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After Greece Warns It May Get Funds From Russia Or China, Europe Said To Propose 6 Month Extension
Did Europe just fold?
Moments ago Bloomberg blasted a headline which has to be validated by other members of the European Commission as well as Merkel and the other Germans (and may well be refuted, considering this is Europe), which said that:
- COMMISSION TO PROPOSE 6 MONTH EXTENSION FOR GREECE - SOURCES.
So did Greece just win the first round of its stand off with Brussels? It remains to be confirmed, but congratulations to Greece if indeed it caused Merkel and the ECB to fold.
But what caused it? Well, it wasn't the laying out of the Greek "ask", which as we noted earlier, was the following:
Greece will seek about 10 billion euros ($11.3 billion) in short-term financing as it tries to stave off a funding crunch while buying time to push its creditors to ease austerity demands. Greece’s Finance Minister Yanis Varoufakis will present a proposal at a Wednesday meeting of euro area finance ministers in Brussels that will ask for an 8 billion-euro increase in the stock of Treasury Bills the country is allowed, said a government official who asked not to be named as the negotiations are confidential. It will also seek the disbursement of 1.9 billion euros of profits that euro area central banks made on their Greek bonds holdings.
No, that's not it. What emerged as the biggest point of leverage overnight was the following threat reported hours ago by Reuters, citing the Greek defense minister Kammenos, who essentially threatened to go to Russia and/or China if Europe decline to cooperate. Per Reuters:
Greek Defence Minister Panos Kammenos said that if Greece failed to get a new debt agreement with the euro zone, it could always look elsewhere for help.
"What we want is a deal. But if there is no deal - hopefully (there will be) - and if we see that Germany remains rigid and wants to blow apart Europe, then we have the obligation to go to Plan B. Plan B is to get funding from another source," he told Greek television show that ran in to early Tuesday. "It could the United States at best, it could be Russia, it could be China or other countries," he said.
Of course, it clearly wouldn't be the US which would never act against the interest of its European "allies", so the real threat was very clear: converting Greece from a member of the Eurozone to an expansion of the Eurasian economic zone and a landing pad for both Russia and China into Europe. This is also a possible outcome we hinted at two weeks ago in "Putin's Unexpected Victory: Europe Furious That Greece Is Now A Russian Sanctions Veto."
More:
Kammenos is the leader of Independent Greeks, a nationalist anti-bailout party that is the junior coalition partner of Prime Minister Alexis Tsipras' radical left Syriza party.
Greece is seeking a new debt agreement with the euro zone that will allow it to shake off much of the austerity that has been imposed by a European Union/International Monetary Fund bailout since 2010.
The euro zone, particularly Germany, has shown no willingness to ease its requirement that Greece make deep budget cuts and economic reforms.
As noted above, this is after all Europe, which means Eurozone ministers always float trial balloons headlines ahead of major meetings like the one tomorrow, gauge the market reaction, then quickly retract them. Well, the market test has been conducted...
- U.S. STOCK INDEX FUTURES HIT SESSION HIGHS ON REPORT ON PROPOSAL FOR SIX-MONTH EXTENSION FOR GREECE
... with the EURUSD jumping 50 pips, and US equity futures surging by nearly 1%. And now, we await the denial of the "trial balloon" because when it comes to the way Europe operates, some things never change.
* * *
Update: Not even an hour later, the trial balloon has just been popped, courtesy of Reuters:
- EUROPEAN COMMISSION SAYS THERE IS NO FORMAL PROPOSAL FOR GREECE BUT TALKS ARE INTENSIVE
But at least the Eurogroup knows that for the algos, Greece staying in the Eurozone is a EUR positive.
* * *
Update 2: More attempts to pop the trial balloon, this time from Italy:
- ITALY'S PADOAN SAYS HASN'T SEEN ANY PLAN YET FOR GREECE
By now it doesn't matter: the momentum has been ignitied and risk is trading well above where it would had Europe not "trial ballooned" first thing this morning.
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Hell of a plan!
Totally didn't see that coming.
Why 6 months? Hell....just make it forever.
Yup, just more debt, to pay debt, thinking this time it will work. Well all we have to do is press the print button.......
What, no last minute drama. BORING!
repost
Mon, 02/09/2015 - 11:36 | 5762198 PartysOver Be careful of a last minute "Skate Save". If that happens (coin flip) stocks will will launch. Risky times. Just have to think about how many times in how many countries over the last 6 or so years that a last minute deal sent stocks on a wild ride north.More can kicking. What they need to do is REPUDIATE the debt!
