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ECB Prepares To Sacrifice Greek Banks With 50% Collateral Haircut
In what seems like a coincidental retaliation for Greece's pivot to Russia (and following Greece's initiation of capital controls), the supposedly independent European Central Bank has decided suddenly that - after dishing out €74 billion of emergency liquidity to the Greek National Bank to fund its banks - as The NY Times reports, the value of the collateral that Greek banks post at their own central bank to secure these loans be reduced by as much as 50%, and the haircut scould increase if negotiations with Europe remain at an impasse. As we detailed earlier, this is about as worst-case-scenario for Greece as is 'diplomatically' possible currently, and highlights an increasingly hard line by The ECB toward The Greeks as the move will leave banks hard-pressed to survive.
As we laid out earlier, according to Bloomberg, the ECB staff proposal lays out three options to reduce central-bank risk: "the scenarios envisage returning haircuts to the level before late last year, when the ECB eased its collateral requirements for Greece; to set them at 75 percent; or to set them at 90 percent. The latter two options could be applied if Greece is in an “orderly default” under a formal ECB program or a “disorderly default,” CNBC said, without further elaborating on those terms."
Any reduction in ELA availability would be devastating to Greece, where depositors continue to pull cash from banks accounts to the tune of several hundred million euro every week, and the central bank "seeks to match the outflow with ELA. The Bank of Greece keeps a buffer of around 3 billion euros of ELA allowance in reserve, to give it time to react to a possible bank run, one of the officials said."
Any reduction in this buffer would lead to a self-fulfilling bank run prophecy and accelerate the deposit flight to the point where the local banks are forced to halt operations, and Greece is forced to replace the "soft" capital controls already rolled out with "hard" ones.
To restrict or veto ELA funding, which is provided at the Greek central bank’s own risk with consent from Frankfurt, a two-thirds majority of the Governing Council is necessary. A growing minority is opposed to continuing to provide the assistance indefinitely, one of the people said.
* * *
And so, as The NY Times reports this evening, despite no ECB governing council meeting until May 6th and the above plans, The ECB went further;
The European Central Bank is now demanding that the value of the collateral that Greek banks post at their own central bank to secure these loans be reduced by as much as 50 percent, according to people who have been briefed on these discussions but who were not authorized to discuss them publicly.
And, these people say, if the Greek government and Europe remain at an impasse on an agreement about austerity measures, these so-called haircuts could increase further.
With the value of the collateral being reduced so significantly, banks will be hard pressed to obtain the money they need to survive.
For more than three months, Greece’s largest banks have been forced to borrow short-term, higher-interest money from their central bank — a process called emergency liquidity assistance — because the E.C.B. deemed it too risky to extend credit to the banks itself.
The banks, in turn, have to provide adequate collateral to obtain these loans, which now stand at 74 billion euros, $79.7 billion, or more than half the amount of Greek domestic deposits.
But with deposits fleeing the banking system and with nonperforming loans - which had stabilized before the radical Syriza government came to power early this year — increasing again, it has been difficult for Greek banks to come up with acceptable assets to underpin borrowing.
Controversially, Greek banks have even begun to issue bonds to themselves and, after securing a government guarantee, have used the securities to secure short-term financing — a practice that was excoriated by Yanis Varoufakis before he became the Greek finance minister.
Which means one thing only...
These haircuts exceed those imposed on Greek banks in June 2012, when emergency loans had soared to €125 billion on worries that Greece would be forced to leave the eurozone. As The NY Times explains, The ECB won't be fooled again...
Under E.C.B. rules, the central bank of Greece assumes full responsibility for the credit risk when it issues these emergency loans.
But the E.C.B. carefully monitors them, setting limits and scrutinizing the collateral.
During the Cyprus crisis, Jens Weidmann, the powerful German member of the E.C.B.’s governing council, bluntly criticized the head of the Cyprus central bank for inflating the value of collateral to allow desperate Cypriot banks to borrow more money.
By requiring such large discounts, the E.C.B. is making sure that the same thing does not happen in Greece.
* * *
The bottom line - it's over! Absent Russian 'loans' or Chinese infrastructure deals, the "Cyprus"-ing will begin shortly which perhaps Greek depositors will front-run better than the Cypriots.
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Release the Krackennnnnn
I guess the atricle on BBG (or some other MSM propaganda organ) will have to be rewritten that said the commodity complex was getting really really strong predicated on the astronomically strong global growth recently displayed (by Suzy Stinkypantys or somebody yet to be determined.... BTW anybody else notice that some sooper dooper prime NYC real-estate been put on the market.... Booyah!)
Shit's heating up and when shit heats up, it gets stinky.
