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Euro Soars After Greek Official Says Eurogroup Reaches Accord, Denied 8 Minutes Later, Then Reconfirmed
Update: according to Capital.gr, the preliminary agreement covers the following points:
- 4 not 6-month extension
- no completion of current program
- no new austerity measures
- no unilateral actions
That said, according to the FT, there are still many details left to be decided despite the Greek agreement in the pre-meeting negotitations. To be sure, this wouldn't be the first time all parties had agreed on a draft, only for that draft to be replaced in the last minute.
* * *
Just minutes after convening - following a few hours of backroom shuttle diplomacy, Bloomberg reports:
- 1235ET GREEK OFFICIAL SAYS IT APPEARS EUROGROUP HAS REACHED AN ACCORD
- 1243ET GREEK GOVT SPOKESMAN SAYS NOT INFORMED OF ANY EUROGROUP DEAL
US equity and EURUSD markets are exuberant... We wonder how much mutiny Tsipras will face back at home...
The initial exuberance is fading fast...
The moment the news boke:
World-wide stock index futures, bonds and currencies respond to 12:35:04 news: pic.twitter.com/LpjHvyUUoB
— Eric Scott Hunsader (@nanexllc) February 20, 2015
* * *
And then, after the accord was denied, the denial was subsequently denied by this:
#Eurozone official says common text agreed in pre-meeting sessions that will now be presented to full #eurogroup
— Peter Spiegel (@SpiegelPeter) February 20, 2015
Good luck trading.
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I think it's called a reach around.
Gold to $900 in 5 minutes.
Because, yeah.
pump n dump
"Greek Official"
I am soooooooo sick of all this.....I hope they all DIEEE!!!!!!!!!!!
Ive not felt this mucked about since i was a jilted teen!
That was Goldman Sachs 'leaking' a story to let them liquidate their EURO positions at higher prices.
the artificial reality they are trying to create must go on. it really doesnt matter what the greeks say, it just matters how the algo's interpret the manufactured headlines
edit
its like the spoiled child covering his ears screaming, "i cant hear you, i cant hear you!!" only the child has nuclear weapons and armies at his disposal. oh, and paul krugman.
Grexcrement.
No finer Kabuki has ever been played.
“kabuki can be interpreted as "avant-garde" or "bizarre" theatre”
Here we go... silver about to get smackeroonied again. Typical. All news and any news is always bearish for silver.
That was Goldman Sachs 'leaking' a story...
Probably an algo leaking the story.
Anyone else feel like vomiting?
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
..
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
WE HAVE A DEAL!
WE DON'T HAVE A DEAL.. :(
is this like the 5000th episode of the price is right?They reached an accord on what? The 6 month financing agreement? The whole bailout package deal continuing unabated?
I suspect there is less here than meets the eye.
Can the Greek FinMins hold out for the people? Have they the balls or will the International Banking Cartel Bribery Division get to them first?
The losses on rumor denial never seem to fully retrace the gains of the rumor.
And therein lies the rub. I swapped a SPY put for a SPY call today, but honestly this is sheer madness.
From fucking Bloomberg no less..
It's all greek to the algos.
They're all clowns to me. Enjoy the show. That's what it is.
100% Greek Officials in Greece. They want more state employees and did not manage to hire new ones. Everyone was already a state employee!
Gold was down, now it's up
back down, silver down a penny....I was hoping to pick up a Monster Box today
You just saved $5.00, wooohooo, buy 2
Naz is going to 5000 so all the CNBS whores can jizz/queef in their pants, "might as well enjoy the ride"
Who will be the first to repeat the cliche "the devil is in the details." This agreement will almost certainly contain several "kick the can down the road" provisions that will have to be dealt with at a later date.
I eagerly await clarification of "no unilateral actions."
I even more eagerly await clarification of 'no completion of current program'.
Anyone have a can I can kick, the elitists seem to have taken all of them.
Anyone have a can I can kick, the elitists seem to have taken all of them.
There was and is not any question Greece will stay in the Euro. The NWO wants a 1-world economy, government, etc., and the best way to gain cooperation worldwide is economically... everyone will stay in the pretend and extend paradigm because they prefer it to the alternative (reality and hardship). Everyone has to be on a level playing field (i.e., broke) then they will not cry, or rebel when the new system is put into place via the "RESET" button being pushed/activated.
