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Will The ECB Finally Use The Greek "Nuclear Option" This Wednesdsay?
This was not supposed to happen: by now the Greek insolvency "can" should have been kicked, and the Greek government, realizing the money has run out for both the government and the banking system, should have folded to Troika demands, and allow the Troika money to return repaying obligations to the Troika in exchange for more spending cuts.
Instead, the "game theoretical" approach of bluffing until the end, and beyond, has put both countries in a corner from which neither knows how to escape, and with the "final deal deadline" passing this weekend we now have quotes such as this from the EU:
- OVERTVELDT: GIVING IN TO GREECE WOULD UNDERMINE EU CREDIBILITY
while in an op-ed due to be published today in German newspaper Bild, German Vice Chancellor and Economy Minister Gabriel has been quoted as saying that ‘the shadow of a Greek exit from the euro zone is becoming increasingly perceptible’ and that ‘repeated apparently final attempts to reach a deal are starting to make the whole process look ridiculous, there is an even greater number of people who feel as if the Greek government is giving them the run-around." So time for another "final attempt" then:
- EURO WORKING GROUP SAID TO DISCUSS GREECE TOMORROW AFTERNOON
Meanwhile, Greece digs in over its red lines:
- GOVT SPOKESMAN: GREECE WON’T ACCEPT PENSION CUTS, VAT HIKES
And yet, in this climate of animosity between the IMF (which as a reminder walked out of talks last Thursday), and the Commission (whose amicable attitude toward Greece promptly soured over the past week), there is still one way Europe can promptly end the impasse.
As a reminder, on Friday when we looked at the latest Greek one-day outflow which saw another €600 million leave local banks, we said that "next Wednesday is when a non-monetary policy board meeting of the ECB non-governing council will take place in Frankfurt where Draghi and company will discuss the issue of guarantees of Greek banks and perhaps the proposal for collateral "haircut."
Earlier today, Deutsche Bank hinted at the ECB meeting as just the place where the ECB, which has until now stayed out of the ever more rancorous Greek spat, and in fact has buttressed may just invoke the nuclear option. From DB's Jim Reid:
The ECB non-monetary policy meeting is also scheduled for Wednesday. George believes that a lack of progress on Thursday should see a more formal deadline put on Greece, beyond which capital controls will be implemented.
Which makes us wonder: with both sides digging in and unwilling to budge, will Europe revert back to its strategy from day 1, namely creating a slow initially, then fast bank run in Greece, one which leads to gradual then sudden capital controls, resulting in civil discontent and disobedience and ultimately, a violent overthrow of the Greek government.
The best way to achieve all of that would be to use the aptly named Cyprus "blueprint" - after all, with the "successful" Cyprus capital controls already tested out, and with the Greece stalemate going nowhere and leading to a loss of credibility in the EU, it may be time for the ECB to do what it did on March 21, 2013 when it issued the following statement:
Governing Council decision on Emergency Liquidity Assistance requested by the Central Bank of Cyprus
The Governing Council of the European Central Bank decided to maintain the current level of Emergency Liquidity Assistance (ELA) until Monday, 25 March 2013.
Thereafter, Emergency Liquidity Assistance (ELA) could only be considered if an EU/IMF programme is in
place that would ensure the solvency of the concerned banks.
So will Wednesday see an identical press release issued by the ECB, only with "Greece" instead of "Cyprus"? Because with the ECB's emergency liquidity assistance already covering some 64% (call it two-thirds following the latest weekly outflows) of total Greek deposits...
... if there is one way to bring the Greek "crisis" to a grinding halt, it would be to give the Greeks themselves the "option" of regaining access to their now "capital controlled" funds if and only if they "choose" a different government, like any true democracy?
Considering that according to the latest poll, for the first time a majority, or 50.2%, of Greeks want the government to accept the creditors’ proposals to prevent the country’s bankruptcy, this may be just the catalyst to push the population over the edge and to tell Tsipras that Europe has won?
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No.
Next!
Hell in a handbasket. The week the world changed.
If the Greeks are so determiend to be part of the club, I have no moral problem with people volunteering their own enslavement.
If Tsipras had any balls, his government would resign, Syriza would call for abandoning the EUR and going back to the Drachma, and let the population decide.
Then again, at this point I would just rather someone somewhere pull the plug. If the ECB slits its own throat, I'll be surprised.
If the ECB doesn't increase the ELA, or if they impose a haircut on collateral for the ELA, then I would start watching weekends. Essentially, Draghi has the option, possible suicide now (with Greece) or definite suicide in a year with Podemos (Spain).
