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Greece Willing To Do "Whatever It Can" To Reach Deal After Greek Liquidity Situation Deteriorates Rapidly
Three days ago we observed that after surging in January, Greek deposits had slowed to a trickle in February, with just €1 billion in outflows, following the €12 billion redeemed in January. At least that was the case according to Reuters which cited a "senior banker who declined to be named." The news appeared a little too good to be true, and as we suspected was merely an attempt at boosting "Greek leverage" ahead of the Euromeeting which ended in a spectacular, chaotic fashion, and no decision being made. Remember: the greater the bank outflows, the weaker the Greek negotiating stance when debating the Eurozone (whose leverage in turn is calculated by the level of the Eurostoxx 50).
Overnight Greek Kathimerini came out with a different report, one which appears to capture the reality of the situation better, especially following Wednesday's disappointing Eurogroup meeting and yesterday's news that the ECB has boosted the Greek ELA availability from €59.5 to €65, suggesting the bank run had accelerated and bank funding was on the verge of evaporating again.
Senior bank officials have told Kathimerini that almost all the liquidity available to Greece (59.5 billion euros) has been absorbed and that banks’ total dependence on the Eurosystem amounts to 90 billion. The rapid deterioration in liquidity conditions has been attributed to the uncertainty that arose when the snap general elections were called as well as the new government’s inability to reach a swift agreement with the country’s creditors. Following the 4-billion-euro outflow in December and 12 billion in January, bank deposits have already shrunk by another 3 billion this month.
So the €1 billion deposit outflow now becomes €3 billion in just 48 hours? What a difference "anonymous sources" make.
As for the logic behind the ECB's decision to first yank Greek collateral and then to trickle it to Greece on an ad hoc basis, it is quite simple: keep Greece on a short leash and remind it that should it try to pull away, all the funding will disappear.
Frankfurt’s decision shows its intention to place stricter controls on the supply of cash to Greek banks in the wake of Wednesday’s inconclusive Eurogroup meeting. “The more time that passes without an agreement with the eurozone, the more the ECB will restrict the limits by supplying liquidity that only covers a few days’ needs, and as the February 28 deadline approaches [when the bailout extension expires], the risk of an ‘accident’ will grow,” a bank official noted.
And of course, while "The ECB council is to convene again on Wednesday to examine another increase to the Greek limit" everything depends on the outcome of Monday’s Eurogroup meeting.
Which brings us back precisely to the negotiation at the heart of the Greek drama, where as we reported yesterday, it was first reported that Germany is caving in its strict demands toward Greece.
Greece and Germany are pursuing a deal on the conditions required to continue the Greek bailout as each side signals a willingness to compromise, according to government officials taking part in the talks.
Germany won’t insist that all elements of Greece’s current aid program continue, said two officials in Berlin. As long as the program is prolonged, they said, Germany would be open to talking about the size of Greece’s budget surplus requirement and conditions to sell off government assets.
For its part, Greece is prepared to commit to a primary budget surplus, as long as it’s lower than the current 4 percent of gross domestic product, according to Greek government officials. Prime Minister Alexis Tsipras’s coalition also might be willing to compromise on privatizations, one of the officials said.
Of course, one can debate if this is Germany blinking or Greece folding, because at the end of the day, what it boils down to is an extension of the Greek bailout program. That said, now that Greek bank liquidity is precariously low, Greece appears ready to accept whatever deal it can. Back to Reuters which earlier today reported that the negotiation is all but over and that "Greece will make every effort to reach an agreement with its euro zone partners at Monday's meeting of euro zone finance ministers on how to transition to a new support program, its government spokesman said on Friday."
The punchline: "We will do whatever we can so that a deal is found on Monday," Gabriel Sakellaridis told Skai TV. "If we don't have an agreement on Monday, we believe that there is always time so that there won't be a problem."
Prime Minister Alexis Tsipras, attending his first European Union summit, agreed with the chairman of euro zone finance ministers, Jeroen Dijsselbloem, that Greek officials would meet representatives of the European Commission, the European Central Bank and the IMF on Friday.
"The aim is for the negotiating team on technical issues to finalize a proposal which will be taken to the euro working group at noon on Monday and then in the afternoon to the Eurogroup to find a solution," Sakellaridis told Greek Mega TV.