Futures soaring on the news. This is all such shit. Why I waste time each day reading how the markets are over priced and the end is near. there is only one way these fat pig banksters will let the market go and that's UP. It's all Bullshit!!!
The options are thus;
1). Give Greece EUR 5 billion (on a soon to be frequent basis).
2). Get used to Chinese aircraft carriers in the Mediterranean Sea.
WHAT FUCKING DIFFERENCE DOES IT MAKE WHEN GREECE STILL CAN'T MAKE THE PAYMENTS!?
Ooops... Did I just quote Hillary?
Portugal, Italy, Greece, Spain, Revenge of the PIGS is coming, LOL
No, I think what it really says is
THIS IS A SURE SIGN OF HOW FRAGILE AND SCARED SHITLESS THE ECB AND EU ARE NOW KNOWING IT REALLY IS THE END WITH GREECE
THEY KNOW THIS IS THE END OF THE EU AND ECB
Time to throw out some more Greek Politicians then.
Time to throw in almost every politician today. Except for those who came up with this Euro idea. They deserve to get hanged.
To be real, Greece was always going to get bailed out, because the few billions it costs are chump change meaningless paper credits anyway, that will allow the banksters to keep the rape the public gang-bang game going. The only issue has been how to make the bailout happen without making other countries demand one too.
edit: The other bankster dilemma now is how to stop the demand for an end to austerity measures. Obviously the populace of the PIS members of PIGS are now going to be much incentivized to vote in anyone running an anti-austerity platform that threatens succession from the euro. The costs associated with anti-austerity, basically free money for everyone, are obvious, and bring forward the endgame for the banksters, who should be getting very alarmed right about now.
just pass a law that a stock can never trade down. either buy it or leave it at neutral. and the fed will buy any stock at neutral...for liquidity.
Is this the re-incarnated Uptick Rule?
Why did EU cave? Why the proposed can-kicking? Why the game of chicken?
ISDA
SWRichmond, this is correct. The shitheap of collateralized Ponzi paper must not be turned over. I suppose the highly financialized US and UK would have an issue at least as big with a Greece walking away from its debts as the EU.
Then, for EU bureaucrats this is not caving. These "people" can live for years discussing, implementig makeshift-solutions, discussing again. Even our feathered friend Tsipras will excel in this art.
I am so sorry for all those EU-apocalypse now tourists. There ain't gonna nothing happen.
Isn't Cyprus setting up Russian air base and signing agreement in 2 weeks ?
Cyprus is looking for income.
Russia already has naval base in adjacent Syria, and to the north in Crimean Black Sea.
Isn't that new to-be-Russian base positioned further to the west than the existing UK air base ?
Encroachments for everybody, all around !
(blowback)
The Russians ere encircling Ukraine.
Is this the "middle game"?
Nest stop- Italy?
The Greek finmin has already telegraphed what his next move is. He wants interest payments to be coupled to GDP, and has suggested a haircut of 1/3...1/2....2/3? of the total debt. This is the plan Greece will put on the table after the 10Bil gets in their hands.
What I'm surprised of is that there hasn't been any tragic car accident, or surprise terminal disease. Makes me think this is the path the banksters want followed. they have unloaded all their toxic to the IMF and ECB and found a way for the US taxpayer to backstop the CDS when it takes a shit. This is the setup to the big crisis that justifys the move to one world government.
Lol, it just hit me, Goldman got Greece into the EU to blow up the Euro. :)
LoL. Possible. Greece has been in default for half of it's modern history. This should have been expected.
On another note, from a purely straetgic point of view, Europe should love to have Russia and China pile in a bunch of money into Greece. All that will do is transfer Russian and Chinese money to European bankers and leave the Russians and Chinese with loans they will never recover.
LoL. Possible. Greece has been in default for half of it's modern history. This should have been expected.
On another note, from a purely straetgic point of view, Europe should love to have Russia and China pile in a bunch of money into Greece. All that will do is transfer Russian and Chinese money to European bankers and leave the Russians and Chinese with loans they will never recover.
There is an easy explanation. It's not money, only a digital construct. How else could the U.S. continue "aiding" half of the countries in the world when it is $50 trillion in debt? It's all fake, so grab as much as you can!
absolutely. the EU is offering this for their own good, not greece's. they really expected to scare them with ultimatums but all they did was to corner themselves.
