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Greek Ruling Coalition Collapses Days Ahead Of Critical Vote

Tyler Durden's picture




 

If one is curious why the EURUSD has been ramping as if no one will ever sell one more euro ever again, the reason is simple: the BIS is desperate to mask the fact that the fragile Greek coalition, whose creation sent Europe to the edge back in June during the Greek re-elections that just barely avoided a Grexit, has just crumbled. And with an illiquid market, the reflexive argument always is a simple one: if someone is buying, the news must be good, so dear momo-chasers - buy along. Only the news isn't good, and in a centrally-planned world, the only buyer left are central banks, who are now solely political, and not market, forces. What the news really is, is that with Greece poised to vote on critical labor reforms (read more layoffs) next week, which must be passed in Parliament with a majority vote in order to get the next Troika bailout tranche, the Samaras-led coalition just lost one of its three members, after the Democratic Left announced it would take its 16 votes and vote against any further austerity. In doing so it has effectively joined Syriza and any other anti-bailout powers, and has made certain that yet another Greek election is imminent, one which will finally see the rise of the "anti-memorandum" forces on top, and finally launch the 3 year overdue departure of the Greek ferryboat from the monetary landmass, with even more dire consequences for the USS EURtanic.

From Reuters:

A Greek coalition partner confirmed on Tuesday it would vote against labour reforms proposed by foreign lenders, ignoring the prime minister's appeal for a united front to push through more unpopular austerity.

 

The Democratic Left party's refusal to back the reforms leaves the government facing an unpredictable vote when they are presented in parliament next week, making it the fragile coalition's biggest test since taking power in June.

 

"The Democratic Left has fought on the issue of labour relations, to protect workers' rights which have been already weakened," the party said in statement.

 

"It does not agree with the result of the negotiations. The Democratic Left sticks to its position."

 

A party official, Dimitris Hatzisokratis, told Reuters the party would not vote in favour of the labour reforms.a

Meanwhile, the current (if not for much longer) PM Samaras, resorted to the usual trite and overused threats of global destruction if anyone dares to vote against the will of Europe:

"What would happen if the deal isn't passed and the country is led to chaos?" Samaras said in a statement. "Such dangers must be avoided. That is the responsibility of each party and every lawmaker individually

Sadly for him, nobody buys the MAD argument any more, and especially not Greece, where one can't hit more rock bottom if one already is at rock bottom.

The only good news is that the Democratic Left can't alone scuttle the majority needed for the vote to pass. It can, however, show that the coalition government has now collapsed, and get more defectors to join them across the aisle, in hopes of being on the right side during the next parliamentary elections which now appear to be imminent.

The Democratic Left party has the support of 16 deputies in the 300-seat parliament. The government -- which has a 176-seat majority - could pass the reforms without its support.

 

But a vote against the package by the party would undermine the already fragile coalition and could encourage other lawmakers to defect and vote against unpopular measures, leaving the outcome uncertain till the end.

 

Already some lawmakers from the other junior partner in the coalition, the Socialist PASOK, have threatened to vote against the measures, though the party's leader has hinted the group will vote in their favour to ensure stability in Greece.

Expect all this and much more to be once again in the daily headline rotation, but not before the US presidential election: can't rock the boat before that. Cause Tim Geithner said so. After that, pardon the phrase, the deluge (only this time in Europe).

 

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Tue, 10/30/2012 - 11:29 | 2931489 lolmao500
lolmao500's picture

Good.

Tue, 10/30/2012 - 11:38 | 2931524 maxmad
maxmad's picture

Boy, this is a slow news week!

Tue, 10/30/2012 - 11:48 | 2931571 mick68
mick68's picture

In fact, Greece leaving the Euro and reneg'ing on its debt WOULD collapse the world financial system and here's why:

 

RE-HYPOTHICATION- Every treasury Greece has issued has been re-hypothicated, as all assets are in today's brave new world of debt on top of debt on top of debt. So, suffice to say you can multiply Greece's debt by at least 5X to ascertain the real impact of Greece's departure from the Euro.

Tue, 10/30/2012 - 11:52 | 2931578 nope-1004
nope-1004's picture

Greeks don't have a problem.  Germany, you lent us the money.  YOU have the problem!  Genius, genius, genius !!

