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Latest Rumor: Germany's KFW Bank To Bail Out Greece With €5 Billion Short-Term Solution
Germany is considering buying Greek
bonds through state-owned lender KfW Group, German lawmakers
said today. KfW is preparing measures that are part of a European plan
to grant Greece as much as 25 billion euros ($34 billion) in aid
should the need arise, said four lawmakers, who spoke on the
condition of anonymity because the information is confidential.
KfW’s purchase of Greek bonds, backed by German government
guarantees, would be an emergency measure as it risks inviting
investors to speculate against other euro region countries, the
lawmakers said. No decisions have been taken yet, they said.
In other words, just more of the same rumor mongering that has yet to provide one ounce of actionable facts since the Greek crisis began. And what happens when the €25 billion is exhausted? Another X billion bailout, followed by Y, then Z, as nothing ever ever really changes. At least the market likes it.
Oh, and guess who else will be bailing out Greece. You.
Assistance to Greece should flow through the International
Monetary Fund, the most suitable body to offer financial help
that’s tied to stringent conditions, the lawmaker said. The IMF
should provide more than technical assistance, the lawmaker
said, citing aid given to Hungary and Baltic states as examples.
A lawmaker who’s on the budget committee said KfW is the
vehicle Germany would use to help Greece. Germany’s share in the
potential rescue effort would be around 5 billion euros, a fifth
of the euro region total, lawmakers said.
But RBS said the IMF would not be involved. How could this happen?
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The Germans are going to scream bloody murder. Oh, I'd hate to be a pol over there!
Regardless of the "solution" applied, it will be the functional equivalent of placing a Band-Aid on a gaping wound that's squirting blood all over the place. Good luck with that folks.
Spot on. The 5b does is not going to cover the upcoming bond auction (if that's still happening), let alone help with the upcoming maturities and april.
I don't get these half-assed rescue attempt. You either rescue or you don't. If you do - then by god you better provide enough money to actually prevent a default and not just forestall it by 2-3 weeks.
It has worked so far. We had a $1 Quadrillion derivatives bubble burst in 2007/2008, and we only needed to commit/spend/print around $25 trillion in the US to stay afloat for a year while DC works out plans for a complete facist style bank takeover of the US.
The facist style bank takeover is nearly complete. Banks are all beholden to the Fed; the power to commit financial high crimes and looting in public while remaining untouched has been clearly demonstrated; the central bank will soon be given enhanced "regulatory" power; money market and deposit account lockdowns are being placed right now.
If you don't hold it, you don't own it.
The Gubmint has already, in the name of post-9/11 homeland security, trained/mandated your friendly local banker to spy on you:
http://www.youtube.com/watch?v=ydkpWHITlBg
Do not doubt that the teller is spying on you. She most definitely is. It's her job.
Maybe we should focus over here in the US for a bit now where all the econ news has been pretty awful. Seems like Greece is just a diversion to move the market however the computers see fit.
rumour = up.
rumour denied = still up.
bad data point = more stimulus = up.
heavily massaged to look good data point = economy must be good = up.
Fedhead incoherence = up.
yields rocketing up = up.
in other news, i have been slightly happier since i stopped being a martyr in the equity markets. My yield curve flattener is working nicely. (knock on wood), despite equity gyrations.
rumour = up.
rumour denied = still up.
bad data point = more stimulus = up.
heavily massaged to look good data point = economy must be good = up.
Fedhead incoherence = up.
yields rocketing up = up.
I don't get it. What are you saying here?
Must be some kind of good news. Buy!
Means the invisible stringpullers are doing a fantastic job.
PPT et al
Later this year i will be trading potatoes
for silver.
Get some or start planting.
Long fertilizer, short on trust
In other news, I just saved $123 per year on auto insurance by switching to ADS (auto default swaps).
wouldn't surprise me
http://translate.google.de/translate?js=y&prev=_t&hl=de&ie=UTF-8&layout=1&eotf=1&u=http://www.ftd.de/unternehmen/finanzdienstleister/:deutschlands-duemmste-bank-kf-w-protokoll-des-grauens/50041090.html&sl=de&tl=en
KfW is state owned, so it wouldn't be obvious that germany bails out greece.
I also don't think that germans would riot or something like that. Greece is more a story in the anglo-saxon press and especially on financial blogs. Our newspapers usually don't care much about what happens south of switzerland. (exception: ETA-bombs against tourists)
The way you sell it to the German people is you suggest that if Greece were allowed to collapse, millions would move the Germany to look for work, or just sit around claiming benefits.....
that wouldn't work. In european proportions, greece is quite far away. I'm not even sure if most germans would find it on a map.
