• BullionStar
    05/30/2016 - 21:24
    The US Gold Market is best known as the home of gold futures trading on the COMEX in New York. The COMEX has a literal monopoly on gold futures trading volumes worldwide, but very little physical...

As Greece Has Less Than Two Months Of Cash Left, An Insolvent ECB Sees A Widening Rift With Germany

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 05/22/2011 - 13:36 | 1300161 reload
reload's picture

 On one hand the Germans are going to have a very big political problem sending more taxpayer Euros to Greece, on the other a haircut for bondholders hurts the German Banks and makes other Nation States more likely to clamour for haircuts. Lets see who gets the shitty end of the stick...Bankers or Taxpayers? I think we already know the answer.

Sun, 05/22/2011 - 14:05 | 1300206 Mountainview
Mountainview's picture

It's only pretend and extend. In a chess game you would incline the king- gameover---Greece lost...Exit the EURO, default on your debt, create the NEW DRACHMA and start from scratch !!!

Sun, 05/22/2011 - 14:46 | 1300258 THE DORK OF CORK
THE DORK OF CORK's picture

Maybe German auto - tourists can stimulate the periphery and create the conditions for sustainable growth.............




Sun, 05/22/2011 - 17:45 | 1300545 falak pema
falak pema's picture

Imagine what you could do with two months of cash like Papy greek has!

Sun, 05/22/2011 - 15:34 | 1300343 Long-John-Silver
Long-John-Silver's picture

The stick is nothing more than a rather hard piece of fiches.

Mon, 05/23/2011 - 02:45 | 1301231 Michael
Michael's picture

They just mentioned this article on CNBC World in the last few minutes.

I am totally appalled at this.

They have no right to elevate themselves to our level of understanding using us in that manner. 

Mon, 05/23/2011 - 02:48 | 1301233 Michael
Michael's picture


Mon, 05/23/2011 - 02:52 | 1301234 Michael
Michael's picture


Mon, 05/23/2011 - 03:07 | 1301238 Michael
Michael's picture

I bought a 2750sf new house for next to nothing paid in cash 10c on the dollar with no mortgage using the knowledge from this site and others on the Internet.

I'm buying hand over fist silver at $35 thanks to CNBC for helping drive the price down for me.

Not a word mentioned from them on the way up to $50, but they sure cheered it on the way down to $35 where I need it to be for a little while longer.

Please don't let them discover the silver bears videos on this site. Please!

Mon, 05/23/2011 - 04:26 | 1301257 Michael
Michael's picture

CNBC just mentioned Zero Hedge again in the last couple of minutes. Arrrgh! Can't we keep any secretes of counter deception tactics to ourselves for one freaking minute?

Mon, 05/23/2011 - 05:42 | 1301289 Michael
Michael's picture

Am I the only freaking person on the planet who realizes the reporters on CNBC are employees of the world central banking cartel? Throw me a freaking bone here. You can't be serious thinking they are independent journalists. Really!

Mon, 05/23/2011 - 07:40 | 1301358 jeff montanye
jeff montanye's picture

no.  you are not alone.  we freak with you.

Sun, 05/22/2011 - 20:11 | 1300785 StychoKiller
StychoKiller's picture

Several ECB officials have rejected a restructuring of Greek debt and have warned of possible catastrophic consequences, while European finance ministers are slowly warming up to the possibility of some kind of restructuring as a last resort.


How long does one shovel Euros into a black hole before one realizes it's futile??

Sun, 05/22/2011 - 20:24 | 1300813 Zero Govt
Zero Govt's picture

Answer. until even Mr Futility throws its hands up and leaves the lost cause that is the EU zone

Only Mr Grim Reaper can sort this one out, the politicians are just too stupid

Mon, 05/23/2011 - 00:49 | 1301165 Tail Dogging The Wag
Tail Dogging The Wag's picture

The Germans had the Weimar Republic and Dr Havenstein, we have Bernanke which is worse and the Greeks will soon be on the New Drachma...   place your eggs in different baskets, not in confetti currencies.


In times of change you need new alternatives and new ideas.

Land in Panama is one of the most undervalued assets in 2011.



In the event of a sale of land from any of the Thorsson Capital properties to any Zero Hedge reader, the vendor (Thorsson Capital) hereby pledges a donation of 1% of the total sale to Zero Hedge, said donation is to be made within 30 working days of settlement.


Watch our new videos available on our site

Sun, 05/22/2011 - 13:36 | 1300162 Alcoholic Nativ...
Alcoholic Native American's picture

2 months of cash left?  That's more than me.  Good luck to em.

Sun, 05/22/2011 - 13:48 | 1300179 Missing_Link
Missing_Link's picture

Wait til the Icelandic volcano shuts down European airspace over the next week; followed swiftly thereafter by all the European economies.  Amazing how fast even that little liquidity can dry up.

