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After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates
Following yesterday's news that the ECB is now running simulations on what a Grexit would mean for Greek bond prices (spoiler alert:
"fundamentals" suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the Greek sovereign corpse, when Bloomberg reported that the ECB once again raised the maximum amount of emergency liquidity available to Greek lenders by €400 million, but less than the Greek central bank requested, people familiar with the decision said.
The increase was approved by the ECB’s Governing Council on Wednesday, the people said, asking not to be identified as the council meeting was private. Greece requested about 900 million euros, one of the people said. The increase should take ELA to about 70 billion euros. Policy makers raised the limit by 600 million euros on March 12, after a boost by 500 million euros to 68.8 billion euros on March 5. Greek banks haven’t used all their ELA and have a total of about 3 billion euros in liquidity available, one of the people said.
However, not a single penny from this additional emergency "liquidity" would enter the economy, as all of it was merely provided to offset the ever faster Greek bank run because as Reuters reported, on Wednesday Greek banks saw deposit outflows of €300 million, the highest in a single day since a February deal with the euro zone that staved off a banking collapse, two senior Greek bankers familiar with the matter said on Thursday.
"The uncertainty over the lack of progress in negotiations and the negative newsflow has affected sentiment," one banker told Reuters. "It's not a huge amount but the worry is whether this is the start of a trend that could get worse."
"Under the current climate, with worries of a 'Grexident', savers are unlikely to return cash to the banking system soon," said another banker. "Outflows may continue ahead of this weekend."
Congratulations to those who were among the Greeks who successfully withdrew the €300 million: this is probably one of the last batches of capital permitted to be pulled from Greek banks. For now the ECB has granted Greece a few more days (hours) in which deposit withdrawals are permitted. However, all that will cease and Greece will be "blueprinted" the moment the ECB announces that there will be no more ELA boosts and it's all over.
Meanwhile, the Greek government, instead of seriously contemplating a Plan B outside of the Eurozone, was busy thinking of new ways to raid its own population just to repay the "loathed" Troika.
In the latest sad indication of just how truly insolvent Greece is, Reuters also reported that days after raiding its own Pension funds to repay the IMF (which in turn lent the cash to Ukraine so it could repay Ukraine's obligations to Gazprom and thus Putin), the Syriza government is now raiding the major state utility firms to lend the government cash through short-term repo transactions as it scrambles to avoid running out of cash.
Prime Minister Alexis Tsipras's government has already resorted to dipping into the cash reserves of pension funds through such transactions, officials told Reuters earlier this month.
Kathimerini, citing unnamed sources, said the government was calling on the main utilities, such as the Athens Water Co (EYDAP) and the Public Power Company, to undertake repo transactions in which state entities lend money to the Greek debt agency through a short-term repurchase agreement.
Kathimerini also named the telecoms company OTE as on of those that Athens could look to for cash, though the Greek state only holds a 10 percent stake in OTE. The company is 40 percent-owned and managed by the German telecoms giant Deutsche Telekom. PPC, EYDAP and OTE had no immediate comment.
This is how the market assessed the latest batch of Greek developments: Greek bond yields just soared to the highest in two years!
Needless to say, unless Greece is actively negotiating right now, not only how to implement the current bailout, but the terms of the third Greek bailout as well (which will likely demand a left kidney from every Greek citizen as collateral), it is all over.
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Yep with goyim kidneys only. They sure wont put their kidneys on the line.
Can I get an offer?
I'd really like to know what the Syriza strategy was/is. Did they really think they could go back to the good old free-spending days when everyone who wanted one could have a well paid public sector job and where nobody paid taxes? Or was theirs an utterly cynical electoral ploy to gain power?
Same strategy as any politicians, get to power so they can enrich themselves. I am sure for raiding those pension funds to stave off the inevitable they got a percentage from the ECB which was deposited in Swiss accounts.
Preserve the client-patron system, which is threatened with extincition. Build it up again when the economy rebounds, to their benefit.
