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Norway Stops Aid Payments To Greece

Tyler Durden's picture


And here comes the first domino: according to Swiss journal NZZ, the Greek bailout is about to take a turn for the worse. "Norway will first stop all further financial aid payments to the highly indebted Greece. The reason is that Greece does not fulfill its obligations descendants, the Norwegian Foreign Minister Jonas Gahr Store said on Thursday before the Parliament." And with Norway which is a member of the European Economic Area, and actually one of the few solvent and non-basket case European countries saying let the chips fall where they may, it is just the first. Look for every other country currently on the sidelines vis-a-vis Greece (and just as insolvent) to follow suit as the European experiment falls apart.

From NZZ (google translated):

orway felt obliged to make payments to Greece until further adjust. He was "sad" about the decision because he does not aggravate the situation in Greece which would, Norway got no choice.

Norway is not an EU member, however, belongs to the European Economic Area (EEA). About this country is paying the money to compensate for economic and social disparities in Europe.

Aid does not reach receiver

As the EEA Iceland and Liechtenstein members suspect the country that its financial aid to Greece did not go to the intended recipient, reported the Norwegian news agency NTB.

Thus Athens is not following its obligation to fund under the financial assistance provided for projects to 50 percent with their own money. Of the grants of 248 million Norwegian crowns (39 million), which was originally for Greece are, so far only 13 million had been disbursed, reported NTB. The rest remains now frozen.

Look for the EUR not to be happy at all with this sudden and very much unexpected escalation.

h/t Alexander Gloy


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Fri, 05/20/2011 - 09:42 | 1295139 Badabing
Badabing's picture

No more suvloki for you!

Fri, 05/20/2011 - 10:09 | 1295230 Josh Randall
Josh Randall's picture

If Norway gets up, we'll all get'll be anarchy

Fri, 05/20/2011 - 10:24 | 1295278 kridkrid
kridkrid's picture

Screws fall out all of the time.  The world is an imperfect place.

Fri, 05/20/2011 - 10:37 | 1295316 Vincent Vega
Vincent Vega's picture

Impossible sir, it's in Johnson's pants.

Fri, 05/20/2011 - 10:43 | 1295322 SheepDog-One
SheepDog-One's picture

'Claaaiirre'? Thats a fat girls name.

Fri, 05/20/2011 - 10:55 | 1295406 kridkrid
kridkrid's picture

what am I???  What am I???  I am a walrus.

Fri, 05/20/2011 - 10:58 | 1295420 TheDriver
TheDriver's picture

Norway: Eat... My... Shorts.
: You just bought yourself another Saturday.
: Ooh, I'm crushed.
: You just bought one more.
: Well I'm free the Saturday after that. Beyond that, I'm going to have to check my calendar.

Fri, 05/20/2011 - 14:05 | 1296240 andybev01
andybev01's picture


The Breakfast Club.

Fri, 05/20/2011 - 19:12 | 1296979 StychoKiller
StychoKiller's picture

Anarchy != Chaos

Fri, 05/20/2011 - 09:43 | 1295141 oogs66
oogs66's picture

Default/Restructuring is the correct option for Greece

Fri, 05/20/2011 - 09:46 | 1295148 zen0
zen0's picture

Only after they can squeeze every last Euro out of the situation.

Fri, 05/20/2011 - 09:44 | 1295151 Ray1968
Ray1968's picture

The irony of the Greeks about to get it in the ass.

Fri, 05/20/2011 - 09:58 | 1295182 Oracle of Kypseli
Oracle of Kypseli's picture

That's wrong. After Greece got the EU to give them free money for their stupidity, they will default and start over clean just like Iceland. Now who is getting it in the derriere?

Fri, 05/20/2011 - 10:08 | 1295197 Ray1968
Ray1968's picture

I think there is a BIG difference between Greece and Iceland. The EU will never allow Greece to have a start over. They will pay and pay dearly!

Just look at how many attempts there have been to make Iceland's citizens pay for the failure of a private bank! Thankfully their people have told the EU to go pound some sand.

Fri, 05/20/2011 - 10:44 | 1295345 Rick64
Rick64's picture

 Iceland hasn't started over. They didn't default on the IMF loans and are presently recieving more. The only thing that they defaulted on was reimbursing European depositors of Icesave (Landsbanki) and Landsbanki's debts. 

Fri, 05/20/2011 - 12:13 | 1295745 Swain
Swain's picture

European depositors were reimbursed by their respective governments (UK, NL) which are in turn being paid for their outlays by the sales of the assets of the defunct Landsbanki. 

Fri, 05/20/2011 - 09:56 | 1295183 achmachat
achmachat's picture

This idiom doesn't apply to the Greek.

it's nothing unpleasant to them.

Fri, 05/20/2011 - 10:09 | 1295214 HamyWanger
HamyWanger's picture

I'm ready to bet 100,000 US dollars that Greece will never default.

Fri, 05/20/2011 - 10:15 | 1295255 topcallingtroll
topcallingtroll's picture

AS long as you include "voluntary" restructuring as a default you are on.

Fri, 05/20/2011 - 11:57 | 1295681 Clockwork Orange
Clockwork Orange's picture

and liability management exercises

Fri, 05/20/2011 - 10:16 | 1295258 topcallingtroll
topcallingtroll's picture

AS long as you include "voluntary" restructuring as a default you are on.

Fri, 05/20/2011 - 10:23 | 1295275 Ethics Gradient
Ethics Gradient's picture

That's not a bet! Greece defaults and shortly after the dominos stop falling 100,000 dollars becomes what you need to buy a beer. Put your money where your mouth is, man!

Fri, 05/20/2011 - 10:42 | 1295352 equity_momo
equity_momo's picture

I'll take that bet. Seems like i've got no downside , never is along time.

