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Greek Deal Falls Apart After EU Says "No Way Forward", No Eurogroup Statement; Greece "Questions Merit" Of Bailout Extension
NO DEAL!!! -
- *DIJSSELBLOEM: NO STATEMENT POSSIBLE WITHOUT JOINT CONCLUSIONS
- *DIJSSELBLOEM: POLITICAL AGREEMENT NEEDED ON THE WAY FORWARD
- *DIJSSELBLOEM: TO CONTINUE TALKS ON MONDAY, MOVE ON FROM THERE
#Greece gov't sources tell @geoterzis there was no agreement at #Eurogroup, extension to MoU will not be accepted & consultation will go on
— Kathimerini English (@ekathimerini) February 11, 2015
The Full Dijsselbloem statement:
Good evening.
Today, as you well know, we had an extra Eurogroup to start our talks with the new Greek colleague, to already cover some ground in advance of the regular Eurogroup, which is on Monday.
It was the first opportunity to meet and to listen to the new Greek colleague on their plans, ambitions of their government. And that was very welcome and useful. We had an intense discussion and constructive, covering a lot of ground, also making progress, but not enough progress at this point to come to joint conclusions. So, we will continue our talks on Monday.
On Monday, we have a regular Eurogroup, with a number of items on the agenda, but we will also continue our talks on Greece and our current and future cooperation with Greece. That is where we stand. So, there are no real conclusions, which I can share with you. You will have to bear with us a little longer. We will continue our talks on Monday. And that is as far I can go, at this point. I am open to all your questions, but I am already going to say to you to be patient and I will probably repeat that five times to your questions. But I will try anyway.
And why Greece matters.
Official exposure to #Greece for EZ countries non-negligible: €330bn of exposure to Greek govt, 3.5% of EZ GDP (Barc) pic.twitter.com/unXgd8rmTJ
— Holger Zschaepitz (@Schuldensuehner) February 12, 2015
But only one man mattered:
Greek FinMin varoufakis' statement:
What @yanisvaroufakis said in Greek to the Greeks sounded far more interesting than his words in English pic.twitter.com/09UqAPnDnn
— Bruno Waterfield (@BrunoBrussels) February 11, 2015
And it appears Mr. Varoufakis is not afraid to mis it up with the landed gentry of the mainstream media...
* * *
The Greek government has had enough of the delays, and has released its own statement, reports Helena Smith in Athens. And crucially, it reads,
“At this euro group there has been no agreement.”
“An extension of the memorandum cannot be accepted. Negotiations will continue with the goal [of achieving[ a mutually beneficial agreement.”
The statement added that the Greek side had put forward well-founded arguments as to why the bailout accord had failed, enlightening listeners on Greece’s problems of public debt and the humanitarian crisis it has also suffered.
- *VAROUFAKIS HOPES FOR `OPTIMAL' CONCLUSION AT MONDAY EURO GROUP
- *VAROUFAKIS SAYS EURO GROUP MEETING WAS VERY CONSTRUCTIVE
- *VAROUFAKIS: THIS EURO GROUP WAS NOT MEANT TO SETTLE ANY ISSUES
- *VAROUFAKIS SAYS IT'S `NORMAL, NATURAL' TO WAIT UNTIL MONDAY
- *GREECE WOULD NEVER AGREE TO STAY IN CURRENT PROGRAM: VAROUFAKIS
- *EXISTING PROGRAM HAS BEEN CATASTROPHIC, VAROUFAKIS SAYS
* * *
Thanks CNBC
— zerohedge (@zerohedge) February 11, 2015
- *PADOAN SAYS GREECE EURO TALKS WERE 'AT TIMES FRANK'
* * *
UPDATE: From Reuters: NO DEAL YET ON GREECE
- EUROGROUP SOURCE TELLS REUTERS NO "DEAL" YET WITH GREECE, MAY BE AN AGREEMENT TO EXPLORE POSSIBILITY OF EXTENDING BAILOUT PROGRAMME
- SECOND EUROGROUP SOURCE SAYS GREECE AGREES IN PRINCIPLE TO MEET ITS FINANCIAL OBLIGATIONS IN DRAFT COMMON STATEMENT
- GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT
And stocks and EURUSD give back almost nothing...FOMO!!
