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Ridiculous Intraday EUR Rally Reverses As Luxembourg Finance Minister Says Greek Aid May Be Delayed Until July
All aboard the we'll make it up as we go along Titanic:
- AGREEMENT ON NEW GREEK AID MAY BE DELAYED TO JULY, FRIEDEN SAYS
- FRIEDEN SAYS CONDITIONS HAVE TO BE RESPECTED IN GREECE
- FRIEDEN SAYS NEED TO ENSURE NO CONTAGION EFFECT
- FRIEDEN SAYS SEVERAL GREEK OPTIONS STILL HAVE TO BE STUDIED
- FRIEDEN SAYS GREEK DEFAULT WOULD HAVE GREAT CONSEQUENCES
- FRIEDEN SAYS GREEK DEFAULT WOULD AFFECT `ALL OUR BANKS'
- FRIEDEN SAYS PRIVATE SECTOR INVOLVEMENT FOR GREECE `LIKELY'
And below are the summary comments from European ministers following the just ended talks which have achieved, yet again, nothing:
LUXEMBOURG'S FINANCE MINISTER LUC FRIEDEN
ON FINDING A SOLUTION FOR GREECE:
"I am convinced, already for weeks, we will find a solution
"Each time we meet and we discuss, we are coming closer to
"We are moving ahead. I am optimistic, even if I am not sure
ON PRIVATE SECTOR INVOLVEMENT:
"We have to be very careful that this is not considered to
"So limited private sector involvement that does not have
GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE
ASKED ABOUT TALKS ON A GREEK FINANCING PLAN:
"There has been no result."
BELGIAN FINANCE MINISTER DIDIER REYNDERS
"We are going to continue the Eurogroup meeting on Sunday.
to the challenges we are facing."
common views. That's why we have these informal meetings. So
it's not exceptional at an informal meeting not to have a
decision. But the goal is clearly to have a solution by the end
of this month."
we will find a solution next week, but within the next two
weeks, I believe a solution should be (reached)."
be a credit event, to be very careful that this does not lead to
a rating downgrade. And it's only under these strict limitations
that we can move towards private sector involvement.
the risk of contagion to other countries is something that we
are analysing both technically and politically."
We always said no decision would be taken tonight. We are making
progress. We are going to arrive, I hope, with the capacity to
organise financing, from next weekend."
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lol @ Luxembourg creating FX inflection points, this is what the world has come to.
anyone now is a f...in Messiah.
Remember when everybody was waiting 24/7 for Paulson to "push trough Congress" and "decide" or everything would collapse?
I'd watch those irreverant comments about the "messiah". The Pope is already going to be mighty displeased that they are going to meet on Sunday ...
Be aware about " The Vatican City " Default... dont scream too much about Pope....Real Estate and Art Wealth gonna blow out...(specially if Italy suffer haircuts)....
Au revoir Catolicism¡ ( just a joke or not...in the long term)
Banca Ambrosiana II part...
http://www.rankia.com/foros/bolsa/temas/819209-cds-actualizacion-subastas-zona-euro-espana-belgica-italia
The Pope will be busy sanctifying all of these leaders...they are and will be Saints...just ask em...
uhmm....stress tests too...this is too curious....
Remember the 23 th July----Major Bradley Yearly Turning Point.....
System screaming for a mega-default----Please Press R button to RESET this farce...---whole banks gonna suffer massive haircuts---or world unemployment gonna spike.
Banks need to learn how to lose money and stop crying for bailouts...this is not zero sum game......this is not a casino.... BANKS may pay. EVERY1.
Short term financing completly collapsed for Small and Mid Entities (at least in Spain).... Thanks Bernanke ,Federal Reserve and IMF,WB...Basel BIS, Banks, ECB-Trichet Mafia, Brussels,Frankfürt Cartel.
and back to the other mess...
revalue gold X 5O physical gold only
end of usd supremacy
reset of system
all clear for a new and more balanced system using a free gold market
there is a major problem there... almost all gold belongs to the "people" who you don't want to hold the entire money of this planet.
