This page has been archived and commenting is disabled.
Stocks Plunge As IMF Tells Greece To Plug Holes Or It Pulls The Plug
As we warned earlier in the week, Greece is notably missing its Troika goals and the issue just became a lot more critical. As The FT reports, the IMF is preparing to suspend aid payments to Greece over what it claims is a EUR 3-4 billion shortfall that has opened up. Between healthcare budget shortfalls, central banks refusing to roll-over Greek bonds, and amid signs that even the scaled-back privatization plans that Athens had agreed to being behind schedule, the IMF - following its own admissions of mistakes in the Greek bailout, has warned EU officials the shortfall will require it to stop aid payments by the end of July. The equity market is already reacting (as is EURJPY - EUR weakness against the big carry pair) to this re-awakening of EU event risk (and the awkward timing with Merkel's election so close) - with the Fed's comfort blanket somewhat removed.
Via The FT,
The International Monetary Fund is preparing to suspend aid payments to Greece by the end of next month unless eurozone leaders plug a €3bn-€4bn shortfall that has opened up in Greece’s €172bn rescue programme, according to officials involved in management of the bailout.
The gap emerged after eurozone central banks refused to roll over Greek bonds they hold, and comes amid signs that even the scaled-back privatisation plan Athens agreed to last year is falling behind schedule.
...
The shortfall will force eurozone finance ministers to discuss “alternate sources” of funding
...
But the timing is particularly awkward as Germany is holding parliamentary elections on September 22. In the run-up to polling day Chancellor Angela Merkel will be loath to submit any further aid request to the Bundestag where it would likely be highly controversial.
...
the IMF has warned EU officials the gap will require it to stop aid payments at the end of July, said a person involved in the discussions.
Under its rules, governments must have at least 12 months of financing in place to receive IMF disbursements under a bailout programme. This latest shortfall of €3bn-€4bn means that Greece’s financing needs are only covered up to the end of July 2014.
»
- 20638 reads
- Printer-friendly version
- Send to friend
- advertisements -
tapering is not happening or the entire world will be a smoking hole in the ground. QE will be expanded you can count on that. http://tinyurl.com/mem7o7x
We need a whole new economic system, until something that isn't centrally planned is accepted by the majority of the world things will not get better and we very well may become that giant smoking hole in the ground you mention. Economies and currencies need to become more localized rather than more centralized.
Greece adopted the "Detroit Economic Model"
yes, 1600 on S&P is breached. Can't wait till 3:30 ramp.
These fools at the Fed world wide need to get real about real wealth vs paper fantasy. ONly real wealth creation can lower unemployment, provide growth. Real wealth is very hard to get, depends on energy, innovation, etc. Get real Fed fools.
I wonder if the guys who push the buy button at 3:30 with our future tax dollars play rock, paper scissors to decide which of them gets to pick the exact closing price each day.
Needing a new financial system is still only part (b)...
.
Part (a) is needed first...which is...good people to create that system.
.
Or it will be just the same, fuckin, horseshit all over again...
.
Nothing New Under the Sun,
History is Repeating itself.
.
ya digg?
I think if we are able to decentralize, then the need for superhumans decreases.
Its just the current system, with so much power in so few hands, that cannot possibly be reformed. Its like sending a virgin to reform the whorehouse. Whats the most likely outcome?
Forget the wally rollover, I want my money and now.
Would really be some great icing if margin calls started a last half hour cascade
BTW, just to clarify, when I say the current system "cannot possibly be reformed", I just mean that it needs (substantial/complete) overhaul, not 'good people' in the place of the current banksters.
PMs are getting hammered beyond belief. Have to admit that outside the Fed/JPM/GS triangle, no one - not even ZH - saw this coming last Fall.
Q: PM bro, how low will it go?
A: I'm going out to BTFD. Later I'm going boating.
Just picked up an ounce today on this pull-back. Now I need to go out and fix that hole in the boat... or not.
A whole 6 point drop? Excuse me while I take a trip to Schnoozeville.
Just yesterday Cramer said that Europe was fixed and turning around.
Well, Bear Sterns was fine too.
Cramer said, that explains it....
I wish I had 0.0000000000001 % of the money he has lost for his viewers. I'd take that fee to have told them all to change the channel... Honey Doo Doo is better than Cramer.
Pull it
Pull it, IMF
Pull it like Larry Silverstein and Building 7
Pull it
Nah, they ain't gonna pull anything.