* * *
And so it begins... 1am local time and we get 'unidentified sources' stating that:
- *GREECE AGREEMENT `IN PRINCIPLE' REACHED, CNBC REPORTS
- *GREECE WILL STAY IN EU BAILOUT PROGRAM, CNBC REPORTS
- *DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS
Stocks futures and EURUSD are surging on it but we suspect - given the timing - that there is no detail yet and this is nothing but a blanket statement of effort for compromise to calm Greek bank stocks for the week as they reach ELA limits.
- *GREECE, EUROPE SAID TO MOVE TOWARD BAILOUT EXTENSION
- *GREECE, EURO AREA DISCUSSING LANGUAGE ON BAILOUT EXTENSION
It appears the "deal" of an agreement "in principle" means that if Greece folds and satocks to Germany's program demands then The EU will allow them to stay in and fund them... LMFAO!!
The kneejerk reaction...
We can't help but suspect this is about rallying Greek banks for the next few days to avoid being forced into a rapid decision ahead of the final statement next Monday:
- *FINAL DETAILS OF GREEK DEAL WILL BE KNOWN MONDAY, CNBC REPORTS
We shall see...
* * *
The seating chart... Greece center stage right...
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Is this the same "deal is principle" that was reached and denied the other day?
Greek people will be happy then?.....
It wouldn't suprise me to see them fold, but then they have to face their electorate...and if they cave, I hope the people hang them.
Greece fixed AND a peace agreement in Minsk?
Someone is clearly drinking and talking somewhere in a bar in Europe...
YAY. Financial repression to continue.
Market ramps. Buy a house. Get me a credit card.
Bullshit.
So this is when They have to lie
A glitch in the Matrix.
CNBS says everything's coming up rainbow colored Skittle tasting Unicorn shits!
Happy Happy Joy Joy
Reminder: Regardless of the outcome, there's a big pile of shit to be eaten. Only question is who gags.
Well it's good my mom liked watching Soap Operas when I was young. I know how this rolls.
Like sands through the hourglass, so are the rumor turds that keep coming out about Europe being saved.
pods
The banks take this shit as serious as I take a game show.
lmao. It's the banks that publish this shit. Who do you think owns BBG?
The solution is simple, Chinese/Russian military base in Greece for protection from the EU.
PUTIN Can Now BackDoor Into Greece, And Have Some Direct Access Into EU Political Chaos... AND Some Nice Mediterranean R&R...
I sense a great disturbance in the farce...
This could be a very slippery slope for Greece...
Oh.., wait....
Dsijelbloom is a joke, funny to watch his press conference
Shouldn't that Greek politician be in Greece working for the people? Why doesn't he go print some money for them. The guy is a criminal at best.
S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news. S&P up X10 on good news. S&P up X2 on bad news.
What's the name of that fucking woman in congress that I should be hating? Oh ELIZABETH WARREN fuck you!
Tomorrow I'm going to buy SPY calls and AAPL calls. Let's call it a day, this market is impossible to go down, EVER!
Fuck me. fucking damn. Fuck this shity shit. Fuck. Just fuck you all. Fuck EU. Fuck Greece. Fush the market suck this shit fuck you.
only thing that will derail this market is a true end to qe and significant interest rate hikes. popping the fucking bubble is not popular
wheres volcker?
BULLLISH!
BUY SILVER!
AHAHAHAHAHAHAHA~!
The Eurogroup agreement summed up in one video
Deadlock.
Don't worry flacon, it will die a spectacular death.
Don't try to time it unless you have an inside line.
Dr. V must bend at the KNEE for the DIJSSELBLOEM stabilitee.
No bended knee, no stabilitee.
Seems some time ago Xerces asked for the same deference from Sparta.
BUY SILVER
Correction: The media take this shit as serious as your game show. The reports completely contradict the fact and the market doesn't care.
So I should start buying media stocks because they have like...zero credibility then?