I think he is going to opt for the former.
Yes, enough already. Shit or get off the pot.
I wonder if the "whatever it takes" schtick will work again?
it's worked every other time so why will it not work yet again ? they'll keep this going and going and going. :))
So this past time with EUQE it was the "Bazooka" which failed to fix anything. Now we have a "nuclear option."
What happens next? The "black hole" option? What would come thereafter?
Greece doesn't care anymore because of --->
Russia Turkey and the New Greek Sirtaki
I'm so damned sick of Greece. Can we all just stop talking about it?
Japan is in pretty rough shape, too, but you don't see people posting daily articles about how fucked they are.
Throw those pathetic Greek deadbeats out of Europe already.
So every day I go out and put another $100 bill into the drunk homeless guy's pocket and pretend he's conscious when I whisper "it's a loan". Then it's OK for me to be upset when one day instead I throw water in his face and say, "PAY ME!" and he says he can't. German people are going to suffer for the sins of their banks…just like we did and will continue to do as long as the banks control everything.
Since you are calling the Greeks drunk, homeless braindeads i agree with you. Almost.
Greek politicians are going to holdout untill they get paid, otherwise thats the end of the Euro. If in your example that 100 bill was printed by you and that homeless guy was your security against mob thugs. Maybe i could see your point.
What "poll," exactly? According to Bloomberg:
"A poll this week shows 50.2 percent of Greeks want the government to accept the creditors’ proposals to prevent the country's bankruptcy. Only 37.4 percent want Tsipras to keep up his resistance."
Oh, "a poll." Must be true, then.
http://www.telegraph.co.uk/finance/11673989/Syriza-Left-demands-Icelandi...
Syriza isn't going anywhere. The Greeks might have a few riots to blow off some steam, but what would be the point of overthrowing the government? Who would replace them?
No doubt the Greeks are not particularly thrilled with their current one, but they're shackled to 'a' government - it can't just disappear. 2/5ths of Greece are dependent on the government - they would starve if they overthrew the current one and nobody else stepped up for the abuse.
Why would anyone want to be in power in Greece today? There is no more money to loot from the Greek people, there are no more bribes to be taken by those in power, and there are no more favors to be handed out (like a cushy government jobs) by those IN power.
The Greek government is useless to psychopaths, and no 'normal' people are really interested. The Greeks will bitch about Syriza, but there's not a damn thing they can do about it. How can they fire Syriza from a job nobody else wants except a few right-wing lunatics that are the LEAST capable of fixing anything.
It's a catch-22 - If the Greeks saw that clearly enough, they would row for Iceland instead of Sweden.
* poll taken by the ECB
We are ALL deadbeats if you use real world accounting.
Alex, I'll take "Famous Greek Tragedies" for $500, please.
The order is Bazooka, Nuclear, Black Hole and finally Hope Solo Vagina.
Where's the big kaboom? I want to get to the fireworks part of the show......
Though they act to the contrary the European banks are not surprised in the least that Greece is about to default, they understand that when you loan money to those who can not pay it back, eventually they won't. This is just a game that has happened over and over to see how much blood they can get from a bankrupt stone. When money is lent by theives to fools who can not repay, that debt is either not a liability of an asset, but it can not be both as Krugman would have you believe. Unpayable debt is not a zero sum game.
Technicals now telegraph the whole scheme of ECB & EU coercion and extortion being used against Greece.
European stocks slide as Greece talks collapse, banks tumble
If this is your blog, first, good blog.
Second, my employer has blocked it. :-/
Third, do an Andy Hoffmann podcast of all your stuff so those who do this at work can listen to your work while doing something else.
Cant blame Greece much for holding out on the politcal suicide of cutting pensions.
This would be the same as China and Japan telling the US government they must make massive cuts to social security, which would fly like a lead brick with US public and politicians as well.
This is what the IMF is going to have to do shortly when they are called in to prepare a budget for the United States.
I wonder how the IMF would treat US government spending.
And non-funded liabilities.
The average Greek pensioner receives more than twice as much per beneficiary as a Slovak one,
so why should Slovak taxpayers subsidize Greece's refusal to cut its pensions burden? It's a reasonable question.
The IMF is asking Syriza to reduce spending so that pensions would account for 15 percent of GDP, instead of 16 percent,
mainly by lifting absurdly low retirement ages.
Greece could even pay the poorest pensioners more -- if Syriza's refusal to consider pension cuts were not an ideological stand.
