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As Hope Lifts Athens Stocks, German Vice Chancelleor Warns Of "Gigantic Consequences" If Greek Talks Fail
Despite all the reassurances by various leaders that any Grexit or Greek bankruptcy would be 'contained', Sigmar Gabriel - vice-chancellor and economic minister of Germany's SPD party - unleashed some uncomfortable truthiness yesterday. With Greek stocks up almost 5% today as hope springs eternal, Gabriel warned of nothing less than “gigantic consequences” for Europe in case of a Greek bankruptcy.
Speaking on Germany's N24 TV, Gabriel exclaimed:
"It is good that Germany and France try again to find a solution then the political consequences of a Greek bankruptcy would be gigantic for eurozone. I believe that many people have the impression that it's better to make a painful break now than draw out the agony, but if a stone is out of Europe then Europe's union would be very differnt.”
With ultimate being thrown like plates in a Greek restaurant, we suspect - despite the rip-roaring rally...
...that this is anything but contained, even if Tspiras folds in the short-term.
h/t @KeepTalkingGreece
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Great; another Sour Kraut...
"Gigantic Consequences"
Bring it bitch!
We should have done it in 2008.
Hey thanks Captain Obvious! Now can you or anyone else in the Brussels Brigade show a way where the Greeks actually can get out of this mess without a total default?
pods
Yawn. Greased again. I say we stop giving them media space. I'm over it.
"Over it" already? But they're so close to a DEAL!
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a miracle payment will arrive. whether this payment is a simple write-off by the IMF or a concerted, hot money print by the concerned parties we will never know. but you can be sure these pricks will not allow Greece to go bankrupt: the consequences would be infinitely more disastrous if they did.
and if by some chance Greece does default then the Masters of the Financial Universe are even stupider than I ever imagined.
As the German Vice Chancellor and the head of Angela Merkel's coalitian partner, he is keen to find a political solution for the Greek issue.
Gerxit precedes Grexit!!
German's don't screw around
Greece is long gone from the Eurozone already.
The eurozone is long gone already......................they just don't know it yet.
Shhhhhhhhhhhhh don't let Ghordi read this!
damn, too late. Gabriel is doing a lot of interesting noises, lately. I think he is smelling the blood in the water: a possible downfall of Merkel, soonish (the BND Affair is still going on)
"good for him" to repeat the exact message we europeans get from America: ""fix" Greece or we have a Second Lehman"
either Washington and NY are hysterically afraid or we europeans are foolish. or perhaps both. we'll see
LOL, a downfall of Merkel - because of what?
And how would the coalition junior partner SPD get out unscathed by those downfall reasons, and take over power?
Ghordius' wishful thinking is running wild again, as most of the time.
.
I don't know why ZH even posts Greek updates. There's an analogy here somewhere...
Greece is like... American politicians. You know they are morally and ethically bankrupt, sexually deviant, nothing but a soulless zombie full of murder, lies, and corruption. With every emerging scandal, you think, "Surely this one has to take that nasty scumbag down!"...but it doesn't.
Greece is like... an abandoned house, or, an abandoned city, such as Detroit. It sits there, in the weeds and rank grass, either shuttered up or with broken windows. The roof sags, the foundation crumbles, and with every storm, you think, "Surely this one has to take this eyesore down!" But it doesn't.
In both caes, it is too boring, and yet also upsetting, to even look or be interested. In such an environment, you find yourself wondering, "When is Caitlyn Jenner going to show us her tits?" and you hate yourself. Again.
Aaww what a wet blanket.
Everything is awesome dude! BTFT.
https://www.youtube.com/watch?v=66dJoVawkb8
"Gigantic consequences" = more meetings, better catering, more Bunds at -0.5%.
amen!
Bon apetite
Don't forget a surge in stocks.
Imo, Gigantic consequences in the form of imploding banking and insurance edifices are way overdue. Unfortunately, you're probably right and we're in for some more last minute bullshit paper solutions with words like technical payments and negotiated reform. More wine, song and dance for the suits and more pain for the serfs. Same as always?
Greece needs to PULL the plug - save their own citizens, Otherwise they will have elderly people begging on the street for breadcrumbs.
The banking system that made these impossible loans to Greece - is fully responsible for the consequences. THAT'S LIFE - you make a Bad Loan ... don't expect to get paid back. Don't even begin to tell me that Greece was a good credit risk. This whole system is crooked from top to bottom.
