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Greece Said To Prepare "Grexit", Drachma, Bank Nationalization Plans
On Thursday morning, we took an in-depth look at what the progression of events is likely to be in the event a cash-strapped, negotiation-weary Greece finally, for lack of will or for lack of options, fails to scrape together enough cash to pay its creditors. As BofAML notes, a missed IMF payment and/or failure to make interest payments to either the ECB or private creditors over the coming weeks would likely lead to default within 30 days, at which point "mark-to-fantasy" becomes mark-to-market and then "mark-to-default" in very short order.
Although Greek officials came out midday with a “categorical” denial of reports that the country was set to run completely out of cash in just 7 days, it now appears Athens may be prepared to chance a missed IMF payment and all that comes with it if it means saving face and preserving Syriza’s campaign promises to the beleaguered Greek populace.
More, via The Telegraph:
Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.
Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.
Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time.
“We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official…
“They want to put us through the ritual of humiliation and force us into sequestration. They are trying to put us in a position where we either have to default to our own people or sign up to a deal that is politically toxic for us. If that is their objective, they will have to do it without us,” the source said.
Going into arrears at the IMF – even for a few days – is an extremely risky strategy.
No developed country has ever defaulted to the Bretton Woods institutions. While there would be a grace period of six weeks before the IMF board declared Greece to be in technical default, the process could spin out of control at various stages.
Syriza sources say are they fully aware that a tough line with creditors risks setting off an unstoppable chain-reaction. They insist that they are willing to contemplate the worst rather than abandon their electoral pledges to the Greek people. An emergency fall-back plan is already in the works.
“We will shut down the banks and nationalise them, and then issue IOUs if we have to, and we all know what this means. What we will not do is become a protectorate of the EU,” said one source.
It is well understood in Athens such action is tantamount to a return to the drachma, even though Syriza would rather reach an amicable accord within EMU.
As a reminder, here is Goldman’s take on what redenomination would mean for Greece:
Secluded from international capital markets, Greece would not be able to issue a globally traded currency
With senior liabilities outstanding, Greece would be secluded from international capital markets. This would not just hold for the Greek government. It is likely that the implications touch the Greek private sector too, with Greek exporters and importers not being able to rely on letters of credit provided by Greek institutions.
In such a case, Greek trade would collapse to the level that can be sustained by cash businesses in Euros.
Should a Greek currency be introduced following failure to pay, it would likely have very limited convertibility into Euros outside Greece. It would purely be a means of internal transactions, in all likelihood.
But is this an equilibrium solution for Greece? No. Because in such an event, it would be hard to convince even the Greeks to hold any drachmas. Put simply, while public sector employees, pensioners and government supply providers would be paid in drachmas (and be expected to pay part of their tax liabilities in the new currency), they would not be able to use that currency to buy imported goods.
Exported goods would also become too valuable to be bought in drachmas, as they would correspond to hard currency receivables. Anticipating this, even providers of domestic services (taxi drivers, hairdressers etc) would avoid receiving payments in drachmas if possible.
If at all, the drachma would trade at a huge discount to the Euro. The economy would remain largely euro-ised but without a natural source of Euro-liquidity...
Ultimately as we discuss in our note with Huw Pill, it would be very hard for Greece to introduce a viable new currency unilaterally. Baring the complications of actually printing a new note, such a move would likely lead to a collapse in Greece’s international transactions and trade (both for the government and the private sector), would expose the country to litigation risks and trigger a significant destabilization of the banking system.
The only function of such a new currency would be to “tax” parts of the population that would not naturally receive hard currency as part of their payments structure. But that tax would not lead to a natural increase in government receivables as the economy (both the internal and the external economy) would shrink in a downward spiral.
So now, just as we predicted two weeks ago, Goldman (and anyone else who had effectively ruled out the possibility that Greece would finally reach a breaking point and fire up long-dormant national printing presses) may have to revise and rethink their assessment as the final curtain looks set to fall on the long-running tragicomedy that is the Greco-Euro standoff.
* * *
Here’s what Greece owes to who and when...
...and here's what happens next:
»
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Do it, pussies
And then model your new fractional based monetary system of debt, compounding interest and everything you got butt hurt about regarding the Troika and foist it on the Greek people.
OPA!
Hope they bought Gold on their Euro denominated credit card accounts while they still could.
They bought Bitcoin.
All of them!
I think Iceland nationalized their banks today, as well. Holy Shit! I sense a snowball forming .. Let it roll, baby. Let it roll ...
No shit?
Reposted from Summing Up The Total Chaos:
"once you remove walking away from a deal as an option, you are no longer negotiating."
just do it!
