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Merkel Speaks, Good Cop/Bad Cop Charade Continues
Merkel's 1pm GMT speech disclosed that Greece can pretty much surrender all hope of funding prior to Germany's May 9 elections. The chancellor said that not only must Greece show it can return to a sustainable budget path, but that further savings measures are needed. Sell that to the Greek people who, courtesy of paradropped Kindles, have had a chance to finally figure out what Austerity 1.0 means. They can look up version 2.0 at their leisure. Lastly, Merkel said she "feels an obligation toward stability of EUR." Look for the EUR to sell off on this latest political non-news.
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merkel vs. the banksters
time for the piledriver, angela
Give it up for Bonesaw!!!
http://www.youtube.com/watch?v=m1HM1kpMHec
"Look for the EUR to sell off on this latest political non-news," and for the American equity markets to rally heavily, dollar higher, gold higher, oil higher, 10 yr yield higher, buy, babeeeee, buy.
The chance that an average, informed German will agree to bailout "Receive a pension at 53 because you are a Greek hairdresser" et al. is the exact same probablilty that a Skoda could beat a BMW M3 in a 0 to 100 kmh sprint.
If they were driven over a cliff then the Skoda might just do it. No sensible German is going to drive his BMW over a cliff just cause the Greek dude feels compelled to. Ouzo on!
exactly and since i think i´m average informed the decision to delay the bailout unitl after the elections in may was also a very obvious move that´s Merkel you wait for the piledriver? Forget about it she was Kohls favorite pupil ... sit and wait that´s her style.
This is the part where you hear the engines screaming as the throttle is pushed all the way open...but those treetops just keep getting closer.
Refresher please: what happens when Greece just doesn't pay its creditors? Oh right, big men with guns come for more of our children's economic futures. Check.
Correction: Big, emasculated, cowardly moral degenerates with guns come....
All else being equal, this means that the Greek bailout is still on course, yes? The IMF can cover the first few weeks' bills while the Eurozone states join in at some point after the 9th.
Just figured out Merkel's devious goals for the coming months - I'm pretty sure she is trying to provoke a poliical crisis in Greece, and cause the collapse of the Papandreou government.
Let's face it - Greece has spent most of the last 60 years run by either a Papandreou or a Karamanlis. Every single leader since WWII has been beholden to US interests, and when Grandpa G-Pap tried to loosen those bonds, Greece ended up wih a military junta. If Germany is to tighten its grip on Europe, it must eliminate such long-standing relationships. Thus the resistance to IMF involvement,as this is essentially US involvement. In quasi-Third-World countries like Greece, breaking the royal families is key to such a goal. The Mitsotakis clan is discredited, the Karamanlis clan seems to have reached its endgame as well, all that is left is the Papandreous.
What I haven't figured out yet is who is set to fill the power vacuum once these clans are buried. Perhaps German interests are best served by pulling Greek politics into the 21st century, and doing away with such arrangements. Optimistic view, perhaps.
There's a reason the old-school wealthy Greek kleptocracy is located in the UK - it is the least friendly to the EU, which serves them well, as the last thing these jackasses want is any notion of proper tax collection or transparency in Greece or anywhere else.
This ought to get real interesting. May 9th is two weeks away. The market may force Germany's hand in that timeframe by selling Greek bonds even further. I imagine we see the IMF step in, in addition to associated bridge financing in that event.
Merkel waiting for elections means she is very worried of course, which could still backfire on her.
I would not be long the Euro between now and May 9th.