Shall we talk "journalistic integrity" while we're at it?
PSYCHOS down there!!!!
has the fat greek sang yet? far from over. as said til the 16th then the 28th, or til out of money. when she sings, i'm fucking broke and will blow you fora meal, then a deal will emerge...
BUY SILVER!!!!!!
Game shows are probably still more authentic than "reality" teevee.... like which guy wouldn't want to compete with a bunch of other guys to suck lips with the same girl over a number of weeks and never get to 2nd base? Sorry, no girl is that special and not too many guys are that desperate.
BUY SILVER
I can't even put into words how sick I am of this same shit day after day after day....Tomorrow the trumpets on CNBC will be blaring "Dow 18000".
BUY SILVER
The Happy Happy Joy Joy song is indeed appropriate here Knucks, I think it captures the insanity.
The bunch of amateurs has just clashed into a professional.
Dear Dieselgloom, maybe a joint today will be better than joint conclusions on Monday.
BUY SILVER
Shit coming from EU A$$
Shit coming from FED A$$
stinks just the same
I think the US taxpayer just might be eating this one, to keep Greece in the fold. I wonder if they'll force feed Portugal, Spain, Italy and France down our throats too.
JC Collins sees it all planned out on how to rid the existing petrodollar. The sad part is a good number of those who created and took advantage of the derivative mess will still be steering the ship with a Keynesian battle plan.
BRICS SDR to Bailout Eurozone February 10, 2015By JC Collins
The different angles of geopolitical and macroeconomic events are beginning to coalesce into the direct 90 degree turn which will shift the global financial system in the direction of the multilateral architecture. The apparent movement away from the USD unipolar structure towards the multilateral framework which is being implemented in stages is becoming more visible with each passing day.
This movement is taking the “two steps away from the USD and one step back” approach, and with each turn and shift the USD is being further removed as the primary reserve currency used in global trade. The much promoted death of the dollar in the alternative media is largely based on misinformation and unintended breaks in analytical rationalization as the full scope of the multilateral structure, and the global support from all countries of the world for such a system, has been cleverly hidden behind a script of geopolitical tension, as well as the dual crisis of growing sovereign debt and currency imbalances.
Continue reading BRICS SDR to Bailout Eurozone ?
The post was just updated from "We have a deal" to "We don't have a deal." In a span of like ten minutes.
I'll bet most wire stories from Reuters and AP are just algorithm-generated anyway.
http://www.sciencedaily.com/releases/2014/03/140314164137.htm
Is deal or no deal good for American stocks? YES! BUY!
NO YES AND YES NO..YES? NO?
"YES"............ but in principle.
Please don't let it be misconstrued..., that I do not totally disagree...
yes, i mean, yes, no they cannot
By Citadel on behalf of thier largest client, the Fed.
There cannot possibly be a deal before the last minute of the last hour of the last day, or maybe shortly thereafter. That is just how these things work.
So this is when They have to lie
YES. I smell fear. When they push an obviously needed but easily disprovable falsehood out there, there is only one reason for it. Near term, immediate fear. The timeline is shortening. Drop your cocks and grab your socks.
No, no. "Drop your cocks and buy your stocks." Fixed it for yah.
I just want Varoufakis to say
"look, I don't need a deal, I'm not asking for a deal....I have a billion Euro payment coming up in a few weeks....I'm not paying it, so do what you want with that...."
That is EXACTLY what I want him to do, too.
That will be the route to final collapse of Greek Economy with an insane Socialist at the controls.
The explosion when it hits bottom will be memorable enough that everyone in the western democracies will remember it for a generation. We won't have to deal with the dumb ass utopians in elective office.
We're 1 full generation on from the Great Depression, and people have no idea that we're sitting inside yet another one. The reason TPTB are so easily able to control the population is the lack of human memory for the bullshit.
No soup lines. Or hobos riding the rails. Or people protesting in Washington cause they haven't been paid. Or protest marches by war veterans.
Not saying it's all biscuits and gravy but we haven't reached that level yet.
45 million people on food stamps seems like the modern equivalent of soup lines.