Greece and the PIGS are stuck supporting Socialism for the rich Europeans. They should just take care of themselves and let the rich socialists get real jobs like the rest of us instead of being such parasites off the good Greek people.
That would be true if the govenment of Greece was guided by the intwerests of the Greek people. Syriza, like any government in power these days (likely at any point in history) is only guided by self interest (of the individual politicians) and they hope to join the "rich socialist" club that is feeding off the people of Europe.
When viewed with that lens, the actions of the new Greek government make sense.
You forgot Cyprus.
They get extended for six more minutes. Then what? More drama. Instead they should print the Drachma. Screw the Chosenite parasites.
The options are thus;
3). Walk like an Icelander.
Issue arrest warrants.....use them.
Arrest all the American politicians and bankers too
World-wide debt cancellation, a Jewbilee.
"As I have said, we need Debt Cancellation. Catherine Austin Fitts said Wall Street stole $40 trillion from us and will steal tens of trillions more. It is only fair that we fund Debt Cancellation by arresting the Bankers and seizing their assets."
https://vidrebel.wordpress.com/2015/01/25/ending-bankers-uber-alles/
Cool federal govt meme.
Make the enemy of the people the opposite religion when your Christian. Make Islam the second biggest enemy. What do you have then ww3 and end of global religions. What are going to blame after religion is gone, the people who have been in control before. The same who are going to be in control after. The Illuminati
"The Third World War must be fomented by taking advantage of the differences caused by the "agentur" of the "Illuminati" between the political Zionists and the leaders of Islamic World. The war must be conducted in such a way that Islam (the Moslem Arabic World) and political Zionism (the State of Israel) mutually destroy each other. Meanwhile the other nations, once more divided on this issue will be constrained to fight to the point of complete physical, moral, spiritual and economical exhaustion…We shall unleash the Nihilists and the atheists, and we shall provoke a formidable social cataclysm which in all its horror will show clearly to the nations the effect of absolute atheism, origin of savagery and of the most bloody turmoil. Then everywhere, the citizens, obliged to defend themselves against the world minority of revolutionaries, will exterminate those destroyers of civilization, and the multitude, disillusioned with Christianity, whose deistic spirits will from that moment be without compass or direction, anxious for an ideal, but without knowing where to render its adoration, will receive the true light through the universal manifestation of the pure doctrine of Lucifer, brought finally out in the public view. This manifestation will result from the general reactionary movement which will follow the destruction of Christianity and atheism, both conquered and exterminated at the same time." 4
Sounds like a likely story...
I don't doubt that there are devil worshipers in the halls of power but this isn't about religion, this is about control. Governments and people who seek power use religion is a tool to control people. They play on the insicurities of hummanity and usethe divide and conquer strategy to destabilize those to be controlled.
Religion is one tool these people use for control. The quote you posted above is one tactical play to achieve the overall goals.
So this is a six month default and stocks rally like its good news..
Is this like where they crack open another case of champagne on the titanic as they watch the nose drag beneath the water?
Well the band was playing while leaning up against the wall until the water was a breath over their heads, so I imagine someone was drinking like there was no tomorrow.
My desire to see that is exceeded only by my suspicion that Tsipras has a fatal "accident" in his future.
Italy, Spain, Portugal, take the hint :-)
exactly.
China only has one aircraft carrier, comissioned in 2012, its only ever built two.
Lots of landing craft though.
Oh yeah. And with a billion and a half mostly pro-government crazed 'patriots', they could keep coming long after the bullets run out. Never underestimate the power of cradle to grave conditioning.
not counting the ten active carriers being operated by the USN.
ever patient, the PLAN is waiting for another Clinton to be 'elected', at which point it can repo them.
After using their hypersonic antiship-rockets that may be the two aircraft carriers floating.
The big picture is really not complicated stuff.
Know the rules of the game. But more importantly know who sets the rules. Understand that all technical studies with data pre 2008 is all BS. Before 2008 there was sometining closer to "True Price Discovery", not so much today. Know that the 0.01%'ers are in survval mode and they have the means to outlast those that think the Boom is imminent. Understand that the best stock trading (not investing) strategy is to buy the "Most Shorted" when attempts at new lows fail. What better way to inflate the market then the good ole Short Squeeze. Wash, rense, repeat until the Banksters and the 0.1%'ers start cannibalizing each other. When the infighting of the elite begins then IMO the show is over. As an example, why do you think that a Credit Default event has not happened with all the junk bonds? Maybe because that would mean the banksters will turn on each other to get paid off? Just a thought.
