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Greece May Need To Issue IOUs Schaeuble Says After Latest Failure To Reach A Deal

Tyler Durden's picture




 

In many ways, four months of negotiations between Greece and its creditors can be summed up with the following two headlines from this morning:

  • GREECE VERY CLOSE TO SEALING DEAL WITH CREDITORS: SPOKESMAN
  • GREECE WON'T COMPROMISE ON LABOR REFORMS, PENSIONS: SPOKESMAN

Those came back-to-back believe it or not, which underscores the whole problem: the Greek government wants money but doesn’t want the conditions which come with the money because those conditions entail the wholesale abandonment of the mandate that got them elected in January. 

Despite it all, PM Alexis Tsipras still thought he could effectively secure a deal in Latvia this week by whispering to Angela Merkel on the sidelines of a Eurogroup meeting, a tactic he’s tried before to no avail. Unsurprisingly, these “sideline” talks produced exactly nothing after Tsipras kept Merkel and French President Francois Hollande up until 1 in the morning in Riga, proving that, to quote Jean-Claude Juncker, “Riga just isn’t the place” for eleventh hour bailout negotiations. Here’s more from Bloomberg:

With time running out for a deal to free up the remaining 7.2 billion-euro ($8 billion) tranche of aid, Merkel’s discussions in Latvia with Tsipras and French President Francois Hollande broke up in the early hours of Friday with an agreement only to keep talking. Tsipras talked of a resolution “soon,” whereas Merkel said there’s “a whole lot to do.”

 

“It was a very friendly, constructive discussion,” the chancellor told reporters on Friday as she arrived for the second day of a two-day European Union summit in the Latvian capital, Riga. “But it was very clear that further work has to be done with the three institutions.”

 

The meeting marked another rejection by Merkel of the latest Tsipras attempt to bypass finance ministers and strike a political deal at the level of government leaders, highlighting German insistence that Greece’s budget numbers must add up before aid can be released.

 

A short statement released separately by the French and German governments after more than two hours of talks with Tsipras was devoid of earlier optimism expressed by Hollande at paving the way for an accord as soon as the end of the month. In its place, the governments of the two biggest euro-area economies talked of agreement “to stay in close contact.”

 

A government official, in a debriefing after the talks broke up about 1 a.m., signaled Greek frustration by saying that a main obstacle is that the International Monetary Fund needs to be on board. The IMF is one of Greece’s creditors along with the European Central Bank and euro-area governments. “Open issues” remain with creditors, including pensions, sales-tax rates and targets for a primary budget surplus, the official told reporters.

 

The French and German statements lacked Hollande’s upbeat tone as he arrived in Riga, when he had opened the prospect of striking a political deal that could help lead to an accord by finance ministers at the end of May or early June. Without an agreement, Greece risks a default that would put in question its future in the 19-nation euro region.

 

Absent too from the final statements was any reference to an extraordinary finance ministers’ meeting on Greece. Hollande had said that the discussion with Tsipras would “help prepare for the expected deadline, especially the eurogroup” meeting of euro-area finance ministers “at the end of May or in early June.” That suggested a special meeting since the next regular gathering isn’t due until June 18.

 

France and Germany offered to provide assistance to Greece and Tsipras whenever questions come up, Merkel said. “But the accord must be reached with the three institutions and very, very intensive work has to be done.”

As for Germany — where Christian Democratic lawmakers have for weeks been pressuring Merkel to call it quits on Greece — the Finance Ministry and the central bank are out questioning the utility of continuing to negotiate with Syriza.

First there’s Bundesbank chief Jens Weidmann...

“The prospect of a sustainable stabilization of Greece is decisive, that requires an improvement in competitiveness, solid state finances and better administrative structures. The IMF has also rightly advised this. Hence, the ball is clearly in the court of the Greek government.”

...and then the German finance ministry...

“International Monetary Fund participation in negotiations on Greece’s aid program is mandatory

requirement.”

...and finally, the Schaeuble was unleashed…

German Finance Minister Wolfgang Schaeuble conceded the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail, people familiar with his views said.

Yes, “conceded the possibility,” and while those who actually witnessed the German FinMin’s comments claim he “didn’t endorse the idea”, we imagine his feelings wouldn’t be hurt if it came to pass because as we’ve seen, Schaeuble is no fan of radical socialist shenanigans. 