Check out the Power Guys at the each end of the table, including this hereto hidden IMF VP, Pierre Moscovici.
https://en.wikipedia.org/wiki/Pierre_Moscovici
Lovely. Fits right in don't he..
So this is when They have to lie
A glitch in the Matrix.
So this is when They have to lie
A glitch in the Matrix.
So this is when They have to lie
A glitch in the Matrix.
A closed and nested do-loop
I prefer the infinite while loop.
WHILE(1)
I got an idea. Whoever eats the shit pile should get free credit monitoring for a year.
EVERYBODY'LL BE FUCKING HAPPY!
....and some toofpaste
Will they feed Dr. V the Matrix Steak ?
https://www.youtube.com/watch?v=Z7BuQFUhsRM
ELSE Nail gun
do loop War >
A deal with no terms? This is the delay tactic to let some scumbag bankster unwind a position. What horseshit. Merkel cant afford to roll over for the Greeks. She will sacrifice the euro beofre she give up her power.
This is all more of the same soap opera that ive been watching for the past 8 years!
You know, 'a grexit' is the same as a 'comex default' is the same as a 'rate raising fed'(any minute now) is the same as 'derivatives exploding' is the same as 'ebola' is the same as GOM oil leak armeggedon, is the same as Switzerland repatiation, is the same as.....etc etc etc etc...
Its all the same soap!
THere will be many leaks from MSM. They will keep stringing everything along just as they always do. Theyll keep you on the edge of your seat.
Ultimately, nothing will change except gold and silver will be much lower and the mining shares will have been ravaged yet again.
Its all a show!
Just don't bend over to pick up the soap...
i pushed all the soap bars to the floor. dare you!
All the world's a stage E. C. Besides, I really loved 461 Ocean Boulevard!
I think all Zhers have been missing the underlying point here, what is the need for an interest anyway??? if you had a printing press in your basement would you charge yourself interest for the money you just printed to purchase goods?? its all a scam Greeks should payback but with no interest getting your moneey back better than taking a loss rite???
See what i mean?? you Zhers would not even conceive of a world functioning like that! Or so it wont be a complete shock to your CNS How about a flat interest rate of 0.2% all across the board never goes up never goes down! O wait the chosenites say your economy would overheat and you would become way too upidity. Cant have these filthy goyim thinking that they actually have a chance at survival! lol
Although I despise the Keynesian Economic Plan as it is the Debt and Death paradigm it is most unfortunate that the rest of the World buys into that garbage.
According to the PLAN the Interest Rates are raised to absorb excess liquidity so that price inflation does not take root and are lowered to inject funds into a liquidity starved market.
The Keynesians need interest to function as a governor over the Money Supply.
Just because you do not agree with it, or, I do not agree with the Plan, does not make it any less real as most others in the World do agree with it.
The current Monetary System is unworkable as Keynesian Economics is unworkable in the long term.
But it will take a complete crash and total meltdown before that folly is realized and understood by the majority.
So until that time I will deal with the current paradigm as I will not deny the reality thereof.
You can choose to live in a Fantasyland if you so desire.
While some idealism may be noble realism is much more pragmatic.
tom, this is the definition of the scam :
a scam, is when for exemple someone want money and sell something to someone else who need that object and has the money.
the 2nd pay the 1st, the 1st got money and object, the2ND, nothing.
as long the 2nd is unaware of the risk and how a deal is working and how can he secures the transaction, why the fuck you want the 1st guy to stop what he is doin, even if he KNOWS that he is in illegality....
fact is as long you do not teach finance and economy to youngers, they will never understand how all that work, so circus going on....
greek people should get together and say, 'ok we're cancelling all public debts and going to back to barter/drachma instead'. find ways of trading 'goods and services' within greece, without the use of euro. cancel all the national debts, confiscate a bit of 'troika private property' and turn it into national parks. let the people work out their business between themselves. it's weird how these big banks pretend to bring order, but they're just leeching. they say to us that without them, there would be no civilization. isn't there a way to do a civilization without banks? maybe people in general need to mellow out... 'forgive us our debts' and all of that.
