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Done Deal: Reuters Reports New Greek 3 Year "Adjustment Plan" Has Been Agreed On, Can Kicked For Another 3 Years
Just out from Reuters:
- According to a source, programme will involve new international funding to mid-2014, apportionment yet to be agreed
- According to a source senior Eurozone officials agree in principle on new 3-year adjustment plan for Greece
- According to a source private sector will participate in new Greek rescue plan, details still being worked out
- According to a source, private sector involvement will be limited to avoid a credit event
EUR jumps on the news. Congratulations Europe: you just screwed your taxpayers, but at least bought your insolvent banks 3 more years of bizarro world existence.
Senior euro zone officials have agreed in principle on a new three-year adjustment program for Greece to run until mid-2014 and involve increased external funding, a source close to the negotiations said on Thursday. The Economic and Financial
The
Details
He
Committee (EFC) of deputy ministers and senior officials of the
17-nation currency zone approved the Greek program in principle in talks
in Vienna that ended after midnight, the source said.
second program for Greece, which will effectively supersede the 110
billion euro ($160 billion) bailout agreed in May 2010, will involve
some participation of private sector investors but limited to avoid
triggering a credit event, the source said.
of that involvement, and the apportionment of the additional official
international funding, remain to be worked out in time for a June 20
meeting of euro zone finance ministers, the source said.
declined to comment on figures but said the program would cover
Greece's funding needs on the assumption that it could not return to
private capital markets in 2011 or 2012. The original bailout envisaged
Athens raising 27 billion euros on the markets next year and 38 billion
in 2012.
»
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hmm, is this priced in? stocks barely budging
What? ES just insta-popped 5.50 handles.
More 'source' stories (juicy!):
06-02 12:55: Talk in the Pit of an unnamed economist mentioning that NFP expectations are being revised down in order for out-performance on FridayBut NFP expectations were already revised yesterday for this explicit purpose. I am wondering just what planet those guys in "the Pit" are living on.
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 Ancestry.com that I'm related to Nero.....
All the governments are happy. Does that make the people happy?
In reality, or "according to a source?"
I just love "according to a source" planning.
icanhaz risk on?
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....
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.
And so the eye of Sauron looks for a new thing to destroy.
http://www.youtube.com/watch?v=G11prumD2pY
Probably the USD.
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.
ORI
http://aadivaahan.wordpress.com/2011/05/26/the-video-trailer/
Give them time...the market is going to need it when figuring out how to climb without free money...
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 ?
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.
http://www.marketwatch.com/story/all-eyes-on-bernanke-but-qe3-has-sailed...
http://www.reuters.com/article/2011/06/02/us-greece-plan-idUSTRE7511YD20...
From the article:
"agrees in principle"
"details... remain to be worked out"
"declined to comment on figures"
This is an article consisting of nothing.
OM
Yes but it is only from a "source" nobody is named so I dont believe it until I get a name
Saganaki-San is the only reference thus far.
Thought it was Kefalograviera Saganaki .. good call
Bizarro European Zombie Banks, bitchez. (BEZB)
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.
Who keeps buying drinks for these lushes??
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
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.
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
ah so the looting will soon begin.
And scene: stocks headed higher. Jesus. What a Circus Show.
Was there ever any doubt that this would happen??
GS can now up there SPX forecast to 1600...yeah baby
you cannot ever kill Zombies
Yea....but it would be fun watching them burn at the stake!!
Any selling of real assets for 20% fair value ?
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?
The program has to be passed in Greek congress. No sweat. / sarc
Answer: Infinitely many times...
x -> BS, as n -> infinity...
If greece is brains and the banks are zombies I'd say starvation is imminent.
haha!
nice one Fonz!
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?
And cut to Talking Head Spin on Debt Limit and Budget Deficit in 3, 2, 1...
Ding, Ding, Ding - Winner
http://www.zerohedge.com/article/moodys-says-it-expects-place-us-rating-...
Moody's says if is no progress on increasing debt limit in coming weeks, it expects to place US rating under review for downgrade
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
Better yet, it involves tax reform in Greece. No talk of enforcement however. Hum...
How are they going to implement that program? I bet on more riots soon.
