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Initial "Greek Euphoria" Ends As Market Digests Road Ahead For Europe
If you thought the Greek tragicomedy is over, you ain't seen nothing yet, because despite the so-called Friday agreement, the immediate next step is for Greece to submit its list of reform measures to the Troika, which will almost certainly result in an immediate revulsion in Germany's finance ministry, and lead to another protracted back and forth between the Troika and Greece, which may once again well end with a Grexit, especially if the Greek liquidity situation, where bash is bleeding from both the banks and the state at a record pace, remains unhalted.
Assuming the proposed reform package is agreed upon in short notice (it won't be), the next step would include detailed negotiations around the fiscal targets for this and next year and the required structural reforms to be undertaken. The Eurogroup has set an end-April deadline for this to be achieved, to be followed by the final step which is for it to be ratified by the Greek parliament - not a straight forward task given the outcome from Friday. Only when passed will funding be released. While this is being worked on there are concerns about how the Greece government and the banks will fund themselves over the next two months. There may have to be flexibility on t-bill issuance and ECB funding, or an accelerated agreement.
Whatever happens the pressure should remain on the Greek government, a government which as explained before is already facing an internal fissure as some of the most prominent Syriza members have very openly spoken up against the "negotiation."
It is therefore not surprising that the ongoing decline in the EURUSD since the inking of the agreement, and the fact that the pair briefly dipped below 1.13 this morning - over 100 pips below the euphoric rip on Friday - is a clear indication that the market is starting to realize that absolutely nothing is either fixed, or set in stone. Furthermore, renewed strength in the USD this morning means that commodities are getting mauled once again, with gold earlier trading well under $1200, and WTI sliding into the mid-$49 range, and a retest of $48, and lower, may be iminent.
Still, while FX is starting to fade into a pessimistic view, European indices were buoyed early on by optimism surrounding a loan deal between Greece and Europe after reports late on Friday that an agreement had been made with the Eurogroup to extend financing for a further four months, although dependent on a series of measures to be proposed by Greece today. Despite the FTSE 100 opening above its record high closing price the index has ticked lower since the open, led by the FTSE 100’s second largest member HSBC (HSBA LN) as shares saw selling pressure in the wake of weaker pretax numbers in their earnings report.
Peripheral spreads are tighter across the board with Greece bonds supported by the prospect of a final agreement today with the Eurogroup despite the Greece stock market being closed today, and this is particularly evident in the short-end with the yield on the 3y down 248bps. Portuguese, Italian and Spanish yields have also fallen once again today as optimism spreads to other member states. Looking ahead focus will be on whether the measures put forward by the Greek government are accepted as adequate, particularly by Germany, and tier 1 US data later data with Existing Home Sales due at 1500GMT/0900CST.
Asian equity markets mostly rose with the exception of the Hang Seng (+0%) following the Lunar New Year. Sentiment was bolstered by Friday’s confirmation of an accord between Greece and the Eurogroup, which saw the DJIA and S&P 500 post record highs. Consequently, the Nikkei 225 (+0.7%) outperformed after building on its 15-yr highs while the ASX 200 (+0.5%) also finished in the green, after shrugging off a batch of poor earnings. JGBs rose 13 ticks with outperformance observed in the belly of the curve, after the BoJ bought JPY 400bln worth of debt with maturities ranging from 5-10yrs.
Weakness in UK financials filtered through into Europe alongside a weaker EUR with real money account said to be selling in the EUR/USD pair and as the USD gained ground in morning trade. Weakness in EUR was also further exacerbated by a lacklustre German IFO report with the Business Climate component coming in at 106.8 vs. Exp. 107.7. In terms of option expiries there is around USD 1bln in option expiries at 1.1320 due to roll-off at the 10am NY cut. Commodity linked currencies have been of particular focus this morning with CAD, RUB, and AUD all seeing weakness in-line with a downward trend in crude futures, as gold trades at a 7 week low and RUB weighed upon after Russia’s sovereign downgrade to junk by Moody's late on Friday. On a technical note AUD/USD briefly broker Friday's low and USD/CAD back above Friday's high at 1.2565.