He said discussions on technical issues would begin on Friday but Athens remains opposed to implementing reforms that intensify austerity and weaken the fabric of the social state. "What we have been saying is that by Feb. 16 (Monday) we want to reach a mutually beneficial agreement with our partners and we are moving in this direction," Sakellaridis said.
In other words, despite all the posturing, all the harsh words, all the rhetoric, money once again walks. And it is precisely the threat of the money walking away that appears to have ended the Tsipras goverment's will to continue pushing hard on its hard-line stance, leading to a government that is now willing to do "whatever we can."
Which is music to the ears of Merkel and the ECB, as the can appears to have been kicked at least until the next Greek election after which nothing much will change either.
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Whats new.
You'll know for sure if these "new" leaders are just banker scumbags if they cave to this. hehehehehe.......my guess is they're "scumbags"
Some might call them realists.
The Greek people no longer wish to play ball with the EU terms of surrender. That is understandable. However, pain......and lots of it will be the natural outcome. If the Greeks are not willing to back their bluff with action they shouldn't even be in the game and might as well just return to the slave quarters for their nightly beating.
Years of can kicking will not be nullified without major discomfort and disorientation. No pain, no gain.
Game, set, match: Troika.
Greece will fall in line now. They'll accept the old "program" with a few cosmetic changes and markets will rally. BTFATH.
Does that mean someone will greece, merkel's pickle?
Posturing is meaningless...
Compromise is meaningless...
Bailouts are meaningless...
Agreements are meaninglesss...
It's simple math: What can't be paid back, won't be paid back.
Greece is bankrupt; the sooner everyone recognizes that, the better off everyone will be.
"Greece is bankrupt; the sooner everyone recognizes that, the better off everyone will be."
Everyone except those bankers who never expected the EU (/cough German) taxpayers to be paid back, but who use this chaos to loot every resource of any value from these countries.
This is silly they only need enough euros to pay blackwater to put armed guards around the banks and everything is all solved again!
>>> "We will do whatever we can so that a deal is found on Monday," [said] Gabriel Sakellaridis
Unmentioned is that one of the things we cannot do is to continue austerity.
It was an election promise to end austerity and failing to do that does not fall within the scope of "whatever we can do"
This is silly they only need enough euros to pay blackwater to put armed guards around the banks and everything is all solved again!
So, just how much olive oil and yogurt can
the banksters loot from Broketopia?
Even if they get a bailout, will it matter if the bank run sucks every last Euro out of Greece?
CD,
Spot on. And even if Greece carries on in the Euro, they STILL owe all the money that they've had (90% of which went straight out to the European banks!) and any more they get (together with the interest.
LEAVE the Euro, default existing debt, get funding from Russia and BE FREE.
Unfortunately it's unlikely to happen.
DavidC
How does owing money to Russia make them free?
Freedom will only come when they are paying teir own way.
And the rubber band takes another round of stretching while a straw is heaped upon the camels back. These old sayings exist for a reason and endure as they summarize human folly.
"whatever it can" sounds alot like "whatever it takes".....next thing is we'll find out that all of the new greek gov't are ex goldman.
I wonder how many bazookas they have to point at the ECB?
"whatever it can" also sounds like a prelude to "well, we tried"...
I'd wait and see how this pans out. These things don't get settled overnight.
I don't think this Greek "Drama" is quite over yet. I would expect the rhetoric from the Greek side of the equation to increase in intensity and frequency over the weekend, as the Greeks try to now put the Troika in a box over the weekend.
I believe the new Greek govt is bat shit crazy enough to go ahead and pull out as they have been working other funding "alternatives" for weeks now. The fat lady hasn't sung yet, not time to head to the exits ....
What fucking difference will it make?
Greece will go bankrupt in three, six months no matter what deal is made.
Might as well go broke now and wipe the slate clean.
Plus the Greek people are at the "reset" point now and so why waste it?
Well, it comes to a general issue about who has more to lose and if the majority voting is the older generation. If that is the case then you can bet they want the can kicked.
But who says the German people want another deal with Greece when they know it's just more geld down the drain?
It's peak stupidity if they make another deal.