Capitulation works both ways.
Got a whole long list of countries after Greece.
What....oh what will they do?
The suspense is killing me......who's gonna pay for all this socialism?
Yup. Spain and Italy already drafting their demands as we speak if Germany capitulates. Barcelona or Naples would make a nice Russian Med Sea jump off point. Moral hazard is a bitch.
Greece is stuck supporting Socialism for the rich Europeans. They should just take care of themselves and let the rich socialists get real jobs.
Backwards.....but close enough.
And right on cue the Podemos party is leading in the run up to Spanish elections.
https://www.thespainreport.com/category/politics/elections-in-spain/
Their platform? "Podemos originated in the aftermath of the 2011–12 Spanish protests against inequality and corruption. It is a left-wing populist party that seeks to address the problems of inequality, unemployment and economic malaise that followed in the wake of the European debt crisis. Podemos has called for a renegotiation of austerity measures and seeks to curtail the Treaty of Lisbon"
http://en.wikipedia.org/wiki/Podemos_(Spanish_political_party)
Who's gonna pay? The printing press of course.
Yes, Congrats to Greece?????????????????????????
Has ZH gone full retard or just full Commie? When are kicking the can and denial ever the answers?
And when did an openly Marxist regime ever improve anything?
Come on. You have to admire the move. Germany is on the hook. Europe is on the hook. Greece is factually bankrupt. They go out, the whole game gets exposed. So Greece just played masterful their cards. Everybody thought Greece was the biggest loser - now look again. Great game, great move. And hey - if you are angry - which is totally fine - just point your anger at the right direction. Not Russia, not Greece, not Greek people. Look at your own elite - these pompous dumbass-idiots. And if you are one of them - go royally fuck yourself - you brought yourself to this place - better explain it to your stupid German Joe Sixpack who doesn't grasp why now everyone is begging Greece to stay in. I am not in their boat. I don't like communists.
They won't improve anything. They are just playing the game. Don't hate the player, okay? Don't be that guy.
BINGO!
But the game is over now for the EU and they know it.
Greece on the other hand will just move on to greener pastures by itself or with Russian aid.
exactly, this will look bad for all the other loan shark debters. what happens when they allow one debter to not pay them and give extensions... as we'll all see, italy, spain, portugal and france will not be far behind.
Yes. Look for anti-susterity platforms to win the next elections in Portugal, Italy, and Spain. The banksters now face the prospect of printing free money for everyone. If they try to start a war they should all be executed.
You could always try it in the good old USA. Lets face it, in both economic and geo-political terms the US is roundly fucked and, contrary to some occasionally posting on here, it wasn't socialism that led to the debacle. Looking at where things are right now, it's doubtful if even socialism could have created such a labyrithine swindle. Parts of Tom Pynchon's novel 'Against the Day' , actually spells out in no uncertain terms the role of the J P Morgan monstrosity in screwing the average American back in the late 19th/early 20th century. In fact Pynchon has documented in novelistic form , not just in AtD, the largely unwritten social history of AmeriKa, all the stuff that doesn't get taught in either school or university.
There's a lot in play here, no need to hurry!
For beginners, the Syriza coalition is playing its hand masterfully. It is most essential for them that within Greece and within Europe they hold the high ground, position themselves as the reasonable ones, the "good guys", and let the banksters expose themselves as they try to deal with that!
Like Putin, if they play their hand wrong they face isolation and war. Like Putin, they have to play for time - time for the coalition of the billionaires and patsies turns against each other and tear itself apart. Like Putin they have staked their position on a coalition of the working people and the patriotic capitalists, and are reaching out to similar coalitions throughout Europe. And as with Putin's Russia, time is on their side because the Empire of the Dollar Bill is going down of its own weight.
So relax, enjoy the show! No need to rush them!
ewww, how the criminals hate competition... Que up the nukes.
Saw it coming, but it still does nothing to address the remaining PIIGS..
In the words of Pulp Fiction's Winston Wolf: "Let's not start sucking eachother's d*cks just yet."
Irrational exuberance in the markets today, perhaps. Probably will turn to horror/abject fleecing when the threadbare shroud of the central bank BS gets pulled away to reveal the gruesome fundamentals beneath.
Edit: Was it Bass that coined the "picking up nickels in front of a steamroller" meme? Either way it is probably apt for any speculators (who don't have a central bank/IMF buddy on speed dial) that are going long EUR based on this news breaking.
