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Rejected: Germany Throws Up Over Greek Extension Proposal
Update - it gets better:
- GABRIEL: `WE HAVE REASONS WHY CAN'T SAY YES TO GREEK PROPOSALS'
- GABRIEL: `WE CAN'T SHUT DOOR NOW ON TALKS WITH GREEKS'
Moments after we reported that stocks were delighted to price in yet another Greek resolution (even if they would be loath to reprice the reality), both Bloomberg and Reuters poured cold water over the HFT servers in Mahwah with the following headlines:
- GERMANY REJECTS GREEK EXTENSION PROPOSAL, GOVT OFFICIAL SAYS
- GREEK LETTER DOESN'T OFFER SUBSTANTIVE SOLUTION, GERMANY SAYS
- GREEK LETTER NOT IN LINE WITH AGREED EUROGROUP CRITERIA: JAEGER
- GREEK PLAN SEEKS BRIDGE FUNDING W/O FULFILLING PROGRAM: JAEGER
And more:
Germany rejected Greece’s request for an extension of its aid program, saying its offer doesn’t meet the euro region’s conditions for continuing aid.
The Greek government is trying to agree bridge-financing without meeting the conditions of its existing rescue program, German Finance Ministry Spokesman Martin Jaeger said in an e-mailed statement. European Commission Spokesman Margaritis Schinas moments earlier had said the Greek letter could be the basis for a “reasonable compromise.”
Euro-region finance ministers will make a “detailed assessment” of the request and formulate a response, Schinas said at a press conference in Brussels Thursday. Ministers are due to meet on Friday.
In other words this is precisely what we warned first thing today when we said that "as we first reported two days ago when redlining the original, Moscovici, and final Eurogroup draft proposal, what Greece is requesting is merely a return to the original, "agreed-upon" language formulation. The problem is that now that Europe officially threw up on that language, conceding to the Greek bailout proposal would effectively see the European Goliath bested by the Greek David, something which Germany's Schauble will hardly agree to. "
And sure enough, Germany did not.
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The movement in the 'markets' just now proves how fake this all is!
Now you're rich! Now you're poor. Now you're rich!! Now you're poor. This is like going to the eye doctor!
Sure is a lot of puking going on over there.
So Greeks got another $3.5 billion in ELA funds yesterday, just for the Germans to crap over everything today.
I'm starting to see a Financial/Political risk-on event in the near future.
I am sure the Greeks have wargamed this for a while, as have the "Europeans."
I wonder if Greece can make it another week at this rate without something breaking.
germans, Hans, what do you expect?
Behind all of the smoke and mirrors what has actually happened thus far is that the Greek people have bailed out Deutsche Bank and it's toxic derivatives exposure.
The Greeks have only now realised what their previous government agreed to.
It's time they walked away from Germany.
yeap ... sad but very true ... c'est la vie
Too bad the Greeks did so WILLINGLY just to be part of the club.
Selber Schuld.
The Greeks were sold a line of bullshit starting with their entry into the Euro. Get real. Nothing good could have come from that.
Yeah money for nothing and chicks for free....plus unlimited anal sex by the EU.
i keep hearing all this yada yada blather about greece and their accounting balance. what i want to know is how much is it going to cost to reroof the parthenon?
1. The master - slave relationship has been reestablished. Greece begs, Germany denies. Greek resistance has effectively ended.
2. Think of the money that is being made on these market swings by people who know in advance what is going to be annouced.
The Greeks shld just continue to ride their donkeys during the day and buttfuck at night...
SWR correct. Except one small detail, they WRITE what is announced, which is far better than knowing in advanced. That is the rich man's trick for centuries.
Rich man?
No, not hu-man.
merkel strap-on
OK, now I puked with that mental pcture.
Merkel giving the fat Greeks a strapon buttfuck!
Lol, watch the so-called game theory expert Varoufakis come crawling into the room tomorrow in Brussels and kiss Schäubles feet asking for forgiveness. This will be "grand opera", a show so good worth 10 billion Euro in debt forgiven for the Greeks. Greeks are so pathetic underachievers, it always hard to believe actually. "Proud nation", my arse!
completely agree.
There is one thing wehre Greeks are overachievers: Fraud and cheating!
Reading about the latin monetary union and how Greece printed worthless paper currency and exchanged it for golds might help. At the end the "monetary union" was unraveled. Just like the Euro will be. Hopefully sooner than later.