The three Baltic nations have even less reason to be sympathetic.
From 2007 to 2009, Latvia lost 24 percent of its GDP -- an economic collapse as great as the one Greece has endured, but much sharper. The three countries not only stuck to their euro pegs when they could have abandoned them, refusing the potential benefits of devaluation, but also went on to join the euro -- Estonia in 2011, Latvia in 2014 and Lithuania in January of this year. And they implemented IMF-style reforms and cuts. These decisions resulted in mass emigration, and you can argue whether they were the right ones, but it's a mistake to expect the Baltics to have any sympathy with Syriza's position.
Portugal, Spain and Ireland also suffered the pain of bailout programs, and are equally unwilling to bend.
So no, Syriza is not leading the charge for the poor and oppressed across Europe -- it is demanding that Europeans poorer than Greeks help them avoid painful reforms.
http://www.bloombergview.com/articles/2015-06-15/tsipras-isn-t-on-the-si...
I get No pension from anybody but cops and fire dept get 100% at 45.
Let's cut them while we are at it
...It will come down to choosing between Draghi or Putin.
and regarding that "GREECE WON’T ACCEPT PENSION CUTS" joke they keep telling.
When they revert back to the Drachma...and their pension check (now in Drachma's) will buy a single tank of gas, that IS a pension cut. It's coming either way, and everyone knows it...even Tsipras. So, he's just being a hero and fighting for the team knowing they'll never win this game.
But people accept purchasing power cuts as long as the face value stays the same. Did a gallon of gas all of sudden change it's volume to less than a gallon for example even though it costs more? Did the value or utility really change if the vehicles didn't? No, yet people accept price fluctuations as somehow being related to volume or physical mass. Any reason to lie to oneself so they can keep believing. Purchasing power is like pixie dust and unicorns it is imaginary.
Everyone including Syriza are afraid of a face value change, it shatters the illusion of both purchasing power and face value. That is too many lies being unmasked for both the Greeks and Eurozone (ECB/Germany etc.).
Greece is either going Ruble and/or hot war if they leave the Euro.
That is not the ECB's decision but NATO's the second Greece is thrown out of the Euro. War is a convenient way for the IMF to collect bookie style since NATO (bookie enforcer) and IMF and even ECB/Eurozone are comprised of mostly the same countries.
They couldn't jawbone them into paying up now the bookie's muscle shows up with moving truck to grab everything not nailed down to settle up the debt if they can't get their vig.
Greeks either fight back or die next unless the BRICS aligned countries are willing to intervene to stop a hot war or prop up Greece so they can continue fighting one once it breaks out.
LOL!!!! Greece is irrelevant, remind us, who or what organization of useless fucking paper-pushers got Greece into the E.Z. to begin with? Actions have consequences and trying to predict future events in any complex system/biosphere is a waste of time for any human brain. Oh "poor greece", when life on the south side of Chicago is still much much worse...
fucking morons, humanity has been steadily devolving... ..there will be consequences...
..there will be consequences...
Newtons third law of physics but you knew that. When the pie is divvied up into small enough pieces you can try keep it from being you. When own the whole fucking pie aka ECB/Euro banking system (including derivatives contracts you are backstopping) you can't, so it is only degrees of. You can't escape from that one lying to yourself to believe otherwise doesn't change that.
If the ECB cared about peace or people in general they would help Greece re-establish the Drachma and write off their debt, but this isn't about a union or prosperity or human dignity; it has everything to do with avaricious lust and greed. War by any other name, where people are killed slowly and one at a time.
"Pensioners" have always been the slow death of a capitalist, entrepreneurial, innovative society and it will be no different in the EU OR America!
Any time you guarantee something "forever" to everyone or a large group of someone's, for doing nothing more then going thru the motions for a fixed period of time, that shit will end in revolution, war, murder, or all three!
If I've learned one thing from playing poker, (and winning occasionally) it's you better flush the bullshit hands out early, and continue to up the ante, if you can't or don't have the will to do that, you've already lost, just fold!
Greece is at that moment right now, up the ante, go all in, or just kick the fucking can again, doing nothing at this point is suicide for everyone!
Thank you, two hoots. Imitation is the sincerest form of flattery.
Ah, drunk on the exceptionalism kool-aid I see .
I think he was just talking about their screen names
This GREXIT BS is being allowed a LOT of space in the media. There must be something else big going on that we are ignoring...
Gold, check.
Guns, check.
Grub, check.
dup
Check.
