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Full Eurogroup Statement On Greece - Redline Comparison With Previously Rejected Statement
Just out from the Eurogroup, the final statement. Bottom line: Greece caves on pretty much everything, however it has two semantics successes: the dreaded "Troika" words has been replaced with "institutions" and "current programme" has been changed to "current arrangement" - surely nobody will notice. Sarcasm aside, Greece has just kicked the can for four months. Why four months? Because that's just ahead of the big Greek debt maturity.
Eurogroup statement on Greece
The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today.
The Eurogroup notes, in the framework of the existing arrangement, the request from the Greek authorities for an extension of the Master Financial Assistance Facility Agreement (MFFA), which is underpinned by a set of commitments. The purpose of the extension is the successful completion of the review on the basis of the conditions in the current arrangement, making best use of the given flexibility which will be considered jointly with the Greek authorities and the institutions. This extension would also bridge the time for discussions on a possible follow-up arrangement between the Eurogroup, the institutions and Greece.
The Greek authorities will present a first list of reform measures, based on the current arrangement, by the end of Monday February 23. The institutions will provide a first view whether this is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review. This list will be further specified and then agreed with the institutions by the end of April.
Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup.
In view of the assessment of the institutions the Eurogroup agrees that the funds, so far available in the HFSF buffer, should be held by the EFSF, free of third party rights for the duration of the MFFA extension. The funds continue to be available for the duration of the MFFA extension and can only be used for bank recapitalisation and resolution costs. They will only be released on request by the ECB/SSM.
In this light, we welcome the commitment by the Greek authorities to work in close agreement with European and international institutions and partners. Against this background we recall the independence of the European Central Bank. We also agreed that the IMF would continue to play its role.
The Greek authorities have expressed their strong commitment to a broader and deeper structural reform process aimed at durably improving growth and employment prospects, ensuring stability and resilience of the financial sector and enhancing social fairness. The authorities commit to implementing long overdue reforms to tackle corruption and tax evasion, and improving the efficiency of the public sector. In this context, the Greek authorities undertake to make best use of the continued provision of technical assistance.
The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and timely.
The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement. The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account.
In light of these commitments, we welcome that in a number of areas the Greek policy priorities can contribute to a strengthening and better implementation of the current arrangement. The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions.
On the basis of the request, the commitments by the Greek authorities, the advice of the institutions, and today's agreement, we will launch the national procedures with a view to reaching a final decision on the extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months by the EFSF Board of Directors. We also invite the institutions and the Greek authorities to resume immediately the work that would allow the successful conclusion of the review.
We remain committed to provide adequate support to Greece until it has regained full market access as long as it honours its commitments within the agreed framework.
* * *
For those curious how the accepted by Greece memorandum looks like when compared to the draft Greece rejected on Monday, here is the answer:
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Fuck anything with the Euro- prefix attached to it. I am so done with this double speak.
I guess when they showed YV his wife was kidnapped and would be used as a sex slave for the rest of his life he nixed his plans.
Is this good for American stocks?
What's bad for American stocks?
Well, looks like I just became a Golden Dawn supporter.
why? from a financial perspective, the debtor gets an extension with no strings attached.
Germany refused the extension until today
that's some class A negotiation by Syrizia
It would be wise for the Greeks to purchase gold with all that 4 month allowance.
Followed by a boating accident.
Kicking the can is correct. Nothing is resolved, they are all just avoiding dealing with anything today.
It does take time, after all, to truck all of one's wealth out of a country......
Does anybody here really think it will go back to Greece being a full functioning member of the Euro, meeting all covenants?
Nobody (there) wants to see the Euro failing, and the Grexit is deemed to be a failure, regardless of the size of the debt load.
It depends what they do with their 4 months. If they buy gold and tool up to print drachma's, then it was a well played gambit. If they just extend and pretend, then it business as usual.
I expect scenario 2.