PS So the Greek banks turn to that new Asia Whaereever Else Investment Bank to Replace the World Bank and IMF (AWEBRWBIMF) for liquidity. Betcha they take all that collateral at full face value. Hell, China been pouring money places like Venezuela, etc.
Don't see how China can be invovled here, I mean, what does Greece have to offer to the Chinese?
Sure, they got beachfront property that can be pawned off to Russia, but China? they are a whole world away
a lot of this could just be russia and china poking the west in the eye just for fun. Greece may not have jack shit that they want, but it could be worth a few billion just to fuck with the west a little. Doesnt really cost them anything, in the grand scheme of things, just a few billion clown bux
This explains why the Greeks issued their call to consolidate capital at the central bank. This is the "unforseen circumstances."
Did someone say, Greek haircut?
https://www.youtube.com/watch?v=w773joPZfRY
A little too much off the top there, buddy...
Simple, Greek can issue a new currency backed by Russian gas, and if Europe wants to buy gas, then they have to buy this new Greek Currency that they can't print.
And so the end of the Euro begins.
What do the greeks have to offer in the deal?
Oh wait I see below the socratic method and all that. Yeah.
So when the knife comes to your homeland, what national treasures will you offer?
Greece can send over thousands of Africans with its debt payments to Brussels....
https://ca.news.yahoo.com/fall-qaddafi-gave-rise-europes-migrant-crisis-...
what is greek collateral? hummus, the patent on a salad, some old buildings in need of repair and a few agean islands. why are these has beens still in the game?
We've been here before Gents. Expect the Greeks to try & pull a Hail Mary.
They have things to do like Goosetep to this;
https://www.youtube.com/watch?v=0F_VNfmoB-s&spfreload=10
Hold hands and sing;
https://www.youtube.com/watch?v=7jiaU0xbOKs&spfreload=10
And other jollies the EU dream is based off of.
We have all seen the Stratfor Video from February that caused all sorts of headache for the American Embassy here in Germany. One thing George Friedman said which I find exceptionally true;
Once this "European Exceptionalism" (e.g., the continent making policy based off of video #2) wears off -- the Euroeans will return to humanity. They will have their wars, have their peace and live their lives.
We are about to see the "European Exceptionalism" self destruct in horrifying faschion. All the shitheads who believe in the "European Dream" will sit there shell shocked, as how could their precious "Union" break apart. We have to be exceptionally careful not to allow these people back into power.
If Greece leaves Draghi will print a few trillion DRaghi bucks and hand it out like Halloween Candy to the Banks and in a few doses to the Spanish, Italians, French and Portuguise to give bond shorters a cold shower. It won't be over when Greece leaves, but it will accelerate what is to come.
Check this out...
In the British media this morning
THIS IS THE CRIME SCENE OF THE FLASH CRASH!!!!
http://www.todayonline.com/business/uk-trader-charged-role-sparking-2010...
http://www.dailymail.co.uk/news/article-3049633/Trader-helped-trigger-50...
The guy accused of masterminding and executing the flash crash and wiping 10% off the DJIA in mere minutes was sitting in the bedroom of a beat up old semidetached house in his underpants.
So the resources required to crash a multi trillion dollar equities exchange is basically $2million and an Alpari account? Please, these accusations are insulting to my intelligence.
Fuck the Greeks!
No, Fuck the EU. The Greeks are just the first casualty.
Step right up.....you're the next contestant on.....we'll name your price.
Just hope it isn't all of it.
Throw those pathetic Greeks out of Europe already.
We really need to start air dropping condoms on Africa along with all the rice.
They'll just fill the condoms with rice and boil it to make dinner.
I laughed.
We can all piss and moan and debate the details, but it won't amount to a hill of beans. It's time for Greece to brace for impact.
Good luck to various European banks. Hope you built enough capital buffer to take the hit, because the hit is coming.
If you're a Greek civilian and you still have money in a local Greek bank, you're a moron.
Let me fix your mistake when you type, "If you're a Greek civilian and you still have money in a local Greek bank, you're a moron",
If you are alive and you still accept and need fiat, and also, cannot feed yourself on your own land without fiat -- you are a fucking idiot. Buy yourself a shovel and dig a hole as deep as you can dig.
They say Greek, hahahaa....
Little do they know...Oh....little do they understand. As they say on T.V.: coming to a home town near you! ;D
-Fuck You
I don't like strapping on my tin foil hat. I try to avoid it at all costs. I try not to speculate about events in the future, as Summer of 2012 taught me never to underestimate the political fanaticism of our leaders.
That being said -- I find this Jade Helm coinciding with the Greek fuckup timed quite well.