 

 

Tue, 10/30/2012 - 11:58 | 2931596 lineskis
lineskis's picture

one can't hit more rock bottom if one already is at rock bottom.

But if you're in a hole, stop digging...

Tue, 10/30/2012 - 11:59 | 2931602 insanelysane
insanelysane's picture

Same thing Rajoy over in Spain knows.  Spain isn't screwed, Germany is.

Tue, 10/30/2012 - 11:58 | 2931598 lolmao500
lolmao500's picture

Next up : Spain and Japan... then the world.

Tue, 10/30/2012 - 12:02 | 2931612 RiverRoad
RiverRoad's picture

IMO if the world's financial system collapses those who will get hurt the most will be the world's banksters and the 1%.  The rest of us will manage to get buy growing our own vegetables, forming strong community networks, etc.  The big Reset is inevitable anyway; might as well get on with it.

Tue, 10/30/2012 - 12:33 | 2931714 earnyermoney
earnyermoney's picture

You'll know the reset has happened when the 1% begin to hang themselves.

Tue, 10/30/2012 - 13:55 | 2932019 Tursas
Tursas's picture

Don't see any Help needed ads!

Tue, 10/30/2012 - 13:00 | 2931811 Non Passaran
Non Passaran's picture

I am not buying this.
To net it off one can simply rehypo his gold as many times over. Problem solved.

Tue, 10/30/2012 - 13:31 | 2931922 bank guy in Brussels
bank guy in Brussels's picture

That's right, as much as we all should be sceptical of the lies of the banksters - and thus suspicious of the 'world will blow up' Hank Paulson type extortion warnings -

Yet some of the most anti-bankster people, do also agree the economic world can blow up easily if the wrong move is made, and that simple liquidation could be catastrophic.

Jim Sinclair has long had this view, that aside from 'QE to infinity', it will be very hard to avoid disaster, although he does think that a 'saint' in power could do it ... But Sinclair would certainly be opposed to the common ZeroHedge liquidationist 'let the banks fail' advice in many ZH articles.

Sinclair puts it like this, on how difficult and delicate it is to put the global debt bubble into reverse ... how narrow a path it is to avoid disaster:

« The economy is a drug addict. ...  You go cold turkey on money creation, you unleash the economic wrath of hell in the entire Western world. It all comes down in one great implosion. ... You have to wean a drug addict off the drug in order to not kill him in recovery ... the mishandling of any situation due to dogmatic beliefs can set off a nuclear explosion. I would walk the Western World Financial System back to sobriety, not try to blast it back which would fail miserably.

We need a new monetary system complete with a strategic plan of transitions from here and now to there. There is no politician out there that will do this ..

If I was made Chairman of the Federal Reserve in January 2013, I would wean the system slowly down while working to recreate the monetary system with required total gold value for government treasuries tied to a world index of total Western World M3. That is a simplification, but it would be the heart of my plan ... »

Tue, 10/30/2012 - 15:05 | 2932277 MachoMan
MachoMan's picture

This is nonsense.  This proposition requires an incredibly generous assumption, THAT WE HAVE THE KNOWLEDGE AND POWER TO PROLONG THE CHARADE THROUGH CENTRAL PLANNING.  Sorry, but control, in this context, is merely an illusion living on borrowed time. 

The other issue is that there has not been devised a method of "rehab" and successfully implemented that avoids such moral hazard as the cantillon effect.  In a situation where governments and central banks work together to benefit a very select group of people, any rehabilitative efforts will perform likewise.  Unless you fix things from the ground up, the "stimulus" will simply worsen economic disparity and beget additional and unforseen moral hazard.

Tue, 10/30/2012 - 15:40 | 2932423 Zero Govt
Zero Govt's picture

Bank Guy in EU Loon HQ  -  I do not believe either Wank Paulsons threats of "catastrophe" nor Gentlemen Jims. Liquidation is going to happen like it or not, we face the pain now or much more later. There is no 'right' time, but the present beats stringing this fraud out.

When Jimbo says there's no political alternative to QEternity i'm pleased he qualified this remark a few days ago as in his practical view of the situation, not his personal view. He also thinks Romneys threat to sack bubbles Ben was suicide and again i hope it's his practical understanding that once politicians paint themselves into the corner there's no alternative but to keep faking a grin/grimmace and soldier on like a stuffed buzzard

..because Bernanke should have been sacked without pension in 2008 for his complete incomptetnce and forsight (bang!)

