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The Myth Is Over: Europe Fails To Agree On Greece

Tyler Durden's picture




 

Given our earlier comments, it is hardly surprising but the Eurogroup meeting just ended and there is no agreement; headlines via Bloomberg:

  • *FRIEDEN SAYS NO DECISIONS REACHED TODAY ON GREECE BY EUROGROUP
  • *FRIEDEN SAYS EURO FINANCE CHIEFS TO CONTINUE TALKS ON MONDAY
  • *SCHAEUBLE SAYS EUROGROUP UNABLE TO REACH CONCLUSIVE AGREEMENT
  • *LAGARDE SAYS MORE WORK NEEDED FOR GREEK SOLUTION
  •  

EURUSD is tumbling (as are S&P 500 futures in their oh-so-correlated manner)

Of course, Juncker has his own spin:

  • *JUNCKER IDENTIFIED 'CREDIBLE' IDEAS TO BRING DOWN GREEK DEBT
  • *JUNCKER SAYS GREECE HAS MET PRIOR ACTIONS SATISFACTORILY
  • *JUNCKER SAYS GREECE HAS MADE 'CONSIDERABLE EFFORTS'
  • *JUNCKER SAYS NO MAJOR POLITICAL DISAGREEMENTS IN GREECE TALKS

 

EURUSD false-started on news that they HAD an agreement - then plunged as reality hit

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Wed, 11/21/2012 - 07:42 | 3001439 insanelysane
insanelysane's picture

They could all agree that Greece won't be able to pay their debts until 20-infinity.

Tue, 11/20/2012 - 23:53 | 3001063 Spitzer
Spitzer's picture

KING EURO 

 

what is right with it is what is wrong with it.

Wed, 11/21/2012 - 00:07 | 3001103 DoChenRollingBearing
DoChenRollingBearing's picture

King GOLD, mon amis Spitzer!  You know better!

Wed, 11/21/2012 - 03:35 | 3001317 Ghordius
Ghordius's picture

still king dollar and princess euro. nevertheless gold in the long run, bitchez

the euro might be the better construct but a good car can still be driven over the cliff by a determined bunch of idiots

as usual, TruthInSunshine hits the nail on the head, here 3001214

and btw Junker is still the only one that ever admitted lying, folks - I find it really funny how much flak he gets for that...

oh, before I forget: free Corzine

Wed, 11/21/2012 - 06:51 | 3001400 Overflow-admin
Overflow-admin's picture

Corr: mon ami (singular form), mes amis (plural form)

Tue, 11/20/2012 - 23:54 | 3001068 Boilermaker
Boilermaker's picture

ES down 4 Handles!!!!

This could be the big one!!!

Tue, 11/20/2012 - 23:56 | 3001072 Orly
Orly's picture

Don't be hasty.  The Nikkei is still rising on vapours...

Tue, 11/20/2012 - 23:59 | 3001075 Boilermaker
Boilermaker's picture

Now down 4.7.....

Almost a full 1/6th of the massive mystery rally 48 hours ago.

Oh sweet baby Jesus...it's going to crash for sure this time!!!!

Wed, 11/21/2012 - 00:02 | 3001082 Orly
Orly's picture

Could be.  Japan turned neg.  Interesting to make the announcement during their lunch period?

Only Singapore seems to be digging it.  Wonder why...

Wed, 11/21/2012 - 00:12 | 3001118 Boilermaker
Boilermaker's picture

Yea...could be. Way to really hang out there on a limb.

Let me guess, there's a chance for precipitation tomorrow, also.

Wed, 11/21/2012 - 01:07 | 3001214 TruthInSunshine
TruthInSunshine's picture

Don't repeat this, but the man in the white hat told me that the cabal has no choice but to let the USD rise, even though they don't want to,  because it's the last and best remaining opportunity to avert a global depression, bitchez.

This is consistent with the Japanese/Nikkei experience beginning in 1989, where the yen appreciated massively against all other developed nation currencies, while the Nikkei sprung a serious, long term leak.

Wed, 11/21/2012 - 00:13 | 3001119 Boilermaker
Boilermaker's picture

Yea...could be. Way to really hang out there on a limb.

Let me guess, there's a chance for precipitation tomorrow, also.

Wed, 11/21/2012 - 00:55 | 3001204 knukles
knukles's picture

My wife always talks during her period

Wed, 11/21/2012 - 01:43 | 3001263 DeadFred
DeadFred's picture

Nikkei has been soaring for days because Abe promises to vaporize the yen. The Shanghai has been quietly dropping down to lows it hasn't seen since 2009. I guess the Chinese like their new government the way the US likes it's old one.