You are correct. There is something very big going on. Greece is the beginning of the globalists' governance reform scam for the UN Complex: http://redefininggod.com/2015/02/globalist-agenda-watch-2015-update-16-t...
Once they align with the BRICS, it will begin in earnest.
That "something big" is called non-culpability.. the ones that created this mess never get questioned.
Like the infamous Santelli deadbeat rant, I don't want to fucking pay either Rick..
The fuckers that created this mess are NEVER mentioned. Lets just skip the regulators who ALLOWED it to happen, as they do collect a few million here and there...
Greece got in the EU by fraud, not much air-time dedicated to that thou.. and you guessed it.. nobody has gone to prision for this as well.
Tsipras, after you fulfill your promises to the Greek people, get after the fuckers in YOUR country that allowed it to happen...
Is a Greek failure bigger than Lehman ?
On September 15, 2008, Lehman Brothers filed for bankruptcy.
With $639 billion in assets and $619 billion in debt, Lehman's bankruptcy filing was the largest in history,
as its assets far surpassed those of previous bankrupt giants such as WorldCom and Enron.
-----------------------------------------------------------------------------------------------------
what assets has Greece got left ?
Greece has received €223 billion of bilateral loans from Europe, plus the ECB’s liquidity support (€118 billion so far),
plus the IMF loans, plus the debt haircuts in 2012 (a 53.5% cut in the face value of €200 million of debt).
I don’t want to overplay the significance of these numbers,
but the responsibility does not lie only with the institutions who have provided this help.
Greece is a failed state and the responsibility lies with the Greek Government and the Greek People
who voted for that type of leftist radical and incompetent corrupt Government.
http://en.enikos.gr/economy/30622,MEP-challenges-Mario-Draghi-ECB-should...
WR;)
The 'leftist' government was only elected in February
They are in effect cleaning up the Old Guards YEARS of mismanagement;
Plus any 'Bailouts' they get go straight back to the bankers-and little of it goes to the Greek people
Deutsche Bank, Hippo Bank, CitiBank, most German municipalities and all their pensions, The Swiss decouple and Euro mortgage failures, Japan, USA state insolvancy, S&P/Fitch upcoming downgrades, Texas Gold Depository, Jade Helm, Ukraine, the Fed Hike...etc...
You are right, Greece, is the hot topic because the German Goverment needs a scapegoat as to why they are in worse shape then Greece...
The EU needs a scapegoat becasue they just flushed (and will continue to flush) QE into their markets to protect the banksters
The IMF needs a scapegoat becasue they are in deep shit....
The FED needs a scapegoat for the same reason...
The global eco-shitstorm is on the roll.....and it is gonna be a doozy...buckle up
Greek option - oil, butter ro good old KY, as long as it's optional.
Yes, because they are evil and fucked-up
Correct me if I'm wrong, but where ther bank runs in Iceland?
The only runs in the banks now are the managers. Terrible wind.
its a good thing that they've got their best minds in on this one. they'll most certainly figure a way out that willl benefit everyone this time. the greeks should be thanking their luckz stars that ECB has such towering minds, such compassionate humanitarians taking care of them. what the hell did they do before the grand draghi and the leather tanned laguard stepped into their bidness?
Somehow I think the leftist government will be overthrown before the end of the month.
Even tho the Greeks want out of the debt, It seems to me they aren't committed to endure the pain that comes with defaulting.
The majority of the Greeks still say they'd rather have their pensions payed out in Euros.
Can't have it both ways tho.
Why?
This is what Greeks voted for.
Some may second guess themselves, as realization sets in.
They should never have been in the "union" in the 1rst place.
But if your right, I can't wait for the (obedience to the overlords) platform the next Gov will run on
Sure, there's always another card for the Central Banksters to throw down, because they make the cards and the rules everyone has to play with.
When did the 'troika' become a country?
Last time i looked we had the sun in the morning and the moon at night!
I'd like to burst into one of these meetings and open up with a . . . , steadddddy . .
WHY DON'T THEY DO THESE CIRCUS SHOWS LIVE?
Anyone who beleives the deposit chart is smokin somethin good. Greeks have already withdrawn savings. Fantasy deposits are just that "fantasy". Threats of capital controls are laughable propaganda. The EU is dead. Yuan to replace the euro in 1 2 3.
Except the Yuan is built on a much more flimsy house of cards that the Euro ever was..... China is likely the least solvent country in the planet, and history will record the same when it comes out.
yes but the have huge amounts of resources including GOLD
No
The deal with Greece is only $1 billion euros or so apart. Deutsche Bank can lose hundred times that amount in a nanosecond given its $54 trillion derivatives portfolio.
