This page has been archived and commenting is disabled.
Europe, US Risk Off After Greece Rejects European Ultimatum, Ukraine Peace Talks Falter
In the absence of any notable developments overnight, the market remains focused on the rapidly moving situation in Greece, which as detailed over the weekend, responded to Europe's Friday ultimatum very vocally and belligerently, crushing any speculation that Syriza would back down or compromise, and with just days left until the emergency Eurogroup meeting in three days, whispers that a Grexit is imminent grow louder. The only outstanding item is what happens to the EUR and to risk assets: do they rise when the Eurozone kicks out its weakest member, or will they tumble as UBS suggested this morning when it said that "the escalation of tensions between the Greek government and its creditors is so far being shrugged off by investors, an attitude which is overly simplistic and ignores the risk of market dislocations" while Morgan Stanley adds that a Grexit would likely lead to the EURUSD sliding near its all time lows of about 0.90.
That, the ongoing Ukraine "peace talks" which are rapidly going nowhere and in fact have already managed to splinter Europe and the US (as well as sow internal European discord) and the collapse of Chinese imports, and weaker than expected exports, reported over the weekend leading to a record high trade surplus, is what is on traders' minds this morning.
As a result European equities (Eurostoxx50 -1.21%) trade in the negative territory across the board with concerns and uncertainty surrounding Greece weighing on sentiment after Greek PM Tsipras rejected terms on the bailout extension. This also supported a bid in core fixed income as Bunds trade with gains of over 50 ticks breaking above Friday’s high, with the prospect of lower bond issuance this week also supporting upside. The GR/GE 10Y spread is wider by around 68bps and ASE down over 5% indicating the dampened optimism in Greece after being downgraded at S&P to B- from B whilst Moody’s put the country’s Caa1 rating on review for downgrade on Friday. Weakness in equities was further exacerbated after reports that Hannover, Hamburg & Stuttgart airports face delays due to strikes sent DAX heavyweight Deutsche Lufthansa (-2.4%) lower and caused selling in the DAX (-1.52%) after a technical break below 10,700. Furthermore, the DAX was further compounded by JPMorgan downgrading the index.
Despite the data printing a record surplus, exports and imports declined more than expectations, with the import reading falling the most since May’09. Hang Seng (-0.6%) and Shanghai Comp (+0.6%) initially fell, although the latter has now pared back its losses, with sentiment lifted by today’s trading trial of options on the China 50 ETF by the Shanghai Stock Exchange. Nikkei 225 (+0.4%) managed to eke out gains after benefiting from a weak JPY.
Despite the data printing a record surplus, exports and imports declined more than expectations, with the import reading falling the most since May’09. Hang Seng (-0.6%) and Shanghai Comp (+0.6%) initially fell, although the latter has now pared back its losses, with sentiment lifted by today’s trading trial of options on the China 50 ETF by the Shanghai Stock Exchange. Nikkei 225 (+0.4%) managed to eke out gains after benefiting from a weak JPY.
In FX, CHF saw some weakness in early trade with weekend comments from SNB’s Jordan stating that that the central bank are not yet at their limit in regards to negative interest rates prompting further speculation of additional action by the SNB. Overnight, AUD underperformed in the wake of Chinese trade data with imports from Australia to China falling by 35.3%, however has been bid in the wake of Australian PM Abbot winning the confidence vote by 61-39 votes. The USD-index (-0.11%) was initially weaker overnight but has trimmed some its earlier weakness on little fundamental news with major pairs coming off best levels.
