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From The Rumor Bag: ECB Meeting This Weekend To "Resolve" Greek Issue
The G7 meeting this weekend at Iqualit will be busy (one assumes the need for tear gas 10 miles south of true north will be somewhat moderated). Even busier if the so far uncorroborated rumor we have received turns out to be true.
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I hope resolving the Greek crisis means doing nothing.
Politicians and bureaucrats don't know how to do nothing.
Nicely used double-negative.
Damn, I was liking this greek mess, now the ECB will just meet and resolve everything.
It is hilarious how these assholes are now responding to day-by-day fluctuations in the stock market. "Oh, the Dow dropped 300pts, better have a weekend meeting to "resolve" this shit".
Massive collapse on the horizon. Politicians acting like traders....get out of dodge.
The "meeting" is simply for public consumption, to give the impression "something" is being done.
People (that faceless entity called the public) who have largely bought into a lie need reassurances that the liars have things under control. Logic doesn't apply, isn't wanted and would just mess things up worse than they are.
When public perception is the only thing keeping the wheels on the cart, perception is what they're working on. Most certainly nothing as quaint as actual logical and sane policies changes.
Nope, a new batch of Kool-Aid is being mixed up as I write these words. Good luck with that.
Yeah....."resolve" it. Blam blam blam!
If everyone bought just one gyro a day ....
With an ouzo chaser...
Hmmm, didn't the same "resolution" idea happen to Lehman??
"Resolve" it means:
ask Papandreou how much he needs and send the money to Greece
Next meeting on the moon. Iqaluit poplulation of 6000 deemed too risky for potential protestors. EU hypocrites out in force supporting overfishing and force feeding geese while bashing Inuit for eating the same seals they have eaten for 10000 years.
Maybe they will fool the Germans into thinking hell has frozen over?
...unexpectedly...
Power outage, white out condition, they freeze to death? The locals brown fat cells spare them from any harm.
I can only dream.
I guess having hte meetings along the Arctic circle is not a bad idea. No one up there to cause ruckus.
This would be consistent with the Monday rally. Since March over 80% of the upside gains have occured on Monday. Buy close on Friday sell on Monday rally. Its really quite simple.
somebody better tell the Greek 3month bill because its ylds are up over 100bps today...unless my bbg is wrong.
at least the Dubai situation is under control and completely fixed.
phew, I was worried there for a bit.
So where is this going? Can we discuss this?
I imagine they'll throw Greece a bone, as they will probably do with the other EU countries that follow. What does that do for currencies and the markets? I assume it will bring further weakening in the Euro, accompanied by further strengthening in the USD and lower asset prices everywhere.
I can't see anything major on the horizon until a player that sits at the adult table has similar problems. Dubai and now Greece are way too small it seems to be the catalyst we're waiting for. Although a snowball of countries may be.
So I predict a minor bailout, markets recover 3-5% next week and it's back to the waiting game. I, however, only have half the knowledge of the regulars here. Not to mention currency/debt securites and their dynamics are my weak spot by far. What say you ZH?
Dudes. Have you all forgotten that Capitalism is but a minor force compared to the might of those soldiers of the State ie Euro-bureaucrats?
Shit'll be sorted by cappuccino time Monday AM, easy.
C'mon TD-- hit us with the "so far uncorroborated rumor", as hard as you can...
By Ralph Atkins in Frankfurt
Published: February 5 2010 15:01 | Last updated: February 5 2010 15:03
Germany’s industry-led recovery stuttered at the end of last year, with industrial production tumbling by 2.6 per cent in December, according to official statistics.
The surprisingly sharp month-on-month fall, reversing a 0.7 per cent rise in November, provided further evidence that growth in Europe’s largest economy slowed significantly in the final quarter of 2009. The news followed disappointing industrial orders figures, released this week, which showed a similar size fall in December.
Germany’s economy left recession behind in the second quarter of last year – ahead of other industrial countries – and expanded by 0.7 per cent in the third quarter, largely as a result of improved global demand for its exports.
