This page has been archived and commenting is disabled.
Troika Report On Greece Expected Later Today
In addition to the weak NFP number expected today which should put further pressure on a dollar, already trading at a several week low, Greek Ta Nea reports that the catalytic announcement by the Troika on the Greek economy is expected to come out later today. Unlike previous rumors that Greece was expected to miss every bailout parameter, the rumor this time is that the report will show a "mixed picture" meaning that the market is supposed to believe that there is a risk that the next tranche, worth €12 billon, of Greece's current E110 billion aid package, may not be disbursed. Of course it will be: the last thing Europe's bankers will do, especially after all the recent posturing, is to shoot themselves in the foot, and before the weekend at that. As a result we expect a double whammy of USD hits, which however will mean that the EURUSD will soon be back to levels that are high enough (1.46-1.48) that will make the announcement of QE3 problematic, as the next step lower in the USD would likely lead to a EURUSD of 1.70-1.80.
So while we await first the NFP number in an hour's time, and then the Troika announcement, here is Ta Nea's google translated take:
Today is expected announcement of the troika on the evaluation of the Greek economy, which will determine whether Greece will release the fifth installment of the loan amounting to 12 billion. At the same time, Prime Minister George Papandreou meets today with the head of the Eurogroup Jean-Claude Juncker in Luxembourg to discuss the basics of medium-term program.
In this context, the ECB, the EU and the ECB will issue a joint statement. The first evaluation is limited to current program and the implementation of agreed objectives. "The report shows mixed picture," said the Reuters and therefore it remains unclear whether the new installment paid to Greece, according to the same sources.
Initially the government after a meeting of the Cabinet will announce measures for 2011 of EUR 6.4 billion, and will follow the September announcement of the measures of 2012. In the middle of next year we will refine the measures of 2013, which have been decided today as a general policy guidelines.According to government sources, this is because the Memorandum is reviewed and adjusted by macroeconomic developments and financial needs.
Papandreou - JunckerThe main points of the medium-term program will present the Greek Prime Minister George Papandreou to the head of the Eurogroup Jean-Claude Juncker at the meeting will be today (16:00 GMT) in Luxembourg. The program includes a reduction of public spending and tax increases amounting to 6.4 billion euros and accelerate privatization.
»
- 2850 reads
- Printer-friendly version
- Send to friend
- advertisements -
Just follow the
1. deposits outflows from Greek to Swiss Accounts (Sets new record) why???? cos Euro is a farce and Greek Banks are going to be in corralito mode
2. EUR/CHF cross
3.Bonds still alive showing Equities has been hyperinflated with miserable Qe policies.
- Meanwhile of course, the world growth is perfectly monitorized to show everything is ok in Financial Wall Street, vs a HyperDepressed Real Low Middle Classes Across the globe.
This explains the bank stress test delay. Their expertise in pretending to do critical analysis but just giving passing grades was required by the troika so they could give more money and pretend Greece was doing its part.
Stress Tests are the biggest farce ever done to earn time and make tricky accounting methods to hide the real toxic and trash assets with mark to market value close to -80% vs Loan To Value.
Just look this paper done by Morgan Stanley...
http://www.rankia.com/respuestas/778989/images/41845
With my notes above ...(they have been lying....) ---> they have said is a non event...like Irish.,,,like Portuguese, like spanish banks and saving banks... WHOLE ECB should be fired.
Real Estate in Spain for example needs to drop close to -30-40% (Residential),,,but imagine everything is M-Backed up with unreal Values in Real Estate so...the deleverage process gonna be so hard specially in some countries which mantains an Illusionary Wealth Effect vs Disposable Rent.
Dear Europe
Inflate or die.
Sincerely
Richard Russell
http://www.youtube.com/watch?v=omcpDN6ncXM
... and so every European country now knows that it is too big to fail and that they do not need to do anything the ECB says.
They can stop paying their mortgage and take that vacation to the beach... and the ECB will pay for it.
What goes around for banks, comes around, I guess.
The sooner the Euro is accepted for the Communist Banker Oligarchy enslavement tool it is, the sooner we can begin plans to offer up our women to the Army and the Police for Rape and beatings. Yeay, long live the Freeasons, long live the Illuminati, blessed are the Wise, blessed are the Wealthy, Glorious our Politicians, Handsome our evangelicals: Deliver us from ourselves for we are guilty.
For thine is the Kingdom.
Uh....those who still have decent jobs want your women too. It is amazing what your girls will do for money when you are out of work.