I am with you 100%. I don't think the Germans would want a deal but they may be cornered. Germans have to be very careful because other members of the EU are watching closely. They are a pure form of socialism so if Greece gets a good deal you can once again bet others will be running for their fair deal. This is why I find it interesting. I am curious to see what domino effect is created.
It isn't just that sants51.
Defaulting means pain for everyone, including the younger generation. The reason this goes on is because the politicians are cowards. None of them have the balls to go to the public of any age (generation) and tell them that if we default, then everyone must take a bite of this shit sandwich.
There are no choices that do not have some negative consequences for Greece. Many point to Iceland's default as a model, but Iceland went through some pain by defaulting and that is what coward politicians (know), but most people don't understand will happen to the general population. Think of the average middle class American. If they don't pay their bills like their mortgage or car payment, evetually their credit gets cut off and their possessions repoed. And if you do get some credit, it is at really high interest rates.
For example: Iceland's currency value was cut in half which decrease the standard of living for many.
Once again, I repeat, it is politicians and government that created this problem. They regulate and impower the banking system. And we are to expect these politicians to solve the mess they created?
100% agree. My basic point is if majority of the voters heading to polls are a age group who stands to lose pensions and whatever other benefits promised to them 40 years ago when they started working, the baby boomer mentality is basically saying fuck the children. Its FUBAR.
I forget who said it, but to paraphrase: We know what we have to do, we just don't know how to get re-elected after we do it.
A grand game of musical chairs on the world stage.
Headbanger,
According to Varoufakis it already is bankrupt!
DavidC
scared.
they wont move coz their new gov said they would save em.
but what... couple months later, mass go back every day in reality, they cant wait gov to eat, so whatever gov says, whatever gov does, or not, it is like french, 2012 everyone was like " wow, great " then what...
have you followed the path of the fatman in charge...? jeez, ffs it's between lame and hilarous. every word out of his mouth is shit. tzipras and co are like every left side... big mouth, not action, they take money, then they vanish and let time do its job.
we have nothing to expect from greece they have no ballz to manage what they should do.
and nobody have the ballz to do so, coz everyone got something to loose, mass always stay comfy, humanity hate unknown.
Totally agree with you 38. This is more Kabuki theater. Hope And Change...
Phhhhhtttt !
@ kilguy,
Not scumbags. ScumFucks.
Tsipras had a "JFK"-inspired talking to.
I wonder who woke up in bed with a horse's head next to them. This is a tad disappointing.
yes! a john kerry surprise reach around at six in the morning is enough to change anyones mind
Teresa Heinz?
How long does someone sit on the bench accepting the coaches assurances, "you'll get your chance". "Maybe next year, just keep up that training and sell those candy bars because the team needs the cash". When is life less about avoiding discomfort then recognizing what's in front of your nose. Do these people think they are going to live forever and they have to get ready to go in the game.. What are they afraid of...take the winning shot live with the result or you might as well be dead already.
You destroyed the Troika.
Tsipiras to Merkel: "Grexit postponed till DAX 15,000, Maam"
yep if election would change something it'd be illegal...
these dudes have no clue what the legal operation is regarding "lending" fraud... so they bend over like little Whore in order to please their ego and keep the position...
Greece is facing 50 shades of red ink, punishment inflicted by Goldman Sachs' proxy torture master, Mario Draghi.
So the Greek banks want a deal ? Continue with Troika as long as they have jobs. ! Not surprising
"What's news"
A: Told* ya so. Both chickens blinked and swerved. Human nature.
Doomsday will have to wait another week, month, year or two or more.
* Tue, 02/10/2015 - 10:58 | 5766438 noben
ZH Can kickers: 99
ZH Doomsdayers:1
I wish the new Greek government well in exile if this is the path they choose. The people there appear to have spoken loud and clear what they want.
Greek and Cyprus are close neighbors.
They would be fools not to run the banks after watching Cyprus bank depositors get a 50% haircut.
Yeah, the people of Greece spoke loud and clear just like the voters spoke loud and clear in the last US elections handing the Republicans a landslide victory only to sit back and watch it all disappear as the Republican's re-elected Boehner as Speaker of the House and McConnell majority leader of the Senate.
The taxpayers didn't even wince whey they slammed that 1+ trillion dollar budget up their ass with Boehner refusing to supply the lube but more than willing to spread the taxpayers cheeks.
