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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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zh getting over-hysterical. just wait for the mouseprint and then for a rofl-rejection from greece. this means nothing.
The Euro already round tripped back down to 1.1275. So can we assume this was just to make shorts nervous and has already been denied? It pumped stock futures where they wanted them
Dear Mr. Draghi, a bazooka is no good when you actually need a nuclear warhead. Those Q€ "whatever it takes" billions just got a bit dwarfed.
I would have thought Obama would have surrendered first...I guess the French want to be first again!
You'd think they would be happy if Russia paid the bill. But the reality is, Russia won't pay the bill now that we are at war. Russia would just hand out Rubles as the new currency and let the European banking system implode on a Greek default. No way is Russia propping those shithead bankers up.
Why would any country or person payoff a loan in today's environment? Just extend and pretend. Sovereign debt, extended. Student loans forgiven. Shit the FED should just rip up the US debt that hold, and pay for everybody's house. They should put every American on their payroll like Switzerland's central bank proposed.
Maybe that SHOULD happen. Because maybe debt-financing is a really, really stupid way to fund your life.
What ought to be something used rarely, in extreme circumstances, has become, thanks to bankers, a perfectly acceptable budgetary mechanism. Which it most certainly is NOT.
So let it all come crashing down, let it all fail, default. Maybe THEN all this nonsense comes to a halt...when some people start losing real money.
Maybe that SHOULD happen. Because maybe debt-financing is a really, really stupid way to fund your life.
What ought to be something used rarely, in extreme circumstances, has become, thanks to bankers, a perfectly acceptable budgetary mechanism. Which it most certainly is NOT.
So let it all come crashing down, let it all fail, default. Maybe THEN all this nonsense comes to a halt...when some people start losing real money.
Viva la can kick!!
I can't help by wondering, did Greece even ask Russia and CHina about this first?
I know Russia pretends being willing in their political games concerning Ukraine. But really. Why would any of these throw and money down the black hole that is Greece. There is a reason why Europe demands Greece to start paying rather than postponing it and throwing more money down the drain.
I'm all for it. Extend. Pretend.
Printing money out of thin air has an infinite timeline, spanning generations. For the rest of us, read the sub-head on the ZH site.
Can. Kick. FTW.
I'm in the same situ, somewhat. Bank foreclosed on inherited home in March 2010 (yes, that's right). Long story short, bank filed for summary judgment in September of last year. We've been working on a modified "cash for keys" deal since then. I've agreed to terms and have been waiting a month for the paperwork. Crickets. Now, another adjournment in the court until May. They don't want the house; I don't want to pay. We keep playing kabuki theater, but, they're paying the taxes. Extend. Pretend. It's the new normal.
Also: Kudos to the ZH techs who somehow heard the message from visitors and killed slow script ads at bottom of screen and self-loading videos. Now my 2005 iMac running Safari 4.1.3 is smooth with no crashes or delays. People need to wise up. Computers can last a decade or longer if site builders stick to basics. If that's deflationary, I'll take it.
I saw this coming, however......... i didn't see it coming on a MOTHER FUCKING TUESDAY when I'm long UVXY all week because I thought all week would be down and then over the weekend a deal to cause a surge.
That's what you get for gambling in the casino, the house always wins, in the end! Sometimes they leave some crumbs for you to cheer about. Since 2009, there has been money to be made for sure, can't blame anyone being in during that time, but over more time, there will be crocadile tears. Soon, very soon, there will be the ash heap, and there is nothing that can be done about it.
Reading between the lines...
General(s) Dumpty and "Jew"love saw something on the Eastern Front they didn't much like and need more time!...
Lots and lots of time! Lots more than six months in fact!!!
Son, the shitshow is about to begin in earnest...the egg has been cracked and it will soon be running down the side of the wall.
Son, the shitshow is about to begin in earnest...the egg has been cracked and it will soon be running down the side of the wall.
With chewing gum and scotch tape holding it together... Followed by a ritual of "rock, paper scissors" for good measure!
LOL, too true! Son, too true
I don't know about you Unix... But I keep seeing the same cast of characters "blinking" and it ain't Russia!
Tick... Tock... Tick... Tock... on those market handle(s)!!!
