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IMF Crushes Greek Deal Hopes, Says "No Progress Made", Halts Talks After Major Differences Remain
And just like that we are back to the rumor drawing board.
- IMF'S RICE SAYS NO PROGRESS MADE TOWARD DEAL WITH GREECE
- IMF HAS MAJOR DIFFERENCES WITH GREECE IN KEY AREAS: SPOKESMAN
- IMF'S TECHNICAL TEAM ON GREECE HAS LEFT BRUSSELS, RICE SAYS
The WSJ has more details:
The International Monetary Fund has halted bailout talks with Greece after a failure to make progress in negotiations, the IMF’s top spokesman said Thursday.
“There are major differences between us in most key areas,” said IMF spokesman Gerry Rice.
“There has been no progress in narrowing these differences recently. Thus, we are well away from an agreement,” he said.
Mr. Rice said the IMF team negotiating with Greece has been pulled out of Brussels, where talks had been occurring.
“The ball is very much in Greece’s court right now,” he said.
But "two Bloomberg sources", an organization which like Reuters, makes money from collecting commissions from trading and loves a surge in volatility, said yesterday a deal was assured. What gives?
Perhaps the fact that just as we said, this is a tried and true pattern of drawing the sheep in just so the big boys can dump to novices, Chinese grandmothers and of course, Virtu's vacuum tubes.
Considering it almost 24 hours for the official denial of the latest report we can conclude that i) the "two sources" made a lot of money trading based on their own leak and ii) since it took so long to reject the rumor, there was a lot of selling.
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Looks like I picked the wrong week to stop sniffing glue.
Remember the good ol' days back in 2012, when a post like this on ZH was the centerpoint of the day, with 500+ replies? Now this won't see 50. We are just so exhausted with this whole dog & pony show.
We know whats coming. We just do not know when.
september rate hike will test a lot of limits
C'mon Greece, default already! This is worse than coitus interruptus.
Why default when the fix is so easy? Greece won't be able to pay anything on the debt for 6 months and then will pay all the debt PLUS interest. In 6 months, get another extension, rinse and repeat.
Yup totally agree. They are already talking about pushing the payment into July. Then when that approaches they will take a summer break and think about it and plan a new meeting in September. We will certainly get a new delay in August and the meeting will move to November. Then we will be so close to the end of the year we will have the next meeting scheduled for April 2016. This will go on and on until,,,, who knows?
<<< The European Union is over & the banker wars will soon begin...
<<< Everything is just Grand, Greece will overcome!
Throw those pathetic Greek dead beats out of Europe already.
They work more hours per week than most of Europe does. Well, when they're employed anyway.
They already defaulted. Just because they aren't calling it a default doesn't mean it isn't one.
this is why the market isn't correcting on this news....priced in / s
“The ball is very much in Greece’s court right now,” ... Is it? I think Greece already said, "Uhm, no thanks." But Im sure all those EU banks are well hedged for a Greek Default, and have planned accordingly.
Authorities going into DB offices this week. The two CEOs resigning. Smells like DB could be nationalized in a heartbeat to sort out the derivatives and so on. There is too much at stake for several governments involved. They won't leave this to a "market" to sort itself out.
Well at least Greece knows who not to pay first, or second for that matter.....
Greece defaults again and again, and the media, including Z/H should start contextualizing these recurring news stories so that people understand what Stacy Herbert and Max Keiser made clear in this recent Keiser Report: Last week's default was for a €300 million debt to the IMF. What happens now is that it will simply be bundled, i.e. added to their next deadline which is at the end of June and is €1.6 billion. If Greece defaults again on that, there may or may not be simply another bundling.
Also check out later in the same episode the explanation for how this repeated re-bundling functions. It's called "infinite re-hypothecation" and it will keep going until the 28 year bull market in bonds ends. Which is probably very soon.
Wah wah wah (game show loser music). Well, thanks for playing, enjoy your parting gift ass rape.
No TD, that's what you get if you secure a deal.
Yeah. I remember one of the first comments I read here that made a big impression on me to this day (because I still remember it). I forget who said it, but they were absolutely right. Went something like this: "Guys, they control the money supply. They can keep this shit going for a lot longer than any of us think they can."
And here we are.
The ZH comment that sticks out in my mind more than anything is;
"First there is deflation, then inflation and hyperinflation thereafter."
You guys are still shitting green, unless you followed the original Tyler Durden @ Seekingalpha...
One down - two to go.
Unfortunately, when most other nations with less global influence entered the last stage there was limited effect on the rest of the world's economy. It is certainly not the case this time.
It was probably Cheeky Bastard
That 'bastard' from Santiago Capital got me hooked a few years back, when he explained (in his 10 minute audio clip) how Debt Money is made.
I've been cursing my ZH addiction ever since. I need an Intervention.
"Hi, I'm Kirk...."