WTI crude futures have remained around the USD 52.00 level during the European morning and trade in modest positive territory with the USD-index trading lower by 0.11%. Elsewhere Libya’s largest export port, Hariga, has been closed due to a strike by security personnel resulting in production falling to 300,000/bpd for the country. In precious metal markets, much of the movements have been technical with gold (+0.6%) higher after touching its 50DMA, while silver (+1.8%) outperforms the metals complex after failing to make a sustained break below its 50DMA and 100DMA. Following the rejection of the contract terms by the United Steelworkers union from Shell, discussions are set to resume on February 10th. (BBG)
In Summary: European shares stay lower, though above intraday lows, with the autos, banks underperforming and basic resources, oil & gas outperforming. Greece’s Tsipras reaffirms bailout program rejection in address to parliament yesterday. Ruble rallies, Russian inflation set to slow, central bank governor says. Merkel due to meet Obama today in Washington. The German and Italian markets are the worst-performing larger bourses, Switzerland’s is the best. The euro is little changed against the dollar. German 10-year bond yields fall, Greek yields increase. Commodities gain, with nickel, zinc underperforming and natural gas outperforming. U.S. mortgage delinquencies, foreclosures due later.
Market Wrap:
- S&P 500 futures down 0.5% to 2043.2
- Stoxx 600 down 0.8% to 370.2
- US 10Yr yield down 6bps to 1.9%
- German 10Yr yield down 5bps to 0.33%
- MSCI Asia Pacific down 0.1% to 141.2
- Gold spot up 0.6% to $1241.6/oz
- 3 out of 19 Stoxx 600 sectors rise
- 17.7% of members gain, 81.3% decline
- Asian stocks little changed with the Shanghai Composite outperforming and the Sensex underperforming.
- MSCI Asia Pacific down 0.1% to 141.2
- Nikkei 225 up 0.4%, Hang Seng down 0.6%, Kospi down 0.4%, Shanghai Composite up 0.6%, ASX down 0.1%, Sensex down 1.7%
- Euro down 0.04% to $1.1312
- Dollar Index down 0.04% to 94.66
- Italian 10Yr yield up 5bps to 1.63%
- Spanish 10Yr yield up 3bps to 1.52%
- French 10Yr yield up 3bps to 0.64%
- S&P GSCI Index up 0.9% to 413.9
- Brent Futures up 0.2% to $57.9/bbl, WTI Futures up 1.1% to $52.3/bbl
- LME 3m Copper up 0.6% to $5683/MT
- LME 3m Nickel down 0.2% to $15200/MT
- Wheat futures down 0.6% to 523.8 USd/bu
Bulletin Headline Summary from Bloomberg and RanSquawk:
- European equities (Eurostoxx50 -1.21%) trade in the red amid Greek PM’s Tsipras refusal to accept the EU’s anti-austerity proposals ahead of the Feb 16th bailout extension deadline.
- Looking forward, sees no tier 1 data scheduled with market focus solely on any ongoing developments regarding the discussion between the EU and Greece
- Treasuries gain led by long end as global stocks decline amid Greece concern after the country’s prime minister reaffirmed his rejection of nation’s bailout before Wednesday’s emergency meeting of euro area finance ministers.
- Greek prime minister Tsipras vowed to increase the minimum wage,restore the income tax-free threshold, halt infrastructure privatizations, and ask for World War II reparations from Germany
- Germany posted a record current-account surplus in 2014, setting the stage for renewed international calls to address its economic imbalances
- Ukraine’s almost yearlong conflict enters a pivotal week, with the outcome of more talks on a peace agreement potentially determining whether a wider war can be avoided as violence escalates
- Intimidation of the Baltic states, pressure on the former Soviet republic of Kazakhstan, warmer ties with Greece as a way of dividing the European Union -- all are potential options for the former KGB agent bent on recasting the world order
- Bank of England Governor Mark Carney said the U.K. is just beginning to see a pickup in wages, a key metric for policy makers as they debate the timing of the first interest-rate increase since 2007
- Finance ministers and central bank chiefs from the G-20 agree that monetary policy needs to stay accommodative until the outlook for economic growth improves, according to a draft communique obtained by Bloomberg
- Greece topped the list of worries for finance ministers and central bankers from the G-20, with concern rising that the Mediterranean nation’s membership of the euro has never been more tenuous
- Sovereign yields mixed, with Greece 10Y surging nearly 70bps to 10.79%. Asian, European stocks, U.S. equity-index futures fall. Brent, WTI, gold, copper rise
US Economic Calendar
- 10:00am: Labor Mkt Conditions Index Change, Jan. (prior 6.1)
- TBA: MBA Mortgage Foreclosures, 4Q (prior 2.39%)
- Mortgage Delinquencies, 4Q (prior 5.85%)
- 4:00pm: Fed’s Powell speaks in Washington
* * *
DB's Jim Reid concludes the overnight recap
If you haven't left for work yet and like me you're a big Breaking Bad fan then you may want to consider returning back to bed, firing up the internet and watching this morning's world premier of hotly anticipated spin-off show "Better Call Saul". After last night's speech by new Greek PM Tsipras, even the infamous Breaking Bad lawyer might be scratching his head working out how we end up getting an imminent compromise between Greece and the EU. This week's emergency Eurogroup meeting on Wednesday looks likely to be a tense affair. Tsipras confirmed that they won't look to extend the existing MoU program and committed to reversing key parts of the old agreement (labour, taxes and pension changes were all in the firing line to be reversed).
