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ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral - Full Statement
Just what the market had hoped would not happen...
- *ECB SAYS IT LIFTS WAIVER ON GREEK GOVERNMENT DEBT AS COLLATERAL
- *ECB SAYS IT CAN'T ASSUME SUCCESSFUL CONCLUSION OF GREECE REVIEW
What this means simply is that since Greek banks are now unable to pledge Greek bonds as collateral and fund themselves, and liquidity is about to evaporate, the ECB has effectively just given a green light for Greek bank runs, as suddenly it has removed, both mathematically but worse politically, a key support pillar from underneath the already bailed out Greek banking system, (or merely a negotiating move to let Greece see just what kind of chaos this will create ahead of the big D-Day on Feb 25th when ELA could be withdrawn).
And now finally, after many years of investing in ECB repo collateral, pardon Greek debt, Greek banks finally will ask what the "fundamental" value of all that Greek government debt they bought really is. Judging by the Greek ETF's reaction, the answer is lower.
The only question now is whether the Greek Central Bank, which the ECB said is now sufficient to meet bank liquidity needs (via the ELA which the ECB has not yanked... yet: it has given Greece until February 28 before this final prop is yanked and Greece is left to drown), is allowed to print Euros. If not, the Greek experiment at trying to stick it to Europe is about to crash and burn spectacularly.
Joking aside, what is really at stake now, if only for Greece, is everything: Syriza either folds, and cedes by withdrawing all demands, thus effectively ending its mandate less than 2 weeks after coming to power, or it exits the Eurozone.
Press Release From ECB
PRESS RELEASE
4 February 2015 - Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operations
ECB’s Governing Council lifts current waiver of minimum credit rating requirements for marketable instruments issued or guaranteed by the Hellenic Republic
Suspension is in line with existing Eurosystem rules, since it is currently not possible to assume a successful conclusion of the programme review
Suspension has no impact on counterparty status of Greek financial institutions
Liquidity needs of affected Eurosystem counterparties can be satisfied by the relevant national central bank, in line with Eurosystem rules
The Governing Council of the European Central Bank (ECB) today decided to lift the waiver affecting marketable debt instruments issued or fully guaranteed by the Hellenic Republic. The waiver allowed these instruments to be used in Eurosystem monetary policy operations despite the fact that they did not fulfil minimum credit rating requirements. The Governing Council decision is based on the fact that it is currently not possible to assume a successful conclusion of the programme review and is in line with existing Eurosystem rules.
This decision does not bear consequences for the counterparty status of Greek financial institutions in monetary policy operations. Liquidity needs of Eurosystem counterparties, for counterparties that do not have sufficient alternative collateral, can be satisfied by the relevant national central bank, by means of emergency liquidity assistance (ELA) within the existing Eurosystem rules.
The instruments in question will cease to be eligible as collateral as of the maturity of the current main refinancing operation (11 February 2015).
In short: there is about 1 week before a key liquidity support of the Greek financial system is yanked.
* * *
Here is The Greek Government's response...
This decision does not reflect any negative developments in the financial sector of the country and comes after two days of substantial stabilization . According to her the European Central Bank ( ECB ) , the Greek banking system remains adequately capitalized and fully protected through access to the EIA .
The European Central Bank ( ECB ) , taking and announcing this decision puts pressure on the Eurogroup to proceed rapidly to conclude a new mutually beneficial agreement between Greece and its partners.
The government daily widens the circle of consultation with partners and institutions to which they belong , remains at the target social salvation program approved by the vote of the Greek people , and consult with a view to drawing up European policy that will finally end the hitherto self-reinforcing crisis of Greek social economy .
* * *
Draghi tells Tsipras "don't worry, it's ok: you still have ELA... which we will pull on Feb 28 unless you agree to our terms"
— zerohedge (@zerohedge) February 5, 2015
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Yeah, I'm 82 but I work every day in my wood shop. I am a Prepper and kind of an anomaly around here. I credit good genes.
Game on.
Now be brave Greece and tell the EU to go fuck itself.
ECB seems to be a bad poker player, they've pulled the big guns out very early.