So Grexit will be talked about forever and will never happen.
Just pretend and extend.
The deal with Greece is a 12 to 18 month can kick. If they roll on Greece how do they not roll on Spain or Italy...?
Go back to Drachmas...at least you won't have to deal with bullshit coming from Brussels. Just your own.
Defaulting on the debt will mean starting a clean slate and most taxes can then be spent for the country. There will be capital controls and a bit of chaos for a while, but not the Armageddon scenario that the Euro psychos threaten you with.
Oh and no more Goldman Sachs...hire instead advice from Iceland on the way forward.
Way too late, but if Greece had their own currency they could tell them to fuck off and pay them in shit Drachmas and suffer the consequences of their own curency debasement without endagnering the whole system.
Bankers are fuckers.This is a stark example of how controlling the currency can control countries and populations. Put them in charge of a World Currency? Can't hardly wait.
Hey, anyone watching this EU Monetary Committee meet.
Spot Christine Lagarde on the left with the orange face paint washed off and the hair dye taken out :))))
Douchebag Bank $54 trillion levered 100-1 probably.....they'll do 'whatever it takes' to save that.
Greek game theorists would be damn stupid if they got this far without a plan B. time to bring it out.
Way way way too soon. Greece doesnt default until the End of July or until Lagarde says so.....
After the world is really convinced that the Greeks aint moving watch the IMF (read US Taxpayer) swoop in with a 6 month stop gap.
Remember you read it here first.
Deploy the Death Star. Make an example of the Debt Rebels.
All debt will be expired as worthless.
Since no one here is up to their eyeballs in "euro-dollars" here my view for fellow commentarians and folks running this insane war is simple: "NOT OUR FUCKING PROBLEM."
Tsipras should have opened up the BOOKS from day one showing the financial engineering of the previous Greek Governments and Goldman. It's NOT too late!
An independent auditor will gather the necessary information to sue Goldman/Troika; pay off the Debts and get on the phone to Vlad for a New Dawn.
I am tired of saying there will be NO GREXIT ever.
Nevertheless, there will be NO GREXIT ever, NOT EVEN when the crash happens due to the blood moon, or during the crash that happens due to the blood moon, or when the New World Order arrives at everyone's doorstep.
Because the Euro is another DEBT-BASED currency of the Rothschilds.
If the Euro crushes, the Rothschilds would lose control of the EU region.
That's why the IMF even encouraged more debt to solve existing debt.
Because debt is enslavement of the Rothschilds on you!
Debt is a story people chose to buy into, but forget they made the choice. It's a bad dream folks won't wake up from.
Yes, but people usually make the debt choice without sufficient understanding, or after being deliberately misled.
This nightmare is the fault of the anesthesiologists, the bankers who put the public to sleep.
I think more people are aware of that in Greece, and in Europe, than you might believe.
Brilliant scam! force* all countries to take huge interest bearing loans that pay back just the interest. "Money at work" instead of just sitting in the Rothchild/Fed Reserve money rooms collecting dust but no interest;
When push comes to shove they will own large parts of each country.
*via installed unelected bank reps and crooked politicians
I suspect that the ECB will use Greece as an example to Portugal, Spain, Italy and Ireland and show that there is a penalty to be paid for obstinence and bucking the "new order". But like Iceland, expect the last laugh to belong to Greece.
Iceland showed what the real people will do. Appears the politicans in the rest of Europe are just brain dead puppets!
It would be darned funny for the Greeks to run the Iceland game here. With now 2/3 of all bank deposits from the ECB, just put on capital controls as Iceland did to the large international depositors in their banks. Sort of a bail-in scheme where the vast amount bailed in is ECB capital from the ELA. Makes the banks all good and sound with no Greek cost.
Have to be proud of the Icelanders. Iceland does have one advantage: it is an island. Not as easy to invade an island as it is to send NATO tanks down the road to the town next door.
At first reading I thought you said "a penalty to be paid for abstinence". :-)
I can certainly understand Greece going onto the Euro back in the day. Tourism, shipping. Having the same currency as your customers must have helped business. On the other hand, as I may have said before, these days everyone has an iPhone which can look up currency rates instantly, so accepting any currency should be easy for both customers and vendors. So no matter what value the Drachma ended up at, commerce should be able to continue.
Deploy the Death Star. Make an example of the Debt Rebels.
