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Draghi Again Confirms ECB Pari Passu Status Is A Pipe Dream
Draghi has said lots of things in today's conference, most of them regurgitated. So far the most notable item is what ha already been implied on several occasions, namely that the ECB will not restructure its holdings of Greek bonds (something restructuring professionals call debt for equity in other circumstances) for one reason:
- DRAGHI: RESCHEDULING GREEK BONDS WOULD BE MONETARY FINANCING
And there goes any hope that the Greek bonds currently in the market will soar due to an OSI restructuring. It also means that the ECB was merely, well, lying when it said that any future bond purchases under the OMT will be Pari Passu. The won't be, as this would imply, as Draghi said, a monetary financing should a PSI/OSI restructuring ever take place in Spain. Which it will.
Other things Draghi has said in brief:
- DRAGHI SAYS CONDITIONALITY WILL PROTECT ECB INDEPENDENCE - by this he means the ECB will take over any country that applies for aid.
- DRAGHI SAYS ECB IS READY WITH OMT `TODAY'
- DRAGHI SAYS ECB HAS FULL-EFFECTIVE BACKSTOP MECHANISM IN PLACE - just need conditionality. see above
- DRAGHI SAYS IT WAS UNANIMOUS DECISION ON RATES
- DRAGHI SAYS ECB DIDN'T DISCUSS INTEREST-RATE CUT TODAY
- DRAGHI SAYS CRISIS COUNTRIES MADE PROGRESS ON UNIT LABOR COSTS - even better progress on unit slavery costs.
- DRAGHI SAYS CRISIS COUNTRIES HAVE MADE `NOTICEABLE PROGRESS' - to further accelerate their collapse?
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Oh good....it's official.
Banksters are like pedophiles, you have to lock them up to stop them from re-offending.
Correct, now when is the last time that happened?
Banksters print with the click of a keyboard, they buy real assets that you may have toiled for days to create and give you more paper promises. Ask yourself, who is the real idiot in this scenario?
Don't get mad sheeple, do something about it.
Greece bent over and took it in the ass. Spain is next.
Wait what? the banking/financial class is monetizing everything? - "Shocker"
Progress. Fake the numbers some more and you got recovery
Should we question anything coming out of his mouth being that of lies and nothing else?
Lest we forget, for even the briefest of moments, a Goldman Sachs employee.
Finally looked up "pari passu." Thanks ZH.
I think it means send the bill to the Germans.
Fuck You Draghi!
Que "Rumor Has It" background music.
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flirting with it for a while might be worth indeed
Draghi speaks. US Dollar falls on rising Euro and Pound. US markets up before the open.
http://bullandbearmash.com/chart/usd-index-daily-october-03-2012/
Situation Normal, All Fucked Up.
Someone needs to report on this
http://www.newswire.ca/en/story/1030629/usd-50-billion-dollar-sovereign-loan-to-the-republic-of-cyprus-for-100-years
http://www.facebook.com/pages/Supporters-of-END-National-Debt/272400469543440
http://www.media.net.gr/austinhellenicradio/podcastgen/podcastgen/?p=episode&name=2012-10-03_emmanuel_lambrakis_interview_low2.mp3
Im very interested in the links you posted in relation to Cyprus and Greece.
excuse me for saying that the story seems quite sensation (alist)
can you giving any more info?
They have been on Greek TV the whloe week and that podcast is the most recent thing in English. There on the verge of shaking the corrupt Greek political machine to its core and expose a ton of shit that they believe will shed light on banks and politics globally.
If you listen to the Podcast, @ about 10:05 into it he claims the funds are coming from "commercial dealings" from the US Treasury and the Det of Transportation. He also says in the Podcast that he's dealing with a subsidiary corporation of the "United Nations"...it is pretty unbelievable but this group out of NY that is comprised of Professors @ Dartmouth, Lawyers, Doctors etc...of Greek descent and are offerring this to Cyprus and Greece before the "fleecing" or "privitizations" occur.
@terryvanguard
This is the first time I hear about this, or the End National Debt Philanthropic NGO for that matter, particularly since it regards the loan of a more than substantial amount to Cyprus, considering that the government has been waiting for Russia's reply for a "meagre" 5 billion Euro loan, due to ECB/IMF pressure, for months now, while the political opposition has been shredding the current administration's imprudent policies to pieces.
One looks at this and says . . . WHAT THE HELL IS A BAILOUT? WHY IS THIS CALLED "BAILOUT" WHEN IT'S A LOAN, NOT A GIFT?
Answer: They don't intend to pay it back. None of them. That makes it an involuntary gift and private investors are INSANE to involve themselves in that.
In a not too distant future, this will become true of the US, too.
These countries will be desperate for tax revenue. There is nowhere to hide but farmland. Certainly not stocks, which will get a transaction tax. Certainly not gold, which will get a far larger transaction tax. Farmland, and even that won't be 100% safe. Food sales will be taxed, too.
I want ZH or someone that has the wherewithal to investigate thoroughly into this and report...NO ONE, but a Greek paper out of Australia, NY and as of recent the Greek mainstream media is reporting...if its true, it raises the question of the US, bailing out Greece as things heat up in the Mid East and the Russians making a power play for Cyprus as reported by many outlets...a lot of shit, too little reporting.
ELECTION RALLY WARNING.
Stocks are being dragged up by yet more USD selling.
Price action today looks like the previously mentioned SPX Election Rally, but without the pullback I wanted beforehand.
Therefore the postponed correction when it happens, will be WORSE.
http://www.zerohedge.com/news/2012-12-24/market-analysis
http://trader618.com