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UK Begins Preparations For Grexit
As recently as two years ago, even the merest hint that any entity was preparing for what then was unthinkable, namely the Greek exit from the Eurozone, was enough to get one burned at the stake. After all, recall what happened when none other than the head of the ECB lied on the record to Zero Hedge, saying there is no Plan B for an ex-Greece Eurozone (even if he was technically right: Europe defined it as "Plan Z").
Now, supposedly just because the ECB started monetizing about 100% of German gross Bund issuance two weeks ago (and monetizing debt all across the Eurozone for as long as said Eurozone exists: at this rate it may not be too long) "things are different", and no longer is it taboo to either incite bank runs in Greece (in fact it is encouraged as both the ECB, Germany and S&P have tried to do in the past week), but outright discussions about preparation for a Grexit are a daily occurrence.
The U.K. government is stepping up contingency planning to prepare for a possible Greek exit from the eurozone and the market instability such a move would create, U.K. Treasury chief George Osborne said on Sunday.
A spokeswoman for the Treasury declined comment on the details of the contingency planning.
The U.K. government has said the standoff between Greece’s new antiausterity government and the eurozone is increasing the risks to the global and U.K. economy.
“That’s why I’m going tomorrow to the G-20 [Group of 20] to encourage our partners to resolve this crisis. It’s why we’re stepping up the contingency planning here at home,” Mr. Osborne told the BBC in an interview. “We have got to make sure we don’t, at this critical time when Britain is also facing a critical choice, add to the instability abroad with instability at home.”
Then again, judging by Tsipras' historic fire and brimstone speech in parliament, in which he just threw up all over the Eurozone ultimatum, and rejected all European demands for Syriza to concede any/all of its demands and is instead sticking to his party line and showing the world how "going all-in" is really done, the UK probably has good reason for its preparations. As of this moment it is not alone.
There are only two questions now: whether the ECB, the SNB and the BIS will be able to buy up all the Euros that will suddenly be put for sale, just to show the world how any fears of Grexit contagion are contained... if only by a central bank whose political capital, as we pointed out earlier, just ran out with what now appears to be the first Eurozone exit: an even that as recently as a year ago was absolutely unthinkable.
And question #2: what time does the Kremlin provide its own term sheet for a Greek bridge loan. Of particular interest: what currency and what interest rate.
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Finally is Greece going to be kicked out. Done deal. Bye bye Tsipras.
Your post's rating suggests that G is PISed off:)
So the Brits have no problem causing instability in Eastern Europe with thousands of dead women and children, but oh my gosh, a little instability in their economic zone that could threaten their city of London going to crap and being replaced by cities in Asia and now they are getting bent out of shape.
Prepares? How importing a few million more muzzies and stockpiling barrels of ink at the royal printing facility...
WTF, Cameron will ratchet up his police state and the stupid toothless fucking disarmed Britons will all play Brave Sir Robin and run away.. Germans fried their English nads and ate them around 1946
I'm English and this is sadly not far from the truth.
The Brits have been destroying nations for personal gain for centuries. Why would they stop now?
Rrunning out of easy prey, that will stop them.
The Brit government has always been fine with Genocide as long as it keeps the elite in place.
I say this as a Brit who hated history at schoool but has read extensively since.
See David Irving on Churchill, The Great Holocuast of Bengall, Middle East policies over the years.....
It's a long list.
It would appear they passed the baton to US in that regard, along with reserve currency status.
I wonder if there's a connection.
They can't get their heads round the fact that Greeks are being pushed out. Most people here think EZ would do even the impossible to keep Greece in. Wrong.
you are wront, they will not exit.
they cannot, amazed how much ppl think grexit is possible, it is not possible.
it cost soooo less money to rebailout greek instread of a grexit. grexit = euro explosion.
you not let a money fly away when you receive lithuania as 19th country of the zone to use it.
Absolutely perfect (a la games theory) time for the UK to go to the EU and set forth a list of non-negotiable demands.
N' if the EU chokes, perfect time to UKxit.
Hell, UK'd be a net gainer of refuge monies looking for a safe haven
Isn't UK bank cabal run kleptokracy?
They're all Kleptocracies.
Just all them Happy "folks"in the EU might wanna put their money somewhwere else besides where they might get "Greeked"
Game theory is interesting an all that, but the game you are describing is played by banksters, with the likes of you and I being the pieces who are forced at the point of a gun to supply the 'money' for the game of Monopoly we are forced to take part in.
I want out, don't know about you.
Interesting moves at the moment. Varoufakis taught Games Theories. Let's see if he is good at it in practice.
