Done Deal: Reuters Reports New Greek 3 Year "Adjustment Plan" Has Been Agreed On, Can Kicked For Another 3 Years

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Thu, 06/02/2011 - 12:50 | 1332762 oogs66
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hmm, is this priced in?  stocks barely budging

Thu, 06/02/2011 - 12:59 | 1332814 Fidel Sarcastro
Fidel Sarcastro's picture

What?  ES just insta-popped 5.50 handles.

Thu, 06/02/2011 - 13:13 | 1332893 slaughterer
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But NFP expectations were already revised yesterday for this explicit purpose.  I am wondering just what planet those guys in "the Pit" are living on.

Thu, 06/02/2011 - 15:36 | 1333635 waylon153
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No more private sector involvement?  Is this so ze Germans can have the Parthenon if Greece defaults?  I'd like to repossess the Parthenon.  There would be something supremely ironic about sitting on the steps of that great monument to mankind, sipping a cold beverage......and watching the world burn.  On a completely unrelated note I've just found out through that I'm related to Nero.....

Thu, 06/02/2011 - 12:48 | 1332769 Stuck on Zero
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All the governments are happy.  Does that make the people happy?

Thu, 06/02/2011 - 13:01 | 1332829 TruthInSunshine
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In reality, or "according to a source?"

I just love "according to a source" planning.

Thu, 06/02/2011 - 22:40 | 1334687 trav7777
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icanhaz risk on?

Thu, 06/02/2011 - 12:48 | 1332770 youngman
youngman's picture

They will be back in 6 months....wierd how its all good now....I guess they just hired all the protestors as government employees...and Spain sells debt....

Thu, 06/02/2011 - 13:13 | 1332894 Eternal Student
Eternal Student's picture

Indeed. Wasn't their deal last year supposed to carry them a few years as well? We all see how well that  turned out.

Next up, Ireland, Portugal and Spain. They are learning how to roll the Banksters.

Thu, 06/02/2011 - 12:52 | 1332772 Quinvarius
Quinvarius's picture

And so the eye of Sauron looks for a new thing to destroy.

Probably the USD.

Thu, 06/02/2011 - 13:40 | 1333061 Oh regional Indian
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I saw a pretty big sign that August 15th this year was a big Dollar/US down, EU/ECB up day. A tipping point to bigger things but a key FRN marker.

What time, to be witness to such maya, deception of the highest order, hidden in plain sight.


Thu, 06/02/2011 - 12:52 | 1332775 Robslob
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Give them time...the market is going to need it when figuring out how to climb without free money...

Thu, 06/02/2011 - 12:52 | 1332776 Corduroy
Corduroy's picture

Not like ZH to proclaim fact on hearsay...

How many times in the last month have we had such a breaking news item only for it to be proven wrong shortly after

I dont belive this for a second... or is ZH the source ?

Thu, 06/02/2011 - 13:17 | 1332809 plocequ1
plocequ1's picture

Ok, There it is. Can we get back to our rally and stop the conservative analysis, Charts  and breaking news? QE is going to occur. Done. move on.

Thu, 06/02/2011 - 13:18 | 1332918 Hansel
Hansel's picture

From the article:

"agrees in principle"

"details... remain to be worked out"

"declined to comment on figures"

This is an article consisting of nothing.


Thu, 06/02/2011 - 13:15 | 1332922 Corduroy
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Yes but it is only from a "source" nobody is named so I dont believe it until I get a name

Thu, 06/02/2011 - 13:23 | 1332935 TruthInSunshine
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Saganaki-San is the only reference thus far.

Thu, 06/02/2011 - 13:21 | 1332955 Corduroy
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Thought it was Kefalograviera Saganaki .. good call

Thu, 06/02/2011 - 12:53 | 1332779 slaughterer
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Bizarro European Zombie Banks, bitchez.  (BEZB)

Thu, 06/02/2011 - 12:53 | 1332783 centerline
centerline's picture

Details, details, need details.

The math is so unsustainable that I doubt anything can be kicked that far down the road.  Last time it bought less than 12 months - and turned out to be a joke.  Just like everything else that swinging with shorter and shorter cycles, I give this 6 to 9 months before it implodes again.  That is if the Greek people dont outright burn the place down before then.

Oh, and then there is the rest of the PIIGS that will be next in line.  

Fri, 06/03/2011 - 03:41 | 1334994 StychoKiller
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Who keeps buying drinks for these lushes??

Thu, 06/02/2011 - 12:50 | 1332784 Josh Randall
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Greek assets will still be served up on a platter in backdoor deals to international investors, just at not all at once now to shock anyone

Thu, 06/02/2011 - 13:00 | 1332826 jmac2013
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This would be my speculation too.  Perhaps the private participation revolves around Greek assets as collateral in case Greece fails to live up to certain conditions, a way of legalizing theft of Greece property and assets.  We'll see but this is my suspicion. 