Son, Damn, I hope you're right. It is the chaos afterward that scares the dickens out of me
money, money, money...makes the world go round.
Funny money, moar money, any money; whats important is that the world keeps going round!
As I pointed out on another thread : Its difficult for Mutti to play Lars Porsena in Greece to Syriza's Horatio AND play Helen of Troy to Putin's Agamemnon in Ukraine, all at the SAME time.
Now she gets some breathing space : "Virst Ich play Helen und if I ze VIN game in ze Ukraine where ze rain falls mainly on Chocopop's men, Zen I goe to zi Athens and play at ze Lars Porsena games in ze Acropole!"
Phew, now we get two Maria Callas Arias over this summer !
PS : As for the eventuel extend n pretend in Greece, remember 92 % of it comes back to the bankers!
So nobody high up in Euro political circles capitulates (except us poor sheeple of Eurozone). Thats the beauty of this Oligarchy game : they get rich, we get poorer and the politicians get a slap on the back for doing "good" work.
Illinois or New Jersey should try this if the government fails to bail them out ....their almost communist already .....
If you really want to see some fireworks, imagine Greece telling the EU to shove it.
Everyone, including myself, seems to think there will be some type of extension to keep the game rolling.
Markets over time tend to gravitate toward areas that will screw the most people. A "No" by Greece to the EU could certainly be the catalyst for that type of market moving moment.
Must.....Save......Banksters....
Ha; Draghi blinked!
ECB has been desparate for an explicit get out, and here it is.
They were shitting bricks to that point as to how capitulate without looking like the douche Bankster puppets they are.
Well Greece have full on given it. All is well!!! What bullshit.
If the Greek govenment really meant it they would just show the ECB the finger and go full on in with Russia. So they have also shown themselves to be socialist schills.
As for the comment of 'US at best'!!! If I was Putin, I would be saying - 'Fuck you, you're on your own now'
Man these people are dicks. Extend and pretend is here to stay.
Cash is king, but I don't understand the bidding war to buy Greek debt. I have a vintage 1974 Chevy Vega in my garage, would Russia like to make me an offer?
Ahhh, the Vega blue smoke special, what a car. Riding in one was like being in a horse and buggy, rough ride and smelled! I am quite sure the Russians would say keep it, no thanks. Their cars are little better BTW...
So, it seems the Greeks bought themselves 50 days?! Time will tell.
Those of you who think this new Greek govt is hot shit are clueless! Other than they are standing up to the Troika, which I commend them for, is for the wrong reasons.
They spent themselves into oblivion, via socialist policies, and a corrupt cabal of privateers in govt.
What did this new govt do first? Hire back all the croney govt workers, hike the minimum wage and put more people back on the dole, basically using socialist FAILED policies again!
At some point the insanity will STOP for everyone, the secret cabal of globalist elits, the communists, the socialists, the fascists, the islamists and the crony capitalists, will ALL fail, and badly. These "leaders" will take us to total warfare, and for what, so they can keep and gain their power and control over the real people!
Death to globalsim in all of it's forms, open boarders, fiat currency, lifetime welfare, the MIC, and all forms of absolute authority, is what is going to happen IMO.
All the elegant prose found here and elsewhere is just that, prose! Until something is done about it, it is all BS!
All of You have grown up in socialism, you have NEVER tasted TRUE free markets, unless you are over 100 years old, LOL.
For a start, if the US is to lead in any way:
The FREE MARKET economy, with silver and gold as its TRUE scrip. NO form of FIAT is worth anything more than toilet paper! Fuck the regulatory and confiscatory BS. I am repulsed by the laws we have now in the USA - Patriot Act, NDAA, IRS, ACA, CRA, etc AND the alphabet soup agencies EPA, DEA, DOE, NSA, FBI, CIA, MIC (technically not an agency I know, but just as evil), etc.
When we start electing the little people to leadership roles (about time for real term limits), we will not dislodge them. Change the rules for running for office, so that one does not have to be a billionaire to gain a seat at the table!
That is just the start, there is much work to do! And don't just sit there and tell me 'you first', it has to be all of us, all at once!