It's not a matter of extension. It's a matter of auditing a debt that is obviously illegal. Syriza that had previously asked for that audit (in a very dodgy way even when they did, i might add) is now backing down. Syriza has been groomed to becomd the controlled opposition during these last years. It was obvious before, it is indisputable now.
Regardless who is in power in Greece, nothing will change. Greece became a lying, cheating, enjoying parasitic way of life nation for too long. Consequently, only when Greeks will starve to death they will start SLOWLY change their rotten way of life.
Other EU nations like Italy, France, Portugal, Ireland, will follow. Then it will be the American time. The damage inflicted on America by Clinton, Bush, and Obama administrations with Congress help is just irreparable.
The international Zionist Banking International started to unravel.
What's missing...... the amount of the bribes and which banks they were wired to, Greek or Swiss or Goldman?
100M euros is spit compared to the 300 billion at risk.
Bra ha ha ha
Euro now going to $1.40+
Greece needs to work on a cleaner image. It's a big problem, as they have this reputation of being so corrupt.
Karl Lagerfeld
Welcome to the Dark Side.
is water good for the body?
Depends on the method of application.
does that include water 'sports'?
THIS DOESN'T FIX ANYTHING!
IT'S JUST ANOTHER EXTENSION SAME AS IN DECEMBER.
I'm gonna wait till I see the deal on paper cause the devil is in the details and we don't know how deep their going to stick it in.....yet
Seems to be as far as they want to, as often as they want to.
Nothing has to be fixed. Can kicking is just as good for Stocks. Come to the Buy side and enjoy the ride. Bankster can continue to be Banksters. CB's can continue to be CB's and print. It's all good. Just take some profits to prep for the eventual implosion way on down the road.
it is unfixable. what this offers, instead, is the time needed to firm up a deal with the BRICS.
Is sex bad for the knees?
rah rah ree, kick 'em in the knee Ra ra rass kick 'em in the other knee.
Poor baby. You expected something different?
Greece is the bitch of Europe. They talk all this shit then fold to Germany. Haha.
"Because that's just ahead of the big Greek debt maturity."
Oh whatever. Four months will go by and some other extention will happen. Why anyone even watches these "deadlines" I'll never know.
So, in essence, Greece caved...
No, to me it looks like the troika did. From what I understand from listening to Varoufakis, time is what Greece needs right now, without extending bailout. With Greece continuing its surplus position, it now has four months to make more permanent arrangements.
So who caved? I seriously don't know. Not that it matters for stocks.
Renfield is right that the Troika folded by granting Greece the same extension of this MFFA as they did in December
It doesn't fix shit
No It was Greece who will take no action. The Troika gets everything they wanted. Thats why there is an extension.
Lots of talk about doing something but in the end nothing was done.
So now the banks won't open Tuesday ?
(the Banks will do nothing tooo ? )
Isn't this just a perspective shift, and meaningless ?
Is Dr. V OK ? has he been replaced or a robot ?
And it goes to show how scared shitless the Eurogroup really is of Grexit cause it wil implode the Euro
They both kicked the can, together, holding hands.
Bullshit. This is just KICKING THE CAN and MORE DEBT. THEIR ONLY CONCERN IS THE GOD DAMNED BANKS. The Greek people are being sacrificed on the altar of DEBT! Their prospects turn more dark each day this drags on. GET OUT, GET OUT, GET OUT.
chill out man, what you smokin? speed?
Debt doesn't matter all that much if you don't intend to pay it in the end...
People need to be reminded. History shows that whenever debt-trafficking bankster psychopaths don't get their way by conventional means, they paint recalcitrant debtors as Villains and orchestrate WAR. This is the real reason why the American military industrial complex is ramping up, sending tens of thousands of troops to beef up ISIS (ostensibly to 'fight' ISIS), among other things. Dragging out Grexit allows more time for the psychopaths to escalate their program of currency and debt protectionism. It is the defining principle of 21st century Anglo-American foreign policy. Greece needs to move fast if it doesn't want to be stripped bare and transformed into another war theatre. It ain't rocket science. Seriously Greek people, do you think Russia will bring stable energy supply to your shore while you remain under the yoke of the Globalists?