When people take off the 80's 3d glasses, maybe people can have a republic again.
Perhaps, until then. It's still a Criminal Fraud UNITED STATES, CORP. INC.
Translation: Bank Run
Greece is toast.
We help you out.
Sincerely,
China
Putin says for a naval base, I'll offer you protection from the EU..
Paging Vladimir Putin and Li Keqiang (pronounced: Ker-chinggg!!!) Olives, feta, weird wine and military bases on firesale in aisle P!
No, Greece is showing the way. It’s a question of time before we’ll have global bank runs on an epic scale. All major banks are insolvent and people with deposits, savings or other paper-denominated assets in banks will one time or another lose all (if they don’t get out in time).
Greece is – paradoxically – more solvent than most Western nations. Greece has a lot of silver – both above and underground. When the fiat Ponzi-scheme finally blows up, Greece will be in a better position than most. Especially if their banking system have collapsed earlier and the population have had time to diversify. There’s a huge growth in the demand for gold and silver in Greece.
What a surprise.
we surprised some folks.....
Hoes will be Hoes!
its funny that's market sees one scenario and one solution only in this case
A non-news, news story?
Uncle.
Punishment for divergence
The EU is a classical Greek tragedy with a very BAD ending. Megalomaniac behaviour simply has got its price.
Bullish... Naz to 5000 by 11 am
Every major index is ready to hit all time highs today. It will take a nuke to stop them.
New political party in charge, same result..cave
So much for game theory.
In the run away fiat economy, as the world swings from desperation to euphoria, whether you be in real economy unemployment or an Oligarch who makes money on the Dax, there are powerful undercurrents now visible of societal choices for continents and civilization.
Behind the Tom Thumb Greece vs Samsonic German stand-off lies an issue of where lies the soul of Europe; already suicided once in the Armageddon of 1914-1945 ruin.
Has Europe learned any lesson in this bastardised Euro construct and with the sound of Jack boots imminent at its Ukrainian gates once again, victim of new, re-emerging imperial proxy wars?
The soul of Europe, is it going to revert once again into corrosive nationalistic plays and bogey man phobic paranoia like before or will it lead more to a common vision of a federation of people around an economic and socio-political agenda that allows the cultural diversity to continue irrigating civil society and entrepreneurship?
Basically that is what the Greek-German stand off is about. Jean Monnet's or Charles de Gaule's vision of the future.
Given the march of time and of globalization I don't think they have much choice.
Whats going on here? First, out of the blue, a deal is struck between russia and EU/ukraine clowns and then Greece is suddenly dancing to a different toon? Backdoor deals!
Always, always.
Its all Kabuki theater.
But, as they say in show buisness, "The show must go on!"
And, as we all tragically know, politicians of every stripe will promise anything and everything under the sun to get elected.
Once you accept that its all staged reality TV then you can accept that the people have been fooled again and that possibly Lincoln was wrong and that it is possible to fool all the people all the time.
Meet the new boss, same as the old boss. I guess I was fooling myself in thinking Greece may actually tell the EU to fuck off.
Greece is nothing more than a little knife pressed into the back of europe.
The questions is what is the real offer?
My guess it's all a prelude to the one world government ruse. Federalize Europe to save Europe! then strike a deal with the Russians to avoid fture wars. Join with the Chinese for free trade and growth and to avoid a messy war.
The US? Stigmatized and made hated by the rest of the world as a way to denigrate capitalism and personal liberty.
Politician equals Crook. Record for stocks today NO collapse till 2020 then 2030 infinit monetization is what its called
Not so fast here......... I'm not so sure I'm buying all this and all the "undisclosed sources." Why ramp the fuck out of the market if there is a deal?
It is called a good news ramp. Whether it is good news or bad. the market always goes up. It's easy, there is lots of room for a rocket ride to the moon.
CASH CAN'T BE HAD?? BETTER CALL VLAD!!
1-888-GO-KREMLIN
I bet even though that is an '888' number it will still process as an overseas collect call. Vlad could use the money.
Light the ovens.
Over the last 6 years the economic turd called Greece hasn't transformed.
What makes the Eurocrats think that anything will change?
It's just a groundhog day situation.
Greece along with the other PIIGS should have never been admitted (Thanks to the Goldman boyz).
