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Greek Bailout Details TBD In One Month; In The Meantime, "Markets Are Wrong To Attack Greece"
16:58 02/15 EU JUNCKER: WON'T SPECULATE ON INSTRUMENTS TO HELP GREECE
16:59 02/15 EU JUNCKER: NOT WISE TO PUBLICLY DISCUSS SPECIFIC AID TO GREECE
17:01 02/15 EU JUNCKER: GREECE WILL NOT BE LEFT TO MERCY OF MARKETS
16:46 02/15 EU JUNCKER: WE WILL RETURN TO THE GREECE TOPIC IN MID-MARCH
16:42 02/15 EU JUNCKER: GREECE NEW MEASURES ON MAR 16 IF RISKS MATERIALIZE
16:40 02/15 EU JUNCKER: GREECE SHALL ANNOUNCE ADDITIONAL MEASURES MARCH 16
17:01 02/15 EU JUNCKER: WE ARE DOING ALL WE CAN ON GREECE
16:47 02/15 EU JUNCKER: IT IS UP TO GREECE TO CUT ITS BUDGET DEFICIT
and the ever ready:
16:47 02/15 EU JUNCKER: EUROZONE STANDS READY TO ACT IF GREECE NEEDS
Uhm, they need it bud. Like yesterday.
Translation: "that whole "bail out" thing... we were keeeeeding. Oh, but don't short Greece. That's not cool. You see we all have our collective head up our collective behind and we think it will all sort itself out if we just keepn on doing nothing."
From Market News:
He said the Eurogroup was specifically focused on the deficit target for this year - namely the reduction of red ink by 4 percentage points of GDP. If in a month's time there appears to be slippage, "we will then ask Greece, and Greece will agree, it has already agreed," to pose additional measures, Juncker said.
"Were we to have the impression that the Greek government could not meet that target, then the Greek government has agreed they would take additional measures, and we would discuss those measures at our meeting in mid-March," Juncker said.
Juncker said any new measures would be negotiated with the European Commissioner for Economic and Monetary Affairs, Oli Rehn, and his staff.
He said the Eurogroup would then impose those measures on Greece using a vote in which Greece would not be able to participate.
Asked if he thought the statement would satisfy the financial markets, which are looking for a firmer support plan for Greece, he replied that the markets are wrong to attack Greece.
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Markets hate uncertainty.
Asshole.
They are doing a piss poor job trying to jawbone the market to accept a "bailout" of Greece. They have no intention of bailing out the country, they may bailout their banks that loaned them the money but not Greece. Especially after it's been posted that Greece was using Goldman Sachs and others to hide their debt exposure. So they are supposed to take the Greece's word for it that everything is alright, not a chance. If they need money now, where are they going to get the money to not only pay back the loans but also next years budget. They will be in the same boat as before except worse off.
It would be better to not do it and let the chips fall as they may and exclude Greece (who lied their way into the European Union)from the EU. Because these other countries have problems of their own and they can't see bailing out some other countries shady dealings over their countries (and voters) problems at home.
Being now a government banker (not involved in this) let me drop some thoughts. This is exactly how these guys think. Deeply condescending attitude towards the market. All are of course die hard Keynesians who believe that if necessary they can alter markets and foment growth on command. They only react when there are emergencies and they hold a belief that they can patch any wound with the "right" policy tool.
All it took was probably one delegation saying they had to consult (Greece and Germany must have been at each others throats). That's how simple it is to derail this.
Likely how it is going to go down:
1) Markets will freak out
2) One or more of the more responsible EU nations (GB & Germany) will covertly order their government financial institutions to prop Greece through Treasury operations (no need to get approval from parliament) in the hope that they can plug the dam while the ministers reconvene in a month. Of course the month deadline is because Greece heldout and they are actually waiting for it to go bankrupt before acting (great plan Einsteins).
3) Sublime intervention will fail since markets are smarter than that. So an emergency meeting will once more be called. In fact they may even want it to get to this emergency level as they need the German taxpayers to be VERY afraid of meltdown (plus some Germans secretly relish the thought of a weak euro - export bonanza for an export driven country)
Germans relish the thought of a meltdown because they have been saving their money the past decade while the Mediterannean threw a huge party of inflated assets. (Germany only EU country not to have a real estate bubble.)
The Germans want value for their money, so they are going to starve the PIIGS and then buy up everything.
Buy Euros.
Definitely will not buy euros for the near future. I would however consider buying a new euro consisting only of core countries, or better yet some D-marks
buy PM's
Deflation applies to PM's also
Uh, that's what banks do: Bleed 'em dry as long as they're able to pay. Same way with the banks here in the states: If you can afford your mortage, CC payments, etc. then send it in. Unless the borrower has thrown in the towel, they won't even consider other options. It's a game of chicken; save your eggs, or blink.
True but it is also very political. You cannot justify drastic action before the public until it becomes obviously necessary (or apparently obviously necessary)
Excuse me, Greece, while I tape this bullseye on your back...
>>KICK ME<<
I HAVE A BAZOOKA; BACK OFF MARKETS
I pray for green tomorrow so I can buy more puts on sale.
Please note europe's dithering, bureaucratic & spineless approach to crisis. Europe has never faced a crisis as a federation/union. Euroland is in uncharted waters on a boat full of captains but no leadership/compass.
Expect more dithering and delays from euro bureaucrats. Do not expect decisive, principled action. Greece and other endebted eurostates are better off defaulting, screwing the creditors, leaving the EU and flying solo.