Again where I veer away from Jimbos advise and any other guru i listen to on what replaces our current system is any kind offers to replace one monopoly monetary system with another monopoly monetary system, as Jim suggests we do.

We need a free market in money. Period.

Nobody dead or alive, no committee of wise men, not even God can beat, out-think or get remotely close to the beenfits of a free market.

Treat all gurus offering a single replacement monetary system with suspicion until further notice that they've learnt the lesson of history, freedom beats dictate and hand-me-downs

Tue, 10/30/2012 - 13:55 | 2932015 Renewable Life
Renewable Life's picture

I think everyone who is predicting a Greek collapse, is somehow under the illusion, that these banks and politicians in charge of everything, are democratic in nature and would allow a "vote" to undo them!!!!!

The next step, will be a military coup of some kind, a suspension of elections, and a rewriting of the constitution, if you resist, you are a terrorist and will be dealt with!!! After they have rewritten things again in the bankers favor, NEW elections will be held, maybe 2-3 years down the line, and democracy will be "reborn" in Greece!!!

This will be the model all over the world as people begin to rebel more and more!!

Tue, 10/30/2012 - 19:17 | 2933066 Dugald
Dugald's picture

When you say Military who do you have in mind, surely not Greek, so that leaves what? German boots on the ground....not going to happen!!

Tue, 10/30/2012 - 13:57 | 2932016 Renewable Life
Renewable Life's picture

But hey I could be wrong, but what would those 400,000 projected world wide new drone orders be for then??????

Tue, 10/30/2012 - 11:46 | 2931557 Eireann go Brach
Eireann go Brach's picture

Obama announces " can't those pesky Greeks just keep quiet and do without food until after November 7th"

Tue, 10/30/2012 - 13:02 | 2931824 Vigilante
Vigilante's picture

Not so fast Tyler..

I just ran through a host of Greek sites...

The third party in the coalition has said it will vote against the new measures.

Also leakage is appearing at the Socialist party.

It will all clear tomorrow as the austerity bill heads to Parliament.

The voting should be on the same day I gather...

Make or break time?  We've been here before...I hope it all crashes though.

Damn...I had a conversation with a friend yesterday and I was challenging him to a bet that this charade will be over by spring...

...seems I was too conservative..!

Tue, 10/30/2012 - 11:33 | 2931504 Howdan
Howdan's picture

I'm sorry to say I hope they do fail to pass the further austerity measures and do not get the next bailout tranche (EUR 32bn) as it would just prolong the patient's agony.

Perhaps EUR/USD is ramping on the news that the Troiki/Greek Government negotiations have gone successfully after they broke down on the weekend?

"Samaras's office said the negotiations with the troika have been concluded «successfully» and that «significant improvements were made. Today we concluded negotiations over the measures and the budget,» the statement read. «We did everything we could. We exhausted all the limits of pressure and time. We achieved significant improvements even in the final hour."

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_30/10/2012_467937

Tue, 10/30/2012 - 13:35 | 2931934 bank guy in Brussels
bank guy in Brussels's picture

What might be more telling, and honest, is having Greece vote and say 'No' to the bailout measures

But still get the 'bailout' money anyway

As the Germans finally admit they really just are trying to prop up their own banks, insurers and pension funds, and merely using Greece as the excuse

Tue, 10/30/2012 - 14:25 | 2932134 Cast Iron Skillet
Cast Iron Skillet's picture

“When it becomes serious, you have to lie

Tue, 10/30/2012 - 11:35 | 2931513 FL_Conservative
FL_Conservative's picture

It's about fucking time.

Tue, 10/30/2012 - 11:36 | 2931515 PaperBear
PaperBear's picture

Can the insolvent big banks finally go bankrupt now ?

Tue, 10/30/2012 - 12:33 | 2931713 semperfi
semperfi's picture

They can stay alive longer than you can wait - 5+ more years to go - they aren't going down easily and not without a nasty fight.  In the meantime, accumulate -accumulate - accumulate.

Tue, 10/30/2012 - 11:37 | 2931519 pods
pods's picture

So basically Greece is not solved, again.