Thu, 06/02/2011 - 13:39 | 1333053 Josh Randall
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That approach coupled with quiet Gold shipmets being sent to the vampires, will be the quiet looting that takes place if this report does in fact appear to be the case

Thu, 06/02/2011 - 12:57 | 1332828 PaperBear
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ah so the looting will soon begin.

Thu, 06/02/2011 - 12:55 | 1332792 6 String
6 String's picture

And scene: stocks headed higher. Jesus. What a Circus Show.

Thu, 06/02/2011 - 12:55 | 1332795 Translational Lift
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Was there ever any doubt that this would happen??

Thu, 06/02/2011 - 12:53 | 1332801 max2205
max2205's picture

GS can now up there SPX forecast to 1600...yeah baby

Thu, 06/02/2011 - 12:53 | 1332802 Seasmoke
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you cannot ever kill Zombies

Thu, 06/02/2011 - 13:05 | 1332873 Translational Lift
Translational Lift's picture

Yea....but it would be fun watching them burn at the stake!!

Thu, 06/02/2011 - 12:54 | 1332807 PaperBear
PaperBear's picture

Any selling of real assets for 20% fair value ?

Thu, 06/02/2011 - 12:56 | 1332815 Mr. Poon
Mr. Poon's picture

Quick question, how many times have we heard about an "agreement being reached" among "senior officials", only to have German or Finnish officials express surprise at being told of it, and declaring in fairly clear terms that they are not on board?

Thu, 06/02/2011 - 13:04 | 1332867 slaughterer
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The program has to be passed in Greek congress.  No sweat.  / sarc

Thu, 06/02/2011 - 13:11 | 1332900 Problem Is
Problem Is's picture

Answer: Infinitely many times...

x -> BS, as n -> infinity...

Thu, 06/02/2011 - 12:59 | 1332816 The Fonz
The Fonz's picture

If greece is brains and the banks are zombies I'd say starvation is imminent.

Thu, 06/02/2011 - 13:13 | 1332895 oogs66
oogs66's picture


Thu, 06/02/2011 - 13:55 | 1333126 nobita
nobita's picture

nice one Fonz!

Thu, 06/02/2011 - 12:58 | 1332818 ebworthen
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So the five year deal of last year is now a three year deal with "details to be worked out" like the details of last year's deal that were not yet worked out and scheduled payments that were not made or delayed so that now we have a new schedule of payments delayed that will be delayed and "worked out" with "assurances" while the money still flows from the IMF via taxpayers worldwide instead of from the banks and governments that gambled and gamboled their way into this manure pit?


Thu, 06/02/2011 - 12:56 | 1332820 A_MacLaren
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And cut to Talking Head Spin on Debt Limit and Budget Deficit in 3, 2, 1...

Thu, 06/02/2011 - 13:34 | 1333030 A_MacLaren
A_MacLaren's picture

Ding, Ding, Ding - Winner

Moody's says if is no progress on increasing debt limit in coming weeks, it expects to place US rating under review for downgrade

Thu, 06/02/2011 - 12:56 | 1332821 oogs66
oogs66's picture

unless this involves real debt forgiveness and significant maturity extensions and dropping criteria for any additional money it will largely be a 'yawn' for the market

Thu, 06/02/2011 - 13:11 | 1332897 slaughterer
slaughterer's picture

Better yet, it involves tax reform in Greece.  No talk of enforcement however.  Hum... 

Thu, 06/02/2011 - 12:57 | 1332825 Overflow-admin
Overflow-admin's picture

How are they going to implement that program? I bet on more riots soon.

Thu, 06/02/2011 - 13:08 | 1332854 mayhem_korner
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Cue riot-control agent extraordinnaire:

Thu, 06/02/2011 - 13:24 | 1332969 slaughterer
slaughterer's picture

I can see an army of German tax accountants from the Finanzamt moving to Greece and ads for European rent-a-thugs appearing on Monster soon: "No Greek language ability necessary, just good door breaking technique and the ability to use a work in association with our new European collect-taxes-from-the-unwilling-Greeks office"

Thu, 06/02/2011 - 12:58 | 1332832 The Axe
The Axe's picture

Tune into into your nearest riot channel

Thu, 06/02/2011 - 13:03 | 1332837 mayhem_korner
mayhem_korner's picture

DXY should take a shot to the jowls.  Makes the QE3 skid-greasing effort a little dicier...


Thu, 06/02/2011 - 13:01 | 1332851 scratch_and_sniff
scratch_and_sniff's picture

You short the Euro, and you short political stupidity. Can kicked, Ireland & Portugal up next.

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