What did this new govt do first? Hire back all the croney govt workers, hike the minimum wage and put more people back on the dole, basically using socialist FAILED policies again!
TIME ONLINE: Your government has rehired Thousands of civil servants. Is that the new Greece?
Varoufakis: We have not hired anyone at all yet. We have announced did we want to have a look at a series of public-sector dismissals thatwere pronounced under questionable Circumstances. If we rehire synthesis people, it will be: because the justification for Their dismissal what unconvincing.
TIME ONLINE: The justification that lack of money.
Varoufakis: That does not convince me. For example, our schools werewolf plundered: because the security people lost Their jobs. Is that a sensible cost-cutting measure? We fire the security staff, and the school's computers are stolen at night.
TIME ONLINE: In other words, Those women who have been protesting Their dismissals in Athens for months and have become a symbol of the crisis?
Varoufakis: Exactly. In my ministry, the Representatives of the troika ...
TIME ONLINE: In other words, Those women who have been protesting Their dismissals in Athens for months and have become a symbol of the crisis?
Varoufakis: Exactly. In my ministry, the Representatives of the troika ...
TIME ONLINE: ... the EU inspectors ...
Varoufakis: ... have been devising the so-called Reforms. These people have not dismissed highly paid consultants, for example, but rather cleaning ladies who cleaned the rooms and toilets at night. Women over 50 who went home with € 500 a month. This decision is morally reprehensible. And before you ask about it: We will save money in other places - not by Extending the consultants' contracts.
http://www.zerohedge.com/news/2015-02-04/president-eu-warns-greece-risks-national-bankruptcy-varoufakis-replies-greece-alread
So you downvote me, on questionable things to do with Greece, and NOTHING about the other stuff I said, good for you!
Let me see, here is what Syriza said:
=======================
Actions on jobs and wages
Most eye-catching for Greeks is the promise of 300,000 new jobs in the private, public and social sectors, and a hefty increase in the minimum monthly wage - from €580 ($658; £433) to €751 ($853; £562). The new jobs would focus on the young unemployed - almost 50% of under-25s are out of work - and the long-term unemployed, especially those over 55.
For Syriza, 300,000 appears to be a magic number. They are promising 300,000 households under the poverty line up to 300 kWh of free electricity per month and food subsidies for the same number of families who have no income.
Tax on heating fuel will be scrapped.
Then there are plans for free medical care for those without jobs and medical insurance.
Syriza argues all its plans have been fully costed at a total of €11.3bn and will be paid for by several initiatives, including a crackdown on tax evasion and smuggling
The headline-grabbing Syriza policy that has shaken the eurozone is a promise to write off most of Greece's €319bn ($363bn; £239bn) debt, which is a colossal 175% of its gross domestic product (GDP).
But the write-off is only part of it. Syriza also wants:
Repayment of the remaining debt tied to economic growth, not the Greek budget
A "significant moratorium" on debt payments
The purchase of Greek sovereign bonds under the European Central Bank's €60bn ($68bn; £45bn) monthly programme of quantitative easing
It is not just the poor who voted for Syriza but the middle classes as well. Property owners in Athens's leafy, northern suburbs were enticed with the promised abolition of a hated annual levy on private property.
Known as "Enfia", the tax was introduced in 2011 as an emergency measure but made permanent under the previous government.
Instead, there will be a tax on luxury homes and large second properties.
=================================================
So tell me good sir, how was I wrong, or is it the Syriza is changing their tune? Nope, they are communists, not just socialist, and you won't change those stripes.
Care to comment on the other things I outlined? I doubt it...
Wow, all the downvotes...ignorance is bliss for you downvoters! When the SHTF, you will be in the worst shape of all, you will not survive, because you have the brain of an amoeba (which means you don't have one). If any of you had two brain cells to rub together, you would see the light of day, but you choose ignorance and darkness - just wonnerful.
Downvote away my friends, I could give a rip, I post the truth - hurts doesn't it!
Just remember, I stil love ya, my faith is not in fiat, or any other currency, but in the Lord Jesus Christ.
I know I will get even more downvotes for saying that, who cares? Not me...
wow is right.
