This page has been archived and commenting is disabled.
Germany Humiliates Itself By Conceding To A Second Greek Bailout, EUR Predictably Jumps Briefly
Like clockwork, hours before the US market reopens, we get another Greece bailout. Since last week's Chinese white knight "rescue" of Portugal helped the EUR for about 18 hours, it is now time to get the biggest guns possible out: the WSJ reports that Germany, contrary to populist demand which has indicated that another German bailout of Greece would mean the end of Angela Merkel, has decided to allow Greek bailout round two to proceed. Per the WSJ: "Germany is considering dropping its push for an early rescheduling of
Greek bonds in order to facilitate a new package of aid loans for
Greece, according to people familiar with the matter.Berlin's concession that it must lend Greece more money, even without burden-sharing by bondholders in the short term, would help Europe overcome its impasse over Greece's funding needs before the indebted country runs out of cash in mid-July." The end result: the EURUSD surged by 70 pips from the closing print of 1.4270 to a high of 1.4350, although the half life of even that innuendo appears to have peaked and the pair is now on the way down, as it does absolutely nothing, except to destroy any credibility Merkel may have had, to resolve the impasse which is that, well, Greece is bankrupt.
Below is a snapshot of the halflife of the latest intervention, which appears to be 45 minutes:
The WSJ explains why Germany has thrown in the towel and has done a complete 180, to the terminal detriment of Ms. Merkel's political career:
Some officials in Berlin hope that a short-term fix can be found that would allow a full deal including a bond rescheduling later this year.
LOL. No really, LOL.
Euro-zone officials have acknowledged for weeks that Greece will face a shortfall in financing of around €30 billion ($43 billion) a year in 2012 and 2013—even after a €110 billion bailout agreed last year. But agreement on how those gaps should be filled is proving difficult, thanks to growing political opposition in northern Europe to bailouts of profligate countries such as Greece.
Germany has for weeks argued that private investors in Greek bonds should, in some way, bear part of the burden of any new bailout package for Athens. But the European Central Bank staunchly opposes any form of debt restructuring. Meanwhile the International Monetary Fund is demanding clarity on Greece's 2012 funding before it releases money that Greece needs to get through this summer.
A senior German official said on Monday that the deal being discussed in Vienna might not include any investor participation—even though that could spark a backlash from German lawmakers.
"We will try to resolve the Greek problem between now and the end of June," Luxembourg's Prime Minister Jean-Claude Juncker said on Monday. European finance ministers are expected to discuss Greece at a June 20 meeting, ahead of a summit of European leaders on June 24.
Etc.
And good luck: the Greeks are so delighted with being bailed out, pardon, with bailing out Germany's banks, that they have been celebrating this fact for 6 nights straight in front of the parliament in Athens. Surely this latest batch of good news, will only send the popular jubilation to previously unseen highs.
»
- 15689 reads
- Printer-friendly version
- Send to friend
- advertisements -
Fade this move
See why here
http://deadcatbouncing.blogspot.com/
As soon as they wake up in the europe, there will be some spokesman to deny this. Perfect timing by the WSJ as always. And anyway, why would a europe bail out, and stock market rally make dollar tank against a yen? Bernanke does not even have to do anything any more, just another day and dollar gets its customary kicking.
Ha, ha, ha. Stupid Germans. Going to make the inevitable default worse for everyone.
Those 26% two year Greeks should do well Tuesday. Omg
Yep - may even fall to 25.5%.
More PRINTING! QE to Infinity, and BEYOND!!
Time to start thinking about where to store all this gold and silver we're accumulating!
http://silverdoctors.blogspot.com/2011/05/where-do-i-store-all-this-silv...