I'm going to sell this rampooloza from this headline. ECB just blinked and reveald their cards, Greece just won. Greece will bleed them then still accept funding from Russia and China. This shit is about to become hilarious.
All Greek politicians need to do is kick the can down the road for another 6-12 months, and watch Italy, Spain, Portugal et al. all begin to give way.
At that point they won't be able to be blamed for Europe's problems anymore. This political sleight of hand to chastise a small economy and plug the "lazy, tax evading Greek" angle to shift focus away from bigger issues is getting tiresome.
The European politicians somehow believe that Europe will escape real market fundamentals? It's insane. Truly.
"Maybe if we gut an economy on the periphery, and put our debts under the pillow at night, then the debt fairy will come collect it and we'll have a shiny new economy in the morning."
And just where does that goose that laid the golden eggs reside?
On a platter.
One does indeed hope so, oh yes. Screw the troika as they're coming and screw 'em again as they take their leave. I for one will feel more secure as part of the Eurasian Co-Prosperity Sphere or whatever it's called.........ooh er.........just forgot I'm living in the UK: Cameron and Osborne and heavy friends would sooner see us all nuked rather than betray 'the special relationship'.
if this is true then greece could take the 6 months and go to the BRICS in that extended period when they have worked out the details and are ready.
thanks, troika!
"Blessed are the young, for they shall inherit the national debt." - Herbert Hoover
Greece will be paying this debt for 'forever'. What do they really have to lose by not paying it back? Yeah, things may get rocky for a few years, but what is a few years of struggling verses generations of slavery. “The borrower is the slave of the lender.” - Proverbs 22:7
This global financial system is becoming more and more volatile by the day. Get out of the worthless paper currecnies. They all will soon be completely worthless. Buy silver!!!! Silver has been used as money for thousands of years. It has survived countless market crashes and new monetary systems. Help educate your loved ones on real money. Giving them a candle with a silver coin (https://www.etsy.com/shop/ScentSavers?ref=hdr_shop_menu) is a great way to get them started.
"Why 6mos?" I believe Greece is being held together long enough so it can collapse in concert with the global economy.
Greece 1, Europe 0.
Consider austerity officially dead.
At long last.
Syriza is starting to shine in its role.
Congratulations, Yanis!
Our little David...
Time for champagne cracking, bitchez! ...avec une belle Isabelle
6 month extension to eventually become "indefinite" extension
Reminds me of the U.S. debt ceiling deadlines that come up periodically. All theater, that ends up just kicking the can down the road. Nothing ever really gets solved.
Lol thinking Greece has any power except its in the best interest of ECB for financial stability, they push it too much they go back to the 3rd world with Russia and no one will care or notice
Never been to the third world have you ?
I live in Flyover Country......we're loaded with refugees. I am in the third world.
My doctor just advised me to get my measles vaccination.....he did say I could holdoff on the smallpox vaccination for now.
Don’t get the vaccine, you’ll catch autism and seize up.
Colloidal Silver is the way.
When I was growing up, vaccinating your child meant taking them around to visit the neighbors
kid that had just caught something.Natural immunity by having had it.
Yep, and these kids' "parties" still occur in flyover country. One mom with a kid with the measles makes the calls and becomes the host.
I marvel at this "debate". Measles isn't life threatening. And there is a school of thought that it makes us more resistent to other herpes viruses.
Not so sure about the lack of mortality. Probably OK with supportive therapy.
If you want an incredibly powerful immune system and I mean powerful large dosing vitamin D and Selenium at about 10x the rda two or three times a week. Selenium is so potent it lowers mortality of Ebola to near zero when taken at about 2mg/day
My dad thought laughter was the best medicine. I guess that's why four of my siblings died of donkey pox.
The new government in Greece is doing a better job at negotiating with Europe than the old one did.
B-but.. but the European Parliament told me that the previous regimes were awesome for Greece. How could a "renegade" political group, operating outside the system, be better for Greece?
Mind. Blown. ;)
Never take a bunch of dumbasses to a game theorist fight !!!
Somebody blinked and it wasn't Greece
This is the Greek version of "chicken" and they do it well.
Creditors kept giving extensions to Detroit too. This can go on for decades.
Wait, Greece has been getting extensions for centuries now. LOL
I'm calling bullshit. EUR already falling back. The SNB or ECB was just starting to lose its grip on EUR/USD at 1.1275 when floated and that popped us back to 1.13 which seems to be their peg
Ha ha ha ha ha ha...Pussies.