Meanwhile, Commerzbank says the country’s economy (which, as a reminder, is losing €22.3 million a day) not to mention its citizens, simply can’t take the pain any longer and when comparing Greece to other historical instances of EM “turmoil”, the country doesn’t come out so well.

Via Bloomberg:

As another round of aid talks between the Mediterranean nation and its creditors ends without a deal, its economy is faring even worse than a string of developing countries which suffered traumas in the last two decades. That leaves Commerzbank AG declaring the country is in little position to pare its debt and that default or a restructuring may loom.

 

“Just as with emerging markets in the past there is a point in time where you need to move on to the next stage rather than being paralyzed,” Simon Quijano-Evans, head of emerging market research at Commerzbank in London, said in a telephone interview. “In Greece, we need to think of next steps and be innovative.”

 

To illustrate Greece’s pain, he published a report this month comparing how the economic fallout from its five-year-old crisis compared with the bouts of turmoil suffered in the last two decades by Turkey, Argentina, Latvia and Thailand. The result illustrates why Commerzbank sees a 50 percent chance of Greece ultimately leaving the euro area.

 

“Comparing Greece’s experience so far with that of EM crisis countries shows very simply that the country’s already stressed economy and electorate are unable to cope with more pain,” said the Commerzbank economist.

 

While Athens has imposed the tightest fiscal squeeze of the five and pushed its budget balance excluding interest payments into surplus from a deficit of about 10 percent of gross domestic product in 2009, Turkey and Argentina were doing better at the same stage.

Yeah… about that budget balance…

  • GREEK MARCH CURRENT ACCOUNT DEFICIT WIDENS TO EU404M

*  *  *

We’ll close with the following comments from Jacob Funk Kirkegaard, senior fellow at the Peterson Institute for International Economics in Washington who spoke to Bloomberg today by phone:

“[Germany is ready] to take this brinkmanship very far [with Schaeuble as] attack dog. We’re in this game of chicken. The problem is that Alexis Tsipras is riding a scooter and Wolfgang Schaeuble is driving an armored BMW.”

*  *  *

Summing up all of the above in two pictures...

 

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Fri, 05/22/2015 - 08:18 | 6120802 Dumgoy
Dumgoy's picture

Issue all you want, but what Goy is dumb enough to accept them?

Fri, 05/22/2015 - 08:23 | 6120833 Cognitive Dissonance
Cognitive Dissonance's picture

What are you talking about? Those IOU's are good as gold. Better even because unlike gold they earn interest.

<Retirement income bitches.>

Fri, 05/22/2015 - 08:25 | 6120847 Haus-Targaryen
Haus-Targaryen's picture

Any Greek that takes an IOU has just taken the position of an unsecured and uninsured creditor.  E.g., it would be better to have your money in Greek banks than a Greek IOU. 

Fri, 05/22/2015 - 08:28 | 6120858 VinceFostersGhost
VinceFostersGhost's picture

 

 

Greece May Need To Issue IOUs

 

Not happening.

 

Cash, ass, or grass.

 

We also take gold.

Fri, 05/22/2015 - 08:48 | 6120941 Motasaurus
Motasaurus's picture

What's the difference between an IOU and a currency?

An IOU is a promise to pay. 

Fri, 05/22/2015 - 08:57 | 6120981 Ghordius
Ghordius's picture

good question, easily answered, though

an EUR is an IOU of the ECB, which is backed by 19 National Banks, which are each backed by one of the 19 Sovereigns

a Greek Government IOU is backed by... the Greek Government (and not even necessarily by the one Sovereign, Greece - debatable)

(see the difference between the Californian Government IOU and the current United States Dollar, aka FRN)

so the difference is... subtle, and yet relevant

Fri, 05/22/2015 - 09:31 | 6121138 Motasaurus
Motasaurus's picture

Precisely. If Greece issues an IOU they're promising to pay you something of value at a later date when they actually have it.

A Euro claims to be something of value in itself, with no promise to hand over something of value in exchange for it at any point in the future.

If history is any guide (and I like to think it is), then the Euro is a promise that, at some point in the future, no-one will hand over anything of value for it ever gain. 

