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EUR Surging On Draft EU Proposal Which Sees "Marshall Plan" For Greece
Headlines out of Reuters:
- Draft EU summit conclusions call for "Marshall plan" of investment, growth stimulation for Greek economy
- Collateral will be part of new Greek aid deal according to Eurozone draft
- Draft EU summit conclusions says three options for private sector role in second Greek bailout remain on the table; debt buyback, rollover and swap
- Draft EU summit conclusions says EFSF will be able to recapitalise financial institutions through loans to governments,including non-programme nations
- Cost of recapitalising Greek banks estimated to be total of EUR 25bln according to Eurozone document
- Draft EU summit conclusions see rate of around 3.5% on new EFSF loan for Greece
- Draft EU summit conclusions says EFSF will be able to intervene in a precautionary basis
- Draft EU summit conclusions see extension of EFSF loans from 7.5 years to at least 15 years, according to a Eurozone document
The Rubicon has now been crossed: Europe goes all or nothing on Greece. When this latest bluff fails it is all over.
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Awesome rollercoaster in AH from close to now.
Dramamine time.
so... dollar down big means commodities up big?
In a normal world...yes. But some how when the ECB/IMF is loaning Euros to every perphial country (i.e. print Euros), that makes a stronger EUR....makes sense. If oil doesn't go above $100 by tomorrow, something is defo wrong.
...and the CHF -- the SNB won't be able to print fast enough to soak up the 2.5B Euros the are earmarked for the "bank recapitalization" but somehow wind up fleeing to Zurich.
*DSFCBWTF posting algo error*
The real question remains.
Will all the Euro's in Euroland get the Greeks to change their culture of sloth and corruption and start acting like the Germans?
Sloth, as in, reluctance to work or make an effort; laziness, much less pay taxes.
Buys them 3 months max of staying out of the headlines.
If you think that's a 'real question', you must think snookie is a 'real personality'.
That's what the banksters want you to believe. How people can read ZH on one hand, and still believe this crap on the other, is beyond idiocy.
Greeks are lazy = Bankster drivel
Anyone that believes Greeks are lazy as a country, as every country, color, and creed has lazy people, but as a country, is taking bankster sophistry so far up their ass it must be lodged in their stomach.
Besides, last I checked, they were trying to effect change, and weren't buying the banksters bullshit. Which means not only were they not 'sloth', but the real sloth 'mental' is something they had shaken themselves from. Anyone that believes bankster bullshit is mired in mental sloth, a far worse condition than any other incorrect form of sloth. (I.E. the movie seven was WRONG, it's not physical sloth, and thus fat people, it's MENTAL sloth, but the catholics fucked that up....for money interests of that day)
Besides, since when is there one standard for anything? Work like Germans? Because the human race needs everybody to work at optimal efficiency in order to just survive. No, the banksters want everybody to work like Chinese, who work 'like germans', but live more like africans.
Finally, Germans sure are destroying their own country, so whose left when the Germans fall? Work like martians? Like chinese slaves? German manufacturing, a soon to be endangered species. They've already decided they're 'nuclear expertise' is going to wither away. They are a self-destructing society, and they won't last much longer as well, especially throwing their 'money' down a rat hole. It's fraud, so the germans are stupid enough to put hard earned money and give it to banksters to pay for fraud.
...And you want the greeks to emulate them? How about the Germans emulate the Greeks on that account?
Glass-Steagall (not sophistry or bankster bullshit)
*triple post algo*
*triple post algo*
WTB strong trolls blood.
.
I do NOT think this the end of history, as you expressed with just one '.'
it is just a further step within the descent.
I fucking knew it, that ECB is corrupt they should really demand that nobody talks to the press before days like this.
Holy sh*t that picture is hilarious! Coffee out the nose.
+25 billion
2nd that
Hey I know that children, his name's Ecibi
Athens riots to commence shortly...
Tyler will be posting many deer pictures.
Greek protester caught in the police headlights.
That's the one! I knew you had it in ya!
A dear protester in the headlights.
Becky Quick just had an orgasm, wet herself, and crapped all over her stool, all at the same time! That was cool!
Gotta luv Jersey gilrz
"Collateral will be part of new Greek aid deal according to Eurozone draft"
Oh dear. Time to go rummage around in the archives and locate the title deeds to the Acropolis.
Greeks won't like this at all.
that struck me as interesting too...does that subordinate all existing debt?
How do you spell MERS in Greek?
@snowball777
LOL. Foreclosure: It's not just for people and businesses any more.