Specifically Tsipras was reported on Reuters as saying that ‘the bailout failed’ and that ‘the new government is not justified in asking for an extension, because it cannot ask for an extension of mistakes’. Tsipras also said that he believes that a short term ‘bridge agreement’ can be put in place over the next 15 days to keep Greece afloat. Meanwhile, the Greek press Ekathimerini reports the Greek finance minister Varoufakis as saying that should Greece be forced out of the Eurozone then he expects other countries to follow suit leading to a collapse in the Euro. Specifically Varoufakis was quoted as saying that ‘the Euro is fragile, it’s like building a castle of cards, if you take out the Greek card the others will collapse’. With one eye also on the ongoing review of the ELA, the same news agency also reports that the CEO and chairman of the National Bank of Greece plan to step down from their roles over the next few days. The FT meanwhile has reported that the US is ‘pushing eurozone leaders to compromise more with Athens’.
Before this on Friday, the ASE closed 1.97% weaker after the Eurogroup had previously rejected a request from Greece for some sort of short term financing package, instead giving Greece until February 16th to request an extension on the current bailout agreement. Greek equities did in fact finish over 11% stronger last week to leave them around 3% down since the election on January 25th. Greek bonds however tell a different story, with 3y yields nearly 800bps wider since the election. As mentioned Wednesday’s Eurogroup meeting will be a key event given the political standoff. With Tsipras and the Eurogroup both appearing to stand firm it’ll be interesting to see how negotiations and talks advance – if at all – with time running out before the current programme expires at the end of the month. As we’ve mentioned the situation is very fluid so we expect more headlines in the lead up to Wednesday. In the mean time the former Fed Chairman Greenspan believes that a ‘Grexit’ is just a matter of time and was quoted in an interview with the BBC before Tsipras’s speech saying that ‘I believe Greece will eventually leave. I don’t think it helps them or the rest of the eurozone – it is only a matter of time before everyone recognizes that parting is the best strategy’. So all eyes once again on Greece.
Following Tsipras’s speech yesterday, bourses in Asia are generally trading mixed. The Hang-Seng (-0.62%) and Kospi (-0.26%) are weaker although the Nikkei (+0.21%) and Shanghai Composite (+0.12%) are currently trading firmer as we type. S&P 500 futures are trading 0.4% lower. Elsewhere data over the weekend showed China reporting the highest trade surplus on record – although the reading highlighted weak underlying demand. The $60bn surplus came in well above expectations ($48.9bn), supported by both a fall in exports (-3.3% vs. +5.9% expected) and a significant fall in imports during the month (-19.9% vs. -3.2% expected). DB’s China Chief Economist Zhiwei Zhang noted that the weak import data reinforces his view that the fiscal slide has led to a sharp contraction of domestic demand. Zhiwei now believes that there are rising downside risks to his GDP forecast of 7% in 2015 – particularly in the second half of this year given that the policy stance so far has been tight with little signal to change on the fiscal front.