The Fakery has reached the head of the pin folks...it also validates that the so called Powers that be have no clue what to do or what they are doing.
A Stall is not a Fold. A Stall does not even qualify as a Blink..
A Stall is part of the Pretend and Extend strategy.
Ummmm......never mind.
Several days ago I commented that the "bad news" coming out of Greece would not cause the markets to sell off. I was correct. I also commented that the "good news" coming out of Greece would cause the market to go higher. I was correct. Its a ploy to push the markets higher. Where do I pick up my trophy?
In case you also put your money where your mouth was, then I would imagine you can buy yourself quite a nice trophy!!
Ha Ha Ha Ha!
You still think 'markets' are markets?
lenders and banks get another extention on payments ..as most here know this does not cure the main problem - criminal debt - no joy for the greek people - more of the same shit sandwich.
All they need to do is Print more fiat whats the difference anyway its all funny money we are using. They will never let a collapse happen this is a form of entertainment for us that think that sound money principles will ever exist sometimes I feel like a sucker for thinking that 2 plus 2 will ever equal 4
previously mentioned.
With an asp like Greece in the garden, Germany shoulld burn down the entire area.
Let Russia or China have the little twit.
Good play Greece....+ level up.
Now the EC, DieselBloom and Super Mario don't really look united.
The biggest irony of the EU project is that it is fragmenting Europe, the very reason it was set up in the first place to prevent conflict on the continent.
The reason the EU was set up was to control the different European countries more easily. It was working too. Now, we'll see. I'm still not convinced that Russia and China are actually standing up to the Beast, or all of this is just building up to the super crisis that the Beast needs to get absolute control, with the leaders of Russia and China getting their fiefdoms in the new world order.
Kick the can 6 months at a time.
The public attention span will never notice the crime
11 billion? That's chump change, how in the hell are you going to paint the garage for a mere $11 billion?
https://www.youtube.com/watch?v=jTmXHvGZiSY
Threatened to get loans from China and/or Russia ? How is that a threat? If Europe is concerned about getting repaid on their loans to Greece, then they should welcome other creditors bringing fresh money. It is called debt transfer, creditors like that becuase they get paid.
Yep, its like transferring all the 30% interest rate credit cards to the new 0% interest rate credit cards. Oh how that worked so well in the late 80's and 90's....
Well, there you go. So it ain't about what's good for Greece or Europe then, is it? There's a whole different dynamic at play here.
Control. It's what money printers crave above all else.
@foytik,
That's not the point.
Europe is not, was never, ever, bothered about getting paid back.
It's impossible to run out of money when you have a printing press, they don't need anybody bringing fresh money.
IT'S ONLY ABOUT KEEPING GREECE AS A DEBTOR.
THE ONLY WAY THAT THE EU SEEMS TO WANT TO FUNCTION IS AS A DICTATORSHIP AND WANTING/NEEDING TO DO ANYTHING DIFFERENT FROM THE EU SCRIPT IS NOT ALLOWED.
Not as yet anyway, but I hope the fall out from Greece asserting its authority will seriously fuck up the stupid EU plans.
Welcome to the reality of the New World Order. Isn't one global government. It is one group of aholes sitting at the top exploiting everyone else. When we invaded Iraq and Afghanistan, did we offer them statehood? Did we make them Americans? No. We exploited the shit out Iraq for oil and stole all the opium in Afghanistan. We had every opportunity to begin building a global nation. But we didn't. We showed the template for the future. No equality. No rights. Just give us your stuff and STFU, or die.
They will not repay they will default and begin a new credit with the east.
Everything is AWESOME!!!
DAX 11'000!! The Euro is saved!! Equities to the moon!
Algo food apparently.
Algos buy buy buy on circle jerk fake "news" from the insiders themselves, which provide "third party affirmation" that everything is great.
I just realized if some 11 year old hacker puts out a press release that New York just got nuked before the traders could raise their eyebrows after starting to blink the algos will wipe out all money in the world..
The corallary being that greece severs relations and agreements with russia in exchange for a few months of debt air. They may resume the party
Hey Great! Greece can continue to live off of the worlds welfare and avoid restructuring its economy in any productive way!
Are you talking about Greece or USSA? :P
Indeed, MASSIVE restructuring is needed not just in Greece.........