Buttfucking CHEATERS! Better to do nusiness with the Turks!
And *STILL* to this day the "we want to be European" part of the electorate is over 70%.
I am a believer in democracy. I think Tsipras should tell the Greeks they can either stick with Austerity or leave. Not have both.
If the Greeks want so badly to be European, then the Troika can cruify them upside down for all I care.
You're spot on. The lie Syriza is peddling is that Greece can have debt reduction AND the Euro/EU. They MUST make that choice....never ending, crushing austerity that will turn the country into a third world nation or real pain for 12 months and the chance of a prosperous future.
I know which I would choose.
Me too. Syriza cannot have it both ways. Syriza has backed the EMZ into a corner;
Option 1) - Let the Greeks go. This might break up the EMZ, but it might not. If they step on the Greek's neck hard enough, it will scare the Spanish and the Italians off for another couple years.
Option 2) - Bend to the Greek demands, and then when Spain and Italy come up to the surface for the same deal, then the EUR is definitely done.
I think they are going to try going option 1. Wildcard is if Russia and/or China step in to save the Greeks from the EMZ.
The FSA want both: free monies from the EU and still implement their socialist wet dream.
But they can't have both: either you stick to austerity or you leave and go Venezuela: hard choice !
Either they don't have Euro that buy something or they have Drachma that buy nothing...
The Greeks provided a a load of bullshit to gain entry into the EU. Wake up.
Goldman provided the bullshit.
Goldman was the cook, but the Greeks ordered it.
Sounds like someone just barfed on a diplomates pants, get Hillary on it, she's the best of todays bunch.
Watch this very short video and it will tell you what will happen.
https://www.youtube.com/embed/jEjUAnPc2VA
I see nothing......I know nothing.
https://www.youtube.com/watch?v=UmzsWxPLIOo
What I said would happen:
http://www.zerohedge.com/news/2015-02-19/greece-officially-requests-six-...
Could be an interesting weekend. Greek bank holiday, anyone?
Nah -- they'll wait for payday next week before deposit confiscations.
Why? No prudential financial manager of ANY large company in Greece has any kind of cash on hand there. Its all somewhere else and will get transferred in the day before so the Greek branches can make payroll.
Besides, it will be easier to get a lot more if you have so many billions of EUR spread out of millions of accounts, as opposed to billions of EUR in just a few accounts. If they can time it perfectly they could grab the funds just after they get transferred in but before they get paid out. The Greek government gets tons of cash and leaves business holding the bag.
What DO YOU KNOW, but payday is the second half of the week next week.
The Greeks haven't the Juevos for such a strategy and for good reason. They have generations of Greeks brought up in a system of dependency. It would take a substantial paradigm shift of attitudes for the Greek economy to survive even if they didn't also have to deal with the aftermath of default. Election cycles are much too short to wait for that. Politicians only know how to buy votes. The Greek people aren't even behind leaving the EU. The odds of success is nil.
You have Greek politicians completely inexperienced with this type of negotiation at the table with German-led politicians that have expectations of how these negotiations will play out.
Its not as predictable as it would be if you had a table of establishment players, Syriza are rookies and may surprise the Troika.
Nevermind
Touché, 1-0 for Zee Germans so far, but I doubt if they will be able to keep this up.
Pressure (from France, Spain, Italy, Portugal etc) will continue to mount and, ironic as it may sound, IMHO in the end it will be the Germans who will be forced into a choice of either leaving the Euro or staying and grudgingly accepting to be the paymaster of the EUSSR 'whatever it will take' project.
Pay up, or shut up (i.e. get out of the Euro) will be the unspoken message from Brussels, Athens, Paris, Rome and Madrid towards Berlin.
That's the rub. Either the Germans act like leaders in a unified Europe at the expense of their profit making machine (Greek plan A) or the bit players start to walk away blowing up said profit making machine (Plan Z). The Greek plan is essentially asking Germany to grow up and lead the way forward. Problem is historically Germans don't lead, they dictate. I think it's easier for the Euro to blow up than have the Germans recalibrate their mind.
Greek Plan A, aka "socialist dream" ... you know, the thing with OPM (other people's money) ... same as in Italy where the Mezzogiorno (south) feels good in it's hammock cashing in checks while the northern part has to pay for it: that doesn't work forever.