The other main news over the weekend centered on the conflict in the Ukraine where talks are set to continue this morning in Berlin after Germany’s Merkel and France’s Hollande agreed to restart four-way peace talks with Russia and the Ukraine last Friday according to the FT. According to the report, Merkel is due to meet with Obama this morning following calls for the US administration to arm Ukraine given the failed ceasefire agreement initially made in September. Talks will then move onto Wednesday with Merkel looking for a diplomatic solution when she is due to meet Russia’s Putin and Ukrainian President Poroshenko.
Taking a look at markets on Friday, both the S&P 500 and Dow finished -0.34% despite a strong payrolls print in the US and better day for oil markets with both WTI and Brent firming over 2% higher. Treasuries however were weaker with the focus back on the Fed and potential rate ‘liftoff’ as 10y yields closed 14bps higher at 1.957% - the highest yield since January 8th. In terms of payrolls, the 257k reading was well ahead of the 228k expected whilst December’s print was revised significantly to 329k from 252k previously. The three month average of 336k is in fact the fast pace since 1997. Attention will now turn to Yellen’s upcoming semi-annual monetary policy testimony (formerly Humphrey-Hawkins) and then the FOMC statement in March with the latest reading having increased the chances that we see some changes or removal to the ‘patience’ language.
Following the data, the Fed’s Lockhart was quoted on Bloomberg as saying that ‘the economy is on a path to a satisfactory and desirable state of health’ although the Fed official did however say that ‘I’d like to see some evidence that what we believe to be transient factors driving recent weak inflation readings are, in fact, passing’. The Fed’s Plosser meanwhile was quoted on Reuters as saying that the Fed should have dropped the ‘patience’ language last month and ‘it never should have been there in the first place’. In terms of the other macro prints, unemployment ticked up slightly to 5.7% although average hour earnings improved to +2.2% yoy (from +1.9% previously) and the labour force participation rate was more or less in line at 62.9%.
Just wrapping up the market moves on Friday, equities in Europe were largely mixed on Friday although they recovered post the US payrolls print. The Stoxx 600 closed +0.21% firmer having traded as low as -0.4% on the day pre-payrolls. The DAX (-0.54%) and CAC (-0.26%) were weaker although the IBEX (+0.36%) was stronger. The Euro continues to trade with notable volatility, closing 1.4% weaker versus the Dollar at $1.132. The single currency has in fact closed either higher or lower by at least 1% over the last four sessions with Greece dominating the headlines and the US posting solid macro data. Fixed income markets meanwhile were subdued. Crossover finished unchanged and 10y Bunds were 1bp wider at 0.375%. Data largely took a backseat although the industrial production reading for Germany (-0.7% yoy vs. -0.3% expected) came in softer than expected.
Taking a look at this week’s calendar, we kick off this morning in Europe with trade data out of Germany along with the January business sentiment print for France and the investor confidence reading for the Euro-area. It’s the usual post-payrolls lull in the US this afternoon with just the labour market conditions index due. Turning to tomorrow, the China inflation print will be worth keeping an eye on whilst closer to home in Europe we’ve got industrial and manufacturing production prints for France and the UK, along with the industrial production reading for Italy. The ECB’s Praet and Costa speaking in Lisbon could also be worth keeping an eye on. Focus in the US on Tuesday will likely centre around the JOLTS report (although we note the lag in the reading versus recent employment prints) whilst wholesale inventories and sales along with the IBD/TIPP economic optimism survey for February are also due. We will also keep an eye on the Fed’s Lacker speaking on the US economy on Tuesday afternoon. The calendar slows down on Wednesday with no notable releases in Asia or Europe. Over in the US we get the monthly budget statement for January and the Fed’s Fisher due to speak. We kick Thursday off with machine tool orders for Japan whilst the attention in Europe will no doubt be on the final January CPI print for Germany with the market expecting a -0.3% yoy reading. It could also be worth keeping an eye on the Bank of England inflation report on Thursday morning. Industrial production for the Euro-area rounds off the day in Europe. Retail sales – where we expect a weak energy related headline print - jobless claims and business inventories are the highlights in the US on Thursday. It’s a busy end to the week in Europe with the highlight being the Q4 GDP print for the Euro-area and the market expecting a 0.8% yoy print. We’ll also get GDP numbers out of Germany, France and Italy. Away from the growth numbers, we also get trade data for the Euro-area, employment data out of France and construction output for France. We end the week in the US with the import price index and the University of Michigan Consumer Sentiment print.