Fri, 05/22/2015 - 09:38 | 6121155 Wolferl
Wolferl's picture

Throw those pathetic Greeks out of Europe already,

 

Fri, 05/22/2015 - 09:57 | 6121230 Ghordius
Ghordius's picture

precisely, too. nevertheless, the spoiler is that "some point in the future"

further, note that every fiat currency could, in theory, get backed, eventually, making that future even more uncertain

example: the British Pound was backed, then unbacked, then backed again, then unbacked again, in the 20th Century alone

if you would have betted on the GBP going to zero soon, after the first unbacking... you would have lost, big time

Fri, 05/22/2015 - 10:43 | 6121421 Motasaurus
Motasaurus's picture

If you held your GBPs in shillings and pence they totally went to zero ;)

Fri, 05/22/2015 - 11:15 | 6121536 cnmcdee
cnmcdee's picture

A Brief Step-By-Step Summary of the Greek Gutting Process (Taken from Deer Quartering Instructions)..

1. Clear your working area (Check)

2. Bleed the animal out. (Reduce their money supply to Zero.. Check)

3. Prepatory Skin Cuts, Throad to Anus (Bring Severe Divison to Greek Society - Check)

4. Break the Breastbone.. (Governmental Breakdown, and anarchy - Soon)

5. Sever the Wind Pipe and Gullet from the Head (Remove any last vestiges of Power from the country)...

Same Recipe for Ukraine being cooked up for Greece How *dare* those Pesky Greecians resist the EU or even worse!!! Host a meeting with Putin.  Quick!! Call the CIA we need some destabilizing ISIS !! 

 

Fri, 05/22/2015 - 13:56 | 6122198 edotabin
edotabin's picture

Cue up the Putin pipeline article.

Fri, 05/22/2015 - 08:51 | 6120952 Headbanger
Headbanger's picture

It's way beyond fucking ridiculous now

When are all these ass clowns on both sides going to get sick of their own crap and let it collapse as it should?

Just let it go and get it over with so the recovery process can start sooner than later for Greece and Europe.

Fri, 05/22/2015 - 09:00 | 6121001 Ghordius
Ghordius's picture

complex negotiations with great and intense public interest are often way beyond fucking ridiculous

particularly if you inject intense personalities like our dear Schauble or our dear Varoufakis

Fri, 05/22/2015 - 09:05 | 6121021 VinceFostersGhost
VinceFostersGhost's picture

 

 

complex negotiations

 

We call that BS in flyover country.

Fri, 05/22/2015 - 10:02 | 6121258 Ghordius
Ghordius's picture

never been in "flyover country", can't judge. I understand it's not the place where people get for hours into negotiations, or even like "whatever complex"

neither Athens nor Berlin nor Brussels are in "flyover country", and all three love "complex"

Fri, 05/22/2015 - 12:11 | 6121803 disabledvet
disabledvet's picture

THE BANKS WILL NOT ACCEPT AN IOU YOU FUCKING RETARD.

Fri, 05/22/2015 - 09:06 | 6121016 VinceFostersGhost
VinceFostersGhost's picture

 

 

It's way beyond fucking ridiculous now

 

Spock informs me we've just entered the Ludicrous Nebula.

 

Keep a sharp eye out for Kahn!

Fri, 05/22/2015 - 10:54 | 6121464 cnmcdee
cnmcdee's picture

Yes we Kahn!!

Fri, 05/22/2015 - 11:47 | 6121505 Conscript
Conscript's picture

First they have to sit in a circle and hold hands, while at the same time looking to the sky.At least they tried.

Fri, 05/22/2015 - 08:41 | 6120911 XqWretch
XqWretch's picture

"What is this? Wheres all the money?"

"Thats as good as money sir. Those are IOU's. Go ahead and add it up. Every cent is accounted for. Look, that's a car, $275 thou, might want to hang on to that one." -Lloyd, Dumb and Dumber

Fri, 05/22/2015 - 12:12 | 6121809 ThroxxOfVron
ThroxxOfVron's picture

"German Finance Minister Wolfgang Schaeuble conceded the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail, people familiar with his views said. "

Exactly as I have surmised and written about here on ZH and elsewhere.

Greece WILL issue IOUs/parallel currency.

The script WILL be decreed de-facto legal tender by .GOV fiat and used for payments of .GOV employees, pensioners, government contracts, for social services payemtns, etc...   Greece can issue all it likes and there is absolutely nothing anyone in Brussels can do about it. 

