This page has been archived and commenting is disabled.

Euro Finance Ministers Break As Greek PSI Plans Crumble

Tyler Durden's picture


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


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 07/11/2011 - 15:41 | 1445043 goldfish1
goldfish1's picture


Mon, 07/11/2011 - 15:54 | 1445119 Azannoth
Azannoth's picture

The last recourse the Glorious Printing Press, com'n bitchez make my day

Mon, 07/11/2011 - 16:09 | 1445190 freethinker4now
freethinker4now's picture

Gold Bitchezzzzzzzzz

Mon, 07/11/2011 - 17:08 | 1445404 knukles
knukles's picture

 "We never thought it was a good idea,"

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?

Mon, 07/11/2011 - 15:41 | 1445044 SheepDog-One
SheepDog-One's picture

The king is dead.....long live the king!

Mon, 07/11/2011 - 15:59 | 1445045 augie
augie's picture

Hah, That's enough. Desperately defending all key technical levels right to the close. hahaha 

Mon, 07/11/2011 - 15:41 | 1445046 SilverIsKing
SilverIsKing's picture

I hope you are keeping careful notes of all of this.  The book and movie rights will be worth a lot of money.

Mon, 07/11/2011 - 15:42 | 1445047 Archimedes
Archimedes's picture

Kaboom!  Or...kaboom?

Mon, 07/11/2011 - 15:42 | 1445049 slaughterer
slaughterer's picture

Please update.  This was a tease. 

Mon, 07/11/2011 - 15:44 | 1445062 Lord Welligton
Lord Welligton's picture


Come on fess up. What actually happened.

Mon, 07/11/2011 - 15:42 | 1445050 cossack55
cossack55's picture

Mama Mia. Ooops, wrong freakin Piig again.

Mon, 07/11/2011 - 15:51 | 1445097 carbonmutant
carbonmutant's picture

The other white meat...

Mon, 07/11/2011 - 15:43 | 1445054 freethinker4now
Mon, 07/11/2011 - 15:45 | 1445067 djsmps
djsmps's picture

Did they meet for 75 minutes?

Mon, 07/11/2011 - 15:59 | 1445148 Mae Kadoodie
Mae Kadoodie's picture

Did they eat their peas?

Mon, 07/11/2011 - 15:49 | 1445072 aVian
aVian's picture

barry aka barrack was not listed on the joint state of Hawaii tax return in 1974.  only "maya" was.  

page 169

Mon, 07/11/2011 - 16:48 | 1445330 granolageek
granolageek's picture

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.

Mon, 07/11/2011 - 17:09 | 1445421 knukles
knukles's picture

Can't be everything to everybody.
Jezzzz.  Lighten up.

Mon, 07/11/2011 - 17:32 | 1445501 NotApplicable
NotApplicable's picture

Hawaii is a kingdom. Just because DC stole it with a coup, does not make it a US state.

Mon, 07/11/2011 - 17:42 | 1445535 Rodent Freikorps
Rodent Freikorps's picture

Yes, it does.

Mon, 07/11/2011 - 17:33 | 1445508 JimBowie1958
JimBowie1958's picture

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.


Mon, 07/11/2011 - 15:47 | 1445074 Stoploss
Stoploss's picture

Ready the splatter shields.

Mon, 07/11/2011 - 15:48 | 1445077 Archimedes
Archimedes's picture

Basically the banks don't want to take a haircut...go figure!

Mon, 07/11/2011 - 15:48 | 1445078 Gordon Freeman
Gordon Freeman's picture

The negotiations:

"You first"

"No, you first!"

(repeat, fade...)

Mon, 07/11/2011 - 17:11 | 1445428 mayhem_korner
mayhem_korner's picture

Goto 1:23...


BTW, what are the Vegas lines on what deal is struck first - Greek bailout, US Debt ceiling or NFL Labor?

Mon, 07/11/2011 - 15:49 | 1445083 Black Forest
Black Forest's picture

Well, I am going to bed now, too.