The correct spelling is "zee big guns".
Release the kraken!
May have been released today.
Release the banken stein who eats fiat and shits silver and gold.
Release the hounds!
It’s the Greek people versus the banks. Always, the media and the politicians side with the banks.
I can’t believe so many people, on the basis of Troika propaganda, so quickly turn against a people who are trying to save themselves.
Are Americans too dumb to recognize the boot of the conqueror? Can they not see that voting is senseless, that law and justice belong to the rule maker? Can there be any doubt that these unelected officials from Draghi to Janet Yellen (no president has the liberty of selecting his own Fed chief)) are the enforcers of the boot and when it is through with eastern Urkaine, Gaza, and Greece it will come to the streets of America.
Just like when you owe the crack dealer money. Should have never bought it to begin with. In this case the majority never knew what happened.
1913 was a long time ago, and I'd wager that the very few people who were alive in 1913, weren't old enough to have consented anyways.
Unfortunately, Americans are not trained to think for themselves. As Dr. Adrian Krieg explains, “one cannot address deception without considering the corporate, ‘lamestream media.’ Of course the media goes far beyond deception into wholesale fraud. The media acts in concert with the government and the government schools in disseminating the accepted lies and deceptions. It creates a semi-totalitarian system of thought control. Fortunately, the alternative media exists and has grown in recent years thanks mainly to the internet, but its overall influence is still small as most Americans remain ignorant and apathetic.”
If the people are to win the battle against the banks, they must learn how to think, for themselves how to solve problems and how to break all reliance on the repetitive indoctrination offered by government and Bloomberg if they are to see through their lies.
Your comment fits well with the bankers’ New World Order that is now upon us.
If you are really opposed to lies and deception, perhaps now would be a good time to edit your own posts.
^^^Nick.....
Please keep in mind that not all who post here on ZH use English as a first language. Many of us are speaking/typing English as our 3rd / 4th language. Please allow for a little poor grammar or improper usage of the language for those of us who are not native English speakers.
Thanks!
JR,
Half of Americans can think for themselves. Unfortunately, the mainstream media and academia have done a such thorough job of spreading propaganda and brain washing those at trough or working for the government that the other half doesn't have a clue what made America great .
Yes, most 'Muricans are too dumb to see this now.
Just wait though, there is a "Come to Jesus" moment coming for the "Land of the Free".....soon
And this narrative will change.
Especially once our Pensions and 401k's/IRAs are confiscated to help bail out the banks.....
Americans are incredibly dumb. Period. I live around some of the best and the brightest (at least if you judge them by their bank accounts) and they have absolutely no clue as to what is going on around them.
Burn, baby, burn!
No, seriously, Greece folds its tent and submits to its Troika overloads ASAP.
THEY OWN YOU!!!! https://www.youtube.com/watch?v=rsL6mKxtOlQ
they'll fix that
The first of many bluffs to come from both sides.
The next few weeks will be quite interesting.
What have the Greeks to bluff with? It sounds like the ECB has just called them. Time to show your cards or fold!
Not paying shit back.
Leaving Euro.
causing all other nations in similar conditions to do same thing by setting a precedent.
ECB pulled the plug too early
Syriza will survive it as greeks will blame Brussels and continue to support Syriza
.....until the Pensions For The Blind stop arriving for all those people cycling around. There is one Greek island where every adult - I repeat, every adult - is in receipt of a pension for the blind. Doesn't stop them driving around at breakneck speed....
Yep, Greeks will start burning embassies and EU businesses.
2 weeks ago would have been 5 years late
At least Greeks will show how easy it is to fold and move on.
Debt free must be nice...and easy.
Mr. Panos has this all figured out! https://www.youtube.com/watch?v=Zvl9N9GdraQ
Greece will announce it has no gold to back a "new" drachma.
https://craigeisele.wordpress.com/2012/02/24/greece-had-to-pledge-all-of...
Ergo there will be no control on the printing of that fiat that is going to save Greece (not).
Greece has serious problems to work through and leaving the EU is the first, albeit, painful step. But it is also the sin que non.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_04/02/2015_546901
"We threatened to collapse the domestic banking system of some Greek folks."
