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Euro Finance Ministers Break As Greek PSI Plans Crumble
In other words, as Dow Jones reports, negotiations over participation of European banks in the Greek bailout at Eurofin meeting have broken down. That is all.
Ok fine, here is some more:
Euro-zone finance ministers have taken a break in their meeting in Brussels, after discussions revealed that a proposal mapped out for private-sector participation in Greece's next bailout may face impossible hurdles.
The ministers will reconvene after meeting with their country delegates.
In the June 19 Luxembourg meeting, leaders agreed on private-sector participation in the rescue, so long as it's voluntary, substantial and would not result in selective default.
"The voluntary is basically dead," said one euro-zone official.
Another official said: "They now see all three are not possible."
He was already separating himself from the strategy, adding: "We never thought it was a good idea," he said.
h/t London Dude
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Good.
The last recourse the Glorious Printing Press, com'n bitchez make my day
Gold Bitchezzzzzzzzz
"We never thought it was a good idea,"
QED
Neither did the rest of us.
These folks will now justify their existence as human fodder for snarky remarks on ZH.
How's that workin' for ya' now?
The king is dead.....long live the king!
Hah, That's enough. Desperately defending all key technical levels right to the close. hahaha
I hope you are keeping careful notes of all of this. The book and movie rights will be worth a lot of money.
Kaboom! Or...kaboom?
Please update. This was a tease.
Agreed.
Come on fess up. What actually happened.
Mama Mia. Ooops, wrong freakin Piig again.
The other white meat...
Gold Bitchezzzzzz http://www.goldprice.org/spot-gold.html
Did they meet for 75 minutes?
Did they eat their peas?
barry aka barrack was not listed on the joint state of Hawaii tax return in 1974. only "maya" was.
page 169
http://www.scribd.com/doc/59560239/FOIA-Release-Records-Relating-to-Barry-Soetoro-Stanley-Ann-Dunham-Barack-Obama-Sr-Lolo-Soetoro-Department-of-Homeland-Security
I read the first 28 pages of that garbage. It did not reflect well on Barak Obama Jr.s father, but neither was there anything except rumors against him, and not aword about his son.
To the best of my knowledge, no one has questioned who Barak Obama's mother is, or that she is a US citizen. That is undeniably sufficient to get him a US passport and the right to vote, no matter where he happened to be born. Nor has anyone denied that he is elegible to be president if he was born in Hawaii.
So you are reduced to claiming both that he was born in Kenya, and despite being the son of a US ciitzen that makes him inelegible to be president. Extra points if you will stand up and claim that John McCain, who was born in Panama, and Mitt Romney's father George who also ran for president despite being born in Mexico were not also inelegible.
Camel, meet eye of needle.
Can't be everything to everybody.
Jezzzz. Lighten up.
Hawaii is a kingdom. Just because DC stole it with a coup, does not make it a US state.
Yes, it does.
Actually, no, his mother was not old enough and by law that would disqualify Barry if he was not born physically in the US since his father was not a US citizen.
I believe that Barry was born in the US, but it is annoying how something so basic as meeting constitutional qualifications for an office has become a highly partisan issue.
Ready the splatter shields.
Basically the banks don't want to take a haircut...go figure!
The negotiations:
"You first"
"No, you first!"
(repeat, fade...)
Goto 1:23...
http://www.youtube.com/watch?v=GNhY93UsC0I&feature=related
BTW, what are the Vegas lines on what deal is struck first - Greek bailout, US Debt ceiling or NFL Labor?
Well, I am going to bed now, too.
Credit Suisse as warning that “Chinese credit growth has reached the critical level that has previously anticipated sudden downturns in other countries.”
http://blogs.forbes.com/robertlenzner/2011/07/11/chinas-debt-160-of-its-...
That's alright, it'll just encourage the little darlings to buy more gold and silver. Fine with me.
Did CS actually say China has a 160% debt to GDP ratio or is Lenzer's headline writer off his rocker?
when your bald ...
does a haircut
really mater
fire in the hole
referring to the new super resistant gonococcus?
Of course the banks don't. And they haven't even started playing hardball yet. Nor have the Brussels bureaucrats whose pension benefits are at risk.
In the end, the ECB will GIVE (not lend, GIVE) Greece money. They are that terrified of contagion.
It won't help. Contagion is here. Defaults are next
In the end, the US Taxpayer will GIVE (not lend, GIVE) Greece money. They are that terrified of contagion.
FIFY
They will give it to Ireland too, if the Irish hold out.
"I'm shakin it Boss"
http://www.youtube.com/watch?v=G7QwTTn3FIk
"They are that terrified of contagion."
The Fiat Flu, perhaps...swallow lotz of gold and you'll feel better.
Was not this fixed last week, what the hell is going on?
Yeah, the more they fix it, the worse it gets.....
+1
lol
Well, you know, mumble mumble, sumpin sumpin.
We never thought it was a good idea.
http://www.youtube.com/watch?v=q6-rQ6Jay6w&feature=BFa&list=HL1310414530...
Top. Men.
Stupid French idea. But then they are French.
As you would know well Wellington; the smartest Frenchie was Corsican...
Indeed.
Gave him a "ass-whoopin" all the same.
Exit window; 9/11/2001
Meet sidewalk; 7/11/2011.
Bookends on a rather interesting decade.
Wonder what's in store.
give it two months.
and the S&P yawns......
Into the gaping maw?
LOL....well said brother Dog.
Cranial-Rectal Inversion.
Don't you mean "insertion?"
