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There Goes The Greekborhood: German Europe Minister Says Would Back Greek Restructuring
Greek 10 Year-Bund spreads just passed 1,000 for the first time ever and were last trading north. Following this statement from Germany's Hoyer, it seems all hell is about to break loose for peripheral spreads.
- *GERMANY WOULD BACK VOLUNTARY GREEK RESTRUCTURING, HOYER SAYS
- *GREEK DEFICIT CUTTING MAY NOT BE ENOUGH, HOYER SAYS
- *GERMANY ‘WORRIED’ ABOUT GREEK FISCAL DEVELOPMENTS, HOYER SAYS
- *GREEK DEBT RESTRUCTURING `WOULD NOT BE A DISASTER,' HOYER SAYS
- *GERMAN EUROPE MINISTER HOYER SPEAKS IN INTERVIEW IN BERLIN
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Expecting vicious denial from G-Pap and the European ponzimaster Rehn any minute now. Lol, what a tragedy the whole European Shangri La aka EMU is.
I like that.... Shangri La
Check out the flick "Lost Horizions" about the inability to achieve the ideal, the illusion of perfection.
"restructuring". LOL.
They'll gladly pay you Tuesday for a hamburger today.
Like I said, any and all problems will be papered over with paper.
Futures traders are ebullient.
At this point, you really should just go away.
Bring back the chick shots or get off the boards.
And an hour later, its down to 1315.48. If the S&P tanks AS WELL as the euro zone imploding, then QE3 just gotta happen, bullish!
Robot, I'm not ebullient but I did help it go from 12.50 to 16.00. ;)
What a fooking circus! So wishy-washy they change their minds more than they change their underwear.... its all a lie anyways. The only thing to do is sell your euros and buy gold. Fuk 'em
Thats what Ive been doing since Hank Paulson threatened martial law unless we hand over the damn money.
Izzabout fuckin' time. See, without a devaluation, the Greek populace had it "sthuck" to them for these austerity measures. More paid in, less paid out, right?
So not to service the additional bail out funds aka "usurious vig money" to "the lenders" that they had to take on because they couldn't devalue, they'll just go ahead and settle with the lenders for a nice haircut.
So now, gentle follow the money reader, I ask you, where goes this new, and additional pool of enhanced cash flows within the system since it's not paying the overinflated newly minted now to be haircut vig rate notional amountof loans which were stuffed down their throats because they couldn't devalue?
Ah hah, says I to myself, in the pockets of the politicians and their cronies!
Well fuck me, the final result is that the people paid numerous times over for the right to now get less, continue paying more, enriching the powerful and already wealthy.
(Humming the Marsielles as I don't know the EU "national" anthem)
The Anthem of the EU is Beethoven's 'Ode to Joy'. Ironic n'est-ce pas?
They're going HOG WILD... (Lean Hogs) that is...
I guess the sort of thing that Hoyer is worried about is this...
Severe austerity measures on the peasantry, however the gubment is still as irresponsible and crooked as ever.
What does 'voluntary' mean in this case? Voluntary on Greece's part? Voluntary on the creditors' part?
What does the "authorties" mean when BOI executives exceeded the guberment bank wage/bonus/capital extraction decree ?
Is BOI now seen as a superior institution to the Irish executive as seen by the authorties.
I love it when the chain of command is exposed for all to see - pass the popcorn would you.
Finnish politics rarely drive international financial markets, but the rise of the anti-bailout True Finns party means Sunday’s national elections can’t be ignored by investors wary of another adverse turn in the euro zone’s long-running debt crisis.
The True Finns are backed by nearly 17% of the electorate, according to a TNS Gallup poll conducted between April 5 and 10. The True Finns received just 4.1% of the vote in 2007.
And since Finland is the only euro-zone country that requires bailouts to be approved by parliament, strong gains by the True Finns could derail a planned rescue for Portugal.
A stronger-than-expected showing by the True Finns, “or if some members from other parties take a similar line, could make things very touch and go,” said Steven Barrow, currency and fixed-income strategist at Standard Bank. “And clearly if there’s any possibility at all that Portugal might not get its money, it could hit bonds and the euro hard.”
Social Democrats are not backing up the increase in EFSF either. Social Democrats demand immediate burden sharing which the EU-kleptocracy has overruled. The Left Alliance has announced that they are against supporting Portuguese bail out. So it's not just The True Finns who have had enough of the europonzi in Finland.
