Libya To Halt All Military Action, Announces Immediate Ceasefire

Tyler Durden's picture

Libya announces it accepts the UN resolution, encourages opening of all dialogue with all sides, according to Libyan Foreign Minister. Also, the country has agreed to an immediate ceasefire. WTI drops sharply by $23 on the news, as futures spikes. From the AP: "Foreign Minister Moussa Koussa says Libya is declaring an immediate cease-fire and stopping all military operations. Friday's decision comes after the U.N. voted to authorized a no-fly zone and "all necessary measures" to protect the Libyan people, including airstrikes. Koussa says the cease-fire "will take the country back to safety" and ensure security for all Libyans. But he also criticized the authorization of international military action, calling it a violation of Libya's sovereignty." In the meantime, the French foreign minister, eager to blow stuff up, says to remain careful on Libya ceasefire announcement. And of course - Libya has just won the first diplomatic battle. It can now continue doing what it was doing in complete secrecy, while any invasion by US and ally forces will be deemed a provocation by the world, or so Libya believes.

Follow the announcement live here.

And an initial response from a trading desk:

MAKE NO MISTAKE. LYBIA HAS REMOVED THE CASUS BELLI. BUT IT WILL NOT REMOVE THE REASON FOR ORDERING AIR RAIDS IN THE FIRST PLACE. TUNISIA WAS NOT A TARGET, NOR WAS EGYPT. TOO LITTLE OIL. QADDAF I IS A CLEVER NEGOTIATOR. USED TO DEAL WITH BERLUSCONI AND CO. B Y NO MEANS AN IDIOT. HE HAS BOUGHT TIME. HE IS UNDER ATTACK. AND NOT FROM WITHIN.

And in the meantime, nobody appears to care:
Nato's Rasmussen says Nato completing planning in order to be able to take appropriate action in Libya, as Reuters reports that a Libyan rebel in Misrata says rebels repelled Govt. attack on city. In other news, ceasefire to start.... any....minute...now...

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Spartan's picture

Brent Oil plunges $2.....

brian0918's picture

Gold and silver just shot way up.

Mr Lennon Hendrix's picture

It is a selloff.  PMs will test the middle of their ranges, gold has that at $1407 today, it is possible to test support if Blythe goes in.  This all of course is unless something happens with 'Operation Critical'.  Chernobyl sybdrome sounds good now?

TBT or not TBT's picture

Well Duh Gaddafi has done a ceasefire.   He has already very largely routed the opposition, and entering into "talk" mode neuters the UN immediately, giving him time to consolidate.

SheepDog-One's picture

And the dollar shoots way down again, 75.8 is the real story to me. 

trampstamp's picture

Play time is over?

NOTW777's picture

obama could have arranged this 2 wks ago if he was minding the store

Joe Davola's picture

Those brackets down fill themselves out.

Azannoth's picture

That Gadaffi is no fool, he knows that when 1 bomb drops or 1 US soldier crosses the border is game over for him

He should do what Mubarak did, step out while trying to preserve as much of his wealth as possible

wandstrasse's picture

I think he wants to hear what the west got to offer, some tens of billions should be in for not starting another desert war...

Mr Lennon Hendrix's picture

Ghadaffi won't get Libya's gold out of its vault and out of the country now.  Old man Gadaffi is pissed!  That Tunisian Ben Ali and his wife sure made moves quick!  Wondder if he could give me Lindsey Williams' number....

wandstrasse's picture

this could be his claim: a 2-3 planes that can carry some tons of 'whatever' and which can fly 'wherever' - for handing his oil & people over to our bankers.

Mr Lennon Hendrix's picture

He ain't getting any gold.  He will have to take what he had stored in his sock drawer down to Mugabe's now.  It will be enough to hold him over until he can cash it in for the coming  world 'post nuclear' currencie.  Until then he will have to pay his bath escorts in the dollars that Robbert lends him.

 

dehdhed's picture

sounds like a surrender to me.   i don't read it like, okay okay we'll stop attacking civilians for awhile.  but rather it reads like please all you civilians who now feel emboldened, don't come and get us and hang us in the streets.   i think the military knows further aggression will be met with extreme force and perhaps they too will now turn on gadafi. they know their ass is grass and this is the best spin they can put on it.

RacerX's picture

They had Ghad-bro all boxed up & ready to go before, but F-ed up the deal. Let's hope they let this guy disappear into the sunset. Yeah it'd be letting a bad guy go, but on balance I believe it's the smart & prudent approach. ie: Don't leave mad, just leave.