Cue riot-control agent extraordinnaire:
http://www.youtube.com/watch?v=clqK5OC3BWE
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 baton...to work in association with our new European collect-taxes-from-the-unwilling-Greeks office"
Tune into into your nearest riot channel
DXY should take a shot to the jowls. Makes the QE3 skid-greasing effort a little dicier...
You short the Euro, and you short political stupidity. Can kicked, Ireland & Portugal up next.
Bernank: Hey, Jean-Claude, I need a weaker dollar here, because there's little else to support equity markets, and it has been a workable solution for me in the past. Can you help?
Trichet: I will do my best, Ben. I might be able to muster up an "according to a source" on Greek restructuring. Can we start with that and see how much it yields?
Bernank: Sure. Anything. Beggars can't be choosers.
Trichet: Will you sacrifice a couple of goats for me at next week's ceremony? I need some help, also, from below.
Bernank: Consider it done, blood brother.
nothing like throwing good money after bad
Ah good, this solves everything. Buy PCLN. What a crock.
This should be good for a green close...
Ponzi FUBAR market.
Looks like we are going green soon... Bears rushing to cover...
Meanwhile in Greece
http://www.newpost.gr/var/photos/blog/icon/0106syntagma.jpg
enough said
Dollar now trades like a pink sheet stock....fucking nuts....
Anyone know the translation for "where's ours?" in Gaelic, Portuguese and Spanish.....
Yea of course they did that. Didn't yall hear that Greece is crucial to the whole system? Greece going bankrupt would have meant robots controlling out financial system, extreme FX instability, constant war, shitty music catching on and KIDS SMOKING MIRIJUANNA! We can't have that!
On a more serious note, of course they did that. They want to avoid any kind of default for as long as possible and now it is, apparently, still possible.
I totally underestimated the power of the printing press !
Switched to Long WD-40.........................................
Stocks recovering and Euro up. Jeez! now we can't blame our situation on the Eurozone any more.....oh, wait....the MSM will now start highlighting Spain's problems and Ireland's problems. And around and around we go.
According to a source, I will soon shit golden bricks.
According to a source, the U.S. will have a budget surplus of 202 trillion USd by 2013.
I feel so much better about the future, now.
Going long TruthInSunshine rectal futures.
Soon to be traded alongside Unicorns, Pixie Dust & Rainbow futures.
Already long Greek unicorns, against short Zimbabwe Pixie Dust.
Excellent pair trade.
May I suggest going long and/or short some Hopium-151 futures?
I'd be pretty late to that trade [in either direction], I think.
But man, do I wish I had a baggie of Hopium-151 right now. I hear that stuff is soooooo good that a fellow on it can actually convince himself gay fashion is the key to "Global Growth" while simultaneously using S&P 2012 earnings projections to make current valuations seem "historically cheap" so that EVERYTHINIG, EVERYDAY, represents a "buying opportunity."
Me and my reality based hang ups.
Well, there are always those highly valuable, highly undervalued and in no way manipulated commercial/retail-intense REITs - or hotels and motels!.
RoboMomoComo loves them, and I hear Bernankincide even is sitting on quite a few of them in his legendary and legendarily toxic Maiden Lane I through Maiden Lane XXVIII funds.
Federal Reserve Owns Red Roof InnGood grief.
Someone...anyone...clap him irons...please?
Are they going to void and nullify all CDS.
jal
voluntary restructuring does not trigger cds. all the talk about the complexity of structuring a restructuring to avoid triggering is just BS!
- listen to this , you'll feel better! spectacular!
http://www.youtube.com/watch?v=wFpeM3fxJoQ
http://www.youtube.com/watch?v=SLK7hrRijes
Sick song but I prefer this one:
http://www.youtube.com/watch?v=vYYii_Z4UOA
Does this set up silver for it's next leg up to begin after Friday's NFP ?
Watch it take out $50/oz this time.