WTI and Brent crude futures trade in negative territory despite opening higher overnight following a bounce-back in the USD and news that Libya’s Zueitina port has now resumed exports after being out of action for almost a year, according to officials. However, heading into the North American crossover, it has been reported that adverse weather conditions has halted export. Elsewhere, it was reported that workers at the Motiva Port Arthur Refinery (largest in the US with a capacity of 600,250bpd) provided notice that they will begin a strike from 0600GMT/0000CST Saturday morning, according to sources. In precious metals markets, despite staging a modest recovery overnight, the broadly stronger USD has continued to hamper prices, while copper traded relatively range-bound overnight with price action subdues as China, the world’s largest consumer of the red metal, remained closed for Lunar New Year holidays.
Bulletin Headline Summary from RanSquawk and Bloomberg
- European equities trade in the green in the wake of Friday’s Greek/Eurogroup agreement, while the FTSE 100 trades lower following weak earnings from HSBC
- USD has gained throughout the session in a pullback of Friday’s losses, with downside in EUR/USD exacerbated by real money account selling EUR and weak German IFO
- Looking ahead, today sees the release of US Existing Home Sales at 1500GMT
- Treasuries decline as market prepares for 2Y fixed/FRN/5Y/7Y note sales; Janet Yellen’s Humphrey-Hawkins testimony begins tomorrow amid demands for greater transparency and accountability from Fed.
- Greek PM Tsipras walks another high wire over the next 24 hours as he tries to come up with financial measures that satisfy both the demands of euro-region creditors and his anti-austerity party; has until end of Monday to complete a list of policies in return for the continued funding
- Spain took the toughest line with Greek Finance Minister Varoufakis as the bloc forced him to adhere to the terms of the country’s existing bailout, according to people with direct knowledge of the talks who asked not to be named because the conversations were private
- Pro-Russia rebels attacked Ukrainian positions with artillery, mortars and automatic weapons, the Defense Ministry in Kiev said, as a bomb killed two people at a pro-Ukraine rally in the eastern city of Kharkiv
- Bill Gross’s $1.46b Janus Global Unconstrained Bond Fund trailed its benchmark in 4Q primarily because it had plowed about 5% of net assets into debt issued by U.S., Russian and Brazilian energy companies
- Obama is picking a fight with Wall Street over the handling of Americans’ $11t of retirement savings, accusing brokers of skimming significant sums annually from small investors and urging new protections against biased financial advice
- Denmark’s government rejected a report it could consider imposing capital controls as policy makers and economists try to explain the mechanisms through which the nation’s currency regime operates
- Sovereign 10Y yields mostly higher. Asian, European stocks higher; U.S. equity-index futures fall. Crude falls, WTI trades below $50/bbl; gold and copper lower
US Event Calendar
- 8:30am: Chicago Fed Nat Activity Index, Jan., est. 0.05 (prior -0.05)
- 10:00am: Existing Home Sales, Jan., est. 4.95m (prior 5.04m); Existing Home Sales m/m, Jan., est. -1.8% (prior 2.4%)
- 10:30am: Dallas Fed Mfg Activity, Feb., est. -4.0 (prior -4.4)
* * *
DB's Jim Reid concludes the overnight event summary
By tomorrow night will we be leaving Greece behind for a while and fully focusing on Mrs Yellen's important semi-annual testimony? Well to a degree yes but there is a lot of unfinished business with regards to Greece even if Friday's agreement provides the first step towards the can being ushered a little further along the ever winding road. It seems Greece were largely forced to back down in their pursuit of a more favourable deal as their banking system could have collapsed any day without an agreement and there was no obvious domestic contingency plan for a Greek exit or a huge electoral desire for it.