Take Hugo Salinas Price's advice:
Letter to Alexis Tsipras from Hugo Salinas Price, Dated July 25, 2012
"It will be only by giving Greeks a silver coin in parallel with the Drachma, that you and your Party may gradually lead Greece to fiscal equilibrium."
Throw the Greeks out of the Euro and the EU already.
That is the easiest thing to do. The problem is that long list of debt payment obligations you see above that are going to vanish faster than a 1 Zimbabwe dollar note. All those derivatives that are tied directly and indirectly to those Greek debt payments will start the fiscal chain reaction that triggers the Great Reset. Looks like we may soon see just why the CME enacted those gold and precious metals circut breakers last December.
http://www.zerohedge.com/news/2014-12-11/what-do-they-know-cme-implement...
Time to use any dry powder you may have and add to your stack. The hourglass is running out fast.
So aint the patience.
Of course the fact that the banksters will be waiting in the wings with 50 times Greece's GDP worth of heavily discounted Drachma futures paid for by their nice derivatives-hairball non-wealth won't be the REAL cause of the collapse.
Yes ! By summer things will be really wild.
Link?
Yup, Iceland too ...
http://www.zerohedge.com/news/2015-04-01/iceland-stuns-banks-plans-take-...
Fonestar? Is this another iteration of you?
We is we! We is up in you all ways! RU-GAY2 is not fonestar. fonestar is fonestar. But PAL control remains the same constant STAR.
http://www.reuters.com/article/2015/04/03/us-eurozone-greece-payment-idU...
It's all Bullshit!!!
It begins with Grexit & ends in MAYBE two years with a European Unionthat is approximately 1/3 smaller (maybe 1/2 as large if a full-on, structural degradation of global macro is even deeper & longer lasting than "better case scenario").
Just kiss at least Greece, Portugal & Spain goodbye, and worse case scenario, Italy goes away, and France is given a red card and oppressive terms as a deadbeat nation.
This IS happening, people.
When I said EUR/USD to near parity in summer of 2014 by late 2016, many scoffed at the suggestion.
As it happened, it arrived 9 months early.
The EU (Germany and northern states) has to see the ECB debase the Euro another 25% - minimum - to even keep a remotely similar EU as exists today together.
And this won't even be the biggest economic story of this decade; China's economic crash will be (Japan will muddle along in a stable repression, but China will flare badly).
I would bet there is no Grexit. I think the absolute most important thing for the EU is the Union. Half or more of the EU countries are broke and well below membership qualifications and they won't be leaving either. They will beat Greece about the head for a while to try and make an example of them for fiduciary spanking with plenty of threats, but it will come to nothing. They will have a lot of noise resulting in a handshaking ceremony for a "framework" agreement that is meaningless but takes the focus off the default. Of course it won't be called a default as since we have derivatives we can't have defaults now. The EU government's goal has always been a "greater EU government" controlling everything, not just currency, but all laws....just like Obama. Greece is a dependent and like all of our dependents in America, they will call their benefactors/masters all kinds of names but never go so far as to refuse the money.
The Union might be uber important for the EU bureaucrats, but they have no money to prop it up...
before this is over jamie dimon may be asked to return the cufflinks.
grexit is a fucking bullshit
i told you dozen times : if one goes away, everything collapse because everyone will leave.
euro money is a political enslaving tool, probably the best ever made by humanity since human use money.
greece is shit, have no voice, no ballz, and gonna bend just like any others who tried to riot, endind 1) enslaved, or 2) dead bullet in the head.
holland 2012 : " my enemy is finance " ....2015 check -> full ultra capitalist retard mode economy minister -> ex lazar bank ( rotchild, 3 millions € wage )
you see france going well ? it is the worst country in whole EU about economy.
so the tzipras phenomen...sorry but it is a well known trick... yell to get the job, then stfu , get the cash and keep the back bent for the master's hand.
The EU is the later day tower of babel so there so no way the minions will let it fall. It all plugs in to the global net they lay for the people. They will burn it all down before they let it go.
http://vigilantcitizen.com/sinistersites/sinister-sites-the-eu-parliament/
<snip>
Ever since its completion on December 14 1999, the EU parliament has raised eyebrows and questions regarding its structure. The main tower, called the “Louise Weiss” building, looks peculiar and modernist. Why does it look unfinished? Promoters say it reflects the “unfinished nature of Europe”. However, some research on the subject reveals the dark and deep symbolism of the building. Exposing the real source of inspiration behind the Louise Weiss building is exposing the esoteric beliefs of the world elite, their dark aspirations and their interpretation of ancient scriptures.