It looks like we are in for the same stick saves all the way down.
Better than a Six Flags ride and we don't have to stand in line! As thrilling as it all is, we end up where we started.
broke?
What a long strange trip it's been
"Easy noe Rex! We need to bring this economy in for a soft landing! Don't make everyone so excited with all that NSA bulk collection bullshit and a Vox Popullii stripped bare and frog marched around McRetard back in the 'nam! We have to keep this thing COOL!"
Media: "Exonomy in death throes! Millions feared homeless and rioting!"
You betta cut me som slap jack
Aww shucks, you are saying that Tsipras forgot to pad the deal with the IMF with that crate of Hermes scarves and a lifelong tanning clinic pass that Hollande sent over?
Feel like I'm living Groundhog Day over and over again.....Grexit already....
Non-linear dynamic.
Number 44 here.....but the show must go on...this is a country they are playing these games with....and they are games....poker at its finest...no winners here..its just how much you lose...all of it..or just some of it..
The best part of all of this is the choreographed drama. They all know that Greece has nothing left to give and yet they persist in dragging out the process for years. They will eventually "loan" Greece hundreds more billions or the European banks and the Euro fails. The furrowed brows and gnashing of teeth is simply theater to placate the common Euro mook.
Business is Business!
Thanks IMF, I was getting my arse kicked there :)
Can't say I have much sympathy for the 'novices' involved, anyone buying in this market should question whether they have a safe amount of intelligence to handle large amounts of money.
Greece has no hope of ever repaying its debts. So does the land of the free. As does Portugal, Spain, Ireland, Italy and France to name a few.
But keep buying those bonds which are yielding highly negative returns after inflation. If you wish hard enough, miracles may happen, and Greece and your bonds may be saved.
About as likely as the Nobel Prize Winner stopping his droning of women and children and wedding parties.
land of the free?? where's that??
In the lies told by American media
It's pronounced Norway. And if it wasn't so fucking cold, I'd be begging to move my family there.
I am Norwegian, and I can assure you you are so wrong. Try Iceland or something...
"Land of the free, where is that", you ask?
dat be da place where dey got freedumb folks. some calls it Obolastan.
dey got folks dere, widht 50 shades of pink, tan and brown, and all 50 shades getting screwed by bankstas, when not bizy screwin each other, bros or hos. chill, wigger!
oil reserves of 1,7 trillion have been located north of Crete and in the Ionian sea
http://www.zougla.gr/image.ashx?fid=1715702
https://www.youtube.com/watch?v=1lPc8zu4cw8
This CANNOT be true all the good oil has been found, have you not heard there are no more fossil fuels we are out shortly, except for merry olde england of course..
http://www.dailymail.co.uk/news/article-2582376/Oil-Tory-heartland-Depos...
nothing to do with fracking... actually there has been a lot of noise about the oil reserves south of Crete and this is the main reason behind the greek leaderships visits to Egypt in order to settle their mutual maritime boarders so they can go about extracting
So that means stawks will drop today, right? Right???
"In Kabuki, the concept of jo-ha-kyu dictates virtually every element. Jo means beginning, ha means breaking, and kyu means rapid or urgent."
Less jo, more ha and kyu please.
These rumors drive the volatility which enable the banks trading desks to mke money. It's just a game to them and a profitable one. Don't lose any sleep over it.
And the dumb fucking braniacs in Kiev want to be enslaved by the IMF. They could have been a key player in the Eurasian Economic Union with Russia, China and Belarus. Ukraine is dead folks!
Ukraine now is associated with blood, death, war. There’s blood associated with the Ukrainian flag from its military shootings in Odessa to Mariupol, to its military relentlessly shelling civilian areas of Donbass. The perception, identity, the very definition of ‘Ukraine’ has changed forever.
The IMF can have another deadbeat slave.
Oh, go back to stroking off to your Putin poster.
When your done stroking off to your McCain poster!
Ukraine now is associated with blood, death, war.
Ever since the Holodomor and probably before that as well, yeah, the Rus have slaughtered them.
Holodomor is fiction. Stalin [an ethnic Georgian] was an equal opportunity murderer and never singled out Ukrainians in a genocide, Russians also died in this famine. A Ukrainian, Nikita Khruschev the Ukrainian Party boss helped Stalin in this famine.
The ancient tribe of "Rus" fathered the Belorussians, Ukrainians and Great Russians. When you use the word "Rus" you refer to all three modern countries.
What bothers me is all the people that go to these meetings....fly first class...stay in chi chi hotels...eat cavier....over and over again..the over head on these deals is huge....but what a great gig if you can get it....and all that mike time..in front of cameras..makes them look powerful and like big hitters...they love the attention too....this 15 minutes of fame has gone on for 6 years now....what a scam job....a true government worker...