Greece fire in the kitchen again.

pods

Tue, 10/30/2012 - 11:43 | 2931544 Zero Govt
Zero Govt's picture

Christine Lagarde must be losing her head when all around her are ...losing theirs as well.

Bloody Greeks, what's so complicated about cutting Govt, increasing taxes and raping their country to keep the bankers luxury yachts fueled and dripping in champagne??? 

Tue, 10/30/2012 - 12:05 | 2931620 insanelysane
insanelysane's picture

Government cutting government is close to impossible unless there is no other option and then it is still difficult.  

Tue, 10/30/2012 - 11:37 | 2931520 Dick Darlington
Dick Darlington's picture

Remember the days when the former barking dog Samaras refused to sign MoU? Yes, the same Samaras who is now the Troika's favorite lap poodle. Those were good days, lol.

Tue, 10/30/2012 - 11:38 | 2931526 Zero Govt
Zero Govt's picture


"Greek Ruling Coalition Collapses Days Ahead Of Critical Vote"

Hehehe ...hahaha  .....hohoho

Birthplace of Democractic Govt, a shining example to us all of this institution of complete farce and corruption

Bin It 

Tue, 10/30/2012 - 11:39 | 2931529 Dr. Engali
Dr. Engali's picture

Do the world a favor and default Greece...put an end to this madness.

Tue, 10/30/2012 - 12:40 | 2931534 ekm
ekm's picture

Just for fun:

Former prime minister Papandreou made the mistake of going to a greek restaurant in Germany.

http://www.balkanweb.com/TV/index.php?id_categoria=45&id_ansalive=16975

 

Tue, 10/30/2012 - 11:46 | 2931560 lindaamick
lindaamick's picture

Bring it Greece.  Be the second. (Iceland was first).

Tue, 10/30/2012 - 11:48 | 2931567 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

If one is curious why the EURUSD has been ramping as if no one will ever sell one more euro ever again

Tyler, what is the short pos on the EURUSD?

Tue, 10/30/2012 - 11:58 | 2931597 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Tyler?

Tue, 10/30/2012 - 12:11 | 2931644 Ghordius
Ghordius's picture

in a different and ZH-heretic way: Tyler, why are you so fixated* on the EURUSD levels when they go up? For all other views you have tons and tons of arguments, but when it comes to the EUR... faith? Cognitive dissonance? The (small) danger for the EUR is - as so many analyze left and right - a breakup, not a catastrophic devaluation. This (small) danger is, currently, reserved to the USD and it's sidekick GBP.

You have written yourself so much about the deleveraging process that is holding up the USD - none of this in the eurozone? which is nevertheless a region with a completely different and more contained set of balances, both financial and import/export?

What is the bearish expectation anyway? Parity?

(*) only because I sport this avatar I'm not expecting the EUR to be a currency fit for your savings for a long, long time. and no, it's not it's function anyway. so gold, bitchez

Tue, 10/30/2012 - 12:14 | 2931655 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

[cough]

...Tyler?

[cough]

Tue, 10/30/2012 - 12:26 | 2931689 Tyler Durden
Tyler Durden's picture

This has been explained on numerous occasions.

The EURUSD is the simplest and most levered way (between 500 and 1000x implied leverage) to ramp up the entire risk complex, by taking advantage of correlation algos. A linkage which the BIS and all those whose interest it is to ramp the EURUSD (because for some reason a higher EURUSD means "less risk" of European collapse - at least if those in power pander to idiots that is) are all too aware of.  Furthermore, what is truly idiotic, is that Europe is the only entity whose central bank intervenes to send its currency higher. Because even a monkey with a Finance 101 textbook realizes that what Europe should be doing, is doing everything in its power to send the EUR lower because that, and not through constant empty, hollow rhetoric, propaganda and lies, is how one fixes an imbalanced economy.

Sadly, it is now all about optics, that the system is stable, when it in fact it isn't, and the EURUSD is the status quo's favorite telegraphing mechanism to represent said stability. Of course, everyone who knows the reality, understands how everything is patched together by scotch tape.

Then again, there are always people, usually who have useless emotional attachments, who enjoy being "pandered to."

Hopefully this makes it quite clear.