Even before the latest data, however, the country’s statistical office had warned that the final three months of the year might have seen stagnation.
Alexander Koch, economist at Unicredit in Munich, said that “the most vibrant part of the rebound” in industry was apparently over. One reason is likely to have been falling domestic demand as a result of the ending of German government subsidies for new car purchases.
However, recent data and surveys have sent conflicting signals about the state of Germany’s economy. November’s industrial orders data had shown a 2.7 per cent rise, and the Munich- based Ifo institute’s business climate index has shown business confidence continuing to rise steadily and returning to the levels seen before the collapse of Lehman Brothers in September 2008.
As a result, policymakers may await the publication next Friday of fourth-quarter GDP figures for Germany and the rest of the eurozone before drawing firm conclusions.
Uncertainty about the pace of growth across the 16-country eurozone contributed to the decision this week by the European Central Bank to keep interest rates unchanged for a ninth consecutive month.
With countries such as Spain and Greece faring badly, Germany has become even more important as a source of growth for the whole region.
I'd be careful about a strong market rebound if the EU does come up with a plan to rescue Greece this weekend. The way things are going I would bet that is exactly what will happen.
I can see a 500 pt rally on this news.
Financial turmoil strikes as G-7 officials gather
"U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke were meeting with their counterparts from the other G-7 countries.
"Geithner is expected to urge other G-7 nations to keep providing stimulus through the rest of this year, arguing that without continued government support the fledgling recoveries could falter, plunging the world back into recession. "
Isn’t it comforting to know that these central planners' stooges who work for the international banking cartel, who developed this crisis by self-dealing government control and interference, who are smarter than America’s old system of free market competition based on private ownership of capital working through individuals, i.e., capitalism, are taking over the "central planning" of the planet? Using other people's money?
haha
its good to come to a site where everyone ones it to collapse as well.
I think this is just a slow wave down like in the great depression. Bad news will continually get worse
I expect a major collpase later in the year but maybe a few hundred points in s and P before end march hopefully
From Europe: The Greek sovereign debt crisis has been ongoing for six weeks, Europe is Lehman-fied as they put in the FT, and meeting with the two 'Wall Street
gangsters' is gonna help the ECB undo the knot ?
Euro $-1,36 as backgrounder
Well if G7 and IMF was really concerned about risk, they had better make plans for a US bailoutm and soon. Yes a US bailout and not a Greek, Portugal or EU bailout.
How days or months will it be until most ultimately realize that the US is in far more dire shape than any other country? Not to mention that while the ECB has stabilzed the Euro money base since last July, the Fed has printed up about $1 trillion more dollars.
Let's not forget that in addition to actual government debt of $12 trillion is supplemented by an unfunded $80 trillion in mostly retirement plan liabilities.
The real reason for all this chaos is the prop trading stuff
What I like about (Daneric's Elliot wave) sight is his occasinal discussion of the political and psycological side of the market. Like he says,goverment always react late and it only brings more mayhem to the market. So the Dow bellow 10000,and already they are thinking "what happened,we gave them back BB and all the trillions,oh it must be Greece so let us solve it". And then we might have a Dow higher than 10000,then Mr market will come back for more blood,and Spain will follow,and after that Portugal and then Ireland and then Easter Europe untill they reach beack here to the epicenter. In the meantime,those politicians will waste few more trillions in a failed effort to prop up something that they think is real when when even average people have come to realize that it is nothing more than a ponzi.
Can't we just loan them some people from the bureau of labor statistics to 'help' their numbers?
Score of the day! Lee Rogers said this morning: I need to get one of these BLS guys to do my income taxes.
this reminds me of a great movie...Smilla's Sense Of Snow, as I recall that didn't turn out well, are they staying at the bed and breakfast?
They won't have much to do other than talk. Weather is -14C with a windchill of -25C
Just got denied by Trichet.