Well, we already have a general idea what they will propose. With respect to supplier and telecoms, the PASOK government is looking to sell its stakes in Athens Water, Thessaloniki Water, the power company PPC, the national gas company DEPA and of course, the telephone company OTE.
BUT WAIT, there's more! Let's not forget transportation, where we will be liquidating our stakes in national railroad company OSE, the Athens International Airport (ironically named after Benizelos, who brought greek troops all the way to liberate smyrni before having to finally concede constantinople), the two largest sea ports in the country, Piraeus and Thessaloniki and the rights to our country's newly revamped tolled highway system.
Of course, the nation's banks will also be bought out, and defense companies wont be spared either. Hellenic Postbank and ATEbank are up for grabs, and EAS, ELVO and EAV will be sold off as well. Lastly the tourist industry will be gutted, including the sale of hotels, spas beaches, marinas and other prime forms of real estate.
Oh yea, and I almost forgot, the government will also be handing over the tax collection duties to a separate, sovereign authority that will remain unaccountable to the citizens of Greece, which it will tax at its discretion as part of a the new terms of the memorandum.
Reminds me of what the Head the Greek stock exchange told me in an interview two days ago, that HELEX will be abolishing its universal tax on stock transaction and be replacing it with a new capital gains tax that will only apply to Greek citizens...foreigners will be exempt...(http://coveringdelta.wordpress.com/2011/06/02/foreigners-will-be-exempt-...)
Um, you forgot the 35.5% stake in DEPA's part owner... of which it also owns 35% [that old theory of tripartite power within society... anyone else remember that one?!? People - Private - Public ... used to be big back in the day]
http://www.hellenic-petroleum.gr/
Tangent of interest:
The term quanli occurs too frequently in Liang Qichao’s writings to be enumerated here, but early on he used it in the same way as Kang Youwei, close to the sense of the Japanese word riken.
"Those Western officials who plan on China’s behalf actually are protecting their home countries’ interests (quanli).
Commercial interests are under British control. Railway interests are under Russian control. The interests in border defenses are under French, Japanese, and other countries’ control.43"
http://chinajapan.org/articles/14/14.81-110suzuki.pdf
Sell your paper silver for time being
http://deadcatbouncing.blogspot.com/2011/06/silver-breakout.html
Don't bet against the Fed. Greece will be propped up until the dollar needs a bid.
EUR/USD of 1.70 would be great if europe wouldnt object.
We still need some dollar devaluation.
Quite sad for Greece, really, and for Europe, but the rest of the world will be following shortly. Even the countries which have strong currencies are dependent on the bankrupt ones for export revenue. Can't wait for this all to pan out.
"that will make the announcement of QE3 problematic, as the next step lower in the USD would likely lead to a EURUSD of 1.70-1.80." < $6 dollar gas> there fixed it for all the non currency traders out there.
http://commontool.blogspot.com/2011/05/dollar-vs-gasoline-and-how-much-p...
Will you get it through your thick skull there will be no qe3?
We will have to be staring into the abyss again. Dow 8900.
OF course there will be a QE3, yesterday the FED admitted that 'easy money' policy has been vindicated. There is no way that Banks can/will be shut off from funding - and that funding is the FED.
...and for the record, what my women do for money, is buy shoes. Rather, it pains me that they must be offered unto the state security forces for the appeasement of the gratuitous desires of our enlightened leaders...and the security forces, see Spain, are venal and this will come to pass.
Damn the kleptocrats-- hope the european people wake up to the fraud that is the EU, IMF, and ECB and do something before this farce continues. Nothing they come up will solve the issue of economic prospects relative to the debt overhang they face-- actually the world faces in overall debt. These debt levels are just so high it's silly to think that the world can go on without restructuring most of this meaningless debt away first.
Even so, realization authentic cheap jordans is just not the only phase that is certainly a well-known element with this item; price tag is Air Jordans Sale normally a tremendous thing to consider as nicely, with some sorts costing above $100 as of March 2010. For this air jordans for cheap motive, upkeep is acknowledged like a important element to receiving the extremely very best bang to the buck. best treatment for that option last final jordan retro 1 for sale results in preservation away from your Jordan shoe, as nicely as a complete whole lot much less discoloration or cracking while in the leather/plastic. Jordan shoes Nike Jordan 2009 however, are one of the most well-known while in the worldUtilize a defensive product or program to the shoe forward of exposing it toward the factors. Defensive options is normally ordered inside the kind of an Jordan shoe, wax, and silicone spray, all of that is on the marketplace jordan high heelsat most shoe retailers.