However as DB's George Saravelos suggested in a note over the weekend "the road ahead remains long, and it remains unclear how the current government can navigate between the commitments it has made to Europe with competing domestic political demands – both internally within the SYRIZA party as well as with the electorate. A small step has materialized, but the hard work is about to begin". Summarising briefly the next steps, today Greece will have to submit a list of "reform measures" it plans to undertake. Assuming this gets agreed the next step would include detailed negotiations around the fiscal targets for this and next year and the required structural reforms to be undertaken. The Eurogroup has set an end-April deadline for this to be achieved, to be followed by the final step which is for it to be ratified by the Greek parliament - not a straight forward task given the outcome from Friday. Only when passed will funding be released. While this is being worked on there are concerns about how the Greece government and the banks will fund themselves over the next two months. There may have to be flexibility on t-bill issuance and ECB funding, or an accelerated agreement. Whatever happens the pressure should remain on the Greek government.
Overnight DB has also published its latest House View which includes a special report looking at Greece in more detail. The report notes that a request for a bailout extension was the first step in what is likely to be a difficult path to compromise and breaks down the various approval steps and negotiation processes that are now upcoming. The piece also touches on why a Greek exit is a negative outcome for both parties and provides some details around how Europe is better prepared than in the past and why contagion risk is lower.
Before we move on, it’s interesting to see reports over the weekend suggesting that we may already be seeing the first signs of tension within SYRIZA following Friday’s agreement. Reuters has reported that a veteran member of the party has accused the government of creating an ‘illusion’ to voters before going on to apologise to Greek people himself for participating. As mentioned there is still a lot of work ahead and tensions domestically in Greece will be one of the many issues facing the current Tsipras’s government.
Refreshing our screens quickly this morning, bourses are largely trading firmer. The Nikkei (+0.52%) has extended recent gains and the Kospi (+0.29%) and ASX (+0.45%) are both higher. The Hang-Seng (-0.05%) is relatively subdued meanwhile. The Euro is largely unchanged.
In terms of the market reaction on Friday, with the announcement coming after the European close the impact was most felt in the US where the S&P 500 in particular bounced off intraday lows of as much as -0.6% to finish +0.61% at the close. The new level marked a fresh record high. Elsewhere, credit markets closed firmer with CDX IG nearly 1bp tighter whilst the Euro bounced off intraday low of $1.128 to finish at $1.138, +0.11% on the day and +2.2% off the pre-announcement lows. US Treasuries weakened into the close meanwhile to pare back earlier gains with the 10y finishing unchanged at 2.112%. Oil markets took a backseat as Brent finished unchanged and WTI fell -1.97%. The latest Baker Hughes rig count meanwhile showed the number of operating rigs falling by 37 last week – although this was the smallest drop in seven weeks.
It was a quiet day data wise in the US with just the preliminary February manufacturing PMI which came in above consensus (54.3 vs. 53.6 expected). This week however we’ve got a fairly busy calendar. We’ll run through the details at the end of the report however away from Greece, Fed Chair Yellen’s semi-annual monetary policy testimony before the Senate Banking Committee tomorrow night and the House Financial Services Committee on Wednesday night will no doubt attract much attention. Our US colleagues expect the testimony to, in large part, reflect the recent FOMC minutes however the latest payrolls print could mean we see a more upbeat view of the US economy. Will Yellen make a case to congress that time is approaching for the Fed to begin the process of policy normalization? When Yellen is about to speak we tend to have a bias towards thinking she'll be fairly dovish and with inflation where it is globally at the moment this is likely to hold back any negative shock tomorrow night.