But there would be a way: You need to tell german that without a bailout, the euro would implode an inflation would soar. That would really scare germans!
Germans are not stupid, my friend. The "euro will implode" angle will immediately be seen as "German products will kick ass at lower prices therefore a lot more Germans working again". Try another angle like telling them the truth. "If Greece is not bailed out, our banks will take a shit kicking and they'll need an even bigger bailout. And guess who's paying.........YOU"
As a german, I'm quite sure that most germans don't think that a weak currency is a good thing. We've also exported a lot when we had the deutsche mark.
Here is a news article from BILD, the most read newspaper in germany
GREECE-BANKRUPTGerman bank: The euro is in danger
THOMAS MAYER, CHIEF ECONOMIST OF DEUTSCHE BANK ALREADY SPEAKS OF "WEICHWÄHRUNG"http://translate.google.de/translate?js=y&prev=_t&hl=de&ie=UTF-8&layout=1&eotf=1&u=http://www.bild.de/BILD/politik/wirtschaft/2010/02/09/griechenland-pleite-euro/interview-mit-deutsche-bank-chefvolkswirt-thomas-mayer.html&sl=de&tl=en
Weichwährung=weak currency is a german collective noun for the peseta, lira and all the other weak currencies that the southern high inflation countries had.
As a german, i would not mind a return to the Mark if backed by gold. We like solidity and things to work well.
http://www.youtube.com/watch?v=RAKsMnAM8vk
like your post!.......this would fit KFW "dumbest bank in the world" title!...
Except that all debts of KfW are explicitly and unconditionally guaranteed by the sovereign.
Hey - check it out, yahoo (msm) is reporting a slew of negative (read reality). Check out these headlines:
January Home Sales Fall 7.2 Percent- AP
Sales of previously occupied homes took a large drop for the second straight month in January, falling to the lowest level since summer. It was another sign the housing market's recovery is faltering.
AIG reports $8.87B loss, may need more support- Reuters Stocks fluctuate after AIG results- AP Brisk 5.9 percent growth in Q4 will likely fade- AP Toyoda meets with LaHood, thanks workers at plant- Reuters Consumer sentiment weakens in February- Reuters Greek PM says worst fears confirmed on economy- Reuters Today's upgrades, downgrades- Minyanville Hedge fund firm being probed on kickbacks: report- Reuters Dividends will spur new
You can only hide reality for so long. The bank-government partnership has had a couple years top consolidate their new facist style powers, so nowe they can start telling some truth.
DIP financing on a sovereign?
sweet.
Greece is lucky to be the first to potentially default. What German bank is going to bail out the rest of the PIIGS and GB and Eastern Europe? The next batch of excitement comes when Iceland refuses to bail out Icesave. Bring it on!
The financial system can only get better by getting worse.
+100, very astute.
I love the smell of collapsing currencies in the morning.
How are Bunds doing in light of this rumor?
Who is gonna bailout the Germans?
What is this?
Whoever: Hey KFW bank, would you buy loans to help greece out in an extraordinary manner?
KFW bank: Well I don't know they're doing pretty bad, but I guess we could buy some if it was an extraordinary circumstance.
Whoever: Hey guys did you hear that, KFW bank will bail you out.
Pass the word along. We found a buyer.
NEWS HITS ACROSS TICKER......GERMAN KFW BANK WOULD BUY GREEK BONDS IN EMERGENCY MEASURE
KFW bank: What?????????? I wasn't saying I'd be the only and first.............
Mr. Market needs rescue rumors each day to keep the indices from moving down. They don't really need to be believable, just printed. Lehman Brothers here we come...
Shameless. How many times are they gonna pump and dump us with these rumors?
So....if this happens, expect that blonde lady with the princess Leia hair to get voted out eh?
KFW was the bank transfereing 100 somewhat plus million euros to Lehman Brothers the day they collapsed. it`s indeed the most stupid bankers in the world working there. but so what we germans won`t riot ;-( i want my own tea-party movement...
Still trying to figure out this article, but it does seem to have some merits and valid macro-views...
http://www.kitco.com/ind/Long/feb252010.html
Nothing that Germany or the EU can do will save Greece. Too much of the working force in Greece is connected to big unions. We saw recently what happens as soon as the government mentions taking steps to lower their debt. The whole country goes on strike. If I were running the EU, I'd tell Greece to go fuxx themselves. The Socialist Unions are in control. The situation is hopeless.