Big Banks Cash In on Commodities
Thursday, June 2, 2011
J.P. Morgan has emerged as one of the biggest beneficiaries of the commodities boom sweeping Wall Street. The bank's commodities unit—which employs about 1,800 people, more than any of its rivals—made more money during the first quarter than through all of last year, according to people familiar with the matter. So far this year, the unit has earned roughly $750 million and is on course to beat its 2011 internal target of $1.2 billion, these people added. The J.P. Morgan unit earned just $514 million for all of 2010, falling far short of its goals.
http://finance.yahoo.com/banking-budgeting/article/112847/banks-commodities-wsj?mod=bb-budgeting%20%20%20&sec=topStories&pos=7&asset=&ccode=
I, for one, am extremely (!!!) grateful; three years means three years of prep work before the real storm. I'm learning lots of self-sufficiency stuff and don't eat any fast food, period. See: "pink slime", as in meats that are reconstituted into something that looks like meat via the magic of chemistry. As Dr. Oz says, if it is not recognizable, don't eat it.
Meanwhile, back at the ranch, er, that is, meanwhile, Oboma is out playing golf again, and Michelle is flying Air Force One out to pick up a new purse. Tee hee. Ah the nouveau riche (via taxpayer money). That was one of the good things about George and Laura, been there done that, didn't need to do it on the taxpayer dime. So those of you who (probably not here, but you see it posted all over the web) wanna play class warfare, it is a good thing to have elected people who are successful before they arrive; they are less inclined to use the taxpayer money to "play" at being rich. This is classic communism, of course. The higher up the ladder in communism you go, the more you steal of the "people's" money/goods/industry.
Can anyone explain why young people have ONE-THIRD of their income taken so it can be redistributed to the trash who have children with no intent to support them? That is the crime of child abuse.
So anyways, a big thanks to Greece/Three years and I'm bunkered in. But did need that extra time.
So who is going to bail out the US now?
Greece.
Anyone have a read on what the Greek CDS are doing?
So they couldn't stick to the original plan.
Now they have a plan that is more austere and lasts longer.
People have NO SAY period. The people of the world merely have the illusion of input. There is only one answer left.
According to a source, a discovery of 200 million metric tons of rare earth minerals alongside an oil deposit containing what would amount to 200% of the current known global oil reserves have been discovered in Greece.
Bluff.
But maybe the rest of Europe picked up on this: they won't use private financing because no one in their right mind would risk their own money. Only someone as idiotic with a printing press would pull a stunt like this.
Bluff.
As the old saying goes,
“Borrow a little money, you are a creditor. Borrow a lot of money, and you have a partner.”
Kleptocrats only good for one thing and one thing only.
everything is to be determined by 6.20.11, when eurozone finance ministers meet.
According to a source, private sector involvement will be limited to avoid a credit event
this seems to mean investors who will roll the debt when it matures. like the banksters will. reuters also reports "inspectors" from the EU, EUCB, & IMF who have been working for weeks to help the greeks get everything ready for the financing & privatizations:
The source said the programme would involve detailed commitments by Greece on the governance of a new national wealth agency and the timing of specific privatisations, but it would stop short of intrusive international supervision of the agency. (END Paste from reuters, my emphasis)
OT, but related to tyler's piece abt the al jazeera film showing armed anglo-type civilians in libya: morgan strong in The Tripoli Post: Summary of the American and International Press on the Libyan Revolution - <i>Morgan Strong</i>
Report: Ex-SAS forces help NATO in Libya(UPI) - Ex-British special-forces soldiers and other Western private security firm recruits are helping NATO spot Libyan targets, military sources told The Guardian.
The Special Air Service veterans - reported to be paid by Arab countries, notably Qatar - are in and around the Libyan port city of Misurata, Libya's third-largest city and the scene of heavy fighting between Libyan leader Muammar Al Qathafi's forces and pro-democracy rebels, the newspaper said.
The former soldiers - once part of elite military tactical teams trained to perform high-risk dangerous missions that conventional units cannot perform - are passing details of the locations and movements of Al Qathafi forces to the Naples, Italy, headquarters of Lt. Gen. Charles Bouchard, Canadian commander of NATO forces, the sources told the newspaper.
The recruits are in Libya with the blessing of Britain, France and other NATO countries, which have supplied them with communications equipment, The Guardian said.
It was not clear whether Americans are among the recruits.
Just a reminder...