Greece .... is the EU's .... FERGUSON !
Did you ever consider that they don't want Greece to transform?
Does the drug dealer ever want his drug zombie junkie to go cold turkey and quit buy drugs from him?
Remember the old song "Money makes the world go round"?
Just replace "money" with "debt" and you'll suddenly understand how the world works.
In order for fiat money to exist, a debt that can never be repaid must first come into existence. This is how the US dollar is created via the Federal Reserve and the same holds true for the Euro via the ECB.
And the only way any of the old debt can be paid off is with the existence of new fiat currency which incurs new debts.
If they really wanted Greece to transform they'd throw Greece to the wolves, kick them out of the EU, and force them to revert back to the Drachma.
But, the reality is they don't ever want any of the PIGS to pay back their debts. Debt is the new form of slavery.
But of course everyone already knew that since they spend so much time on ZH.
The Debtor .... who came in from the cold !
<-- Syriza caves and Greece remains debt slave to EU
<-- Syriza says "fuck the EU" and Grexits
Until there has been a Syriza action that HAS happened (as in past-tense) Syriza talk is cheap. I will believe their words after an action has been recorded in history. Until then they just may be huge liars like everyone else. I hope not but I'm not holding my breath.
The action will be that they bend over and take it up the ass.
But at least the politicans will get the lube while the rest get a thorny rose stem inserted without so much as wham bam thank you mam.
All from "unnamed sources", so I'm gonna call bullshit and wait for this to all fall apart over the weekend. Rally on bitches, and put in your limit sales in accordingly.
You're right. It is bullshit.
And on Sunday they will say the exact opposite.
BANK DEPOSITS LEAKING?? BETTER CALL LI-KEQIANG!!
1-888-BEIJING
All these so-called news items are just game theory. When all is said and done each side needs a credible reason to blame the other for collapse of the negotiations. Nothing has changed or, put another way, nothing is happening that wasn't expected to happen. This break from the status quo won't come without difficulty and pain but Greece will be better off, in the long run, of course. For me, the only thing is why Greece didn't consult with Iceland, they might have some valuable insight to share, lost opportunity.
Another Greek reform leader folds like a cheap suit. Caves into the Eurocrats.
The Greek people need to throw this guy out if it's true.
Says unnamed sources speaking to the MSM. Chances of this being fact? 2%
And another cheap cliche from a citizen of a nation built on cheap cliches. Melville got it right with his "The Confidence Man".
At least now the true evil is mentioned (albeit tangentially): Banks, bankers, banking.
Lend money to a corrupt government (redundant phrase I know)
Get Central bank to bail out {somebody}
Profit (*)
(*) Where 'Profit' is not measured in Drachma, or Dollars, but setting, influencing and directing national policy.
Methinks Tsipras and Varoufakis don't have what it takes because someone on the Greek side is doing a runner.
Would anybody like to hazard a guess how many billions upon billions of Greek citizens' money are stashed in Switzerland and elsewhere?
If the thieves brought their money back I doubt Tsipras and Varoufakis would be compromising.
The Greeks have no one to blame except their own cowards at this point.
It raises the risk of people accidentially demanding their money back.
Aren't death threats an amazing tool?!!!
Especially when you have foreign national clandestine services and militaries on your soil!
You mean I read all these Greece articles for nothing? In fact, when was the last time any anti establishment/authority plan succeeded? Except Crimea. If I read one more King World article on the implosion of the world I'm going head banger. Everyone is addicted to fiat.
The Greek Army has been awful quiet.
Greek Army...chuckle chuckle!
Greek Army...chuckle chuckle!
"."
And hopefully that "Greek Army' that's a wholly owned subsidiary of Trident LLC with the "Star" in the middle won't pull another one like they did in 1967 without financial compensation this time!
How do they seperate the Men from the Boys in the Greek army?
With a crowbar.
It will just be more money down the tubes. They all may save face but the money wll never be paid back.
OK. So just to be clear. These are the Game Theory experts? Yes? The ones that write books and lecture? Yes?
OK I got it.
Release the [credit] Kraken!
I'm getting the sinking feeling that if they dug up Konrad Adenauer, he could do much better than the current batch of Greek leaders... I hope I'm not right...
Greece will not retreat. Eurocrats will retreat.
fat chance, oh, and I didn't down ya!