Indeed central banks continue to be the main driver of our view for 2015 and we're continuing to see the impact on credit which supports our bullish view in Europe, especially for the weaker end of HY. Indeed the latest fund flow data is impressive. Having seen almost exclusively weekly outflows in the second half of 2014 European HY funds have seen a notable turnaround at the start of this year. Despite a slow start to the year as the first week of January saw further marginal outflows we have now had 6 consecutive weeks of inflows, totaling $2.6bn on a cumulative basis. This has included the two strongest weeks (in notional terms) ever within the data set going back to 2004. To put this number in context in the second half of 2014, a period when we saw just 6 weeks of inflows, total net cumulative outflows were $4.3bn. So the flows seen so far this year seem impressive in light of how negative the second half of 2014 was. In notional terms flows in the first 7 weeks of this year are also ahead of the $2.1bn of inflows seen during the same period in 2014 and comfortably ahead of the $1.2bn seen at the start of 2013. It’s also worth noting that the 4-week moving average is also at a record level ($541mn) in notional terms. That said given the strong growth in the size of European HY market in recent years on the back of record issuance levels the inflows as a percentage of NAV aren’t quite as impressive. Although that’s not to say they aren’t still fairly strong. YTD we have seen +5.4% which is not as strong as either 2014 (+6.6%) or 2013 (+7.5%). The outflows seen in the second half of 2014 accounted for around 10.4% of NAV. The trend in US HY fund flows is broadly similar with the 4-week moving average also at record level from a notional perspective while even as a percentage of NAV the current level is at a near 3 year high. That said something else worth considering is the strength in issuance this year. YTD European currency (EUR and GBP) non-financial HY supply (based on our calculations) is around €4bn ahead of each of the two previous years which both ended up being record years. Issuance is often a sign of market strength and demand so its difficult to be too worried on this but its worth being aware of.
Rounding off markets on Friday, equity markets in Europe traded in a fairly volatile fashion for most of the day before closing a touch firmer ahead of the conclusion of the Eurogroup. The Stoxx 600 (+0.23%) and DAX (+0.44%) finished higher whilst yields in the periphery ended 3-5bps tighter. Greek equities finished -0.27%. As well as the obvious attention on Greece, data flow on Friday attracted some interest with the release of PMI indicators for the region. In terms of the overall Euro-area print, the composite reading (53.5 vs. 53.0 expected) ticked up +0.9pts supported by a higher services (53.9 vs. 53.0 expected) reading. The manufacturing print (51.1 vs. 51.5 expected) meanwhile increased a tenth of a point but came in below expectations. Regionally, the services reading improved in both France (53.4 vs. 49.9 expected) and Germany (55.5 vs. 54.4 expected) although manufacturing prints for the former (47.7 vs. 49.6 expected) and latter (50.9 vs. 51.5 expected) disappointed.
Before we take a look at this week’s calendar, on Friday Moody’s downgraded Russia one notch to Ba1 and kept them on negative outlook. The current crisis in Ukraine, capital outflows and rising risks of political shocks impacting debt service payments all appeared to play a part. In terms of the latest on the Ukraine crisis, the FT reported over the weekend that Ukrainian troops and Russian-backed separatist exchanged prisoners and began to pull away heavy weapons from the front line in certain regions. However reports of explosions at a pro-Ukraine rally on Sunday continue to test the agreements put in place.
Taking a look at this week’s calendar, it’s a quiet start in Europe with just the February German IFO survey due whilst the ECB’s Mersch is also due to speak. In the US however this afternoon we’ve got the Chicago Fed national activity index, along with existing home sales and the Dallas Fed manufacturing activity print for February. Turning to Tuesday, the only notable release in the Asia timezone is small business confidence out of Japan. It’s a busier day in Europe tomorrow however. The final Q4 GDP report is due out of Germany along with the various trade data prints for the region. As well as this we’ve got the January inflation readings due out of the Euro-area with the market expecting a -0.6% yoy headline reading and +0.6% yoy core print. Focus on Tuesday in the US however will likely be on the aforementioned Yellen’s semi-annual testimony speech (formerly Humphrey-Hawkins). Elsewhere in the US tomorrow will also see the S&P/Case-Shiller index, consumer confidence and also the Richmond Fed manufacturing print. We start Wednesday in China with the preliminary February manufacturing PMI print whilst in Europe we’ve just got French consumer confidence due. In the US on Wednesday we have the conclusion of the semi-annual monetary policy meeting as well new home sales data due. Thursday starts with consumer confidence and unemployment data in Germany, along with money supply data for the Euro-area. Later in the morning we also get GDP data in the UK along with confidence indicators for the Euro-area. Over in the US the main focus for the market will most likely be on the inflation print for the region with the market looking for a +1.6% yoy core print. As well as this, durable goods orders, capital goods order, initial jobless claims, Kansas City Fed manufacturing index and FHFA house price index are due – so plenty to keep an eye one. We round out the week in Japan with housing starts data whilst in Europe preliminary February inflation data for Germany will be of focus. The ECB’s Constancio is also due to speak. In the US we close out a busy week with the Q4 GDP reading as well as pending home sales and the University of Michigan index.