Any Aussies on here? Your GDP is about to get slammed re: China x floods x stagflation x housing bubble= f*cked
Yes and Yes
20 years was a good run now its pooped and Carbon tax will flush the bowels clean
Cheap Coach Online Store, Coach handbags are waiting for you! Coach is a leading American designer and maker of luxury lifestyle Coach handbags outlet and accessories. Using a range of quality fabrics and materials. If you are a person who like trend and fashion items, you have come to the right place. Here we supply you a variety of Coach with high quality and best materials. Including: all kinds of louisvuittonoutlet, Coach Sunglasses, Coach Shoes, and so on. As summer is coming, Sunglasses will be the improtant part of popular stage. Our Coach handbags on sale not only can be used to keep off the sun, but also can show your personal style. Wearing cool and shiny, can make you look more pretty and handsome. If you want to know more information about our products, welcome you to contact us. Our Coach Handbags Outlet is worth your trust!
Coach boots on sale
Coach wallet on sale
Coach handbags factory outlet
cheap Coach purses
Coach Jewelry outlet
Coach sunglasses outlet
Coach shoes on sale
Coach sneakers for women
cunt
I MADE THE CALLLLL! I MADE THE CALLLLLL. Nanner, nanner--boo,boo. Nanner, nanner-boo, boo. (now i'm moonwalking in the living room, doing the white glove on the nut sack move--WITH THE SPIN! not easy on a rug btw.)
Tyler the blog is starting to get infested with spammers. Can we get a SPAM button installed PLZZZZZZ? One that immediately deletes Spam after say 5 junks?
I just don't wanna have to scroll by these ads every time I'm looking for new comments while waiting for the obligatory 250+ junks to get them removed...
And while I'm on a whinge...
We're sort of still in the 'little blog' stage here in terms of this 'everyone's equal' approach to comments. Would you consider voting buttons and an ignore function, for those of us who want to scroll more quickly to the good stuff? Maybe even a function that highlights what's new...?
I mean, little & fringe is hip an' all, but big and powerful deserves the better tools, no? Especially as you seem to be attracting a LOT of new readership (most excellent that) - really getting on time to go to the next stage of reader & comment management.
I was thinking the same thing. Not necessarily an "ignore" button as that would infringe on certain themes of the site but maybe a "New to you" type of signal...say, a comment you haven't seen or read yet shows the posters name in green and when you have read it, it reverts back to blue.
That should be some simple code and wouldn't require a whole reworking of the layout. The code could be written as the number of new comments tab is written below the articles. Then again, I never made it out of coding HTML.
Sorry, sticking with my plea for an Ignore...but other than that, now there's TWO of us with our hands out, camping out in front of the buildings with our demands/requests/pleas. Tyler?
;-)
New comments marked in different color when you refresh a page would be great. I don't think an ignore function is a good idea. The result would be that everybody would soon only be seeing comments from people they agree with all the time and would thus turn themselves into a bunch of sheeple. That would not be in the spirit of this site to say the least. The number of comments sort of self regulates anyway - they die off when stories move down the page regardless of how many people are reading.
Some people's comments are consistently useless/annoying/distracting. I for one would welcome the chance to ignore the morons.
Ignore button: This feature allows each, individual member to cause all posts, by authors s/he selects, to not appear on the screen. Those omitted posts will still appear, as usual, on all others' screens.
The ignore- option is cancellable, any time, as the reader chooses.
I experienced this feature on another site since abt 2001. It eliminates great amounts of distraction, at the choosing and intent of each reader.
This is just killing me. I am speechless. I could get a heart attack right now.
Like nakedempire. He copied that article about the 100 military bases in Italy, meanwhile the US closes schools and reduces education. It's not that different here. They close down every public institution, meanwhile we have to bailout the Greek aka the banks.
And yes, you're basically right. Work harder, retire later (67 was introduced just yesterday, now 69 is discussed more often), get less and less (sorry, we've to compete) and state is financing already millions of jobs.
Please end this...the sooner the whole system gets destroyed, the better. Listen, as you all know, we lost the war. We were finished - our cities in ruins, some of our soldiers kept as prisoners (Soviet Russia mainly), millions of dead people, our nation divided, some regions lost until today (like Koenigsberg) and shame, ultimate shame for the criminal deeds we had commited in the name of our leaders, a cultural history of several thousand years just thrown away in the name of the Fuehrer, thousands of our best citizens murdered or emigrated... It was a moment when everybody thought Germany is finished forever.