One can only hope that Greece doesn't cave like Scotland... We'll be hearing more from Russia in the near future making overtures to Greece when the ceasefire provisions get violated again in the latest Minsk agreement. And they will once the U.S. military ratchets up more shit!
I think Tsipras and Varoufakis are blowing temporary sunshine up the EU's ass!
United States of Shame you want "asymmetric threats"?...
You got it!
I guess this means Greece isn't going to default
The only place that a Grexit chances are 90% is here in Zh.
Dax all time highs- so Us markets
The Tylers are disconnected from reality as are markets from the economy
Zh is a lonely ranger that has totally failed with markets direction
They may be a bit off on timing, but the facts are the facts! Silly money will be burnt!
Fundamentals will never get you out at the highs. Never. But you do get out.
Enjoy the ride. You paid for it.
I'm not sure it's so much a disconnect from reality, as it is a particular political position singing to a Russophile daisy-chain. Isn't Tyler's given name Igor?
The Greek version of Hope & Change snake oil...
The Greek version of Hoax & Chains and snake oil selling elitists...
There, fixed it for ya!
FCFS who the hell knows what is going on. Every 2 -3 hours the media reports the wind direction changes and the press (and I include ZH in this one) reports things are good then reports later things are not so good.
If I didn't know better I'd say someone was manipulate the media to manipulate the stock market. Hmm.
Truth is nothing has changed. The Greeks and Troika are at each others throats.
I call zeroshit, Untill the debate includes Russia and China.
Is " Whatever we can" the new "Whatever it takes"?
Then the situation must be quite a mess already. I am surprised.
Time for a haircut, folks!
https://www.youtube.com/watch?v=7BOasGOt8-g
How short? I have big ears...
They all come around in the end. When the elite say jump, the world say's "how high". When Satan says jump, the world obeys until its demise. Evil is much more pleasurable to follow than good.,,,,for a season.
Evil is much more pleasurable to follow than good.,,,,for a season.
Not when it's prepared to kill everything including itself to get what it wants! I smell a whiff of the "old boy" network and Tel Aviv in that comment?!!!
They think they will live forever and keep winning -till they Don't!
So it's more "extend and pretend" apparently. I'd still like to hear Tsipras say they are willing to pay the debt in full. I just don't see how he can do that without looking like a complete fool.
"Tsipras say they are willing to pay the debt "
Now that's a joke.
It's just buying time and piling on more debt without real change.
Like the US and Japan is doing.
Some things need to be said twice...
"Tsipras say they are willing to pay the debt "
Now that's a joke.
It's just buying time and piling on more debt without real change.
Like the US and Japan are doing.
Any agreement under duress vitiates a contract...
Odious debts arent enforceable, and the biggest beneficiaries of the last bailout were foreign banks. Greece needs to load up on oil and imported food and push the button.
Cash under the mattress doesn't work well when the currency isn't backed by gold.
Well...at least one can use it over and over as toilet paper, there is that!
question: do peoples in Syriza think that keeping the bank system healthy is a necessary condition for improving the lives of greeks in the long term ?
People accept one headline, when we have seen stories go back and forth all this time?
I don't think Greece is going to change, if they managed to get some help from 'friends'....and I am sure Russia/China would love to make life difficult for EU ... distract them from the troubles of Ukraine..
Bank holiday and bail-in in 3, 2, 1...
False flag / black ops coming next (to discredit leaders and scare public). 3, 2, 1, go.
Bank runs are pretty much the only way people can precipitate this shit storm. If everyone demanded paper cash, or gold for their bank desposits the charade would soon end.
So far, Greek military and Greek Orthodox Church have been silent. Next week or by end of February when an agreement is reached or default takes place, they will be needed to quell civil unrest and disorder. Either way, people will be negatively impacted and take to streets to protest, me thinks. Afterall, it is a Democracy, military want to be fed and Church must represent their parishoners but at same time protect church assets and investments in order to survive. It could get dicey
Do not suggest sending in Nuland
Fuck Nuland! LOL
This is all a sideshow. Greek people and the markets will decide. http://market-guru.co.uk/greece-havent/
And now desperation kicks in, this is quite laughable, the whole globe has piled up such huge debts and poured gas on it, it only will take one spark!
https://www.youtube.com/watch?v=rK0De210TBQ
https://www.youtube.com/watch?v=M_3T-Af57Pg
https://www.youtube.com/watch?v=DyaitC91hEM
Have a little fun while your at it!
