Greece Stoops To America's Level, Bans Short Selling As EC Says No Change In Bailout Amount

Any time a country has to stoop to the level of the US, implicitly or explicitly, you know it is game over. Today the Greek securities regulator banned short-selling on the ASE (Athens Stock Exchange) until June 28. Well that should surely fix everything. From an official statement: "The Capital Market Commission, having considered the extraordinary conditions in the Greek market, has decided to ban short selling on the Athens stock exchange. The rule will be in effect from April 28 until June 28." In the meantime, the European Commission just threw cold water on hopes of a trillion dollar expanded bailout package, saying it is not changing the amount of money to be provided to a short-free Greece. It appears the IMF will be on its own.

From Market News:

There is no change in the amount of bilateral loans being offered to Greece by Eurozone countries, the European Commission said on Wednesday.

Eurozone member states and the International Monetary Fund have offered Greece an aid package worth up to E45 billion this year and more in subsequent years, but reports Wednesday said that the amount could be higher.

“For the euro area, the figure for the first year…is clear… for next year no figure has been discussed and identified,” European Commission spokesman for Economic and Monetary Affairs, Amadeu Tardio told reporters at a press conference in Brussels.

The Eurozone has said it will offer up to E30 billion in bilateral loans to Greece this year and possibly more in subsequent years. Officials say this is likely to comprise two-thirds of the total
package.

Comments

[Sudden Debt]

JUST LET THEM GO DOWN FOR GOD'S SAKE!

This is getting borring!

I want to hear something about Paris Hilton!

[George the baby...]

Darn right, we all want to see Paris Hiltons shorts.

[asteroids]

OPA! The Greeks have this marvelous dance that starts slow and picks up stream. In the end you are dancing arms interlocked in a very tight circle. The band and the dancers collapse in exhaustion.

[Black Swan]

"Skipsi Klipsi Re" Yassu to Greece, first banning short seller, then capital controls, then departure from the EURO.......!!!!!!!!! When GREESE realize that know one other than the IMF is willing to help, reality must then set in and being in the EURO will seem like a not so good a deal. I would not be surprised to see Greece leave the EURO some time in the future. OOOOPPPPPAAAAAA !!

[aus_punter]

am I missing something or are you retarded ?

[overmedicatedun...]

Looking into the abyss and S&P fut are up??

Goldman's HFT or is it the PPT warming up..

let's pretend the EU's problems are really great for equity.

Now I know why they stole a tractor trailer full of anti-depressants from lilly..they were sold

to wall st.

[Al Huxley]

When the trend turns down, the market gaps up and sells off.  Reverse of what happened through the last 2 months.  This break will turn and head up again, but not after just 1 day.  Just a setup for the suckers right now.

[jbc77]

This is unbelieveable. I hope the Greek market continues to get a good pounding. Whats next a ban on selling alltogether. WTF.

[hedgeless_horseman]

Whats next a ban on selling alltogether.

Practically speaking, yes, in the form of a  financial transaction tax, higher income taxes, and higher capital gains taxes, combined with stiffer 401k/IRA penalties; this is the only way they can try to shim the counter-levered US Treasury and US equity markets. 

Higher taxes:

• make investing outside tax deferred accounts less profitable
• lower after-tax earnings for equities
• increase appeal of treasuries (no state tax) and municipal bonds (no fed tax)

The Beard said it, again, just yesterday.  U.S. must get control of the deficit.  You don't think that means on the spending side do you?

[williambanzai7]

THE AMAZING DEFAULTO (Repost):

http://williambanzai7.blogspot.com/2010/04/amazing-defaulto.html

[THE DORK OF CORK]

Maybe George should stick to taking rabbits out of hats , some of that escapology stuff can be dangerous.

[glenlloyd]

You know it's bad when you have to come out and manipulate in the light of day, for everyone to see.

[RonnieHonduras]

Manipulate? pu-shaa!  Why, this is no more manipulation than Obamacare is soclialism. 

Besides, only an economic terrorist would want the markets to go down.

Is that what you are? 

Your papers... I mean, Your bets against the markets, please.

[BlackBeard]

They'll get a few days of green out of this tops.  And then reality resumes.