They elected communists. Hahahahahahahahahahaha
I love it when Socialists run out of other peoples money
It's even worse when they cloak it under the term "democracy"
.....sad indication of just how truly insolvent Greece.
No.
....sad indication of how Greece lost its independence and sovereignty.
this is exactly how state bankruptcy looks like - pillaging its own people up until they let to be pillaged
So obviously there's still plenty left to pillage in Greece before the final nail is struck.
After Pillaging Pensions,
Soon to be visited here as a WSJ headline...MUHAHAHA
Hire a bunch of collectivists/socialists/communists to solve a debt/cash-flow/budget problem...
What could possibly go wrong?
The true opposition (Golden Dawn) is in Jail. How convenient......hmmmm How much real opposition is there in the US?
If you have to ask, you must be new here.
Should have elected Golden Dawn, instead of persecuting them. Now take your Bolshevik/Banker pillaging pill you requested.
http://www.counter-currents.com/2013/10/wall-street-and-the-march-1917-r...
http://www.counter-currents.com/2013/10/wall-street-and-the-november-191...
This EMF passing of the buck from one deadbeat to another would be extremely comical if it wasn't extremely worrisome. The financial musical chairs is coming to an end, probably sooner than many think. The Greeks are like clowns on a minefield, totally clueless that their next step might blow them to smithereens.
Add to this mix an Angela Merkl whose claim to fame is that she really never has an opinion that might piss somebody off. A diplomat in the worst sense of the definiation. Not to forget our own Bozo in chief, a puppet if there ever has been one. Letting a foreign head (Net 'n Yahoo) of state use congress as a stage to critizie him! If this does not prove the Jews are in control what does? Hahaaaaa, you just can't make this shit up!
C'mon guys, just say FU to the EU, have a glass of wine and then carry on; how hard is that?...Dismantling your house is NO way to live...
Syriza's choices are: hand Greece to the German banksters on a silver platter; or have the army offer the German banksters offer Greece on a silver platter, along with the severed heads of Tsipras and Varoufakis. Tsipras and Varoufakis' top priority as of now is to save their own stinking oily asses, and that's all there is to it.
In their desperation, they've forgotten that the banksters don't keep promises made to pawns who've outlived their usefulness. In the end they'll be overthrown and liquidated anyway. Nobody loves a traitor much, least of all Wall Street.
Hope getting your whore's ugly face in Paris Match was worth this, Yanis. Not that I give two fucks any more about either of you, but if there's anywhere else Danae can go, that's where she needs to go. Her fifteen minutes are up, and the sooner she GTFO the stage, the more likely she is to leave it alive.
Stupid goyim. Is very simple formula we use. Works all the time. We lend CREDIT made from thin air to your government. We make government collateralize thin air CREDIT loan with goyim labor and all goyims possessions - past, present and future. Later, when we want, we take what we want. Very, very simple. You stupid goyim should know better but we make you shudder be called anti-semite. You should read Talmud. Talmud says “The possessions of those who are not jews, are to be regarded as property without an owner, and whoever is first to seize the same, is entitled to it.” Oy! Oy! Oy!
Hey, you're pretty fly for a rabbi!
https://www.youtube.com/watch?v=1HPTBzp75nQ
And in the U.S. they already have a lot of retirement funds owned by Government. How many 401 and IRA in money market are really in Goverment securities. Market or MM, they have you.
Bruce Cockburn live.Bruce says "The IMF doesn't give a flying fuck about the people in misery."IMf,dirty MF...
https://www.youtube.com/watch?v=68zccrskOqQ
of course they don't, but that mantra sells to the goy schmucks
Greece: giving Emperor Goebbels new ideas one day at a time.
www.traderzoo.mobi
Greece may get a Parallel Currency!!!!!!!!!!!!!!!
