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Eurogroup Gives Greece 10 Day Ultimatum: Apply For Bailout Or Grexit
Update: And now this: "Moody's places Greece's Caa1 government bond rating on review for downgrade"
The key driver for the review for downgrade is the high level of uncertainty over the outcome of the negotiations between Greece and its official creditors over the terms of Greece's support programmer. The outcome could potentially have negative implications for Greece's ability to meet its funding and liquidity needs and for the probability of default on marketable securities. Moody's government bond rating applies to marketable securities only.
Moody's would consider downgrading Greece's Caa1 government bond ratings were it to conclude, as a result of the review, that (1) an agreement with official creditors is not likely to be reached in time to enable the government to repay its creditors who hold debt on commercial terms; and (2) that the likelihood of a significant deceleration or even reversal in the implementation of the adjustment programmer would further hinder Greece's growth prospects.
Surely Greece must be delighted to be part of the European "Union" at this point.
* * *
Europe has an unpleasant habit of dropping tape bombs at the most inopportune of times, like at 3pm or later a Friday. And while on Wednesday it was the ECB yanking repoable Greek collateral for local banks, today it was first S&P, which downgraded Greece 5 months after upgrading it, and moments ago it was none other than the Cyprus bail-in man himself, the Eurogroup's Dijsselbloem, aka Diesel "Blueprint" BOOM, who just have Greece a 10 day ultimatum to fall into place or risk a terminal bank run and capital controls (both hinted at earlier by the post-DOJ settlement political "rating agency')
- GREECE MUST APPLY FOR BAILOUT EXTENSION ON FEB 16 AT THE LATEST TO KEEP EURO ZONE FINANCIAL BACKING -EUROGROUP CHAIRMAN DIJSSELBLOEM
This means that Greece now has 10 days, or until the Monday after next to decide whether it will stay in the Eurozone or Grexit. More from Reuters:
[Yanis Varoufakis] made clear that the new government, which came to power on a wave of anti-austerity anger in elections last month, now wanted to forego remaining bailout money that had austerity strings attached:
"Greece is not asking for the remaining tranches of the current bailout programme - except the 1.9 billion euros that the ECB and the EU member states' central banks must return."
Euro zone finance ministers will discuss how to proceed with financial support for Athens at a special session next Wednesday ahead of the first summit of EU leaders with the new Greek prime minister, Alexis Tsipras, the following day.
However, the chairman of the finance ministers said the following meeting of the Eurogroup on Feb. 16 would be Greece's last chance to apply for a bailout extension because some euro zone countries would need to consult their parliaments.
"Time will become very short if they (Greece) don't ask for an extension (by then)," said Jeroen Dijsselbloem.
The current bailout for Greece expires on Feb 28. Without it the country will not get financing or debt relief from its lenders and has little hope of financing itself in the markets.
* * *
Participants said no progress was made at a preparatory meeting of senior finance officials in Brussels on Thursday because Greece and its euro zone partners were so far apart.
"It was Greece against all others, basically one versus 18," one official said.
Almost sounds like a reverse veto out of the European "Union".
At the end of the day what D-Boom has effectively said is this:
GREECE MUST PUT THE LOTION ON IT'S SKIN OR ELSE IT GETS THE
HOSE AGAIN-EUROGROUP CHAIRMAN DIJSSELBOOM— Eddie Morra_ZH (@convert_trader) February 6, 2015
Which is precisely the thing Greece, whose negotiating position already has been crushed with the threat of a wholesale bank run, did not want to hear especially now that the government really has no choice: either it complies with European demands, and can sign its resignation right after having flopped epically, or it pushes on to find out just how badly Europe is bluffing.
Suddenly next week's emergency Eurogroup meeting on Wednesday is looking quite fascinating. We hope the caterers have bulletproof jackets.
And with that we give you... EUROPE!
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Don't borrow from Russia, but default now. End sanctions for any and all countries in the world and begin trade in agriculture and any other products with all comers. Convert to Drachma and declare an independent sovereign state.
Sell all USD and all other currency reserves and buy Drachma. Encourage all Greeks to do the same.
The bank run has already occurred as Greeks have been pulling money out of the banks for the last month. Sell all those Euros and buy Drachma.