Sun, 05/22/2011 - 13:40 | 1300165 TooBearish
TooBearish's picture

2 Months cash ?!?- shit thats about 59 days more than what Turbo Timmeh has in the bank for Uncle Sam!

Sun, 05/22/2011 - 14:09 | 1300212 Arius
Arius's picture

it will be a hot summer....we had cold wheather until last week....everything is shaping up  for July-August...the missing piece if this is a trial run or the real thing...will find out soon i guess...

Sun, 05/22/2011 - 21:27 | 1300907 Ned Zeppelin
Ned Zeppelin's picture

The fall is when these things happen. . . they'll push it off to September.  

Sun, 05/22/2011 - 14:17 | 1300223 Everybodys All ...
Everybodys All American's picture

The ECB running out of cash has as much to do with our own debt ceiling as anything going on in the Euro Zone. No way Bernanke and the head clown at Treasury can ship more dollars for euro garbage.

Sun, 05/22/2011 - 17:06 | 1300471 dark pools of soros
dark pools of soros's picture

time to sell more poppies and raise the prices!


Sun, 05/22/2011 - 17:45 | 1300544 Captain Planet
Captain Planet's picture

thats one big dark pool

Sun, 05/22/2011 - 13:40 | 1300168 Re-Discovery
Re-Discovery's picture

Germany would be smart to start constructing firewalls on its (economic) borders and let this thing burn out.  How?  Revert its currency.  Restructure its banks.  Re-arm its military.

Sun, 05/22/2011 - 14:00 | 1300194 Azannoth
Azannoth's picture

Germany would do very well playing on it's own, leveraging it economic dominance over Europe instead of shoveling hundreds of billions of german-tax payer money down the rat hole, but alas the (jewish) banks need to be saved

Sun, 05/22/2011 - 14:10 | 1300213 Re-Discovery
Re-Discovery's picture

Believe me, German people have lived this movie.  They will not let all the dominoes fall before they pull out completely.  I don't care who owns their banks.

Sun, 05/22/2011 - 14:25 | 1300220 Azannoth
Azannoth's picture

An anecdote

I play Starcraft 2(online strategy) and 1 of my team mates gets attacked and he says

"Help me, I am jewish!" - literary I am not making this up

and I am like "I don't like jews"

he's "why?"

... I didn't have time to respond

he "-my name- is a faggot!" and quits

And we where only playing a Co-Op againts a computer(for training) not even real enemies which makes his cry for help even more pathetic, and he wanted others to help him and 'die' for him only because "he's jewish"

This is the attitude those people have, he had to be between 15-30 this is the age group for this game

Sun, 05/22/2011 - 16:14 | 1300401 Arkadaba
Arkadaba's picture

I think you meant "literally" not "literary". Normally I don't point out spelling errors (make enough of my own) but quite a difference in the meaning of those two words. 

I have done some online gaming myself - incredible for sociological research (and fun!)

Sun, 05/22/2011 - 22:35 | 1301010 MisterMousePotato
MisterMousePotato's picture

Maybe Azzanoth is Japanese?

Sun, 05/22/2011 - 14:51 | 1300267 cossack55
cossack55's picture

Furious Germans are scary enough. When you get furious Austrians, look out.

Sun, 05/22/2011 - 15:06 | 1300291 sangell
sangell's picture

Merkel needs to use a technique the Fuhrer used when 'negotiating' with the Czechs over the Sudentenland. When the Czech president voiced objections to turning over the area to Germany Hitler grew furious and flung open the door to his office and screamed for Field Marshal Keitel, the head of the German High Command, to be summoned! The rest is history.

Merkel needs to prod G-Pap in a similiar manner.

Sun, 05/22/2011 - 13:45 | 1300172 agent default
agent default's picture

Why would anybody invest in a country with a track record such as Greece is beyond me.  Just fucking let them fail already. 

Sun, 05/22/2011 - 14:10 | 1300210 dick cheneys ghost
dick cheneys ghost's picture

From what Im reading....Greece has been in default 150 of the last 200 yrs!!.........how bout we try jailing the bankers and politicians this time........see if that dont work.............


good day!!

Sun, 05/22/2011 - 14:22 | 1300228 Oracle of Kypseli
Oracle of Kypseli's picture

If you going to default on your credit card, you might as well charge up to the limit + extension.

It's not like they are going to foreclosure on the Parthenon and Santorini 

Sun, 05/22/2011 - 14:46 | 1300259 agent default
agent default's picture

I don't know about the Parthenon but they can sure as hell get Turkey to arrange something for Santorini.  I hear the Germans are intrested though.

