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Complete Preview Of Today's Eurogroup Meeting
As noted earlier, the key macro event on today's calendar, and one which will likely be the origin of significant volatility, is the Eurogroup meeting to decide Greece's fate starting in a few hours where Yanis Varoufakis and his European Finance Minister peers will attempt to resolve two diametrically opposite and seemingly uncompromisable positions. Here is what to expect courtesy of RanSquawk.
Greek FM to meet with leaders of the Eurogroup and discuss options for filling their financing gap
Greece expected to propose a bridge loan and reject an extension of their current bailout. Leaders to arrive from 1530GMT
TODAY'S TIMELINE
- 1530GMT - All arrivals & doorsteps
- 1730GMT - Roundtable
- 1900GMT - Press Conference
LONGER TIMELINE
- End of Feb 2015 - Greece's EUR 172bln bailout is due to conclude
- March - EUR 1.4bln payment is due from Greece to the IMF
- 14th July 2015 - EUR 11.5bln Greek bond redemption due
RECENT COMMENTS
Overnight Greek PM Tsipras said that Greece is to negotiate a loan agreement and not a bailout adding they will not ask for an extension to the bailout or further austerity measures, no matter how much Germany asks.
OPTIONS
- A credit line - Greece would have to apply for an Enhanced Conditions Credit Line (ECCL) from the European Stability Mechanism (ESM)
- Issue short-term T-Bills - Under the current bailout the ECB imposed a cap on the volume of issuance from Greece which means the country must not raise more than EUR 15bln. The Greek finance minister proposed to the EU last week raising EUR 10bln through T-Bills as bridge financing and proposed raising the EUR 15bln ceiling to EUR 25bln however this has since been rejected by EU officials.
- Debt swap - Greece have previously stated that they would request a menu of debt swaps and two new bonds; 1. Indexed linked bond to nominal economic growth which would replace the bailout loans, 2. Perpetual bonds which would replace Greek bonds owned by the ECB.
- Bailout extension - This option is the one favoured by Germany but rejected by Greece as a bailout extension would come with conditions, namely further austerity for Greece. The new Greek government is extremely opposed to austerity imposed by the EU and are unlikely to support this option
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Bring it on BITCHEZ
Today is the day we will found out if Greece is Serious about the change
These are the days of our EU lives....
everyone's ready for a big "coiler"
Grexit turns into Grussia ;-)
Looney
Don't forget to lower the seat & FLUSH!
Well, looks like they take all the time to negotiate such an important decission.
Barely an hour....
timeline-
leak exit
deny rumor
announce exit
start rumor of reconciliation
deny rumor
announce another big meeting
volley ultimatums
extend loans
spx all time highs
I hope you're wrong (though sadly I'd put money on your timeline). Still crossing my fingers and hoping Varoufakis watched '300' last night.
Na. Just leave it there.
Spandex turns into Spina
Gold andSilver down in London - check!
Gold ans Silver down on the open in New York - check!
I will be the Debbie Downer and say prepare to be disappointed. Same owner of both teams means only one winner. Hope I am wrong and a Grexit occurs. I will only celebrate the exit when it is official. We have had plenty of shows in our life to understand the game.
Right on. Won't believe it till I see it this time. The sheeple always end up paying the price and it's time for Greece to rebel out of the Merkel brothel.
We will see. Greeks talked a lot of shit. Lets see if they come out swinging or listen to the Germans and sit the fuck down.
It will be the German sheeple that pay . . again - after Barry has told Mutti that he really does not want Vlad in Greece undoing all the hard work he has done to lay that pipeline.
Meet the new boss, same as the old boss.
Nope, pretend and extend is the rule of the day.
but not the rule of tomorrow.
I can almost hear the slight ping of a can being kicked down the road.
I'm hoping that's actually the sound of a can hitting a wall...
Or a can at 1200m
https://www.youtube.com/watch?v=ut2mPb63o14
You're not wrong, it may have just been kicked and hard.
Philo, nah, that is just my computer you pinged!
I recall way back last month when even the chance of 'Syriza' getting elected was the worst case scenario.
I bet way back then you had to walk uphill to school in the snow both was for 10 miles as well.
No, that was our fathers who did that.
Greece isn't interested in the stock "market" levels, it's interested in its future.
DavidC
I predict an announcement of can kicking that makes no sense, can't work and solves nothing, followed by a face melting 300 point vertical rip in the Dow on light volume that bonds, oil and currencies "aren't buying". What do I win?
Well, buy Dow and see what you win.
A raise of 200 lei a month.
Greece could have already made a billion or two inside trading their own announcements...so why don't they do like the insiders on Wall Street.
Always a comfort to know you've got Lloyd Bankfiend in your corner. s/c
A Loan Bridge to Nowhere!
Discussions of a Greek Russian pipeline should help relax the discussions
Light bulb, meet cockroaches.
