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ECB'S Noyer Admits Grexit Would Be "Very Painful", Demands Greece "Negotiate Seriously"
Despite media claims that the German-Greek relationship did not "look tense" at today's EU leaders' meeting; and in spite of the European market's seeming exuberance at no deal but a possible deal but no deal, ECB's Noyer has come out swinging:
- *NOYER SAYS GREECE NEEDS TO NEGOTIATE SERIOUSLY
- *NOYER SAYS GREEK EXIT FROM EURO WOULD BE `VERY PAINFUL'
This is odd in that markets have been managed to prove Grexit is 'contained'.. Noyer added that the Emergency lending agreement (ELA) is adapted to the needs of the economy, and ironically explained Greece needed to focus on growth (ironic because Greece is expected to grow notably faster that eurozone this year) and debt reduction won't help.
Noyer added:
- *NOYER SAYS IMPORTANT THAT EURO GROUP WAS UNITED ON GREEK ISSUE
- *NOYER SAYS KEY PROBLEM IN GREECE IS RETURN TO GROWTH
- *GREECE NEEDS INTELLIGENT REFORMS, NOYER SAYS
- *NOYER SAYS DEBT REDUCTION ACCORD WON'T CHANGE THINGS FOR GREECE
- *NOYER AGREEMENT WITH GREECE IS POSSIBLE
- *ECB'S NOYER SAYS ELA CEILING IS ADAPTED TO NEEDS OF ECONOMY
* * *
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long dolmades !
Dear Greece,
I hope you start demanding Mario Draghi wear a clown suit to all future negotiations, as a prerequisite to negotiating any further.
And an invitation to all future DSK sex parties.
The end of the Euro is at hand. Germany's third attempt at dominating Europe has failed. Rejoice!
Pussy, just say what you think
The End is Nigh
now let's toast
and wait for history to tell the tale
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painful for whom?
Lol ! Mr Noyer needs a life jacket! Maybe more than Greece!
With Greek, I thought the entry was supposed to be more painful than the exit.
Greece needs to leave the EU, they will hero's in the history books.
It will be almost 'mythical'!
the gap (if greece is real) is insurmountable. cut bait. declare plan b and tell euro fuckdips to take your euro debt plan annd ram it up your snaubled, dieseled draconia arses...
usually the greek entry is more painful
A sudden exit by Greece at this moment would open the ECB like a parachute.
ARe we being played here? A runup before no deal?
Noyer sounds like Obama -- "Both sides must work together and cooperate -- as long as the other side drops all their demands and adopts mine"
Still smoke and mirrors.
They apparently haven't grasped a bit of what happened yesterday.
Painful indeed! But for whom? I'd rather think for the EU and the ECB. But why would then Greece be the one in need to negotiate seriously? Noyer's statements are very foggy.
"Intelligent reforms" - as opposed to the usual brain-dead, corrupt, deceptive, all F-Upped reforms we usually get.
That'll work.
To be honest, I'm now totally confused. Precious metals are taking a hit, markets reacting calmly to this fiasco in Europe and, strangest of all, the UK pound is storming it in the currency market! What the bloody hell is going on?! When will this ponzi scheme collapse? Are banksters REALLY that in love with the current system and I've got it wrong? Or, and I have a feeling it's this option, are the banksters and politicians, manipulating the market to seem calm whilst behind the scenes, they are plundering whatever they can get before they can't keep the pretence up any more? In short, the ultimate pump and dump.
If it is the latter option, then it's going to be more than just a collapse. There's going to be pitchforks and livid villagers hunting for these crooks, even though they've bolted from the country.
If it is the former option.........anyone fancy buying my gold and silver....?