"...governments must have at least 12 months of financing in place to receive IMF disbursements under a bailout programme."
This will be reduced to 6 months, then 3 months, then 3 days, then 15 minutes.
LOL. probably.
More like, "Go plug yourself!"
Gold, Silver, barter, practical skills, common sense... I want that to be the new system.
I am right there with you CO. More localized, less cetral planning. Less aggression and coercions, more voluntary interaction.
Storm in a tea cup???
If it walks like a smoking hole, and smells like a smoking hole, and sucks like a smoking hole...
...don't step in it?
By "alternative means of payment", do they mean "internal organs"?
the imf to eu......11 seconds
http://www.youtube.com/watch?v=0c3bhh8fqYs
Pull the fucking plug already, the patient died long ago.
If this were August, we would be saying wait till September hits. But this is June!!!
Oh I know, I think they won't stop. But the problem is that it will make it impossible for them to hide inflation/hyperinflation in the near future.
i am so happy the s&p finally broke away from the 1600 level. lots of red below, and i love watching my screens go all red.
also noticing lots of mini flash crashes on my screen.
i hope gold and silver bounce back
Paint it RED...
http://www.youtube.com/watch?v=JIV9iUwwhqo
Soylent Red is Retirees!!!
I think the precious metals are being FORCED to go lower. Even in the midst of all asset-classes crashing, they're trying to make gold look like the worst thing to own by far. All the articles in seeing on every site says 'all stocks/commodities/blah blah down with Gold leading the way'. Maybe they can pull off everything stabilizing while gold/silver/platinum hopefully staying down. Either way, those hopeless morons are still fucked, and I will keep buying that shit dips or not.
don't worry greece is ready to implode. after the vultures sold the whole country out and people are doing drugs on the streets its time to finish them off...
:/
So now?
O WHEN THE SAINTS...
We're off the lows so that means there is a rush to buy the dip! </sarc>
Maria?
Wait a second. I was told this was all taken care of.
Greece? LOL...thats pretty funny after all these years of QE can kicking.
Greece is like a dose of the clap that Penicillin doesn't quite clear up. You think you are over it and then your dick starts dripping again.
How do you know?
lol
When he finally caught the Roadrunner, Wile E. got more than he bargained for.
and for the sake of completeness, Mr. Panos.
http://www.youtube.com/watch?v=Q9cD3tyfKsI
This guy is great.
China banking crisis, Brazil burning, Fred tapering, IMF pulling plug on Greece and therefore Euro, Abe resolve weakening.........
Black Friday, anyone?
Black Friday - Steely Dan
http://www.youtube.com/watch?v=q1ZV4Mx7tw8
When Black Friday comes
I'll stand down by the door
And catch the grey men (banksters) when they
Dive from the fourteenth floor
When Black Friday comes
I'll collect everything I'm owed
And before my friends find out
I'll be on the road
As the European bond market blows out. Pay special attention to GGBs.
European bonds
Purchases of which were financed in Yen.
Great call on the Cable last week by the way.
German rates went up by 6.41% while Greece went up by "only" 4.92%. Hmmmm!
It's coming.
its fixed alright
Greece is like a guy that falls out of a large tree and hits each and every branch on the way down--just when you think that it's over there comes another thud and scream.
With an annoying flock of birds fucking him in the ear all the way down... of course, asking why the hell he was in the tree in the first place (peeping tom) is beyond everyone...
The wheels are falling off.
Call DoChen, I'm sure he can supply some new bearings... and help the Chinese market in the process!
how the hell is everything imploding and PM's *still* take a monkey punch to the nuts?! FUCK YOU BERNANKE!!!!!!!! FUCK YOU IN YOUR COCK FELATING MOUTH!!
P.S. FUCK YOU BERNANKE!!!
What he said
Paper PMs are taking monkey punches to the nuts.
LCS quoted me $26/oz. for physical silver. But I am a very small buyer. And buy I did. LCS guy has my fiat now.
paper PMs are being sold to pay for margin calls and debt.
Gold is money and a store of value, so you are correct. That store is being tapped as needed, and a lot is needed. Gold is playing the role it has historically been established to play. ETFs and such make "gold" easy to trade, which is why holding the physical tempers the impulse to dump it at inopportune times.
I don't need to sell any so it just sits at the bottom of the lake. I hope scuba gear goes on sale when I need some.