MachoMan's picture

Seems strange that from David Koresh to Osama Bin Laden, we always have these guys pinned down and are capable of taking them out, but never choose to do so until after wasting considerable resources, if at all.

Calmyourself's picture

Huh, our lovely .gov burned all those nasty women and children to death at Waco.  Koresh ran every day, gov could have arrested him while running instead chose dynamic entry with black masked goons.  Not a lot of resources just some CS and some fire and a few tanks and APC's, not much really..

MachoMan's picture

I dispute the degree of wasting of resources, but it's pretty obvious that we could have had a squad car, WITH A SINGLE DEPUTY, arrest koresh before all the shit went down...  saving dozens of lives and millions of taxpayer dollars...  same thing with bin laden...  same thing with any of these bozos...  no matter how much plastic surgery they may have.

Not sure why I'm getting junked...  apparently people want the MIC to endlessly toil away with pissant adversaries and conjured boogey men?  Rest assured, there will be more...

ElvisDog's picture

But surrender in what context? Saddam Hussein did not surrender in this way and he was overwhelmed by the U.S. military. Qaddaffi is smart as a fox. His goal is to stay in power. Saving face with his people and the rest of the Arab world is a secondary concern. If he does not agree to the cease fire, he's done. If he does agree, he may still be done but it buys him some time. The smart thing to do is to agree to the cease fire.

G-R-U-N-T's picture

"He should do what Mubarak did, step out while trying to preserve as much of his wealth as possible"

WTF are you talking about????????? It's not his fucken wealth.

Tell me if the rebels captured Gadaffi and began skinning him alive for murdering and looting the living shit out of them what do you think that piece of shit of a human being would do?

 

kkam's picture

Typical sheeple comment, raised on the junk fed by the PTB thru the american media. You have lost all capacity for independent thought. Not that I am a fan of Gadaffi the man, but think a little, why do you hate him so much? Oh, he is suppressing his own people? Then what about Bahrain and Saudi Arabia? Or Mubarak, for that matter? Why are they treated with kid gloves?

The only reason the international community (actually that should be re-labelled the west) are after Gadaffi is a) he is a soft target; b) Libya has oil; c) he has been an independent thorn in the side of the west; d) he didn't make friends in high places in the west like the Saudis.

If you're concerned with the moral principle, you should be equally or more outraged at the oppression of the American people by the power elite. You should be up in arms since that is in your own backyard.

Or take some time to read history. This sort of of oppression has been going on throughout history. Best is to mind your own business and leave other people to live their life as long as they don't pose a threat to yourself.

The American sheeple are being distracted from their own oppression and impoverishment by the power elite arranging these gunfights and explosions all over the world. Again, a standard tactic throughout history.

Calmyourself's picture

Mr. Infinity,

I don't hate him for what he does to his people that is their problem.  I do hate him for blowing up a Pan Am flight over Lockerbie.  Just as I hate the brit gov and the other asses who released Mr. quick to die of prostate cancer bomber boy..  Most of us here are well aware of these tactics, preaching to the choir.

Azannoth's picture

Gadaffi was a small time player in the international terrorism game

http://en.wikipedia.org/wiki/Operation_Northwoods

i-dog's picture

+1.

In fact, this move by Ghaddafi suits TPTB entirely ... they can now accept Daffy's departure and install a more compliant dictator to keep funnelling the oil to Europe (particularly France) without having to give an inch to the peasant revolt (though the peasants will be led to believe that they "won").

ElvisDog's picture

I agree with KKam. Most of the Arab world operates in a feudal structure. There are a few people at the top who have most of the wealth. They have a larger group of clients who work for them and keep things running. The vast percentage of people are peasants who live subsistence lifestyles. Qaddaffi is no better or no worse than any other Arab leader, certainly he's no worse than the Saudis. Feudalism isn't all bad. Those in the west who dream of democratic Middle East should be careful what they wish for. The combination of democracy and fundamentalist Islam might produce situations the West wouldn't like.

G-R-U-N-T's picture

"If you're concerned with the moral principle, you should be equally or more outraged at the oppression of the American people by the power elite."

Who are the power elite shit for brains?

"The Forbes listers and the bottom have each held around 3% of the nation’s wealth for the past 20 years. (Reliable and comparable data don’t go further back than that.) Some years they tipped to 3.3%, other years to 2.7%, but basically their shares have move remarkably in parallel through so much economic change. (The Forbesers, of course, pay far more taxes, but that is another argument.)