I personal liked:
Which when translated, I think means "Raindrops on roses and whiskers on kittens. Bright copper kettles and warm woolen mittens".
Growth stimulation? While the country has a Euro denominated noose around it's neck?
Eurocrats: biblically stupid or criminally negligent. Take your pick.
So after many years of great success (according to the politicians anyway) a Marshall plan is needed!
I thought that was for when countries have ended a serious war.
25 billion to save Greek banks, 250 billion to save the rest of Europe's banks from Greece!
bankers saved. 200 pts swing in less than an hour. EUR/USD
..
Gold/silver get whacked again but was it this draft EU proposal that did it or was it because they must get whacked in the 5 minutes before the initial jobless claims ?
JOKE goes on EURO ZONE today!
risk on = joke on, risk off = joke on
Hey well done for getting this posted...i have 2 dedicated news feed, one of them has DJ, IFR, FX NOW bla bla bla...not one of them has said a thing yet, its always the way.
I always thought that a Marshall plan was a plan to rebuild stuff...
WTF WILL THEY BUILD?
A SECOND ACROPOLIS?
Loans, Loans and Loans. COME ON!
No Austerity? Where has that one go to?
LOL...I'm sure that's what they Yanks told you, but it was really about dividing the spoils...just like you have here with the Greeks.
It's ridiculous. It told you all about this yesterday. Hey, this time we didn't send STUKA to bomb the hell out of Athens...
Fuck them. All of them. This is treason. They break our constitution.
And the phrase "selective default" not to be found in this draft... yet.
The problem with any Marshall Plan proposal is that before there can be any rebuilding, you have to break up the old structure. The trades unions are simply too entrenched to allow this without a huge fight...
Last time we used B-17s and B-24s/B-25s to break up the old structure. B2s anyone?
Nothing will happen to the euro until the Chinese decide something should happen.
Bottom line = Greece's economy is not sustainable without bailouts
This has solved nothing.
Save Greece.......those two words are a joke to me...has anyone looked at their income..their economy..their tax revenues...they are tanking...costs going up...income going down....and then you give them more debt....lol.....its the new world order..lol
Guess they didn't learn anything from the Athens Olympic building/debt binge that will never be paid back.
where would 3.5%, 15 year Greek debt trade? how much of that can the EFSF really do?
"When this latest bluff fails it is all over."
That's a bold statement, Mr. Durden. Any thoughts on the timeframe?
My guess is later today or tomorrow. Latest the weekend.
Are they freaking insane!!!! A Marshall Plan for what? What can they build? Can the Greeks not decide to invest in capital projects for themselves? The Greeks need rid of the Debt monkey to move on, not more debt to build shit that they do not need. And where are the Eurotwats going to get this money from to begin with?
Greek Yogurt.
yes, the Rubicon has been crossed, but long ago and many times, e.g. 1913, 1971 and 1999 (Euro)
Not a word about Italy, Spain or any measures to contain potential contagion.
This 'Plan' looks very, very weak to me. I wouldn't give this relief bounce in the Euro long before it reverses. Nothing has been fixed by this. No progress has been made that will materially alter the outcome.
+1
A Marshall Plan involves the natives working their asses off.
Sorry Greek men, time to remove your thongs and cover your hairy backs and go to work.
Free alarm clocks for everyone!
My idea would be to take all their chairs away. If there was nothing to but their lazy arses on, they might actually do a bit more work...
Let's see, I believe this was the official symbol for the first Marshall Plan:
Being that we've already stuffed 850 Billion into the Eurotrash from QE2, I think it's fair to say that this will continue to be the logo for the new Marshall Plan, especially after we find out how much more we need to print for our fellow Socialists.
They will need a surging economy in the private sector to pull this off. Good luck finding that.
Looks to me like they punted on central issue of how the banks will participate, leaving the risk of selective default on the table.
How is this positive news?
i think it is viewed as positive news because the global macro guys and equity monkeys are all clueless and are trading the headlines, and it will take a few hours until credit people convince them the plan is stupid
Lizzy,
The ECB has decided to accept Charlie Brown's football as collateral. Hand it over or let Greece sink into the debt sea.
Quick, grab the other end of the couch and help flip it over for a good shaking...
All these meetings: Lots of hand-wringing going on, when it should be neck-wringing!
If you have a bankrupt subsiduary (Greece) -- you wind it up. The holding company (EU) takes a hit and carries on mostly.
You can not recapitalize a subsid that has no prospect or intention of getting its house in order -- the board loses the faith of the shareholders. Best option is to hive it off to fend for itself.
