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Total Confusion: Greece Says Troika Agreement Reached, Germany Says "Nein"

Tyler Durden's picture





 

What better way to start the morning for EUR trading algobots (which at last check account for 50% of the volume and rising) than with a bout of total confusion over the Greek bailout (non) extension. On one hand we have the Greek FinMin Stournaras saying a two year grace period has been reached - something which the European core has said is not standalone, and which will need much more bailout cash, and on the other we once again have Germany flat out denying this report, saying the official Troika reports has not been completed, and that Greece is expected to show deviations from the fiscal plan. From Kathimerini: "Finance Minister Yannis Stournaras has informed journalists that there is an agreement between the Greek government and the troika on all aspects of the austerity and reform program and the coalition is likely to be in a position to submit the measures to Parliament by the end of the week.  “The package has been sealed,” Stournaras is reported to have told journalists, less than 24 hours after coalition partners Democratic Left and PASOK expressed objections to some aspects of the measures."  And yet, moments ago, headlines blast that GERMANY DEP FINMIN:TROIKA REPORT ON GREECE NOT YET FINISHED and GREEK REPORT TO SHOW DEVIANCE FROM AGREED GOALS, KAMPETER SAYS. Go figure it out.

More on what Germany will likely officially deny any second now:

Democratic Left, the smallest of the three parties in the coalition, objected to some of the labor market reforms but it appears that a compromise with the troika has been found.

 

Sources said that instead of reducing the notice companies have to give to employees before making them redundant from six to three months, a compromise has been reached on four months.

 

Democratic Left had also objected to a restrictive cap on compensation for workers who are fired when they have at least 16 years of service. It appears it has been agreed that employees’ compensation for their first 16 years of service will be paid according to their salary, while the remaining years will be capped at 2,000 euros per year, which is higher than the troika originally proposed.

 

Greece’s lenders have also agreed to maintain a benefit for married couples and have set aside for now a request to scrap the automatic three-year wage maturation for workers on the minimum wage.

 

Stournaras said that Greece would inform the Euro Working Group of the status of negotiations when technical staff meet in Brussels on Friday and Monday, ahead of the next Eurogroup meeting on November 12.

 

The measures of the new bailout memorandum will now be drafted in two bills that will be tabled in Parliament Stournaras reportedly said. He added that the bills would be categorized as urgent to speed up debating time.

 

The aim is for everything to have been approved by the House by November 12.

Of course, if caught lying on tape, the pristine Greek reputation of only telling the truth would be damaged. And everyone knows Greece is so careful about only telling the truth...

 


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Wed, 10/24/2012 - 08:08 | Link to Comment malikai
malikai's picture

Always believe the hopium first, then the truth last.

Wed, 10/24/2012 - 08:10 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Which version are we on now?

Wed, 10/24/2012 - 08:18 | Link to Comment JPM Hater001
JPM Hater001's picture

This is the version where Davros challenges the Doctor to put the Daleks on a managable budget.

The Daleks opted for EXTERMINATION of the Troika.

Wed, 10/24/2012 - 08:21 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Oh....so it's a rerun huh?

Wed, 10/24/2012 - 08:14 | Link to Comment Tango in the Blight
Tango in the Blight's picture

Buy the hopium, sell the reality.

Wed, 10/24/2012 - 08:10 | Link to Comment Stoploss
Stoploss's picture

“The package has been sealed,”

 

Is that the same as " the used condom has been flushed ". ?

Wed, 10/24/2012 - 08:12 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

“The package has been sealed,”

 

Bad news Doc.....we're missing a hemostat.

Wed, 10/24/2012 - 08:20 | Link to Comment JPM Hater001
JPM Hater001's picture

I used to work at a Gingis Formalwear in highschool and there is money to be made on Sunday returns...check ever pocket.

Of course sometimes you found the wrong thing.

Wed, 10/24/2012 - 08:23 | Link to Comment malikai
malikai's picture

Nasty..

Wed, 10/24/2012 - 08:58 | Link to Comment Orly
Orly's picture

Uh...yah!

Wed, 10/24/2012 - 08:11 | Link to Comment LongSoupLine
LongSoupLine's picture

 

 

Just another day of planned conflicting media releases to keep a stinking piece of shit from sinking to the bottom of the bowl.

Time to flush the EU...

Wed, 10/24/2012 - 08:55 | Link to Comment Zero Govt
Zero Govt's picture

remember past year when the politicians were all in a crazy hurry flapping around the farmyard like headless chickens in a mad hurry, stressed, stressed, stressed!!!

the pace has changed

I think they're all set behind the scenes, holding their positions (and cards close to their chests) waiting for someone to crack. The definite sound of anticipation for the next move

...could it be the Fed ?

Wed, 10/24/2012 - 08:12 | Link to Comment q99x2
q99x2's picture

I was worried that Greece might default.

