Von Rompuy Just Tweeted A Financial Stability Meeting Will Be Held July 21: "Soft" Greek Default Coming?

Tyler Durden's picture

Herman Van Rompuy just tweeted the following:

I have decided to convene a meeting of the Euro area Heads of State or Government on Thursday, 21 July, at 12.00 in Brussels. Our agenda will be the financial stability of the Euro area as a whole and the future financing of the Greek programme. I have asked the preparatory work to be brought forward inter alia by the Finance Ministries.

Perfect timing for the announcement of a "soft" Greek default: just a day before the US debt ceiling legislative deadline. Are we going to see a major market crash next week just so everyone is reminded of what all is at stake?


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Cognitive Dissonance's picture

"Soft" or "Hard", a reaming is a reaming........er..........sorry.

A default is a default.

Confused's picture


You and I both know that the word "default" (similar to laws) only have meaning when in regards to the common folk.

And reaming.....tax payers are all too familiar.

camaro68ss's picture

Tyler, can you report that there will be almost $500 Billion in

Securities maturing at the end of Aug that need to be Flipped

tempo's picture

The issue is clear. We have lost 7 million jobs and the Govt tax collection is and will remain far below spending. The media heads continue to front the super rich and claim we can't raise taxes and we need to recreate the historical American can do spirit. BS...America workers are largely competing with most Chinese workers who make $200 per MONTH (not day), work for piece rate, live in dorms, do not have cable, iphones, twitters, face book, food stamps, medical care, labor or environmental laws and financial aid. Talk about a competitive advantage. Lets face facts and borrow until it explodes in few years. If The Republicans cut a large amount of spending, the economy will collapse and will never hold power again. Let's borrow, spend and borrow like there is no tomorrow, because there isn't.

Ahmeexnal's picture

The truth is here:


Farage tells it like it is.
His teeth even fall off at 3:31.

Scroto Gaggins's picture

I like to refer to Nigel as the Ron Paul of Europe. 

WeekendAtBernankes's picture

Thanks for the link, I love this guy!

JailBank's picture

default –verb (used without object)

- to fail in fulfilling or satisfying an engagement, claim, or obligation. - to fail to meet financial obligations or to account properly for money in one's care: Let me see even if you call it another name does it fit this definition?
Sudden Debt's picture

You can fuck a woman hard or soft. But pregnant is pregnant.

Vic Vinegar's picture

All the countries are all preggers.  Keynes spread his seed far and wide.

THE DORK OF CORK's picture

William your best yet ... I still can't stop laughing - although I have this very disturbing image in my head now................

Zero Govt's picture

only 56 million junks??? ...the Irish, Icelandic, Finish, Dutch and Czech people haven't heard of Von Reartoys twitter page yet!

IQ 145's picture

 "Our agenda is the financial stability of the Euro area as a whole---"; they better bring sandwiches and sleeping bags,  going to be a long meeting.

williambanzai7's picture

Looks like I got junked by Rompy

firstdivision's picture

Soft Default = Hard Ramming of Greek citizens.

Spitzer's picture

A test run would be nice. See what the Euro does.

I am not sure how you soft default on a money market though, without triggering armageddon. Maybe Bernanke can bail them out with dollars.

Dr. Richard Head's picture

Market goes up? Primary dealers become flush with cash.  Makret goes down?  Primary dealers make more cash.  You and me?  Well......go fuck yourself.

"My Big Mac, why is it $10.00 now?"  Is all the sheeple will say.

Zeroexperience2010's picture

21st July is also the national holiday of Belgium: the stock market is closed on this day in Belgium...

Dr. Richard Head's picture

Do they have a government yet?  Did the sky fall without a government?  I like their government model.

Zeroexperience2010's picture

No government in Belgium yet...


Which proves one thing: it's a pseudo democracy, there is no need for a 'belgian govt', they have the EU govt to take all decisions that matter, without democracy.

StychoKiller's picture

Time for a double-header I say:  A Greek default AND NO raise of the US debt ceiling!  The pundits won't know who to blame!

jkruffin's picture

Gold 1600 calls are on fire......see you there any day now....and above.

TradingJoe's picture

Agreed but...they will pull back a little with the "crash"! That's when you back up the truck!

slaughterer's picture

The EU states (= taxpayers) will back up the losses of all institutional losers, whether soft or hard default, you can count on that.  

Temporalist's picture

Can't wait to hear Nigel Farage comment.

Gubbmint Cheese's picture

I was thinking exactly the same thing - I love how Farage says his name, "Misssstah Von ROMPOY..."



Zero Govt's picture

out of 1,000 British and Euro MP's we have 1 (one) that has a brain bigger than a peanut not pickled in socialist doctrine ...it's a bit embarrasing don't you think?

virgilcaine's picture

Cracks are beginning to appear.  The CDS attack on Italy was the final blow.


Zero Govt's picture


Sudden Debt's picture

yeah.... let's buy dollars....


jkruffin's picture

And let's all hope that the Tea Party Republicans don't fold like the regular Republicans normally do. The entire debt ceiling issue needs to be voted down. Raising the debt ceiling gives Obama a blank check he will have the entire 2.4 trillion spent in two weeks on garbage. Raising the debt ceiling the past 80 times hasn't work, what makes these morons think 81 times will?

The madness has to stop here!! Now! Today!

A Man without Qualities's picture

Get real.  They'll have a conference call with Jamie this weekend and he'll tell them they can play their game for a few more days, but the ceiling will be raised, there will be a cursory agreement to reduce spending in the future and things will carry on like never before.  It's inflate or die, and that applies to the US, China and Europe.

If we've learnt one thing, it's that the bankers always get what they want.

El Oregonian's picture

But it will be a "Soft as Charmin" crash won't it? And just as messy...

Zero Govt's picture

let me guess before i see the Vid: a Marxist-Communist ...back in a mo 

Update: it wasn't a CV of the non-event that is Van Rompuy but another Farrage monologue (enjoyable nevertheless). I'd guess VR has the same Commie background as his side-kick Burruso yes?

slaughterer's picture

"Our agenda will be the financial stability of the Euro area as a whole and the future financing of the Greek programme."  May I make a suggestion that will aid the stability of the Euro?  

1.)  Kick out the PIIGS 

2.)  Get Switzerland to join the EU.  

Re-Discovery's picture

Switzerland stopped giving a shit about Europe centuries ago.

Confused's picture

Yes. And why would they want to join?

TradingJoe's picture

They Won't! All that foreign money would be gone in a sec!

Zero Govt's picture

nor could they as by constitution Switzerland has banned itself from joining any international organisation (such as the EU etc)

Helmholtz Watson's picture

Constitution?  It's just a goddamned piece of paper.

mayhem_korner's picture

Our agenda will be the financial stability of the Euro

Why not be ambitious and go for an agenda that includes the resurrection of Mussolini, Stalin, and Jimmy Hoffa?

Everybodys All American's picture

Kind of like being partly pregnant.

carbonmutant's picture

Now that the banks have passed the stress test the EU believes it can withstand a Greek default.