Greece had the greatest opportunity and big gift to be part of a stable currency, and instead of making something out of it by investing in productive, wealth creating industry, they made a credit based spending orgy. Greeks only see Germans as their milkcows. So Greeks have to return to the Drachme and live within their means. If it means donkeys in place of Porsches, then let it be so.
Has anyone noticed that when these Greek announcements come out that the gold and silver prices drop? Or is it just me being hyper sensitive?
I see Berlin
I see France
I see your underpants (Greece)
BTFD! oh wait...
My personal thoughts...GrExit. Is it a coincidence that the Russian 'SWIFT' just came online (and early pray tell). I think Greece exits and turns to Russia/China for new funding.
Next up, Russian gold standard. (down the road a ways, but if GrExit/Russia happens this will happen).
I see only two possibilities, total surrender or turn east and exit.
The latter would be difficult to start with but with much better prospects in perspective. But the step requires mature and resolute actions. If Greeks were capable of doing it they would eventually find both prosperity and lost dignity.
Great sentiments but the East will not shovel money to Greece just so it can keep its bloated bureaucracy and bloated parliament.
Greece is well aware of how Russian economics works, they have near neighbours in Modolva that have an even shittier standard of living than them.
c'est pas vrai
c'est pas possible
EU will not approve any extension with diminishing austerity.
Greek people will not accept any continuation of current austerity.
So do not worry. Can simply CANT be kicked down the road the usual way.
Those in debt will remain someone's bitch until they walk away. Its time to walk away and stop putting all your eggs in the EZ basket, Hellas.
Call in Russia and CHina for help and see the EZ fold like a house of cards.
printing presses in Athens quietly humming...
Anyone close to the De La Rue plants in the UK ?
How many shifts are running ?
Excellent question. And if New Drachmas are in fact being quietly printed, they are most likely being printed by De La Rue and not by Giesecke & Devrient.
Since this "New Drachma" will be worthless anyway they´ll just pick up sea shells at the beach to do business.
De La Rue has sites in the UK at Overton in Hampshire, as well as Loughton in Essex, Gateshead, Bathford near Bath and Westhoughton, Lancashire.
Is De La Rue quietly printing Drachmas over in Britain? Someone keeping an eye on their recent activities to tell?
De La Rue has been printing Drachmas for three years now:
De La Rue, the money printer, failed to dampen speculation that it has been secretly awarded a contract to start printing drachmas the moment Greece is forced out of the euro. (The Telegraph, 29 May 2012)
http://www.telegraph.co.uk/finance/financialcrisis/9298195/De-La-Rue-silent-on-deal-to-print-Drachma.html
DLAR up 14% since Monday.
Unless they are spinning gold it's the same shit different day.
Walk away from loan shark, I dare you. Greece is being made an example of.
it's gonna be a hard hit at the end of month.
Seems to me the germans want the greeks to honor the terms of past agreements.
i see no problem with that.
You would, if you were Greek...
Rupture - Rapture.
Can someone wise in the ways of US sports metaphor explain to me what the basketball player means?
A large basetball player who blocks shots from his opponents, is called 'rejection' when he smashes the shot violently away. The player putting up his hand is acknowledgein than in his 'rejection' he fouled the opposing shooter by hitting his hand, body while shooting the ball.
Hope that helps.
Dikembe Mutumbo was one of the NBA's best shot blockers. Shot blocked=Rejected
An NBA player that had a pretty good reputation for blocking shots. After the block he would wag his finger as in "Not going to happen"
I think he's know for blocking or 'rejecting' shots.
Its Dikembe Motumbo doing the finger wag after rejecting a basket attempt
https://www.youtube.com/watch?v=RtXtOuxBuvQ
"Not in my house!"
http://www.marketmenot.com/geico-dikembe-mutombo-commercial/
Enjoy
Marv Albert and DSK have a lot in common. Hope that helps, MB.
It´s wonderful to see how Germany destroys every attempt to create a "possitive narrative" in order to pump the markets.
Greeks are right No need for a Troika, Eurogroup, Euro Commission ...etc Schauble writes the memo they sign it and all is over within an hour and everybody can go to the bar !:)
No need to spend anymore money on expensive meetings that go nowhere :)
Possibility three - threaten to turn east to get a better deal from the West.