We’ll go straight to the point: the Louise Weiss building is meant to look like painting “The Tower of Babel” by Pieter Brueghel the Elder in 1563. Story says that the Tower of Babel was never completed. So, the UN Parliament is basically continuing the unfinished work of Nimrod, the infamous tyrant, who was building the Tower of Babel to defy God. Do you think this is a good source of inspiration for a “democratic institution”?
the greek FinMin is a maverick. so to might be the P.M. They bought time, to prepare an exit?
when the ministers visit moscow and China, they will probably get a standing ovation, and a lot of funding, etc.
Or Germany agrees to pay for ww2 crimes which provides funds so the new greek government can afford to keep their election promises, and stay in the EU
They are going to default, they have the rossi cold fusion reactor ready to go.
They already got a new sugar daddy on standby in the form of the Russians and/or Chinese if they leave. A good whore always does.
OOPs ~ a~daisey<
Well done Tylers
“We will shut down the banks and nationalise them, and then issue IOUs if we have to, and we all know what this means. What we will not do is become a protectorate of the EU,” said one source.
Standard socialist nonsense. Who will they issue them to? All transactions will be euro on delivery. Yankus Viralfukus can play all of the video games he wants. This one has faulty logic and collecting immaginary gold coins will not be a successful strategy.
I'm impressed.
"Standard socialist nonsense. Who will they issue them to? All transactions will be euro on delivery. "
"In such a case, Greek trade would collapse to the level that can be sustained by cash businesses in Euros.
Should a Greek currency be introduced following failure to pay, it would likely have very limited convertibility into Euros outside Greece. It would purely be a means of internal transactions, in all likelihood.
But is this an equilibrium solution for Greece? No. Because in such an event, it would be hard to convince even the Greeks to hold any drachmas. Put simply, while public sector employees, pensioners and government supply providers would be paid in drachmas (and be expected to pay part of their tax liabilities in the new currency), they would not be able to use that currency to buy imported goods.
Exported goods would also become too valuable to be bought in drachmas, as they would correspond to hard currency receivables. Anticipating this, even providers of domestic services (taxi drivers, hairdressers etc) would avoid receiving payments in drachmas if possible."
Euros could be taxed at a very high rate and Drachmas at a much lower rate.
Euros could even be confiscated when the banks are nationalized.
People could be incentivized to turn in Euros ( or even to turn in people holding/hoarding Euros ) for Drachma. with the tock of Euros presently in private hands.
They are statists -and socialists. IF Greece repudiates the Euro it is going to be messy.
IMHO, it is likely that this is both unavoidable, and while other nations may not rush into the breach they will have one eye the door for the right moment to bolt as the gate cannot be closed after it is kicked down..
Syriza will stick it to the wealthy if they are cornered. Nationalizing the banks will only be the first stroke...
As to the IMF... Bankers will be bankers and lawyers will be lawyers.
She can hardly muster the French Foreign Legion upon her institution's behalf, so a War fought in Brussels amongst combatants in Armani Suits is more likely to ensue than any invasion from the sea..
its long been syriza's intention to default and leave the euro, knowing the impossible maths
but
how does it handle the chaos of a default in a manner that doesnt enable outside powers to swoop in and result in the deeper enslavement of greece.
thats why they have been appearing to blink and compromise
The printing plant in Athens already prints IOU's .... they are called Euro notes..... they can print as many of them as they need to support thier cash only economy. And the notes they print are not even counterfeit Euros ....
In America the issuance of currency was and is supposed to be in the hands of the people.
Battle of the Fiat currencies. 'Our revolving Fiat Line of Credit which is backed by someone elses central bank is more valuable than yours!'
Between Greece, oil, bubbles everywhere, and now California, the risks are so far beyond the rewards.
and there's yemen.
"Battle of the Fiat currencies. 'Our revolving Fiat Line of Credit which is backed by someone elses central bank is more valuable than yours!'"
Did anyone else hear the opening notes of "Dueling Banjos" while reading that?
cricket... cricket...
I would hope they would save money by no longer buying those puff balls they put on soldiers shoes. And buy some cheap pants and stop buying those expensive little girl skirts they put on their soldiers. greeks, 3000 years, and they dress their soldiers like sissy clowns. https://www.youtube.com/watch?v=_6wZtZW30Gk
A stupid comment which no doubt you intended to be funny.
In any case perhaps you would like to say the same to the British Grenadiers with their "stupid" hats or the Scots and their "skirts".
If you want to talk about sissies then perhaps you might want to mention the German thugs who burned and killed innocent Greek women and children during WWII to make an example.
The funny thing though is that those smart French and German banks lent so much money to a second rate economy without doing any due diligence. Perhaps they are the real clowns.
Cold fusion vs spent fuel rods bitches.
FFS let it rest. There probably isn't 1% of Greeks who are still alive and can remember the shit the Nazis pulled in WW2. Same shit for the blacks and slavery. Let it go already FFS. Sheesh.