Next time that the Franco German axis-of-insanity develop terminal hubris and attempt the impossible, kindly would they remember this pithy Anglo-Saxon imperative:
FUCK OFF.
I think the German side of it had problems with "NUTS"
Have they cleared this with the rating agencies?
You cannot crete demand for Greek products...come on. They will be right back here in 6 months when it's obvious nothing is improving....then of course there will be no options. Can the markets not see this or as long as the quick buck can be made now it doesn't matter that later will wipe everyone out?
So who's going to back a Marshall Plan for Portugal or Ireland or Spain or Italy.
Not enough German money to go around.
Not going to end well.
ECB just threw whatever BS credibility they had too by accepting junk as collateral.
And how is this NOT monetization?
Of course it's monetization. Just copy paste job from chairsatan.
LMAO on EURUSD ha ha ha .......
We have no money for us and should we pay more taxes for a Marshall plan for Greek?
It is worse than that.
The reason the USA no longer has fractional gold standard is because of the first Marshall Plan. After WWII, is was determined that the USA needed to carry the water for both rebuilding Europe AND maintaining their colonial infrastructure . Most notably the French, but also the other euro trash were unburdened from their empire (see Vietnam for the frogs) or the cost of rebuilding their own countries.
They chambered all the gold backed US dollars, which were suffering inflation due to the post empire wars. And in 1971 the euros redeemed them for US gold. Nixon had no choice but to comply. And that is why the gold standard ended in the USA in the way that it it did.
http://en.wikipedia.org/wiki/Nixon_Shock
Nixon was a lot of things, including being president during this hoodwinking by the euro-trash, but he did not drop the gold standard cause he thought it was a barbaric relic.
The question is: what will the euros hornswoggle us out of this time via pity party techniques? There is not gold left. Land? Our first born children to fight in even more of their imperial wars? (we are already cleaning up Libya, and MENA) Underpants? What?
Yep
You would think the GDP of Greece was actually worth saving. LOL
These morons just wanna extend and pretend and will come up with anything to do it.
You could come up with the most assinine plan, and it would be implemented.
This is game over!!!!!!!!!!!!!!! People of Greece need to revolt hard, and remove the morons from the government buildings, before they are all homeless.
Marshall Plan? Are they going to build steel plants on Rhodos?
More fraud!
How the FUCK can the ECB accept Greek bank collateral if they are a defaulting country?
Hahahhaha, i am literally laughing my ass off. The EFSF is going to guarantee the collateral. Excellent. So Portugal is now going to guarantee the debt of Greece. BRILLIANT.
Rules truly are for the little people.
evidence, please!
(no, it is ok, leave it wherever it is.)
.
end of history.
When bogus crap like this happens, it is a clear sign they are running out of crap to come up with, and the end game is near. This makes no sense to me either. It is just a bunch of crap to get people to buy stocks.....Bernanke has morons all over the world thinking stocks are a job now and they can live off them....ROFL I will be laughing my ass off when it all collapses again worse than last time.
BlowHorn [CNBC] coverage of this "great news" is sickening in its complicity, once again demonstrating that not one individual or entity involved in the financial services industry gives a crap about credibility, which should really frighten folks.
At the BlowHorn, the first treatment of this "great news" was to pimp a chart of the futures. Got to get the algo's movin' quickly on this one. Zero...and I mean zero delivery of just what the "good news" actually is.
Right along with Blight on America bank, please close the BlowHorn, as well.
Marxism!
Think about it, after 10 years of the Euro, Europe needs a Marshall Plan;)
A Marshall Plan...
Today I saw a superb picture of Sarkozy hugging Merkel. Crisis solved, our leaders love each other, peace & love & leverage & risk off.
I'm close to the no-return point: convert everything in cash, silver and gold, fuck off Switzerland & Europe and move to Argentina because at least, people are much friendlier there.
What can I say, I'm terribly angry, thinking of molotov cocktails... but still not on the streets; still slave of this stupid society.
maybe they want to create a new bubble in subprime kebab shops
What is funny is that Greece is going to have the highest per capita wealth of any country after all this money is dumped in there....
At the end of the day, any solution is cash flow dependent. Unfortunately, this proposal is "Dead on Arrival" because there isn't enough cash flow.
...Marshall plan? ...well Festus, reminds me of Gun Smoke. http://www.youtube.com/watch?v=3PcA5DBqrYQ
maybe they want to create a new bubble in subprime kebab shops
What is funny is that Greece is going to have the highest per capita wealth of any country after all this money is dumped in there....
What's even more funny is most of it will still be kept in offshore bank accounts...