But then a person with a conscience would go to these meetings with a burning desire to improve things which would not be able to be expressed. And probably a certain distasteful and nasty bullying behaviour.
Obama's EPA wants to regulate greenhouse gas emissions of jet airliners, yet Michelle can travel in Air Force 2 on a whim. There are rules for us and rules for them.
Ideally, government should be comprised of the best of us, not of those who just think they are better than us.
But would the best of us want to rule?
I have been pointing out the hypocrisy of discussing "austerity" when meeting in 5 star hotels and eating in 5 star restaurants.
They should have dined at a cafeteria.
These free markets have freely chosen to respond as if they were a Pavlov dog.
Unpredictable.
Will they salivate?
Will they bark?
Unpredictable.
Looks like the reason the DOW went up yesterday was a joke. only shorts covering.
Lol. Little people trying to get a few mil before the whole system collapses and dies.
Greece, I want to remain in your European Union Country Club. However, BRICS has offered me lower food and beverage minimum monthly requirement of billion lower than IMF sales pitch.
This whole ordeal has become pure comedy.
Gallows Humor is more accurate
Some one at the IMF must have upped their short position in the DAX this morning again...
Europe’s highest court paved the way for hundreds of bondholders to sue Greece in Germany after they were forced to take big losses on their investments in 2012.
by Stephanie Bodoni June 12, 2015 — 12:21 AM AEST
Judges at the EU Court of Justice said on Thursday that there was nothing to indicate the lawsuits by Germany-based investors were “manifestly outside” the scope of EU law.“The road is free and we can now go ahead and sue,” said Olaf Hoepner, a lawyer who represents at least 260 claimants in pending cases. “The first big hurdle has now been overcome, next comes the question whether Greece can claim immunity.”
Hundreds of lawsuits by Greek government bondholders in Germany had been stayed since 2013 pending today’s decision. The bondholders argue that Greece in 2012 forced them to swap their securities with new government bonds of a significantly lower nominal value. While none of the claimants accepted Greece’s initial offer, the government went ahead and carried out the proposed exchange.
The EU court’s decision comes days before it is due to rule on another German case with the potential to send shock waves across the euro area. Judges are scheduled to deliver a verdict on whether European Central Bank President Mario Draghi overstepped the mark with a 2012 bond-buying plan he designed to help save the euro.
Greece’s finance ministry declined to immediately comment on the EU court’s decision.
The German lawsuits are another example of how Europe’s biggest economy has become intertwined with the crisis in Greece. The nation is looking to Chancellor Angela Merkel to bring round Greece’s other creditors after its latest budget proposals snarled efforts to break the standoff over financial aid.
Debt SwapIn 2012, investors holding 95.7 percent of Greece’s privately owned bonds accepted a debt swap that forgave the country more than 100 billion euros ($112 billion).
In Thursday’s ruling, judges said that “legal proceedings for compensation for disturbance of ownership and property rights, contractual performance and damages, such as those at issue in the main proceedings, brought by private persons who are holders of government bonds against the issuing state” fall within the EU law that allows for such actions to be served.
The cases are: C-226/13, C-245/13, C-247/13, C-578/13.
http://www.bloomberg.com/news/articles/2015-06-11/top-eu-court-paves-way...
Greece also have legal recourse in claiming the 2010 loan agreements were unjustifiable and Nazi war reperations. Report due on June 18th.
Could it all get messy?
I'm shocked the Greeks won't give up the freebies; I mean, OMG what's a 40 year old socialist philosphy student on welfare to do? "Oh the humanity!"
www.traderzoo.mobi
With as much as this can has been kicked down the road, it has to have a hell of a lot of dents in it.
MOAR RUMORS!
OK, so if the rumor that pumped up the markets yesterday is denied today, then we should have a 250 point retracement on the Dow.
/s
Looks like we rumored some folks!
...and today the supreme court in Greece came to the conclusion that pension cuts implemented in 2012 in connection with Troika-requirements were illegal. So next month the Greek pensioners are happy to get another 20 percent plus.
The bill of estimated 1,5 billion Euro (1,8 billion USD) per year will be presented in the next stages of the negotiation to Miss Merkel and the ELA-money-printers in Frankfurt (IMF already lost interest for the Merkel-Tsipras PING-PONG).
Another frog to swallow - but this time it could have been definitely the drop wich causes the barrel to overflow.
The mood here in Germany has already changed in the last days: And more and more peope feel that the Grexit will definitely come. Miss Merkel will be in a lost position if not adjusting her conviction based on the daily newspaper - her skills as turncoat leader is legendary...she proofed it here in Germany many times.
Excellent. That appears to give the Greek government less opportunity to capitulate to the troika.
I'm getting tired of the same old "They said, he said" spin cycles.
Ditto for the Ukraine, MENA crap. Need some new click-click-bait.
How's Ebola doing these days?