Greece population over 80 is about 4-5% and LOTS of stories passed down. They remember very well
Love the one who fell on his back.
Meanwhile, the policewoman is so hot and curvy.
then check brits hairy cunts they use as hat ...
I'll buy some Drachmas. They're better than NFL seat licenses?
Must be a Giants , Steelers, Ravens, Cowboys, FANBASE?
Live free or die...Grace or Main not sure..
When and if this finally happens I just want everyone to know what consequences will follow, what will happen. The answer:
Nothing.
No major bank will go bust. The ECB will still be there. The IMF will be astounded somebody defaulted on them for the first time in 70 years but will get over it. CDSs may or may not be tripped (probably not, but won't matter either way) and there will be no bank contagion. The sun will come out the next day and this whole thing will start fade away like the Chinese commodity rehypothecation thing that didn't amount to shit in the end either (and was 10x larger in magnitude, at minimum).
And the Greeks still won't have a pot to piss in nor a window to throw it out of.
agree...
and then 6 month past and Spain is knocking the exit doors
and then 6 month past and Italy is...............
I've thought about that contagion theory as I was a very early proponent of it myself. I think it's going to be so painful for Greece (at least in the short term) that other heavily indebted Euro-area nations will not follow that quickly. And if we "vastly underestimate the amount of political capital invested" in the union, TPTB in the Euro already recognize this contagion risk and will start moving in a different direction with other nations (what direction, I couldn't say, but they won't stand idly on the tracks over and over again).
Frankly, I think a part of Europe wanted Greece out starting the minute the first crisis broke and they realized Greece was admitted under false financial pretenses to begin with. Staying in was only ever going to happen if it was 100% on Europe's terms from that point forward.
Which part of the "Europe" I'm talking about I'll leave to your imagination.
Actually ND, the IMF has been down this default road before.
2003 - Defiantly refusing to make concessions to seal a three-year aid package from the International Monetary Fund, Argentina today defaulted on a $3 billion loan payment to the fund rather than dipping into its scant foreign reserves to pay the debt. By refusing to pay, Argentina joins other defaulters, including Liberia, Somalia, Sudan and Zimbabwe.
Eventually Argentina repaid its IMF loans in full in 2006, but as of 2015, the bond default had not been completely resolved.
http://www.nytimes.com/2003/09/10/business/argentina-defaults-on-3-billi...
12 years later, Argentina is doing just dandy.... ;-( LOL
I stand corrected.
"When and if this finally happens I just want everyone to know what consequences will follow, what will happen. The answer:
Nothing.
No major bank will go bust. The ECB will still be there. The IMF will be astounded somebody defaulted on them for the first time in 70 years but will get over it. CDSs may or may not be tripped (probably not, but won't matter either way) and there will be no bank contagion. "
What WILL happen IF NOTHING happens is that other nations will also bolt and the whole Euro system will implode rather quickly.
The problem with an inconsequential default -on the the IMF and ECB no less- is not just contagion; but, contaigion at a very high rate of speed. Getting out while the getting is good...
Everyone will take the plunge if there are no consequences. Everyone will default.
WHY PAY THE FUCKING BILLS IF THERE ARE NO CONSEQUENCES TO NOT PAYING THE FUCKING BILLS?
IF ONE DOES NOT PAY -NONE SHALL PAY.
chinese pots
Error, Argentina defaulted in 2001. Since then and out of the "convertibility", things for the people have improved a lot.
http://www.tradingeconomics.com/argentina/gdp-growth
Unemployment Rate6.9 percentNov/14 -
30% 2001 (youth unemployment 2001: around 50%)
Argentina is the third biggest economy in Latin America. After the 2001 crisis, Argentina returned to high growth rates, expanding on average 1.7 percent from 2003 to 2012 on a quarter over quarter basis. Yet, in 2009 and in 2012, the country was affected by global slowdown and the economy grew much below average. Argentina has abundant natural resources, a well-educated population and an export-oriented agricultural sector. Indeed, shipments of agricultural products have been the motor of Argentina´s growth in recent years. In addition, Argentina has been diversifying its industrial base and it has been experiencing a record growth in the automobile, textile and power sectors. Moreover, in 2011 Argentina became the world´s 5th biggest producer of wine (It produces other valuable goods, N.d.R.)
they will need to add quite a few more zeros to that bank note.
YES GREECE!
DEATH TO THE EURO!!!
It's time for the first domino to fall on the back of the rapacious bankers who tried to amass all of Europe wealth under a single currency, whilst putting the people under the boot of austerity.
Hopefully people will understand that this is only the beginning of a total shift in monetary systems around the world. It's time to go back to sovereign nations issuing their own currency, rather than at the will of a bunch of bureaucrats and capricious bankers.