Also, the chief economist at DZ Bank , Stefan Meier Biel , the introduction holds a ! he parallel currency is likely should the grants fail and no other solution can be found.
http://www.mmnews.de/index.php/wirtschaft/39999-gr-parallel
Gonna be useless to default AFTER you loot all the domestic assets
Tsirpussy and Whatthefuckis are beyond fools. No one cares about theise dashing outsiders sticking up for the Greek proles now
They talked the talk but didn't walk the walk.
They look craven and pathetic. How can this gov't not collapse if Greek repayments are given over to Ukraine
What was it all for? I hope the Greek citizens burn Athens to the ground
And the bankster cartel sits back, lights up a cigar, and smiles broadly...........
Maybe the government is giving the Greeks Europe, and giving it to them good and hard, so when the changeover is made in four months the population will openly welcome it? Most Greeks want to remain Eurofags and I can see Syriza wanting to change that.
Of course that's implying a lot of sophistication at a government level, while they mainly have a track record of being as evil as the resource base permits.
It seems to me the Greek Tea Party is about as useless as the D.C. Tea Party.
How do you say Hope & Change in Greek?
currency controls are generally implemented on the weekend...today is thursday...yeah..i'll swing by the atm on my way home from begging tonight
The progressive government endgame is being played out in front of your eyes. Criminal theft at levels off the charts.
There are no constitutional conservatives in charge in Greece. All progressives. See the inherent evil with progressives in charge?
All you progressive drones and assclowns out there STFU and embrace your progressive suck. Then FOAD.
Grimaldus
One would expect that after 5000 years Mr. Panos would know that Shylock gets his money or takes a pound of flesh, and that sometimes Shylock prefers the flesh.
Why WW1? The British 1% owed Shylock.
Why Communism? The Russian 1% owed Shylock, and wouldn't pay.
Why WW2? Shylock told Adolf he owed them. Adolf told Shylock to go fuck himself. The British 1% still owed Shylock, and the Soviet directorates in Eastasia and Oceania owed Shylock.
Why the Cold War? The Eastasia and Oceania 1% owed Shylock.
Why defile America? The middle class did not owe Shylock, but Her politicians all - all - do.
Why WW3? Thats just Shylock taking profits, feasting on your children and tuning the reich up for the next 1000 years...
The BBC reported about a month ago that Britain just did some kind of bond issue that retired the last of its WWI (yes that's a one) debt. WTF was the interest on that debt? Hard to comprehend how much interest the banks make on these wars - not to mention the rest of the MIC.
You forget Shylock never did get his pound of flesh (or his money). Turns out it's not possible to cut off 453.6 grams of flesh, no more no less, as the court insisted Shylock do on pain of his own death.
In the end, the Venetians use the excuse that Shylock had tried to take a Christian's life (as removing the pound of flesh wouldn't have been survivable if feasible) to confiscate half his assets, awarding the sum to his debtor Antonio (the Merchant of Venice), only letting Shylock keep the other half on condition he convert to Christianity and bequeath the second half to Antonio after death.
Also, that was only a play.
Back in reality, if the Jews were behind both world wars, surely they could have awarded themselves, as compensation for getting half their nation killed, a slightly nicer plot of land for their Jewish State than the miserable Arab-ridden reservation the British actually gave them? Spoils of war and all that. Germany would have been lovely.
Anti-Semitism is the oldest bankster and government disinfo campaign still going. Never ceases to amaze me how ZHers with the sense to know better still fall for it.
Yes, it is a very old play.
Here's some history to go with it.
Russia needs to give every nation that is fighting the NWO nukes and that includes Venezuala, Austin Texas, and Brazil.
Austin would just immediately launch an all-out offensive on the Dallas-Fort Worth area.
hmmm...
I don't buy the Russians are the good guys slant. They may be useful under the enemy of my enemy is my friend theory - but I don't think for a minute that I want to live under their regime. I think they're a part of the NWO - just differing over who controls at the top. Maybe a bit pissed off at their piece of the NWO - but I don't think I buy they are its enemy. I sure don't hear of people fleeing to Russia to improve their freedoms and choices. The enemy of my enemy may be my friend - but not for long. Just a thought.