" ... time is what Greece needs right now, without extending bailout."
Agreed.
"With Greece continuing its surplus position, it now has four months to make more permanent arrangements."
Yes, but more importantly, time for political struggle, for the "anti-austerity" coalition both inside and outside Greece to mature and for the larger "de-dollarization" alliance to deepen, spread and form linkages with the "de-euroization alliance".
The approaching debt-maturity deadline will serve to concentratre the minds of everyone involved on their shared dilemma, impelling a grand realignment within Greece and throughout Europe.
When we elect leaders committed to radical change, we are not appointing them to deliver change. Syriza holds office, but it has not taken power. Rather, it has won a mandate to lead the Greek people in a struggle, marking a shift in the dynamics of an ongoing process. A process that unfolds over time and will lead to the next step when the Greek people are ready, or as ready as they're going to have a chance to get.
Might end up seeing two statements. Troika thinks the new deal is X. Greece thinks the new deal is Y.
Depends on how u take it... syriza was always controlled opposition.
The people will be thrilled.
Guess we will see the rise of golden dawn now.
The new dynamic duo folded like a house of cards.
FOLDED!
Like Superman on laundry-day...
Like an over-ripe banana...
Like a poker player with 2-7 off-suit...
[sad...]
[Or,... could this be Greece playing for time while they print Drachmas and move assets outside the grip of the Troika?...]
Seen either lately on stage. breathing, and all limbs and fingers in-tact ?
How did they insert the squid ?
You know what they say about the Greeks - they like it up the @$$.
Congratulations, Tsipras and Vanoufakis. With this request fulfilled, I expect you will make good use of these next few months to ensure that Greece has better financial prospects than it does today.
LOL, you're funny
I heard him say that it would take 8 months to set up a central bank. Let's hope he can knock that down by half.
<<LOL, you're funny>>
[blush] Why! Thank you. :-)
I know many are expecting Greece to Just Do It, but responsible finance doesn't work that way as Greece does not now have a reasonable alternative. They most definitely must return to drachma, but within the first month after the election? Without alternative trade partners set up, and with the euro the only functioning currency in the country? That was never realistic, and simply would have made Greece the "bad example" that terrified Spain or Italy or anyone else from exiting the euro likewise.
I believe this in fact to be the most realistic outcome on all sides. The Greek government is new, and it would be a bad idea to sever their one functioning currency, all their current EU partnerships, AND oversee a return to the old currency, suddenly by edict all within the first month of taking power. That would lead to quick ruin of the country closely followed by the fall of that same government. AND a lot of hostile ex-partners on all sides, feeling suddenly betrayed, with no international friends to trade with and absorb the shock.
I may be the minority here (alas! the pain) but I find this outcome to be the only sensible one available to all sides. I will see if Greece's new government actually does take advantage of this gift of time, to begin the work on a national currency that is best for the Greeks. (I'd say I hope the troika does some homework too, but I'm pretty sure they'll be just the same in 4 months as they are now.)
Votes wanted something done. The elected said they were going to do something but in the end. Nothing changed but the faces.
The only question is will the voters accept nothing as something.
IT is feasible and greece has lots of worthy economists wgo coyld implement it. It would not be easy, that i grant you. But impossible?... i dont think so. People have been working on it for years now. But it seems we must keep fighting the traitors in charge
Basically agree. The new government needs some time to consolidate. Kicking the can from the Greece's perspective gives her an opportunity to continue negotiations with the EU as well as to tacitly proceed further with Russia talks while setting up the Drachma printer. I think, both possibilities are still in play and the end is open.
"Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup."
The money shot if you will.
Another one:
The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions.