The stats are undeniably troubling. But the fact remains that the wealth shares of the rich haven’t diverged from the bottom since the early 1980s. (The top 1% have also held roughly the same share of wealth since the the late 1980s.)"

http://blogs.wsj.com/wealth/2011/03/07/billionaires-own-as-much-as-the-b...

 

wisefool's picture

Right, but the tactics are probably what has him in checkmate. I think he knows that if one plane from the Arab league goes down. One of thier soldiers killed or a ship damaged. THEN the US gets the trifecta.

1) US offers to escalate. 2) Arab league accepts, effectively taking the political chains off of a CVN group 3) Game over in a win, win,win for the USA. Aquiring the oil, stability/credibility and no more col daffy.

i-dog's picture

The oil is not for the USA ... it's for Southern Europe (particularly France and Italy). That's why Sarcozy has been the foaming-mouthed attack dog this time around. That's also why Barma has been content to stay busy playing golf and doing his brackets.

There was never really any chance of the US getting actively entangled. The CVNs are only there for show so that the French and Danes can act tough and brave.

Racer's picture

Nicely convenient for US opening shortly eh and options expiry

trampstamp's picture

Yep, had our couple of down days, which were nicely orchrestrated. Now the upside. I hope it doesn't turn out to be a fake out to the downside like they did on the first day of the month, when everyone expected it to go to the upside.

LRC Fan's picture

+1300

Never fails to amaze me.  Even if Japan's situation gets 5000x worse everyone will just discount it, claim it's been "baked in" to the markets and simply point and say "Libya, Libya" as the Dow rallies to 15k and the dollar tanks.

 

SheepDog-One's picture

Dangerous ground though if the machines had been programmed for a certain equities selloff today. Do not anger or confuse the machines.

gimli's picture

Gadaffi actually works for CNBC --- he'll be a guest on Mad Money this evening.

MsCreant's picture

That's cute, he could pull a Spitzer.

Angry money.

Insane money.

Every bit as legitimate a character to have on TV as Cramer is. More entertaining too. Get Michael Jackson's old tailor. I bet he could pound crap with that little hammer of Cramers.

It fits our short, soundbite, reality too where there is no historical memory, just what happened in the last few episodes, and then it is resolved.

Very funny.

the not so mighty maximiza's picture

its what they do not what they say

Oso's picture

exactly.  do not believe them for a second, Ghaddafi is just pulling a card from North Korea's deck.

Oso's picture

QADDAFI FORCES CONTINUE SHELLING MISRATA, 25 DEAD, ARABIYA SAYS
    

the not so mighty maximiza's picture

Q is a,  Lier Lier paints on fire!!!

smithcreek's picture

Exactly.  Now he can continue, but using "police action" to "restore order".  The no fly zonce might have been useful a couple weeks ago when it may have energized momentum against Kadaffi and encouraged his army to sit on the sidelines if not defect altogether.  Now the fire has been extinguished and Kadaffi just needs to piss on the last couple glowing embers.

I'm not saying we should have done this two weeks ago, but we should not have encouraged the rebels and demad Kadaffi leave if we weren't ready to do something when it would have helped.

cossack55's picture

Ever heard of Bay of Pigs? How about Cuba and Phillipines in the 1890s.  The stab in the back is one of the things amerika does best.

TBT or not TBT's picture

The United Nations did this, dipstick.

cossack55's picture

Yeah, right. Take the red pill, bozo. Any comment about above or is history too confusing? OK. South Viet Nam?

falak pema's picture

USA doesn't lead this one. It's France that leads. USA just back-up behind the EU countries.This one is Sarkozy's personal bad debt payment to Q-daffy. Let's see if he can convince his allies to take out those air strips anyway. Also, now the EU wants to get rid of Q definitely, they have to find a strategy to make this happen. It's very fluid as Q can be counted on to go renegade sooner than later.

BigJim's picture

Maybe it's time for another gulf-of-tonkin incident.

MonsterZero's picture

I agree here Quadaffi made the perfect move in ordering the cease-fire.  He's in control of the country still, secret police actions can be taken, foreign mercenaries can be brought in and used to guard oil facilities.  If rebels attack it is simply self defense.  The UN won't have anything to do.. he ordered a cease-fire so you're going to start blowing stuff up?  yeah that'll look reallly great.   He's not an idiot, I think he wins either way here, the only recourse is going to be actual military ont he ground intervention for the West which is going to a.  Make us look like crap  b.  Take a long time to implement.  c.  result in a lot of people losing their political jobs.