Enough already! Are they going to kick the can further down the road or will Greece be allowed to walk away from its stinky ~$300B debt pile without severely damaging relations with the west? For Tsipras and a good section of the Greek people, having and eating their euro debt cake simultaneously is the goal. All those billions in easy euro money that allowed Greece to live beyond its means and put off the day of reckoning, sure the Greek elites siphoned off ~5% of it to their offshore bank accounts, however it must be said that the lion's share of the euro debt booty went to the greek people. Some of it payed out through graft, corruption and patronage, some squandered in govt waste, and the rest in legitimate welfare spending. Mr Draghi and Mrs Merkel, for the sake of eurozone harmony, please wipe the slate clean and allow Greece to feast on that delicious euro debt cake once more. Why won't you allow them to come back for second or third helpings of that lovely euro debt cake? Be sure to save a few slices for Spain and Italy. /sarc off Given that the bankrupt southern countries of the eurozone are incapable of change, they should revert to their national currencies, but that won’t save them from eventual collapse. After incurring massive war debt, Italy suffered a severe period of economic instability which ultimately led to fascist dictatorship in 1922. Spain suffered an economic collapse in the 1930s, followed by civil war and then dictatorship. I think unlike Germany, if left to their own devices these countries are bound to revisit the past. -- One of the aims of the EU was to provide better governance to the periphery through gradual shifting of economic management to Brussels were the best capable and most talented administrators in the union would assemble. In europe, nationalism and resistance from corrupt local elites has always been way too strong. Even at the brink of collapse in 2010, local elites in Athens would not allow EU officials to perform an audit in order to gauge greece's true financial position. Corruption runs deep in the periphery. How could the United States have become a great nation if local elites from 50 different states hadn't agreed for the benefit of all to cede powers to Washington. In the rush to federalise and centralise its economic affairs, the EU has placed itself into an absurd position where an ongoing financial crisis in a small dysfunctional member state threatens to bring down all the other states in the eurozone. Economically speaking, Greece, Spain and Italy are zombie states on life support, but they can't be expelled from the eurozone because of the massive debt they owe to the other members. This whole sordid affair reflects badly on both Brussels and Berlin. -- Emperor Obama is leaning on europe to reset greece's debt so they can go on another debt binge. Of course, he's concerned about the new marxist govt breaking with NATO (US empire) and aligning the country with the Russian empire which has embarked on a territorial expansion drive. He should stop meddling and STFU, or put up $300B to buyout greece's debt. But it won't stop there, amercican tax payers will need to guarantee $15B/year in loans to the greek state for the privilege of stationing bases. Sure, the greek govt can go cap in hand to the chinese, but they aren't likely to allow themselves to be played for suckers like the EU. In return for the loans, greece will probably need to hand over a number of islands and also their tourism industry. They'll want to own 100% of everything, profits will flow out, and in return greeks will need to be content with $5/hr jobs serving drinks at the bar and cleaning hotel rooms. On the other hand, I'm sure crooked greek construction companies and govt officials will find ways off extorting money from their benefactors. I think the russians have their hands full holding onto Syria to be side-tracked by greek overtures. Don't forget that since 1945 the greek military has maintained strong ties to the US and had some success in dispatching inept marxist leaning govts. Also, after the Ukraine, the russian destabilisation and annexation program may move on to Latvia, Estonia and Lithuania.
It really doesn't matter, their economy continues to contract, and their bureaucratically ordered economy is incapable of self adjustment.
Damn Philby MI6 you are the Phil Spector of words
I'd be very surprised if anyone directly involved ever seriously believed that the Greek debt payments wouldn't need rescheduling with a fresh dose of more bridge loans to cover the gap between gov't tax collections and expenditures. This will continue until it can't. It's the same model in every 'developed' nation. The EU/Europe will stand and fail together.
There is not going to be a Grexit and all sides know this. What is happening right now is the Greeks bending the EU back over so they get the best outcome for their side possible. I wish Greece would exit the EU and Euro but there is no way in hell the EU lets this happen and the politicians in Greece know it.
So I guess it went down something like this:
Greece - We're not gonna pay nothing.
EU/Germ - Come on guys, get back over here and bend over like your brides do on their wedding night.
Greece - No, we've voted and have evolved beyond that.
EU/Germ - Oh please get back here, you cannot leave.
Greece - We're taking are ball and going home; YOU GET NOTHING. We are not paying anything. Period.
EU/Germ - that's not how we negotiate, you must negotiate and take our deal, Period.
Greece - Nope, we're not paying. Bye.
...
My portfolio dreads the skyscraper-of-cards that's about to fall but the teenager in me can't wait to see this massive implosion soon.
"priced in"...
It is cute how you guys keep pretending that their is a "market" for true price discovery...
Life is priced in, all included*
*Past performance is no guarantee of future performance
And once again we hear from the "experts" that debt doesn't matter...
Than why not just eliminate it?
You loan money with no collateral to folks deep in debt, you just might get screwed. Next time slap a lo-jack on some of the nicer Greek islands and repo them if they do not pay. It ain't rocket science.
Never owned a Greek island did you.....