Remember Pericles.
Only problem is that Greece is structurally corrupted and dysfunctional.
Sorting internal problems first is of absolute priority and I fail to see how can that be done without some sort of authoritarian/military rule, with most likely dubious results.. again.
Tough times.
Then a Grexit could flush all the corruption out since you're starting from scratch with new money and capital controls. But what do I know.
Every country in the world is structurally corrupted and dysfunctional, it's called crony capitalism.
You forgot 'sue the fsck out of Gold in Sacks for getting Greece into this position in the first place' - asset recovery UN Convention against Transnational Organized Crime style.
The Troika gives themselves a 21 nailgun salute.
LET 'ER RIP!
Greece, time to give Brussels the middle finger and kick NATO out.
Default on debt like Iceland.
Hold talks with Russia and China.
And then what? 14th pension? Every second person still works for the state (e.g. does nothing of value)? Minimum wage an average Russian or Chinese can only dream off?
And then what if they don't? Free poniez for every Greek?
the parasite must find a new host. russia is there only hope, but there will be many strings attached.
Tick, tick, tick.
Dijsselbloem = Disembowel Him?.....damn that's a scary name!
Pronounced Jizzumbloom, right?
I'm terrible with those wacky European pronunciations. As near as I can tell, it's pronounced 'Cocksucker."
I believe the Continental spelling is Cocksuquer. Not to be confused with the Rusticos across the pond.
Maybe it's the beer, but this made me laugh. Good show mate.
I posted the correct spelling the other day.
It's Dijssembowelm.
Dissellblowem ... this Dieselboom will blow 'em, we know for sure since Cyprus ....
It's a template for Europe.
Which country follows Greece next ?
Cyprus
Portugal
Spain
Italy ?
Too Soon ??? Bitchezzz LOL
https://www.youtube.com/watch?v=-qR0Uke2XNI
Easy: Grexit
goodbye ECB banking criminals
European neoliberal economic empire is going to fall soon!
http://youtu.be/YUhb0XII93I
Must be time for the banker sketch
Greece needs to go Michael from God Father on their ass. I give you my answer now.
Greece will announce all the gold is gone, the ECB took it and now a drachma cannot be backed by anything.
https://craigeisele.wordpress.com/2012/02/24/greece-had-to-pledge-all-of...
Lol. Draxma to the moon!
Why be beholden to the EC when they can be perfectly beholden to themselves, like the US.
Liberation from the ENEE sadism
I've decided that this Greek opera is all about the Southern Stream.
Brussels is not nearly as pissed about the the Greek debt as they are about losing control over the Negotiations with Russia about the Southern Stream route into the EU. If Greece declares it's indpendence from the EU Russia will be negotiating with Greece instead of the EC.They will join up with Putin and tell Eu and the Troika to go fuck themselves.
If Putin starts up with the southstream for natural gas down to Turkey Greece could be a hub for transports in to Europe.
I wonder what the banksterfucks in Brussels might think about that?
And if Putin really wants to fuck the EU he will make sure that all Russian tourists go to Greece.
Finland another EU member saw a decline by 30% of Russian tourist last year.
Crimea is nice!
Awww, it's cute to watch the Eurofags in Brussels try to play hard ball. Reminds me of the "Stop or the nigger gets it!" scene from Blazing Saddles.
"Hold it, men. He's not bluffing!"
Let me provide a link: https://www.youtube.com/watch?v=AjPBp6DOwgU
So this is the democratic EU.
People vote against and they being starved (well only literally, just cut off).
This bode well for the rest for the EU members in problems.
The end is near.
Calm down boys and girls and lets just trade this. GREK to zero!!!!
Greece should give Eurogroup 9 day ultimatum: either they fuck off, or Tsipras invites Putin to the talks.</sarc>
And only then the starvation starts?
Germany starved Greece in World War Two, taking all the food to faten Germans at home and feed the troops invading the USSR. In spite of troops on the ground, most Greeks found a way to get food and live. Some died, most made it. It should be easier this time without a German Army stealing everything.
The EU is Germany, remember how Germans treat other Europeans. Have they really changed, or using financial means where once it was troops?