The ECB may even favor this option as it is likely to weaken the EURO and crush the already depressed/negative rates on EU core Bonds.

This should come as no surprise to anyone: California did exactly this just a few years ago.

The big questions now are: how fast and far will the Greek Drachma/IOUs fall in value against the EURO -and how soon until this manuover be replicated by other beleaguered EURO members such as Portugal and Spain...

Fri, 05/22/2015 - 11:28 | 6121615 Stoploss
Stoploss's picture

The ultimate would be for Putin to be standing behind Tsipras, in front of a sign that reads "Come and take it"...

Fri, 05/22/2015 - 08:51 | 6120908 Millivanilli
Millivanilli's picture

Let them eat cake- or starve.

 

During wwII while the great fight for freedom raged, cough, Britain starved  to death 3.5 Bengali Indians.   A year after the war ended the US was in Guatamela giving poor people syphillis so they could study how they died.   

 

When will humanity wake up?

Fri, 05/22/2015 - 08:21 | 6120805 Max Damage
Max Damage's picture

What like an IOU 3 submarines?

Fri, 05/22/2015 - 08:26 | 6120859 Haus-Targaryen
Haus-Targaryen's picture

Germany should just repurchase them back for pocket change.  When the US goes tits up, it'll be interesting to have UBoots around the globe again. 

Fri, 05/22/2015 - 09:05 | 6121024 Robert3620
Robert3620's picture

No they should sell them to North Korea. They will pay big bucks for them. Phony but hey what difference does it make now?

Fri, 05/22/2015 - 08:19 | 6120807 LawsofPhysics
LawsofPhysics's picture

So what?  fuck em.

Fri, 05/22/2015 - 08:25 | 6120814 knukles
knukles's picture

Hah ha ha ha ha
Well we, the reigning princes of the EU will not give them any more money with which to pay us back and since they don't have any of their own money to pay us, they'll just have to print up some new sort of money that we'll take and pretend that everything's sooper dooper in Brussels and Athens.

I'll gladly pay you Tuesday for a hamburger today.
                     -Whimponomics
    

Fri, 05/22/2015 - 08:21 | 6120820 This is it
This is it's picture

AAaaww Ka Mon! enough of this side show.

 

Now show us the 8.30 hammer time!!

Fri, 05/22/2015 - 08:22 | 6120823 DavidC
DavidC's picture

This is actually worse than a Chinese water torture.

DavidC

Fri, 05/22/2015 - 08:22 | 6120831 Quinvarius
Quinvarius's picture

isn;t an IOU just more debt?

Fri, 05/22/2015 - 08:25 | 6120842 Cognitive Dissonance
Cognitive Dissonance's picture

All your debts are belong to us.

Fri, 05/22/2015 - 08:28 | 6120866 knukles
knukles's picture

Just goes to show the old adage about owing the bank $100, the bank owns you.
Owing the bank Uncountable Bazillions, you own the bank.

From a games theory perspective, this is the EU/Germany's/etc's surrender so as not to have to write off the bad debts. 
Officially Now the Admission, All Charades and Kabuki Theater.

 

Fri, 05/22/2015 - 08:44 | 6120927 VinceFostersGhost
VinceFostersGhost's picture

 

 

Good news, I just found a blank check book.

 

We're rich!

Fri, 05/22/2015 - 11:20 | 6121578 Jaspergers
Jaspergers's picture

"That's as good as money, sir. Those are IOUs." https://www.youtube.com/watch?v=7GSXbgfKFWg

Fri, 05/22/2015 - 08:24 | 6120840 Firewood
Firewood's picture

Mr Tsipras, slip the corrupt old bastard Schaueble a brown envelope stuffed with cash and all your troubles will disappear.

 

http://www.newsweek.com/scandal-sinks-schauble-162255

https://duckduckgo.com/?q=schaueble+scandal+&t=ffcm

Fri, 05/22/2015 - 08:24 | 6120844 new game
new game's picture

the new tmz of money gossip. lol. just printed faith of a moar indebted day. owned tools bent over thinking the next ream will feel better...

Fri, 05/22/2015 - 08:26 | 6120851 Urban Redneck
Urban Redneck's picture

Jens Weidmann should be dragged into the street and executed by outraged Bundesbank shareholders...