Yeah, watch £.
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do...
www.globe-report.com
...fuck donkeys.
Why do all the dollars I earn here have pictures of Robert Mugabe on the front of them?
Hilarious.
i think that's obama, not mugabe.
www.globe-report.com
PANAMA P.O. BOX 0823-03411
hmm, where have I seen that address before?
things certainly seem to be "different"
We grexited some folks.
I'll believe it when I see it.
Indeed, its a sad co dependent relationship going on.
http://youtu.be/CsNlc0iKK7Y
viedoklis_lv trolled for potato with well-worn propaganda.
Will troll for potatoes.
euro was a stupid idea to begin with ...
Actually it was a genius' plan to make sure all of Europe stays in permanent debt serfdom to TPTB... as still almost nobody gets it.
As usual, Nigel Farage gets it right. Here he addresses the new EU Parliament leader Juncker. It's 6 minutes but at 3:35 he touches on the situation with Greece and the Euro.
https://www.youtube.com/watch?v=qtahavoPMnc
My impression of Nigel is that he'd find great personal satisfaction beating Juncker to death with a cricket bat
Prolly do it with his dirty cricket box.
Maybe. If he manages to sober up.
"As usual, Nigel Farage gets it right"
Strange times when, to rise in the polls, all you need is a bit of common sense and telling the truth. People are so tired of the BS they'll love you and vote for you with both hands.
Shrewd dude.
Great to watch when he's berating EU bureaucrats, but his background makes me wonder about his real motives.
run u moneychanger fucking bitches....
RUN!!!!!!!!!
All I hear is "Radio ga-ga."
Albeit a fine work....
U.K. Treasury chief George Osborne said: ...no matter what happens our overlords the bankers have our full support. As for the people, fuck 'em. You can't make a yummy banker-bonus-omelet without breaking some eggs.
https://www.youtube.com/watch?v=0YBumQHPAeU
2 minutes - worth it!
What if everyone follows Greece's example and doesn't want the banks only product (debt)?
With the world saturated in debt, it is time to realise that banks are a one trick pony.
They issue loans (debt) and collect interest on these loans (debt).
For a company that produces real products, like Apple, once the market is saturated with the iPhone 5, you bring out the iPhone 6 and the whole cycle starts again.
In a world saturated with Debt 1, the banks need to come up with a new product, Debt 2.
I don’t think it exists.
"What if everyone follows Greece's example and doesn't want the banks only product (debt)?"
Tsipras is ok with debt, just not the debt that greece has now. Have you ever seen a socialist country that did not have debt? For that matter have you ever seen a organized government that did not enslave it's current and future generations with debt?
waiting.....
Iceland? Singapore? Arguably a couple of the richer Scandinavian countries.
Debt 2 is to format the debt hard-drive and start over (jubilee). All it amount to is to inconvenience a few electrons and iron particles around the world and start over. New bonus plans for bankers and everyone is happy.
So some suckers, looking for high yield, were found to buy Greek debt and now...they get burned! How do you invest when YOUR accountant is dishonest and THEIR accountant is dishonest as well? I know....just buy and sell to the next sucker, after all it has a great rating, right? Then one day you wake up and you are truly well fucked.
I love it wnen banks cheat each other...with the master criminals, the FED, BIS and IMF all involved to the hilt.
Changed the chicken litter today in their house. No lies told...just honest eggs. Investment on a tiny, decentralized scale.
"The U.K. government has said the standoff between Greece’s new antiausterity government and the eurozone is increasing the risks to the global and U.K. economy."
I find it interesting how the wording depicts Greece as the bad guy. Could have just as easily read: new Greek government tired of taking it up the ass from euro zone bankster cocksuckers.
The U.K. government is stepping up contingency planning to prepare for a possible Greek exit from the eurozone and the market instability such a move would create, U.K. Treasury chief George Osborne said on Sunday.
And thank you, you fucking British pricks for making this misery possible since 1945 and before... You and your sick demented cousins in North America and Israel!
Just let me put you in the Rembrandt. Quite apart from Bretton Woods, which put the US in the driving seat - at their insistence - I strongly suspect that another, secret protocol was agreed, of which the UK public have never been made aware. Ever since Suez, UK foreigb policy has been made in DC, and US foreign policy in Tel Aviv, so you're at least half right. The UK is a client state of the US and ever since Suez we've been roundly fucked at every turn of the way by successive US administrations with the connivance of our leaders, as per this secret protocol. There was even an attempt to overthrow the Labour govt of Harold Wilson by a combination of the CIA and several UK army officers. This was in the wake of the Wilson govt refusing to send troops to 'Nam and certain domestic issues in the UK. Ever since Suez the US has ploughed it's way through the Middle East on trumped up missions whose sole outcome has been shit and disaster for all concerned, not least being a progressively developing warping of the world economy. As an Englishman I know that Britain has a lot to answer for, but whatever the UK has done abroad, it has also largely done to ordinary peeps in the UK, as even the most superficial reading of English social history, say 1800 to 1930 shows. BTW, Nigel Farage is a hugely entertaining bloke, but his real agenda is to take the UK back to the depredations of Thatcherism, but his version will be much, much worse.