Dont they have a few more islands or historical monumnets they could use as collateral?
Or have all of them been sold for pennies on the dollar?
We Detrioted a small Island.
We Detroited a small country this time.
Mainland country next.
We have more patience than you have money.
--SPECTRE
This is duplicity on multiple levels. Euro's keeping the niggers of the EU in line. Syriza trying to play Russia against Brussels. Putin creating agitation for President Peace Prize and harmless payback to the Eurotards for letting said President Peace Prize force them to crash their ecnomies to punish Russia.
It's not a tragedy to watch them drain Greece. It's boring and predicable when the Jackals take down countries who don't make their people pay for the greed and stupidity of their governments.
It becomes interesting only at the time Greece defaults. But it looks like that will only happen after every bank account has been drained and every asset pawned.
Then it becomes neither interesting nor boring. It becomes farcical.
If it doesn't lead to civil war in Greece then their Sheeple deserve to get sheared.
In response to your second rate comment, "This is duplicity on multiple levels. Euro's keeping the niggers of the EU in line", It clearly shows you are a member of the Sheeple! May you need something to live and only a "Nigger" can help you! The world knows the banks have been treating you like a Nigger and you are taking it! HAHaha
You put the Zero in Hedge.
--Fuck You!
It's a bit more important than taunting.
The Greek collapse is engineered, as part of the financial collapse engine. Greece is forced into collapse, certain policies are established as precedent - steal every single penny you have, and then still saddle you with debt you don't need so you become a slave for lifetimes. As Greece collapses, it is blamed for causing strain on the Banking System where loans are held.
While that's happening, the pressure to collapse Deutsche Bank is increased, until it finally collapses, creating the perfect excuse for the Derivatives Cascade event - steal every single penny you have, and then still saddle you with debt you don't need so you become a slave for lifetimes. As Deutsche Bank collapses, it is blamed for causing the strain on the Derivatives SCAM, where "wealth" is held.
So, as you can see, Greece, if it works out according to cabal plans, is their latest attempt at systemic collapse. Of course, even if you don't know all of this, the Russians and Chinese do, which is why they started the AIIB / BRICS / CIPS / etc, in the first place. The Russians and Chinese are trying to prevent the cabal engineered collapse from happening.
It has nothing to do with a pipeline, it has to do with global financial terrorism, and the US / UK / IL / Cabal plan to enslave everyone is the play. BRICS are working diligently to save humanity, even though it will come as a surprise to many. This is also why Iraq, which is trying to free itself from US / Cabal domination, is working with the Russians and Chinese,
See, it's a bit more interesting than poking.
there's a lot of things Greece has "to offer," most of them painfully symbolic.
Shit, for starters Greece (and its ancient history) is the ultimate symbol of the west.
It's also a member of NATO - remember that organization that now has absolutley nothing to do with its name, that thing that the US promissed the Soviet Union would not multiply and utterly surround them when concessions were made in the late eightees.
China has now made the biggest energy deals in human history with Russia. So things have changed (which things tend to do). They will not sit idly by as the west fucks with its energy brother - along with everything else in the world.
To leverage in on the first member of "western civilization" and the first official victim and first offical EU AWOL means a lot
a helluva lot
Agreed, just want to add Greece is strategic territory. All those islands across the Eastern Med.
It just hit me if the West has to cut and run they are going leave Kiev in total darkness and starvation. Russia will slowly roll back in and turn the lights on, or just leave them in darkness.
Here's a reason.
President Peace Prize still wants a Pivot to Asia to rally non-Chinese nations in the region against Chinese economic hegemony
Wouldn't turn about be fair play. Keep the Eurotards out and bring in Chinese technocrats like they are doing in Sub Saharan AFrica. Why not some Chinese cruisers doing donuts in the Mediterranean. Tit for tat
China is Greece's fourth largest trading partner. They have lease half the port facilities in Athens. They have bought an airport. They were at one time looking to lease the rail system. China has interests in Greece.
China matters to Greece, Greece doesn't matter to China.
Christ,
Walmart imports at least 10 times as much as China and Greece trade. Greece is a small nation. You put to much iinto Greeces trading value.
The value in Greece is elsewhere. I'll let you figure that out.
For example:
Greece gets currency.
China gets oil.
Russia gets another base in the Med.
Deals can involve more than two parties.
Plenty as my fellow ZH respondents below write. I have another one:
Property rights over the word 'Europa'. Remember? Ancient Greece is where democracy and science and all started in Europe. Highly symbolic. Now democracy of course is but a distant memory in the EU.
I believe the Moors re elevated the Europeans from caveman status the last time, n'est pas?