Doesen't "inversion" just mean they have assumed the postition of "ass up?"
http://www.youtube.com/watch?v=5sc_nQiuDN0
They will create their own "ratings agency" (paid for liars), bail out everyone and see how much time that buys before the next crisis.
The contagion is fiat money.
'Next crisis' on present crisis timeline lifespan scale meaning by Friday?
Does this mean Greek bailout is dead? Did Greek parliament agree to austerity contingent on private sector participation? Wtf is going on?
wait a second, who cares
It may mean the bailout is dead or at least delayed.
The Greek parliament basically agreed to whatever their masters in Brussels choose to give them - anything to avoid Angela Merkel heading down there in her Dominatrix gear to 'Punish' them.
Now the Germans, on the other hand, along with the Dutch and Fins, will be quite miffed at this result since they have loudly proclaimed that private sector participation in the 'Bailout' is a prerequisite for their agreeing to stump up the cash. Their taxpayers will be most unhappy....
...anything to avoid Angela Merkel heading down there in her Dominatrix gear to 'Punish' them. But what if they "enjoy" the Dominatrix gear, punishment and all? After all they are european...er, make that "southern europeans".
it's very entertaining. Reminds me of the Monty Python "Fawlty Towers" BBC series.
the best place to look for volunteers is in Japan, not Europe or US.
http://www.cbsnews.com/stories/2011/07/04/earlyshow/main20076634.shtml
http://rosenthalcapital.com/blog/2011/07/credit-watch-equity-markets-headed-lower-as-credit-swoons/
Credit Update: Equity Markets Headed Lower As Credit Swoons
Good, fast, and cheap. Pick any two.
+1. A lot said here with few words.
http://www.google.com/search?q=good+fast+cheap&oe=utf-8&rls=org.mozilla:...
I know a couple of hookers that can do all three.
Of course, maybe the fast part says more about me than them.
with all these troubles nifty might have deeper corrections::
http://markettechnicals-jonak.blogspot.com/
While the eurofanatics are taking a break we can enjoy ourselves with the huge miss in the greek budget execution. Again. Did I just hear "strong conditionality" from the back? Was it You, Lagarde?
http://www.minfin.gr/portal/en/resource/contentObject/id/aeb8b944-92da-4...
Where is Waldo Heading? The challenges ahead.
http://www.ecb.int/press/key/date/2011/html/sp110711.en.pdf?d31d21fca6bf3838822286043bc1c57a
Just watching CNBC ........ there dissing Gold ...........
Always good for a belly laugh.
They were pushing silver just before the big correction....... CNBC is the litmus test.
There talking of Gold as if it is a commodity.
Gold is about to reach orbital velocity.
www.youtube.com/watch?v=JLsRW4pJlek
Nobody saw this coming.
Boy, were we blindsided! Hilarious! Peak Everything.
Instead of a Greek tragedy, it’s become a Greek comedy.
The old saying coming back to life: History repeats itself, the first time as tragedy, the second time as farce.
Owe a bankster 10,000 and can't pay it, your in trouble. Owe a bankster 300 x 10^9 EU and won't pay it and he's in trouble. The Greeks are the ones holding the cards.
The banks just left a clound of dust in Greece as they sped off to other locales. Several were heard to mutter things about engineering plans for the coliseum, or advertising space on le tour eiffel. Rolex has bid on Big Ben, and Exxon secretly bought the le Louvre from a guy that really looked a lot like Charles DeGaulle. Hope the Greeks care about their country more than other countries. They still get to light the match.
Never saw the spread between the forces acting on gold as high as today: gold down $18.50 due to strength in the $, and gold up $28.50 on normal buying:
http://www.kitco.com/kitco-gold-index.html
Won't be surprised to soon see a flat $ day and a $50 gold move up, reflecting the fiat and debt bubble collapse that Reggie, Bruce and others think may have started today.
I have a completely different interpretation of today. The Kitco price chart shows a waterfall just as London goes off-line. I interpret this as a manipulation on the part of the floor traders and the locals, running stops, as we say, in order to create their own buying opportunity. I refuse to read or listen to any news, or analysis, whatsoever. ie. "the dollar strength"; over the years this has proven to be a good money making strategy. My idea about the time line is very relaxed, I don't believe anything started today. I'm long Dec. Si from $33.75/ I bought it because it was a dip. I have a zero loss stop; this is my trading philosophy. I just leave it alone and be prepared to be surprised. So, there's a different point of view.
Haircuts do not matter when the guillotine is brought back...I suspect that we will get a lot of use out of it.
actually, in france, a haircut was given first. maybe in england for a beheading too? not sure. so, all banksters and treasonous pols should be advised that their mullets and sprayed hair-do's will not save them!
I'm about ready to bite a mule in the ass.
they ate haricots verts! from libya! expensive!
LOL---those darned finiminis! 2 days ago the banksters give the green light for the games to begin via lagarde, him-/her-self, with a euro3 Bil+ check to G-pap for the ouzo, IMF approves €3 billion loan payment to Greece - GREECE - FRANCE 24 ...resulting in panic among the candy-assed finiminis, now phoning their goobermints, which will call their banksters, for instructions from here.
since they have no surpluses, these goobermints and quasi-goober-mentalist militarist nannies are gonna use yours! i guanrantee it!
the world health organization (who?) has pallets of vaseline, ready to be air-lifted to the poor & middle classes, everywhere... hecho in china, too!
And so goes the Euro and the EU, it shouldn't have been formed in the first place. Actually what I heard was that the EU was supposed to be a club of the rich countries but the rest complained and was making a big stink that it could hurt the big countries economic issues at the time, so they let some of the other ones in.
They are all sovereign dominos - set up so that globalization can knock them down.