Sun, 05/22/2011 - 17:57 | 1300555 Captain Planet
Captain Planet's picture

how about just giving the whole country to the germans.

kinda like a territory or maybe just a bundesland

then again, from an investment perspective its not very germanesque

Sun, 05/22/2011 - 21:13 | 1300823 Zero Govt
Zero Govt's picture

you think Greece is an 'asset' to any debtors? ...looks like a huge liability of a place with any value, shipping and tourism, in private hands

Sun, 05/22/2011 - 13:42 | 1300173 silvertrain
silvertrain's picture

"real estate should be taxed higher than before"

"futhur cuts in wages and pensions in the public sector and pensions are no longer excluded"

Back to the streets we go and this time we get another turn up on the wick....

Sun, 05/22/2011 - 13:59 | 1300193 Nicholaz
Nicholaz's picture

>> "real estate should be taxed higher than before"<<

One of the reasons why I don't own real estate is that RE makes it far too easy for the government to squeeze extra money out of you (oh, and no, I'm not Greek).

Sun, 05/22/2011 - 18:49 | 1300646 Central Bankster
Central Bankster's picture

Yah, contrary to what most think, real estate does not do great during hyperinflation.  The issue is three-fold.  One, is that most people own some real estate and during a crisis are potential sellers  (though at the very END of the crisis it does great).  Two, the government levies ever greater taxation (because lets be honest, the thieving politicians want to steal most of your wealth).  Three, owners have trouble raising rents to keep pace with the inflation because their tenants are busy devoting all their cash to food/energy.

With all the stories about governments going after private pensions and raising taxes on everything they can find (real estate, income, sales, fees, soon to be financial transaction tax?)-  it is just another reason to buy physical metals.  They can't find it, they can't tax it.  Socialist central planners hate PMs because they hate honest money and they hate that they can't steal it without the use of force.

Sun, 05/22/2011 - 13:51 | 1300180 High Plains Drifter
High Plains Drifter's picture

let the arab spring come to europe. however. attention muzzies. stay the hell out of the way. first things first. the indigenous anglos in these countries need to get the rothschild boot off of their collective necks, one way or the other. then they have to deal with all of the illegal immigrants that have invaded their prospective countries. for europe and its people, to survive, both of these events must take place. there is no other way to deal with it.

Sun, 05/22/2011 - 13:52 | 1300188 IdioTsincracY
IdioTsincracY's picture

The flaccid people of Western states will not find the force to revolt until they are lean and 'hungry'!!

Sun, 05/22/2011 - 14:30 | 1300236 Azannoth
Azannoth's picture

True, and the old generation I mean people older than 35 religiously believe the old war time Allied propaganda about who is evil and who is good, but I think my generation (<30) has a more open mind about history and other things

Sun, 05/22/2011 - 14:32 | 1300243 IdioTsincracY
IdioTsincracY's picture

open mind helps ... they also have more debt, higher unemployment, and probably no retirement to be had ...

they better wake up soon!!

Sun, 05/22/2011 - 17:57 | 1300560 Captain Planet
Captain Planet's picture

well said.

physical; bitches!!

Sun, 05/22/2011 - 13:50 | 1300185 IdioTsincracY
IdioTsincracY's picture

Greeks had to opportunity to lead the world in a revolt against the oligarchy ... after a few days of protest they decided to go back to their sofas and tv sets .... I guess they chose slow death ...

all these protests in Western countries show the true nature of the sheeple

Sun, 05/22/2011 - 14:57 | 1300284 Oracle of Kypseli
Oracle of Kypseli's picture

Greeks do not watch TV and the sofas are mostly for the guests.

Soccer games, yes.

Chatting and sipping frapuccino at the cafes, yes. 

Eating well, yes.

Full months vacation to the islands, yes. 

Rejecting frozen french fries (called plastic) yes.

Just remember Alexi Zorba. "Dance my friend"


Note: Most Greeks are well off and own two homes outright. It's the government that's broke.


Sun, 05/22/2011 - 15:08 | 1300298 A Man without Q...
A Man without Qualities's picture

But the apparent wealth of the individual Greek has come about as a consequence of running the government into bankruptcy, and now there is an uproar and desperate attempt to find others to blame.

Sun, 05/22/2011 - 15:24 | 1300332 IdioTsincracY
IdioTsincracY's picture

So ... oracle ... I guess it's time to lose the frappuccinos. isn't it?

14%+ official unemployment

22% poverty rate

GDP growth rate -4.8%

official inflatio rate %4.5

Yeah ... everything is fine

Sun, 05/22/2011 - 15:53 | 1300373 Arkadaba
Arkadaba's picture

Nice video clip - I haven't seen the movie but plan to now.

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