I note only one down vote so far. Not much controversy here. Greece is a taste of what the USA Will be faced with when bubble burSts.
So are we going to see the difference between "Game theory" and "Real world"?
What happens when you try to defeat the Banksters (NWO) making your people more dependent on their FIAT?
Welcome to Paper Street, socialists.
I'm writing from France, where major media are NOT covering Greece at all. Economic news is focused on aeronautical salon. A short article in le Monde said that Greece had ceded yesterday to troika demands of primary surplus of 1% of GDP this year and 2% next year, but not on other things (they seem to be trying to make it sound like positive steps...) Media (and govt) seem not to know what to make of this.
Wow... and they say the American media is fucked up...
Mazel-Tov...
Alain Soral - Le CRIF s'énerve en France - YouTube
youtube.com/watch?v=21j9G1EJNks
...WOULD UNDERMINE EU CREDIBILITY
LULZ LULZ LULZ
We can fuel a recovery premised just on rising health care costs! Everyone can get rich from this, wait and see!
Deutsche Bank is the ultimate insurer :)
Let's hope it is not like Lehman and will honor its obligations
Draghi:
EU has signed a deal with the Greek Gov't. Its a secrete deal that we cannot report on because we don't yet know what the Greeks offered us. We may be able to get some detail after a market sticksave. Thats all. Thank you.
Is Greece really a big enough domino?
the domino is credit default swaps Deutsche Bank has sold against Greece default
I'm just a second year econ student (fuck me right). I normally just read and keep my mouth shut, I try and soak up as much knowledge as I can from the guys that have been around the block. I also use it as a ying to my liberal/keynesian proffesors yang to keep me balanced. I've just noticed how much attention Greece is getting and I'm looking at their GDP and debt owed etc and just wondering if Europe couldnt just eat Greece and shit it out without much of a hiccup. But what you're saying is the speculators have that much tied up in a bet that could cause the EU to die?
A+
Fuck You! No JS but if there's any spare strumpet floating around the uni-bar send them over and we'll help with tuition fees.
Contagion.
No, but Deutsche Bank and its huge derivatives pile of 20 x the German GDP is a shaky one for the Lehman process! Question is: Does the US have the balls for this game?
Answer no we dont, we via the IMF will save the day.... Tsiparis, and Greece knows this.
The only government that needs to be overturned is the EU government . I hope Greece sticks to fu.....cking the EU .
A bunch of incompetent buffoons . It can be seen by the spineless policy on migrant invasions of Europe , sanctions on Russia , knowledge of coup d'etat in Ukraine , South Stream derailment . I never voted for policies like this . EU government drop dead !
Giving in to Greece would undermine the EU's credibility.
No, giving money to dead beat Nazis in Ukraine is ruining their credibility
Wow, what a week.
Tuesday we see the Dipshit Dems fold on Obamatrade
Tsipras meets Putin midweek
Greek get their death sentence this week from the Eurotards.
Drahgi looks like the kid that got Beat-up everyday in school. Someone should Bitch-Slap this faggot on national TV.
If not Wednesday, then soon.
Draghi does nothing if Berlin has not given the order. Schaeuble has made quite clear that nothing will satisfy him any more short of removal of Syriza by whatever means necessary, and their replacement by whoever is willing to hold Frankfurt's coats as they beat Greece to death, drive her children out and set her house ablaze, after looting it of everything they can fence.
(Once the fire's out, they'll sell the lot as-is to a Saudi prince for a pleasure dome where he can drink and whore unmolested by religious police. One thing at a time, though.)
The sooner the money is cut off, the sooner the army of the Hellenic Republic will see off the pretense of democracy.
If that means seeing off the little Ossi upstart who stiffed Wolfgang out of the Chancellor's chair, so much the better.
What's no longer clear is what Mario is waiting for. Presumably he likes drawing a paycheque too.
I've seen this episode before. Don't worry, I won't spoil it for you.
I've read a lot of people saying that Tsipras is going to Uncle Vlad for a loan. But why woud Russia give Greece anything to go to the Troika when they are trying to fuck Russia on what Ukraine owes.
Putin has been pretty elastic with all this "our Western partners and friends" junk but if he bails out the EU with a loan to Greece, he's a weakling and fool. Deep down I know he's an Atlanticist. He's only doing the Eurasian thing b/c the decrepit West won't have anything to do with Russia.
Greek debt is Odious Debt.
If I were German, I would start planning my vacation to the new southern province of Germany, the former Greece.
You think Germany wants their huddled masses?