I think you meant "the Moops".
This is a shove off the cliff.
Whose idea was it?
This is *so* akin to some black eyed smacked up woman going back to her abuser who lessens the beatings because she takes it in the ass.
Greece has no choice she has to default and do it clean or suffer a decade of financial depression and monetary looting... The ECB is smacking the ill-behaved Greece around and the slappings increased as soon as she started talking to Putin.
End the abuse Greece needs to sit it's ass down and figure out a workable economy without Europe and leave it at that. They can learn that now, or after another dozen rounds of slappings..
The moral will continue until the beatings improve.
:-) morale?
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
I was planning on foregoing haircuts for the next few months.
You left one off, man: The Guillotine.
Well done sir, that's some funny shit.
Depending on the cut, Draghi bears a striking resemblance at times to John Lennon and Howard Cosell.
Where's the Greek Cut, thin and uncombed on one side and shaved on the other.
That reminds me, I need a haircut too!
Why they ever thought they could play nice with them bankers is beyond me.
I'm really not qualified to opine on such things but ...
These clowns in Athens look like they're being set up to me.
They needed to exit the euro when they had the chance. The alternative is total chaos and an outright "asset seizure"/forfeiture.
I mean if you don't know who is running the casino before you enter...
If the krugster can open his pie hole? I say be my guest.
Didn't the Founding Fathers exit the British Pound back in 1776?
Everyone should know by now that Greece is full of dumb shits from top to bottom.
How do you say Hope & Change in Greek?
Perp walks?
Cardis Greeniopolis
it's "Shardis Greeniopolis" and means green shoots
Well, in the great state of America, it is called taxes and food stamps! The land of plenty! Oh, you need more? No problem!
--MOAR PLEAZE!
A hair cut? Hell, they got 'em all cut. ECB is implying collateral in Spain, Portugal, Italy is also make believe.
Could get a Bank run in Europe...war in Ukraine...Saudi versus Iran...this could get ugly quick.
I still think the Fed needs to start charging interest to the member banks.
The failure to even charge .25% does say to me the Fed has no confidence in the financial system...which since in fact I do represents the wrong signal to send.
These "negative rates" can create a self-fulfilling prophecy...a "crisis of confidence" with nothing but innuendo taking down a big chunk of your financial system...if not the whole thing.
When you type, "The failure to even charge .25% does say to me the Fed has no confidence in the financial system...which since in fact I do represents the wrong signal to send", I have to agree with that statement.
For one, I find it hard to believe the Fed has confidence in their actions. When one clearly fails forecast after forecast, yet, contines with the forecasts and charade, It belies, well, lies. It reminds me of parents telling their children about santa. Even when the lie is clear, their is a force that contines the lie yet obvious to most parties.
However, it does make it easy to lie when one is given power, accolades, and currency tokens to trade.
All men are created equal -- They all live; then, they all die.
-Good Riddence.
Greece should seek reparations from Goldman Sachs. They enabled all this with the intent to profit from the inevitable collapse.
When will the citizens of the world standup and tell all the banks to fucking suck it?
I like your gumption son, but standing up and telling them to "suck" anything isn't nearly as effective as killing their wives and eliminating their bloodline. I honestly think we should START there.
Going around and killing people's wives/families is f'n stupid.
Spew forth no more hatred 37. The opposite of love is not hatred, it is indifference. You put an end to usery by not participating in it. Ghandi had it exactly right, stop playing and the game just ends. Eliminate debt, one person at a time, and transform the world. Or take the murderous route and replace the old masters with the new masters, plenty of examples in history of that action.
I mean no insult to you, however, HAHAHAAHAHAHAAHAHAHAA...
Why would they, the citizens, do that?
It has been a very long time since the states have taken the ability for the masses to provide for themselves with their own farms and means of self-production.
Tell me, if all stores stopped selling food, how many people would live after 30 days?
How will they stand-up? Hungry? Fuck, we would all be lucky to be in Greece in this time if that happpened in a few years.
-- (A) Starve now or (B) starve later? Can I pick "C" for an answer?
--No. This is common core. C is not an answer. Stop thinking for yourself!
FSA and public "service" sector leeches aren't going to say squat
it will all blow up when faith in currency is eroding
Time to break out the Drachma
time to throw in the (spiderman) towel
+ a bazillion (with no haircut) for pulling that way out of the deep dark reaches of the memory hole.
Off Topic, but have you guys seen this one yet?
https://www.youtube.com/watch?v=O-J-6SkuKJ0
Video of a US Marshal (replete with body armor and assault rifle) ripping the phone out of the hands of a tax serf, throwing it to the ground and then kicking it.