“They want to put us through the ritual of humiliation and force us into sequestration."
The Germans want that? I don't believe it.
Now those " Brain Cells" are spinning.
Do it.
All I want to know is: how much cash is that bloodsucking Vampire George Soros gonna lose on a Greek default?
make a trillion euro coin and give it to them in full and final payment.
i mean thats where all this money comes from...
Greece is pushed to default, if Germany or even USA (via IMF) refuse to do fiscal transfers.
Greece must have its printing press back, if Germany and USA refuse to subsidize their lifestyle.
It is that simple
I agree.
They might even have something resembling a little war over it; but, that is the gist of the predicament.
-& so shall it be for the rest, too. Unpayable debt is unpayable debt. How are the debts of other nations different from the debt of Greece?
One defaults: ALL default.
The political damage has already been done. Greece is going to pull the pin on the Euro debt grenade...
They're so fucked, either way. At some point, a country must balance its books. The weaker the country, the more important this rule is. Eventually, the US will follow suit and all hell will break loose. Perhaps tomorrow, perhaps in a century, but it must happen eventually.
Well of course, escape from under the German boot and the long fangs and claws of the Brussels Bandits and Wall Street Warlocks.
When your politicians become whores for bankers at your expense what choice do you have? The U.S. population will be the last to wake up, second only to those too patient souls left in France.
The Euro and the E.U. is a failed experiment, but only because it was backed by financiers not real people.
Us "folks" in the U.S. are getting pilloried just as bad or worse, we pay 2X as much for 1/2X the benefit.
Well said EB!
The Fed may step in with GARP, never rule that out as there are rumblings from lew and the Fed. Of course strings will be attached. I am thinking all those oil and gas reserves off the coast of Greece will be handed over to our oil Corporations. You just never know. Of course China and Russia could step in and do the same thing.
If no one steps up Greece is going to be punished hard and made an example of to keep the PIIFS inline. Brussels cannot afford to have Greece leave and default and nothing happen to them. Otherwise the dominoes will fall big time.
We the people are screwed anyway you look at it.
For those stating Greece got into the EMU illegally, HOGWASH. The ECB had people in Greece at the same time GS was there monitoring everything GS did. They know all about the swaps and the loans to make Greece look better. Do not buy into all the rhetoric about how Greece with the assistance of GS got in illegally. This is just a deflection from the corruption of the ECB/EU/EMU, period.
Do not believe me do some research and goggle it. I am not implying that GS was not to blame for all the wonderful banker math, but all are to blame.
Look at the EMU and how it is admitting Eastern bloc countries. Take the Ukraine for instance or many more. The EU is all about control of real estate and cutting China and Russia from the old Silk Road as they follow the USA mandates.
I hope Greece does exit, but I will still wait and see for Greece to exit. The real problem as so many pointed out when the first real default happened the ECB broke the laws of bankruptcy and many here stated it would come back to haunt them. The ECB/IMF should have taken the same haircut as everyone else did and now it is coming home to bite them.
The debt cannot be paid and as I sit here typing, it is only numbers in a persons computer system that could be wiped clean and nothing will happen with the exception of the corrupt politicians and bankers with their vulture like activities will get upset. Hell I can type 370 billion on my system, how about you? LOL
Greece <>( has already defaulted. How will the rest of the piglets handle the "situation?
Next Tuesday is going to be interesting.
"Secluded from international capital markets, Greece would not be able to issue a globally traded currency "
Secluded??
They're gonna need to add a few zeroes to that 10,000 Drachma note.
But, people have survived worse. Shaft the IMF. You're fucked anyway. Then go to your buddy Vlad hat in hand, and he might support you for a while. But only if you give him a nice warm water port on the Aegean to base his ships and a nice airbase for his bombers.
That's gotta be worth a few billion Rubles or Yuan. Then, invite the Chinese in for a little tea, some feta, olives and bread. It is the way business is done in the East, with a Greek twist.
Before re-introducing a new currency, the government would have to also set up a new central bank as the present one is stuffed to the gills with over 2000 mostly useless idiots.
The pivot towards Russia is currently being used as an ace up the sleeve but one wonders whether it will simply be jumping from the pot to the pan.
What Europe needs to understand is that a period of being away from the Euro and having to stand on its own two feet may actually force the Greeks and its government to adopt change at a far faster and at a far more welcomung rate.
In any case, embracing Russia may well see Russian bases on Greece territory which would cause all sorts of problems for the USA and Europe unless the USA encourages Turkey to cause problems in exchange for a few Greek islands.
Did you idiots miss the 4/1 announcement about BITCOIN being the new Drachma? ? I wasn't joking 2 months ago about Reggie Middleton making history.....
This fool read the First of April story.
