add to that #1 Japan, #2 America "sandbags at dawn" nuke issues and #3 China sharing that drought problem.
Roll on October, which is when the whole homo sapiens thing gets challenged. Man is born free, but everywhere he is in chains. Apparently, the sea, the sea, the sea means we can be ourselves at the end of the year - it'd have been different if you hadn't eaten the oceans.
http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2011/06/04/pew...
It was the Law of the Sea, they said. Civilization ends at the waterline. Beyond that, we all enter the food chain, and not always right at the top. H.S. Thompson.
Trust a man who can see lizards, and see the threat of squids, funny to boot & enough self-respect to end it himself... 2012 sees the real deal though, and sod these pretenders who love dressing up and eating hooker flesh. DSK? I prefer honesty. My influence is cast on those who remained authentic, and didn't sell out - if Zuckerman can pretend that he kills his own meat, I can stand up and protect the authentic animals. I see this new crop as dangerously primitive, and they need numbers, like jackals, to deal with old ones. If your prey has no chance, you aren't a hunter - we come.
Oh, and we have proved we can stand against a few hundred of you already - and I am a younger version. Dealt with with ease. Modification and honesty will be the new flesh, and curse your weaknesses and blood letting. No more vans filled with choice cuts, and no more using vassels as proxies - evolution effects all life, and that includes those feeding off the fat of the land.
My! Sounds exciting.
What in Earth are you talking about?
What in Earth is he taking? Seeing lizards and eating hooker flesh, oh my!
Global food shortages and self preservation by way of a small group of defenders protecting their own stash, I believe.
Greece will politely be asked to leave the EZ, partial to full default and loss for German, French banks. Europe needs to save it's pennies for the big one - Spain.
Max Go Home ! Those stupid Greeks are so anti-American they won't even accept a Socialist rabble rouser trying to get some face time ! You were not well translated, understood or received ! And what's up with the key hole video....kind of pornish ? They've got plenty of Fasci-Socialists.....they don't need a New York Jew troublemaker ! Go take on Barney and Dodd....the pus at the center of our Socialist sore ! The Greeks and their weak populist leaders are responsible ! The Banks deal the Heroin Fiat....but the Greeks shoot it up ? Monedas 2011 Don't expect a statue of Max Keiser on the Acropolis anytime soon !
watching Asia, looks like chaos is beginning
First post... this is theorizing, i have no insider information. This is the only interpretation that makes any sense to me.
As I see it, Greece will not be offered further bailouts unless it is to the advantage of the financiers, which is why we're reading of the withholding of a portion of the purported current bailout. Germany is being blackmailed by the IMF, as is France, and the others, to not offer reasonable terms to Greece, so the financiers can take ownership of Greek assets. There is no way in hell a bailout will pass, unless Germany or France or all of the European nations try to stiff the IMF / BIS / WTO / financiers behind the banking system. What the politicians are doing in the US, placating the financiers, the politicians in Europe are also doing, in the hope of preserving their own hide / nation for that much longer. Big mistake obviously… you make a deal with the devil, you get devoured unceremoniously, at an inopportune time. Apparently some of these politicians actually have loyalty to the financiers or it would not have reached this level of covert action. Anyhow, once Greece is pillaged and the precedent established, expect the same to happen throughout Europe and US, and the World really. Forget that they didn't press the issue in Iceland... they will be back to deal with Iceland as soon as they feast on parts of Europe... And ignore Ireland, they're in a sort of intermission, they're not done cooking Ireland yet either, so they'll be back to them as well with burdensome burdens.
In my opinion, this is a financial coup, and the people who started this coup are not about to let a tiny European country (any, but specifically Greece) which has no money at the moment, dismantle their master plan so easily. And in case anyone thinks there can’t be nation to nation violence… I fully expect European nations to be pitted against European or other nations… the purpose being, to eliminate the remnants of the standing armies, to further weaken the nations, so the financiers can bring in their own enforcers at the right time. Recall that the financiers built their own army a la Blackwater / Z / mercenaries... they've enabled a reasonable military complex, plus, note how the corporations are all complicit in this against the governments... they weakened the standing armies of nations by enabling private contracting. Played right into their plans.