At the end of the day, any solution is cash flow dependent. Unfortunately, this proposal is "Dead on Arrival" because there isn't enough cash flow.
With the ECB accepting defaulted collateral the liquidity pipe is effectively infinite.
ABSOLUTELY INSANE, this is worse than QE as this opens the door to any other EZ state to go full retard on fiscal without consequences.
Comment of the day!
Is Merkel capable of doing anything is the next question? raised in East Germany she may be afraid to do anything.
Merkel, who saw capitalism from behind the Iron Curtain while growing up in then-communist East Germany, will be “steamrollered by events,” said Fredrik Erixon, head of the European Centre for International Political Economy in Brussels.
“Germany is rejecting all kinds of proposals to deal with the debt problem but Merkel is not coming up with any real ideas on how she’d like to see the crisis resolved,” he said.
"extension of EFSF loans from 7.5 years to at least 15 years" = "you might as well default on them 15 years later and we'll extend it for another 30"
DXY in the toidy this morn after an overnight fever bout.
We want a Marshall Plan too or we will join Switzerland
Whining and bitching yanks again here. Nothing is ever good enough for your lazy bums. No wonder space shuttle program was shutdown because THAT IS ALL YOU CAN DO NOWADAYS! BITCH AND WHINE!
DXY heading to 74.25...if that doesn't hold...it's heading under 74. That's gonna be great for the unemployed ain't it?
what a clusterfuck.
If only we had an industry that still exported from the US, it could create some jobs on the docks.
The main thing we export now is toxic debt, which requires no ships or dock workers.
Our other main export, Death and Destruction via imperialistic wars of aggression, has it's own shipping lines by both land and sea as well as non unionized contract labor (AKA "soldiers").
The only industries these export contribute to within the US are prison, prosthetic limb manufacturing and funeral parlors.
I believe the u.s. now leads the world in the export of empty containers.
and if the greeks say F you?
They won't, the Greek politicians will take any deal they can get for the "Greater Good". There might be some posturing but they are fully aware of and heavily involved in the can-kicking game. The Debt-junky will continue to lie and cheat.
Greece is one of those black holes and every € you throw at it, disappears in its' vortex never to be seen again.
LMAO
Oh lovely. Another top-down plan, giving more power and control to the same monkeys who screwed up every other top-down plan for the past half century. Sheesh! Talk about being blinded by self-interest! What's it gonna take for the Western elites to recognize they are failures..? The carriers of a diseased worldview..? The core of every problem they think they can fix..?
Yeah, it'll work... this time it's different!
When are We the People going to realize these 'Elites' are waging war against us? The collapse is proceeding as planned.
For anybody interested. Here is a fantastic and recent Documentary about the Greek debt situation, it's history and possible solutions.
This is a very very good documentary.
Debtocracy
http://www.youtube.com/watch?v=qKpxPo-lInk
I have a crappy brokerage, but I have wanted to buy greek bonds and assets for a while. this was the easiest bet to make good returns. just like the us market you know they will always bailout, it's in their genes
maybe they want to create a new bubble in subprime kebab shops
"Draft EU summit conclusions says three options for private sector role in second Greek bailout remain on the table; debt buyback, rollover and swap"
So that's bailout, default and default....and seeing as bailout = 'default later' - I'd say that's 3 defaults.
The more fantasy the EU clowns come up with the less confidence the markets will have.....even this 'drunk' market has to sober up sometime.
This whole episode is worse than watching an Oliver Stone movie where you already know the ending - it's hours and hours of painful dialect which opens every possibility before settling for the inevitable one.
I hope the US debt ceiling doesn't drag out this long - best get on with the collapse folks - and stop wasting time.
Watching EURUSD going up ... it's totaly insane! Must be lemmings...
In all versions EUR must go down because:
when you are 100% sure of something in FX markets, you better take a break. Unless you are able to place 10000 orders in 10 ms.
how can anyone have any confidence in what they do or say
the market hinges on what morons like these loy and Bernanke says
thye world is friggin insane
If they're going to have a Marshall Plan, don't they need to carpet bomb the country first, so they'll be something to rebuild with the fresh money. Oh, you mean there's nothing to rebuild, they're just throwing money at an insolvent operation? Never mind then, carry on.
removed.
"...growth stimulation for Greek economy..."
What "growth"?
What "stimulation"?
And to be sure... WHAT ECONOMY?
Greece is all about olive cultivation and tourism.
That's all there is. Humping goats, also... here and there.
Yeah... Greece, soon to be a major exporter of airplanes and submarines... made in Germany and France.