You russians should not really comment on the EU.
Greece received countless billions from Germany since they joined the EU.
You have no idea what you are talking about.
You misspelled Banks.
No. Every poor region receives money when joining the EU.
These are not loans.
speak for yourself
The Greeks havent forgotten.
Fuck Germany.
The EU is an idea. It comes from an educated socialist elite in all the countries. Germany only had the financial resources to bankroll the deadbeats even if it was self serving on the part of the industrialists. This educated class has hijacked all intellectual discussion in every countryin the west. ZH'ers know how difficult it is to have a dicussion with friends and family about the subjects discussed here. The problem I find in europe is so many people seem to be truly indoctrinated into believing the socialist marxist rhetoric. Here we are cheering on Greece to tell the EU bankers to shove it and in the same breath saying Germany still has debts to be paid from WW2. Twisted thinking to make the great grand kids pay.
edit: it was also a german sense of guilt that they would never be seen to disagree with helping all others - a socialist wet dream - unlimited resources
And there's me thinking German WWII debt had been forgiven and the slate wiped clean after unification...in the context of the current Greek tragedy and the protagonists involved, the irony is palpable.
Well, even the Chinese closed their shops and left Athens. That should make it clear for you how bad it really is in Greece. There is also a documentary on vice news about Greece's drug problem, go watch it, then talk about starvation.
I'd GTFO, wouldn't have to aske me twice.
Rowdy Gaines....yeeeeeeehaaaaaaawwwwwww! Ride that ICBM down baby! Get along little doggy!
The EU us stupid. You're supposed to dump the girl you don't like BEFORE Valentine's Day, not two days after.
Now Draghi is gonna have to buy Greece chocolates and take her out to dinner and sit through all her lame as stories.
The one thing that we've learned from the Europeans ... nothing 'has to be done' and certainly nothing 'has to be done on time' ... the Print-o-matic machine will rescue Greece
Happy Valintines Day.
Chicago style.
> Stock jockeys have discounted the worst of grexit.
> Stocks are going down 10% when the ouzo hits the fan.
10% down every day for a while. I'll be patient.
Imagine how much Putin will laugh when he strikes a deal with Greece.
The Mediaterranean Sea area between Greece, Cyprus and Turkey seems to have a lot of natural gas.
The South Stream Pipeline down to Turkey isn´t placed there by accident.
Chessplayer Putin will pull this off.
Oh no,
Another mindless chess playing analogy from the Putinistas. For Christ's sake, don't you guys have any other metaphors rattling around inside your head?
But this is obviously a game of high-stakes poker with entire nations going into the pot. See? I can use stale game analogies, as well.
Greece has been bluffing their asses off and now the EU is relentlessly raising the stakes over and over and over. As I stated in a post yesterday, this is not about Greece any longer. It is about the EU scaring the intestinal contents out of Italy, Portugal, and Spain. If Greece knuckles under, then okay. If not, pure financial triage.
what an utterly goddamn DUMB thing to say...stick with cooking
Grexit!
I've waited so many years for it, I just want to see it come to fruition.
"Hold On I'm Coming"
(Sam Moore and Dave Prater): https://www.youtube.com/watch?v=S0bb5At4V38
;)
Hey Tyler,
I am available to do editing on these stories for you, if you're interested? I know you pump out a lot of stuff, but I see some mistakes from time to time. Not a commentary on the writing, just an offer for you to consider.
Unix
This will be a Lehman.
Doubt it. More like an Iceland.
Could be another Crete too
Aa many as 800 billion euros were bought by the Swiss National Bank holding the euro peg (golden jackass) . When it rains it pours and could it could not have happened to a nicer guy then this jesuit stooge mario draghi. He is looking pretty pale lately. This could be the tail end of end of the euro experiment. If nobody has confidence in your currency do you really have a currency??
I have not heard one word about the forex derivative scam structured by Goldman Sachs to sneak greece into the EMU. Is it not time to opne up a can of whoop ass at GS headquarters and take Blankfein to the shed. Not even the new FM mentions this fact. He likes to live I guess.
" I have not heard one word about the forex derivative scam structured by Goldman Sachs to sneak greece into the EMU."