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Same shit different day....
Different day, but the same shit.
negative rates, you are fined five credits for violation of the verbal morality statute.
Pump more digits[money] into the system...
And then.....depression set in.
https://www.youtube.com/watch?v=GbVaisNPgh4
If you want to know what is going to happen go read the Brooking Institute papers. When I read their final paper on how $1 billion in aid was required for the Ukraine to stop Russian UAV's from directing precise artillery fire against ill equipped Ukranian's I thought hmmm.. When I further googled $1 billion in aid to the Ukraine and read how the Democratic's AND Republicans approved $1 billion in aid to prevent precise Russian artllery fire I was like .. wow..
If I ever saw a more prolific case of tail wag the dog that was it. After that I read the Greece papers on how there would be temporary price controls, how the Greece banks would run out of money, how promissisary notes would be used to backstop the banks after the banks runs etc etc etc etc.
So if you want spoiler alerts the scripts are all at their institute, they fully telegraph what they are going to do before they do it..
To paraphrase Joe Biden, just a three letter word… “Wars”.
Don't care much about the verbals adventure boy, what else you got?
Manipultion is a criminal act.
Dicktionary: To manipul, we manipulted, we have been manipulted in the ass, ...
Sovereign states must find a way of winding down old bankrupt banks and starting up new banks.
I personally favour lamposts and piano wire for senior bankers but thats just me.
Regurgitation express
Join the Harry and David Extension of the Month Club .... and have fresh extensions granted .... year round !
The Greek saga began in 2009, and will continue for decades to come, unless the Greek people realize what it really is down to.
Its down to either accepting the Euro and the serfdom and humiliation that comes with it, or accepting the Drachma and responsibility with more freedom to do as one pleases.
does that responsibility include balanced budgets? further, does it exclude capital controls?
a repeat of a small back of the hanky calculation of what the current scuffle is really about:
- as a reminder, Greek GDP per person, at roughly EUR 17’000, is still higher then that of Portugal, Estonia, Slovakia, Lithuania and Latvia (EUR users) and that of the Czech Republic, Poland, Croatia, Hungary, Romania and Bulgaria (non-EUR users)
- In 2014, according to the OECD sources, Greece collected taxes on personal income of 13,5 billion, on corporate income of 2 bn, on social security contributions for 22 bn, on property for 3.6 bn and on goods/services/VAT of 25 bn, for a total of 65,4 billion EUR Greek tax income
- Broken down to the roughly 10 million Greeks, Tax collected per person is at roughly 6’500 Euros per Greek, man, woman or child, which is equivalent to a tax burden to GDP ratio of 33%, which is the OECD countries average
- The government debt service… to simplify, thee quarters of the Greek debt is in the hand of the bailout nations, and does not pay interest until 2023, which means that the only debt that has to be serviced for the next years is that on the markets, which is the equivalent of 40% Debt-to-GDP, instead of the scary 170% total
So what is the whole thing about? From a point of view of an average Greek, the state collects 6’500 EUR from him (directly, indirectly, but at the end, from him), which is an average tax burden, among OECD countries
The real fight is about how much deficit or surplus, with the european partners asking for a budget surplus of 4%
Traduced to the average Greek, this means that of those 6’500, some 260 per head should not be spent, and set aside (yes, even to pay down debt), while the Greek Government would prefer to spend more, i.e. nearly the whole income, and differently
Of course, EUR 260 per person is not irrelevant, particularly in a country where many make less then EUR 500 per month
And so the Greek government is trying to find different things it could economize on in it's budget in other fields then suggested, to the tune of 7 bn, i.e. 700 EUR per Greek
in a balanced bugdet environment, the decision is not about "guns and butter, how much of each" but of "guns or butter". Let's see what Varoufakis will propose to cut
Meanwhile, nearly all the talk in the media is about the debt, not the budget, and numbers are hard to get, then they could spoil the various narratives
I would like to know where you get the 33% OECD Tax..... that number is awefully LOW. Having just done my income taxes, I can tell you that between federal (SS, etc), state income, state sales, county income, municipality income, county sales, property tax, tolls, surcharges on services (cable, telephone, cell), and gas tax. My number is over 60%, and I am barely "middle class" whatever that means today.