Greece will live or die by their own hands as it should be. Paying interest payments to the banks for money they created out of thin air should not be the highest priority it would seem to me.
Giving assistence on heat and food? THEY will see if they can afford to do that or not. Not the ECB. And not you. Strip mining a country like the IMF and the world bank has done around the world after buying off the elected officials to accept loans they could not pay back has NOT been in the best interest of the locals I believe. (like Enron ending up owning all of Argentina's water supply for example) That's what they were doing to Greece too.
And you my friend don't a fuck about how I would fare when the SHTF. You don't don't know if I aready grow much of my own Veg./Meat. You don't know if I have my own renewable power source on my property or what skill sets me and mine have.
I wouldn't come off so high and mighty thinking that you and yours will fare ok. That will be more luck of the draw of where you happen to be.
With or Without JC as your saviour.
I will agree with you about the predatory nature of what you speak, we are on the same page, but Greece brought their own debt into being. Does it matter who accepted the loans, not really, this new govt is going to need them to survive. I never said it was up to me either, just stating facts that I have read and heard.
As to surviving SHTF scenario, you are absolutley correct, and I have no idea what you are all about, I'll bet you are ahead of me in that category, by the way you speak, but I've been prepping hard too. I never said I would fare ok, I was pointing out, that those who downvoted me, just because it is me, or the truths I have presented, are ignorant. If so, those probably don't stand a chance in hell.
I will take my chances with Jesus Christ, all else is useless, you know why? Every single one of us will die one day - THAT I CAN GUARANTEE you!
I hope you have a great day, thanks for the convo. I do mean that sincerely.
Fare thee well my friend.
B.
the difference between the usa and german eurotwats seems to be that germany couldn't give a good god damned flying fuck about unemployment or poverty or any other social problems in greece. fuck the eu, seriously. bernie sanders was right, the fed should just bail out greece because europe is run by twat faced dingleberries with banker cock up their asses.
"because europe is run by twat faced dingleberries with banker cock up their asses."
buzz insert USA for europe or use both would be more accurate.
our dingleberries have a no-mexican-left-behind policy. the germans have a fuck-greece-and-the-horse-she-rode-in-on policy. that's all i'm saying. germany cares only about german citizens whereas our gubbermint hates its own citizens and puts everyone else first. oh snap, what was my point again?
What does extension mean?
Not requiring repayment at the due date - I am sure of that -
But does extension also mean additional loans? Good money after bad? I don't think it does.
I thought Greece was taking the position - they didn't want more loans anyway - they would not accept any deal that didn't address the current debt level. Does an extension do that? I don't think it does.
Without new money Greece is fucked in the ass - so why are so many thinking this is a win for Greece?
Extend the maturity & interest payment dates - but don't give them new loans and the result is what?
Greece can't pay its employees -
What did I miss?
This is like a welfare beneficiary threatening to find funding somewhere else. Its not like Greece is going to suddenly start making good on their debt if given a 6 month reprieve. They'll just default later after all reprieves have run their course. The current Greek administration has no intention of repairing what is wrong with the Greek economy. They are the authors of that economy and they know as long as European banks will keep extending and expanding on their loans they can continue on.
No. It is more like a welfare beneficiary threatening to invite in the biggest baddest gang around if they don't get what they want from the local regime. The EU and NATO can't afford Greece becoming a Russian satellite. In the end, it is all about geopolitics. Debt is just a tool.
Oh please, Russia has its hands full with Russia!
The plan wasn't what Greece offered, it was offered by the ECB. That's all the EU knows how to do anyway is to extend due dates for payment. they don't want Greece to default; if they do, it may start the whole house of cards coming down. Kind of like why there has never been, and never will be, a default on derivatives, because the backing is not there if something should happen. It really is a house of cards.
Sorry, you lose ECB and EU.
Now for Italy and Spain.
Yanis should take the 10 Billion and buy gold to back the ND. It would be the ultimate FU and a start to economic freedom.
What...and give up all of the political power that fiat has to offer?
LOL!!! Full faith and credit...
Is this the ECB I see blatently holding up the euro today?
Greece has leverage here. The EU can't afford to allow Greece to become a base for the Russian Army. But Tspiras must be careful. He may have won this round, but that only means he will soon be fitted with concrete overshoes.