The people don't want any more austerity and may revolt against these clowns "Kiev style". Maybe we will see a mountain of burning tires in Athens and more Nazis coming to power??
Long rubber and molotvs!
Greek diners may be serving a new specialty-- "Chicken Kiev Cooked Over Burning Tires ala Nuland" Delicious mit matzos and Heinz ketchup
This could end up being bullshit - what ever we can . . . unfortunately what we "can" do is limited by our mandate. Greece could make enough playing the market off this crap to pay debt service.
Greece's Only Hope- Align with China and Russia
http://winteractionables.com/?p=18306
zerohedge retweeted
Ilias Siakantaris @iliassiak 3h3 hours ago????????? ??????: GERMAN FINMIN SPOKESMAN SAYS WE ARE HAPPY TO STOP CALLING IT THE TROIKA BUT THE 3 INSTITUTIONS WILL KEEP INSPECTION ROLE.
ROFLMAO!!
After reading Creature from Jekyll Island, I guess the author is right - it always ends this way with a bailout, extension, more debt, scare tactics, for the public good crap, and some taxpayers somewhere being put on the hook for the debt. Banksters NEVER lose in this central banking game.
How will it all end?
In the toilet which has to be flushed every 100 years or so
Greece is just the beginning. I believe the EU member states have realized they have no choice but to pivot to Russia and China.
US foreign policy in the middle east and Africa forcing migration into the EU is destablizing. US policy toward Russia is destablizing energy markets.
Breakup of the EU is essential to break the hold of western c/b's debt stangulation of members.
Germany, while they still have strength, will follow Greece. So Germany will not give in to Greek demands and set up the exit dominos.
Democracy will return to europe one country at a time.
In the meantime enjoy the propaganda.
Do you think its dawning yet that no-one's going to give them any money, ever, cos there'll just be this big slurping noise as it goes down the same drain the rest of someone else's E300Billion did. Their elites have screwed the nation over well and truly. Problem is that a revolution just delivers a whole new load of elites who end up feeding from the trough. Of course straight austerity didn't work, it would only have achieved anything combined with flexible labour and social laws and effective fiscal policies. Just sacking hundreds of thousands of people and halving everyone else's pay and pensions can't achieve economic recovery. Shows over for now, time to start playing nice, and also being realistic about how whats needed to actually stem the decline.
Syriza has nothing to offer the Greeks. What is the plan of this newly elected party/gov't who won declaring to lead the Greeks to 'freedom' and prosperity? What is the plan absent more debt creation that is to provide prosperity in a lasting manner? Socialist EU and Socialist (neo-communist) Syriza are the players. You Russophiles simply want the EU destroyed so that individual member states will have to individually face Putin, rather than as a collective. Just stop claiming to want something better for the Greeks.
FF may have a point if this is all about Empire Dominance in which case everyone will have to choose either US/EU, Russia or China. Still does not explain economic/financial/ banker mess the US/EU have created and how long the debt, printing ponzi can last with individual weaker countries surviving and without being raped and losing national identity, culture and resources. Perhaps we will all learn from Greece
Expect a complete capitulation by tyhe Greeks at this meeting. It will turn out that despite the big talk, all they want is more "free" money.
Syriza's peeps are getting briefed on just how trapped Europe is no matter how this issue is decided. The EU can forgive the debt extended to Greece meant to forestall Greek default three years ago, but the other members realize that all the other weaker members will expect the same waiver that all but voids their union.
Either way the EU teeters and probably falls dragging the political establishment into surrender to the neo-communists or imposing pretty draconian measures as they try to weather the storm If Putin can survive longer than them...or likely his successor, the Russians will have the leverage that they really couldn't quite realize during the height of the Cold War. Hip! Hip!
Maybe all of this was "Diplomisized" at the recent meeting with Merkle, Hollande and Putin. Perhaps the EU gets to save face and in return there is no war in Ukriane from NATO....
It could happen
Socialist politicians will say anything in the name of looting the state and their fellow humans.
http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=2&cad=rja&u...