Market Talk: Greek Finance Minister Says Separation From EU May Be Considered, Greek Gov't Categorically Denies

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Wed, 05/19/2010 - 10:37 | 360607 DJFUNK
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Press reports will indicate "temporary" separation. Meanwhile, Turkey rises.

Wed, 05/19/2010 - 10:37 | 360609 kaiten
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EU or EMU?

Wed, 05/19/2010 - 10:39 | 360617 The Patagonian
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My guess, EMU if this is true.  The American press always seems to conflate the two.

Wed, 05/19/2010 - 10:38 | 360613 MsCreant
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Mark it talk for now.

Wed, 05/19/2010 - 10:40 | 360620 jbc77
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In other words, Greece has begun to purchase ink for the printing presses as we head down the road of no return. Lets see if gold moves on this....

Wed, 05/19/2010 - 10:49 | 360652 Grifter
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Um...anyone else see the "flash crash" phenomenon on silver just now?  The Kitco Silver chart just had a heart attack followed by an immediate adrenaline jab...

Wed, 05/19/2010 - 10:52 | 360662 Quintus
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Must be a problem with Kitco's data.

Wed, 05/19/2010 - 10:54 | 360669 GoodBanker
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Had to be a glitch; their DXY index printed at 81 at the exact same time.

Wed, 05/19/2010 - 10:55 | 360671 downrodeo
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WTF was that about?


(nevermind, stupid question... 'why is anything anything?')

Wed, 05/19/2010 - 15:18 | 361396 Hephasteus
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Card counting computer is getting fucked with by a dark pool. Somebodys pulling cards out of their sleeve.

Wed, 05/19/2010 - 10:42 | 360624 bugs_
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Give us cash or we will kill the puppy.

Wed, 05/19/2010 - 10:47 | 360642 MsCreant
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Nah, Germany said they'd kill the puppy.

Wed, 05/19/2010 - 10:49 | 360653 cossack55
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Nah, Germans would prefer to kill frogs.

Wed, 05/19/2010 - 10:59 | 360684 Albatross
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Nah, that would be French.

Wed, 05/19/2010 - 11:37 | 360777 MaxPower
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Albatross, methinks you may have missed the double entendre on that one...


Wed, 05/19/2010 - 11:57 | 360813 Albatross
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Touché, MaxPower. Thx..


I was just trying to point out Frenchy

loves frogs, so they wouldn't miss the chance, you know..

Wed, 05/19/2010 - 12:10 | 360861 MaxPower
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La grenouille. Having suffered a bit of embarrassment at the hands of a French friend of mine over the pronunciation of that particular word, let me just tell you that it's a tough one!

The word, not the frog. I like frog actually. Tastes like chicken.


Wed, 05/19/2010 - 12:04 | 360800 TonyV
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Wed, 05/19/2010 - 10:47 | 360645 TwoJacks
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I see the talk about gold going to 1500 has calmed down. And I'd like to thank Cramer and every other sentimental buyer of gold for the sweet money in those puts I bought in GLD exactly one week ago today. 


Wed, 05/19/2010 - 10:53 | 360668 sheeple
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luving that cramer reciprical trade

Wed, 05/19/2010 - 10:57 | 360677 metastar
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Good. Gives me a chance to buy more as things settle down in the near-mid term. The money creation machine will no doubt start roaring again

Wed, 05/19/2010 - 12:42 | 360960 Attitude_Check
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I bought today, about 1196, glad for the take-down.  It will pop back up shortly.

Wed, 05/19/2010 - 10:49 | 360651 Mark Schiavo
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Silver just got shot.

Wed, 05/19/2010 - 10:50 | 360656 cossack55
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Don't worry.  Remember what silver does to the undead.

Wed, 05/19/2010 - 10:51 | 360660 Grifter
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Yeah, looks like we hit "save" at the same time...what the hell just happened?

Wed, 05/19/2010 - 10:52 | 360663 sheeple
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option wk

Wed, 05/19/2010 - 10:50 | 360655 dabullify
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YEP, Greece will leave, but it won't be their choice.....

Wed, 05/19/2010 - 10:50 | 360657 ratava
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so the market finally bitchslapped EU into common sense?

Wed, 05/19/2010 - 10:51 | 360659 Leo Kolivakis
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Com'on are we seriously giving credence to these rummors? A bunch of large hedge funds spreading bullshit rumors, and ZH is falling for this crap? Take a step back and THINK! Why would Greece leave the EU a couple of weeks after the trillion bailout? Anyone, please enlighten me!!!

Wed, 05/19/2010 - 10:56 | 360672 JiangxiDad
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Why isn't default a better option for Greece than re-structured debt and austerity?

Wed, 05/19/2010 - 10:57 | 360676 ratava
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step 1: 100 bil bailout, eu gaps up and fails the next day.

step 2: 1 tril bailout, eu gaps up and fails the next day.

step 3: idiots at EC realize the only way to save euro is kicking the cheating bastards out, as it has been all along.