You cannot achieve solid future financial footing by asset stripping the balance sheet and sacrificing future revenue streams in either public or private institutions.

This asshat shouldn't be running a watermelon stand, much less a national bank. 

(or the Junker rule may apply... in which case he should dragged into the street and executed by the citizens of Germany)

Fri, 05/22/2015 - 09:59 | 6121244 schadenfreude
schadenfreude's picture

Bundesbank doesn't have shareholders other then Germany itself. 

Fri, 05/22/2015 - 11:15 | 6121564 Urban Redneck
Urban Redneck's picture

No Shit.

Fri, 05/22/2015 - 08:26 | 6120853 overmedicatedun...
overmedicatedundersexed's picture

the solution to debt is moar debt..ask any politician they are all using magic fiat and it really is a wonderful wonderful world (oh but approved debt fiat is moar better than a drachma too bad greece)

Fri, 05/22/2015 - 08:31 | 6120877 overmedicatedun...
overmedicatedundersexed's picture

let me be clear: greece has immense wealth-lands seas buildings farms -infrastructure, turism, the fact some bankster says no no that is not wealth a piece of pretty paper is wealth so we go round and round saying greece is broke..few on ZH understand you have been conned from the get go. greece's true worth cannot be measured by bankster fiat.

Fri, 05/22/2015 - 08:26 | 6120854 mrdenis
mrdenis's picture

State pensions will be doing this shortly ...........

Fri, 05/22/2015 - 08:27 | 6120863 Quinvarius
Quinvarius's picture

I say an IOU issued by the Greek government, at 0% interest, that circulates to pay debts, is a Drachma.

Fri, 05/22/2015 - 08:30 | 6120872 Debugas
Debugas's picture

all your bank accounts will be converted to IOUs

Fri, 05/22/2015 - 08:34 | 6120892 Panic Mode
Panic Mode's picture

Schaeuble can certainly talk the talk, not sure about .... Oops. sorry. 

Fri, 05/22/2015 - 08:35 | 6120894 Guitarbill
Guitarbill's picture

IOU's??? Oh you mean like federal reserve notes.....  got it.

Fri, 05/22/2015 - 08:38 | 6120904 NoWayJose
NoWayJose's picture

Nothing like friendly positive banter to help the negotiations along. After all, we are one big happy EU family, right?

Fri, 05/22/2015 - 08:42 | 6120916 Monetas
Monetas's picture

Wolfgang SchAUEble .... a "Triplethong" .... rarer than a Dipthong !  Dipthongs are for swimming ! LOL

Fri, 05/22/2015 - 08:43 | 6120921 knukles
knukles's picture

Wonder what kind of grandpa Schaeuble is?
Give his grandchildren red hot pfennigs, beats them until they get happy?  And no, I'm not going there.....

Fri, 05/22/2015 - 08:47 | 6120936 Hannibal Barca
Hannibal Barca's picture

No mercy to the Bolshevik lunatics!

Fri, 05/22/2015 - 08:52 | 6120939 Niall Of The Ni...
Niall Of The Nine Hostages's picture

Actually, Schäuble's riding a wheelchair, though I'm sure that baby does 185. German engineering and such as.

All fooling aside, only civvies will get paid in funny money. The army will get euros by the armoured truckload. Priorities, you know.

Fri, 05/22/2015 - 08:49 | 6120946 Blopper
Blopper's picture

No Grexit ever.

Fri, 05/22/2015 - 08:51 | 6120956 Prober
Prober's picture

Soon the corrupt degenerate thieving socialist parasite greek vermin will get the misery they deserve - YIPPPEEEEE!!!!

Fri, 05/22/2015 - 08:55 | 6120973 SpanishGoop
SpanishGoop's picture

Greece already wants 330 billion IOUs forgiveness.

IO u and u and IO u some moar.

 

Fri, 05/22/2015 - 09:01 | 6120997 cwsuisse
cwsuisse's picture

The pictures are cute! I like the huge antenna protruding out of Holland's head. Probably an advanced NSA device.

Fri, 05/22/2015 - 09:00 | 6120998 thunderchief
thunderchief's picture

Wolfgang to Alexis in the dentist chair..

"Is is safe?"

Fri, 05/22/2015 - 09:12 | 6121053 css1971
Fri, 05/22/2015 - 09:19 | 6121083 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

German Finance Minister Wolfgang Schaeuble conceded the possibility that Greece may need a parallel currency alongside the euro if the country’s talks with creditors fail, people familiar with his views said.