However, Putin was making noises in Hungary this week and another EU feather in his cap will be seen as a fair payback for all the former Warsaw Pact Countries now in EU/NATO.
Austria will follow Russia. No way they will stick with US & UK psychopats to ruin the country.
Austria will follow Russia. No way they will stick with US & UK psychopats to ruin the country.
'Austria' will follow Russia? Wake up. Countries don't decide this shit, their sociopathic 'leaders' decide this shit. And when ZATO can't blackmail the leaders with NSA-gathered info, they can still afford to bribe them more than Russia can.
We're a long way of the Euro core disintegrating.
behind the scenes the "bad guys" are losing, have in fact lost and cut deals to save their asses (except for one holdout) - the old way of thinking like this at the highest level (above sovereign) is now going to start to change and seem illogical at first - but if you accept this premise, it will seem logical and you will be able to win more than your fair share of bets
He is correct. Austrians for that matter, are like Viktor Orban, he stated yesterday: I am not antirussian or prorussian, I am prohungarian.
Austrian politicians are the same, they are not the stype of Carl Bild or V. Nulland. But unfortunatelly, they have to obey, what Germans say.
plunge protection team..did not disappear, even though we hardly mention it lately. can they overcome real fear and greed? the waters are dark and in them there be monsters..isis will do something to keep them in the news-the fear factor is the unk - ukraine, russia, debt in all it's forms ,greece looking to break the fiat system. what happens when the ppt members are stuck in a snowbank? long volatility.
Here's your framework: I give you money. You pay me back. Discuss.
And if I can't pay you back, you either agree to principal reduction or I declare bankruptcy. Capitalism works that way.
No. It doesn't. Bankruptcy laws are created by governments, not by the market. No one agrees in the contract to allow you to go to court to say you don't have to pay back your debts and protect you from the creditor from coming after your other assets. Capitalism doesn't work that way.
Of course, these aren't people entering into anything appearing to be a contract. These are countries' governments spending other people's money and creating money from nothing. And the treaty that allowed this, the Greeks have violated since they entered the Euro.
except for wall st banks, right?
Here's your framework: I give my banks your money, you get the debt. You pay me back. Not to be discussed.
Bigger picture.
Ukraine situation under control.
Energy deal with Turkey.
Deal with Lybian gov't.
Germany and France wanting to deal directly with Assad.
Iran in Iraq.
Egypt lost to manipulation.
Possible EU loss of Greece to ????.
Who's movin forward???
Some more of that moves and we have them Russians isolated...
Germany could pay Greece .... one million Euros .... for every EU Muslim .... kidnapped and Shanghai-ed .... back to country of origin .... a win win .... if ever there was ?
The Sub-Saharan Muslims arrive .... in broken down cattle boats .... they could return in Greek luxury liners .... with a thousand Euros in their pockets .... put the Greek maritime fleet to work !
looks like greece stared into the abyss...and blinked
Nein!!!!!!!!
Oooo, they're keeping on the edge of our seats with all this bullshit.
Its onmits off its on its off....can anyone make a difinitive decision or is this going to go on for 6 months just to keep things ramped a bit longer.
This is just 'not letting a good crisis go to waste'.....I bet they figure they can get at least 5% more into stawks before it's finally 'settled'.
"European Goliath bested by the Greek David"
Something tells me that the 'European' policymakers in question aren't exactly what you call 'Philistines' by direct Biblical reference.
Perhaps a better analogy would be the Greeks being the Green Armies fighting against the Wall St. funded Bolsheviks.
If you are interested in drones check out this site http://pickyourdrone.com/
Are you on there?
Is there space on those drones for an OBAMA 'Yes We Did' bumper sticker?
'Gotta git mine'
- Greece
Bullish?
doesn't mean we cant rally on hope
It got Obama elected
it can get market forever higher
Umm no, banker money got Obama elected, you just assume your vote counted.
Where are all the loud mouths from the previous thread calling commentators conspiracy theorists?
Sitting in the corner sucking their collective thumbs?
Vanilla Ice is innocent.
In a statement released Thursday, the rapper/television host explained: "We salvaged some stuff from a house at 1989 Under Pressure Ave. The house that was looted was located at 1981 Under Pressure Ave. Our address was 1989, theirs was 1981...it's not the same house."