I first posted about this "deal" two days ago:
http://www.zerohedge.com/news/2015-02-09/how-trade-greek-drachma-endgame...
"Greek/EU deal in the making?????????????????????????
http://www.keeptalkinggreece.com/2015/02/09/greeces-10-reforms-bridge-pr...
"Something is moving towards an agreement with the Eurogroup partners with Greece reportedly to prepare a bridge program until August. Greek media report Monday afternoon about a “ten reforms plan” in order to cover some parts of the current bailout program and that Finance Minister Yanis Varoufakis works out the compromise plan on the basis of letter by European from Commission President Jean-Claude Juncker, that the Greek side considers as “first sign of good intention from Brussels.” For Juncker’s proposal see below." "
FULL FOLD..on deck Spain..double deck Italy...
This is how it goes.
ECB extends for 6 months.
Greek government claims victory.
NATO black ops dressed like Greek farmers wipe out government.
NATO friendly government dressed like Greek farmers are elected.
New government does what they are told.
No need, this government has performed exactly as instructed. The Greeks sign up with the "free shit" party and get exactly more of the same. Funny part...Russia is in no financial position to help out Greece and China will continue its own financial death spiral. This was supposed to end just like the US debt ceiling "debate" ... 6 month extension after 6 month extension. All the EU had to say was NO. Russia and China had no intentions of "helping" out Greece.
Meet the new boss...
Russia is hurting but is in much better financial shape than the US or Europe to give a loan. They can actually do it with real money if necessary.
Or gold.
Don't know where else to post this. It's too good to miss seeing.
Strauss-Kahn: Only 12 sex parties in three yearshttp://www.bbc.com/news/world-europe-31318120
Where's da boeuf ?
"It's your turn to be fucked"
http://rt.com/news/230939-femen-naked-imf-dsk
Lesbian feminazis.
MUST extended... MUST pretent.
Cannot allow the Greeks to exit (our control), cannot allow them to go to the Russian's or Chinese for help.
Makes perfect sense they would grant them a last minute extension as the alternatives are worst in their eyes.
Syriza should keep telling them to get stuffed and put them under some real pressure.
Some say Greece is in no position to negotiate, that's bullshit, defaulting would cause BiG problems.
Maybe the Greeks were very smart when they joined the Euro. Once adopted they would not be allowed to leave which enables them to be the broke relative that comes to stay with you.
OT - Shitcoin - YOU get nothing ($387 million).
Yanis Varoufakis, the new Finance Minister of Greece, has a very interesting view of how the current global economic problems developed and why they continue to get worse instead of better.
The Global Minotaur --
http://www.globaldeflationnews.com/the-global-minotaur-a-global-finance-...
What's in a name? Y'anus Var-you-faak-us
Almost as funny as the terrorist name SNL skit. Could they make it any more obvious?
Interesting video, but I only got as far as him blaming the Great Depression on the Gold Standard. Then I had to shut his commie azz up.
The only Communism across the pond is ‘corporate Socialism’ EU providing for World/Central banks. At expense of Greek people and rest of Europe. Greeks are the 1st ones to show they have BALLS and call their bluff.
A [Sovereign Nation] Lion has roared! And [Banking] Jackals are panicking.
so 6-months-and-1-day 'til the bubble pops?
6 months and 1 day until the next "extension" is approved. They learned well from we fiscally insane Americans!
You had to have been a blind squirrel to not see this coming, and 6 months from now, we go through the same thing till they kick the can down the road again.
Whatever happens in Greece, greeks will go back to the bronze age
Because you cannot have 24h electricity when your country is not energy self sufficient
bcause you cannot ride the bus if your country does not produce oil, has no factories to build busses, do not has asphalt extraction to build roads....
yeah you can trade those for olive oil... but DAMN how many TRILLIONS of gallons of olive oil are needed to pay for a HIGH TECHNOLOGY GADGET STUFFED 100 seat bus this days ? Olive oil you just squeese the fruit and voilá
Greece should...