Hoo hoo, hope it turns into a firestorm. No more pay. No more benefits for you and your entitled family. No more pension.
Fuck you, fuck your wife, fuck your kids, no more job, and you get to sell your house and assets to pay for any and all damages, both private and public (in a dream world right?).
That's a remarkable video. Police around the country are learning the hard way that the "surveillance state" is a two way street.
Didn't the 'Hedge run a story recently about some Congresswhore wanting to ban private citizens filming police in the act of doing policework?
I'm sure President Peace Prize will make it so by Executive Order
It was a bill on the state level, not in Congress. I could be wrong as I am going off memory but I recall it being Texas and I was pretty surprised.
Correct, and I was quite surprised as well.
Hungover = smash her phone
Steroids = open fire on the woman
Guess she got lucky.
Already uploaded onto numerous sites. Wonder what the "Official Excuse" will be this time? Officer "feeling threatened" perhaps?
Seeing as the "Police" are Civil Servants, why should they be upset by their paymasters taking an interest in their activities? Or are "we" above the "law"??
They need a magic unicorn with big ears to save the country, like the Obama guy did for the U.S!
Ah yes, the magical unicorn that vomits up rainbow prosperity and craps gold coins.
I have Ponzi syndrome. This shit will never end
How can any Greek, especially those who voted for the status quo, even want to be a part of this tyrannical euro system anymore even with short term horrendous consequences staring at them. Time to suck it up and go it alone with the drachma. Autonomy is priceless
Greece 1998 vs now
https://fbcdn-photos-e-a.akamaihd.net/hphotos-ak-xap1/v/t1.0-0/11860_101...
Default and let the banks fail already.
It's the only way that is not political suicide.
They can't let a central bank default and they know it, any of them! They will just make things up as they go. Orderly Default, Disorderly Default, Hard Capital Controls, Soft Capital Controls.... It's all smoke and mirrors to keep us in line until the day they pull the plug on the EBTs and ATMs and they all default at the same time, over night, poof and it's all gone.... Then the NWOs digital money will be revealed, to save the children!
Tis over it is. I hear a fat lady singing and it's. ....
...bullish
The ECB can do whatever it wants to do, with its accounting GIMMICKTRY. That's all it is, there's nothing to do with Greece.
The ECB is nothing more than a BLOATED extra layer of UNELECTED governance spewing stupid rules on people who could eat for a century off Mario's salary....
The ECB can rachet on any pretext until the last euro is gone from Greece no matter where it resides - all they need is the word....No - and then the rachet turns until....the word .... Yes and then repeat
why continue?
bullish...... for gold biotches
bye bye Euro... hello gold... did China set up a trading hub in Athens yet?
the FED better start printing again.... mo money
For the love of God, just show me the Drachma.
Preferrably in .999 fractional coins.
Yeah, what do you think the denominations will be on the new gold & silver drachma?
10,000d silver coins & 1,000,000d gold sovereigns?
Hey Syriza,
Either default or do what Greeks are known to do. Take it in the ass
ECB gonna give Greece the Telly Savalas
How pathetic is Tsirpussy and Whatthefuckus looking now?
Lambs to the slaugther begging for some crumbs and instead they get their nuts cut.
Greece will be Grexited before Greece can take Lemonhead's bribe to vote no on sanctions renewal.
You know Tsirpussy will be gelded when he shows up at the next hearing wearing a tie
I still don't get this. They've spent years, and billions of euros, bending over backwards to keep Greece limping along. And now all of a sudden they're the biggest dicks in the world, making it impossible for Greece to stay? Are they really that confident that a default will be contained? How can it be? Who's holding Greece on their books?
Pretty sure Germany and France hold a lot.
Same convoluted story with a bazillion twists and turns...the most important question remains...when "it" does happen...have you been saving your GOOD "greek" jokes?
Have popcorn, tired of the previews.
Neither a borrower nor a lender be;
For loan oft loses both itself and friend,
And borrowing dulls the edge of husbandry.
This above all: to thine ownself be true,
And it must follow, as the night the day,
Thou canst not then be false to any man. -- Shakespeare, Hamlet
https://www.youtube.com/watch?v=p-3e0EkvIEM
Liberty is a demand. Tyranny is submission.
Looks like they just foamed the runway with Greece. March 1st was their last chance to control the situation. That's seems like a very long time ago.
What's the problem, I always feel great after a haircut?
#ShouldHaveStartedPrintingDrachmas2MonthsAgo
Not so simple. A Writ has been served on the ECB in Frankfurt. The provision of funding to insolvent Greek banks conflicts with their obligation to supervise banks and do stress tests......