Wed, 05/19/2010 - 10:58 | 360680 lizzy36
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Same hedge funds who spread rumors about a greek bailout, categorically denied by Greece as absurd for how many weeks?

And Lazard is most definately not working on the restructing.  


Wed, 05/19/2010 - 10:59 | 360681 Goods
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Thanks for quoting me, and as far I can tell, calm is restored and the markets are heading up again. Not good for gold.

Thanks for quoting me, and as far I can tell, calm is restored and the markets are heading up again. Not good for gold.

Thanks for quoting me, and as far I can tell, calm is restored and the markets are heading up again. Not good for gold.

Thanks for quoting me, and as far I can tell, calm is restored and the markets are heading up again. Not good for gold.



Wed, 05/19/2010 - 15:19 | 361401 Hephasteus
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Give it a rest.

Wed, 05/19/2010 - 10:59 | 360682 ConfederateH
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Perhaps that trillion is not going to materialize, since it was never really there in the first place?

Perhaps the German Elite have seen where the EU Experiment is heading, and they don't want to be left holding the bag?

Perhaps Merkel deiscovered something really nasty hidden in one of Greece's closets?

Perhaps there is some kind of currency war going on and Germany is preparing a blitzkreig?

Wed, 05/19/2010 - 11:01 | 360691 doomandbloom
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I think its just manipulation of media news to make traders move in a particular way.

spin the news backwards and forwards, till you make enough money on this...I have been watching this since CIT debacle. THIS is how Goldman makes money every single day

Wed, 05/19/2010 - 11:03 | 360694 anony
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You are living in an alternate universe to think that anything relies on fundamentals anymore.

Maybe in a decade, MAYBE. But you are now living in the DOA, the Decade of Absurdity where little pieces of paper generate 40% of world profits. Huge amounts of Kill-o-watts are being used up by massive computers in tangled amorous foreplay with each other, while the material world is auctioned off by United States Treasury. 

You sure you want to step back and THINK! or shouldn't you step away from rationality and abandon the future to fantasies of social collapse?

Forsake sanity, Embrace bedlam.

It is the natural order.


Wed, 05/19/2010 - 11:17 | 360732 Hoi Polloi
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Yep, compared with a 6-8 months ZH is becoming a gossip blog rather than a serious one. See the Iran war hype. Time for TD to shape up.

Wed, 05/19/2010 - 12:47 | 360979 JackTheOffer
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This is SPARTA!!!

Wed, 05/19/2010 - 14:08 | 361170 desgust
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Wed, 05/19/2010 - 12:08 | 360849 -273
-273's picture

A country as small as Greeze will never ultimately pay back the at least 350 billion they owe as they and everyone else realises.

The bailout was for the french and german banks, not for greece. It didnt clear their debt, just extended it, added to it and kicked it down the road somewhat.


Wed, 05/19/2010 - 12:33 | 360922 Canucklehead
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Are those the same bunch of large hedge funds that are buying solar stocks?

Wed, 05/19/2010 - 10:59 | 360666 hedgeless_horseman
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Which is why we are rather confused by the straight up kneejerk reaction in the EURUSD.

When The Beard receives his Humanitarian of the Year award from the ECB I envision him wearing a white dinner jacket this time, rather than the black, so my premonition indicates the banquet will be in the summer time.

Pour the brandy, settle down here in front of the fire, and let Ol' Uncle Ben tell you about how I saved the world back in The Great Intervention.

Wed, 05/19/2010 - 10:54 | 360670 lizzy36
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One might speculate that the "we are not engaged in QE" ECB is also not engaged in currency intervention.


Wed, 05/19/2010 - 11:19 | 360741 DrFever
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Here's my take.  Please forgive me in advance if my level of market sophistication is not up to par.

That trillion dollar bailout package was really for the European banks that are exposed to the Greek Debt.  It had nothing to do with giving the Greeks real assistance.

If the Greeks pull out of the Euro, and as a result of that bailout package the European banks are saved, wouldn't that actually help the Euro given that it has just let go one of its weakest links?


Wed, 05/19/2010 - 11:22 | 360752 snowball777
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Which is better for the Euro, as a currency...if some European banks get defaulted on...or if the European CENTRAL Bank gets default on (and covers their ass by printing Euro)?


Wed, 05/19/2010 - 11:33 | 360770 JiangxiDad
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You got that right, but what's better for the individual countries--their banks getting decimated, or some nebulous ECB?

It's beginning to look like there won't be a happy ending :)



Wed, 05/19/2010 - 12:40 | 360955 Canucklehead
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I think that is a good analysis.  Also, the German banking system can be rejigged.

Wed, 05/19/2010 - 11:21 | 360747 bob resurrected
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Greek debt restructuring I can believe. This would be euro positive. Greece or Germany leaving the EMU, I just can't see it. But, the Club Med competitiveness issue remains euro negative over time. Johannes Gutenberg

Wed, 05/19/2010 - 11:22 | 360750 cognitis
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Which is why we are rather confused by the straight up kneejerk reaction in the EURUSD


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