You must understand that this political truth also holds for the U.S. From where will the political will emerge in the United States to implement fiscal restraint? Where is the majority constituency for a balanced budget, let alone the majority constituency for cutting spending and actually reducing the debt? Are there sufficient numbers to overcome government workers and the rest of the dependency class? The dependency class(es) will take to the streets and demand their fair share of that which I and the rest of the producing class produces. They will vote that way until the system implodes.
The situation is hopeless.
ATHENS (Dow Jones)--A major Greek consumer organization Friday called for a boycott on German goods amid a tit-for-tat exchange between German and Greek media that has stoked tensions between the two countries and renewed calls for Germany to pay past war reparations.
Since last week, when opinion polls in German media showed that more than 70% of Germans wanted Greece out of the euro zone, the rancor has escalated.
Since then, various Greek media have recalled the Nazi's wartime occupation of the country, while German magazine Focus this week published a provocative article and photo of the classical Venus de Milo statue on its cover, labeling Greeks as the cheats of the euro zone.
In a statement Friday, Greece's umbrella Federation of Greek Consumers, Inka, referred to Germany's war record and also the magazine article in calling for Greeks to boycott all German products and shops.
"In a sign of protest Inka...calls on all citizens of the country to boycott all German products and shops even if they say they are sorry," the statement said.
"The distortion of a Greek historical statue of beauty and civilization, at a time when [the Germans] were eating bananas in the trees, is unacceptable and inexcusable from later civilized peoples," the statement added.
At issue is a potential multibillion euro aid package for Greece, which has seen its borrowing costs soar after revealing last year that its budget deficit would hit 12.7% of gross domestic product, more than four times the European Union's limit.
Amid fears that Greece might have trouble borrowing on financial markets, EU leaders this month agreed to some sort of aid package for Greece, which would probably be shouldered by German taxpayers who make up the bloc's richest and biggest economy.
Earlier Friday, Greek Prime Minister George Papandreou said in parliament that the issue of Germany's wartime reparations to Greece remained unsettled, but also said Greece would not exploit the current crisis to pressure Germany on the issue.
At the invitation of German Chancellor Angela Merkel, Papandreou is due to visit Berlin March 5, his office announced in a statement Friday.
When Bernanke and Greenspan lied, the economy died.
As EVERYONE with an IQ over 55 knows, the IMF is the US Federal Reserve including the Rothschilds, Morgans, Rockefellers, Warburgs, etc in drag as central banksters. So basically the members of the US central bank are also the IMF and they will bail out Greece. It is of the best interest to keep the FIAT currencies having FAITH because that is all FIAT currency really is when you get down to it.
Bernanke said yesterday during CONgressional questioning.... oh heck, does it really matter what he says anymore as we all know the truth is what will really happen.
Pucker up buttercup!
USA NATIONAL STRIKE
APRIL 15 to APRIL 18TH
TELL EVERYONE YOU KNOW
POST THIS ON EVERY DISCUSSION BOARD
www.taxfree15.com
Market Truth
Only those of us with computers know.
Of those , most are having fun chasing their particular dream.
SOME of us are aware of points you made.
But the masses are still coming away from the tv feeling all is normal due to the media messege and their own fear of reality.
We, those of us who care , have the huge burden of re-educating the public.
My last 5 workers were useless due to lack of education and lack of work ethic.
Everybody wants something for nothing and so very few care to give.
Our entire way of looking at life must change beginning with our attitude.
Surely the coming poverty storm will accomplish that.
PS I appreciate all the folks who post and Zerohedge for our ability to voice the truth .
Thank you.
Can we wipe our ***** with it before the IMF ships it over? You know be green, recycle, really get your use out of something. While you're at it ben, we'll get more use out of 1-dollar-ply then 100.
Then again we might tank Potash, so have some special program waiting for it, and better check with AIG to make sure they didn't sell them a steaming load of crappy insurance as well.
Royal Bag of S*** wrong? Never. They're one of the best in breed don't you know....of dead horses.
If greece doesn't do it, I'm sure Italy will send a head or two of those 'best of breed' stallions for a midnight bedroom visit.
Hopefully your sheets aren't white, but don't worry, your skin color will compensate....and here we thought the PIIGS were to slaughter.
I'll see your Greece and raise you a California!
Full House Baby...
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