Wed, 11/21/2012 - 00:03 | 3001086 fonzannoon
fonzannoon's picture

Boilermaker your commitment to sarcasiming this insanity to death keeps me going.

Wed, 11/21/2012 - 00:10 | 3001109 Boilermaker
Boilermaker's picture

LOL.., you know they will have this bullshit positive by the time we take s morning dump. Why? Well... Why not, at this point?

Wed, 11/21/2012 - 00:22 | 3001139 mvsjcl
mvsjcl's picture

You had me smiling, man. Thanks.

Wed, 11/21/2012 - 00:23 | 3001142 Orly
Orly's picture

Don't forget that the DAX shot the moon over the past two trading sessions.  If they just dropped back to where they were two days ago, that would put the DAX at about 6990, which would also cover the gap in their open on that day.  If anyone knows about these dealings in Greece with the inside skinny, it is the Germans.

The Europeans are notorious for doing this, especially the British in 4X.  They will move the pair to whichever way it's not going to go as hard as they can and then get on board and ride it out.  Looks to be the same deal here.  Yen Cross asked about it as well. The old Euro pump-and-dump, at your service.

If my math is right and the DAX does cover that opening gap, that's a 2.4% drop from here that could be construed as significant in the FTSE and here across the pond.  The Euro is still dropping like a stone and looks to be doing that for the next six hours or so, so sarcise all you want but this displacement is real enough, believe.

:D

Wed, 11/21/2012 - 00:39 | 3001169 chump666
chump666's picture

Very good point.  Remember when the DAX would gap down about 1% then capitulate to 3%?

Wed, 11/21/2012 - 02:11 | 3001284 PersonalRespons...
PersonalResponsibility's picture

They have a printing press... everywhere.  Don't fight it, you'll get brain bubbles, and lose all of your money.

Wed, 11/21/2012 - 00:02 | 3001081 TruthInSunshine
TruthInSunshine's picture

We've turned Japanese. Rome wasn't built (nor destroyed) in a day. And the Nikkei took 20 year to slope-a-dope down from 40k to 8k.

When confidence is lost, which is now a firm and irreversible stage that we have entered, GTF out of the line of fire and batten down the hatches.

All The Bernank's printers & all of Draghi's phlegm can't put the structual economy back together again.

Wed, 11/21/2012 - 00:05 | 3001096 euphoria
euphoria's picture

Thats a nursery rhyme worth an upvote. Beats the shit out of 3 men in a tub.

Wed, 11/21/2012 - 00:06 | 3001099 Caviar Emptor
Caviar Emptor's picture

You're getting quite poetic, Truthy. When the bubblegum bubble bursts...it gets into your hair

Wed, 11/21/2012 - 00:11 | 3001114 TruthInSunshine
TruthInSunshine's picture

Seeing The Bernank's trembling upper lip today inspired me to wax poetically upon his impotence this evening.

Wed, 11/21/2012 - 00:13 | 3001121 Caviar Emptor
Caviar Emptor's picture

Something quite allegorical about  quivering impotency and lips...

Wed, 11/21/2012 - 00:55 | 3001196 Tinky
Tinky's picture

The man just exudes confidence. It's like watching Muhammad Ali in his prime.

Wed, 11/21/2012 - 00:14 | 3001124 kito
kito's picture

@truth---i assume when you say weve turned japanese, you mean the japan that has a few years left at best, and not the japan that delayed the inevitable for 2 decades?????........'cause 20 years puts the u.s. debt burden at something like, oh 50+ trillion.....and with granthams rosy prediction of sub 1 percent gdp growth..........not seeing it happen.........just not seeing 20 years more of this insanity...........

Wed, 11/21/2012 - 00:33 | 3001159 Dr. Engali
Dr. Engali's picture

Agreed kito. There is a difference between a reserve currency and a carry trade currency. Not to mention we have a rising power that wants to challenge the reserve currency dominance. This won't be a twenty year slide, it will continue to accelerate until we all go the way of the Twinkie.

Wed, 11/21/2012 - 00:42 | 3001174 kito
kito's picture

this latest push into asia will likely be the last for the american empire.............

Wed, 11/21/2012 - 00:50 | 3001192 TruthInSunshine
TruthInSunshine's picture

Noone knows the timeline, unless they're pretending to be a false prophet, IMO.

I just know a good and firmly entrenched trend when I see one.

I see lots of shit being liquidated to pay for essentials by baby boomers, retirees and many others given the whacked out, batshit crazy NIRP/ZIRP'd Bernank'd-broken markets and economy we're going to live through for some time.

Color comin' in, as they say in Vegas, boys.

Wed, 11/21/2012 - 07:37 | 3001435 samcontrol
samcontrol's picture

ok fair enough , lets say ten more years then...