It can't be the end of the world. So let the Greek default and let us destroy this economic model, because it isn't working. The sooner we start the better.
"It's not that different here."
PY - it's not that different ANYWHERE anymore.
It'll continue to converge until the whole reeking edifice collapses. Probably all at once.
And then - maybe - we'll get our borders, national identities, political representatives/leaders and priorities, our real DIFFERENCES - back again.
But we have to wait to 'til the collapse first. (I believe in a global hyperinflation myself. But in whatever form it takes, everyone agrees it's coming.)
Until then, like it or not, we're all 2nd-class citizens together, of the same doomed 'global village'. Fucking globalisation and its criminal priests. Can't collapse quick enough to suit me.
Burn the global village and hang the invisible enemy elite, its monarchy.
Most nations of the world sent good young men to die in Eurpoe and in the Pacific theatre. Imagine they were fighting and dying for truth, justice and the American way!
All the while our bankster class got a foothold with German shipping, selling arms to both sides of the line.
We're all in the same boat now, my friend; dismayed, disheartened. Incredible to see what has happened to our formerly great countries and all of it done by a handful of men with pure maniacal and criminal intent.
The pustule will break and the poison will seep out for all to see. It is the way of Nature.
I know, I know...groan! Takes only little imagination to posit the overwhelming pressures set upon Merkel to subvert her brilliant, able and decent capabilities.
The best and brightest are for-hire to find indecent clever-strokes to get any result.
Back-room deals and real threats we outsiders can only guess at and be the effect of...no matter we refuse to admit our status as victims.
That's my personal evaluation from-a-distance.
Chart looks like a Luftwaffe Tornado doing a Cobra Maneuver... close to the deck. http://www.youtube.com/watch?v=ZKo3DuP-NOg&feature=related
They don't know what to do, seriously. They are just stalling and stalling and stalling and the game will eventually come to an end. The black swan event that will catch them by total surprise.
germany-humiliates-itself-
were they caught
behind the barn
with the schnauzer again ......
I've got a feeling these crises keep popping up in relation to German export cycles. Its always the German press that seem to kick them off, then the germans that bail them out, baffling. Who can say, im well past trying to figure this gibberish out.
oh, you made an error in the title Tyler!
Germany Humiliates Itself By Conceding To A Second German Bank Bailout, EUR Predictably Jumps Briefly
There, fixed it for you.
You'd think it was hard to keep one's focus.
Germany finds reverse gear.... they need a big... i mean BIG divertion story.... voila lets close all the nuclear power stations .... this will soak up all the front pages for a week mmmmm
this is like them hammer the rat games at the fair hammer one down and another appears instantly... It's a "buy more game time" decision
In the States, we called that game "Whack-a-Mole!"
It is a play on words for the green Mexican condiment guacamole.
Either way, it seems fitting, doesn't it?
__________
And the DAX is up 1.2% in early trading.
Unbelievable.
Hmmm guacamole.
Guacamole is mashed avocado. It tastes a lot better just by oxygenating it via smashing.
We use the stone mill (mortero) to smash. Add tomato, onion, cilantro, chile as required.
A little lime and some sea salt...
Greece,Ireland,Portugal and Spain are all technically bankrupt,and Germany after huffing and puffing has caved in and agreed to "lend" more money to Greece. Everyone is still predicting either the collapse or the death of the Euro and yet today it is up against the pound and the dollar.The three year sterling and eight year dollar bulish flag patterns are still intact and if the recent crisis and negative news hasn't caused the Euro to break down -what the hell will?
The fx market is probably more wary of the prospects for the UK economy,whose "austerity" package(don't laugh) consists of maintaining spending at boomtime levels,refusing to cut the welfare state or make serious cuts in the 1 million civil service non-jobs Gordon Brown created,whilst at the same time assume hopelessly ridiculously optimistic economic growth projections to balance government revenues in the years to come.Shortfalls are to be made up by money printing and zero rates courtesy of the Bank of England presumably.
http://www.tullettprebon.com/announcements/strategyinsights/notes/2010/SIN20110526.pdf