Fri, 05/20/2011 - 10:56 | 1295396 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

And by the time you can pay out, those $100,000 will buy a tank of diesel.

Fri, 05/20/2011 - 12:51 | 1295903 Rick64
Rick64's picture

I'm ready to bet 100,000 US dollars that Greece will never default.

 Would that be internet bucks bet under an anonymous name on a blog site?

Fri, 05/20/2011 - 10:12 | 1295229 EscapeKey
EscapeKey's picture

Might be the 'correct' option, but DSK was forced out for a reason.

Fri, 05/20/2011 - 10:38 | 1295330 downwiththebanks
downwiththebanks's picture

+1.  Not only that, but the Hit Men who pulled it off managed to take the heat off of Apartheid Israel on Nakba day.

A Two-fer.

Fri, 05/20/2011 - 11:36 | 1295578 ElvisDog
ElvisDog's picture

How can anyone blame Norway? The only reason to continue to keep lending money to Greece (although this story says it's aid) is if there was some reasonable expectation that Greece would get its act together and be able to pay back the debt. Lending money to a country that has a structural, long-term deficit is throwing money down a rat hole (and, yes, I'm aware of the analogies to the U.S.)

Fri, 05/20/2011 - 09:45 | 1295145 Sqworl
Sqworl's picture

Falafel Failure!!!


Fri, 05/20/2011 - 14:11 | 1296261 andybev01
andybev01's picture

+10, thanks for the chuckle.

Fri, 05/20/2011 - 09:42 | 1295146 Clockwork Orange
Clockwork Orange's picture

Poof, goes the illusion.

Fri, 05/20/2011 - 09:47 | 1295150 Charlie
Charlie's picture

Not sure this is such a big deal.

Norway is not part of the European Union.

Fri, 05/20/2011 - 09:50 | 1295158 mayhem_korner
mayhem_korner's picture

That makes it a bigger deal.

Fri, 05/20/2011 - 09:44 | 1295152 Jim in MN
Jim in MN's picture

Over on RAN Squawk it says: IMF says an Increase in Ireland's corporate tax rate is not consistent with goals of the EU/IMF program

I would call that bureaucratese for 'let them eat cake'....

Fri, 05/20/2011 - 09:50 | 1295167 Quintus
Quintus's picture

The IMF is aligning itself in this instance with the Irish and against the EU leadership, primarily France.  Most Irish people understand that the only reason Microsoft, Google, Oracle, Pfizer etc, etc, etc. have their European bases in Ireland is for the 12.5% Corporation Tax rate.

Raising that rate may make the French feel better, but it will not, in all likelihood, raise additional tax revenue for Ireland.

Fri, 05/20/2011 - 10:02 | 1295203 Jim in MN
Jim in MN's picture

Layers...Here is a snippet of debate from ZH back in March--Irish contributions on the topic:

by Ferg .
on Thu, 03/10/2011 - 13:33


As a citizen of the Emerald Isle I can tell you , unequivocally , that there is absolutely no chance in the darkest corner of hell that the government here will agree to raise the corporate tax rate . It was Labour who introduced it back in the 1990's and both coalition parties campaigned for the ratification of the Lisbon Treaty with assurances that the rate would not be changed . It's an issue that garners quite a bit of attention over here and any attempt to alter the status quo would likely create quite the political/media shit storm .

on Thu, 03/10/2011 - 13:41

It actually goes back to the 50s but Europe quite rightly forced us to tax global and local corporations at the same rate.

The Irish banks made huge profits from this rule change however (before the bust)

Never a fan of it myself given the huge distortions in the local economy it creates yet we have grown so dependent on this it would rip out all the industry in the country.

We really have a elephant man type economy - global corporations yet no fishing industry.

This was one of the reasons why Iceland could go tell the bankers  fuck off as they still had internal capital to draw on - we have become too globalised to make independent waves.

by Ferg .
on Thu, 03/10/2011 - 16:06

Yes I was thinking that myself . We've become hugely dependent on it and if it was altered I don't think the large multinationals would be sticking around for the pleasant weather . It's lustre is fading as well now that we've got more competition from Eastern Europe , but in the current economic climate there's no chance it'll be hiked .

Agreed we're very dependent on exports right now . Export strength has been mentioned on countless occasions by analysts and politicians as a pillar of recovery but that's a very dangerous scenario to place your faith in . One in which we're at the mercy of exchange rate fluctuations and shifts in foreign demand patterns . I suppose that's the price everyone pays for globalization participation though . Great in the boom years , a disaster when it all hits the fan .

on Thu, 03/10/2011 - 16:36

A country with a extreme trade surplus is a colony pure and simple - we have nearly always had a surplus at least since the late 80s.

Since the mid 90s its gone crazy and therefore we are a jurisdiction of extreme profit for certain individuals and corporations.

There is nothing wrong with trade defecits if you can import physical capital and capital building structures that can sustain real long term wealth.

We imported decking.

Fri, 05/20/2011 - 09:46 | 1295157 A Man without Q...
A Man without Qualities's picture

Hey, Greece, I think Norway just called you a cunt....


Fri, 05/20/2011 - 09:52 | 1295162 TheTmfreak
TheTmfreak's picture

Also implicitly stating that the Euro bail out countries are fucking retards.

Fri, 05/20/2011 - 10:04 | 1295201 knowless
knowless's picture

sverige kommer inte betalar!

best google translate could give me.

any swedes have an on the ground perspective on this?

Fri, 05/20/2011 - 10:49 | 1295366 Jack Burton
Jack Burton's picture

Sverige kommer inte att betala!

Sweden is not going to pay!

Fri, 05/20/2011 - 09:52 | 1295174 eftian
eftian's picture

+better translation software

Fri, 05/20/2011 - 09:49 | 1295164 breezer1
breezer1's picture

the only spin that can be applied here will be in the google translation.