»
- 13858 reads
- Printer-friendly version
- Send to friend
- advertisements -
While it seems the Ruskies have FINALLY encircled 10 000 Ukrainian troops in Debaltseve... The question is... will they be rescued? Killed? Made prisoners?
Cease-fire? Peace treaty? LOL
The question is... will they be rescued? Killed? Made prisoners?
Go with the old solutions.....starve about 11 million of them out. No reason to get fancy now.
We'd like to think we've evolved.....but it's the same old same old.
War is coming folks
watch out for a false flag
Watching out is pointless in nuclear war
Syriza may actually prove to be true patriots.
Hook up your airbags kids, it's going to be a bumpy ride.
Arming the Ukraine by he USSA is a losers game, since even with better weapons, the Ukie army is incapable of winning against novorossiyan irregulars, much less a modernized Russian military with missiles, Mig31's, directed EMP's and far superior communications and tracking systems.
Sometimes I wonder if the Ukie war is a distraction from the impending implosion of the western financial system, stuffed to the gills with derivatives and choking on debt. Greece is merely the canary in the coal mine for something far, far bigger.
who are the war mongers?? a former us ambassador not named and estonia Pm demand action I guess..
"As the German Chancellor, Angela Merkel, prepared to brief Barack Obama in Washington on Monday about the state of the negotiations, a former US ambassador to Ukraine predicted that Estonia and the other Baltic states – all members of Nato – could be Vladimir Putin’s next targets if he is allowed to hold on to territory won by force."
my guess Merkel is telling barack: putin has a bigger dick so he's my new pimp.
Pure neocon/neoliberal BS. Russia has no use for any of the Baltic states, and with 1/6th of the worlds land mass including access to the Baltic Sea, does not need more land.
A friend floated the theory that Syriza just may be playing a part in a larger game, in that Grexit was planned 5 years ago.
That would explain why ND wanted out and forced elections they were sure to lose in December. Instead of patriots, Syriza will serve up what's left of Greece to bankers and oligarchs.
Yeah my house is about a mile from a tertiary target (KHEF) outside DC. Don't think I don't lay awake at night thinking about that one. At least it will go quick for me and mine if it happens. 99% of the sheep around me probably have no clue that they are living a mile away from a nuclear target in the NoVa burbs.
Yep. And you can get a tan from all directions ...
Mercs on the Putin Payroll surrounded 10,000 mercs / troops on the CIA payroll...... Hillarity ensued. Fixed it for ya.
Tsipras ends the neoliberal nightmare for Greece
Fascinating blog. Thank you for sharing this link.
Thank you.
An interesting comment beneath the article
"Greece is ready for drachma. Tsipras is not bluffing, I can assure you."
Sure they are.
Until they back down, tail between the legs and obbey the masters.
What's inside in the Debaltsevo cauldron? Why did the leaders of Europe rush to Russia?
Admittedly, when "the mousetrap" began to shut, everyone began to shout about the need... the need of what? Oh, about the need to follow the Minsk agreements..
The "Debaltsevo cauldron" was intended as a "Debaltsevo springboard" to start a victorious attack on DPR and LPR. In this regard, huge quantities of weapons, ammunition and food was brought to this area. This was confirmed by the militia after the capture of Uglegorsk. They got arsenals overflowing with weapons and warehouses with American food
To foolishly lose such volume of weapons and "illegal American aid" for tens and hundreds of millions of dollars, and then to beg for the "ultimate weapon to defeat Putin" - this is the height of idiocy and helplessness of senior command.