This is one:
http://windowstorussia.com/staple-prices-at-the-store-in-the-big-russian-village.html
zh handle is grouchy bear
excellent prices.
Time to relocate.
Can Alberta have some too? They have 80 years of scores to settle just with Toronto.
+1,000
Toronto is a multi-cultural shit-hole.
I don't know how the PC's got elected in AB with Wild Rose running. Ontario's in for years of hurt with Jaws running the province.
Just how many examples do you need to understand that the sociopaths are taking final steps to have "achieved their aim, and will own the earth in fee simple." That's in the introduction of old 1889 book "The Great Red Dragon." A dragon is just another name for serpent, snake, and "Snakes In Suits." They create money out of nothing and use it to "buy" promises backed by anything. What does it cost them? Nothing. What does it cost everyone else? Everything.
How's that New government working-out for ya? Apparently, the Rothschilld's told them to play-ball or die.
So the plan was to sell out? I guess integrity still matters or as in this case the lack of it. Its sad really they could have whipped out the truth a beat the banksters to death with it.
Frankly, I am shocked that the new Leftist Greek Govt folded so fast.
I thought their talk of defiance to the EU was refreshing, a breath of entertaining fresh air.
Yet, they folded so fast and completely one would think they were the USA Republican Party leadership.
The Greek voters must be absolutely livid at them.
Just as the enemy of the USA Republican Party leadership (the Republican Party Base/loyal voters) are angry and disgusted by Rep. Boner and Senator "Deer in Headlights" McSurrender.
DK
Not me. Talk is cheap actions are all that matter. These guys could have been arresting and hanging bankers from day one. Put the deals made by the last polls in public and arrest every scumbag that put their name on it. Declare the debt a fraud because it is. Open the real books for the Greeks to review. Including all payroll data for all gov workers. Straight up show where the money went.
Most ZH's are obviously familiar with the central bank scam, but this movie is excellent. It adds a few nice pieces to the puzzle. When you watch it you will see what they are setting up here in the greatest free-est, blah blah blah. Just a suggestion.
https://www.youtube.com/watch?v=p5Ac7ap_MAY
It's all bullshit.
This really is a contrived short term liquidity squeeze. Germany and ECB, with the rest of the EU being pussies, are trying to blackmail Greece with armageddon to continue the long term ass rape.
Syriza says you can ass rape us, just please use some KY and condoms so I can sell it back home.
NEIN! You vill take it like man!
If you are going to default at some stage then what's the point in scratching around making interim payments, pointless! When they do default they will have nothing........the Greek deal makers though will have over paid jobs with the EU.
The point is the matter of holding onto power in Greece. If they up and default now, the people won't be psychologically prepared to deal with either the decision to default or the aftermath. Instead, the socialist party continues to uphold just enough responsibility to lenders to keep them in the EU till the majority of the population is clamoring to leave.
A couple of points here...
1) The new meme is that Greece is plundering its citizens so the IMF can loan the money to Ukraine. We've seen this exact same language inserted into the middle of several stories recently. No coincidence. Simple "thought leader" technique to hammer away at the same theme until everyone starts to lend it credence due to its ubiquity.
The truth is that the IMF is merely asking for the return of the money that had already been loaned to assist Greece and now they expect it back in the form of a scheduled payment-- to which Greece agreed. It was the IMF's money in the first place and they are free to do with their money as they please.
If the improvident Greek government needs to rob its citizenry to return the IMFs money to it, that is not the IMFs fault. Regardless of whether Greece repays those who extended a helping hand when they got into trouble, the IMF would also be helping Ukraine to the same degree. Failure of the Greeks to pay would not alter or reduce the Ukraine IMF program.
2) The Greek people need to face up to the realities of the situation RIGHT NOW. It is clear that there are only two courses of action-- complete compliance with EU instructions, demands, or call them what you will; or else withdrawl from the Euro and default.