Not until this is confirmed by Germany will it be for real...
Right. And if so, who folded?
You mean, who bent over? Take a guess.
who cares if there is any confirmation? the algos got the buy signal. the refutal is never a sell signal.
Yep, rumors and rumors of rumors doesn't make reality, except, of course, in the markets where reality doesn't exist.
building
a
bigger
(debt)
bomb
Finally they offered a big enough bribe.
Or a big enough threat....
Bribes work better than threats on Greeks from my experience.
Wouldn't be surprised to find that Varoufakis has some nice consultancy jobs lined up as a consequence.
Sadly, most humans have a price tag on their integrity.
With politicos, its very low and cheap.
Come on now, let's not rush to judgement here. After all we don't know just how much the deal is worth to him.
Per diem or per serf ?
You nailed it. They will sell their own mother to get some Yellen Bucks.
(That is where it will be found to originate after the hoopla dies down...a swap here...and child sacrifices overthere...)
Can't imagine he'll be on a daily rate. Once he's pulled this off he'll never need to work another day in his life.
Every human has a price. It's not always measured in the currency of the day, but none the less, every person has a price.
I like the word "appears." It gives me such CON-fidence.
Greece should take whatever national money they have left and simply play the markets with them while making the markets.
Then they can use their winnings to pay off all their debts.
#Winning
Don't bet that other countris and companies are not playing the same game. The Swiss National Bank could have loaded up before their move and used that to off-set their losses in supporting the Euro. And don't bet that the Saudis did not load up on low oil bets too.
Opa!! We're green across the board. Well played boyz, well played.
Great, another cease fire.
Told you Tsipras was an Empty Suit who will eventually cave in. To the Greek people, grab your pitch forks....
Exactly which "cave-in" would that be?
From what I see, this is just the next big nothingburger. Which merely means there's four more months of sheeple conditioning on deck.
It's Friday.
The markets close in 3 hours, they're cutting this thing real close.
Bloomberg. It's horseshit.
Bullish fuckers, total tits-out bullilsh! MOAR
Must be a denial because we just gave it back up. Trying to scare the shit out of the shorts which suggests no deal at the end of the day to me
Denial of denial of agreement in 5...4...3...
http://olduvai.ca
Achtung baby !!!
im watching "GoonBerg"....
and they aint said shit about this...
yeah...sure.
Dis-info-pump™ or DIP™.
Disinfopump or DIP is my new term for blatantly lying via mass media to sell securities or fx crosses at a premium.
DIP is a form of corporate propaganda with a very short life span.
It is using disinformation, information contracry to fact: essentially lies, to profit in the very short term by using false market signals to pump up the price of a security or fx cross before accurate information can be discovered and prices accordingly re-adjusted to account for the accurate information.
I like it
ALREADY DENIED.
In the few minutes that the false market signals -LIES- were present: prices for a range of securities and FX crosses were effectively manipulated resulting in sales ( and commissions ) at prices an honestly informed market would likely not have transacted at.
It's amazing how the entire market wants this so much ...
TPTB are facing a rebellion.
Foremer agreements tend to be neglected, rejected, annulled, and ignored when a revolution sweeps away existing power structures.
A lot of debt is about to be defaulted.
Creditors are gonna realize losses.
CDS issuers are gonna either have to pay out on CDS contracts or let everyone know that they are frauds that do not actually have funds to pay out with ala AIG.
Counterparty risk writ large.
...& that means that politicians are gonna have to play the bail-out/bail-in game again with pissed off oppressed populaces that don't trust them or the institutions that will require bailing/recapitalization in the first place.
It's just about pitchfork and lamp-post time and TPTB know it.
Plan D is sitting in Shape, Belgium, for NATO to Annex Greece, Seize the Banks, and for the Troika to run the Banks from Receivership.
- Come on, NATO is nuts, Trained, Outfitted, and ready to rock and roll
I was going to post "This will be denied 10 minutes later" in jest, but decided to see how it played out. You can't even satirize these people.