Where was Fonestar?
Advising Varoufakis
Seriously, that story was a spoof? The national card was a stretch, but using a currency that can't be diluted by massive central bank printing is probably the best idea to avoid massive devaluation in the FX markets.
The Greeks were bankrupt back in 2010.
The Troika forced Bailout loans onto a then complicit Greek government to prevent a Greek collapse and hence contamination to other southern European countries in a similar financial position. Greece was sacrificed to save the Euro project.
Greece should have been let go back then. Now the debt against GDP they have incurred is so much higher so that the overall financial turmoil that will now result of a Greek default will be correspondingly larger.
Greek default and "Grexit was always going to happen. The Northern's are just trying to ring fence their precious Euro.
POPCORN, who's next?
That's the really important question. If there is a Grexit - they have done it in the worst possible way - they've telegraphed the move such that everyone with more than 3 neurons has moved their money out of the way. The key is surprise - and that's what I expect from Italy.
The fist IMF default might as well be a European country.
When I stopped paying my Citibank credit card, they continued to add monthly late fees plus higher interest rates for 3 fucking YEARS. Although I had definitely "defaulted", they continued to keep me on their balance sheet as an ever-growing asset. My point is, its not Greece who gets to declare default, its the IMF and the other "institutions". When they decide to stop adding interest upon interest etc, and other compounded penalty-interest accounting gimmicktry (that bolsters Germany's income statement), then and only then will Greece officially default.
Much more importantly, however, is the fact that I have the only comment under the Great WB7 who currently has a -1 tally. Believe me when I say that there is absolutely nobody on the blog that deserves a +1 MINIMUM for every page he posts. It was not me who downvoted the above post.
they can add whatever interest they want but if greeks refuse to pay nobody can force them to pay. IMF may attempt to confiscate greek assets abroad but noone sane will ever attempt to go into greece and fight a war in there
You are clueless and naive.
Historically you'd be correct but you're dealing with modern western society now. There isn't a real man alive west of Ukraine and that goes for the US too. Tell a couple of fags they can't buy a cake from a shop who doesn't believe in their lifestyle and the next day you have an army of leftist hate mongers mobilized to shut down that business. Steal a few trillion from those same fags and they could care less. That is pretty indicative of the morals, character and beliefs of western society now which is why it is doomed to fail. Russia must be laughing their asses off at us. Western society is destroying itself from inside out without them ever having to lift a finger.
What would be a hell of a thing is that Greece defaults. German banks are exposed as over-extended and hypothicated to the gills, with gazillions in derivatives to hedge the Greek default that don't pay off because no default is declared and Germany goes completely into the shitter and winds up being the third nation (after Italy or Spain) dumping the euro and EU.
It's my fantasy financial football team.
Taking bets (um, derivatives).
"The fist IMF default might as well be a European country. "
How can they do this??!
-Is there no Goldmanite Sith astride their Central Bank?
Greece will (officially)default next week. It's priced in.
All futures Green
Athens have the EUR450 million. They just need it for "salaries"---military salaries.
If Syriza stiff the IMF, they get a strongly worded letter. They stiff the big men with guns, they get dragged into Constitution Square and pumped full of bullets while Brussels snickers into their sleeves. Simple as that.
Happy Easter, Syriza. Even money says it's your last.
sources?
No matter what, ISDA will rule no-default; Greece'll simply exit the Euro and repay in Drachma. No CDS triggers, and all's good, right? /s
That's what happened last time.
All the PIIGS could exit the Euro.
It's all priced in because the Federal Reserve will just buy up any selling.
The Fed won't tollerate any significant correction.
Japan is doing it.
People JUST don't get it! The $ usd is not a funding currency! The purchasing power of $USD is done !
It's the global, Wild West
Just Grexit alreay. Fuck, this is worse than watching one of my wife’s soap operas, where hysterical actors repeat the same scene fifteen times before moving on to their next life crisis.
Socialist EU vs. Communist Syriza. Rock, meet hard place.
IMF and GS socialist? cool
But the don't do game theory lolz
Hope it Blows sky high, it will be interesting to watch the dominoes fall.
Just like everywhere else, the only way back to financial growth is to admit the politicians stole all the wealth, and its gone.
Take the loss, cancel the debts, move on.
These poor kids are being taught that $usd will fund their financial models. So very sad/ Gold and Silver will fund their models.
There will NEVER be an SDR. It's a figment of the UN imagination.
THREAD JACK/ Tyler the numbers are already leaked.
fuck you all, last week I bought a crystal ball.
and as soon as I find batteries that fit this fucker, I will know all.
just do it.
GS is, of course, going to paint everything in its own favor
f*ck GS
this is no longer a 'one bank' world.
RU and CN waiting in the wings.