The current government is going to give them the very worst of both worlds-- first cleaning out every possible source of seed corn with which to rebuild and then being ejected under ignominious terms that lead to a lot of hard feelings on both sides. This will only make the Greek road harder still.
3) I sympathize with the ordinary Greek in the street but a radical change in their way of life is inevitable. They are facing the same choice that is coming for everyone. The idea that one can simply continue on as before is not a valid option. The EU is attempting to get Greece to make the shift in a managed and gradual way, rather than the catastrophically abrupt one that is the only real alternative.
This is exactly what is going to happen to all of us. My advice is that everyone start changing their ways voluntarily now, while it is less hard and urgent than it will become in the near future. Luck to all.
1. But surely that's how banks work? You need your borrowers to pay you back on time or in full, or you can't make any loans. It's nothing personal on the IMF's part---they do this to everybody who can't repay them in plutonium.
The real question is why the IMF are even talking about making loans to a country at war with Russia and almost certain to lose it.
2. Oh, they are. Any young people who can leave are doing it now before Schengen is suspended and whatever replaces Syriza starts charging for exit visas. Doctors are becoming prostitutes. Those too old to work and with no sons or daughters abroad are committing suicide. And, of course, nobody still keeps any more money in a Greek bank than he can afford to lose.
They know Greece has no future, or at least none that has a place for actual Greek people in it (as opposed to indentured servants from the slums of Karachi who can staff resorts on the Aegean as easily as they do on the Gulf), while the place remains under German domination.
Short of Russian boots on the ground in Frankfurt, Greece has two choices---permanent debt-peonage or a coup d'etat replacing anybody who opposes that peonage with someone more compliant. If Syriza choose Grexit they'll get the coup. They know that. That's why they're feeding the crocodile---they're afraid they'll be the next eaten if they don't.
3. "Managed and gradual way." What a fucking joke. No, it wasn't bloody likely the kleptocrats could go on living the high life on money borrowed from the Germans they had no intention of ever paying back. Nobody managed the GGB portfolio that well, eh? Or was it Putin who stuck a gun to their heads and made them lend money to Athens? He seems to be responsible for everything that's wrong with the world these days.
Why should the Greek people pay for it? More to the point, how in God's name do the Germans plan to make them pay?
Is a radical change in your typical Greek debt-peon's life inevitable? I suppose it is. If there's anywhere else he can go, that's probably where he'll be headed soon enough. Australia has sunny beaches too.
I suppose he should be grateful that for now there's still places left to escape to. It won't last.
Yes, this is exactly what's going to happen to every western nation if nothing is done soon. Everywhere local banksters plan to cash out and move on to greener pastures, taking everything of value with them, rather than deliver on promises made to the proles to keep them quiet in the days before globalization---cradle to grave welfare benefits, pension plans, retirement funds---that the banksters had no intention of keeping if they had a choice. Everyone else unable or unwilling to flee will be left so destitute and miserable they stop reproducing.
You really think people living more moral and frugal lives will change any of that? Then you're too good for this world. To our masters, morality is for fools and slaves who can't afford lawyers and mercenaries. Few got where they are today by having scruples. We are pawns, to be discarded when we become more trouble to keep around than we're worth. Simple as that.
Laugh at the lazy Greeks to your heart's content if you must, Tarabel. We're all riding this tiger. Don't think you'll get off alive.
The Greeks are neither more or less lazy, or more or less avaricious and corrupt, than any other group of people. They are merely at the forefront of a large historical trend which will see everyone undergo major change in their life.
The Syriza coalition came to power based on a naked promise to resume the status quo antebellum, if you will, even though they lack the power to carry through on that false hope.
