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European Commission Refutes Spiegel Report About €25 Billion Greek Bailout
Thank goodness the SEC doesn't care about pursuing, well, anything, as its 1-man enforcement team would be horribly torn in trying to find just who the leaks, and the various benefactors, in the ongoing barrage of Greek realted, totally unjustified rumor mongering are. Earlier today European Commission spokesperson for economic and monetary affairs
Amadeu Altafaj Tardio stated "there is no Eurozone plan to bail out Greece" refuting a story that appeared over the weekend in Der Spiegel, claiming a €25 billion fund to bailout Greece was in the making. Furthermore, he noted that Eurostat, which has requested details on all swap agreements done by Greece over the past decade or so, has not gotten all the needed information, due to, wait for it, a 4 day strike at the Greek finance ministry.
Market News reports:
The German weekly Der Spiegel Monday reported that Eurozone member
states were preparing a rescue package of between E20 and E25 billion
for Greece, which is struggling to manage a budget deficit more than
four times the EU's stipulated limit of 3% of GDP.
Asked about this report, Tardio replied, "There is no such a plan,"
reiterating the point that Greece hasn't asked for help but that
European leaders have said they were ready to help if needed.
"They are ready, they are determined but there is no such plan,
because first of all Greece has not requested one single euro of
financial aid," he said.
On top of its debt and deficit woes, the Greek government is also
being asked to respond to allegations that it used currency swaps to
mask the level of its public deficits. On February 12, the Commission
asked Greece to submit information about these transactions by February
19.
"Eurostat has received some information but not all relevant
information from the Greek authorities," Tardio said.
"Athens told us that the reason for the delay was partly to do with
the 4-day strike at the finance ministry," he added.
The only question remaining now is if when Greece finally wakes up and realizes it can stop with the posturing about not needing a bailout, there will be any non-striking employees at the GNB who can actually accept the incoming wire transfer from Brussels/Frankfurt.
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We have a relative in Greece. He is the retired president for one of Greece's largest banks (retired a 3-4 years ago). He states that Greece will not make it. He also said the U.S. is not to far behind Greece (maybe 2-3 years in his opinion). He stated that every country in Europe (every country) participated in absolute reckless behavior regarding their debt, budgets, and the writing of Ponzie Scheme type paper. He believes there is no way out. Just more smoke-n-mirrors delaying the evitable -- sovereign bankruptcy. He did NOT paint a good picture at all. In fact, we were actually surprised by his very negative tone.
Very interesting. This is consistent with my triangulation also.
The scale of what's going on is simply so big, I suppose it's understandable that people don't want to look at the naked emperor. One wonders how long this can continue.
One also wonders what the conclusion looks like, as well as whether this is a trap intentionally sprung onto the unsuspecting populace for the "next system".
"One also wonders what the conclusion looks like...."
It kinda looks like this:
http://www.youtube.com/watch?v=8lYTIYvKTNg
No, more like this:
http://www.youtube.com/watch?v=yVA-xTBeHyM
No...
This is how it will be http://www.youtube.com/watch?v=_TL4XZdyo3g
The banks with the largest exposure to greek debt is
1. Germany
2. France
3. Slutzerland
There is no way in hell that greece is failing.
Central banks do not lose 25% of their assets overnight. I hate to be contrarian, but I am super short greek CDS and Super Long Greek securities. See you on the other side.
Bailout NatioN!!!
The Federal Reserve is a criminal organization. The biggest in the history of the world. First they stole our money. Then they stole our gold. Now their stealing our homes. You mother fuckers ain't getting my gold-plated manatee medallion.
hey r-tard, you want barney frank setting target rates?
No?
Who's gonna do it than?
The market you butt-tard.
By which you mean the mining industry and the coin shavers? Or Montagu Norman?
The IMF sold China gold to fund Euro zone bailouts. In fact, the Chinese were more than happy to oblige. Regarding the SEC, just a bunch of overpaid lawyers sitting on their lazy fat asses afraid to look into the corruption that makes their paychecks and comfy pension/healthcare possible.
Feb 5th market rallies back in last two hours on Greece Bailout rumors and that was just the start.
SEC, CFTC, S&P ratings... they are all a sad joke not even worth bothering with. Time to take back the power by getting out now and buying gold. Paper currencies will keep devaluating until they are just a small shadow of 10% or less of their selves (USD is already at 4% of value compared to what it once was).
Are you there yet?
Are you ready to finally pull out all your funds from banks and Wall Street?
Sell off all stocks/trades?
Perhaps even go on a labor strike with your co-workers and picket your State government?
Or are you just sitting there like a good sheeple?
**********************
NATIONAL STRIKE
APRIL 15 to APRIL 18TH
TELL EVERYONE YOU KNOW
www.taxfree15.com
**********************
Thanks for that link. I will definitely spread the word.
SO it's harder to cook the books when the guys who know how to pull the records, find the toner, and the white out are not at work?
Stick a fork in the EUR. It's done, medium rare. They bail out the Greek's, it's a done deal.
There is no quick fix to this debacle. If the Germans bail out Greece, Bunds sell off and the Euro rallies, why would they want that? Seems to me there may be more surprise to come out of Greece.
http://www.bloomberg.com/apps/news?pid=20601109&sid=aViC_3fxSWK8&pos=13
The three greatest exposures to greek debt are
1. Germany
2. France
3. Switzerland
There will be a bailout for this. There is no way that the french and the swiss lose their ability to borrow because of something as silly as the greeks.
I am super short Greed CDS and Super Long Greek securities.
BAILOUT NATION.
In your FACE. EAT IT
And if instead they decide to cut Greece loose from the EU (and they have plenty of cause), then what happens to Greek CDS and Greek securities?
What if they do bail out Greece, but under such punitive terms (which the Germans will no doubt demand), that the Greek goverment is forced to slash services and skyrocket taxes? CDS might do OK, but equities?
I sure hope you're hedged.
Where are the EUR bulls?
Whiz bang's a little bitch that doesn't know about money. Probably a business school graduate or an economist.
Don't be fooled by all the bells, horns and whistles.....This is nothing more than an attempt by the EU to integrate and solidify the UNION and history has shown this is best done during a crisis, manufactured or not!
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