Likely for this reason, to rehabilitate themselves in the eyes of sponsors, the Ukrainian offensive started today on all fronts at once, and with a simultaneous request for a truce...
It is a madhouse, and not a government and a General staff! They are so unpredictable, that honestly, it's laughable! And yet, there are theories that in the arsenals of Debaltsevo one will find phosphorous and cluster shells and bombs, banned by international conventions, but used by the Ukrainian armed forces during the shelling of cities and towns. This could be evidence of war crimes...
http://fortruss.blogspot.com/2015/02/what-is-debaltsevo-cauldron-hiding....
Possibly about 100 U.S. personnel, 150 UK (ex- ?) Parachute Service, 1000 French Foreign Legion, 100 Polish soldiers, 30 (ex- ?) IDF, 30 Croat soldiers. NATO or straight PMC? The latter is more likely, I guess as it would give (im)plausible deniability to the relevant politicians.
https://z5h64q92x9.net/proxy_u/ru-en.en/news-front.info/2015/02/08/ob-in...
Bear in mind this is from Novorsoian sources (which appear to be relativley straight). If it was from a Ukrainian source, it could be dismissed almost certainly as a lie.
More likely pollacks and some latvians
Dey were enriching nuclear material behind your back sucker.
SNAFU - Situation Normal, All Fucked Up
You are witnessing a script being played out folks......arise out of your coma
Russia To Get Military Base In E.U. Country – Report
Ford To Roll Out 6 New Models in Russia
Boeing To Maintain Programs With Russia’s VSMPO To At Least 2022
U.N. Food and Agriculture Organization (FAO) Opens Liason Office In Russia
IBM Opens Finance Processing Center In Russia
Russia Like The U.S. Wants U.N. to Manage Internet Infrastructure
U.S. FCC Looks To Russia’s GLONASS System For 911 Emergency Response
Texas-based Schlumberger Buys 45% Stake In Russian Oil Driller
ExxonMobil Joint Venture With Russia’s Rosneft Begins Production Offshore Russia
You are witnessing a script being played out folks
Correct.
Pray for the CEO of Gallup.
GALLUP CEO: I May 'Suddenly Disappear' For Telling Truth About Obama Unemployment...
He knows how the "game" is played. Hope he has a kelvar vest, nail proof helmet, does not go above a first floor, remote car starter, etc... Cause he will get dissapeared!
He knows how the "game" is played.
Yes he does....but he still did it.
Perhaps the last patriot in America. He should get the Nobel Prize...but he won't.
Golden Nailgun?
The video appears to have "suddenly diappeared"
http://video.cnbc.com/gallery/?video=3000352013
That lot looks to me like Russia is and wants to remain a member of the global community, as many folks on ZH have spotted for a long time.
So what's all this sh1t being spewed by Washington, Westminster, Brussels and NATO about Putin trying to redraw the lines in Europe and to barricade his country in to a new USSR?
Something doesn't fit.
Russia wants to trade peacefully, even with dickhead clients, providing they pay their bills.
The US/UK/Zionists want to destroy Russia and get back to the era of looting in the early 1990's.
Ukraine is largely just a pawn in this game, though it has some resources worth looting, such a rich arable land.
Whats funny is that the Western media is comparing Putin to Hitler and the Minsk peace talks to 1938 and Chamberlain's appeasement. I don't know, but it seems like the West is really run by a bunch of fucktards and they are the ones damaging peace and democracy the worst, the things they are supposed to be "representing".
Funny how IBM historically has always been playing boths sides...
Dear Finance Minister of Greece.
In 2020*, Ukraine will cease to be a transit country for gas from Russia to Europe. Russsia has rerouted South Stream through Turkey with plans for a compressor station near the Greek border. If you stay in the EU, you will have to follow EU's infrastructure policy which means effectively you can only use about 1/2 of the capacity of any pipeline built. The remaining capacity has to be leased to 3rd parties. If you leave the EU, that no longer applies.