The only one talking about that is Max Kieser on his RT program. He was just saying Sachs should be taken down over this fraud. In fact, Greece never qualified as an EU member. But the EU took them in anyways, breaking all their own rules to do it.
Background to that:
?Goldman Sachs HD VPRO Backlight (English Subtitled) 2013?
https://www.youtube.com/watch?v=QWDKK0mpDSo
http://nickdunbar.net/2012/03/12/goldman-and-greece/
http://angrybearblog.com/2015/01/trichet-v-democracy.html
The Troika are the devils agents. Listen to them whisper lies into your ears about an economic recovery, growth and easy terms on the loans. Liars!
For entertainment purposes only...I hope there are 11PM meetings arranged, last minute jabs, tears and bad behavior.
Should be exciting as this plays out.
Nothing to get excited about. 90% chance Greece agrees to all term & conditions for a few crumbs! The Greek people along with their visionary leadership are way to left wing-communist for the EU to let them go! Brothers in arms that ultimately will consume themselves!
so if Greece does not apply for another bailout, the Eurogroup will just do it on their behalf and shove more billions of Euro up Greece's ass. Does that work for Dieselboom?
Dup!
Sorry "Ron"!...
I meant the ex-Navy delusional neurotic psychopathic "John" that just admitted to war crimes again!
A red line in the proverbial sand.
Nyuk nyuk!
YES GREECE!...
You have 10 days to pay "your bills" or we'll send this old guy after you that just admitted to moar war crimes and treason!...
But please hurry though... As a slip on his icy driveway that could split his skull wide open or something like it may happen before he attempts starting a war he won't finish!!
He's been through a lot and is gettin kind of long in the tooth and needs to be "retired"!
As much as I want this to be "The Lehman" moment, I have a feeling we'll just hear the sound of foot on aluminium. There'll be an extension, a negotiation, something to just delay it.
If I'm honest with myself, I want this crash to happen, not that my physical gold and silver will soar in value, but to see all those bankers weep like little bitches as they lose their jobs, homes, cars and wives. So that people will see them as the failures they are and, hopefully, in time, see that we never needed them in the first place.
But, alas, I fear I'll have to wait for another time. If, indeed, a Grexit does happen, it won't be the moment I'm waiting for. Until then, shall I keep stacking? Or start eyeing up stocks to buy when the crash happens? Oh, decisions, decisions......
Maybee we can have some bankers flying out of windows in skyskrapers here i Europe as a change.
London, Paris, Brussels etc. there are lots of nice buildings to take a dive from.
I also think we have lots of nailguns in stock for those afraid of high buildings!
If I'm honest with myself, I want this crash to happen, not that my physical gold and silver will soar in value, but to see all those bankers weep like little bitches as they lose their jobs, homes, cars and wives.
Chuck,
I hate to rationalize this one for you but we'll be having that world war before you see the price of Au and Ag soar. Two groups that will set the stage for this to happen. First group is the "old money" at the very top that's been in charge of "Casino" most of their existence and don't know what it would be live EVER to be without the control and power they have! Second group are the hangers on that are predominately nouveau riche that know and understand something bad is imminent but don't want to know and want to be just like the old money anyway!!! The rest are the sheep that are always compliant and will move in any direction 1) and 2) tell them to move in and is made up of everything from the politician down to the SNAP card recipient!
That my friend is the most dangerous of combinations and when you couple that with one of the most important military's that is completely bankrupt, unmoored and will do anything it's told in order to secure a lifestyle they think is important to maintain at any cost it's pretty much GAME OVER!
1) Doesn't care what the costs are because it's all they know and have known
2) "Cares" and is afraid of what will happen if 1) takes it too far but they believe in "hope" that the decisions being made at the top will not cheat them even when they know how bad the crisis is.
3) Are expendable and don't understand or care what the consequences might be from both 1) and 2) who don't care about 3) at all!
Living in America and the EU!
Hope it helped!!!
Son of Captain Nemo,
Thanks for your reply. It was good reading. But I fear I made not have made myself clear.
What I mean was I want the crash to happen NOT because gold and silver would soar, in fact, I wouldn't care if they stayed static or dipped slightly. No, I want the crash to happen IN ORDER for the banks to collapse and watch the banksters cry like little bitches.