Fri, 05/20/2011 - 09:53 | 1295168 youngman
youngman's picture

Greece new they were going to default years ago....they just want to use the system and steal as much as they can until they do...I would too...if you are that stupid to give me money when I am broke...and have no way of paying you back...then give it to me baby

Fri, 05/20/2011 - 14:13 | 1296270 andybev01
andybev01's picture

Ah, I see. Your real name is America?

Fri, 05/20/2011 - 09:55 | 1295173 richard in norway
richard in norway's picture

this could be bigger than people think, the greeks are not the only ones getting this money from norway. easten europe also gets a lot of dosh and they are in a nasty place, the arab spring could easily become the easten block autum

Fri, 05/20/2011 - 10:51 | 1295374 Jack Burton
Jack Burton's picture

 richard, Seems like the whole world is approaching a nasty place. Let food prices continue to increase and a few more large natural disasters come our way and trouble will spread.

Fri, 05/20/2011 - 17:53 | 1296856 Zero Govt
Zero Govt's picture

the withdrawel of credit (aka Norways two fingers to Greece) ushers in deflation of prices, not inflation the prices of yoghurt from here!

Fri, 05/20/2011 - 09:55 | 1295175 Bleeping Fed
Bleeping Fed's picture


Fri, 05/20/2011 - 10:00 | 1295188 DaBernank
DaBernank's picture

NOK is only currency I would own willfully (as in I am forced to transact in EUR & USD). Bravo for them.

Fri, 05/20/2011 - 09:58 | 1295191 Use of Weapons
Use of Weapons's picture

Turns out the Grandma doesn't give you everything you want in life...



Fri, 05/20/2011 - 09:59 | 1295192 Hedgetard55
Hedgetard55's picture

Ex-Vikings telling Ex-Spartans to get lost.

Fri, 05/20/2011 - 10:06 | 1295216 john39
john39's picture

when does the world unite, ignore the divide and conquer bs, and kick the elite bankers out of power...

Fri, 05/20/2011 - 10:36 | 1295311 LawsofPhysics
LawsofPhysics's picture

when the world recognizes what real value is and what real money is and when fucknuts with degrees from Harvard can no longer manipulate both, so never.


Hedge accordingly.

Fri, 05/20/2011 - 11:07 | 1295461 j0nx
j0nx's picture

On the same day someone develops warp drive: In other words NEVER. Mankind is nothing but glorified monkeys that require somebody rule over them with a whip. The acceptance of class structure is hardwired in our DNA just like it is with other mammals.

Fri, 05/20/2011 - 18:09 | 1296885 Zero Govt
Zero Govt's picture

it is 'hardwired' if you're like those public sector zombies in Spain yesterday protesting about Govt cuts. What do these prats expect, the politicians are out of other peoples money and are bankrupt. Of course the entire public sector just doesn't understand the concept of 'bankrupt'... they think money grows on trees and there's an endless supply

i'm watching the Madrid protest as we speak. The crowd are cheering away to every speech... cheer away zombies, the (Govt) party is over, it's time to take out the rubbish 

Fri, 05/20/2011 - 19:25 | 1296997 StychoKiller
StychoKiller's picture

Easy money (FRNs) indirectly grows on trees, but sooner or later, all the ink in the world cannot disguise its worthlessness!

Fri, 05/20/2011 - 10:02 | 1295194 Whitenoise
Whitenoise's picture

Years (and years) ago a grade school teacher wrote in my book, "Yours till Germany gets Hungary and fries Turkey in the Greece".  It appears now that she was wrong, apparently Norway is going to turn up the heat fry Europe in the Greece!

Fri, 05/20/2011 - 10:02 | 1295202 Gavrikon
Gavrikon's picture

It's about fucking time.

Fri, 05/20/2011 - 17:45 | 1296855 Larry Darrell
Larry Darrell's picture

I completely agree.

And, I will move everything and everyone I know to the first US state that tells the Federal Gov't  "We are no longer sending you tax receipts."

Fri, 05/20/2011 - 18:16 | 1296898 Zero Govt
Zero Govt's picture


..but why wait for the States to tell Washington there's no more tax receipts... stop them yourself (the ultimate end of the political party system)

Fri, 05/20/2011 - 10:05 | 1295204 bob_dabolina
bob_dabolina's picture

Oil and Silver are getting hog slammed.

Fri, 05/20/2011 - 10:08 | 1295210 TheTmfreak
TheTmfreak's picture

They were doing pretty good. It always seems to be a bumpy ride.

Fri, 05/20/2011 - 13:33 | 1296080 dogbreath
dogbreath's picture

its friday

Fri, 05/20/2011 - 10:06 | 1295213 Quintus
Quintus's picture

It's almost like every time it gets to $100 /bbl 'Somebody' immediately knocks it back down a couple of bucks.  I can't think of any reason for someone to want to do that.  Can you?

Fri, 05/20/2011 - 10:14 | 1295240 bob_dabolina
bob_dabolina's picture

This is a dollar story. 

Greece/Spain are threatening to undo the euro by the seems. This is dollar positive. 

China is slowing down. This is dollar positive.

Japan is weak. This is dollar positive.

QE2 is ending. This is dollar positive.

The government is being forced to put their financial house in order. This is dollar positive. 

When the dollar goes up, commodities go down. 

There is no conspiracy here, just common sense....which is why tmosely will never undertand and scream manipulation 'till he loses his voice.

Fri, 05/20/2011 - 10:38 | 1295331 LawsofPhysics
LawsofPhysics's picture

Holding some physical will always be the first step to a diverse portfolio.  PM's can always easily be changed into the "fiat du jour".  So the dollar is getting stronger, if you think that is a good long term trade, well good luck with that. I see many already trading in other currencies and buying up physical.  go sell your bullshit to the sheeple.  Adapt or die.