Wed, 10/24/2012 - 08:13 | Link to Comment jjsilver
jjsilver's picture

manipulation of gold by major hedge funds

Leeb reported an incident in which a friend witnessed the head of a leading hedge fund issuing orders to staff to engage in willful manipulation of the market:

…the instructions the head of the hedge fund was giving to one of his traders was, "Sell it, and sell it stupid. And make sure people just don’t know where the selling is coming from and why it’s coming.”

http://www.mining.com/leeb-alleges-manipulation-of-gold-by-major-hedge-f...

Wed, 10/24/2012 - 08:19 | Link to Comment slaughterer
slaughterer's picture

The Greek extension has about 4 about-faces already on most major financial news services already in the last 48 hours.  Have fun trading those reversals.   

Wed, 10/24/2012 - 08:14 | Link to Comment Robslob
Robslob's picture

Is it just me but ANNOYING MOBILE ADS are everywhere with ad block, pop up block and Privacy On not working.

Seriously how the hell do I make these disappear on my mobile device?????

Wed, 10/24/2012 - 08:16 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Have you tried taking a hammer to it?

Wed, 10/24/2012 - 08:25 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Might sound like a dumb question, but do you have root access? Ad blockers only work on "rooted" devices on Android.

Wed, 10/24/2012 - 08:51 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

Also, you can now get Tor on Android and iOS.

Wed, 10/24/2012 - 08:18 | Link to Comment news printer
news printer's picture
Even pregnancy from rape something "God Intended"

candidate for one of Indiana's U.S. Senate seats, Republican candidate Richard Mourdock suggested that pregnancies resulting from rape are "something that God intended to happen,"

Wed, 10/24/2012 - 08:25 | Link to Comment spanish inquisition
spanish inquisition's picture

rape is "something that God intended to happen,"

Awesome! I would like to add some of my own logic. I hearby declare the new right to life tee shirt slogan....(drumroll please)....

"Only GOD is allowed to commit abortions!"(TM)

 

Wed, 10/24/2012 - 08:26 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Q. What do you call a busload of Marxists and Pregressive Republicans on the bottom of the sea?

 

A. A hell of a good start.

 

Wed, 10/24/2012 - 09:31 | Link to Comment malikai
malikai's picture

That is a good start. Maybe while they're down there they can find my gold.

Wed, 10/24/2012 - 08:33 | Link to Comment WhiteNight123129
WhiteNight123129's picture

Tyler can you comment on the fact that Collateralized lending repo rates on treasuries are higher than Libor rates?

Wed, 10/24/2012 - 08:43 | Link to Comment Zero Govt
Zero Govt's picture

Greece Says Troika Agreement Reached, Germany Says "Nein"

the clowns can't even co-ordinate press statements ...we're really scraping the barrel now

"...everyone knows Greece is so careful about only telling the truth..."

Yesterday the 'sometimes you just gotta bullshit' Bundesbank was caught lying on Gold audits, it's only a matter of time before Greek lying standards slip to lowly German levels

And across the Pond the Fed can't remember what they did/didn't say about unemployment, their key smokescreen to cloak shoveling funny money into bankrupt losers (WS bankers) pockets faster and faster

What's the world coming to when politicians, whose sole skill is bullshit (to cover up all the other bullshit), can't even lie professionally?

Standards have gone to shit, must be nearing the end...

Wed, 10/24/2012 - 08:37 | Link to Comment UGrev
UGrev's picture

Tell them something.. tell them ANYTHING... TELL THEM THE TRUTH if you have to (but try not to).. just tell them something to buy us some time!

Wed, 10/24/2012 - 08:49 | Link to Comment Vince Clortho
Vince Clortho's picture

Whichever rumor or news release has the greatest potential to prolong the ponzi is the one to believe.

Wed, 10/24/2012 - 08:52 | Link to Comment UGrev
UGrev's picture

Damn, you just made me wish I had chosen Vigo The Carpathian as a moniker.. 

Wed, 10/24/2012 - 08:55 | Link to Comment ZeroAvatar
ZeroAvatar's picture

"Just give us 2 more years, it will all be fixed by then, we PROMISE!

Wed, 10/24/2012 - 08:56 | Link to Comment slackrabbit
slackrabbit's picture

Germans: We will bail you out at Nein percent!!!

To the Greeks this meant: Shit that’s 9 %, (chumps like we'll ever them back)

To the Spanish this meant: 9% are you kidding me?

To Ben at the Fed this meant: Zero % brilliant, I'll follow suit.

The Germans this meant: Fuck guys, how many times do I have to say 'Nein'!

 

Wed, 10/24/2012 - 09:26 | Link to Comment Joe A
Joe A's picture

Hopium is not factium

Do NOT follow this link or you will be banned from the site!