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Headline: GERMAN FINMIN SOURCE: GERMANY,FRANCE AGREE IMF JOIN GREECE AID
And now, it's time to kill the dollar.
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My tax dollars at work. Apparently I am not only underwriting my own country's profligate spending, but Greece's as well. Wheee!
"And now, it's time to kill the dollar."
Plenty of people willing to do that if it means higher asset prices. Greed is extremely predictable and can always be counted upon to trump any egalitarian impulse dead in its tracks.
I can't save the world so I'll rape and pillage while I can.
Actually its best if you can convince the peoples that all your raping and pillaging is in the interest of the greater good.
LOL
"This will hurt me more than it will hurt you."
Yeah, that's the ticket. Worked for my parents.
Are they really joining anyone?
yeah, right. Didn't they say there wouldn't be a bailout? So what exactly is the IMF supposed to join?
The difference in between EU & IMF, the latest will require harsh fiscal discipline and related measures. Negotiations will go on, drama will continue wait till nationwide strikes in Greece, beating of EU tourists and similar flash point events. Euro might slightly recover, but it ain't over till it's over (number of years from now.)
Doesn't an IMF intervention require opening the books to scrutiny by officials outside the EU? How exactly is that going to be handled without some serious embarrassment?
Fire up the printer, Captn. Ben!!
Official rumor for today!
US Taxpayers to the rescue!
....again
So is it a default or not ? Or will it?
"default"?? Never heard of it. What is this "default" of which you speak?
Default (definition 1)It is when a country cant sell enough debt to pay off its old debt 2. the collapse of a ponzi scheme. 3. what a frenchman calls the San Andrea fault in California.
#3 +900
Giddy Up.....now the UK and US can join in the Greek bailout, they have lots of extra cash. Nice trick by the Germans...open up the Greek markets, sell guns and then get other nations to help in the bail them.
The morally bankrupt bailing the fiscally bankrupt.
Whew! that was a close one.
Now the Greeks can get back on the straight and narrow - start getting their house in order - which was what they intended all along it's just that they needed a little help, just this once.
This will in no way incentivize other hanging-by-a-thread European states to bankrupt themselves in exchange for a handout. No way.
The IMF finally cashed the check for the gold sales and is now ready to commence the Bailout World Tour 2010.
And now, it's time to kill the dollar.
Talking the opposite of your book? Or do you really think it is gonna flip now that the rumor turned into news?
TD,
Sorkin stole your story on Flyonthewall
http://www.cnbc.com/id/36001031
The IMF has been joined in Greek aid .. at least "technical assistance" kind of aid for months. What's new here?
That arm-twisted last-minute agreement is pathetic, just the end of Europe's sovereignty, if ever there was
And this is why European Monetary Union is an epic failure...
The Macro View
http://themacroview.wordpress.com
Well, these socialist countries have to stick together, you know.
God bless America
Found this little doozy via Denninger's site...
http://www.ekathimerini.com/4dcgi/_w_articles_economy_0_22/03/2010_115787
TT bet against Greece
State-controlled Hellenic Post Bank (TT) spent nearly 1 billion euros last year to secure its positions against the possible bankruptcy of the Greek government, according to documents seen by Kathimerini.
In August, the bank bought credit default swaps (CDS) – a form of insurance on financial instruments – worth 950 million euros when the spread on the Greek five-year bond over the German Bund was at 135 basis points.
CDS products allow investors to purchase protection against the default of debt issued by governments, hedging existing positions.
TT’s management, which changed after the Socialists took power in October, sold the CDS when the spread was at 235 basis points in December, earning a profit of some 35 million euros, the documents show.
The bank’s position in CDS protected the lender from its exposure in Greek bonds but also provided it with an opportunity to play a part in the global CDS market worth some 8 billion dollars last year.
With a position totalling 950 million euros, or 1.2 billion dollars, TT had the ability to shape momentum in the speculative derivatives market which the Greek government wants to be controlled.
Prime Minister George Papandreou is among the global leaders that have been pushing for increased financial market supervision of CDS and a crackdown on market manipulation.
TT’s previous CEO, Angelos Philippidis, had said in his last press conference as head of the bank last year that the swaps were part of the lender’s “social role,” giving it the ability to tackle speculators targetting Greece.
Who is writing tht articles is purposedly lying and hiding the fact tht previous TT management changed on 12 December 2010 and not on October as you refer (....TT’s management, which changed after the Socialists took power in October) .
For the story , on Dec 10th 2010, TT previous CEO (A.Filipides) on his annual report to shareholders fisrt time referred tht TT is holding CDS. next 2days he was replaced.
Self referencing headline.
The conference on the Greek situation is due tomorrow or the day after. Maybe IMF is already decided but still, the only reference is this site.
International Moron Fund: Stupid bailing out stupider since 1944.
International Mother Fuckers. Replacing pimp hand dicators with helpful pimp hand debt since 1944. Because pimps love their whores. No really they do.
Muahahahaha told you so.
This was very easy to predict even for an outsider as myself.
http://funy1.blogspot.com/2010/02/will-imf-bail-out-greece-and-pay-for-i...
The only question I have: is Goldman and company going to be involved in currency scheme to profit from this and how are they going to do it?
Lever short euro currency? get in an a Greek style TARP ?
Since we know that All the World's major Banks, especially JP Morgan and Goldman, are completely zombie like bankrupt from all their hidden Mark To Fantasy and not to book Level 3 "Toxic the revenge of Troma's Toxie" assets, are we going to finally setup a national bank using the destructive talent remaining in these zombie banks or are we going to keep throwing money down the money pit black hole north of Hoboken and In the 'Rape of Europa"?
http://funy1.blogspot.com/2010/02/bank-lending-continues-to-plummet-1.html
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