I doubt it. Few, if any, countries have suffered from "migrants", illegals, refugees, and forced integration like Germany has.
Why not? The Fourth Reich can always use more labourers arriving in Germany with nothing but a change of clothes, if that, and willing to take any work going dirt-cheap.
That's a major reason they want to absorb Little Russia, after all. Ukrainian charladies for every German woman and Russian hookers for every German man.
That's also a major reason both Greeks and "Ukrainians" educated well enough to know better are so gung-ho about the EU. They dream of living in Germany, because they think everyone in Germany is rich, and EU membership would make it easier to emigrate and get away from their parents.
It never occurs to them that with qualifications from a Greek or Ukrainian university they'll be lucky to get a job cleaning Mutti's cat box. Meanwhile mom and dad will have their pensions cut off and be evicted from the family home. Behind their backs a Saudi prince will buy the lot for a pleasure dome where he can drink and whore unmolested.
Germany could deal with huddled masses. What's killing them is "the wretched refuse of your teeming shores."
Would the Mexicans revolt if we let the Greeks come to the U.S. illegally?
We could just let the Greeks go to Mexico illegally... Maybe we could give them the Baja.
No such luck. Unlike former citizens of the GDR, Greeks can't look forward to getting seats in the Bundestag when this is over.
How can a non-sovereign state have vassal states?
Apparently not all debt is created equally. While the IMF and ECB are preparing to use the "Nuclear Option" on Greece, the FT believes that western governments (read US & EU taxpayers) have a “moral obligation” to continue financing a completely bankrupt government in Ukraine. See: Ukraine’s creditors must share the country’s pain- Private bondholders should accept a haircut in debt talks with Kiev. FT Op-Ed June 11, 2015
The Anglo-Zionist war on Russia requires Ukraines puppet regime. In Greece, it will be overthrown by the usual suspects.
Time to start playing some offense out there, eh?
Europe: a bunch of squatters squatting on the ruins of once great civilizations.
Yeah sure , trying to resurrect the Slave Trade.
That about sums it up. Only a few decades now until the Muslims take over and start blowing up all those cathedrals and other Christian land marks Europeans are so proud of.
Then it's planet of the apes - a bunch of subhumans living amongst the ruins of a lost civilization.
Is this the final final attempt, or just one more final attempt?
My view -
there cannot be a final final attempt until the EU votes on the extension (beyond August 2015) of anti-Russia sanctions.
5 years in the making
5 years in the making
Greece doesn't, can't, won't get the money to repay. Ever.
EU/ECB doesn't have bonified default swaps backing up their lunacy lending to Greece.
Bottom line: Everyone is fucked, which is why this charade would make for a great new reality show to rival the Kardashians.
If the pin got pulled, I wonder how many of ANY default swaps are really "bonified."
The fat ass... http://www.dailymail.co.uk/tvshowbiz/article-2598978/Now-thats-beach-bum-Kim-Kardashian-reveals-inflated-thong-bikini.html
And the tranny side show.. http://www.cnn.com/2015/06/01/entertainment/bruce-caitlyn-jenner-vanity-fair-feat/index.html
Really are tough acts to follow tho...
See AEP:
The radical wing of Greece's Syriza party is to table plans over coming days for an Icelandic-style default and a nationalisation of the Greek banking system, deeming it pointless to continue talks with Europe's creditor powers.
Syriza sources say measures being drafted include capital controls and the establishment of a sovereign central bank able to stand behind a new financial system. While some form of dual currency might be possible in theory, such a structure would be incompatible with euro membership and would imply a rapid return to the drachma.
http://www.telegraph.co.uk/finance/11673989/Syriza-Left-demands-Icelandi...
OH BOY!
If they go Icelandic, which bankers will go to jail?
AEP writes:
"The more the deposit flight goes on, the easier Grexit will be," said one Syriza MP. "It is a trump card," said another.
Greece won't allow pension cuts, because those gov employees served the country so well and are entitled to that money
They paid into pension schemes their entire life and the bank owners and stock brokers stole their money.
Unremarkable. It is pretty much the same over the whole world.
Haha.... "...a violent overthrow of the Greek government," and to be replaced exactly why WHAT?
Greece reminds me of a spoiled teenager who vastly overspent credit cards.
..............and now wants to keep all the goods.
How many Greeks are now retired on pension and retired in ther 50's?
How many Greeks did or really do pay taxes?
The cure to a Greek default --- will be a Greek default.
Do it already.