I think the problem is that when someone says "poor person", bankers hear "sex slave".
they made bad loans and then insured them with CDS :)
i wonder who the enemy is to save the people from....... what do you do if your own government is killing you slowly for the last 30 years... the enemy is within people
what about the gigantic thievery going for the last 30 years by the political system? According to studies 1,3 trillion has been abused by left-right parties over the years... for years the political system of Greece (all parties) has been loading the country with debt not to built the economy but to expand political favours, mishandling, thivery, and so on... this party of the political system they call upon the common people to pay now with memorandums of bull shit.... fuck you banksters all over the world who lent money to the Greek mafia...
I swear I heard Sterling Archer. "Do you want to get this shit show started. Because that's how you get this shit show started."
Giant consequences huh? Those people are so full of shit. All of them. Who believes anything coming from their mouths?
Everyone knows the ultimate outcome to all of this. Greece just needs to grow the fuck up and declare themselves bankrupct and let the chips fall where they may.
I think they pretty much have. The problem is that the EU has its hands over its ears and is going, "LA LA LA LA, Can't HEAR you! LA LA LA LA!"
Then just print away their debt and stop dicking around. That is how Keynesianism works. In the end you are all dead, not now. I am not saying I like it. But stick to the GD plan.
how monetarism works; right out of chicago school.
Could someone explain the dervivatives and other consequences of a Greek default?
How much exposure do Western banks have to Greece and what is the knock on effect?
Thanks
Nope...and that is the scary part....its all backroom stuff...does not show on a quarterly report...its whats behind the curtain that scares the hell out of me....
There would be no real effect. The CBs would just print a bunch of money and hand it out to the TBTF losers again. Maybe the physical gold market would break. That is about it, aside from the inflation.
The great thing about those is when someone defaults, a group of bankers gets to determine if it actually is a default.
So, if enough of the bankers are on the wrong side of the swaps, there will be no default.
pods
I guess this guy still has some greek bonds....poor guy....
At least Kaitlyn Jenner still has a dick, right ?
Have they somehow manage to once again put Gold into an upside down position where if Greece does finally default, this is now considered bad for Gold ???????
Europe is such an enlightened continent - stealing social benefits and wealth from Greek seniors and children and transferring it to the IMF and to big banks.... No wait... Isn't the same thing happening here too?
The CBs don't want Greece to be the Euro Lehman; as there are too many balls up in the air.
One thing to remember is that the geopolitics of the global scheme called Pax Americana is now looking more and more fragile. This adds to the fragility of the Reaganomics spiral built on pure hubris and debt being qualified as "your problem, our assets".
When geopolitics and Finance along with energy/OIL, all go fragile we have really hit the asymptote.
As the big stick that keeps Pax Americana on track : Massive Military Supremacy; the ultimate argument; is now getting difficult to finance and manage. Just as it did when BW revoke occurred.
Syrac and GWB's crusade's disastrous fallout will take its toll over the coming years.
And that means that Pax Americana is living its twilight years; unless the lights really go out like in WW1/WW2 periods.
Better to lose a battle than to lose the war; but you have to be rational and not hubristic to realize that.
Given the current state of US Congress we are NOT in that mindset. Yet.
And Europe and Japan are just outposts of that collective empire that will feel the chill of the reset, probably first. I don't see the Euro experiment protecting EU from a global financial reset. We'll see if there is any resilience in de-connect.
Hog Wash!
Eurozone = squatters squatting on the ruins of once great civilizations.
If you believe America's best days are behind it, well then Europe's best days are ancient history.
German Vice Chancelleor Warns Of "Gigantic Consequences" If Greek Talks Fail.
You got that fucking right.
NO GREXIT ever.
Greece is the world
, Gabriel warned of nothing less than “gigantic consequences” for Europe in case of a Greek bankruptcy
Do you mean the $26 Trillion in derivatives tied to the Euro that explode??
What the f*ck is a derivative anyway?
Derivative is a Jewish invented word for making money skimming off something that didn't exist before in their rigged casino because they weren't getting rich enough ripping off the goy with their current schemes.
Derivatives are used to prop up counterfitting rackets.
Looks like the Germans are blinking.
Stick with it Tsipras.
I am getting tired of this
This is like watching a terminal patient slowly expire for years. A pillow over the face is needed here to muffle the gunshot...
All the Greeks in government must love Mel Brooks.
https://video.search.yahoo.com/video/play;_ylt=A2KIo9eHG29VJU8A2._7w8QF;...
" Gigantic consequences ? " Bring them on ! Nothing is better than a good default to destroy the rigged economic system !
Ohhhhh, Greece. At first I thought it was about Grease. Got it. Thanks