Fri, 05/20/2011 - 10:39 | 1295333 SheepDog-One
SheepDog-One's picture

'Dollar positive' lol....$100 trillion in the hole, minimum. Dollar is dead, Euro is dead, only depends on witch topples over face first onto the concrete.

Fri, 05/20/2011 - 10:41 | 1295344 tmosley
tmosley's picture

lol, if you think that is the case, then you should go all in on dollars and US equities.

I might add that China and Japan are sitting on huge dollar reserves. If it comes down to a choice between holding those reserves and losing power to popular uprising (political or otherwise), which do you think they are going to choose?

And QE2 ending is dollar positive? Sure, just like the end of QE1 was dollar positive--lulz.

Funny how you claim that I don't understand this stuff when I have predicted everything that has happened--MONTHS in advance. High volatility with a downtrend in paper silver. Reduction in physical inventories. High and rising premiums. The East draining physical inventories from the West.

It's even funnier that you don't see where this is going. I WANT a lower price, and have said as much for months, simply because the artificially low price causes inventory to drain from the COMEX (which has happened, and is continuing to happen), which will lead to a COMEX default. Manipulation works in my favor long term. Sure, a higher price is nice in the short term, if I want to sell a bit and buy some consumer goods. But I don't REALLY want that crap. I want to own productive assets, and that is exactly what the gold I will trade my silver for will buy me.

Fri, 05/20/2011 - 11:52 | 1295627 ElvisDog
ElvisDog's picture

The dollar and U.S. equities have an inverse relationship - stronger dollar means weaker stocks and vice-versa. You want to invest in either dollars or U.S. equities.

Fri, 05/20/2011 - 13:53 | 1296176 Things that go bump
Things that go bump's picture

At what ratio are you thinking of trading your silver for gold?

Fri, 05/20/2011 - 11:08 | 1295349 GoinFawr
GoinFawr's picture

Bob, you been in the koolaid again:

All the conditions above were in place while the dollar dropped compared to its peers.

Everybody knows that the money problems of the troubled Euro states are only just as bad, certainly not worse, when compared to the United States. This is not dollar positive.

China is slowing down, not going backwards. The US is looking forward, but has the truck in reverse. This is not dollar positive.

QE2 is ending, with nothing but air to follow, yah right. This is not dollar positive.

The gov`t is being forced to put their financial house in order, and by `order` I mean they are going to spend more than they have ever spent before while telling you 38 billion in cuts offset by new outlays is `fiscal prudence`.

When the dollar goes up commodities go down. Or when the dollar goes up anyone that still has way too much (read:any)of it on their books divests like there is no tomorrow, and if the rapturists are right...

Manipulation of currencies (including the hard ones like XAU XAG) looks a helluva lot more like fact than it does a wild-eyed conspiracy theory these days. Where have you been? With all the GS alumnis that have infiltrated Central Banks around the world, this is the one thing that could be fleetingly dollar positive, or yen positive, or CAD positive, or AUD negative, or Forint neutral; depending on their whim for the day.

Fri, 05/20/2011 - 11:17 | 1295494 TheTmfreak
TheTmfreak's picture

The dollar is overvalued, the Euro is overvalued, and even the Yuan is overvalued.

When are ACTUAL liabilities ever going to be priced in?

Fri, 05/20/2011 - 11:45 | 1295624 falak pema
falak pema's picture

Only Zimbabwe is undervalued.

Fri, 05/20/2011 - 11:49 | 1295630 TheTmfreak
TheTmfreak's picture

Welllllllll. I wouldnt' say the country as an entity is undervalued, I'd say the land that it sits on is.

Fri, 05/20/2011 - 11:55 | 1295685 falak pema
falak pema's picture

You suggesting a "final solution" for the locals?

Fri, 05/20/2011 - 12:44 | 1295870 TheTmfreak
TheTmfreak's picture

I suggest nothing. I would just say that regardless of their recent "coming to jesus" moments, their government doesn't exactly have the best track record to say they're now "valued." (They could be saying we want da gold, gimmie da gold, just to stiff it to west like everybody else wants to do. Not necessarily because they honestly believe in "those fundamentals)

Fri, 05/20/2011 - 12:58 | 1295928 falak pema
falak pema's picture

These governments are totalitarian and will stay so as the population is tribal in culture. But the chinese connection is creating big shock waves to this region which only had their past colonial masters as rich partners at terms which to say the least are neo-colonial. Lets see if China will do something to improve the situation of the common man. As the west, USA and other usual suspects, have never done anything to help in that area. Except through "charity" or "aid". For the latter, it always ended up as subsidy for private contractors from the aid donor country. Public to private pipe-line like military aid; classic ploy where the dictator gets his cut. Africa needs another economic paradigm. It has resources to make it possible, with an honest partner. Whoever he may be...lets hope that international competition will help in this area.

Fri, 05/20/2011 - 14:49 | 1296273 GoinFawr
GoinFawr's picture

Indeud, the west is crying all the time about how "poor Africa needs our aid and charity", when fair recompense for the natural resources being extracted would do just fine.

Fri, 05/20/2011 - 19:30 | 1297002 StychoKiller
StychoKiller's picture

Given the number of Kleptocrats in Africa, precisely Who would be "helped?"

Fri, 05/20/2011 - 11:58 | 1295697 ElvisDog
ElvisDog's picture

A bit OT, but does anyone know when the Rapture is supposed to take place tomorrow? I'd be interested to listen in on that evangelist's radio show the day after the Rapture was supposed to take place.

Fri, 05/20/2011 - 12:43 | 1295881 TheTmfreak
TheTmfreak's picture

All you are going to hear is an "any minute now" repeated ad infinitum until the end of the day. The end of the day will come and you'll hear either a "god was testing our resolve" or "what they REALLLLLLY meant by saturday wasn't the actualy day saturday... was some other day." Or finally "well it was more of a metaphor for... things are happening around the world... leading to the rapture.."