...get 6 months bridge loan from Russia/China, 3X the amount requested to the EU for a safety cushion
...start printing drachmas in these 6 months
...default on all debt oustanding, public & corporate
...start on a clean sheet
granted, in 3-5 years it will be a mess again, but they will have almost no debt and a currency of their own.
argentina style default
Oh, yeah, and Greece should ask for its gold back.
All of this fuss centered on Greece is grounded in a general uprising of the world's populations in opposition to the political grip of the West's neocon elite backed by the ultra wealthy. Greece just happens to be playing the role of pointman. But we now also see this same fundamental attitude quickly emerging in mainstream European politics in the form of a rejection of US policy surrounding Ukraine. I contend that this process, already evolving at a lighting pace, will only accelerate. I therefore expect an open and unified call for global abandonment of the dollar only weeks from now. Congruent to that, we will see Europe necessarily dissolve NATO, particularly as the euro itself begins to disintegrate.
Each step procedes from the former with an inexorable logic; just as the formal exit of Greece from the EU --which has already occured implicitly-- has sparked an inevitable progression of events.
Three "Johns" fighting over one middle aged hooker !
Europe blinked first.
Over the past 7 years, sovereign interest rates have collapsed and equity markets have skyrocketed, allowing the living dead to continue in zombie mode. I've lost count of how many times Greece has been "solved".
Aesop, you can rewrite / update your " The Boy Cried Wolf" fable.
The EU has threatened so many times, they absolutely can not be believed for a single word they say. For that matter none of the politicians or Central Banks.
We are all flying blind.
On Dsk : 12 official and many unofficial and intimate like Nafisa...Once a warrior always a warrior.
He was in good company; as Dear Henry said : Power is one hellva aphrodisiac!
What I ifnd interesting about all this is that Varoufakis has said that the only thing the EU does is 'extend and pretend', and Greece (and probably every other country in the same boat) could NOT continue with that type of philosophy. He has said in many interviews that Greece will pay its interest due, etc, but it wouldn't come without there being a 'haircut' of 40 to 60 percent on the bonds. So what has changed? And why in this instance has Greece essentially tipped its hand to the EU? Something doesn't add up. It's like telling your chess opponent what particular play or gambit you are going to use against them. Either Greece has considered financing from Russia an outside possibility (and never really intended to pursue that line of action). So I guess Greece really wants to deal with the EU. Otherwise, they would let options with the EU run out, and Greece could then say, surprise! we are going with Russia.
Bankers never tip their hands. So something just doesn't set right in this situaiton.
"It's like telling your chess opponent what particular play or gambit you are going to use against them."
But it works if your opponent absolutely refuses to sacrifice a bishop or knight or castle - then you can do what you want.
It's the 'politic', Tspairas and Varoufakis are playing the game. They promised their electorate they wouldn't leave the Euro, but they know they have to. So, they make it look as if they have been forced out, thus saving face at home and, getting what they wanted all along!
It's a call. Not a bluff.
This little party of Marxists may be popular now. But center-left and center-right is going to realize these guys are the second coming of Fidel. The Troika has time on their side. They can extend out until the point these guys actually have to implement a promised reform.
Totally amazing, and Germany was about to nosedive with it and pull the cord
the bankers will NOT give up. If they have to, they'll send down some folks from BofA to start raping and killing and choppoing up people and stuffing them in suitcases ... until the "economy" improves.
What Looks Crazy at First Might Be the Ideal Solution: Meet Greece's New Currency, the U.S. Dollar
There is an undeniable internal logic to the idea that Greece should jettison the euro and adopt the U.S. dollar as its national currency.
Several astute readers pointed out that for Greece to renounce the euro and transition to a newly issued national currency (drachma) is fraught with numerous structural difficulties. It is not easy to issue and distribute enough new currency to grease commerce from a standing start.
This was response to Greece: Are You Finally Ready to Do the Right Thing and Leave the Euro? (February 6, 2015).
Since adopting a new drachma is problematic, the obvious solution (at least to me) is for Greece to follow the example of other countries with currency crises and adopt the U.S. dollar as its national currency.
Before you dismiss the idea out of hand, hear me out. It might not be as crazy as it seems on first blush.