Civilization came on the scene thousands of years before banks. Just took a while for the parasites to evolve from highway robbers.
"Someone is clearly drinking and talking somewhere in a bar in Europe..."
Maybe it's that "Williams" guy that Americans are talking about, or his daughter did the shitty-witty with some dude on CNN.
Chelsea Clinton's hubby still managing a high profile portfolio with too much Greek exposure?
He bailed right at the bottom.
can't blame him, I would have bailed at her bottom
It probably costs him a lot of money to pay someone else to fuck her.
Kinda like Hillary and Bill?
Yes, it's confusing. The question is whether someone was drinking before the former or before the latter statement.
Total chaos at the moment...
Well, eventually, no deal!
The EU must realize they're playing Russian roulette with someone who is terminally ill
And someone (in Varoufakis's case) who's written books on game theory.
DavidC
Greeks drink Ouzo (maybe some Retsina too),
Russians drink Vodka,
Ukrainians drink wine (Manichevitz)?
See exactly as I thought no collapse and markets headed to records no more conflicts. We would do better to just live our lives knowing that the debt of the world is infinite and as long as the world goes along with it well it is just a number. Quadtrillions are next wonder whats adter that octillion
Actually it is meant to be perceived as a "better" deal: Greece is "fixed", and peace in Eastern Ukraine is a "fact". Go buy your ES and sell some gold now, sheeple!
I'm in the wrong side of the insane asylum. Aparantly I should be behind the bars.
So am I, bro. Till when, I don't know. But soon they'll be broke; we won't.
Is being broke good for American stocks?
not only good but very good
Booyah then, me buckos!
What with my financial condition, stocks should open tomorrow at infinity.
Ukraine makes Peace, Greece makes Payments and Uncle Knukies is flat fucking Broke!
Prince of a Deal: party like its 1999.... that was what was meant by the virtual deal.
None of the principals were present for the deal signing(s).
Linda Green was there
Goldman Sachs was there -
it's true. they did agree on Sassy Seafoods for dinner.
Greeks may have reached an agreement in principle with their EU masters, but, if I know the Greeks, they may also
reach an agreement with the Russians and the Chinese.
I hope one of the Greeks will come out and squash this as totally fabricated BS...but then who really cares at this poi t so fucking far down the rabbit hole.
Maybe...they will reach deal(s), and as all the principals are conflicting/ed/s, then Greece will exit...Stage Left (Snagglepuss style).
And the principals will be left empty handed fighting over their Greek bride.
Grexit scot free.
isnt monday a market holiday
Bingo. Thank you. Great point. It's like in the days of King Augustus of Rome, when there were too many holidays and no work got done. Now all the tipping points are made to occur on off days.
They are talking the market like they always do. I bet they don't have a deal and just said so in order to make sure the market doesn't tank.
Now there are 4 days to bend Dr. V's knee.
Calm down, they were only discussing an agreement on when to schedule the next meeting. This is Europe.
"effort for compromise"? lmao- Im sweating just thinking about said effort
no grexit? or is this just one of a many leaked maybe so maybe not sorta thing to help my position sorta thing?
No way the EU lets the EUR go for whatever the Greeks owe them. This was all preordained. Even the EUR/USD couldn't manage more than a limp-dick reaction, like George Soros attempting to mount Jessica Alba...
No way the FED lets the EUR go for whatever the Greeks owe...which is $360B.
"In principle" never means that the principal wll be ever paid...
If you actually have any cash..yes, Switzerland will now charge you moar.
Barabarous relic indeed.
ROFLMAO The desperation is showing!
I woud say- "Greece is saved!!! Again!" But that's not really true. "The EU is saved" would probably be closer to the truth.
I was in the room when they reached the deal. Actually, I helped craft the plan. This according to new news head at CNBC, Brian Williams.
That's the ticket, and I did it all myself.
The only muppets left are on zero hedge being duped by their captain, Tyler Durden!!!
Is it too late to load up on GRLD?
Guess you are just trolling but thanks to Zero Hedge we all knew this was a high probability outcome (for now). Have to admit though that I am 100% liquid but I am completely fine with that. If you don't like ZH why don't you just swich over to Cramer?
are you kidding--this type needs ZH to give the position to be contrarian to--they'd be lost without it--
Not really that smart eh?