That sure sounds like the Greeks are still under the thumb of the Troika to me. It was a fun show, boys and girls, but we're right back where we started from. Nothing has changed.
Too bad, all that truth led... nowhere.
Greece is no longer a country, for it can not act without approval of overlords.
Monday the list will be rejected and this whole farce will continue.
Where is Dr. V ? and Tsipras ?
Will the Greeks banks open again Tuesday next week ?
Dont believe it..those Germans are pulling a fast one like normal...a media blitzkreig if you will..
I need to see the principals on stage breathing.
Greece caves.
That pun has been used a lot over the years, huh?
Did anybody expect a different outcome? Next up in the scary news cycle: Ebola, how our troops are shooting them down one bullet at a time.
I did expect different. Call me a sucker.
Same - got my hopes up anyway. Guess I'll never learn.
So we have to wait until banks go up in flames. Well, so be it then.
Yee-Haw! Giddy-Up! Banksters Inc. mounted and road their new bitches!
Fucking pathetic but not unexpected!
There are no more manly men anymore, fucking pussies!
And the Greek people are fucked...Again. So sad. I thought we finally had some real leaders in Greece. Stupid of me to think that.
Yep, almost had me believing as well. Should've known better.
Greek politician = pussyfied bitch...
Greek people who put faith in Greek politicians and dont overthrow Govt.= more pussyfied bitch ass slaves
How is this soap opera any different than the U.S. debt ceiling?
Was any of this worth all the drama? Freaking queens...
Eurogroup conditions:
Island of Euboea to be renamed "Goldman Sachs Intern Beach Escape Resort"
Island of Lesbos to be renamed "Juncker Bunny Boy Spot"
Island of Rhodes to be renamed "Jamie Dimon's Getaway Place"
Island of Naxos to be renamed "Deutsche Bank Hideaway #9"
Island of Skyros to be renamed "Merkel Landing Pad for Fun"
Island of Icaria to be renamed "Soros's Lost Island"
Isalnd of Tinos to be renamed "EU Taxpayer Nude Beach #3"
Etc.
Leave icaria out of this
Your concept is a sound one...Ebay, Etsy,...or crowdfunding..I'd buy a sq foot just to say "I own Greece" and frame the title..sort of like buying a star in my Wifes name... .
There we go, sell the naming rights: Farmer's Insurance Island. Comcast Island, Cancer Society of America Island....
We will never know what this is predicated on. Money through the back door? Troika cant look bad. Kind of like negotiating with Comcast. Nobody else knows how cheap my cable is after i threatened to leave.
The game theory theorists who teach game theory in institutions of higher learning just got played by a German in a wheelchair.
You just can't make this stuff up....
No matter how had you try....
'Syriza' busy putting up those barrier blockades again.
Tomorrow is the day. i will be there. Imagine that!
if u r 4 real i hope u r joined in mass and ready for battle...
i wish u and those brave enough to stand and resist to the fullest all the good fortune in the world...
have no fear...u have nothing more to loose but a life of servitude to the bankers.
Thank u. I am for real. I am not alone.
I TOLD YOU SO! (dont u just love it when you can do that?)
It is now confirmed that greece is still governed by traitors
So does this mean Golden Dawn is next up?
I think so, I think the Greek populace will be plenty pissed when they wake up tomorrow and read the news.
No but it can very well mean that there will be blood in the streets sooner rather than later now
No but it can very well mean that there will be blood in the streets sooner rather than later now
There are no heros left in the world. These two motherfuckers need to catch a plane to NYC for their new job at Jamie Dimon's criminal camp. If I were them I would be embarresed to go home , let alone face my family.
Of course, the real heros of our time: Kennedys, MLK, Malcom X, et al. were all killed by these kinds of bastards.
Read the Rolling Stone he see what BAC has done to the whistlrblower of Countrywide.
There is very little honor left in this world.
Tsipras Took an arrow to the knee .