Here's a suggestion - get together with Turkey, sort out the unresolved Cyprus problem which allow for legal exploitation of the offshore energy sources. To paraphrase King David, 50% of a lot is better than 100% of nothing.
* You can better your last dollar that this statement went in one ear and out the other of the EuroShit politicians. They have less than 6 years to organize, finance and construct an alternative infrastrure system.
I don't agree with Morgan Stanley that a Grexit will result in a weaker Euro.
Seems to me that flushing the EU toilet will be positive for the Euro.
There is more than 1 turd in that toilet. It just might get stuck.
True.
The Germans may end up covered in Europoo.
Germans are europoo.
Europoo with 33 US bases on their soil and they still think they're sovereign and such.
And instead of doing something about that they like to moan about and feel better then the Greeks.
In response to selling pressure rising, CNBC awakening the prognosticating pacifiers
"Can't we all just stick to the happy talk script???
Lew: Greece, Europe should 'turn heat down' in bailout talks By Greg RobbPublished: Feb 9, 2015 7:14 a.m. ET
WASHINGTON (MarketWatch) -- Treasury Secretary Jacob Lew on Monday urged Greece and its European partners to quickly "tamp down the rhetoric a little bit" and seek a "practical and pragmatic path forward" in Greece's effort to ease back austerity measures in its international bailout package. "The heat has to come down a little bit in the conversation and the sooner that happens the better," Lew said in an interview with CNBC. Separately, when asked about concerns expressed by large U.S. multinational firms like Caterpillar CAT, -0.43% Apple AAPL, -0.84% and Procter & Gamble PG, -1.26% Lew replied that the dollar's exchange rate was a function of a strong domestic economy. "I think the real challenge is getting other economies to get back in the growth pattern where they are doing better and some of that [exchange rate differential] would then equalize," Lew said. The global economy has "weak spots" that need to be strengthened and that would be the focus of the G-20 meetings in Istanbul on Monday and Tuesday, he said. "Obviously, we would like to see more growth in Europe and we would like to see more growth in other parts of the world," he said.
Happy scripts already written. Regardless of the situation on the ground, someone will tweet that (yet another) peace treaty/ceasefire is going to be signed between Russia and Ukraine and stocks will rally. When treaty/ceasefire is broken, it won't attract headlines and stocks won't react.
If no Grexit, then stocks rally.
If there is a Grexit, we'll get a flood of articles explaining how this is good news, then stocks rally.
All bullish, regardless of reality.
What a lying sack of shit. And that goes for the media which accepts this load of turds as gospel truth to be passed to the sheep without question.
I hope that Tsipras and Yanis have good personal security ...
McCain should join the Ukrainian govt army, along with Soros, Brezinski and the rest of the other reptiles who like to pull strings from afar, get their asses handed to them by the Spetnaz, I would love to see that.
Spetnaz is good....but they still take orders from people like that.
Spetnaz could do us all a favor right about now....cause they're right there.
The only reason why McStain is running around in panic mode trying to send arms to Ukraine is because his little bastards in Kiev are losing the fight.
Seems like the coup in Maidan was poorly thought out - a trademark of Washington's typical trail of incompetence and half baked meddlings. The underestimated their foes yet again.
One thing is for sure, if you take the fight to Russia's doorstep, you will most likely lose. But from a cost-benefit point of view, its what the empire of chaos prefers to do, since it is a low cost operation and the outcome has potentially high return - a wedge driven between Europe and Russia. But don't worry, blowback always proves to be a real bitch to Uncle Sam.
What they're really worried about is a bunch of worthless 'elite' ass hats will be exposed as 'worthless'.
People should understand that this is a class war, not an ethnic one.
xiongmaojinbi
I don't think Greece is backing down. Kewl dood.
A chain is only as strong as it's weakest link.
A convoy sails at the speed of the slowest ship.
Let he who is without sin, cast the.....
(Oh wait. Wrong metaphor)
The absolute best thing that could happen to the EU, in the long term...and the midterm, is a Greek exit, despite short term market swings and threats from socialists.