So this is how you watch a "Greek Tragedy". What a farce this all is. Why do I feel there are no adults left in the room.
Bonds are rallying make your pick:)
The Greeks could pay off their entire debt with just a few leveraged trades.
I stand by my recommendation to hang sign on wall that reads "gone fishing."
"If you want me to sign something I'll be on boat in the Aegean.
Thank you, have a nice day."
they should quit trying to bend the deal. there is no deal.
If talks fail and GREXIT happens, the announcement will come at 401pm EST
The Greeks just need to stand their ground, they are toast in any outcome.
What's to stop the Greek CB just doing a Ctl P and physically print notes flat out?
So, Germany want the Greeks out of the EZ/EU, what is the legal position on 'ejecting' a member state? I thought the treaties locked member states in for all time. It is hard enough for a state to get out of the deadly embrace, let alone be thrown out if it does not want to go. So who is bluffing who? But, when did the EU worry about treaties and the law, when they get in the way. The EU gets less democratic over time.
Easy on the save button there!
There is no mechanism for kicking Greece out.. or for Greece to walk. That was made very plain at outset of this disaster. And is often discussed in the UK.
In other words, when ONE walks they ALL walk? SWEET!
Fuck the ECB, fuck Brussels and fuck Strasbourg and the rest of the Eurocrats!
Fuck the EURO!
Back to Deutschmarks!!!!
Legal agreements have a limit of 99 years. There is one exception, and that is the FED mandate which was changed by the Congress in 1927 to give the FED mandate "In Perpetuity". Only Congress can change that. That's why there was no FED mandate renewal mentioned in 2014.
PIIGS minus Greece are watching this closely.
By the time this is over those assholes and their banks will have recovered all their loses trading these bullshit "news" releases and rumors.
If it's the ALGO's reading the news where do they get all that money move the market so abruptly and endlessly?
William Banzai7;
I just got this image of Johnny Depp in Pirates of the Caribbean.
- Parlay
- An Accord
- Aye, what are the rules for a Parlay?
Imagine getting a call from the GS trading desk to announce a deal when there is no deal at hand. GS has their politicians lying daily so they can dump bad positions.
wonder what the magic stop loss on CL is?
.
See you all back here in what, 12 weeks?
This is as predictable as a drunk sailer wandering through TJ's Zona Roja with a $100 in his pocket
Socialist politicians are a tool of the bankers, they get paid on debt commissions not solvency, their job is to steal on "behalf of the people".......for the banks till there's nothing left to steal then bring in cheaper tenants
Another way to look at this: this is Good News Friday. Wait until Sunday night or early Monday morning when all is denied and Greece crawls into bed with Russia. (which they should have done). Best not to sit in equities this weekend. Monday could be a Mother Fucker at the open...
Wouldn't be surprised at a 4 month extension -- Greece only has a couple billion due before July -- but July has a much higher amount that they need to come up with. The EU is keeping that as pressure on the Greeks.
Endless QE/printing. Of course Greece would not be allowed to fail.
Too many outstanding derivatives yet. It's not about Greece and it's people, it's about the banks.
The Greek people can go to hell as long as the banks survive. It's what it's all about.
To the citizens of Greece... enjoy your continued fudge packing!
Banksters Inc. always get their way, no matter who you vote for! The politicians that go against them always wake up dead!
So the S&P should be at - what? - 2500 by July then?
Greeks to have a celebratory riot.
It sounds like the can has been kicked further down the road once again. Nothing has changed. Nothing is resolved. We live in a consequence-free world.
Yup, until everyone is completely complacent and supremely confident that nothing bad can ever happen. Then will come a day that is different.
Four months is enough time for Goldman's hit squad to influence enough Greek legislators to switch their support and force a new government.
Perfect. Now we can rally to new highs for 4 months, create another crisis to have a horrifying 2% correction, then solve it again to get the next 10% up.
4 months means they will not enjoy the summer season
4 months means they will not enjoy the summer season
This will not last.
The whole system is unworkable.
Too much of the Eurozone is committed, deeply and wholly committed, to the idea that they are owed free stuff.