Does the Oracle of Delphi still work?
Well Jesus Christ...
I googled greek word for gold and got chrysos.
Isn't that far out.
now that the sanctions are lifted. Iran will buy 10000 tons of gold
I'm not sure Greece will be allowed to exit the Euro. I KNOW it's the best thing to do for Greece, Spain, Portugal, Italy, Ireland, but they may not allow the gvt to perform grexit. After a while of caos, it'll be cristal clear Greece is much better outside the Eurozone.
I have no dog in this fight, just do it.
Drachma .... Dogma .... Smegma .... Grandma .... FEMA .... emphysema !
Obama !
Bitcoin $253.50
If the Ukraine can issue US backed debt then the Greek can issue Ruble backed debt. Is better then nothing.
"Grexit" success depends on one thing: converting all foreign-heald public and private debt from Euroes to Drachmas at Grexit time.
If most foreign Greek debt remains denominated in Euros, then Grexit, and Greece, will fail.
also good advice:
“The secret of change is to focus all of your energy, not on fighting the old, but on building the new.” — Socrates
this article is non sense.
why would the new drachma NOT be traded and made convertible. If there is enough profit to be made in it, it will be traded.
Its entire conclusion is predicated on that inital assumption
Goldman.. just another tabloid rag
Here is another nonsense tabloid rag...
The Fed is Broke!
http://beforeitsnews.com/alternative/2015/04/explosive-breaking-news-the-fed-is-broke-3132290.html
Who is not broke these days?
You decide!
The Troika...the façade of decency and respectability.
How can anyone successfully defend such a fraudulent, corrupt system? I would like to see the Troika fully explain where their 'funds' came from and how they were created in a 'proper' court.
In reality they are a network of criminals and traitors who seek world government on their terms.
Their network of private central banks have the right to create money completely out of thin air and then charge interest on that ‘nothingness’. The polite term is ‘Fractional Reserve Lending’ but in reality it is just simple fraud. The result is that the whole world is currently drowning in a sea of fraudulent debt.
Their ‘system’ uses lies, deception, intimidation and entrapment at all times and results in enslavement and servitude.
They are so arrogant they believe they are unbeatable and indestructible. It is a system where psychopaths and sociopaths can flourish. And without question the centre of this system, the heart of this global corporate beast is the innocent sounding Square Mile known as the City of London.
More here: http://www.ukcolumn.org/article/bankers-bradburys-carnage-and-slaughter-western-front
Who cares what obligations, "senior" or otherwise, the fictional "government" of Greece has? Quite obviously the "government" is not the individual human beings who live or travel in that portion of earth commonly called "Greece".
Screw the predators-DBA-government.
Let them default. Let them vanish.
Then let those who live in Greece run their own lives and businesses. Let them do without paying taxes, since there is no longer anyone to pay them to, and let them sink or swim on the basis of their own behavior.
What they will find, perhaps to their surprise and the surprise of 99% of the world population, is...
THEY DO JUST FINE.
That is, until the USSA nukes Greece to make sure the world never has an example of how fabulous human beings do without human predators-DBA-government destroying their lives.
Well the template here would be what Brzezinski did to Afghan democracy in the 70s, the "color revolutions" everywhere etc. Hopefully not...
A cancer can't call the host a predotor.
This without a doubt will be the worst Grexit since Lehman!
I'm guessing Greece has zero precious metals right now, but there's a very easy way to make the drachma internationally traded..... silver money, or gold if they have any
I come to Z/H for trading purposes.
Caveat Emptor Yen Cross.
Enough already------exit. Get it done. Drama originated in Greece but really, how many acts do we need to endure?
Who does not want to go on a Greek holiday in a 5* hotel for €20/week?
Going to be interesting to watch, as the banksters and Zion are not going to like this for several reasons.
Monetary, pipeline routes, Russia, China, etc.
Does Greece trade with Niger or have any tall government owned, but recently leased and insured buildings?
The banksters need to repay us.
-1 downvote for saying "banksters" I'm so sick of people recycling that stupid word. "Us" is a much larger problem to our survival than "banksters", and even "banksters" are members of "us".
By the way, FYI NSA, FBI and other types, I reject all calls for violence and I suspect all the calls for death and mayhem on this website comments are actually your law enforcement agents trying to prosecute people or get this website shut down under your supposed "net neutrality" regulations (which are designed so that the feds can pressure internet operators to shut down websites suspected of illegal behavior with no trial) and not worth responding to individually.
Das (Griechenland) Boot: A hole in the water into which you pour money.
What is laughable about that amortization schedule is that the TARGET2 balance owed by Greece, mostly to Germany, now most likely exceeds 100 billion (milliarden in Deutsch) Euros. I see "only" 25 billion on that schedule.