Draghi == Merkel's bitch
The Greek Rouble has a certain ring to it. Gold backed of course....
That will not happen. They will not back the Drachme or whatever name they choose for their counterfeit money with any PM. That would mean they had learned a lesseon. And you think Greece would to that which has defaulted a 7 or os times the last 200 - 300 years?
Greece cant afford to leave the euro. All its debts are denominated in euros and and under foreign legal jurisdiction. What a bunch of idiots, they sold themselves into slavery to the Germans and never knew it...still dont know it.
Only partially true. They elected 'leaders' who promised the most free stuff, lived life on the hog with borrowed German money and now can't pay it back. Two sides to this story.
Greece can simply declare default and tell the creditors to go to hell
Sure they can. Then they can print Drachmas and burn goat pellets to stay warm. I think Diesel engines can be converted to run on pretty much everything. The pensions and salaries all paid in Drachmas. Not saying Drachmas are worthless but they will definitely be worth less than either Euros or Dollars.
Syriza is like kids with matches in a house full of gas canisters.
Diesel engines can run on olive oil @ 30% efficiency
Achieved in Crete.
Old olive oil can be sold to traders for soap and other uses @ 1.80 Euros per litre.
But it can be used to run diesel engines, the difference is about the same as buying diesel or running with one's own olive oil.
I remember Welsh Truck drivers using Corn oil to run theirs, it smelled like Fish 'n Chip fryers running in front.
And other Europeans can use low grade Italian olive oil from Bari or Saudi Light Crude. You do have a choice.
They have fish and olive oil. That is all they need.
The Greeks can politely tell the EU to fuck off and accept new Greek Drachmas or Molon labe. Western banks only love fiat when they have a monoploy on the printing press.
Looks like the ECB is inviting them to do just that, so what are they waiting for?
What, you've never heard of default?
Fuck the debts and fuck he foreign jurisdictions. What are they going to do? Send in troops?
An oppurtunity of historic proportions.
Now need russia to scarf_up bonds at pennies at discount y voila!
Hold on, hold on - let's not jump to conclusions but just remember how well paper and ink turned out for Zimbabwe...It did turn out?...Didn't it?....Whadda ya mean, NO?....Ahhhhhhhhhhhh.....
Actually I find this all quite terrifying. The Clintons are the most politically-connected family on the planet, and Chelsea's husband just got burned bad on Greece? When people like the Clintons are losing money, that means that the financial mechanisms are no longer functioning as intended.
The Greek FinMin ought to do some reading up on Arkansacide
Please...
The washington hillarybillies.
Hillbillies? Please. Bill went to Oxford -at least until he was discreetly forced to withdraw because of too many allegations of rape. But he learned from his expereince. Hillary and an elite security team of thugs took care of future "bimbo eruptions". I would say that if rape is inevitable you should just sit back and enjoy it - though that was difficult with Bill because he was a lip biter. Ouch!
Don't worry -there's a private Clinton baiil out fund. Well -not really private. Quasi-governmental. All Fed or taxpayer money ultimately. Yes the elites will exact a price -maybe Clinton (Bill) have have to publicly give Netanyahu a blow job (again) -or perhaps Chelsea will have to spend a few nights as the sex toy for some of the elites -the kinky ones, anyway. But the Clinton Clan will be taken care of.
Don't forget the chicks he has access to on Pervert Island he can pimp for spending money.
Hmm? Sorry, I was picturing Whore Island.
This happened before in 2012:
28 February 2012 - Eligibility of Greek bonds used as collateral in Eurosystem monetary policy operationsThe Governing Council of the European Central Bank (ECB) has decided to temporarily suspend the eligibility of marketable debt instruments issued or fully guaranteed by the Hellenic Republic for use as collateral in Eurosystem monetary policy operations. This decision takes into account the rating of the Hellenic Republic as a result of the launch of the private sector involvement offer.
At the same time, the Governing Council decided that the liquidity needs of affected Eurosystem counterparties can be satisfied by the relevant national central banks, in line with relevant Eurosystem arrangements (emergency liquidity assistance).