Tue, 10/30/2012 - 13:01 | 2931806 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Because even a monkey with a Finance 101 textbook realizes that what Europe should be doing, is doing everything in its power to send the EUR lower because that, and not through constant empty, hollow rhetoric, propaganda and lies, is how one fixes an imbalanced economy.

Which textbook?  One written by Ben Bernanke?  Because that is true; as I have often written on your blog (Fight Club is free to all??) the textbook move to "increase exports" is to devalue the currency.  Does it work?  Well, if there is anything to export then sure!  What is the West's current chief export?

Debt.  And since the EUR vs. USD is weighted inversely Bernanke and the Fed, who control the largess of debt in the known universe (hopefully Krugman is right and aliens will come here to negotiate a debt swap), needs his doelarr lower to do what you suggest Draghi do.

So although the CBs control the "money" supply, it is often pointed out here (like the above quoted statement) that investors do such and such.  So, once again, what is the net short on eurusd?

Tue, 10/30/2012 - 13:31 | 2931902 Zero Govt
Zero Govt's picture

Great response TD... the only issue i'd take-up is regards currency devaluation 'fixing' the economy.

A study of Japanese car exports to the USA some years ago showed a strong Yen made no difference as Jap Co's just hedged, or absorbed the hit in their margins.

This is another myth in the modern day economics handbook of simplistic 'adjust A and B will happen' Pavlov Dogs school of political and central bank muppet meddling. As repeat QE (and devaluation attempts) in Japan, Europe and US proves beyond doubt they're having no effect on the economy or imports/exports

Recovery comes about quite simply when rock bottom is hit and there's nowhere else to go ...but up. 

Tue, 10/30/2012 - 13:12 | 2931865 Ghordius
Ghordius's picture

I fully agree on the scotch tape. Nevertheless IMHO you somehow misread/misinterpret the ECB's 17 CBs modus operandi.  A bunch of European central bankers, for all their faults, typically do not want to "fix an imbalanced economy". They believe in a different central banker voodo, i.e. "let stability heal an imbalanced economy".

Got to ponder a bit on your answer. Sounds like the politics behind the USD, and this is making me a bit skeptical on it's application. Thanks, btw

Tue, 10/30/2012 - 13:28 | 2931911 Ghordius
Ghordius's picture

Mr. Lennon Hendrix, the eurozone is exporting more than importing and it's financial balance is not bad, too. So the question would be: why should the EUR be sent "artificially" down? In order to get more fiat from the others? But Tyler argues that it's being sent up. And this begs for a reason, too. Only propaganda? I doubt it.

Tue, 10/30/2012 - 13:30 | 2931920 Freegolder
Freegolder's picture

'Furthermore, what is truly idiotic, is that Europe is the only entity whose central bank intervenes to send its currency higher. Because even a monkey with a Finance 101 textbook realizes that what Europe should be doing, is doing everything in its power to send the EUR lower because that, and not through constant empty, hollow rhetoric, propaganda and lies, is how one fixes an imbalanced economy'

The ECB intervenes to fulfill its mandate, nothing else. Once commentators realise that the ECB doesn't give a stuff about recovery, one's view of the Euro is so much simpler.

Oh yeah, imbalances, well, they will be sorted out under a system with free-flowing physical only gold as the balancing mechanism, but that is for a bit later.

So few grasp the crapness of the dollar-based monetary syste, it is sad to see the BS written about the ECB and the Euro.

All currencies are NOT the same, some are well managed, some not. One must be blind to view the Eurozone and its actions as in any way similar to the dollar and America. Blind. Wilfully blind? Who knows.

Does no one else grasp the reasons behind the Euro in the first place? To fucking destroy the dollar via a rising gold price.

Ah, that is better off my chest.

Thanks to ZH for a great job, but this issue is too important to wash over I feel.

Wed, 10/31/2012 - 07:44 | 2933965 Ghordius
Ghordius's picture

Freegolder, I disagree on "...the reasons behind the Euro in the first place? To fucking destroy the dollar via a rising gold price."

Of course without King Dollar and the suppression of gold the EUR would not have been launched. But your active and aggressive/activist view on it's purpose is profoundly non-continental_european.

The main goal is (I know, I know, lots of Trichet jokes about that in ZH) stability.