Anybody notice that this is the first time stocks didn't fall after a US FED QE program ended?
Greece caved in. The EU will come apart later. Mighty Germany will destroy the EU. Will Spain, Italy and Portugal be next. Socialism is great when it comes to kicking the can down the road and put bandages on our economic structure. Markets up today, next week will fall back some. The world continues to worsen. How long will it take the Greeks to elect the Golden Dawn to power? Will the Nazis have the character to face down the financial elites?
You an idiot or what?
IMHO a win for the Greeks - just a smart move - game strategy.
Currently the Greeks may have lost face BUT they have a least won a few more billions to feed their poeple - what in the end in the moment is more important - as it bought at the same time TIME - to prepare the exit. To prepare deals with ie the russian bear
Aside of that: Add four months - and that is end of June - close to when gold should bottom (July). Cyclewise this outcome fits pretty well. It would not have fit if exit happened today.
So it remains to be seen what will be the final outcome - in summer.
So at the first glance it looks like they gave in - at the second they won TIME what is the most important asset currently.
Schäuble the old fox knew it and he was right - it was just a trojan horse.
Correct. The Syriza government took power too close to the deadline to properly prepare for a Grexit. This gives them 4 months to print new Drachmas in secret, and gives the Greek people 4 months to withdraw all their deposits from banks. The Greeks can't just put their Euros into other Eurozone banks either, because that money might be confiscated upon Grexit. They need to buy US Treasury Notes.
It also gives Germany and France time to prepare a plan for full Eurozone fiscal and political union. A full union would include an EU army that can place Greece under occupation if necessary.
Agree with your thoughts on Greek's government but with regards to a fiscal or political union.. forget it. That will not happen in 4 months. Maybe in 4 years.
Greeks can convert Euros to RUB or CHF or buy UST and the Goldman cabal wins again.
Germany would be smart to prepare GERXIT and print Deutschmarks. Let some other idiot hold the stinking pile of Euro debt especially when ECB goes full blown QE soon.
Supposedly, Germany printed trillions of new marks years ago. They are sitting in a warehouse somewhere. Germany is prepared.
And they may not have 4 years. If full union is to happen, it must happen in the middle of a crisis to force their hand, and it will be announced suddenly with no advance warning. Germany will prepare for both exit or full union, and play their game as conditions warrant.
there's also the war in the East which seems to gain momentum. I say GERXIT before union and place my bets.
Yes, brilliant
An extension for 120 days without any further strings attached.
How can this be anything but good for a debtor? Greek situation in the economic sense will not improve in that time and Syrizia which only started governing with the start of the debt negotiations will now have 120 days to fully implement their programmes.
Who wants to be in any market after 120 days?
Maybe. If you read it carefully, it could still fall apart on Monday.
How many national assets are being liquidated with this agreement? That was one of the key stumbling blocks. If they get an extension on that as well, then the Germans are dumber than I thought.
No one in Greece needs money to eat. . . almost everyone is related to a farmer who has more sheep and food than they can sell.... in Greece if you are hungry you take a fucking bicycle and drive down the road there will be tons of almond trees/olive trees/papoutsosika all over the place... lambs wandering around that no one claims . . . the wealth in Greece is the land itself... not the zeros in its bank accounts . . . thats why the banksters are trying to take it over . . . its one of the last bastians of freedom ... and I mean ...FREEDOM NOT SHIT LIBERTY where you have a list of shit your allowed to do and shit your not allowed to do...
In the USA if you found an apple tree on the side of the road you are liable to have your skull bashed in if you try and pick one.... in Greece... everyone knows the spot and pigs out...
The euro is trying to turn Greece into a country where everyone pays taxes and owes money on shit they used to get for free (they own their own land and food there...) not like the rest of the world where the banker owned governments "rent" land to slaves with realestate taxes...
So Syriza turns out to be the NWO's buttboy like everybody else, just bluffing to get more newly printed fiat from the ECB, as if they couldn't print their own.