The change will come, regardless, and the only question is whether the change will be an abrupt one or a more measured descent. I have no doubt that the EU realizes Greece will never repay them, but still they are making some effort to lower Greece gently back into the water rather than simply throwing them overboard or making them walk the plank. But the posturing of the Greek government is leading them to more seriously consider the plank option and their position is clearly hardening to a take-it-or-leave-it opportunity.
I also recognize that much of what has gone on with Greece to this point involves the socialization of private losses on Greek bonds. As I have predicted numerous times, as soon as that process is complete, or largely so, the end game will open.
I do, however, think it is incorrect of you to imply that the Greek people are guiltless victims of a group of cynical politicians. They were happy to revel in the sugar high when it was on offer, they wish to go back to those days if given the choice, and are plainly not anxious to have virtuous poverty return to their lives. This is why the current government is in power. They won the bidding as the guys who could most effectively promise lessez les bontemps roulez once again.
As stated in my original post, this is an issue that is going to end up on everyone's doorstep and everyone, not just inhabitants of western nations, should start disentangling themselves from the coming collapse as much as possible. It is not a question of evading the chaos but of saving something with which to rebuild. And that is why I fault the Greeks for not simply pulling the ripcord right now.
In fairness to Syriza, no such promise was made. They promised to get rid of austerity, at the same time they told electorate that they will have to live frugally.
Banks don't need anyone to repay, as long as they can collect enough interest, to continue listing loans as assets on their balance sheets.
"To our masters, morality is for fools and slaves who can't afford lawyers and mercenaries."
Bingo...
I didn't realize the IMF produced anything..."It was the IMF's money in the first place and they are free to do with their money as they please." HUH? Where did the IMF get "its money"? Please enlighten us. And Greek payments will be the return of the money "To which Greece agreed." Conflating politicians and bankers with the serfs...gotta love when that happens.
Then we get, "Regardless of whether Greece repays those who extended a helping hand when they got into trouble, the IMF would also be helping Ukraine to the same degree." You don't really believe the IMF is helping anyone do you? You can't see how this money has always been used to control nations? Do you read any history whatsoever?
The IMF is the worst kind of institution as it's not responsible to anyone really...it's a quasi governemnt organization with no instrument to make it responsive or responsible to any people on the planet (other than the bankers it serves) but the puppet politicians have long ago tied their populations to funding the IMF in perpetuatity so that it can take away the freedoms of those same people in those same nations through bullshit treaties. It's all "legal" of course...when you write the laws it always works out that way you see.
Spare us your posturing about the "meme" too...it's getting credence here because it's what is actually happening in real terms. All the words you parade out don't refute the fact of how the money flows.
the current biggest problem with the IMF... is that China is making a clone of it
one which the US does not want to see, or join (yeah, I know), or see other countries joining
Um,there's going to be a very serious refugee problem soon.Nigel Farage has tapped into this phobia in the UK.The anti-Assad operation in Syria alone has created huge camps along the Turkish border.The youth are the future of a country,and the young from Iceland,Ireland,Portugal and elsewhere are emigrating to other societies at an alarming rate.This hasn't been given much media exposure.The traditional refugee sponges such as the US,UK,Europe and Australia are basically full up and broke to boot.Any large scale movement would be politically impossible,short of some form of Suez canal type project.
Starting a fund that mainly invests in Greek bonds, who's with me?
I'm game. My spare room could use new wallpaper :)
I'm in - please let me know what the max is on my line of credit
Make your hay while the sun shines is all I've got to say to everyone out there.
the inevitable is inevitable
why bleed out, when you can still run from the slasher?
Those Syriza fools are cannibalizing Greece against the people that voted them into power.
Incredible! Greece needs a government that can tell the EU to take a flying leap. But instead Greece bleeds itself to death before the inevitable break with the Euro.
There is no Left or Right paradigm. There is Tyranny or Freedom.
Bring in more clowns. Bread & Circuses 100%.
Truth is the first casualty in a war.
Coming soon to a country near you!
Ahhh, If the Germans buy Greece, then make the Germans buy Greek toilet paper, err Repos.