Oh my God Finns Party please heeeeeeeeelp us get these bastardos to can the bailout by the IMF mofos of Greece? and of Ireland, and etc. etc. That Nazi Hoyer is a wasteoid workin for Rothschildzoids. Unfortunately, Germany has been infultrated by Rusky Mafia who coincidently are all Jewish. Gee what the fuked up shit could be worse for a German but to wake up one morning and have the bloody Jew Mob running the country?
Not much eh?
And there goes little Miss Euro. If the Euro/USD cross actually reverses and holds...you can expect an epic unwind in the equity market. I think this is it. After all, how many European countries have to crumble and fall through the cracks in the German floor before someone starts wondering...where the end of that really is?
Seems to me that one of the catalysts of the Great Depression was the collapse of one..............................bank. In know these are inflationary times, but do three nations [and possibly four] equal one Euro bank from the '30s?
Good grief [and by that I mean who can even keep up with the BS and the computerized repricing of things every five freakin minutes?]
Now, if the BLS were supplying the Greek numbers, we'd be getting somwhere
I guess after 70 yrs the Germans finally got their wish to be calling the shots in Europa. 1 Euro = 1 DM
"1 Euro = 1 DM"
Guess that is where it's all heading, from 1.95 DM.
Greece is supposed to be in the middle of a severe austerity programme and yet the deficit level is higher than last years.
Their austerity program includes cutting back on the paying of taxes, resulting in a historic new low in their taxpayer-participation-rate.
I'm sure the German worker does not mind working a few extra hours a day to pay for Greek Bailouts...
As they say, "The horse that works the hardest gets whipped the most."
Amazing that stocks just shrug this off.
when a banker says he here to help you need to exit stage left at full speed
Greece need to tell them all to get stuffed NOW
it's a club they can't afford
get back to where you were before you joined at least everybody knew who was screwing who and they were quite happy as long as they could fiddle their taxes and live the life they wanted
Groucho Marx said he would never join a club that would let HIM in, Greece should have thought about that.
the ECB, IMF WORLD BANK whatever just want to control every fucking thing
agreed. sure seems to me 99% of the countries and their people need to tell these bastards to stuff it NOW!
Not one mention of contagion in all the comments above. If Greece is permitted to stick it to bond holders then so are the others who are being bailed out at gunpoint. Oh I forgot, the Irish corporate tax which they refuse to raise for the benefit of Berlin means they will not be allowed to impose restructuring on their creditors, most of whom speak German and French.
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*GREEK DEBT RESTRUCTURING `WOULD NOT BE A DISASTER,' HOYER SAYS
>>
What has been camouflaged is the words. Here are the words that matter:
CREDIT DEFAULT SWAPS.
This has been camouflaged with words like contagion or chain reaction. Fuck that. It's about the swaps, and if this German said this it means one and ONLY one thing -- the German banks finally divested themselves, probably at Merkel gunpoint, of Greek swaps. The French banks? Maybe not.
I keep waiting for Ireland to grow a pair and leave the Eurozone, return to the punt and default on all foreign debt. Now even the new government which was elected by a pissed off population is backtracking on it's promise to seek fair resolution to the idiotic bank depositor assurances. Maybe it is because of all the German speaking suits in Irish government offices watching over the shoulders of the ministers and the Taoiseach issuing commands and "correcting" all government decisions so to fit with Eurozone priorities. I know they can be scary, I have a German landlady, she could invite you in for strudel and tea but in her Westphalian accent it sounds more like an order to board a boxcar for the east.
I'm in your restructuring. Forcing you to volunteer.
Steve Liesman said today that Germany will go through with this because they are in to deep. And I would like to say to that, hmmmph. Yea Germany is in deep, but they have to be considering that all they are doing is delaying the inevitable. Sooner or later (they picked later) they will default, and it will be more expensive to Germany then than now. If I was them, I would say let them default and take my lumps right now.
nuthin' worse than a "cranky" Finn!
They won't move an inch!
dang the Finns Ruuuuuuuuuuule!!!
they gave us Linux and the finger to the Banksphincters!!!!!!!
Linus loves windows!!!
http://blahg.josefsipek.net/?p=409