Now, if, somehow, they banksters and TPTB colluded in order to organise a world war (fascism? In the West? Don't be ridiculous, Chuck!) then pretty much, all bets are off because they've taken the nuclear option (maybe literally?). But you do raise an interesting point. We're all stacking physical because we believe that will be the winning horse once this race is over. But what if TPTB decide to shoot all the horses and blow up the racecourse before the final furlong? Why are we assuming they'll take losing this bet gracefully.....?
plez explain why and how they would let that happen? they are in control of all the financial switches and switches to be created. no hope, just the reality that this goes on for another 200 billion. give reality a chance, ha...
fucking can will be kicked...
Why are we assuming they'll take losing this bet gracefully.....?
As I've said many times here before the window of opportunity pretty much closed after 2008 with the bailouts. We've had so many ample opportunities to achieve "turn around" and deliberately squandered each one in succession.
While "hopeum" is worthless without a plan behind it that includes at least a few million selfless volunteers that will risk everything to ensure that worst case act of suicide doesn't get played out, I guess I'm being honest about our odds given how fucked this Country has been for far too long!...
Take Care
What do you think about China? China has no debt outside China, and the debt the People's Bank is loaning inside China is loaned without interest, actually the way our Founding Fathers wanted American banks to function (ironic, isn't it?). For these reasons I think China has already won the currency war. China will want a gold value in line with their outstanding debt, don't you think? When that happens, either the US waves the red flag and capitulates to China's new gold price or tries to ignore China, and I don't think that's possible.
I think the elite you speak of want to maintain control too because they don't know anything else. I wonder if the elite haven't already cut deals with the Chinese to hand over the financial reins? They better hope The Chinese honor their deals. The elites, and everyone else, may be put on the reservation somewhere in Mongolia.
EXIT!
if greece leaves euro, euro is a stronger currency
to be too short euros seems a little dangerous to me
Take a position and wait for Italie, Spain, UK or best Germany leaves.
But after that you have to trade fast.
You still have Spain, Portugal, Italy and France with their excellent economies as garants for the Euros position as a toiletpaper currency.
The problem is systemic. The Euro as structured now is a trap that once you get into sucks all the money out of your country and sends it to Germany. The Greeks are asking for systemic changes. Stuff that will also help the PIIGS. If Germany makes it clear that it won't change the rigged system it has going now, it risks having the rest leave as well. Yeah, it makes it stronger. So strong no one can afford to buy your stuff.
Oh really there is a mechanism that sucks money?
How does that work, or do you just make shit up?
The greeks are asking for free money, and who would pay for that? You?
90% of that money goes to the banks; not the people. Also the people participate in the debt servicing for decades to come.
That money ain't free its a mechanism to hook them to interest; a mechanism that is DEFINED by the market; aka the banking cartel.
Once you have been sucked in by the corrupt oligarchs who sold you to the banks (think Goldman Sachs cooking the books to set the honey trap back in 2004) you have only one issue. Its becoming a third world labour factory.
Greece becomes more like Bengladesh; at lower and lower salaried and social security returns.
And this is now a global systemic morph; called Oligarchy financial trust.
Most greek debt is hold by greek banks.
If anything they suck themselves dry.
Much of greek debt is hold by german banks, or what do you think why Merkel disgraces herself in public the way she does? Hint: That woman (or better: mutant) is not as dumb as most other politicians.
Troika or Grexit? There is an option 3 which is raise the pirate flag, print euros, comingle them with existing funds, and pay the bonds. Let the bondholders decide whether they cash the Greek checks. If they cash them, Greece can just print more euros. If they don't cash them, that isn't a bond default.
Of course, every bondholder is convinced that "their" euros are legitimate ones and many will react badly to Troika efforts to claw back some of their money, which would change the alignment of the players in unpredictable ways. The court wrangling over that would give the Syriza government months, if not years, of economic breathing space.
Of course raising the pirate flag would have numerous negative consequences. The EU's displeasure would be felt in a lot of different ways. But it's the most interesting of the three options and the one that the EU elite have prepared for the least.
Is it wrong to hope for the pirate flag option?