Tue, 11/20/2012 - 23:59 | 3001077 lolmao500
lolmao500's picture

Bernanke wants to buy foreign bonds, he should start buying Greek bonds... everything would be solved...

/or so says Juncker.

Wed, 11/21/2012 - 00:00 | 3001079 Dr. Engali
Dr. Engali's picture

I'm sure we will get some bullshit song and dance the hopium market can grab on to and rally before the weekend.

Wed, 11/21/2012 - 00:06 | 3001097 fonzannoon
fonzannoon's picture

I give you black Friday Dr. Engali.

 

Nothing spells hopium like a bunch of maniacs trampling on other maniacs to buy a blender.

Wed, 11/21/2012 - 00:19 | 3001135 kito
kito's picture

im so torn by black friday.........on one hand i abhor the concept of people brushing off thanksgiving only to race to the stores at midnight...........just abominable.......such a sad country we have become...yet on the other hand.......oh those deals!!!!!!!!!!!!!!!!!!

Wed, 11/21/2012 - 00:22 | 3001140 fonzannoon
fonzannoon's picture

Kito TIS is right. Did you watch the Bernak today? He was freaking out. He finished his speech, pissed himself and then drank 3 gallons of water. I could amost picture the S&P giving up 400 pts as he was speaking.

Wed, 11/21/2012 - 00:26 | 3001146 Orly
Orly's picture

There was some reporter, too, who asked him a question and Dr. Bernanke ripped the mike out of his hand and stormed off.

I wonder what that was about...

The guy says video sometime tomorrow (20 Nov...).

Wed, 11/21/2012 - 00:37 | 3001162 fonzannoon
fonzannoon's picture

Someone on here posted the vid earlier today. It was a kid named Luke. In Bernanke's defence I think he was burnt out and thought it was his male escort and then found out it was not.....

Wed, 11/21/2012 - 00:42 | 3001178 The Shootist
The Shootist's picture

Man I need a link, Bernanke humor. Seriously though, does anyone have a link or do I have to search?

Wed, 11/21/2012 - 00:47 | 3001188 fonzannoon
fonzannoon's picture

I checked, Orly is right. someone mentioned the encounter, but said link tomorrow.

Wed, 11/21/2012 - 01:14 | 3001222 TruthInSunshine
TruthInSunshine's picture

It was -

 

the video with Ben Bernanke will be out tomorrow on got another one coming with Paul Volcker

 

Rumor has it that The Bernank tore off his shirt, flexed up on Luke & screamed "you fucked with the wrong fractional reserve alchemist, bitch! I'm gonna rip the eyes out of your head and piss into your dead skull!"

Again, it's unconfirmed, though.

Wed, 11/21/2012 - 01:47 | 3001267 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yeah but after all that Bernanke tried to kiss him.

Wed, 11/21/2012 - 01:23 | 3001230 Yen Cross
Yen Cross's picture

  Here is the C-SPAN link [ Fonz,Orly,] ...  Ben Bernanke Addresses Economic Club of New York | C-SPAN

  Click video playlist to right for full speech. aprox; 55 minutes.  LMAO "T/I/S"  Good post ;-)

Wed, 11/21/2012 - 04:53 | 3001347 bunnyswanson
bunnyswanson's picture

Luke Rhudowsky on bullhorn at NBC headquarters - (this guy is known by many and records OWS events). 

This young man has potential.

http://www.youtube.com/watch?v=-1ZplsE3QU4

 

Wed, 11/21/2012 - 00:33 | 3001147 Dr. Engali
Dr. Engali's picture

He always looks like he is ready to piss himself. The market has that priced in :)

Wed, 11/21/2012 - 00:50 | 3001194 chump666
chump666's picture

lol

Wed, 11/21/2012 - 00:01 | 3001083 q99x2
q99x2's picture

Thought the banksters imploded that country, put everything up pennies on the dolla and got the Nazis rolling again. Time to move onto Spain already. Head em up move em out...

Wed, 11/21/2012 - 00:08 | 3001102 Caviar Emptor
Caviar Emptor's picture

Yup. There's plenty of work to be done in Spain. Nazis always there just under the surface. Generalissimo

Wed, 11/21/2012 - 00:05 | 3001087 NoDebt
NoDebt's picture

Euro bankers whispering in Greece's ear: "We're your only friend- just give us what we want."

Wake up and tell them to get stuffed.  You have more friends (investors) than you know.  Just not in your current state.  You can't make new friends until you get rid of the ones who are bleeding you dry right now. 

Cradle of Democracy living under somebody else's rules BY CHOICE.  How embarassing.

Yes, breaking free with hurt.  Yes, you will suffer a decline in your standard of living.  But your destiny will be in your own hands again.  You don't need to lift anything heavier than your own middle finger.

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