Here is a straightforward three-point plan to set Greece on a sustainable, positive pathway. But before we can understand how the plan resolves Greece's no-win situation (yet another Kobayashi Maru scenario), we first need to understand very clearly why the euro currency failed.
http://charleshughsmith.blogspot.com/2015/02/what-looks-crazy-at-first-m...
Some of Mr Smith's listed benefits that will accrue to Greece and the prerequisites it must adopt if/when exiting the euro will apply whatever new currency the country moves to, including the USD and Drachma. Yet he lists the benefits as though they only apply to adopting the USD and the downsides as if they only apply to the Drachma.
Here's one unmentioned downside that only applies when adopting the USD: Greece would quickly acquire 2nd class status like the southern states of the US, except whereas those states receive Federal Transfer Payments to keep them afloat and buy all the free sh1t. Greece would not have any such income, so it would be in a worse situation. Permanently, unless Greeks got their act together and started doing some work. That hasn't happened so far.
How's it problematic? It's all done at the bank with '1's and '0's, all that needs to be done is value the Drachma?
Why do you call it a no-win situation for Greece? Surely it's Germany and the other bankers who lose? Italy 32bn, France 47bn and Germany 57bn euro just figures they need to divvy up as part of 'bail-out' deal. And if Greece do stay, Germany lose, because surely Italy, Spain and maybe France come knocking too?
I did see a report before, stating that a US Senator had proposed 'bailing' Greece out, but I put this down to protectionism! They don't want Greece, a NATO country, going to Russia or China!
Egypt joining Eurasia union. Greece is next..
http://rt.com/business/230987-egypt-russia-free-trade/
six months and back to square one.
6 months after that is september when the 7 years shemita market crash cycle is finnished. This guys a literally kicking the can down the road.
I tried explains that to a friend the other day and all I got was a glossed over look on their face. Maybe because it's math and anytime they see or hear numbers it just shuts their brain off. It's not that hard really. Let's take a look shall we-
1987, 1994, 2000, 2008,
Gee what do I get when I add seven years to that last one?
BTW- October will end fiscal budget year and the republicans will start to do a real budget, not a CR. That's when the shit will really hit the fan and the dems will blame the republicans when the economy crashes in a continued deflationary cyclone causing the kick start of permanent QE until the reset.
I'd tell Greece to flush their debt down the toilet but apparently you are only allowed to flush shit and piss, not paper.
Doesn't the Euro fit the description of shit and piss? Let's just flush this turd then and be done with it.
Give ZATO time to get their assault forces in place?
Don't you know, "Greece has WMDs, and Nigerian 'yellow-cake.'"
The banksters need to repay us.
RUS, CHN, and their BRIC Bank will make a sweet deal - sweeter than the Troika's
Now Spain Portugal will arrive in Brussels cap in hand, the game is over .Start squirming " Bitchezs"
If I was Germany, I would welcome Russia bailing Greece out. Greece can borrow funds from broke Russia, use it to pay back loans to Germany, then Greece can default on loans they owe to Russia. How can Germany not love that plan?
FACT: It is 100% in the interest of the EU for Greece to exit the EU and euro. Why? Precisely because they've already made clear they have zero concern for Greece, only their own banksters.
And so, Greece has a huge wild-card... they turn over their vote in EU matters to Russia in exchange for "friendly aid". Unofficially, of course. Uh, huh.
Somehow, I can't imagine the predators who control the EU want Russia to have a vote in EU matters, especially those that require unanimous consent. Eh, like taking any action in Ukraine.
Greece has EU by the balls. And that's a fact. They won't stand for that... though their very strong and well habituated instinct is to keep screwing Greece forever. So it might take a while... maybe that's what this 6-month delay is for, to give themselves the time necessary to let it sink in that Greece has to go.
The EU might be able to get away with letting Greece go without the whole falling apart. Why? Because most EU countries aren't on an efficient energy pipeline route from Russia. Nonetheless, that's a might. When other countries see Greece does better after leaving the EU, the dam may break... and should.
6 months is to buy time for exits by the EU Predators. If Greece blinks, it will be a temporary respite for markets with no benefits short and long term for the Greeks.
At least some glimmer of hope to play with the Bear.
Ulrike, sorry, I won't bother you again.
Bill