Goyim are dumb as shit.
Exactly, anyone who can say 'oh this is really a clever win scheme for Greece' must be fucked in the head.
Im just curious how much they are offering him in backroom deals to sell out his countrymen.
He has/had a really great chance to do something revolutionary for his people to tell the fucking scum of the earth to go fuck off... what a wasted opportunity if he blows it/sells out.
A 9mm Browning at the head makes decisions quite easy.
You do know that goyim means cattle?
Eurogroup, "We'd like to thank the Academy."
The Dow needed this to set a new ATH and confirm that Dow Theory is still intact.
Strange as it may seem, though all the machinations and manipulations, the banksters have managed not to have abrogated the most vital aspects of Dow Theory when it comes to primary trends, though this time was pretty close. Thank the PPT for that.
In a nutshell - and I know I'm preaching to the choir here - the all clear signal has been given again to ramp higher. Beware, though, with a new high in place, there's plenty of room on the downside for profit-takers. Give the Dow another 3-500 points and then go short. It's a tough market to time, which is why I haven't played in five years. OTOH, since 2009, buy and hold appears to have been the correct strategy.
Imagine that.
Have a nice weekend. Oopa!
This is me feigning surprise that they finally got a press release out before the US markets closed: "What an entirely predictable turn of events."
If I was Greece I would wipe my ass with all the agreements and mail it right back to Germany in a nice box stamped "fuck off"
If Greece doesn't leave the euro . . . in 9 months or so you will have civil war and the larger islands like Crete will branch off.
The people will most probably not stand for another betrayal.
Sure I'll pay you back. See you at the casino?
If you read the statement carefully, there is still a lot of hedging. It could still fall apart on Monday, if Greece doesn't come up with the right plan.
...or the 'correct' letter combination (yes, a play on words).
Maybe there will be devil in the details and between the lines.
It refers to a 'first look', which implies to me that Germany folded here, as it doesn't seem that they will actually make a decision on the Greek commitment to continue with the current programme arrangement until the end of April.
Now the Greek government can shit on this over the weekend.
Warning...Newby Post. As i read this, they haven't agreed to anything. Quote : We will launch the national procedures with a view to ( reaching ) a ( final ) decision on the extension of the current...bla...bla...bla. So, wait till Monday.....
How does the election mandate compare to increased austerity / government layoffs? ZH suggested that cave-in would increase chance of non-confidence vote and Golden Dawn coming in.
Imagine a Greek vacation for 50% less. Brown-shirts with fire-brands marching through the streets at night. So romantic. Fuck.
The way this can kicking agreement news was rushed to market was a little odd given that the EU powers that be could still reject the Greek concession outline to be delivered next week:
http://www.bloomberg.com/news/articles/2015-02-20/greece-aid-extension-agreed-pending-measures-from-athens
F'ing-a, the "news media" these days is but one more spitoon for manipulation salvos.
Eric Dubin, Managing Editor, The News Doctors
I read it that way as well. Not a done deal until the squid signs off on even more Greek "reform measures".
I can't put any optimistic spins on this event on cursory reading of this statement. Any extrension is bad news for the Greek people, but we all knew this was the most likely outcome from the start. I certainly hoped they would default, reintroduce the Drachma, face the short term pain and pivot Eastwards for investment (See all my posts on Grexit), but I also said that a last minute save to continue the status quo, and thereby saving a lot of investment banks from collapse in the process with bonuses all round for those who closed their positions on Greek CDS this week would be the most likely.
Will have to think on this more in order to make a valid judgement, but that's how I see it for now: Dismal for Greeks and giving 4 months for the squid to liquidate any opposition by blackmail, bribery or brutality. As I keep posting, it isn't a fucking coincidence that Mario Draghi, the current president of the ECB, was the vice chairman and managing director of Goldman Sachs.
So what "reform measures" will the Greeks now come up with by next Tuesday?