Mon, 07/11/2011 - 16:38 | 1445086 carbonmutant
carbonmutant's picture
China’s Debt 160% Of Its GDP Just Like Greece

Credit Suisse as warning that “Chinese credit growth has reached the critical level that has previously anticipated sudden downturns in other countries.”

Mon, 07/11/2011 - 20:27 | 1446047 IQ 145
IQ 145's picture

 That's alright, it'll just encourage the little darlings to buy more gold and silver. Fine with me.

Tue, 07/12/2011 - 01:52 | 1446853 Urban Redneck
Urban Redneck's picture

Did CS actually say China has a 160% debt to GDP ratio or is Lenzer's headline writer off his rocker?

Mon, 07/11/2011 - 15:50 | 1445088 mt paul
mt paul's picture

when your bald ...

does a haircut 

really mater

Mon, 07/11/2011 - 15:50 | 1445090 mopickens
mopickens's picture

fire in the hole

Mon, 07/11/2011 - 16:25 | 1445259 Hook Line and S...
Hook Line and Sphincter's picture

referring to the new super resistant gonococcus?

Mon, 07/11/2011 - 15:50 | 1445091 CrashisOptimistic
CrashisOptimistic's picture

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.

Mon, 07/11/2011 - 16:09 | 1445198 oogs66
oogs66's picture

It won't help. Contagion is here. Defaults are next

Mon, 07/11/2011 - 16:31 | 1445279 j0nx
j0nx's picture

In the end, the US Taxpayer will GIVE (not lend, GIVE) Greece money.  They are that terrified of contagion.


Mon, 07/11/2011 - 16:31 | 1445282 bsdetector
bsdetector's picture

They will give it to Ireland too, if the Irish hold out.

Mon, 07/11/2011 - 16:39 | 1445301 Lord Welligton
Mon, 07/11/2011 - 18:02 | 1445585 lesterbegood
lesterbegood's picture

 "They are that terrified of contagion."

The Fiat Flu, perhaps...swallow lotz of gold and you'll feel better.

Mon, 07/11/2011 - 15:50 | 1445095 the not so migh...
the not so mighty maximiza's picture

Was not this fixed last week,   what the hell is going on?

Mon, 07/11/2011 - 17:24 | 1445477 Thorlyx
Thorlyx's picture

Yeah, the more they fix it, the worse it gets.....

Mon, 07/11/2011 - 17:34 | 1445516 JimBowie1958
JimBowie1958's picture



Mon, 07/11/2011 - 15:51 | 1445100 Jim in MN
Jim in MN's picture

Well, you know, mumble mumble, sumpin sumpin. 

We never thought it was a good idea.

Mon, 07/11/2011 - 15:56 | 1445127 Lord Welligton
Lord Welligton's picture

"The voluntary is basically dead," said one euro-zone official.

Stupid French idea. But then they are French.

Mon, 07/11/2011 - 16:04 | 1445174 Pool Shark
Pool Shark's picture


As you would know well Wellington; the smartest Frenchie was Corsican...


Mon, 07/11/2011 - 16:41 | 1445309 Lord Welligton
Lord Welligton's picture


Gave him a "ass-whoopin" all the same.

Mon, 07/11/2011 - 15:56 | 1445129 brodix
brodix's picture

Exit window; 9/11/2001

Meet sidewalk; 7/11/2011.

 Bookends on a rather interesting decade.

 Wonder what's in store.

Mon, 07/11/2011 - 16:57 | 1445374 Piranhanoia
Piranhanoia's picture

give it two months.

Mon, 07/11/2011 - 15:57 | 1445137 taraxias
taraxias's picture

and the S&P yawns......

Mon, 07/11/2011 - 16:00 | 1445153 SheepDog-One
SheepDog-One's picture

Into the gaping maw?

Mon, 07/11/2011 - 16:17 | 1445226 taraxias
taraxias's picture

LOL....well said brother Dog.

Mon, 07/11/2011 - 15:59 | 1445147 SwingForce
SwingForce's picture

Cranial-Rectal Inversion.