What if we - the other people - printed up our own fiats, and then forced those "people" to sell us the gold (at gunpoint if necessary)? We could even call our fiats something more honest than "Federal Reserve Notes". I was thinking "Kikebux" (only because "Kikebux and Their Soul-less P.O.S. Minionsbux" might not fit).
if i am correct the leverage of paper assets vs physical was 100:1 few years ago...who knows what it is today...
Freegold coming soon. Very soon.
there is a major problem there... almost all gold belongs to the "people" who you don't want to hold the entire money of this planet.
Shit Tyler, I'm already on board the "US we'll make it up as we go along Titanic."
WTF is going on around here? If I have to come in there and settle all of this BS, it ain't going to be pretty.
It's already 'not pretty'. If anyone can explain to me how we know with any certitude that China has engineered a 'soft landing' (what a GAY term, yes, I said it), I'd love to hear it.
It's like the Warden saying everything is swell in the prison. I guess you've got to take their word for it, but how do you trade this news with any conviction.
This 'market' is a pavlovian puppet show. Driven by shiny pretty things and infinite mind control all with no substance.
'soft landing'
'soft restructuring'
NEXT:
'soft default'
'soft war'
'soft nuke'
'soft death'
which list is longer?
the names of politicians/bankers who feel qualified to make a statement on Greece that gets picked up by the press?
the names of the women Wilt Chamberlain slept with?
maybe a better question, which list had a stricter selection process?
Well I for one am glad they waited until the Street closed for the day because otherwise this may have killed our "not as shitty as we thought" rally.
/sarcasm
Excuse me...correction...that's "less abysmal than we thought" rally.
Excuse me..., that should be.."a little less good"
I thought it was a "we now seem less pregnant than earlier" rally.
I'm sorry, I misspoke: "less abysmal than previously established horrid expectations"
I think that is the official line.
OK...rally on then.
In the meantime, in association with finance and debt, everyone on Planet Earth who spoke today lied on a monumental scale...again. The line up for the BlowHorn Cliche Derby is changing, and the payout on "Kicking the Can down the Road" just went down to .25:1
Contagion is a function of realization not whether there is any way to stem it. Thus, it's only a matter of time before the system fails.
Gold bulls should be cheering and rooting for bailouts of countries of every race, stripe, and color.
Many junior gold and silver stocks are now down 60% from their recent highs.
If the chorus had been "More Bailouts for Everyone!!" instead of "Audit the Fed!!".....
Then the gold stocks would probably be leading the market and be the No. 1 sector right now.
Instead, the strongest sector have been the REITs, IYR is only $2 off its 3-year highs.
John Hathaway, Eric Sprott, Eric King, etc. must be looking at their stock screens in aghast.
nice try, IYR only $2 from its 3 year high. IYR is actually down 3.30 from its price 2 weeks ago.
SRS is my biggest bet till 2013 to obtain a 50-65% profit
Reits are all sustained by banks...till not.
does Luxembourg have any tunnels? anyone?
Yes, the Germanians and Romans had very big goldmines over there. It's filled with known and unknown tunnels.
SD, do you have a list of these unknown tunnels?
They are easy to spot. The underground is made out of limestone and THE top soild contained THE gold. Over time, THE acid topsoild eroded that limestone to THE granit underground which functioned as à funnel for THE gold and iron ( iron that can't corode, very pricy also) which the Germaniums and romans even favored more than THE gold for their swords.
Nature created all those caves and the romans and germaniums connected these while mining.
You can notice it in THE landscape when you go hicking.
There are still people making à good living of these looking for them.
damn Geraniums (sp?) always "spouting up everywhere." What's a poor Euro-lander to do? "I only own ten million hex-tares in some Eastern joint."
You mean like Israelian tunnels?:)
Those are bunkers:)¡¡¡¡bunkers with tunnels¡
Why would Luxembourg need tunnels? It is nothing more than a large BANK, with its only branch office conveniently situated at the crossroads of Germany, France, and Brussels.
Taking extend and pretend to delusional levels. Just stop the phukking around and invade the country already, grab the assets and leave for gosh sakes. Jeeesh!
more on Greece check www.thetrader.se
don't forget tomorrow's STRIKE
LUXEMBOURG? LULZ! LULZ! LULZ!
FRIEDEN: CONDITIONS HAVE TO BE RESPECTED IN GREECE
Translated: "No scratching or biting while we rape you, Bitchez! Somebody might get hurt."