This means no currency wars on this continent, no competitive devaluations between the 17, no active/aggressive/activist role of the money supply and a push-back to politics of what has to be done in the fiscal policy realm.

And - very important - no FX wobbles in the industrial chains inside the zone (because the involved SMEs suffer from that). This is an industrialist continental policy that many commentators from the UK and the US miss or misunderstand.

From a strategic point of view key commodities like oil and gas have to be supplied by several sources (including Russia) and those inflows have to be matched by real streams of exports, both goods and services. The key words are real (not promises) and matched.

The continental Consensus is what King Dollar does should not be fought and cannot be prevented - ZIRP was a big problem and there the ECB had (after trying long enough) to capitulate. The inflows were getting simply too big and the other option would have been "Brasilian" methods like capital inflow taxations - too aggressive.

Your view that "The ECB intervenes to fulfill its mandate, nothing else. Once commentators realise that the ECB doesn't give a stuff about recovery..." is correct in theory, though in practice none of the 17 national banks can just stay completely idle while their governments have the feeling their credit is being trashed by speculation (note: feeling - the truth is debatable) and none of the 17 can suffer the catastrophic destruction of their banking systems - which are seen here as national strategic assets. Hence the new role of the ECB as Great Regulator for 6'000 continental banks - and this might alter the current ECB's outlook (though not it's preservation mindset).

so all in all: no. the EUR biz/design/consensus is about preservation and defence, not attack and destruction. If King Dollar suppresses gold back to nothing there won't be a mourning party, here.

-----

NB of course, like all orgs of relevance the ECB is riddled by many human failures - including an ex-Squid Prez of unknown loyalty. I'm talking here about policy consensus and political expectations, here, and their differences with the FED or the BoE. In one simple summary sentence: keep steady instead of "fixing" problems.

Tue, 10/30/2012 - 11:49 | 2931573 orangegeek
orangegeek's picture

US Dollar continues to rise - everything is being done to hold the US Dollar down.

 

http://bullandbearmash.com/chart/dollar-remains-channel-resistance/

 

As many already know, the Euro is 57% weighted against the US Dollar.  So what's keep the Euro up?  Not sure, but last I heard, insolvent countries like Greece appears to be bullish.

 

Who wants a nice souvlaki?

 

 

Tue, 10/30/2012 - 12:16 | 2931656 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

LOL DXY 80 is a steam engine on the FX map!

King dollar!!

Tue, 10/30/2012 - 11:51 | 2931579 Madcow
Madcow's picture

the passing of time makes things get worse not better - 

the deflationary collapse is going to last 30-40 years. things will just get worse and worse and worse and worse ...

all the EU can do now is militarize, dig in, and prepare for a long assault on power and authority from angry, jobless and starving masses.

the "people" of Europe will come to view the EU / ECB / IMF / UN  etc as an occupying army - sent by bankers to collect whatever money is left.

this is great news for the USA - as Europeans with any wits - and any money at all - will flee the continent.

+

the silver lining is that folks in the USA have quit insisting that we should all be "more like Europe" -

Tue, 10/30/2012 - 12:46 | 2931756 BigJim
BigJim's picture

 ...this is great news for the USA - as Europeans with any wits - and any money at all - will flee the continent.

Why is this great news for the USA? You don't imagine the fleeing Europeans are going to head state-side, do you?

Tue, 10/30/2012 - 11:52 | 2931581 Freegolder
Freegolder's picture

'one which will finally see the rise of the "anti-memorandum" forces on top, and finally launch the 3 year overdue departure of the Greek ferryboat from the monetary landmass, with even more dire consequences for the USS EURtanic.'

 

Whilst this may be ZH's prediction, the Greek people have shown time and time again that they know they are better off within the Euro. A massive devaluation via an exit helps no-one at all.

And as usual, the practicalities of an exit are ignored, it is legally impossible and there is no way it will happen. The ECB-led troika have been very creative in managing this issue and I have faith that will continue.

One day these predictions will cease for good, as the US Dollar hyperinflates, whilst the Euro calmly works with the space-rocketing gold price in its favour.

Tue, 10/30/2012 - 11:55 | 2931586 Kaiser Sousa
Kaiser Sousa's picture

its about mother fucking time!!!!

GROW SOME BALLS U GREEK MOTHER FUCKERS!!!

alll together now....