The real fear of a Grexit isn't bank failure contagion, but that Greece would actually fare better outside the EMU, and thereby inspiring Spain, Portuagl and Italy to exit the EMU too. When people figure out that all the inflicted pain from these lying Eurocrats/ECB filth has been for naught, you can kiss the whole European experiment bye bye.
For Christ sake, you Greek bittches, make a fuking decision already. This Grexit vaccilation is almost as boring as news of the jews and Arabs pulling each others' hair but never actually fighting. Big yawn.
better to drag it out as long as possible, they are making a mockery of their creditors
Ze Germans have had enough. They want Greece out. They just can't say so overtly.
Greece, if you do the following I'll seriously consider moving there and starting several businesses:
1) No central bank
2) No fiat currency
3) No income taxes
4) Allow people to use whatever they want for money, or barter. Let's see what kind of money wins. Foreign fiat cash? Metals? Bitcoin? Digital credits? It's an experiment to see what works best in modern society.
5) National government should earn it's tax revenue from imports and exports, which will put importers at a disadvantage and encourage local businesses.
6) Local governments can earn their taxes from transaction taxes only, again, no income taxes. Please no property taxes, let the people own land. No taxes on barter, only on money transactions.
7) Arm every household with a rifle and 1000 rounds of ammo so they can protect themselves from pillaging creditor armies, make it no fun to pillage in greece, and then tell the foreign creditors you aren't making any more payments. This brilliant and low cost anti-pillaging system really sucks the morale out of invading armies.
Funny, the system I desciribe is very similar to the system America started with, history actually provides us with an empirical validation that this works.
drachma should be traded in Yuan and Rubles, simply outside of USD and EUR systems.
Decouple from the western banksters and run to eastern banksters.
The thing I cant wrap me head around, is this bunch of the very 'Finest', most 'Well Educated', 'Born To Rule' boffins, who have brought the western world to its knees, in un-payable debt, can be the answer, or the fucking solutions, they themselves fucking caused.
Pay off debt, with more, even larger tranches of yet more fucking debt? The outright geniousnessnessis of it all?
The fucking 'Troika'? Swindlers List is more their stamp.
Default my Greecian friends and tell them thieves and child molesters from the 'Troika' to go fuck themselves, and take that dog damn debt with them.
Bunch of in-bred cunts what they are.
:-)
ITM96, good to see you. BBut
ITM96, good to see you. BBut
ITM96, good to see you. BBut
ITM96, good to see you. BBut
Tell us, what makes you think that there is a solution?
That was a bit of wry humour Laws, but you knew that anyway.
As I have stated here many times, there is no political solution to our numerous, and growing problems.
And as you say mate, roll the mother fucking guillotines, nothing, abosolutely nothing changes otherwise.
;-)
https://www.youtube.com/watch?v=Zvl9N9GdraQ
when paper is worth hard assets and labor of any amount, paper printed at the will of a nobility..the serfs must be confused and sedated, folks your debt is not as real as your sweat and assets..it's just paper.
the world of today is blind to the biggest lie foisted on mankind ...when your fiat is printed by your nobility with nothing but debt backing it..there is no value.
eyes wide shut.
It just took an old lady, to spell it out:
Interviewer - "And what is the role of the opposition?"
Margarita Montyan - "We've got no opposition."
Interviewer - "I don't mean those who have been dissolved."
Margarita Montyan - "There's no opposition at all. There has never been any. In any talk show, when they are on air, they scream a string of obscenities at each other, run through all the curses they know, or even have a fight, but as soon as they go off air they are all best of friends and celebrating lucrative deals. This is no opposition. They all have the same aim. Siphon National wealth off into their pockets and never ever change the rules of the game. It's us that are the opposition, because we want to change the rules of the game and not the snouts at the feeding trough."
Are you getting it yet?
As inevitably happens, the swill to put into the trough is now running out ('Public Borrowing' and 'National Debt' have been taken on and skimmed to enrich these crooks, and the capacity to borrow is now going away).
Next, comes the attempted scapegoating of everybody else but the real criminals.
VOTE-THE-LOT-OUT! EVERY SINGLE SITTING MP, INCLUDING THE SPEAKER.
Vote UKIP, and then breathe hard down their necks to make sure they do the right things to restore our balanced Republic and Rule of Law.
This may well be the last peaceful chance we get, to do what is going to have to be done.
Sure they will... ...yawn.
at this point, europe is probably hoping these deadbeats leave...lumping portugal and spain with the greeks is stupid, both have hunkered down to do the reforms and are coming out stronger than ever.
Nationalize the greek banks, ay ? Anyone with funds in greeks banks - good look trying to get any of your funds back... Up next, bail-ins a la Cyprus.