And in other news, Ukraine's Finance Minister has proposed a bill which would freeze all assets of Ukrainian depositors and redirect them to fund the on-going Anti-Terror OP https://translate.google.ca/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&i...
And in other news, Ukraine's Finance Minister has proposed a bill which would freeze all assets of Ukrainian depositors and redirect them to fund the on-going Anti-Terror OP
Well that should give a Holodomor styled morale boost and "welcome" to the people they rule over both East and West...
Thx for the info
You can be sure the Khazar oligarchs will redirect the majority of that money into Swiss bank accounts. That is why they always want to be at the top positions in govt.
The Ukes will be KHAZARINED kind of like getting CORZINED
Khazarination involves massive loss of blood and treasure.
Just shows what his priorities are, as if we had any doubt...
.... the 'market'
Next up: Italexit, followed by Portugexit, Spaexit, Irexit, and Frexit.
During which Brussels will bafflingly wonder why no one wants to submit to their dictates.
"During which Brussels will bafflingly wonder why no one wants to submit to their dictates."
Would you submit to an entity who's entire airforce is comprised of a flock of pigeons?
Please exit and declare bankruptcy Greece, its getting boring out there
Let's not take our eye off the ball. It is and aways will be about oil, nat gas, natural resources. Think long term. Last man standing so to speak. Everything else is a false flag. IMO.
Contingency planning and outlawing bullet proof vests seem to be related bitchez.
Keeping the pound and not adopting the euro was a wise choice.
Funny, how that worked out.
Someone had prior knowledge that things were not quite kosher with Greece's entry into the euro.
Yes it was. But to be clear it was because of warfare between Brown and Blair. Blair wanted to sign up to it immediately to show off as Mr EU. But Brown wanted to flex his muscles as Chancellor so he introduced a series of "readiness tests" which many people say didn't amount to anything more than a bag of peanuts as measurement of them was virtually impossible.
It was certainly not because of any rational analysis by Brown because he's incapable of such things.
George Fucking Osborne. Enough said.
Quite right. He's the lying moron who never stops telling us how well the UK economy is recovering but never gets round to explaining that if this is so, why do we still have Zirp. And if the banks are now in such good condition as he claims (despite no meaningful tightening of regs), why did he introduce "bail-ins".
The guy's a gold plated bullshitter, along with Cameron.
Stock up on grape leaves and olive oil.
One US $ dollar for 1,50 Euro, something like that ?...
Me thinks the EU €dollar and the South Africa gold mining were someway intangibly related and only as long as the South Africa mines remained profitable will the EU stay intact.
A Greece exit from the EU will release the Greek mythology of the "Colchian Dragon" (defaulting of the derivatives).
So, If all currency's are withdrawn from the street, What Happens?
That is quite Scary for some, one would hope.
So that youthful goofy idea of having a dotted line tatoo around your neck with the inscription "cut here" is turning out to be a bad idea?
And here I thought the David Cameron had put the UK economy on such solid footings that it would be immune to trivial things like Greece defaulting in a few hundred Billion Euros of debts now held mostly by the European Central Bank (where Super Mario Draghi's new QE video game should be able to sop up such problems like a new sponge).
Have I been misled? Surely not! I must have misunderstood something. Surely the UK economy is supported by more than a tottering pile of derivatives and fiat currency! Show the World a few pictures of the vast Gold Reserves in the Bank of England vaults. (oh, yeah, Brown's Bottom. well, everyone will have forgotten Brown, so go ahead).
Meanwhile, Merkel and Hollande went to talk privately with Putin about solving the Ukraine and other crises facing Europe. Obama and Cameron were not invited, and no aides were present with Merkel or Hollande. Seems they do not want idiots interfering or leaking any part of the discussions. After some commentators pointed to the absence of Cameron as indicating that the real leaders of the EU did not consider the UK to have any significance, Cameron stated that the UK remains significant and will still have a place at the table of any important discussions or settlements. Sure, well below the salt.
