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I Am The US Taxpayer's Lack Of Surprise (And Money): IMF To Provide Another €10 Billion To Greece
Where does it end? 100 billion? 1 trillion? 1 quadrillion? And yes America, this is your money, going to bail out Greece... Then Portugal... Then Ukraine....Then Dubai....Then Italy....Then Spain....Then Hungary....Then the Baltics...Then the UK....Then Japan... and by the time we have to bail ourselves out, there will be nothing left, except the Turbo Bernanke 3000 dry heaving with an empty ink cartridge and empty paper cart, while gold oz will be worth one quadrillion Benjamins (or is that Bernankes). In the meantime, as Erik Nielsen, who finally woke up, predicted, the final bailout cost of Greece alone will be €150 billion. So the IMF will do rookie mistake 101 and keep raising the bailout requirement incrementally, even as the depositor runs on Greek banks and the ongoing strikes and riots, destroy the country...But at least in the meantime the dollar will get devalued and Wells-JPM-BofA/REIT investors will be happy.
The International Monetary Fund is looking at raising its share of Greece’s financial rescue package by €10bn ($13.2bn) amid fears that the planned €45bn bail-out will fail to prevent the country’s debt crisis from spiralling out of control.
Stock markets on both sides of the Atlantic fell on Tuesday, with leading European indices suffering their heaviest falls of the year, after Standard & Poor’s cut Greece’s long-term credit rating to junk status. The struggling nation is the first eurozone member to have its debt downgraded to junk level.
Shares in Athens fell 6 per cent as banks plunged more than 9 per cent. Greek government bonds suffered further heavy falls on growing concern that the country may need to restructure its debts in spite of the proposed eurozone and IMF rescue. Portugal’s stock market was down nearly 5 per cent as Lisbon’s long-term credit ratings were also reduced to by two notches from A plus to A minus, reflecting the country’s weakening public finances.
Senior bankers and officials in Washington and Athens told the Financial Times that the IMF was in talks to increase its aid contribution by €10bn. The fund could make that sum available under a planned three-year loan, according to an Athens-based analyst familiar with the talks.
Investors and policy specialists said that expectations of the size of the three-year package in Washington policy circles had increased to at least €70bn. The EU has so far proposed to provide €30bn and the IMF €15bn. “The fund’s current ceiling for Greece is €25bn and the release of the extra amount is under discussion,” the analyst said. The IMF declined to comment on the size of the package.
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About that "SLIDE" thingie:
http://www.youtube.com/watch?v=boj75h3urLU
Anyone think that the FED wanted a crash today to justify leaving rates at 0 for an "extended period" again for this week's FOMC?? Hmmm.......Could it be that simple? If I was a betting man I would wager on it.
I'd take that bet. With the "contagion" spreading rapidly, even the "egregious" (Martin Hitchinson's adjective) Ben Bernanke might have to take some notice.
"Anyone think that the FED wanted a crash today..."
The Goldman Brain Sacks were too tied up in DC today to keep the throttle down on the HFT machinery...
glad to see ZH which I have been mocking of late is "dialing it in"....or should i say "zeroing in." Greece wasn't a big story at first here--in fact i thought ZH of all places was gonna miss this "little one." that's the problem with conspriracy style thinking: always starting from the top. As they say, "the best sex comes from the side." Next stop: Belgium. Indeed this "country" may be where "it" all began.
Good point. That country is particularly combustible because of the ethnic split between the (Germanic) Franks and their (French) spendthrift countrymen. At least all the Greeks could agree on the fact that none of them wanted to work, none of them wanted to pay taxes and all of them wanted to retire at 57.
Those people are A few fries short of a happy meal.
brother, you can not fault us for focusing on GS for a few days, it is fine theatre and a tell for how things may play out.
but yes, big picture is soveriegn defualt.
this time ain't diff bitchez
http://press.princeton.edu/titles/8973.html
ZH=oasis of sanity within an insane world.
I am Mother Nature's suppressed prefrontal cortex.
Well Said!
This is interesting stuff:
he CMA Sovereign Risk Monitor identifies and ranks the world’s most volatile sovereign debt issuers according to percentage changes in their 5 year CDS. CDS values are calculated by CMA’s market leading CDS price verification service, DataVision.
CMA DataVision provides a daily calculation of CPD, and a variety of other risk metrics, on over 1,200 CDS issuers. Request a DataVision demo →
Highest Default Probabilities Entity Name Mid Spread CPD (%) Greece 823.72 47.97 Venezuela 851.23 44.98 Argentina 852.61 43.97 Pakistan 673.50 36.75 Ukraine 560.89 32.36 Portugal 385.89 28.43 Iraq 427.40 26.40 Dubai/Emirate of 430.68 25.89 Iceland 423.90 25.18 Latvia, Republic of 354.11 21.90Thanks
THE AMAZING DEFAULTO:
http://williambanzai7.blogspot.com/2010/04/amazing-defaulto.html
"Where does it end? 100 billion? 1 trillion? 1 quadrillion? And yes America, this is your money, going to bail out Greece... Then Portugal... Then Ukraine....Then Dubai....Then Italy....Then Spain....Then Hungary....Then the Baltics...Then the UK....Then Japan..."
I understand your angst Tyler, but the privilege of keeping the "superpower" status becomes super expensive when this status is no longer sustainable. Are you really surprised that nobody asks the American people?
Greece continues to fire bullets into its bloodied feet...
Ban on short-selling on its domestic equity markets:
http://news.bbc.co.uk/1/hi/business/8648029.stm
Obviously they take lessons from the wisdom of the market regulators found in the likes of Pakistan.
Let me explain to them simply. Markets work best with liquidity, transparency and price discovery. Short sellers add to market stability because they are the buyers in a falling market. Markets without short-selling will gyrate faster through extremes because participants are only allowed to operate through being long or out of the market completely. This will not prop up markets - it just makes more people run for the exits, faster, when the fundamentals turn down. These are primitive markets with short-selling controls.
The decision-making at Greece's highest levels are as good as those of a death-wish driver on one of its famous narrow cliffside roads.
Everything is what it is because it got that way.
Amerika! On the road to being next "Last Great Super Power"...
Throwing good money after bad 'til there's none left since late '08.