<<A Writ has been served on the ECB in Frankfurt.>>
Do you have that on good authority? (Or are you saying something different from what I interpreted?)
Seems like a good time to raise this, FWIW. I haven't really said anything about this b/c I'm not sure about Karen Hudes' credibility, but I hear that she has been reinstated as General Counsel for the World Bank. (sources: http://nsnbc.me/2013/06/12/world-bank-whistleblower-karen-hudes-arrainge..., http://www.dailypaul.com/289478/karen-hudes-update-this-is-a-long-post-t...).
If Hudes is indeed reinstated as she claims, and she has posted several PDF documents that look to me as though she is indeed acting in that capacity, then her claim that a reset is NOW underway, with the 60 BIS banks to be placed in receivership with the IMF's Global Debt Facility, may have something to do with the Writ you mention.
Here is Hudes' recent comment on Silver Doctors:
http://www.silverdoctors.com/reverse-repos-go-parabolic-liquidity-shock-...
<<The calming event is that there is enough liquidity and gold; these are in the Global Debt Facility, a trust containing the world’s monetary gold reserves that is administered by the Bretton Woods institutions. The Bank for International Settlements’ 60 central banks have been placed under receivership in the Global Debt Facility. https://s3.amazonaws.com/khudes/Twitter4.19.15.pdf The Global Currency Reset is now underway.The Network of Global Corporate Control is helping the reset through a bungled effort to manage the fact that we are onto them: https://s3.amazonaws.com/khudes/Twitter4.17.15.pdf This provides comic relief for an otherwise serious exercise.>>
Quote from her email in the first pdf link she offers:
<<It is not necessary for the Global Currency Reset to be preceded by treaties. Instead, the following Central Banks will be resolved by placing these banks under receivership in the Global Debt Facility. The activities of these central banks will be resumed by the countries in which they are located when the fractional reserve fiat curriences have been replaced by national currencies minted from the gold in the Global Debt Facility... [names the 60 BIS central banks]>>
Quote from the Declaration of Law (by "Judge Anna von Reitz" - don't know anything about her) in the second pdf link, from near its end:
<<The Secretary General and General Secretary of the United Nations are both Notified and Given Fair Warning and Notice that the FEDERAL RESERVE and THE UNITED STATES OF AMERICA, two corporations recently organized under the auspices of the United Nations City State by the UNITED NATIONS, INC. are already in Breach of their Charters and acting as criminal syndicates on the shores of the Continental United States, willfully seeking to defraud the living inhabitants of these peaceful States, and to exercise unlawful control over the citizenry and their assets.>>
The trouble is, Hudes also claims that the Global Debt Facility possesses nearly half a million ounces of gold, a claim that frankly I find laughable. However, if she is acting as World Bank Counsel, then it is not she but THEY who are claiming this, through their counsel acting as their voice. So, if that's the case, then the IMF may very well be claiming that it has gold to back its currencies. (Although I doubt an audit would show anywhere near that amount, they might show only a little gold as the Chinese would show a little, and leave the rest to be assumed as claimed, for currency/debt valuation purposes.) As part of the reset, certainly putting the BIS central banks into receivership could be part of this process.
I wonder if a Currency Reset is indeed, right around the corner, and if so, does the IMF group intend to participate in it the same as China, Russia, and India? Certainly some European countries seem to have accumulated an amount of gold anticipating such an event.
Anyway, so, I thought I would ask if the Writ you're referring to, has anything to do with this. I know this whole discussion is just rumour & speculation right now, so this seemed an appropriate part of the conversation here.
The woman is a certified nut case.
It's a nasty divorce over money. "What kind of a bitch takes the ice cube trays" - True Lies
So Greek banks need to take a haircut but German, French banks and other lenders got a bailout and not a haircut when they made bad investments in Greece?
https://en.wikipedia.org/wiki/Peso_crisis
It's a big club and you ain't in it. - Carlin
Why should make central bankers make a haircut, if they can get enough money out of nothing? Makes no sense.
Greece is in end stage socialism. As the birthplace of westen civilization, Greeks thought they were worthy of God status and the world accomadated them. These "Gods" are about to learn the hard wraps of serfdom. Down the road, historians will be writing "The birth and death of western civilization".
The Greeks are doing much more to thwart the system than we are sitting here on a forum bitching. Fact is we have to stop doing what is not working and start doing what will work to bring down this criminal banking farce. Because so many are sheeple, I think we can forget things like working together to vote for the right people in the right numbers, we can forget about everyone ceasing to pay their taxes all at once in enough numbers to bring the system down. The one thing we have a chance to work together on is giving them enough rope to hang themselves. How? As many people need to get on the dole as possible, bring it down that way. It is the only viable solution left and one that will work, in fact it has never failed to work throughout history. We need to wake up and use the best weapon at our disposal.