Fri, 05/20/2011 - 13:24 | 1296051 ElvisDog
ElvisDog's picture

Funny. It's the religious version of Charlie Brown kicking the football.

Fri, 05/20/2011 - 14:02 | 1296223 Things that go bump
Things that go bump's picture

This has happened before, you know.  On October 22, 1844, the Christian cult known as the Millerites, having first divested themselves of their property, went out to the fields to await the predicted second coming of Christ, which according to their leader was scheduled for that day.  They waited all day and Jesus didn't come.  It became known as the Great Disappointment.  The poor Millerites were thereafter greeted in the streets by the question, "Have you not gone up?"

Fri, 05/20/2011 - 14:22 | 1296299 andybev01
andybev01's picture

I read that it takes place at 6:00, everywhere; 6:00.

The writer did not specify GMT or any other time zone, just 6:00.

The lord works in simultanious ways.

Fri, 05/20/2011 - 19:36 | 1297005 StychoKiller
StychoKiller's picture

"Blessed are the Cheesemakers?  What does he mean by that?" -- {"Life of Brian" (for all you cretins out there)}

Fri, 05/20/2011 - 10:15 | 1295241 agent default
agent default's picture

What?  You imply it's being manipulated? Are you implying something about this wonderful open and fair market?  tsk tsk shame on you. 

Fri, 05/20/2011 - 11:32 | 1295548 Quintus
Quintus's picture

I respectfully and humbly take back my unwarranted and cynical comment.  Our markets are, as you say, as pure as the driven snow, unsullied and untainted by any impure motive.



Fri, 05/20/2011 - 10:15 | 1295242 agent default
agent default's picture

What?  You imply it's being manipulated? Are you implying something about this wonderful free and fair market?  tsk tsk shame on you. 

Fri, 05/20/2011 - 10:42 | 1295336 Arius
Arius's picture

Quintus - is not just oil, look G at 1500, silver at around 35 Euro at around seems as a last effort to hold a line in the sand before a major gives the impressions of nothing going on...while its boiling under the instict by afternoon it will go up significantly, so the players are position for next week...over the weekend some news...Look out next week major upside move...just a feeling

in summary - they are bleeding and dont want to attract the sharks...can cover it for so long though..

Fri, 05/20/2011 - 11:33 | 1295549 Quintus
Quintus's picture

Good call mate.  $1,515 now and climbing and it isn't even the afternoon yet.

Fri, 05/20/2011 - 10:15 | 1295253 SilverRhino
SilverRhino's picture

Ever seen what happens when you drag a basketball to the bottom of the pool?   JPM/HSBC are just trying to do the same to the silver ball.


Fri, 05/20/2011 - 10:08 | 1295211 the not so migh...
the not so mighty maximiza's picture

Norwegian middle finger

Fri, 05/20/2011 - 10:06 | 1295215 BlackholeDivestment
BlackholeDivestment's picture

There's Norway out of here


Fri, 05/20/2011 - 10:10 | 1295220 earlthepearl
earlthepearl's picture

Norway, the only coutry in which i currently invest in any stocks

Fri, 05/20/2011 - 12:47 | 1295897 falak pema
falak pema's picture

Norway is not part of euro, nor is it member of EU. It is oil/gas rich and therefore its reluctance to support the greek domino is no big political deal. Given the size of the Greek debt, it is more important for EU that the IMF joins the bond participation on terms acceptable to EU/Germany. That is the key greek bail-out issue, not Norway.

Fri, 05/20/2011 - 13:31 | 1296064 earlthepearl
earlthepearl's picture

My investment thesis: not in EU, a sound currency, oil rich, responsible government/management

Fri, 05/20/2011 - 15:46 | 1296558 falak pema
falak pema's picture

lol, you don't want them messing with greek financial dysentery...its like the aegean stables...

Fri, 05/20/2011 - 10:10 | 1295222 Seacap81
Seacap81's picture

Norway up a Greek with a paddle.

Fri, 05/20/2011 - 10:08 | 1295226 Bold Eagle
Bold Eagle's picture

Obviously the Squid new about this in advance

Fri, 05/20/2011 - 10:10 | 1295236 scratch_and_sniff
scratch_and_sniff's picture

whooops, hatchet job.

Fri, 05/20/2011 - 10:14 | 1295239 Note to self
Note to self's picture

First sign of Rapture?


Fri, 05/20/2011 - 10:42 | 1295334 Ethics Gradient
Ethics Gradient's picture

Yeah, Norway with-holds 45 million dollars from Greece and the four horsemen of the Acropolis (there was a typo in revelations) come forth.

G-Papa rides his horse 'Austerity', Trichet's mount shits male cow manure all over the place, Von Rumpoy sits on his horse backwards because he knows of no other way, but the most fearsome is Merkel. Her scowl and bad posture make people run away in fear.

And then we all went back to whatever it was we were doing....


Fri, 05/20/2011 - 10:16 | 1295244 Note to self
Note to self's picture



Fri, 05/20/2011 - 10:15 | 1295246 cletus n clovis
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Let them eat Lutefisk! Ja!

Fri, 05/20/2011 - 10:19 | 1295260 Double down
Double down's picture

Lutfisk is poison

Fri, 05/20/2011 - 10:16 | 1295247 cletus n clovis
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Let them eat Lutefisk! Ja!

Fri, 05/20/2011 - 10:17 | 1295248 cletus n clovis
cletus n clovis's picture

let them eat Lutefisk! Ja!

Fri, 05/20/2011 - 10:14 | 1295249 cletus n clovis
cletus n clovis's picture

let them eat Lutefisk! Ja!

Fri, 05/20/2011 - 10:28 | 1295293 richard in norway
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no thanks but the rake fisk is quite good

Fri, 05/20/2011 - 11:14 | 1295496 j0nx
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We didn't catch that, you want to say it again for us?