careful, it's 33% of GDP, not 33% of personal income. that 33.4%, to be exact, is from the OECD statistics
note the number I have written down from personal income taxes, and the add-on for social security payments. Also note the very high number for VAT-like tax income
GDP is a terrible number, statistically speaking, but it's also very handy for international comparisons... while hiding the usual details
Why does the Danish peg to the euro suddenly mean the end of the world is near?
From Van Helsing to Van Holstein?
because the Danish Krone is the last currency in the european currency grid? times are tough for small currencies, lots of Soros-wannabes
the Squid just recently presented in ZH an analysis reccomending speculation on the HUF and the PLN, all of course for FX reasons that have nothing to do with the economies of Hungary or Poland
Dude....you're totally rich....you just don't know it.
Greece will never be like Germany, so the Germans should realize that by trying to "tame" the southern Europeans to the Northern ways and prudence is simply not going to happen soon at all. The differences are cultural and historical. The Greeks need to realize that clamping down on corruption will not happen overnight, and will take a long time. Also that as long as they want the Euro, there will always be a certain humiliation and serfdom that comes with it, this will be hard for a proud people to digest. So its a matter of time before they realize the costs of remaining in the EZ will overtake the benefits. There is a way out, like Switzerland. Maintain bilateral relations with the EZ and remain in the common market, and issue one's own currency at the same time. It will be a very cheap currency, but that is more in line with Greece's economy than remaining with the Euro.
The freedom im talking about means having the right to control one's currency. In the current arrangement, Greece and the rest of the EZ countries are castrated monetarily, and have to fiscally "adjust" in line with ECB policy, which is heavily anchored to German inflation figures first and foremost in policy decisions. The adjustment is painful. The freedom to default is also a freedom of independent nations. In the current shackled arrangement, this train wreck that we see before us, is only due to the inflexible cultist nature of the one-way club. The Euro visionaries rushed too much and made the fatal mistake of trumping economics and common sense with insecure politicking. They took in too many countries that should not have been taken in the EZ because they were afraid of them falling into orbit of Russia, or whatever other fantasy they had in mind. The Euro project was always about quantity, rather than quality.
The only way I see the EZ surviving is for it to be relegated to a "Northern European" club with fiscally and culturally like minded people who have never had the Ottoman and other oriental armies reach them for them to understand the "southern mentality". Southern European attitude is also highly influenced by a heavy dose of beach, sun, nepotism, food and alot of fucking....to care for the prudent ways of the North. Better let Greece have the currency it deserves, the Drachma. Otherwise, if the Greeks want the Euro in the long run, it will mean to give up many aspects of the Greek ways.
"tame"? "cultural differences"? come on, all this hides something that neo-Keynesians are so busy to cover with bullshit:
the eurozone is a balanced budget club
that simple, that radical, that easy. sovereign states to spend only what they gather in taxes, and not "moar". you want to be in the club? don't overspend
the EUR project was always about this, and a solution to the problem posed by Nixon in 1971
all the rest is nonsense, and a lot of misunderstandings sowed by EU Federalists who don't care about sovereignty and Americans and Brits misunderstanding core continental points of view
Its too bad most EZ members aren't even following their owns rules, such as the SGP.
https://en.wikipedia.org/wiki/Stability_and_Growth_Pact#Member_states_by...