The DC and EU technocrats have been parasitizing us for ages. They commit their piracy under a hundred thousand layers of bureaucracy. Well fuck. If we have to be ruled by pirates, can't we at least be ruled by honest pirates? The honest pirates seem to be doing less damage.
Option 3 comes with a caveat....a turkish island grab in the Aegean.
You think the banksters are foolish?
Shouldn't the market be breaking right about now?
Markets breaking why?
Everything is awesome with a fantastic recovery just ask all the newly part time employed bartenders and waitresses.
Give Dijssembowelm a 9 day notice to withdraw his ultimatim. Eeee Uuuu.
In the Year 2525, if man is still alive,
Greece will get their three-thousand one-hundred forty-fifth bailout
Because they're scared they won't survive...
Absolutely PRICELESS!!!! Perfect Music selection, Right there with QE SixShooter Draghi.... PERFECT!!!!!!!
If Greece thinks it can return to 2007 living standards, then negotiate with the EU. If it doesn't think that, then leave like yesterday.
They'll be lucky to return to 200 BC standards
And they'll still be better off.
Fuck the E.U.
Varoufakis going to maim Djizobloem with a plate of flaming cheese in the face.
Instead of the fat lady, que Pussy Riot!!!
I'm sure I'm not the only one to spot the irony in that an "unelected" EU apparatchik (Dieselboom) has the utter balls to issue an ultimatum to a "democratically elected" Greek government.
Does this not expose what Brussels thinks about democracy.
Dijsselbloem has to, he has made too many mistakes and has almost no job future in Brussels anymore.
He is just a mere puppet.
Diesselbloem has got a fake degree...
http://www.independent.ie/irish-news/dutch-finance-minister-amends-cork-university-degree-error-29195279.html
so what exactly is an "extension" and what does it mean to a bankrupt nation already stating it prefers to end its "dead man walking" state?
Why shouldn't Greece sign? If the Ez is willing to accept it, after all that Syriza has told Greece and the world, smile and sign. Doing so nullifies and preempts other aspects of the Troika and buys breathing room in the court of worldwide opinion.
The big dance is June/July. Hurdle the preliminary to score at the main event.
didn't france say fuck you to ratios(austerity)?
This situation must be compelling Graham Summers to give himself a blumpkin.
You sure you didn't mean Graham Sumner?! ;)
"A drunkard in the gutter is just where he ought to be, according to the fitness and tendency of things. Nature has set upon him the process of decline and dissolution by which she removes things which have survived their usefulness."
http://en.wikipedia.org/wiki/William_Graham_Sumner
Europe may not like it but it has no choice but to play hardball with Europe even if it means losing Greece.
Europe then counts on Greece having so much chaos that within weeks and possibly days it will seek to re-enter the Euro.
The big unknown is how deep and serious will any Russian or Chinese aid be.
What also matters is whether has made any plans for printing a new currency etc
The final issue is whether the people hit the streets supporting the government or cursing it.
Chaos un Greece? Really? Maybe in Brussels.
LOL. The more the merrier.
"Eurogroup gives Greece 10 day ultimatum: apply for bailout or grexit."
Sounds like an American Express card commercial "apply now or your not one of the crowd".
One more step and I'll shoot myself in the foot
From the movie Untouchables
Greece is the guy on the front porch. The wiseguy is PIS Portagle Spain and Italy
https://www.youtube.com/watch?v=gAM2Q7Sqlbk
Varoufakis: Greece is bankrupt that´s a fact.
Brussels: "No youre not"
What a bunch of fucking EU idiots, I guess Greece are the most qualified to determine whether they are bankrupt or not.
One big European family.
Your in trouble i give you money, i am in trouble you give me.
:-) :-)
Greece is not just bankrupt. Unfortunately it is systemically bankrupt.
There are still so many archaic systems in Greece that there is a danger that Greece will strangle itself on its own rope.
Then again, one only bounces or splatters when they hit the bottom.
Let's see.
It's like the Dead Parrot sketch from Monty Python.
Greece is dead
No it's not. It's resting
Look, matey, I know a dead broke country when I see one, and I'm looking at one right now.