Sure they do. But what a bunch of fools here applauding the fact that greece stubbornly refuses to get it's house in order, and has the gaul to demand money and refuse to pay it back. Instead of electing communist rabble rousers to get out of their agreements, the Greeks should have been busy building factories and at least making an attempt to become productive people.
"Get it's house in order..." = Become better serfs to the bankers and the system of enslavement they have devised.
"Communist rabble rousers" = People who have done more than sit at their keyboards bitching about bankers and algos and politicians and rigged markets and actually told the shyster bankers and politicians to kiss their ass. They have gone way further than most armchair, know-it-all revolutionaries posting on here.
"the Greeks should have been busy building factories and at least making an attempt to become productive people." = You've bought into too many of the lies and bullshit theories in economic text books and economic mythology over the years and not paid any attention to the realities unfolding on a daily basis. A major rest of economic reality is underway. Being a good slave to the existing money masters is a good way out for those who want to remain slaves, like many here appear to want, but maybe not for everyone.
"Slave" meaning somebody who repays the money that bailed them out and saved them from economic collapse? I dont think so.
"Shyster bankers" Yes the evil ones who lent that lazy, reprobate society money so they can continue living off of "free money" instead of becoming productive people?
I never realized there were so many communist/socialists here on ZH who believe that prosperity comes from government spending. "Austerity" means a reduction in government spending, to help them repay their creditors. It's exactly what these people need. Prosperity and wealth come from private production, capitalism, and hardwork. What I see here are a bunch of lazy socialists who stubbornly refuse to be productive. They gladly took the bailout money and are now whining at having to tighten their belts instead of trying to be self reliant, productive people.
Isn't free money keeping this whole "capitalist" economy of the US going?
Aren't unproductive people who do nothing but move around free money keeping this can kicked down the road in most all Western economies?
Maybe the problem is your own limited view of the world that's trapped in all of these dogmas of capitalism, socialism, communism, and thisism and thatism coupled with gubbmint hatred and worship of a 'capitalist" system that's bullshit in itself. We've always had socialism for the 1% in 'Murca. They institutionalized it with "Trickle Down Economics" under Reagan.
Didn't President Bush the Lesser use Socialism to save Capitalism? What difference does all of this labeling make? You guys are so hung up on your Cold War ideology that the world is leaving you behind as you worry that someone, somewhere might get a dollar without having to be productive.
Unlike you, I am not surprised that so many here on ZH are trapped in labels and antiquate thinking and pure ideology instead of reality. They post their drivel every day.
I agree it is time to stop thinking in terms of labels they are just team names posted outside the collusium as we suit up to take the field.. It is time to turn your back on the skyboxes and go home to tend to what matters. It starts with your self. What are your ground rules? Do unto others as.... Mind your own business and I'll do the same. Self sufficiency. Who matters your family, friends, community or some self absorbed celebrity, politician (you fill in the blank) desperately watching the tally of up,arrows,versus down . They really fear no votes. We all die alone there is no collective salvation. What you think happens then is your own business, but I think as that time draws near it is hard not to think what goes around comes around and repeats. I could us a do over.
Nicely said. Thanks for posting this.
LOL now the news this is all BS on the 6 month extension, who wooda gest? lol
No...."Free money" has KILLED the whole "capitalist" economy in the US. It is keeping socialism alive, as only deficit, debt based, fiat spending can.
Yes...unproductive people are a problem in western economies, so why do you support them?
Maybe YOUR problem is you have no idea what capitalism ( or socialism ) IS, your posts prove it. Blaming capitalism for the problems of increased socialism, and claiming that people who try to educate you are "stuck in labels". No, socialism didnt "save capitalism". If that happens, then by definition you no longer have capitalism. These are important terms, not just "isms and schizms", it is important to understand what they are in order to discuss these global economic problems intelligently. Please learn more.
Greeks should have been busy building factories
They should have gone green...
i think most people dont know what greek society is really like. they know they are corrupt.
As are most modern day societies playing in this banker-ownered Western economy. Name a country that isn't.
Good point, I don't believe the world has ever heard the words, "I don't want THEIR money."...
This is very logical and had to be expected. The EU, with Germany and France taking the worst hit (incidentally those were the people travelling to Moscow...) in case of Grexit, just did the maths and figured out that they would be better off "extending" (read: cancelling) debt instead of letting Greece out of EUR and potentially into the arms of Russia/China. That would be a two-fold disaster for the EU. But "extending" debt is a risky business with other countries like Portugal and Spain watching closely and asking themselves - hey, look at these fuckers, they got an "extension" - WHY CANNOT WE GET ONE TOO?!