Marketable debt instruments issued or fully guaranteed by the Hellenic Republic will become in principle eligible upon activation of the collateral enhancement scheme agreed by the Heads of State or Government of the euro area on 21 July 2011, and confirmed on 26 October 2011, together with a number of other measures aimed at assisting Greece in its adjustment programme. This is expected to take place by mid-March 2012.
Looks like the ECB didn't care much for Obama's sympathy about Greece.
The European Central Bank has suspended the eligibility of Greek sovereign debt as collateral for its liquidity operations, starting from February 11th.
In a press release, the European Central Bank, who are having a governing council meeting today, explained their decision saying that it is currently impossible to assume a successful conclusion of the current Greek program. In other words, the ECB doesn't see Greece complying with existing bailout rules.
It is clear from the press release that the governing council also approved the Greek Central Bank issuance of Emergency Liquidity Assistance to the Greek banking system to cover any liquidity shortfall caused by today's move.
The move from the ECB today is a copy of the suspension of Greek debt that occurred in February 2012.
Following the 2012 suspension, the Greek central bank issued Emergency Lending Assistance (ELA) - a national central bank level liquidity operation outside of normal ECB monetary policy - to Greek banks that grew to total 123 billion euros by November 2012. Greek sovereign debt did not become eligible again at the ECB's main liquidity operations until December 2012, with ELA dropping to by 90 billion at that point.
For Greek banks, this move by the ECB will not directly be a disaster as they have reduced their exposure to the Greek sovereign since 2012 and so are less reliant on that debt as collateral. The press release emphasizes that this move is not a ban of Greek banks from ECB operations. Any collateral that they are currently using that is not Greek sovereign debt will still be eligible.
Bravo, bravo. Let the deadbeats walk.
Article from Feb 2012: Greece was then under pressure to negotiate the bailout package...http://money.cnn.com/2012/02/06/markets/greece/index.htm
the bull and the red cape.
The spectacle "blood and sand" begins.
Can't wait till Greece pulls out their Bazookas
A) Dear Troika - FU - The NATO base Is gone - defend yourselves
B) Dear Troika - Greece now announces the new Russian & EEU military base
C) Dear Troika - That crashing sound is not Russian tanks moving in - that's next week - that sound is the crashing of YOUR stocks markets - fine work
PS: We are no longer using US dollars - we dont deal with Nazis or Marxists...
"Prime Minister? Interior Minister here. All the guards are knocked out at the Gold Vault. Our gold is gone! Yes, they must have used a knockout gas."
I was wondering why the markets did a "Peter Pan" off the cliff like that...remember that folks whenever you get worried about the inevitable market D-Day...all it will take is the intangible like that out of left to drop markets 25% in a session...well who knows now with the circuit breakers but maybe a few sessions....
Won't matter...Putin has been looking for some strategic warm water ports anyway...he's got the money honey if you can keep away the NWO disease...why do you think we did a 180 on Cuba in the past few months...someone finally used their head which suprises me because Putin was likely gonna try to reignite that old romance...he was probably just trepidatious since it would be perceived and spun as making moves in the MSM.
He's likely regretting that now but he learned and will lighting speed other options...like perhaps a gold/silver backed ruble.
I thought Greece had a month to think about it?
The NSA must be listening to the new government's phone calls.
Those new Internet passwords are compromised.
does this mean chealsea clinton now has to move into her parents basement?
And work the local corner.
She ain't gonna pull in a lot of money ....
If she does golden showers she might.
Deleted
Newly minted fresh face socialist PM thinks to himself : 'Hmmmm... I wonder what Karl Marx would do now?'
farout
I was wrong! The EU and ECB are acting more forcefully and quickly than I ever thought they would. I expected an initial attempt at "extend and pretend" anything to prevent an immediate coming to a head of Greece's refusal to maintain the fiction of repayment. Some sort of extension into the 22 nd century of obligations outstanding.
This must mean the Germans, who are the power behind the throne, are NOT going to pay anymore money to save Greece, and that implies the door opening to send Greece out of the EU.