FUCK ALL BANKERS AND THEIR BITCH OWNED POLITICIANS!!!!!!!!!!!!!!!

Tue, 10/30/2012 - 15:49 | 2932481 Zero Govt
Zero Govt's picture

never a truer word spoken ...even Shakespeare would be proud of ya

Tue, 10/30/2012 - 11:57 | 2931593 This is the end
This is the end's picture

I would think the Europeans would want a depreciating currency. For the S&P, dollar down, S&P UP! Why would a continent in a much deeper recession than the US try to prop up their currency. Following the immutable laws of Keynsian economics, devaluing your currency is one of the pillars on the path to supposed prosperity along with deficit spending and ever-increasing government growth.

Tue, 10/30/2012 - 12:08 | 2931631 Freegolder
Freegolder's picture

Whilst your question is semi-rhetorical, infact you have hot upon the key difference between the Euro and the Dollar.

The ECB has no growth/employment mandate, unlike the Fed, hence their ONLY goal is to provide a stable currency for its users, something it does very effectively.

Keynes will eventually be totally dicredited, the dollar will collapse, but the nicely-managed Euro (totally separated from the nation state AND GOLD) will step into the breech.

All currencies are not the same folks, and if you really want to understand what is happening, google Another and FOA and follow your nose.

Good luck if you follow the mainstream path with regards to events, there are gaps in their understanding (wilful perhaps?).

Tue, 10/30/2012 - 12:54 | 2931790 Non Passaran
Non Passaran's picture

Fractional possession... I don't buy the FoFOA vision of the Euro.
They hold just a fraction of what they are supposed to own.
Plus the place is a command economy hellhole.
If the euro by any chance becomes gold-backed it will only become a chance to get rid of it.

Tue, 10/30/2012 - 13:34 | 2931930 Freegolder
Freegolder's picture

'They hold just a fraction of what they are supposed to own.'

And I do believe that is a) irrelevent and b) about to change.

You dummies who think the US will just rob the gold are mad. What does the US do next, after it has robbed the gold?

Eat it? Nope, if it robs the gold it immediatekly becomes a pariah state, and is fucked beyond imagination. Think it through, don't just spout crap you have read.

Wake up to the real world, the US will welcome freegold, as will all.

And if you think the Euro is/will become gold-backed, hmm, you have missed the trail sadly.

 

Tue, 10/30/2012 - 11:59 | 2931595 Cursive
Cursive's picture

Apres moi, le deluge.

Tue, 10/30/2012 - 12:07 | 2931628 THE DORK OF CORK
THE DORK OF CORK's picture

Portugal looks to be turning Greek also with a -53.6 % decline to 12,337 commercial vehicles from 26,580 in the same period last year.

Van sales -3.5 ton (Jan – Sep)
Y2007 : 51,954
Y2012 : 10,819

That is a BIG drop.

To compare Greek van sales figures
Y2007 :17,780

Y2012 : 2,595

Tue, 10/30/2012 - 12:11 | 2931645 Freegolder
Freegolder's picture

Scary figures indeed. Could I ask where you find such date please?

You will be aware the Euro was designed with no regard for the economic performance of its member states, and good job too. Perhaps the need for vans is just not there eh? C'est la vie!

Tue, 10/30/2012 - 12:22 | 2931673 Surprese
Surprese's picture

Do you sell Vans? Got some for a good price, then?

Tue, 10/30/2012 - 13:17 | 2931879 THE DORK OF CORK
THE DORK OF CORK's picture

@Freegolder

The ACEA

Van sales are a very good indicator of commerical activity , everything from plumbers to flower delivery.

many of the monetary aggs are simply no longer good indicators of velocity , commodity inflation , wage deflation etc.

Tue, 10/30/2012 - 12:09 | 2931632 XitSam
XitSam's picture

Can someone explain to me voting in a country such as Greece?  Are the represatives elected that belong to a particular party expected to vote with that party as a bloc?  Who decides how they will vote?

Tue, 10/30/2012 - 12:24 | 2931680 Ghordius
Ghordius's picture

you mean if they have "whips"? generally speaking: no, nothing legally enforceable

Tue, 10/30/2012 - 16:09 | 2932567 ekm
ekm's picture

It's a norm in Europe and Canada that if s member of parliament do not vote as dictated by the leader, they get expelled from the party.