Hold on there Quickdraw.
El Kabong!
when your nose bleed its not the same as blood donation
Benjamin Shalom you really post here?
"Zero hedge doom preachers ABSOLUTELY MAULED" -ben_bernanke
I normally don't agree with Ben, but when it comes down to betting on Can-kicking or Doom, I bet on Can-kicking 95 times out of a 100.
Because history and stats back it up, and I listen to my rational brain when possible.
-noben
Ntrepid / Operation Earnest Voice.
the can is about to get a fresh dent...
Just trying to nudge ES above certain levels.
Same old, same old. Stocks seem stuck at X...then there is a "problem" that causes a slight drop. Then "problem" is kicked down the road and stocks surge not only to X, but way beyond. Works every time. Did anyone seriously believe that the oligarchs in Europe were going to let $11 billion cause a problem?
This should be all the news they need to open the DOW above 18k tomorrow.
Aren't these type of negotiations and anon. Press releases the essence of game theory? Who would place their faith in any dissemination of this, obviously, fraudulent type.
i am going to take a shot at this one. Its a rumor. No deal will be reached. Greece will exit the euro.
I've never heard of "a rumor in principle."
To be determined by Monday?
Sounds quite unprincipled indeed.
they have agreed in principle to hold the talks in English
Hot Damn !!!!! I am getting good at this!!
...and too late for anyone to be sober enough to deny. Well played
The Guardian live feed has been fun during this stupidity:
http://www.theguardian.com/business/live/2015/feb/11/eurozone-ministers-...
"Hmmm. CNBC has just reported that Greece and the eurogroup have reached an ‘agreement in principle”, but it’s not clear over what, exactly.....
EU, Greece come to agreement in principle, meetings to continue: Source
However, the FT’s Peter Spiegel is rather more cautious:"
You are right that is funny. I guess an agreement in principle means the Greek Finance minister looking over the document and crossing out every mention of the Troika.
WTF? Bullshit. Syriza elected on mandate to end austerity, which means either 1) renegotiate debt or 2) default. Except the amount of haircut required to allow for end of austerity amounts to a default anyway. Alternative is Greek suggestion of gdp-linked bonds (presumably with negative gdp protection) or perpetual bonds (present value of...zero?). Which both hammers Greman/French banks holding this crap and pushes Spain Portugal Italy to ask for their debt to be adjusted, deposits leak from banks, more bailouts required at "Greek Terms" etc. etc.
So no matter what Greece leaves / defaults. Right?
and then the great intestine called politics and government got hold of this simple idea. We all know what comes out of the intestine.
"Greece and Eurogroup apparently discussing language on bailout extension. Varoufakis going through it crossing out every mention of Troika?"
Imagine what Banzai could do with that seating chart...
In case you hold with the argument that Varofaukis is an amateur at this stuff:
http://yanisvaroufakis.eu/books/game-theory-a-critical-text/
I believe he knows WTF he is doing here...
Sure hope so.
Just fuck those dumb fuck bankers at the EU and IMF.
You go Yanis...
I seriously doubt that is true. It put the S&P right into resistance on a meaningless news incident spike. Might need to go back to 1900 again unless the Fed puts some juice on this for a super blow off top.
This is a game of liars poker. The worst hand wins.
Way to go Greece.
Of course they will all come to agreements...and why not? More for them and less for EVERYONE ELSE. It is the same as it has always been but these days it is more extreme and there are more everyone elses with less money, power and freedom.
Anyone coming in with 'anonymous source' stories should be beaten to death with baseball bats like Joe Pesci in 'Casino', that's all.
Well I guess CNBC got what they wanted. They pushed up ES futuresover that trouble 2073 resistance area. Well done.
Monday...........the day the Federal Reserve bails out Greece and the US stock markets jolt upwards 10% in 2hours while HFT's catch on fire(literally) worldwide. Because there'snothing better than broke slaves then indebted slaves that will contribute even less to profits.