The plan, in case it’s not clear… take over primary assets and revenue streams, eliminate governments by strangling them of revenue / pitting the populace against their governments, no powerful government, no powerful military, no possibility of a popular overthrow. Financiers win, own just about everything, restore a feudal system based on indentured servitude. There is a reason debt is the tool being used… it will become the noose around every single person's neck, unless we all stand up and risk our lives to stop the madness before it gets to a state where there is no turning back. We are on the verge of retracing 800 years of history to be returned to a dark age, and people are worried about whether we should bail out so and so. Get a grip… there is no fucking debt, and there is no fucking money really. It is all contrived for the most part. Do you think the banks in the US really needed 700 Billion or 2.5 Trillion? It was nothing but a burden placed on the populace. The money used to create the debt was contrived on a computer, the money to pay the contrived debt was contrived on a computer.
We have no choice. We need to stop this trajectory while we can. We need to stop the corporations and financiers. For those wondering what do the financiers / corporations gain... it was never about money, it was about surplus value, which translates to essentially power. If we work for free or negative wages, that's a whole fuckload of surplus value. As long as the oligarchs benefit from the work / goods we produce, there is no need to keep score based on make believe currency.
The motivation for your actions might be compassion or self interest. If you can’t care what’s happening to the people of the world, then perhaps at least care enough about what will happen to you. G'luck.
"How many divisions does the Pope have ?"....Stalin "How many divisions do the bankers have ?"....Monedas 2011 Our populist democracies are working ! Shit in....shit out ! We are getting the Keynesian shit storm we have voted for....for 80 years ! Look in the mirror ! Bankers don't run the show....the Socialist Mobs and their elected leaders run the show ! Dodd/Frank/Kennedy/Pelosi/Weiner !!!!!!!!!!!
They have all of the militaries, as a matter of fact. How many do you have control of? How many listen to the government? Probably most of them. How many in government listen to the bankers? Almost all of them. So indirectly or directly, the bankers control the militaries and the mercenaries. Do you really believe that the catastrophic state of world events is all due to mismanaged accounting? According to your model of what is happening, what do you anticipate next? I can tell you Greece will pay, or someone will be protecting Greece, and that entity will pay. The bankers made clear they want real assets, ports / transit / bridges, etc. If Germany tries to protect Greece by allowing a renegotiated bailout, Germany will be under assault by the IMF immediately thereafter... by the way, there is a reason the IMF recently downgraded America's ability to revive its economy... they are tenderizing the meat for the feast.
If everyone cooperates, Greece will be parceled off slowly. Spain or Portugal will be next. Then eventually Italy, Ireland, France, Germany, US and UK. Those are my rough predictions. Middle East and Asia are in various stages of being destabilized. I think you are mistaken if you think this is the result of a failed socialist agenda, or aiming towards a socialist state. We're seemingly headed to a fascist state, and we are currently suffering the machinations of fascist oligarchic maneouverings. What you describe as failed Keynsian experiments were nothing more than scape goat tactics by the bankers to achieve both... humiliation of the economics of a social contract and destabilization of the populace at large. The Reagan policies of extreme privatization, Randian Objectivism, false economies which funneled large sums of money to the top of the pyramid, impoverishment of the populace through disintegration of the work force / place, bubble after bubble helping to transfer even more wealth upwards, predatory lending, and so on... These are not mistakes / miscalculations, they're mischief. The financiers plot is older than the oldest central bank. The most recent strategy is about 50 years old. I wish more people gave the bankers the benefit of the doubt when it came to intelligence... do you really think Bernanke / Geithner / Paulson / Rubin / Dimon / Blankfein / etc etc etc are just misguided fools who don't know how to balance books? I don't think any of it was a mistake or accidental. I think it was all premeditated for the most part, even if they have to recalculate periodically.
'Do you think the banks in the US really needed 700 Billion or 2.5 Trillion? It was nothing but a burden placed on the populace.'
Well said. Well said.
ZH,
Eurozone statement is out, crosses are sticky, stocks looking flat.
Rating agencies will see this as a default.
from wires:
*Fitch stated last week that a debt rollover would be classed as a "restricted default" which would not affect Greece"s CCC credit rating. The ratings agencies hold all the cards now for a default will prevent the ECB from providing emergency funding to Greece.
Everything is voluntary if you roll your Greek Gilts into defacto German bonds plus extra interest, even with a haircut.
tonight's AP
"Meanwhile , finance ministers and central bankers from the Group of Seven industrialized countries held a conference call late Sunday to discuss the euro crisis, according to people familiar with the matter. Natalie Wyeth, a spokeswoman for the U.S. Treasury Department, confirmed a G-7 conference call was held but declined to provide any details."
These elitist bozos haven't a clue what to do, nor will they ever.
http://obamadollar.com/bozo.jpg
removed duplicate
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