While the EU is willing to tempt World War III, to send the odd billion or two plus artillery shells and suplus tanks to Ukraine in a bid to add a bankrupt state of 40 million people to the EU, they are willing to show the door to Greece.
It is a funny world we live in. Who could have imagined this? The EU is a slavish follower of orders from Washington DC, yet unable to manage a state as small as Greece, while hoping to manage Ukraine. Crazy times we are in.
And before we are able to grasp, we are back in 1910 or 1933. Sigh. Although, my guess is 1913,8.
"The EU and ECB are acting more forcefully and quickly than I ever thought they would."
Out of fear and desperation.
Don't feel bad Jack
I've been wrong more times than I can count and I am still alive :)
Show Greece the door? Greece should be so lucky. Nobody leaves the Fourth Reich alive. NATO will see to that. Greece, alas, has no land border with Russia.
There's no money to forgive Greece's odious debt. There'll be plenty for another Balkan war.
Obama should bomb Athens just like Bill Clinton bombed Belgrade. As for the Parthenon, finish the job that the Turks started.
"No Plan B, Bitchez.."
I would exit the EuroZone so fast their heads would spin, bastards!
No your head would spin!
Communists leading socialists!
Now the Bolshevik scum will have to suck on this!
Smok'em if ya got 'em.
If the Central Bankers are finally going to start f@#king sovereign nations in the ass,I guess Greece is as good a place to start,as any..
+1 Power Bottom!
POPCORN TIME!
I'll come over with some of Orville's best, always fun to have someone to discuss the events with!
It's a geek...er...greek fest!
I wonder when the riots start up? Long molotov cocktails!
Hello, Rekjavik? Athens on line 1!
Hilarious ECB histrionics.
All Greece has to do is smile, tap Merkel on the shoulder, point her to its TARGET2 balance and then present a shiny new Drachma printing press. Greece has much less to lose than the EZ does.
Let's see if the new Greek govt has balls and a cool head. Odds? (Probably not high).
Nothing to stop Greece nationalizing banks, pumping macroprudential policy (eg 80% LVR), jacking reserve requirements, pumping debt-free fiat in as citizen dividends to counter debt-money implosion, defaulting on all euro denominated debt, running a soft currency peg against a basket of currencies to manage the current account, and hence rejecting the entire bankster model that runs this world in which 95-99% of money is bankster credit.
Sovereigns seem to have forgotten that they have the power to issue their own permanent debt-free money and control the % of money that is credit (hence reducing volatility). The Banksters are desperately afraid that little Greece might remember this and start a trend. Every dirty trick will be used to keep the Bankster skim going.
Don't know why its so hard for Greece to tell the EU to fuck off - fomally exit - issue own currency and move on. status quo = more imiseration. ultimately they will default anyhow. just walk away. no time like the present. giddyup. then they can try and negotiate their own printing press ahainst their fiscal ambitions - and see how that works. one might imagine that they will learn pretty quick on how to manage their own affairs without blowng their brains out printing money - or - maybe not. in any event, life has to be better going forward out of the EU than it is now.
ECB is trying to force Greece back inside the ablaze European house.
Doused in extra virgin olive oil with a souvlaki in their mouth so they can cook it while they burn.
I think you mean the Greek restaurant ablaze. File insurance claim, retire. Rinse repeat if necessary. All good!
The mysterious deaths should start occurring any time now.
I'm taking my money out of the bank as well. Fuck the banks.
Greece apparently has an agriculture industry, is a tourist mecca and more.
It doesn't need anyone.
It can make it on its own. There will be people who will want to spend vacation time there, eat its food, enjoy their coasts.
It has a chance to achieve self sufficiency and be free.
In a couple of years, other Euro Members will envy Greece's freedom and wish they weren't under the thumb of beaurocrats.
Have you been there? Pretty dry and a lot of people.
You are absolutely right. But the EU doesn't want a country to flourish after exiting the euro. That would lead to a mass exodus. They will do everything possible to make Greece miserable, unfortunately.
They had that always and surely some 3 or so years ago. It was not sufficient. Otherwise they would not have the same debt heigt as before the first "bail-in"...