So much for the balanced budget club. I know the times are deflationary, so budget deficits are expected. But seriously, how can you take the EZ so seriously when it sets such unrealistic benchmarks for a club of 28? Its become too big to manage smoothly. Tugging along 28 members at the same pace, painful to watch. Worth a try? Maybe. But I have serious doubts it will last in its current formation of 28.
first, it's hard. very hard. ask any debt junkie. second, the EUR club has 18 members, not the 28 of the EU. note how many countries are nevertheless signatories of the SGP pact
but the really important treaty for the EUR is not the SGP, it's this one: European_Fiscal_Compact
note, here, that the UK is not in
"Tax collected per person is at roughly 6’500 Euros per Greek"... There are 1,5 million unemployed in Greece. So you have to do the math again. Statistics is the best way to lie.
per average person. do you have the data for a more detailed analysis? then present it. of course the unemployed don't contribute, but they don't contribute to GDP, neither
for someone that sports the Great Carl Menger as avatar and nick, I'd expect more then "Statistics is the best way to lie"
Public servants don't contribute to GDP either (in a way of creating wealth). They don't pay taxes. They collect taxes. A gdp can rise cause of high prices, or fall due to a period o savings. An "average" rate of growth can also be crated by a credit expansion presenting a false state of prosperity wich will soon turn to depression. That's the case with the euro project regarding all peripheral countries. A huge business cycle created via a huge credit expansion, fake exchange rates (national currencies to euro) wich caused a disaster. Bad investments, waste of capital and resources. The end of the euro is near.
so you jumble a few nonsensical items together with an Austrian School view (at least that) and come, without explanation, to "the end of the euro is near"?
try to find inspiration in your nick and your avatar. where did I wrote anything about "gdp rise"?
sorry but you have a nazi symbol in your avatar and you make me mad.
my avatar? hated by all european nazis, and most of the Far Right. And the Far Left. try again, this time with arguments
Arguments? Taxation in Greece reaches over 80% inluding VAT, drinks and tobaco tax, mobile internet tax, fuel, tax, income tax, road "services" tax. So get serious with this "avarage" statistics crap and ask people in real life.
for which income? you do realize that Greece just elected a radical socialist party, did you? what are their views on fair taxation?
People elected SYRIZA in order to get rid of the other socialists under the masks of free market parties. 3,7 million people have stopped paying their taxes and that's just what matters. If SYRIZA continue to tax 80% to 150% in order to confiscate property, the next step is chaos with fire arms. Podemos are coming in spain and Lepen in France. This is the outcome of the nazi euro project.
People elected SYRIZA in order to get rid the other socialists under the masks of free market parties. 3,7 million people have stopped paying their taxes and that's just what matters. If SYRIZA continue to tax 80% to 150% in order to confiscate property, the next step is chaos with fire arms. Podemos are coming in spain and Lepen in France. This is the outcome of the nazi euro project.
Arguments? Taxation in Greece reaches over 80% inluding VAT, drinks and tobaco tax, mobile internet tax, fuel, tax, income tax, road "services" tax. So get serious with this "avarage" statistics crap and ask people in real life.
this is the real cost in Greece due to contributions. over 50% in most of the cases for the employer and for the employee. And this is only for social security contributions.
https://www.facebook.com/photo.php?fbid=1532184347047560&set=gm.10152718...
Outright war in Ukraine, but noone cares... you F*ckers!
Ah, the dream that was ''Duh Ukraine'. Talk about a worthless piece of real estate...hey, let's start WWIII over it!
And even when we 'win', we'll still lose!
'Duh Ukraine'. Talk about a worthless piece of real estate''Duh kraine'. Talk about a worthless piece of real estate
11 million souls lost their lives the last time...
I want to be well away from that place when the next shoe drops.
If the Euro drops to par with $ it will spin the Swiss Franc to heights unknown.
And DAT, is not good for market stability. As What feeds the banksta riches of Swiss gold impoverishes its people and corporations.
Having a financial Saint Andreas fault in the vaults of Basel and Zurich is a dangerous game in the age of financialization gone nuclear.
Is that the silver lining to Greece's fleece that Yanis will point his finger to?
"Hey, Euro group and Schauble, you wanna kill the Euro and send the Swiss Franc to Mount Blanc peak?
You play that crazy game at your own risk..."
Known unknowns... Schauble take your pick !
Even RT and ZeroHedge were pushing it as a done deal over the weekend.
I had thought it depended on the Greeks agreeing reforms.