Iceland was not a failure. Iceland is the roadmap.
See what Mr. Sinclair's take is on it, and a lot more.............
http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2010/2/15_J...
That's enough spamming of this link, or of Mr. Sinclair (no matter what the topic). Alright?
You go Marla, get rid of all these neds.
looks like Govts think they could put in bottoms each March.
The second to the last sentence is telling, it is up to Greece (alone) to cut its budget deficit.
Oh yeah, that'll have a calming affect on the markets...hahaha
There is nothing to see here. Proles move along...
Brilliant. Translation:We want the market uncertainty to remain,as that gives our +700 bil trade surplus a 10-20% advantage over the Japanese exporter. But in the meantime,if things deteriorate for Greece,then we are ready to sacrifice some of that surplus as help for them...
very well put
Who gives a shit anymore. Im fucking done. Didnt Japan go through the same shit? They are still around when everyone said they would be doomed. When god wants my soul, he will take me. In the mean time, My philosophy is, if these countrys want to deal with GS, So be it, But dont come crying like a fucking baby. This was your decision. GS is just a Corporation. Greece is a whole country. Get some balls and ban GS.
They can't get some balls as long as they are still living beyond their means.
This obsession with Greece is pretty silly. Argentina, a far larger economy, defaulted on its debt a few years ago and screwed investors for 30?? cents on the dollar. Did the world end? Eh, no.
Why on earth don't these Euro's grow a pair and throw Greece to the wolves. Nothing would send a better message to the rest of the PIGS to get their finances in order.
All that said, I'm all to happy to use this "catalyst" to make some $$$.
Greece is small fry, the worry is it will trigger events in Italy and Spain which are major parts of the Eurozone and that those dominoes will flip over the teetering UK economy. If the UK goes it will take the US with it.
I don't see it personally, the UK is TBTF.
fuckin aye, charlie. i'm happy just to sit in cash and let the shit storm blow over. I don't even have to do anything but observe and let my FRN's appreciate vs the Euro. I've also noticed, these dollar doomsayers have tucked thier tails for now.
Gold, bitches (at 750 )
Gold, bitches (at 1150 )
There fixed.
Euro Gold bitches at 1000 by end of year.
If you feed the CDS wolves Greek blood they will eventually want some Teutonic tasty's for the main course - Fuck those canines they can eat gruel
Too many agendas and motives at work here that I don't understand.
It makes trying to game EUR/DXY moves somewhat difficult.
I'll just sit in cash and watch.
By the way am I the only one who finds the irony? The first socialist nation to implode is none other than the one led by the current President of the International Socialist Organization. Very apropos.
Also the first nation-state liberated from imperialism.
Greece can try the Chinese solution. Take in foreign currency, issue a new local currency. Pay off the foreign debts with the incoming currency. Throw in free shipping by a Greek shipping magnet, who can lift up sunken ships from World War II and sell the iron scrap to China.
Beware the Ides of March.
found the newest news concerning a limit on cash withdrawals in greece interesting http://globaleconomicanalysis.blogspot.com/2010/02/greece-outlaws-cash-t...
bad news for greece... yes, opportunity to blast greek banks into a crater...priceless....oh wait there is always a fair price...gee a bank run on greece...whats next a run on the bank in spain...maybe the bears should be running through pamplona. The globalization of project mayhen is underway.
And why do they think that Greece can survive another month under the tender ministrations of the Vampire Squid? How high can the spreads get before the whole thing blows?
AFTOS POU PIDAI POLA PALOUKIA THA TOU HOTHI KAI ENA STO KOLO!
The market's always the scapegoat. Why does it always seem like the culprits are doing the most of the finger pointing these days?
Greece Can Default and It Will be Fine; but the US and Britain are Really Screwed
Amazingly lucid and well written piece on the debt situation in Greece and the United States. In this email, an anonymous "Greek" citizen opines upon the wayward state of financial affairs in Greece.
http://www.blindreason.org/2010/02/greece-can-default-and-it-will-be-fin...
I can see Europe don't have Private FED like in USA.
It so hard to print Euro from teen air and hide from public...
Hello ZH.
Among the facts, as the ones you have mentioned and described, like the role of GS in the structured Greek Finance (what a nice terminology to describe such a vile fiddling) , there are others very strange facts which, in my opinion, should be investigated : the activities of Blackrock.
At the very Beginning of February, one learned that this entity marged itself 164 times in a massive Friday afternoon dump :
- http://www.footnoted.org/buried-treasure/blackrocks-massive-friday-after... ,
- http://market-ticker.denninger.net/archives/1927-Where-Did-They-Get-The-... .
And now you can learn on Bloomberg that Blackrock has bet on Greek bonds:
http://www.bloomberg.com/apps/news?pid=20601109&sid=avRDwjUxPD6g&pos=12 .
That seems very strange and my insane brain is tempted to se there some obscure link, or maybe i’m just another dumb paranoid guy losted in the web.
(Sorry for my approximative french fashionned english)
http://4.bp.blogspot.com/_wkgIzuqJM0w/S3rXwvKBfeI/AAAAAAAACgA/W0ytuWBuXf...
"...Greek Bailout Details TBD In One Month;..."
There is not going to be a "Greek Bailout" .
Just a "Kickout" of Greece out of the EU.
"Get over it!
Cheers Werner
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