I think the Greeks just got suckered in a shell game.
sorry, but this won't end well. But it will end.
The bizzare strangeness of this thread is wonderful.
wonder hat putin's terms will be
Grexit Greece and pull the whole stinking ediface of the EUSSR behind you as you go.
Its an internment camp for 500,000,000. Millions held against their will by their traitorous political class who double as US/Israeli puppets as their main job.
Set its people free.
Queue Russias entry as a funding agent for Greece, and thereby securing a firm veto vote within the EU for any further sanctions.
Put back fear and austerity.... now act upon it.
Time for all 'retired' 45 year old hairdressers to get back to work!
'Any society that would give up a little liberty to gain a little security will deserve neither & lose both!' - Benjamin Franklin
It's the Greek playground at stake, expect the unexpected.
Boy, that escalated quickly
https://www.youtube.com/watch?v=FONN-0uoTHI
Do Greeks have RANSOMWARE?
All Hell breaks loose and smashing the price of gold is all they have left.
Deleted
Few time and we can go to make shopping in Greece...
I bought more Euros against Dollar on this dip. Market showed me me buying near 1.12 was correct. If Greece is out of the Euro how the hell is the Euro worth less?
Umm, the euro is backed by slaves and they lost some slaves..
I missed that. Wanted to buy at 1,10.
"Suspension has no impact on counterparty status of Greek financial institutions"
Hmmm, so Greek banks can whateva.....right?
Swaps covered by Greek banks will have the same status as swaps covered by German banks?
My understanding of the Greek position is that they have essentially offered the EU two alternatives:
1) A large haircut and a rollover of the remaining balance into "perpetual" bonds (presumably with a very low interest rate). This is effectively a default since the principal will simply be inflated away bit by bit until someone tosses the EU a nickel (in new money) and tells them it's done.
2) Formal default and a Grexit.
The EU response of today also tells us two things:
1) The answer is No to Proposition 1 and the EU is now working on the assumption that Grexit is a foregone conclusion unless the Greeks change their minds. This means that their new moves are not to coerce or encourage Greece to stay but to lay out a very terrifying set of consequences to encourage the others even if it means writing Greece off.
2) Once Greece has had time to digest this move, a new EU proposal will be made but it will be made on the basis of EU terms, not on Greek dictates.
Greece can serve the very important function of "what not to do". As they exit and suffer hugely, they can help to show Portugal, Italy, Spain, France and others why they shouldn't go down that path.
So the correct course of action is for the ECB and others to step back and let Greece wallow in their situation. Bring it on!
http://www.ft.com/intl/cms/s/0/7971110a-d28a-11e1-8700-00144feabdc0.html...
Same message was sent to Samaras 3 years ago.
ELA is refreshed every 15 days and so it did today. Greek banks aren't going to run out of cash any time soon ( they have recently passed ECB stress tests succesfully ).
Greek banks are NOT going to run out of cash beacause NO ONE has anything to win out of this..
At least until the negotiations become..."fruitful" as our FinMin would say.
To the directors of Greece's banks:
Gentlemen,
You controlled both major parties along with all the papers and TV stations, and everybody in the elections bureau more important than the girls who swept the floor owed their jobs to you. Was it that hard to rig an election?
Fine. We'll do this the hard way.
You know what you need to do about Robin Hood and his merry men, and who you can trust in the army to do the dirty work. You need to get it done, because we're not cashing any more of Athens' shit checks until you do. Grandma comes to the bank looking to pull out her life savings, don't look at us to cover you.
If that's more than you can handle---well, we've done all the hard work so far, so we can guarantee we'll do it for you if need be. It's your safety if it comes to that we can't guarantee if you stick around in Athens, even if we wanted to.
Get to work.
Best,
Mario
PS The Israelis are aware of the situation. All you'll get if you show up at Ben-Gurion is to the crap beaten out of you by Mossad and your ass tossed onto a plane back to Athens to face whatever fate awaits you there. Don't even think about it.
Only people who get the job done get to pretend to have Jewish grandmothers.