Germany's rejection is just ONE opinion. The EUROGROUP has decided to consider Greece's demand this afternoon in a preparatory meeting that will lead to a formal review tomorrow. (This somewhat contradicts the German NEIN's sting).
It is the EUROgroup as a whole that will decide the EZ position, not just Germany, whose banks carry the biggest portion.
Also ECB and IMF input on the Greek demand will also be evaluated.
So the make or break point in this new Grexit or Grexin charade is set for tomorrow.
We ALL know that Greece and Germany cannot stand each other. But what will EZ group have to say?
Hercule Poirot of Brussels sprouts will tell us tomorrow.
Good Times.
Any time you meet a payment. - Good Times.
Any time you meet a friend. - Good Times.
Any time you're out from under.
Not getting hassled, not getting hustled.
Keepin' your head above water,
Making a wave when you can.
Temporary lay offs. - Good Times.
Easy credit rip offs. - Good Times.
Scratchin' and surviving. - Good Times.
Hangin in a chow line - Good Times.
Ain't we lucky we got 'em - Good Times.
meanwhile, back in US, Yellen is stepping back from rate hikes and not a single mention in ZH...haha
US printing for over 9 years now, Europe has yet to start a single day of QE
That's 'cause we 'Muricans are just plain stupid. Yellen could feign a rate hike 1000 times and we would still believe her. 'Murica, Fuck Yeah!
Everyone expected it. Not news.
Both countries start with a "G", Can't they just be friends? (not in a skirt wearing way).
Still time for the Germans to cave.. They will
Euro central banks, IMF, etc have had several years to hedge against Greece problems, if they didn't and are all still exposed to big losses then fuck em.
Fuck 'em ANYWAY.
This back and forth news is getting old already.......this is so set up they know exactly how to manipulate everything!!
This back and forth news is getting old already.......this is so set up they know exactly how to manipulate everything!!
Russia here we come!!!
Interesting background to Yanis Varoufakis
Doesn't sound like Germany will get much joy from him...
Yanis Varoufakis: The Greek-Australian finance minister in charge of saving Greece's economyhttp://www.abc.net.au/news/2015-02-19/who-is-yanis-varoufakis/6148862
--->February
--->March
My question is when will Greece be celebrating its new national holiday "Greek Sovereignty Day"
Monty Python saw this coming years ago... https://www.youtube.com/watch?v=ur5fGSBsfq8
The fact that Greece is even offering concessions for a loan extension after talking so tough last week shows is was all just a bluff.
This game is over.
Greece will be given their money and the EU will be saved, for now.
ZH - this is all BS.
Greece will get what it needs to preserve itself and the EZ / EMU / EU.
How is Greece not totally fucked already...anything more they do will just add zeros to their already fuckedness. Pointless...sometime its got to all come crashing down..in one form or other.
They should have defaulted and left the last time around....except for goldman sachs /paid for politicians running the show.
Greece stop digging that hole.
This is a freaking soap opera. There is no basis in reality for any of this. This is nothing but a bunch of whimsical drama to enthrall and distract the sheep; and it appears to be working flawlessly. Good guys and bad guys: Pfft, more like dipshits and assholes.
All this charade is well prepared by Soros & Co.
Varoufakis Fin Min. (owned by Soros) ----------> Check
Pavlopoulos President (Deep State, their Boy) ----------> Check
Dragasakis (Bankster's Boy, old Communist my arse) ----------> Check
Alexis Tsipras, Prime Minister (Never worked in his life, 2 children ) ----------> Check
The Stage is set, even for the Military to come on the streets, because of the State of Emergency that can be signed by the TRUSTED New President.
The Greeks have been check mated by the Banksters and NATO, in this respect.
I don't get the Mutombo photo reference.
Famous for rejections
ahh, thanks.
I know this is irrelevant but is known for being a rejector or a rejectee?
http://abcnews.go.com/Business/story?id=7168919&page=1&singlePage=true
I wonder when Spain knocks on the door. That should shake things up a bit moar.
Greece will exit, and the dominoes will fall, one by one, and the EU will be no more. The contagion will spread around the world, and everyone will be scrambling to avoid the inevitable chaos!
Get right with God, Jesus Chris is your only Salvation! All else is futile, everything worldly is fleeting!
When the Going Gets Tough, the Tough Get Going https://www.youtube.com/watch?v=lIxUKbV0UEM