CIA WARNS OF A GREEK MILITARY COUP, REBELLION, IF AUSTERITY INTENSIFIES
http://www.zerohedge.com/article/cia-warns-greek-military-coup-rebellion...
US GOV MAY BE CUT BY MOODY'S IF NO PROGRESS ON DEBT LIMIT 13:31
The IMF is going down to the wire. What’s going to happen in the future, two or three countries are going to go to the brink all at once. That's when a $60 trillion world economy facing a $600 trillion debt hits the fan. And it's game over. The banks are extracting hard-earned money from European and American taxpayers to make good their debt losses. Without the US, the IMF would be powerless to provide this kind of money.
As a result, Americans, the same as Europeans, will have to continue to give up their standard of living for the bankers’ standard of living. And that is not likely to happen. Already public service unions in America are hoping to bring all union people together for general strikes to get their story out. Result: the American people are going to force politicians to cut spending to the bone and that includes the bankers. “The only security men can have for their political liberty consists in keeping the value of their money in their own pockets.”
As Sheldon Richman of The Freeman puts it: The IMF is funded by force—all IMF money comes from the taxpayers and central bank printing presses… IMF loans rescue the failing country’s creditors – Wall Street banks typically – from a government default on its debts."
It's past time to end the IMF.
Meanwhile, keep an eye on how much of Greece's gold (what they have left of it) is transferred out to a vault of the EU's choosing. Nothing is free...not even fiat.
The last deal would have seen them default. No way they could come up with that kind of cash ($50-$80 billion in debt payments each year for 3 years). So they get a new deal. It avoids default for 3 years, after which they can get another deal. Ultimately the piper will be paid (or not since the ECB and the Eurozone economies seem to be heading in different directions.
This whole European fiasco reminds me of the way that soccer is played on the international stage. You know what I'm talking about. Player 1 is running down the field with the ball without a care in the world. Player 2 sticks his leg out (maybe, maybe not) and "trips" Player 1 who (naturally) falls and then proceeds to flail about on the turf as if he's just had his leg shot off. The ref runs over and gives them both a yellow card at which point Player 2 starts jumping up and down like a toddler whose favorite bankie has just been taken from him by a mean big brother. Meanwhile, not to be outdone, Player 1 miraculously gets up and starts doing his little dance in the ref's face protesting the mistreatment he suffered at the hands (er, feet) of Player 2. It's Europe's version of a night at WWE after someone has been wronged with a folding chair. I'll let you figure out who's Player 1 (PIIGS, sorry, couldn't resist) and who's Player 2 (ECB, IMF, Germany, France, Chairsatan, the American taxpayer, etc.; sorry, my bad again).
Kick the can three years down the road? Hardly. The half life of intervention is measured, not in years, months or weeks, but days, hours or minutes. It doesn't matter how many times one scrapes burnt toast since it remains burnt toast and all the oleo in the world ain't gonna change that fact.
Ireland next up. 50% of firms in trouble, over 10% of mortgages in arrears with many more paying interest only. 700%+ total debt to GNP, mathematically impossible to service.
Then Spain and Italy. Critical mass is fast approaching.
CNBC.com EU official denise Reuters report.
So who is this Denise Reuters, anyway? Is she hot?!?
Nice catch, squexx.
EU agrees in principle on new Greek plan-source | Reuters
reuters claims a "source close to the negotiations" so here's the paste:
The Economic and Financial Committee (EFC) of deputy ministers and senior officials of the 17-nation currency zone approved the Greek programme in principle in talks in Vienna that ended after midnight, the source said.
line 1. angela merkel? (?)
Plus this dramatically undermines the financial cred of any of the core EU 'donor' States )who have enough of their own issues building) ... as this money does not exist ... it's only a pledge ... so it has to be raised in the market every time ... so when a loan is sheduled, the rate premium will rise each time for the donors ... because everyone knows that ANY money given to Greece like this will NEVER be repaid ... quantitative impossibility ... and after the revolution you can also forget aout swooping in to scam-up the assets.
Talkabout pissing tax-payer money up against the wall!
This is bankers giving more ground hoping to avoid civil war.
Civil war in Greece would be game over for the EU. Greek govt collapses, bondholders wiped out, Euro collapses, ECB wiped out, EU falls apart.