In the 1960's to 1980's we had the USSR as an example of "what not to do". Now we will have Greece to show how miserable things can be when you dig yourself into a big hole of debt then default. It's a good warning for the rest of the world, but sadly most others are too far gone to save themselves. It's merely a foreshadowing of things to come.
Why should a country go against basic financial truths?
For example the USA. It has operated with a deficit for decades, year after year, spending more than it takes in.
A an individual, how long are you able to spend more than you make before it catches up to you? Some can stretch it for years by transferring balances, taking out new mortgages and so on, but in the end, for the vast majority, it stops and rather unpleasantly when homes, cars, credit cars are gone and more oft than not relationships battered and destroyed.
In the end, a person picks up the pieces, starts again and works within the boundaries of income and relative peace and happiness are possible.
.
"nobody saw that coming"
Remember what I said?
That is the price for even daring to think to allying with Putin.
As I said: Greeks will suffer from Tsipras' impossible promises.
It may get a lot worse for Greece. It depends on the communists in power.
They could ruin Greece, or reneg alliance with Putin.
NATO rules
I think Greece can handle it at this point. Tear off the bandaid.
Nope. It cannot handle it
Maybe they will need to handle it?
the Greek central bank should start buying Greek bonds in large size as an emergency response.. (ie is the ECB now the ruler of Greece) if they can change the rules why cant Greek central bank take action on its own bonds.. the ECB is not providing adaquate support..and has made a change during nagotiations.. not due to an actual decision..
OK Tyler...nice breakdown of who owns the Greek debt..............who owns the credit default swap thingies?
The US taxpayer when one counterparty goes bankrupt and cannot deliver. Y'mean you don't know that yet..?
The liquidation of markets goes on in order to cover the CDO obligations, right? Liquidate to raise the cash, right?
The liquidation of markets goes on in order to cover the CDO obligations, right? Liquidate to raise the cash, right?
take the icelands exit, worked out good for them...next?
Vlad: I must say, Mr PM, those Banksters twiist in the wind in synchronism.
PM: Yes, a new sport here in Athens.
Eurosystem Collateral Data
All eligible assets | February 5, 2015
T2S operational EU Bullshit
Lastly, NCB hidden treasure. No it’s not defunct National City Bank in Cleveland, OH during TARP take over. Have a look..
Eurosystem national central bank (NCB)
https://www.ecb.europa.eu/pub/pdf/other/201402_elaprocedures.en.pdf?e716d1d560392b10142724f50c6bf66a
Enjoy, see the trees through the fog bank… Oops, no pun intended. /LOL
I wonder what bank Alexis Tsipras and Yanis Varoufakis use for their personal accounts.
The mattresses in their old rooms in their mothers' houses, if they're like most Greek proles.
I'd bet they have some bank accounts outside Greece. And I even bet it's outside the EU. Otherwise the Germans would not hesitate to buy the fitting CDs with that information. They did that in the past from swiss thieves....
duplicate
FUCK THE ECB and the horses it rode in on. Greek folks deserve better than this. I'm all for a Greek exit from the EMU.
Hmmm.
So Germany plays hardball to push Greece into Russia's arms, driving a stake through the ECB and Euro. Seems like Europe wants out too.
While difficult, Greece will be better off being out of EU and Euro.
The Greek Government seems to have been arguing for a rational solution. When one is dealing with this kind of mafia, negotiations always include voilence of some kind.
So now they want to "break their legs."
We cannot exit unless we have an excuse.
Let Greece turn to Russia; we will follow.
-Angela
Yeahbut...Greek polls are clear that a large majority of Greek people want to remain inside the EZ AND EU. Hence Syriza's gameplan pre/post elections.
What Greeks really want is for their debt to be written off or pushed back out of sight. Only this solution will allow them to begin the borrowing process over with a clean sheet and return to those halcyon days of plenty at Europe's expense.
The "rational solution" according to Syriza is going full communist. Expanding the state in verything. Expand the costs.
Would you want to pay for that?
what do you think, how much damage would make a potential loss of 300B to the EU? when 300B are about 1/50 of EU GDP.