These people really shouldn't put themselves on display like that. It'll merely serve to highlight how politically naked they are, when their time would clearly be far better spent frantically slapping some duct tape on contingency plans for resurrecting their respective currencies.
No matter what happens today, it's sure to knock $10-$30 off the "gold" price.
Yeah....just try to take possession....good luck with that.
Right on cue.
So while playing 'Layer random data ontop of each other', I found this entertaining. Guess WTI prices fell due to the FRB stopped buying fwd contracts. Just layer the FRB balance sheet with US Crude production
All Greeks remember this. Thomas Paine American Revolution.
These are the times that try men's souls; the summer soldier and the sunshine patriot will, in this crisis, shrink from the service of his country; but he that stands it now, deserves the love and thanks of man and woman. Tyranny, like hell, is not easily conquered; yet we have this consolation with us, that the harder the conflict, the more glorious the triumph.
+ 1000
If only America remembered its roots instead of eating the low hanging fruits of other people's vineyards like the neo-con fox and oligarchy wolf it has become.
neoliberals are even more guilty my friend, the progressives ARE the wolf in sheeps clothing, dont fool yourself, they are all corrupt to the gills, power hungry mongrels, wanting to control us.
NOTICE I BLAME THEM ALL...
###
Watch News LIVE on Reuters HERE:
http://tersee.com/#!f=de,en&q=reuters&t=text
Honestly, who gives a shit outside of a short term trade? A bunch of banks, freed from any honest accounting constraints, will all get bailed out and then claim record earnings because they were all on the "right side of the trade". All currencies will be pushed into the desired trading bands using leveraged printing press backed FOREX interventions within a week of whatever happens. The real economy will not bite on fake CB imposed numbers. Commerce will continue to implode because as far as the real economy is concerned, there is no functioning banking system, and no one wants to exchange currency at baloney rigged rates.
untuck your shirt! join the revolution comrades!
Lone wolf
My understanding is as follows:
1. Greece wants something drastic done to its debt.
2. Germany is reluctant to cut Greece any slack as it will cuase others to put their hand out.
3. Greece is still seeking war damages from the Germans.
Therefore my solution is:
1, Get Germany to pay and guarantee the interest on the loan as an interim measure to resolving the war damages claim. Say for a period of 5 years to see if anything changes.
This will put Greece to the test to see if she is truly capable of having a solid economy when it has no debt servicing and when it has arrested its growing debt and deficit situation.
The problem is greece cant even pay their government employees right now..they need more loans to make payroll...that is the problem.....they are broke and they do not want to pay any of their debts...and then they want more debts....good luck
The can gets larger each time. Just like US total debt and deficits.
Just buying time agan.
The euro has become so hollow, they can't even buy time with it.
Spandex
And this is just tiny Greece. What a show this will be if Spain and Italy go the same route. Already got my seat and am all tucked in.
And don't forget the popcorn, and please don't burn it. burnt popcorns smells like shit!
Not even King Arthur (round table) can save this puppy!
Perpetual bonds, Buy one and it pays for ever and ever.
untill it can't.
Government issuance of Debt for money is the biggest fraud in the history of mankind.
As the FIRST INTERNATIONAL LICENSED COURT of Human Rights, Dedicated to Rule of Law FOR THE PEOPLE, the Arbitration Court of International Justice (ACIJ) is the forum to prosecute the Biggest Fraud In The History Of Mankind.
http://www.justice4humanity.org
http://tinyurl.com/mmkhrss
What are those short-term-Tsipras-bills ?
Another reason why Zero Hedge is awesome - 1900 GMT. I should have gone drinking last night. All of this central bank uncertainty definitely makes trading more difficult.
But just think, at least you don't have a hangover today, so you can watch it without a headache!
I know it's yahoo, but...
http://finance.yahoo.com/news/exclusive-tesla-ceo-threatens-firings-1025...
Join the club fella
Greece is that tiny stone at the top of the mountain. It started rolling a few seconds ago and already it has started more stones rolling. I am at the bottom of the mountain starting to see some movement up there and am thinking that I need to run up the other mountain and watch it all unfold in safety. Unfortunately, 99% of people are at the base of the mountain having a picnic with their headphones on, blissfully unware of the danger above them. This could end badly.
Better watch out, the other mountain has problems too. Under every rock my friend...
whatever happens SP500 closes green
I expect more of the same. As Greece debt-spirals into oblivion, folks are more than happy to lend them money to assist in their national suicide.
Take off and nuke the entire site from orbit. Only way to be sure.
All this EU/Greece drama and standard playbook is in operation. Gold down, Oil down, Silver down, the US Equity markets are the new safe haven. Thats it, Thats all...........move along, nothing to see here
hi from a greek girl currently in Italy. I will be a spoiler, in the greek sites they mention that we'll have to wait since the official eurogroup 16 february.My prediction the will reach an agreement after all this drama, the katharsis will come (as in the ancient tragedies)
Fuck the moneychangers, both Euro and Amero!