"leave banks hard-pressed to survive" YeeeeeeeeHaaaaaaaaa.
Bringing in the thieves bringing in the thieves we will come rejoicing bringing in the thieves.
Turkey it seems has been breaching Greek airspace and waters for some time now, similar in some ways to what Russia is doing to the European nations, so I think we need to watch Cyprus too. Should Greece default and/or leave the EU I suspect we might see a push by Turkey to retake the rest of Cyprus.
1. Turkey still wants Cyprus.
2. Cyprus is not a NATO member
3. The chaos associated with a Greek default could spill over into the Greek community on Cyprus.
4. Cyprus has moved to allow Russian forces to use its territory, much to the nashing of teeth of NATO.
Speculation.....
Greece defaults/exits the EU. Chaos ensues, and conflict arises on Cyprus between the Greek and Turkish communities (False Flag event?). The EU condemns the violence and Turkey sends a peacekeeping force to the Greek side of the island, effectively seizing it and the Cypriot government is disbanded 'for the duration of the crisis'. NATO approves (denying Russia the Cypriot bases, and ensuring control of Cyprus for NATO forces), the EU approves (NATO nations) to help create 'stability' in difficult times. Calls for Cypriot re-unification (and by default annexation to Turkey) made, referendum held under Turkish/EU conditions. Cyprus overwhelmingly 'votes' for re-unification and is officially back into Turkish territory placing it under NATO control. NATO controls East Syrian coast making the Russian base in Syria untenable. Russia withdraws from Syria, Syria now surrounded surrenders/falls to the Sunni forces.
I have to side with the ECB on this one: those collaterals are faker than Mario Draghi's manhood.
There are no deposits in Greek banks.
Greece made the mistake of moving left not to the right.
Had they elected a pack of neo nazis and fascists, started murdering their own disidents, attacked, shelled and killed 6000 of their own people, the 'international community', the banksters, the EUSSR and the yanks would be showering money upon them.
However those who now slag off the Greeks consider - they are moving towards Russia and in my view at least - they are the good guys of the EUSSR and its warmongering NATO aggressive murderous military wing.
Just to remember:
Greek voters elected left & right.
(duplicate)
Where can I bank with an ATM that provides a free show with such hotties?
For all those "expert$" who still don't and quite likely never will grasp the big picture concerning the fraud, manipulation and NATOization of the Uruppean banking "system" and its toilet paper €urodollah currency, the definitive analysis was and remains Matt Taibbi's Goldman Suck$ vampire squid and the Anglozionazi bankster bloodsuckers wrapped around the face of humanity. When they are done sucking Greece dry (and the other former sovereign states of Urupp), the hollow, wobbling tower of Deutsche Bank's €60 trillion "worth" of USSAN derivatives will come crashing down in the fast approaching tsunami of toxic muck that is the vaunted US Ponzi "economy" in the Potemkin Village of gone-to-seed, debauched Merca.
Plan B of course for the Mercan oligarchs (if the Ruskies hopefully oblige) will be to launch WW3 in the heart of Urupp to save the zero 1% zombie psychopaths from the wrath of the unwashed Mercan masses who will be culled for the benefit of the ruling USer classes deep in their wellness bunkers as Urupp burns for the third time.
The Third World Fourth Reich of the Anglozionazi Empire of Chaos and the neocohen overlords will thus, like Adolf also once supposed, ride forth and survey the smoldering ruins as the glorioUS "new world order" era begins.
http://www.rollingstone.com/politics/news/the-great-american-bubble-mach...
Banksters threaten Greece through the ECB as predicted
There is _absolutely no way_ the ECB will take a positive action that collapses the Greek banking system, or forces Greece out of the EUR. So forget about adverse collateral rule changes, just more 'noise'.
Remember that only recently the ECB _increased_ ELA lines.
Like everything else, you should look at what people _do_, not what they _say_.
Apart from anything else, Draghi would need permission from Merkel, who would drain her German taxpayers dry before she would allow her dream of the United States of Europe to fail.
The Greeks themselves have to take a positive action to default, no outside European agency (including the ECB) is going to take such an action. Indeed, by raising the ELA limit, the ECB has shown that it is not even prepared to tolerate an 'inaction' on it's part that produces a default.
Watson
Citation ZH: "
"Under E.C.B. rules, the central bank of Greece assumes full responsibility for the credit riskwhen it issues these emergency loans."
no money - no risk
Turn on the screw ECB, and bring Syriza to its knees like you did Cyprus.