Reality-plated battleship dead ahead! Emergency dive! Flood the ballast chambers! Aft- and fore-planes 20 degrees! Dive! Dive!
You forgot to close the hatch!!
Oh shit!
LMAO
Setting the latch on a submarine's screen door doesn't help a whole lot.
Euro crisis: "I'm baaaak!"
Heeerrrrsss BenQE !!
Between healthcare budget shortfalls = shortfalls in desired fatality rates.
scaled-back privatization plans = less of the commons available for private holders.
The Greek domestic economy is no better then Ireland.
The difference ?
Perhaps elements of Greece want to remain a nation state.
Therefore it must be punished.
We are dealing with a very very dark banking force - pure fucking evil
IMF now more hated in EZ than in Argentina.
Not exactly coming up off the new lows: Dow support is at 14,500, down 325, just 2.2% more, but hard to imagine a black Friday bottom. My screens suggest serious knife-catching Monday, down 3% more. This will be one long weekend at Bernocchios.
Just increase the forward GDP forecasts. Then, all is well.
Why in the fuck don't they just reissue the drachma?
LOL, yeah! That company "mint" that makes the collector coins can do it. Order now, strict limit of 25 per customer...
"Why in the fuck don't they just reissue the drachma?"
Because there are German tax dollars left to be sucked. The funnier funny money only comes out when the Neins become real.
de la rue can't deliver just in time , Wolfi, aka Schäuble does not clear the doorway....
I
Because the Place formally known as Greece does NOT exist any more. All its assets belong to German Giants, and the serfs known as Greeks, have to pay their Masters Tribute, and not the other way round, e.g. Germany to give itself money as payment for loans to ITS COLONY.
The State Telecommunications is part of Deutche Telekoms, as well as other companies, and the Russians are not allowed to share in the spoils, no matter what the price . So much for Capitalist Economies of the "West"
That's a No Go. Requires guts and nards, both are gone from the gutted denuded southern flank EU state.
Big crowd, small door?
I do not see any reason for gold to drop 6,5% when all big asset classes are in trouble. When does this end.
Need cash for those margin calls. Ain't nothin' more liquid than gold.
How is paper gold liquid?
Let 'er drop- think of it as a firesale.
Around 950 maybe?
As soon as COMEX is no more in the US
"Unwinding" is the word of the day. Deflation fears are obvious but stagflation fears are even greater. Shadow finance's debt falling by the wayside in China, Europe, soon more in the US. With an enormous balance sheet already, the fed faces the fact that the first 3 trillion didn't work, except to buy time for the insurance co's and banks to clean up a bit. Hope they took the chance. The US is up to its eye balls in debt. Scandinavian households likewise. In other words, nobody has a clue what's next except the assured sight of lots of people with a "WTF? gaping stare."
Look at it this way....if this is all the drop in POG and POS, then its ALL THERE IS TO DROP ! So all this is the extent of all the hot money in Gold and Silver...so now, its pure upside from here. No more paper origami tricks, no more Gold Kabuki, no more BenWiz behind the screen. We have now established bedrock, pure GOLD.
the sky is falling
the sky is falling...
yea so what
gravity's a bytch
Greece is just ahead of the US a few years- we're all just circling the drain trying to maintain the social programs that have been mismanaged, and that we can't afford.
All by design,all of it.
"Pull it."
Don't be a bunch of pussies Greece threaten to press the red button on the derivatives time bomb Draghi is trying to hard to protect since his old boss Goldman Sachs is the counterparty to all that exposure, exposure Draghi set up in the first place to get Greece into the EU and their current predicament. Pull out and press the red button at the same time. You know you want to if you have pride left as people.
ISDA will just say `this is not a credit event - move along` It is not in Greece's power to trigger anything, they blew that chance 18 months ago. Now they must curl up in the corner at take the kicking the IMF is getting ready to give them.
Or IMF's Legs-arde with a strapon in a Greek bath. wow that would be a major distraction while plugging holes. But it wouldn't take too long to make their IMF point.
No they didn't, it is only being delayed. Remove the political sock puppets that have the ECB and EU in general hands up it's asses controlling the power levers in Greece and then shit gets real real quick when you have some politicians in power in Greece that aren't already bought and sold. Will happen, probably not as long the people keeping bending over and taking it like a bunch of broken rape victims as long as the rapist shows just enough benevolence to keep them from rebelling and not allowing outside forces to empower them to stand up to the financial rapist.. The impedance to change there is psychological more than anything else. Remember that old saying about Stalin and plucked chickens....