Hmm. While we all respect the attempt at humor, I don't think that's the message.
More likely the msg is: Greece is about to have a full-blown domestic meltdown, Greece is part of the West and the West don't do meltdowns good, so this shit is finally getting real 4 realz.
You will notice, it's not the same tone exactly.
I don't think there is any alternative to the meltdown. The kleptocracy is too entrenched, the corruption too pervasive for them to do the "right" or the "sensible" thing. They are going to continue with the promises and then do something else, because they are all trying to protect themselves and hide their little secrets. It doesn't matter if you are talking about the politicians, the business leaders, the bankers, the tax payers, the military leaders - they've all been siphoning cash out for years and they don't want to give it back (or even pay tax on it).
I think Herr Schauble is finally getting it.
It's not the same tone at all and that's why you suck and still wet the bed. Perhaps you think the Greeks ought to just lay there and take it, without a whimper? I don't think so.
Are you afraid your poor little Luxembourg, EU elites and the banker friends might get hurt, as in a scratch, or a bite mark, as the Greek people fight for their country? No sympathy for the rapists from me.
These are Frieden's real concerns:
He really only cares about what will happen to the EU and the EU banks, not what will happen to the Greek people. Those pricks had plenty of time to consider the Greek people over the last ten years as they methodically groomed them for this assault.
This has nothing anymore to do with Greece. All the damages and future damages have already been calculated in.
Greece is the smokescreen for a hughe bank bailout caused by the derivative loses made in 2009 and 2010.
+1
Greece is just a smokescreen...100%...for OTC markets....and debt haircuts losses...
And just when you think that the BS has piled higher than physics actually allow for, the Gov of Illinois steps onto the set at the BlowHorn and announces how many jobs his state has created and how strong his state's economy is.
OK...so either I just saw a flying unicorn and I should commence chasing it for its dew...or I am just a redpill junkie...and somebody should stop me...please.
If you go chase the unicorn, be careful of the horn.
And for #2...
http://www.youtube.com/watch?v=7CzJjRYUZ4Y
The German word for unicorn is Einhorn.
The Euro did it? And I thought daBoyz were tanking the dollah to ramp the markets! Hmmm.
Luxembourg has the highest external per capita debt in the world by leaps and bounds. Pot, kettle.
Yes, but it's all dodgy LuxCo bonds issued by banks and international corporations, often for tax purposes.....
indubitably. if they didn't have such an overbuilt (and illegal) financial system it is doubtful they would be slithering out of the woodwork at this point in time.
Luxembourg possesses the highest GDP per capita in the world
i am sure that must count for something...
it means the deadbeat rich people like to load up the public balance sheet instead of paying for all the nice things themselves.
I didn't know Belgium still had a finance minister...
sorry SD
It's THE biggest idiot on earth...
and yet there's a 95% chance he'll be the next IMF man.
Belgium is to small the actually matter. France won't let a German get the job, the Germans won't let another Frenchman get it, The rest of Europe won't let a American get it and nobody wants the Chinese to get it.
SO. They'll pick a nobody. If he gets it, the world finances are doomed.
I haven't heard him say 1 logical thing is to many years.
If he opens his mouth, you can only wonder if he's telling a joke or need Brain surgery.
That's the moron who "solved" our deficit problem and debt problem "by not talking about it anymore"....
Just look at Van Rompuy. The man is a joke. And after 1 and a half year, he hasn't opened his mouth even 1 time. Job well done... HAIKU MY ASS!!
maybe tomorrow there is an inversed payday for some banks
Can anyone explain why they would throw another $120B at Greece, when allowing Greece to default concurrently with announcing a TARP like program for the banks would be a far more rational path?
It is merely because the ECB would have losses on their books and Trichet's legacy would be negatively affected?
"in for a pound, in for the pounding." sometimes you're just gonna get worked over for a bit.
http://www.youtube.com/watch?feature=player_detailpage&v=5v0vl6iTlC4
Well the ox must really be in the well then if the bankers are finally getting worried.
I get the feeling this whole thing is going to roll over and take everyone down with it, without any warning and no body getting to the lifeboats.