It's not dead. It's pining for an Ouzo
Greece should give the European bankers the middle finger.
It's time to start dethroning the bankers. Otherwise, we'll be forever enslaved by them.
Abolish the banks.
dot_bust
I gather, you are broke...lol
GREECE IS THE WORD!
http://songstube.net/video.php?title=Grease&artistid=16294&artist=Bee%20...
I wanna punch a banker in the throat
Good find : "It rubs the Lotion on its skin or else it gets the hose again" https://www.youtube.com/watch?v=WCSZfmbFJyQ
In the meantime Putin, Hollande, Merkel continuing talks on Ukraine for 5 hours.
If nothing positive comes out of this that means we're going to war.
I've heard McCain is already looking for his helmet - starting the search about 12 days ago.
the old fart cant even remember where his seat is in the CONgressional Auditorium-what chance does he have of finding it?
greece would be wise to pass laws relating to banks when bankrupt all debts/ deposits are cleared and mortgages go back to mortagagee debt free , bar stamp duty fees .Then create peoples bank of greece.
I think a better outcome is for Greece to haircut half its bank deposits and simultaneously halve every household and business loan up to a certain amount.
Greeced lightning!
Meanwhile, over the hills and far away:
http://rt.com/news/229999-merkel-putin-hollande-moscow/
yup; send guns and lawyers. finally some possible "common sense for humanity".
ussa will be on the outside looking in and wondering wtf happened.
earth to ussa- people want peace liberty and just live...
Amazing the difference a nuclear deterrent makes, eh? If Greece had a few nukes it might still be free today.
Is that already NATO's rapid deployment force? Sure looks dangerous to me! ;)
YABBA DABBA DOO - I don't know what else to say or think.....
Neophyte! At least you could have thought of "BTFD", couldn't you?!
Anyone have a link to a story on this?
Not that I doubt ZH, but I like to read things with my own eyes.
Besides, it's more fun to actually SEE the train as it approaches the wall. Just sayin.
I can't seem to find one out there.
Found a link !
http://www.dailymail.co.uk/wires/reuters/article-2943167/REUTERS-SUMMIT-...
Eurogroup Gives Greece 10 Day Ultimatum:
Apply For Bailout... before Lloyd Blankfein runs off with it!
Bullish: Paper Tigers
Using the Euro has severely harmed all European countries except Germany.
Handing all of their sovereign rights and powers over to Brussels has harmed them even more.
The EU and the euro have transformed European Sovereign Nations into nothing more than
US and megabanker puppets.
hmm.. maginot line or what ever.. as long as there is german greed, french pussies, scandinavian obeyers and south europe cheaters this euro thing wont last.. i bet that soros made is last call for breaking this insanity
Do you think the Euro consists of Germany and Greece?
There are alot more countries in the EU who are all tired of paying for Greece.
Maybe you did not know it, but you just need to pay once Greece does the Grexit and/or defaults.
European countries created a fund for loans in Greece (which almost anyone knows of, even the blockhead-unelected-resignators at the EU/ECB), with their (not yet paid?) money as a guarantee. And, since it also includes guarantees by Italy, Spain, Greece (?!), Portugal, Ireland and so on, so it's quite easy to imagine what could happen if this ponzy gets called, right? Do you still prefer to blame Greece, or would you like to blame it on the initiators of this mess?
If you don't get your money back, then you give money away for free. Are you able to understand that?
Greece went bancrupt by spending money like a drunken sailor. Then they doubled down by voting in the most leftists communists available that promised them the most free shit.
The only stupid thing was to expect Greece to change.
ECB says it's not willing Greece to apply a change but to continue into the race to the bottom (which, according to Varoufakis, has already been hit and became broken), the biggest pile of loans happened after 2008 with bailing out European banks - and not only in Greece, but France, Spain, Ireland etc. too. Check out development of debt since then in France or Italy and compare that with the evaporating wealth of lower-income people in the Eurozone. So, chances are that the situation in Greece now is more or less the future-scenario of almost any country in the Euro-zone - at least unless someone dares to end this ponzy.
I don't know your position within the EU but the narrative makes me think that you're more or less within the suspected-to-be strong but nonetheless somehow struggling northern/central economies.