Apparently Greece folded. They either said the truth and there is no plan B or they did not say the truth but plan B is not ready. The agreement will prevent the Greece government from any sizeable hand-outs to the electorate. In case they really did not consider plan B until now they would be well advised to begin doing that immediatley.
Apparently Greece folded. They either said the truth and there is no plan B or they did not say the truth but plan B is not ready. The agreement will prevent the Greece government from any sizeable hand-outs to the electorate. In case they really did not consider plan B until now they would be well advised to begin doing that immediatley.
The primary purpose of any political party is to gain power and they will say anything to get there. That is plan A.
Plan B is to stay in power and they will negotiate anything to stay there.
The Greeks invented democracy and they play the game well.
They played it well today.
Always sensible to look at the fundamentals. Greece is fooked, so is Spain, Italy, Portugal and France and maybe more. This cannot be fixed, it is as simple as that. They can devalue and try to get out that way, or they caan try and sell every nail and bolt in Greece to the 1 percent.
It will make no difference. Somebody will have to register a loss, somewhere at some time. Kicking the can down the road, to the end of the road or right around the earth is not going to change the outcome, it might delay it, but no change is possible.
So you want to sit and wait for this with fiat money.
Buy while you can, and while the price is what it is, gold must be the bargain of the moment.
Don't trust these fuckers, they have lied before, they are lying now. This is not going to end with a kiss and a make up. Rather with a kick and a break up.
Buy gold.
Use the 4 months wisely to print and position your drachma and to work out all the the details of your funding from Russia and China and the BRICS.
Then tell the EU to get stuffed or implode or whatever reality requires of it next.
Hope and Change - 0
Nail Gun - 1
Rioting in the streets brought about the new order and rioting in the streets will see them out.
Greek Army Front and Center!
No.. it only takes a bold man backed by 300 Spartans to change the world - FACT
Miscalculation by the newly fledged Greek government - This will not stand!
What a shock. i thought they were serious.
Guess when everyone whipped itmout the Germans had bigger dicks....
Ohhh, sooo close ZHers! You almost got your wish for the world blowing up. Better luck next time.
So everything is going to get better now? Awesome! Please tell me more!
Greater damage next time.
Still circling the drain .. but please continue to print funny money as fast as you like.. to see how that goes .. take a long hard look at Abenomics....
The people that will blow up the world will not be people on the zero hedge.
Now I do believe that there is a bag of dicks that you need to get back to eating....
ZHers are cheering for the end of the world, not causing it. Otherwise, they are insignificat, bag of dick jokes aside.
Some do cheer the end, others hope for this current shitty system that is enriching the few at the expense of the many to be ended. The longer this goes, the more hellish it will be for us all. You're a good sport.
The Scots bailed on independence, the Swiss bailed on Gold backed currency, and the Greeks bailed on leaving the E.U..I'm seeing a troubling trend developing here.
People don't like sudden change. They never have and they never will. People need to be slow boiled.
The tentacles of The Squid Control All, Mr Durden.
Come over to our side...
Take the Chip...
Your cares will vanish....
The way I am reading this, this buys Greece 6 weeks to negotiate with Russia.
So, when do the fences go up again?
I call BULL SHIT on the four months.
Monday the PHONY ASS submitted list will be rejected and the cycle will repeat.
They got to them. These govts are nothing more than mafias. Screw the wars, if I were President I would send out an army of hitmen to get them first. No warnings just kill all of them.
The Nazis never left Greece, they just moved up the food chain....
Gee, I wonder why the govt doesn't shut down the govt? Then they would realize they don't need no stinking govt. SCREW THE GOVT.
Greeks should pay back their debt in olive-oil-used-as-buttseks-lube.
We know they like boofing.
The EU will be purchasing plenty of bad Greek debt to inflate away the problem. Nothing new here, except when the well-worn trick doesn't work anymore, for anyone.