"Bail ins of banks is tha way to go." (Having said that I do recollect that Cyprus banks were special as they were a CONDUIT for Russian Mafia money into EU. The EU didn't want that. But the Bail-in mechanism was clearly established then.)
Mad race to bottom as the ECB has no solution. Just kicking the can.
Remember JC Trichet did the same to Ireland in 2010. He imposed on them the ECB rule. He held them by their nuts until the government caved iN.
The precedent was set then of transferring private debt to the country's public ledger under the CONtROL of national money line (in euros) by the ECB. No haircuts for core Euro banks, but your local banks: WE OWN YOU and the national money line also. Period.
The ECB is now a hybrid between Bundesbank ethics and Italian/Squid QE (the Draghi "whatever it takes" touch) which protects the international banking cabal to which it is married via the USD swap lines linkage of its euro-TBTF banks.
And the Brussels sprouts brigade of EU commission is the politburo of this unholy concoction.
Rope, more rope... for the Pope of Eurozone.
EU brakes down the Greek economy and its citizens to 'save' them..?
According to American researcher Mark Weisbrot the Eurogroup policies deliberately aimed to defeat the current Greek government,
.......All actions of the ECB - are aimed to destabilize the Greek economy - discourage any investment and consumption - Greece recovery will surely slow and will in all likelihood undermine support for this government...."
... in order to prevent other countries would follow the example of the Greek electorate, such as Spain later this year 2015. Mark Weisbrot.
Never let an excellent & good crisis and chaos go to waste....
Syriza does not seem to be aware of this.
Strange they all want to stay in the eurozone. No one can explain their need for more ECB GSachs Rockefeller marter-fraud -deceit-. Why they want to stay in the Eu...? No one can explain.
It is media indoctrination the best you have seen so far in Eu countries. Goebbels was a kid. Weisbrot eats whole wheat bread he knows his roots.
Eu-Propaganda at its higest. Even in Syriza itself. That is why they cannot/do not estimate our comments. (Nor Tyler).
so now there are kosher banks and non-kosher banks in europe and different accounting rules apply ?
Was always thus.....
This printing farce would already have stopped if it's last lenders and creditors wouldn't be the German taxpayers.
But the Pastors daughter from Uckermark/East Germany neither grew up with capitalism nor did she ever spend vacation in Greece.
So she walked - unavoidavle - straight on into the trap and needed six years to learn what means "Europe" beyond the realm of fancy.
The expression "Europe" is just an universal knockout argument to bypas national laws, neutralize systematically politic opponents and keep them appart from public discussions about an self-regulating corrupt international banking system & shifty elites behind this Euro-Coup.
In net terms the final result of the Euro is an immense redistribution of assets: From the hard working northern bottom to the veto-south - from the veto-south to the international united top.
I think the situation in Greece can be summed up by the follwoing question and answer.
Question: Why are passengers told to put their heads between their legs in preparation for a crash landing?
Answer: So they can kiss their asses goodbye.
In 2000, there were 8 countries without a, Rothschild owned, central bank...
Afghanistan - invaded
Iraq - invaded
Sudan - invaded
Libya - invaded
Syria - invaded
Cuba - in process
North Korea - in process
Iran - in process
in 2013, Russia, Putin purges Rothschild bankers & takes control of central bank.
Later, that year, US starts Ukraine crisis and anti - Russian propaganda.
I got this from theWolfgangFelix on Greg Hunter's YouTube channel.
And note that the Libyan CB was set up in Banghazi while the bullets were literally still flying. Lord R. certainly seems to be in a rush.
Throw those pathetic Greeks out of Europe already.
Some Sisyphos stone rolling is just around the corner…....
Sisyphus , Sísyphos was a king of Ephyra now known as Corinth.
Was punished for chronic --- Lack of awareness –Know your position Strenghts – Make a Fist—Have spine--Look East/N-East-russiachina asiaindia- by being compelled to roll an immense boulder up a hill, only to watch it roll back down, repeating this action forever
Syriza started all over again….
They could have seen all Greek debts and with it its Canaille & RiffRaff .(Gsachs Imf EcB Brussels...Merkel...) just getting a free roll downwards.....
With speed and having to make jumps to save their legs. (…poor Angela see her jumping...one to pict for William)
Now the boulders are crushing own party and own citizens......
They were in such a strong position.
Being on top of the hill and just a push for the ecbGsachsImFSoros boulder to start coming down.
No they choose otherwise . They placed the ECB/Merkel/IMf/Soros on top of the hill and have to run for the money and protect own heads from stones the Canaille throws freely.
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