Fri, 05/20/2011 - 14:25 | 1296308 andybev01
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I think he stuttered.

Fri, 05/20/2011 - 10:14 | 1295250 swissaustrian
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The NZZ is the only newspaper covering it? Haha, funny. They are usually very slow.

Fri, 05/20/2011 - 10:16 | 1295257 sabra1
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scores of 3.0 earthquakes hitting turkey, one after another, unreal!

Fri, 05/20/2011 - 12:03 | 1295705 ElvisDog
ElvisDog's picture

3.0 is tiny. There are probably hundreds if not thousands of 3.0 earthquakes every day.

Fri, 05/20/2011 - 14:27 | 1296314 andybev01
andybev01's picture

I can cause a 2.0 if I fart loud enough.

Fri, 05/20/2011 - 21:03 | 1297192 Cathartes Aura
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Turkey had a pair of earthquakes, 5.8 & 4.3, roughly 30 hours ago, according to this link. . .


Fri, 05/20/2011 - 10:16 | 1295261 Bubbles the cat (not verified)
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Norway pledged 248mill Kr (30mill Euros), of which 13mill Euros has been distributed. The rest is 'frozen'. Arguably, it's symbolic rather than substantial.

Fri, 05/20/2011 - 10:21 | 1295266 eckart
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i love this market...sell USD

Fri, 05/20/2011 - 10:31 | 1295299 LRC Fan
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This "market" is retarded.  As soon as the Dow hit -100 today it immediately bounced up 20 pts in about 2 minutes.  I'd be highly shocked if we end up -100 or worse, but not at all surprised if we end up in the green, hell, even +100 wouldn't shock me. After all, the "correction" is over, BTFD and all hail the Bernank. 

Fri, 05/20/2011 - 10:21 | 1295268 hognutz
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Fri, 05/20/2011 - 10:22 | 1295276 Soar07
Soar07's picture

Lille Norge! Hoorah Norge!

[Erik - Vers 1] For hvem vinner hver gang i skirenn og skøyteløp Utvinner olje fra kilder i kjølige strøk Nasjonalt vil vi fremstå som best men Tjener du mer enn naboen din bør du helst holde kjeften din Individuelt teller ikke cash og fine damer Men som nasjon kan vi godt skryte av Lillehammer Carnival i Rio blir som småfisk mot hai For vi har både fakkeltog og søttende mai Svaberg er mye bedre milevis med gullstrand Og hvordan ville verden vært uten Harlem Brundtland Hva tror'u du kan Normandie var for pyser For verdenskrigen snudde brått når vi senket Blücher Og fuck brie vi har brunost og Jarlsberg Og alle vet at norsk mjød grisebanker Carlsberg Litt for stolt du kan si hva du vil For Norge er det eneste jeg ville gå til krig for [Refreng] (Det er lille Norge) Landet verden ikke klarer seg uten (Lille Norge) Verden navle ligger lengre nord (Det er lille Norge) Er du heldig og slipper unna futen Blir du hatet å kan gjøre det stort (Det er lille Norge) Fedrelandet selv Kongen gjør alt for (Lille Norge) Furet værbitt er religion (Det er lille Norge) Du klager alltid men likevel er glad for Å skryter av at det er typisk norsk å være god [Kriss - Vers 2] Å være vikinger sier ikke rent lite Og sier noen Bjørn Dæhlie blir det helt stille (Is that Bjørn Dæhlie?) Vi har Rosemarie Köhn hvem trenger paven Og verden sto stille da Oddvar brakk staven En julebordkultur som man ikke viker fra Drikker mer enn oss blir som å hoppe etter Virkola Bryr meg heller ikke hvem du er eller hvem du kjenner For Matt Dillon og Robbie Williams er Norgesvenner Du ska'kke tro du er no Du kan'ke lære oss no Ædabæda janteloven er no jædajæda Du ska'kke vise rikdom Men vi har mest i verden Og gjør du som oss kan du og bli best i verden Du ska'kke tro du vet no Du duger ikke til no Ædabæda janteloven er no jædajæda Bryter forsvaret om du vil sloss Jeg stiller opp med Aamodt og Johan-Olav Koss [Refreng] (Det er lille Norge) Landet verden ikke klarer seg uten (Lille Norge) Verden navle ligger lengre nord (Det er lille Norge) Er du heldig og slipper unna futen Blir du hatet å kan gjøre det stort (Det er lille Norge) Fedrelandet selv Kongen gjør alt for (Lille Norge) Furet værbitt er religion (Det er lille Norge) Du klager alltid men likevel er glad for Å skryter av at det er typisk norsk å være god [Arne Scheie - Vers 3] "Kjetil Rekdal fra.. Han scorer! Norge leder 2-1! Norge leder! Viva la Noruege! Olé Norge! Kjetil Rekdal og alle hjemme! Jeg har ikke opplevd maken! Og dette mener jeg av fullt hjerte! 2-1 til Norge!" [Refreng] (Det er lille Norge) Landet verden ikke klarer seg uten (Lille Norge) Verden navle ligger lengre nord (Det er lille Norge) Er du heldig og slipper unna futen Blir du hatet å kan gjøre det stort (Det er lille Norge) Fedrelandet selv Kongen gjør alt for (Lille Norge) Furet værbitt er religion (Det er lille Norge) Du klager alltid men likevel er glad for Å skryter av at det er typisk norsk å være god (Det er lille Norge) Ølelølleløylølleløyla (Lille Norge) Ølelølleløy (Det er lille Norge) Ølelølleløylølleløyla (Lille Norge) Ølelølleløy (Det er lille Norge) Ølelølleløylølleløyla (Lille Norge) Ølelølleløy (Det er lille Norge) Ølelølleløylølleløyla (Lille Norge) Ølelølleløy Lille Norge

Fri, 05/20/2011 - 10:23 | 1295283 Cone of Uncertainty
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Fri, 05/20/2011 - 10:30 | 1295298 Soar07
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No, it really says Norway is a proud little country! And they should be! Glad to have my roots there. A least they put their nation and their people before the banks, before globalism, and before China.