So, the outrageous Greeks refuse to play along with Extend and Pretend and the pretense that ever-increasing mountains of unpayable debt are nothing to be concerned about. The pompous, supercilious New Lords of All Creation of The Highest Order of Almighty Brussels cannot even conceive of such an idea as the mere Greek people defying the Ultimate Wisdom and Righteous Truth of Brussels.
So, Greece will either: (1) get new financial terms from their outraged betters of the ECB, which will encourage the rest of the PIIGS to a do a "Syriza" and cause further heartburn in Brussels; (2) be kicked out of the EU and become the new non-EU natural gas transit hub for southern Europe, not subject to the EC's controls under the Third Energy Package; (3) see the Syriza leaders "suicided" like so many bankers and replaced by nice, compliant, "sensible" believers in Extend and Pretend; (4) be taken over in another military coup, either by a nice sensible Greek military or by nice, friendly Nato forces; or, maybe (5) become a non-Nato ally of non-Nato Turkey in the Eurasian Economic Union with Russia.
Either way, Brussels will try to make Greece's future without Extend and Pretend so dire and horrid that other PIIGS nations will not see a Grexit-like strategy as an acceptable alternative to staying in the EU and Euro system.
On another note, it seems some of the leaders of the EU are starting to doubt their own propaganda - they are starting to doubt the Atlanticist idea that the destiny of the EU is with the USA, and that together the US and EU will enjoy World Hegemony, dominating Russia, China and the Middle East politically, economically, and militarily. To even entertain the idea of having such doubts is Earth-Shattering to such people. Their whole faith system and World view is under threat.
Schadenfreude, anyone?
Believe it or not Sarko has changed camps if what he says is sincere.
He just came back from an important pow wow with the Emir of Abu Dhabi. The same country that doesn't want to bomb the Raqa crowd as it finds US support on ground for its pilots insufficient (think Jordanian pilot).
WHat did Sarko learn last week in Abu Dhabi which makes him distance himself with Pax Americana openly and maybe, maybe, prepare his return in France on a more rabidly pro Putin anti EU establishment basis...This is the same Sarko who created the Merkozy axis in 2010-2012; aka our core BANKS FIRST and damn Berlu's Italy and Club Med ; and went into Libya with Potus!
How these Oligarchs change their tunes.
Fantasy. falak island.
Yep. I watched Sarko making a good case for why Crimea had the right to rejoin Russia. Kinda blew Poroshenko and Obola/Kerry/Cameron out of the water.
Varoufakis and Tsipras said it over a year ago: a Grexit is financial M.A.D.
The lever of Greece is quite long because without their vote the sanctions against Russia shall terminate soon and Merkel will be left with her Euro policy in tatters.
If there is Grexit, the City will know pandemonium just like Euro zone.
...and the musical selection of the day:
Selling England by the Pound -Genesis
https://www.youtube.com/watch?v=7Rn9tzirks4
if Osborne said this, then you know it's bullshit.
Well the EU certainly cannot have a country on the fringe of the Continent with its own currency (instead of the Euro) and some degree of independence - that would really cause problems - right UK?
I think Ghordius is the best person to answer that question ... (!!)
Hey UK - why not 'prepare' by kicking out Scotland and making those Highlanders fend for themselves!
"...and making those Highlanders fend for themselves!"
Easier said than done given the Scots are heavily socialist.
The means of exchange will be against a Gold Drachma and Gold Rouble. The Euro/Dollar will be trounced and if China announce Gold Yuan and Indian Gold Rupee, a day or two later, I'm not sure what the exchange rates will be against gold backed and fiat usury currencies?
I'm guessing that anybody Long on fiat currencies should switch to Short before Wednesday!
My kudos to the British people who avoided to participate in the Euro ponzi scheme. Precisely said even better: Who reaped the benefits but avoided the disadvantages. It is also prudent to prepare for the fallout from a Grexit, although it would be wiser to prepare for a "rapid unscheduled disintegration" of the whole Euro zone which will happen as soon as the Spanish and the Italians should find out that Greece, going the way of Iceland, is improving quickly.
Olives and Cheese going cheap, anyone want some? No EURO accepted and weights arn't metric because that was forced on us to
I took another 800 dollars out of the ATM yesterday and today. If the bank calls me I'll just tell them I have a drug problem.
Kinda quiet around here.
Makes one wonder what side of the planet the trolls are on, and or how thankful we should all be that the ZH command has been doing an extremely Grand prejudicial housecleaning of the ship lately, which of course sets the sails for smoother sailing ahead.
The secret cabals must be shitting themselves right about now! This ought to be interesting to see how this all plays out in 10 err 9 days...