You decide who is Stalin and who is the plucked chicken.
The greeks have been prepaying pensions/ vacations they think they are going to get..that is if you are connected somehow.....they cheat and steal real well....but the Gols and Silver is a wierd one for me....I think its the paper failing right now...what will save it is a default on a delivery...soon to come i think...
Phys silver is not available in the UK anywhere NEAR spot! Much lower premiums for Gold.
bullionvault.com; located in London; available exactly at spot. In 1000 oz. bars if you want.
LOL so $20,000 minimum order?
Tulving's minimum is half that, but his premium is 15% currently (IIRC)
If there was a failed delivery, I would expect the paper price to go to zero
Wouldn't bother me though, will be time to get my diving gear out and look for my stash
ZH kicks ass as the best source for honest financial and economic reporting. They make CNBC and Bloomberg look like lying whores of the stock exchanges and central bankers. WHich they are!
+1 Ditto, none better...
You should check out Catherine Murray of BNN in Canada. She is a former Deutsche Bank and Goldman Sachs employee. I bet she sucks a mean Bankster cock.
http://www.bnn.ca/Personalities/Catherine-Murray.aspx
"like lying whores?"
They are lying whores.
Something changed. The usd/jpy was pretty much linked to the S&P 500. Not anymore. That treasuries are down (rates up) when the markte is selling off hard is a nightmare. Bill Gross must be drinking beefeater after looking at his P/L. This could get real ugly real fast.
More wheels coming off, and an hour to go (down way more).
this can be a -430 plus day on dow.
we have breaches some key levels and i could not be happier.
fuck wall st, i hope the fed unwinding leads to the demise of all the big banks and many arrests, fuck them all.
what you see now was decided at the bilderberg meetings.
cnbc should be fun at 3 pm for closing bell.
if u want to laugh ur ass off, tune in to here maria ask all guests if they would be buying on this dip
In this developing volatility, the new meme may be BTFGap.
they are selling Gold to cover their losses :)
GOLD bitchez!!!!!
Who is "they"? Who is selling that also has significant gold?
Give me Dow down 1000 on the day, and I'll be excited.
Give me Dow down 1000 for a few days in a row and I'll sport a woody the size of a telephone pole.
watch out for
woodpeckers....
Yeah, like Greece actually has 12 months of funding...silly IMF, Trix are for Greeks...
Where's the POMO? Thur. June 20th, 2013 > $2.75-3.50 billion.
1600 is a greecey floor.
Hope the deer is fed and rested. He might have to clock some over time in the next while.
Get ready for Bail In the Sequel...
This is all converging I'm one ugly mess! Japan , china, and now Greece. Gold is not acting like a safe haven at all. When will support be in? I hAve been fuked 6 ways to Sunday.
Good thing its Thursday...You're getting laid alot....hahahaha
Glad Im off work today...I like a good show
Going thru the cracks again. EuroStoxx50 down a disastrous 4% or so today, could see buyers gathering at 2500, down 2.5% more. You can find it here:
http://www.investing.com/commodities/gold-advanced-chart
Any guesses on what the Dow and S&P closing numbers will be?
I'll say Dow down 490 points. S&P down 57 points.
I was wrong. I'm just too optimistic.
Worthless "paper" GLD SLV are sold to satisfy marging calls.
Apmex and Gainsvillecoins have 10 oz bar on sale for $ 217.55. Hint hint
But Hollande and Rompuy assured us only last week that Europe was FIXED!
I think he meant NIXED.
You can see your favorite stock sector here, down 2-3%:
http://stockcharts.com/freecharts/marketsummary.html
Coach Bernanke:
"What the HELL is going on out there? Buy the DAMN DIP!"
Empty IMF threats. Tell them to go ahead.
How can they pull the plug when she is already down the drain?
Greeeeece- they're testing your perimeter.
Seeing whether you'll just bend over an accept some more.
Now is the time, jack the Euro, print some drachmas and lets get this show on the road.
"Hey Christina, wanna earn $20 the hard way?"
You just know in the craigslists of every single Greek city are ads popping up for "creative accountant with flexible skills wanted, unlimited earning potential"
ag<20
AU<1290
ke sabe
What kind of drooling fucking imbecile calls a 6 or 7 point drop on the S&P a "plunge"?
only a faux "trader" who wastes a lot of time looking at tick charts ...