Fri, 05/20/2011 - 10:40 | 1295340 Dagny Taggart
Dagny Taggart's picture

Norway rocks. And you had Edvard Grieg who composed this piece, applicable for bankster shenanigans.

Fri, 05/20/2011 - 10:55 | 1295405 Cone of Uncertainty
Cone of Uncertainty's picture

I should have made it clear:


Fri, 05/20/2011 - 12:03 | 1295698 LMAO
LMAO's picture

@ soar07


Which Norway do you live in?

"A least they put their nation and their people before the banks, before globalism, and before China"


Our beloved government provided the banking industry with a 350 billion NOK Bailout package.

Mr. Stoltenbergs' dear and near friends DNB raking in heavily on the deal paid for by the Norwegian Taxpayer.

And Yes, with a taxation of 56%, total general government receipts as a share of GDP according to data from 2009, we the people of Norway are World Champion Taxpayers.

Norway is a very useful sock-puppet in the hands of the USSA and NATO. FFS, we even paid tribute to Warlord O-bomba by giving him the Nobel Peace Prize. Pissing off China a year later with the same political motivated prize . . . admit, that was pure US Gold.

Besides appeasing the masters of the universe, astronomical tax receipts are needed to support our own big government and immensely over-sized bureaucratic system. In addition the excess dough comes in handy for our beloved politicians to uphold high levels of corruption.


Thank you for playing, now go back to sleep!




Sat, 05/21/2011 - 02:39 | 1297744 Soar07
Soar07's picture

LMAO, I don't live there. I am a third generation American of Norwegisn descent. I have spent a lot of time there, and while I don't the insight of a citizen, everything I have seen there has impressed me more than it turned me off. Also, it strikes me that in general Norway is doing a better job for her citizens than the USA for Americans. First of all, almost every small Norwegian town is nicer, cleaner, and safer than almost any I have ever seen in the USA. Also, the cleanest, nicest, safest towns in America seem to be in the parts of the USA that have the most Scandinavians, like Minnesota, where my relatives live. Norway taxes the hell out of income, sure but you get a lot more for what you pay. In the USA we pay significantly less, but we get almost nothing in return for the 20-40% we pay. No Free Higher Education, No Medical Care, No meaningful pensions system. Meanwhile our taxes pay for a bloated Federal Bureaucracy and the DOD, defender of the Globalist Corporate Empire. In College I had a summer job there in a Turisthytte. I made plenty of money as a college kid to have a blast while I was there for the whole summer. In fact, it was significantly more than I would have made in the USA and left me with plenty of spare cash. Americans succeed in spite of their government. Imho, Norwegians actually gain something from their system. Our system is busy handing off all the jobs to illegal immigrants, shipping jobs to China, and offering the average American a job at Walmart. Our system is turning into an epic fail. Norway seems pretty consistent and stable in comparison to the economic destruction of the status quo that Americans have lived with for the past 20 years.

You bring up plenty of specifics about Norway being economically corrupt, but the USA is every bit as corrupt on a scale 1000 times bigger. This website provides daily testamony to that fact. So, imho at worst let's say Norway is equally corrupt, the average Norwegian still has government that actually helps them. Ours has been bought by special interests, big globalized business, and China. Everyday Americans at the basic level see illegal immigrants stealing their jobs, see Chinese crap replacing American goods, and their jobs disappearing to China and India. That is not the impression I get from my friends and relatives in Norway.

Be glad Norway took at stand, even if it was a small one. We are watching the USA slowly turn into a fascist police state before our eyes. Think the TSA....

Fri, 05/20/2011 - 10:33 | 1295304 richard in norway
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men hvorfor er det delig a vare norsk i danmark

Fri, 05/20/2011 - 10:25 | 1295279 Cone of Uncertainty
Cone of Uncertainty's picture

Life must really suck over in Europe.

I'm so glad I'm in Amerika.

We have it so great here.

The Bernank is the fucking man.

Fri, 05/20/2011 - 10:26 | 1295281 agent default
agent default's picture

Don't worry about Greece.  Everything is fine in Greece. G-Pap said so. 

Meanwhile on planet Earth ...

Fri, 05/20/2011 - 10:29 | 1295284 lizzy36
lizzy36's picture
The talk that IMF has halted Greek inspection. SHIT SHOW. Fear is EU will have to pony up if the IMF withholds its next funding tranche.

Greece is expecting the fifth installment of its loan package, which will amount to 12 billion euros, next month but the troika has made it clear that Athens will have to speed up its work before then. The much-delayed midterm fiscal plan is due to be discussed during a cabinet meeting at the beginning of next week.

The International Monetary Fund added to this pressure through its chief of mission in Greece, Poul Thomsen, who on Thursday informed the government that the latest inspection by the troika, which includes ECB and Commission representatives, would be suspended. Sources said the troika officials told Athens that there was no point in continuing until the government has drawn up further austerity measures and gets the ball rolling on the sale of state assets.



Fri, 05/20/2011 - 10:28 | 1295290 Jack Sheet
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The good collateral is gone - Germany already has a claim on the next 100 years production of olive oil and stuffed wine leaves and China has Piraeus Harbor. And the railroad staff can still retire at 52 with full pay and health benefits.

Fri, 05/20/2011 - 10:30 | 1295305 scratch_and_sniff
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Rumor sofar...?