Never thought I would admit to have a feeling like that. But you have to go with your gut, sometimes.
The crash has been announced so many times now, that I'm getting a bit tired about it already.
Jean-Claude Picard will fly the USS Europe against the wall at warp 9.
There doesn't have to be a market crash at all. In a massive market control scenario I would not be looking for that. About 50 other things can come completely unhinged in a totally lethal manner, not one of them make the evening news nor the morning paper, and the market could remain flat as a table top if that's what they thought they wanted.
And for all that, we would still be dead.
Somewhere buried under the rubble of old Rome, there are barley futures written on a clay tablet from the last day of trading. Don't know who wrote them down, or where they got the data. That was the price. They didn't trade barley that day, they didn't have any customers, everyone was running around trying to find a lifeboat. And the barley merchant was probably dead the next day.
What is a market? It is a place of pretend that nobody cares about when the wheels fall off.
I have to agree with the guy (albeit with a distinct Tony the Tiger emphasis) :
Greek default would have a Grrreat effect!
Sudden Debt is correct. Greece now just a small player, most of Our banks will blow up as the defaults escalate out of Europe. Why do you think the head inmate gave so many billions to foreign banks to keep them "healthy". And he has not even been indicted yet.
And the freaking dollar cannot even turn green as the Euro falls. What a piece of crap.
As I approach the 2 year mark here on Zero Hedge I cannot tell you all how much this site has helped me stay focused and on track. While not always right, (only The Bernank is always right) Zero Hedge is always truthful and honest and calls the shots as they see them. Looking forward to another year with you all.
Posted another donation to the truth. We have to support this site all, for me, it is not an option.
Thank you Mr. Durden and staff.
And yes, lobotomies are the standard to get an important job these days
thin liquidity across the board. it was left over china euphoria trade
No new highs, sucker rally on a near term over sold market.
Ridiculous intraday EUR rally? I thought it was because Berspanky was speaking.
Looked like a typical dead dog bounce, to me.
major doomsday trade coming though
The Euros are hoping to extend the Greece decision deadline until after the Debt Ceiling limit. Why not have the US take the first hit?
Throughout the crisis the same pattern repeats itself in all EU communication and is very apparent in the headlines posted by Tyler. If there's any talk abt banks, the kleptocrats instantly play the MAD-card which exposes all the lies they tell abt the "recovery" and health of the eurozone and automatically means more tax payer money will be thrown into the black hole of european banking sector. Then there's the other side... Helluva lot of "optimism", "confidence", "great confidence", "hope" and what not. And what have they achieved? Track record sure ain't impressive but the strategy stays the same. "Preserve.Wet.French.Daydream.At.All.Costs." More confidence and optimism and hope in the official communique. But time passes and it's evident that the lines within eurozone are not straight anymore. Core Europe seemingly unwilling to throw more (borrowed) money on top of the old rescue measures and on the other hand the worst eurofanatics are promoting common finance ministry and eurobonds. Hope the Greeks have the balls to call it the day and put a stop to this madness. The sooner the politicians realise there's only one viable solution to this mess the better the prospects of climbing out of this big hole. Otherwise it's going to be forced on them. And since we are talking abt politicians, it sure as hell will be forced on them (and on all of us).
The rally is based on 6 more months of unregulated derivatives trading.
Courtesy of the bankers dinner with the WH...
the banksters do not want a credit event b/c the "myth" to which they mark, or value these greek IOUs will no longer be "cred" -ible. so, i'd like "Buying More Time" for $600, please alex
ok, slewie, the answer is: "the scumbag banksters turn here when they run out of checks..."
the FED! i mean what the fuk is the FED? i mean what is the fuking FED?
Alex: "Correct, slewie. We also would have accepted The American Taxpayer or The Mark. Continue . . . ."
I'm betting the July time frame is to coincide with the US raising the debt ceiling so Bernanke can do his usual bailout of Europe. Anyone. Without the debt ceiling the PIGS are done. Well done.
They want Greece bailed out without giving a bailout, and it won't work. In fact Greece will go into anarchy if more austerity comes to their shores.
Greeks- it is time to say screw Frieden and screw the banks that loaned the money.
And screw those politicians who sell your country and you to the bankers.