This is all a magick show. The currency loaned to greece, as the IMF and Goldman used absolutely horseshit figures to enable those loans, was created out of.thin air. The goal as always is to trade paper and ink for other assets, and to turn productive labor into debt serfdom.
The Greeks can and should default. Repudiate. Invite in Russian Chinese troops and ships, embrace the brics, and retrain its workforce as it closes its borders
That wall they built dividing East and West Berlin was no "magick show". It was pretty real, it cost lives and it made lives very miserable for those living on the wrong side of that wall.
You think Russia or China or anyone is lining up to shower the Greeks with fresh capital after they just walked out of several billions in loans to another guy? Even if that other guy is your worst enemy, the debtor is still a deadbeat.
That credit out of thin air has allowed the Greeks to live well and above their means. Did they take advantage of it and store wealth for their future? I doubt it. A few elite players made out like bandits and syphoned billions off the top. Even this Greek government doesn't want to touch them. The names and locations are known to the Greeks.
So, pray tell why would anyone give them money at this juncture? Derivatives? Just for shits and giggles. Will never be allowed to execute any of them. Deutsche Bank will be nationalized in a heartbeat and auditors from German and French FinMin will sort the books and sift through the rubble. Nothing will get paid out.
Worst case scenario for EU is to lose a couple hundred billion this year. It's doable.
For Greece it is inevitably all over. Either now, or at some time in the future, mathematically impossible for them to get out of their debt problem.
So the choice is bite bullet now, or later. And I reckon anybody with money in greece would have taken it out the banks long ago, not as though they didn't get lots of time to flee.
There can be no recovery with euro as their currency. This is a dog collar and leash on their economy.
They can do an Iceland, but i think they need lots of help, that is too much for a Russia, but maybe a Russia/China joint effort can help them some.
The big difference is that Iceland always had a viable economy with a positive balance of trade. Greece on the otherhand has had a negative balance of trade for decades.
The problems that Iceland had was becasue they were overly ambitious in their economic expansion plans. Greece is simply a welfare basket case.
Eh it's on a 1/2 a Trillion plus Derivatives.
They can sell a trillion USD. Declare their 8000 tons of gold in support of a Yuan floor.
Problem is most of the world is arse up.
Yeh, and the problem is that if the let Greec go there own way.....chaos and dominos, as the fear of Spain et al next in line.
The EU have already overthrown a Greek government once:
"A non-political caretaker Greek government took over on Thursday to oversee fresh national elections on June 17 (2012) that leaders in Brussels and Athens have said will amount to a referendum on the country’s membership of the euro." (FT)
http://www.ft.com/cms/s/0/e18e27e6-a012-11e1-90f3-00144feabdc0.html
They could push gold to $20,000/oz and take Greece's 100 tons?
lol
As soon as gold finds it's proper price, the U.S of A and all the people who THINK they own gold (ETF's) are fucked, biggest shit-storm the world will ever see.
If you can't hold it in your hand and say "This is mine" then you don't own it!
Shove your bitcoin up your arse...oh, wait you can't can you, it's not a real thing!
What would Iceland do?
350 billion divided by 11 million people.Do you really expect a tourism and fishing based economy to sustain itself under that level of debt?It represents the utmost level of corruption in the EU banking system through a corrupt plan that was set-up by Goldman Sachs to con EU Officials.You don't see Draghi going to jail because he and Lagarde were both part of it.When was the last time you saw a bankster jailed?The politicians put a good spin on it because they are bum buddies as debt slaves but all those F'n crooks and their relatives and cronies have all got their holiday homes on the Greek Isles.Truth is the EU and Americans are paronoid of the Greeks and then the Turks would leave NATO and go with China and Russia both on an economic and military bases.It's got very little right now to do with the money and the Greeks know that.I say the Greeks should tell the EU and the corrupt IMF to shove it up their asses.
Herdee, excellent. Succinct and on the button, I think.
Goldman is all over this.
It must be destroyed.
Nevermind the corrupt EU banking system. Let's focus on the corrupt Greek elite which has syphoned billions off the top when all these deals were made? The Greeks themselves know this and they aren't touching their own wealthy elite. Go fucking cry me a river.
Unless they want to have bigger problems with the other PIGS [Portugal, Spain, & Italy], they'll put the hammer down on Mr. Panos and his deadbeat friends ASAP. Besides bullshit, ouzo, and worry beads, what the fuck does Greece produce that's worth a shit?
www.traderzoo.mobi
This whole show is to see if the Greek people will accept feudalism. If they do then it's coming to your country also.