Fri, 05/20/2011 - 10:35 | 1295309 bernorange
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When Greece defaults, the debt dominoes are going to hit EU banks.  The ECB is likely going to need to crank up the printing press (or let the Fed do it via swap agreements).  Japan's BOJ will also likely need to follow suit soon if they feel the need to intervene in their recession.  How long after those two events will the Fed wait before QE3?  They can't let Japan and the EU beat them in the race to the bottom.

Fri, 05/20/2011 - 10:38 | 1295321 HamyWanger
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"When Greece defaults, the debt dominoes are going to hit EU banks. "

And that's precisely why Greece will never default. The PigMen are perfectly aware of this. 

Fri, 05/20/2011 - 10:44 | 1295347 LawsofPhysics
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Sure, the cartel created the world currency a long time ago.  The dollar strengthens until it doesn't, what is your fucking point hamy?

Fri, 05/20/2011 - 10:43 | 1295356 SheepDog-One
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Whatever, Zerohedge staff troll. Hey can you let RainbowTrader troll out to play for a while?

Fri, 05/20/2011 - 10:36 | 1295313 mynhair
mynhair's picture

This is bullish for OpEx, right?

Fri, 05/20/2011 - 11:07 | 1295384 LMAO
LMAO's picture

Surprise, surprise . . . .

Since the Norwegian Oil-fund heavily invested into PIIGS and other European debt related paper (roughly about 800 billion NOK) it was only yesterday it finally started to dawn on them that this debt will never be repaid... and yes, nobody NOBODY saw this coming..... They finally decided to hit the brakes off the already crashed vehicle in an effort to contain the damage.


That's how Norway rolls.



Fri, 05/20/2011 - 11:10 | 1295452 Use of Weapons
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Despite being tiny, Norway's SWF is the 2nd largest in the world.

It is also odd, in that it has a large list of non-investments for ethical concerns (something entirely foreign to, let's say, GS).


That's the real prize in this game; you should know this from the 401's being targeted.

Fri, 05/20/2011 - 11:19 | 1295503 THE DORK OF CORK
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Money is not the only medium of exchange.

Norway lands more Irish fish then the Irish.


Landings in the waters of Ireland - Sea Around Us Project

Fri, 05/20/2011 - 11:28 | 1295544 knowless
knowless's picture

not meant to be diminutive.

Fri, 05/20/2011 - 12:21 | 1295795 LMAO
LMAO's picture


I sincerely hope the fine people of the Emerald Isle are getting properly compensated. If not, I'll try to persuade our morally good and correct government to take on some more Irish debt paper.


Yours truly,


Fri, 05/20/2011 - 13:01 | 1295947 THE DORK OF CORK
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Thank You , LMAO

The Norwegians probably accurately report their catch - as for the French and Iberians I am not so sure (anyhow the price of the catch varies wildly with the fish species caught so it can be hard to tell who is telling porkies)

Take those figures with a large amount of salt - the Irish seas have always been a lawless place.

  • The disaster that is the Irish fishing industry - Tim Pat Coogan

  • Fri, 05/20/2011 - 11:29 | 1295530 Roger Knights
    Roger Knights's picture

    "the Norwegian Oil-fund heavily invested into PIIGS and other European debt related paper (roughly about 800 billion NOK)"

    Yeah, I remember reading about six (?) months ago a statement by the head of that fund that he was investing heavily in Greek bonds for their great yield. I wonder if he will get fired, or even learn a lesson.

    Fri, 05/20/2011 - 12:40 | 1295865 LMAO
    LMAO's picture

    Let me assure you Roger,

    He will be given a medal on behalf of the financial criminal cartel for taking one of the worlds largest SWF to the cleaners.

    The sheeple will wake up once they realise that the coffers are empty and the "pension" is a word no longer available in any dictionary.




    Fri, 05/20/2011 - 10:54 | 1295399 Seasmoke
    Seasmoke's picture

    got to love Iceland and Norway (especially their women)

    Fri, 05/20/2011 - 11:07 | 1295437 Cone of Uncertainty
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    They can't allow Greece to default and they will do everything in their power to stop it from happening.

    The printing presses are already warmed and ready.

    Meanwhile the real action is over in Spain, where a revolt is taking hold.

    Government bans protests = protests become even larger.

    Soon, social unrest leads to the unraveling of the state, similar to Greece.

    Then this spreads to Italy--actually it has already started--then the real stakes are raised.

    Like a nuclear chain reaction, each subsequent sovereign blow up leads to a weaker and weaker ECB and more loses for the insolvent banking system.

    Capital flees the region.

    It is at this point that the dollar will surge relative to a collapsing Euro.

    The only way out will be a total restructuring of the fiat based monetary system in the EU.

    Things revert back to the way they were, while the wealth of citizens accross the region is wiped out.

    This will lead to a global depression and another credit crisis, except this time there will be no room for central banks to manuever without destroying all fiat based currencies, as the debt in the system is past the tipping point.

    All this will unfold with lightening speed, most likely within the next 12 months, if not sooner.

    Fri, 05/20/2011 - 11:31 | 1295543 Franken_Stein
    Franken_Stein's picture


    Yes and that's why we need a one world government to save us from all the ills of the collapsing currencies.

    People will demand it.

    It will all come naturally.


    Run by FreeMasons, the Rockefellers, the Rothschilds and the bankers, right ?


    Ahahahahaha !

    Nice try.


    Little hint:

    These incompetent maggots couldn't even tie their shoes without help.


    We don't need no fucking World government.


    Fri, 05/20/2011 - 12:11 | 1295751 Cone of Uncertainty
    Cone of Uncertainty's picture

    Once the EU implodes we will be moving one step away from world government, as that region was and is seen as a key piece in the ultimate goal of a unified ruling class structure.

    Why do you think they are so desparate to save the Euro?

    Once it goes, any hope of a single world govnerment will have been destroyed forever.

    Do NOT follow this link or you will be banned from the site!