Mon, 07/11/2011 - 16:21 | 1445247 Rodent Freikorps
Rodent Freikorps's picture

Don't you mean "insertion?"
Doesen't "inversion" just mean they have assumed the postition of "ass up?"

Mon, 07/11/2011 - 16:00 | 1445156 Joebloinvestor
Joebloinvestor's picture

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.

Mon, 07/11/2011 - 16:04 | 1445168 SheepDog-One
SheepDog-One's picture

'Next crisis' on present crisis timeline lifespan scale meaning by Friday?

Mon, 07/11/2011 - 16:03 | 1445162 john_connor
john_connor's picture

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


Mon, 07/11/2011 - 16:28 | 1445260 Quintus
Quintus's picture

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....

Mon, 07/11/2011 - 16:45 | 1445325 nodhannum
nodhannum's picture

...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, make that "southern europeans".

Mon, 07/11/2011 - 20:37 | 1446076 IQ 145
IQ 145's picture

 it's very entertaining. Reminds me of the Monty Python "Fawlty Towers" BBC series.

Mon, 07/11/2011 - 16:04 | 1445167 zebra
zebra's picture

the best place to look for volunteers is in Japan, not Europe or US.


Mon, 07/11/2011 - 16:04 | 1445172 Fortunes Favor
Mon, 07/11/2011 - 16:08 | 1445187 treemagnet
treemagnet's picture

Good, fast, and cheap.  Pick any two.

Mon, 07/11/2011 - 16:24 | 1445254 saulysw
saulysw's picture

+1. A lot said here with few words.

Mon, 07/11/2011 - 16:25 | 1445257 Rodent Freikorps
Rodent Freikorps's picture

I know a couple of hookers that can do all three.

Of course, maybe the fast part says more about me than them.

Mon, 07/11/2011 - 16:08 | 1445189 Tense INDIAN
Tense INDIAN's picture

with all these troubles nifty might have deeper corrections::

Mon, 07/11/2011 - 16:12 | 1445202 Dick Darlington
Dick Darlington's picture

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?

Mon, 07/11/2011 - 16:18 | 1445233 Atomizer
Mon, 07/11/2011 - 16:47 | 1445269 THE DORK OF CORK
THE DORK OF CORK's picture

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.


Mon, 07/11/2011 - 16:32 | 1445286 Peak Everything
Peak Everything's picture

Nobody saw this coming.

Mon, 07/11/2011 - 16:39 | 1445299 JR
JR's picture

Boy, were we blindsided!  Hilarious! Peak Everything.

Instead of a Greek tragedy, it’s become a Greek comedy.

Mon, 07/11/2011 - 16:45 | 1445324 franzpick
franzpick's picture

The old saying coming back to life:  History repeats itself, the first time as tragedy, the second time as farce.

Mon, 07/11/2011 - 16:39 | 1445300 nodhannum
nodhannum's picture

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.

Mon, 07/11/2011 - 16:54 | 1445361 Piranhanoia
Piranhanoia's picture

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.


Mon, 07/11/2011 - 16:57 | 1445376 franzpick
franzpick's picture

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:

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.

Mon, 07/11/2011 - 20:59 | 1446122 IQ 145
IQ 145's picture

 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.

Mon, 07/11/2011 - 17:00 | 1445393 Ryman1075
Ryman1075's picture

Haircuts do not matter when the guillotine is brought back...I suspect that we will get a lot of use out of it.

Mon, 07/11/2011 - 23:56 | 1446687 slewie the pi-rat
slewie the pi-rat's picture

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!

Mon, 07/11/2011 - 17:16 | 1445441 sasebo
sasebo's picture

I'm about ready to bite a mule in the ass.

Mon, 07/11/2011 - 17:18 | 1445448 slewie the pi-rat
slewie the pi-rat's picture

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! 

Mon, 07/11/2011 - 21:25 | 1446188 Buck Johnson
Buck Johnson's picture

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.

Tue, 07/12/2011 - 00:37 | 1446760 Widowmaker
Widowmaker's picture

They are all sovereign dominos - set up so that globalization can knock them down.

Do NOT follow this link or you will be banned from the site!