The Germans think that they are entitled interest on loans, but want a monetary system that provides no source of new money to provide the interest.
The Greeks, Italians, Spain, Portugal...and to a large degree France... believe that something-for-nothing is sustainable economics if only they have a printing press (which just shuffles wealth from those lacking influence to those who have it).
The truth, that none of them want to accept is this:
Nothing is free. The only constructive trade is one where both parties give up trade something they want less in exchange for something they want more.
All sides are trying to pay lip service to constructive trade while seeking mechanisms to welch on the deal.
The banksters will be seizing savings accounts before they'll take any loses on Greek derivatives. They write the laws and get them passed.
According to BI (ok, ok, it is BI, I know) Greek minfin and Dijselbloem almost came to a physical fight and now German minfin does not want to talk to Greek minfin.
http://www.businessinsider.com/report-german-and-greek-finance-ministers...
One big happy family in Europe.
Why the market is "surprised" by the news shows how messed up and non existent it is.
Since Lehman, EVERYONE has been bailed out without fail. If you are a politician/central bankers and have figured out you can print money without near term consequence to bail it out, of course you would. The consequences are likley on the next guy's watch anyway.
At some point, the negative consequences of not resolving anything, but rather printing up some more funds to PREVENT resolving anything will become obvious.
At some point.
[Photo of Chamberlain holding up the white piece of paper.]
It's unlimited QE from here on to monetize debt.
Infinite round-robin QE and monetizing of debt.
USA->Japan->Europe -->|
^ |
L____________________|
S&P ripping = i've never been wealthier
Why don't we all just fold up our tents and go home with our tail between our legs. WE WILL NEVER SEE JUSTICE DONE FOR THIS HORSESHIT....NEVER. FUCKING UNBELIEVABLE.
There's nooo business like shooow business...
4 months will give the Greek people time to withdraw all their deposits, and give Greece time to print up New Drachmas and prepare properly for Grexit.
It also gives The Germans time to prepare a plan for full fiscal and political union.
Guess this means Greece isn't going to default.
Hey the Coinbase Bitcoin exchange is pretty nice. Only a 48 cent spread on Buys and Sells.
I was so poor, before a lucky Bitcoin break in the past, that the spreads usually ate up all my profits. YeeeeeeeHaaaaaaaa I'm back in business. Just made $5 Think I buy a Red Bull.
Welcome to the Hotel California...
https://www.youtube.com/watch?feature=player_detailpage&v=Ua9DN8ZXmOw
even ZH reports this as "bailout extension" !!!
seems though that greeks got what theynegotiated for: current bailout agreement is over, a 4 (or 6) month period to renegotiate terms with creditors (more likely with ECB to pay their creditors)
Greece will not be allowed to leave the EU without a fight.
And I mean a tanks in the street fight if it comes down to that. Never underestimate the power of the banksters in retaining power.
They will use any and all means possible to keep the EU intact and the derivatives bomb from exploding.
The drama around the eventual bailout for Greece is merely politicians pretending to play to their political base when the only thing that truly matters is the will of the banksters.
Greece does not want to leave the EU. Her newest, freshest stale bread leadership is simply trying to find a way to continue debt financing a standard of living that their economy cannot support. She's little different from any other EU/US/Japan/China economy, she's just visibly closer to flat lining...upon which the Walking Dead population will reanimate.
It soundz like ze boyz in Athenz are gonna be running a MOARathon...
O.K. I believed, that it will go bang. But this is also a good strategy: Greece and Germany will get it done step by step. Let us have a hot summer.
Greeks cannot and will not pay it anyhow.
If you owe the banks 330 billion you get FOUR MOAR MONTHS...without selling your soul.
Hahaha, Mutti came to see Hollande this afternoon in Paris before the Fin Min meeting in Brussels and they both said :
Greece needs to STAY in EZ ! So, four more months it is and Schauble can eat his hat and Dieselbloom can cry on his shoulder.
Ain't the Oligarchy game stupid to the point of being cupid.
More DEBT, nothing changes. Kick the Can! Market rallys to new high. Let's just all get drunk and forget about it . WOOOOOO HOOOOOOOO...
https://www.youtube.com/watch?v=mlejsgxOxrU