Capt. Aubrey would say it was the lesser of two weevils.
Fucking idiots, just keep printing that money anyway. Remember that deficits don't matter, in fact they are good for stocks. Whoopee!!
Thanks for ur fast service Tyler!
Tell them what they've won Don Pardo!
Why, minimum wage cleaning jobs and one hundred years of debt!
Tell them what they've won Don Pardo!
OK....you asked for it.
https://www.youtube.com/watch?v=pkyqoiciL-k
An "extension" for what purpose?
It would not be so much an "extension for Greece",
as it would be an extension for the Troika.
More time to sow dissension, fund opposition groups,
blame Greek economic woes on Szyira not being "cooperative".
A reprieve, not for Greece,
but for the status quo to continue 6 more months,
6 more months to arm Kiev, weaken Russia,
reduce Szyira's options.
Tsipras position will most likely be weakened in 6 months.
He would be foolish to believe Greece would be offered a better deal then, than now.
He would either be a fool or a charlatan to let his political opportunity slip away.
Does Tsipras have no intention to implement a more radical program?
(Obama, for comparison,, immediately after taking office, could have begun legal proceedings against war criminals, and revoked TBTF bailouts, but deliberately chose not .)
Or he's waiting for elections in Spain to go his way in which case he has the economic equivalent of a nuke.
This Yanis fella is smart. I'm wondering how many different scenarios he ran on his laptop, and i wonder how the jewish mystics will advise their ecb operatives to counter this potential threat. Science vs satanic intellect! who wins?
In October 2009, when Cosco took control of the container terminal in Piaeus, Greece’s militant dockworkers union, emboldened by the incoming socialist government that would win elections a few days later—launched a six-week-long strike that crippled the port.
The strike left some 4,500 containers stranded at the terminal for weeks, and dented Greece’s already wobbling economy.
The Greek government, Cosco and the Piraeus Port Authority agreed to a deal that helped restore labor peace on the docks. Cosco was allowed to operate its part of the container terminal unfettered by the union wage scales. Most of Cosco’s workers are now hired through a third-party, nonunionized employment agency.
They earn around €1,200 a month, a better-than-average wage in Greece, but roughly a third of what unionized dockworkers earned five years ago, and less than what workers still earn at the rival PPA-controlled wharf abutting the Cosco docks.
The new jobs have helped reduce labor unrest. But some powerful opponents still complain about the deal.
“They have created a workers’ ghetto,” said Panagiotis Lafazanis , a senior member of Parliament with the main opposition, radical-left Syriza party.
OK so they are going to China and get money but tell China to go to hell on austerity.
Globalisation bitchez!
Bailins for everyone!!!
BOOYAH!!!
1,200 a month is a workers ghetto? One can live reasonably well with that.
I bet anything that union was run by Pasok lackeys. They can go to hell.
Syriza struck down the sale of OLP (Piraeus Port Authority) but they are interested in bilateral state agreements with China to run OLP. The New Silk Road will not be stopped.
Hands up, (in the air), all those unwilling to die to save the (al)mighty Euro?
I knew I wasnt gunna get my meltdown :(
Greece is fixed! Greece is fixed! How many times is this, I've lost count?
'I’ve learned: Juncker told Tsipras: Samaras was offered a 6 month extension to Troika program but asked for two, shortening crisis timetable'
This is like watching the soap-opera of the US 'continuing budget resolutions' drama.
They lead you to believe that it will be a gladitorial fight to the finish between the best players and what you get is the fat kid who lopes up from behind the bush and...
KICKS THE CAN.
Everyone runs free and the game starts over again.
It's a neighborhood game and they'll be damned if they'll let Russkie and Chink kids play in the hood.
Mission accomplished for the kleptocrats. Another 6 months to stuff their pockets before slamming the door behind them.
waiting to see that Debt default - forgiveness you know..greece's new leadership wanted the debt wiped out..I think this headline will be like many before it..inoperable defunct and kapoot..but a great trade on either side.
moar debt for greece is not what I think the new goverment has in mind.
This shit show reminds me of the movie 'Arthur' with Dudley Moore. The family threatens to cut Arthur off from the family fortune if he doesn't marry Susan Johnson. Arthur stands Susan up at the alter and grandma begins demanding that Arthur take the money. Funny stuff.
And to further the analogy, Arthur was drunk the entire time.
They should except that and stock up their central bank with gold.