Notice Mr. Frumpy face won't come straight out and say Drachma. What else are they going to use, bitcoin?

What is an FRN or any piece of paper not backed by any tangible asset, they are all IOU's including the Euro.

Fri, 05/22/2015 - 09:24 | 6121116 TwoHoot
TwoHoot's picture

Humorless fucking Krauts. All business all the time. Party Poopers!

Of course they are correct, the only sensible people in Europe. The party will end in disaster.

But they will lose once again, and rebuild on their own rubble. They never learned to play aggressive defence to consolidate and hold their gains.

Logic, sanity and competence won't stop the wild party of self-indulgent, self-destructive behavior engulfing the rest of Europe and the world. Bad money drives out good.

 

Fri, 05/22/2015 - 09:31 | 6121139 DontFollowMyAdv...
DontFollowMyAdviceImaDummy's picture

pfffft, THEY WISH THEY'RE GETTING IOUs!  no no no, Greece has made it very clear THEY AINT GOTS NO MONEY AND THEY AINT PAYING SQUAT!  If you made an unsecured loan to Greece, you're getting nothing!  And if by some miracle you did get something secured- you better repo it and flip it because that's the only cash you're ever gonna get.

Fri, 05/22/2015 - 09:40 | 6121157 Kina
Kina's picture

“[Germany is ready] to take this brinkmanship very far [with Schaeuble as] attack dog. We’re in this game of chicken. The problem is that Alexis Tsipras is riding a scooter and Wolfgang Schaeuble is driving an armored BMW.”

 

But with a nuclear bomb on the back of the scooter.

Fri, 05/22/2015 - 09:43 | 6121179 q99x2
q99x2's picture

I want somebody to accept my I.O.U.s from Q99X2 damnit.

Fri, 05/22/2015 - 09:44 | 6121182 Lea
Lea's picture

Germany will pay. The EU will pay. End of the story.

Fri, 05/22/2015 - 09:51 | 6121204 Kina
Kina's picture

I atill think Greece has the stronger position. They are totally fucked every way you look at it. It is just a matter of time.

Play the game now, or down the track with twice the debt and half the economy.

 

Not as though they don't have practice and memory of defaulting. Just go look at the manual from last time guys.

Fri, 05/22/2015 - 09:53 | 6121214 Mr_Potatohead
Mr_Potatohead's picture

This is brilliant and a perfect test run for what might be the model for the entire world based on the IMF vision with SDRs.  One fiat currency serves as a "store of value" (i.e., the reserve currency), while the other is intended as a medium of exchange for the masses.  The latter is the currency for the masses, and it gets inflated away aggressively.  The former is the currency for the elites, which allows them to retain their wealth.  This is the way the SDR is set up to work by the IMF, and a new Euro/Drachma situation in Greece would be no different.  Gold and silver used to be reserve currencies (and still seem to be money despite the efforts to suppress their prices), but they aren't desirable because they cannot be created from nothing by the central banker/government.    So...  it looks like we might be headed for a three-tier currency system: (1) gold, (2) SDR, and (3) local currency.  The true power in the world (Saudia Arabia, China, Russia, US, etc) will own the gold.  Their most senior banking arms (IMF, BIS, etc) will keep all countries in line with a global fiat currency that is intended as a store of value and a huge stick for punishing those who don't cooperate.  The rest of us will be forced to use local currencies (dollars, euros, drachmas, yuan, rubles, etc) that will not be legally redeemable for any store of value outside their local currency.  Requirements for digital bank accounts would lock everything down.  What could go wrong?

Fri, 05/22/2015 - 10:10 | 6121293 basho
basho's picture

hollande didn't like the olives.

Fri, 05/22/2015 - 11:08 | 6121525 JLM
JLM's picture

Didn't California issue IOU's a while back for tax refunds when things got tight?  Yawn ...    /s

Fri, 05/22/2015 - 11:13 | 6121551 Joebloinvestor
Joebloinvestor's picture

Why does the song,"The Gambler" come to mind? 

Fri, 05/22/2015 - 11:13 | 6121552 Joebloinvestor
Joebloinvestor's picture

Why does the song,"The Gambler" come to mind? 

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