Tue, 10/30/2012 - 12:10 | 2931635 SmoothCoolSmoke
SmoothCoolSmoke's picture

Oh boy...another vote that is gonna screw the Banksters.   How many of those have there been?  Yet the Banksters remain as un-screwed as ever.

Tue, 10/30/2012 - 12:11 | 2931640 RiverRoad
RiverRoad's picture

Cursive:

Memories of Charles de Gaulle?

Tue, 10/30/2012 - 12:11 | 2931643 Silver Bully
Silver Bully's picture
'Greek Ruling Coalition Collapses Days Ahead Of Critical Vote' No. It HASN'T.

'The only good news is that the Democratic Left can't alone scuttle the majority needed for the vote to pass.'

'The Democratic Left party has the support of 16 deputies in the 300-seat parliament. The government -- which has a 176-seat majority - could pass the reforms without its support.'

Tyler, you may want to be a bit more accurate with that title. I can't very well panic yet if the troika-friendly greek government still has a coalition, right?

RIGHT?

Tue, 10/30/2012 - 12:17 | 2931657 hektor
hektor's picture

I am fed up from the Greeks. More lazy and Ego maniac people I have never met. The black economy hides more than 50bln euros of unpaid taxes. Why the ship business is not taxed? Greece has one of the biggest ship industry in the world!!!!!!!!!!!!!!!!!!!!!!!!!!!

Tue, 10/30/2012 - 12:23 | 2931679 RiverRoad
RiverRoad's picture

Those ships are flagged in Panama, etc.

Tue, 10/30/2012 - 12:37 | 2931729 LawsofPhysics
LawsofPhysics's picture

It might have something to do with them not shipping anything lately.

Tue, 10/30/2012 - 15:51 | 2931958 Zero Govt
Zero Govt's picture

Hektor  -  like politicians you need to brush-up on your maths. All the unpaid taxes and all the Kings men couldn't put Humpty together again

we are the same across Europe, America and Japan ...no amount of Govt/bankers thieving other peoples money or assets is going to repay this orgy of debt spending.

Christine Lagardes table thumping about Greek taxpayers is not only mathematically inept but in terms of who is responsible for this epic financial mess also a tragic passing of the buck and grabbing the wrong end of the stick 

it's time politicians and bankers looked at themselves in the mirror ...then dived into the bath with a toaster

Tue, 10/30/2012 - 12:30 | 2931699 semperfi
semperfi's picture

BULLISH !!!!!!!!!!

Tue, 10/30/2012 - 12:37 | 2931727 semperfi
semperfi's picture

" another Greek election is imminent, one which will finally see the rise of the "anti-memorandum" forces on top"

Aint gonna happen -

"those that cast the votes decide nothing - those that count the votes decide everything"  -Stalin

Tue, 10/30/2012 - 12:53 | 2931787 q99x2
q99x2's picture

Finally after all these years it seems like Greece might default maybe.

Tue, 10/30/2012 - 12:55 | 2931797 Joe A
Joe A's picture

Don't know much about economy. You can say -as Tyler puts it- that I am a 'monkey with a Finance 101 textbook'. Can someone explain to me why the ECB wants to keep the EURUSD high?

Tue, 10/30/2012 - 13:49 | 2932001 Joe A
Joe A's picture

Anyone please? Cause it makes no sense to me.

Tue, 10/30/2012 - 13:02 | 2931823 Peter Pan
Peter Pan's picture

How slow motion can a slow motion train crash be ?

Tue, 10/30/2012 - 13:41 | 2931959 JosephConrad
JosephConrad's picture

As slow motion as the collapse of the U.S. Economy & pseudo-Democracy into chaos - 32yrs. after the White Wealthy, GOP & Reaganites started the U.S. Train careening down the Toilet into Poverty & Fascism...

Tue, 10/30/2012 - 13:16 | 2931874 Yen Cross
Yen Cross's picture

I vote for Draghi to pilot the, USS EURtanic. I'll even pay the (2) €, to pay for his passage into the underworld!

Tue, 10/30/2012 - 14:34 | 2932165 northerngirl
northerngirl's picture

Why is this news anymore?  It is just the same old story replayed again and again.

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