Let's not forget Iceland had a very rough patch for the first couple of years. Short term pain is the only sane way out of this mishigas.
Ahh Iceland......how peculiar that the press ignored and under-reported the case of Iceland because they jailed their criminal bankers who turned their economy into a bloated, shameless casino....while these same people were exalted and put on the pedestal over in the UK/US, and never punished.
If Greece does exit and somehow manages to recover (it wont be as quick as Iceland obviously), don't expect the press to cover that story very much. Quite the contrary, I have a feeling that the Eurogroup and Brussels will deliberately make a Greek recovery, should they exit, extra difficult for them, just to teach them a lesson in daring to default, and to scare the others who have any inclinations in escaping from the cult.
Don't your remember? Iceland was a BIG news item when it told the big EU banks to piss off.
"They will be cut off from credit... they will be thrown back into the dark ages... yadda, yadda YAWN."
There are rumours of a Grexit resulting in a $4Trillion derivative explosion...yet optimism that it might be good for Europe-Cognitive dissonance
No problem.
It's my understanding that Yellen bought the ECB one of those plastic birds that bobs up and down over control P just like we have.
Problem solved.
derivative explosions make no noise, its just a blip on a chart and then some banks say Nada Nada Nada; we are broke like a spoke of a wheel that won't turn no more.
So some people who were rich become poorer. About time too as HSBC now squirms in the pillory box where belong all the TBTF cabal and their HF hangers on.
As for the poor they don't go near those banks. They wait for the state printing press to print and for the remaining cowered bankers to lend and circulate the economy in the place of the banks who have tanked. Once the debt is cleared up, like debris in the municipal dump it will be a better world, as all those bankers will be dead bodies in the ebb of financial rip tide.
The trick is to lash the banks' hide off like an Indiana Jones doing the 12 labours and then take a ride on the state bank controlled money tide that is private debt free and fresh as the sea breeze over a non polluted beach.
If we cut the nuts of the banksta plague we may be able to dream of a better day.
Default on debt like Iceland and be free.
Then leave NATO.
The rest of the PIIGS need to do the same top be free of the bankster shackles.
I'll make it real easy for you....... Get long UVXY, NUGT and UCO and stay all week long. I'd keep UCO though the rest of the year, maybe longer but I'd dump UVXY and NUGT at the end of the week.
Burn it down .
What's inside in the Debaltsevo cauldron? Why did the leaders of Europe rush to Russia?
Admittedly, when "the mousetrap" began to shut, everyone began to shout about the need... the need of what? Oh, about the need to follow the Minsk agreements..
The "Debaltsevo cauldron" was intended as a "Debaltsevo springboard" to start a victorious attack on DPR and LPR. In this regard, huge quantities of weapons, ammunition and food was brought to this area. This was confirmed by the militia after the capture of Uglegorsk. They got arsenals overflowing with weapons and warehouses with American food.
To foolishly lose such volume of weapons and "illegal American aid" for tens and hundreds of millions of dollars, and then to beg for the "ultimate weapon to defeat Putin" - this is the height of idiocy and helplessness of senior command.
Likely for this reason, to rehabilitate themselves in the eyes of sponsors, the Ukrainian offensive started today on all fronts at once, and with a simultaneous request for a truce...
It is a madhouse, and not a government and a General staff! They are so unpredictable, that honestly, it's laughable! And yet, there are theories that in the arsenals of Debaltsevo one will find phosphorous and cluster shells and bombs, banned by international conventions, but used by the Ukrainian armed forces during the shelling of cities and towns. This could be evidence of war crimes...
http://fortruss.blogspot.com/2015/02/what-is-debaltsevo-cauldron-hiding....
The theater behind the headlines makes even more sense now. Thanks.
Happy days are here again!
Greece came to play a little liars' poker. Things started to come unravelled when Greece accidently left the standard playing cards back home and instead turned up with tarot cards. On the first deal Greece dealt themselves 5 death cards.