When did RT and ZeroHedge join the MSM?
Back when batman and Robin teamed up, everybody knows that.
Greek people were preparing fr Grexit! (w/d 500MM per day last Wed/Thu/Fri) Tsipras & Varou, in the 59th minute of the 11th hour caved like true politicos who don't want to be kicked out of the limelight. Syriza hs a mandate. Keep an eye on Glezos- legendary modern-day Greek hero even if he is a Communist. He's very old but still a player. Greece will exit the Euro.
Syriza has a mandate, yes. Does it include exit from the EUR?
you are confusing the EMU and the Eurozone..... big difference. They should exit the EMU and not the Eurozone.
am I? the European Monetary Union, 18 member countries, is also called the eurozone, or simply the EZ, and it's often confused with the European Union, aka EU, 28 member countries
as a reminder, Syriza promised during the election campaign to exit neither club, since roughly 65% of Greeks do not want any kind of exit (though they would be very happy to hear other good news, particularly on the debt issue)
What is the OSCE again?
according to some of my friends, a misguided bunch of leftist peaceniks. interestingly, few governments that support the OSCE are really fond of it
Organisation_for_Economic_Co-operation_and_Development
Macropolis surveys show the same incompatibility that I mentioned in the previous comment. Greeks don't want austerity. Over 75% of the pop was behind Tsipras and Varoufakis, even if they weren't Communists. There are so many people that so miserable, they cannot imagine it getting any worse. The nobility in Brussels is complete out of touch with the populations they represent. When those populations reach their limits, we get Communist leadership. Period, Return, Repeat. What is astonishing are the set of balls the leadership throughout Europe have in the way they treat their constituents.
Syriza's mandate and continuing to use the Euro are incompatible. The reforms required in Greece are structural. It will take YEARS. To do it the way Germany asks will literally turn Greece into a thrid world country. (Pls refrain from the tempting jabs. It is the foundation of Western civilization. You jab Greece, you jab us.) We all know Greece shld never hv been allowed to enter. We all know why they were admitted. I commend the Euro for taking Greece to the wall and finally forcing the administrative and judicial infrastructure to be re-designed.
Whatever "deal" is reached - Greek is bankrupt and suffering a depression. More austerity will just kill the little that is left of the Greek economy. GR will NEVER pay back the +300 billion Euros they owe. It seems the "markets" (aka CBs) do not yet understand this simple arithmetic fact. Talk about keeping a corpse "alive" in the ER. #zombie financial system
Unsustainable debt covered by further loans is the bankers way of hiding bad debt.
This mechanism has been very successfully adopted by the Payday loan companies.
They just need to go public before the ponzi scheme collapses.
A Greek blog take on Greece's options after this deal:
"German retreat gives a chance for Greeks to prepare for Grexit"
So seriously, how long before 'terrorist' attacks hit greece?
Why stop at Banks?
The following articles are interesting:
When, where, and how did any other Nation-State come to hold title over property? Since states did not exist before the formation of their various constitutions, it would have to be interpreted they were Granted the use of property by another, the indigenous land owners.
http://beforeitsnews.com/press-releases/2014/11/norway-loses-860-billion-sovereign-wealth-fund-to-indigenous-land-owner-2854792.html
NORWAY KICKS OUT THE CABAL? MEDIA BLACKOUT?
http://beforeitsnews.com/alternative/2015/02/norway-kicks-out-the-cabal-media-blackout-3112054.html
Given that States use of Civil Forfeiture in matters relating to organized crime, where criminals property is confiscated as in pre-conviction forfeiture, it is clearly used as a preventive measure to ensure safety and security of people.
Well, the same should hold true in all manners of a State’s activity. Norway purchased Sovereign Wealth Fund Real Estate from known States of organized criminal activity. The U.S. and Great Britain have both ravished the world through their colonizing activities, as it relates to the original land owners, which are the Indigenous People.
So the forfeiture applies to all property; real, land and sea as it relates to the former land holder?
Norwegian Government Shutdown -Feb. 13, 2015 /international/2015/02/norwegian-government-shutdown-2484944.html