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"Lehman Weekend" Looms For Greece As Europe Readies "Emergency" Sunday Meeting
Last week, Greek PM Alexis Tsipras submitted two three-page proposals that were ostensibly designed to close the gap with creditors. EU officials were incredulous, calling the drafts “not serious.”
Tsipras had effectively resubmitted Greece’s previous proposal (i.e. a proposal that did not include concessions on a VAT hike or pension cuts) only this time, he included a second document that outlined how Athens hoped to tap leftover bank recap funds from the EFSF and bailout money from the ESM. Greece took that same proposal to Brussels over the weekend and it didn’t fly there either, leaving Europe to wonder just how far Tsipras was willing to go with the brinksmanship.
The problem is simple and it’s been outlined in these pages extensively. The game of chicken can theoretically go on at the political level for some time. That’s because the bundled IMF payment isn’t due for another two weeks and even if it were missed, Christine Lagarde has quite a bit of discretion as it relates to sending an official failure to pay notice to the IMF board and triggering cross acceleration rights for Greece’s other creditors. In other words, a formal default is a matter of politics and it can be put off for at least 30 days past the end of this month.
What cannot be controlled at the political level is what happens on the ground in Greece. That is, the economy is bleeding jobs and businesses and the banking sector is hemorrhaging hundreds of millions of euros every day. If suppliers cut off credit to the Greek economy and deposit flight turns into a panicked bank run, the glacial pace of political logrolling will prove hopelessly inadequate to contain the situation, meaning the country could descend into chaos while both sides watch in horror from the negotiating table in Brussels. Yesterday, Germany's EU Commissioner Guenther Oettinger warned of exactly this and suggested that Europe plan for a “state of emergency” in Greece.
And plan they did. Midway through US trading on Monday the German press reported that Europe was prepared to implement capital controls over the weekend should Greece fail to table a workable proposal at a meeting of EU finance ministers in Luxembourg on Thursday. We’ve outlined what capital controls could look like in Greece on a number of occasions (most notably here and here), but for those needing a quick reference, consider the following flowchart:
Here’s Open Europe summarizing the drama:
German daily Süddeutsche Zeitung reports that Eurozone countries have agreed on a contingency plan if no deal between Greece and its lenders is struck by this weekend. According to the paper, if this week’s Eurogroup meeting failed to yield an agreement, Eurozone leaders would hold an emergency summit – potentially as early as Friday evening. The contingency plan would involve imposing capital controls on Greek banks over the weekend.
As for the Eurogroup meeting and the rumored emergency summit, Greece contends it will not be submitting a new proposal and some EU officials are skeptical about the utility of holding a summit if no progress is made in Luxembourg. FT has more:
Eurozone officials are discussing holding an emergency summit on Sunday for leaders to tackle the crisis in Greece amid mounting fears a deal to break an ongoing impasse between Athens and its bailout creditors will not be reached at a high-stakes finance ministers meeting on Thursday.
According to two senior officials, the idea of holding a summit of eurozone heads of government was mooted in meetings among representatives of Greece’s creditors on Monday, a day after last-ditch negotiations to reach a deal to release €7.2bn in much-needed bailout aid collapsed.
They said that although the idea was discussed, there is considerable resistance to convening the summit among several creditors since technocratic issues like Greek pension reforms and tax rates are not normally the province of EU presidents and prime ministers.
“If there’s nothing to discuss among finance ministers, there wouldn’t be anything to discuss among heads,” said one official from a Greek creditor institution.
Yanis Varoufakis, Greece’s finance minister, said the country has no plans to present new proposals at the finance ministers meeting, signalling the country won’t make further concessions to unlock bailout funds needed to avoid default.
He told Germany’s Bild newspaper: “The eurogroup is not the forum for presenting positions and plans which have not previously been discussed and negotiated at a lower negotiating level.”
“The next and hopefully decisive step is the eurogroup [on] Thursday,” said the spokesman, Preben Aamann. “Any further steps will be decided in light of the eurogroup outcome. There should be no illusions that an agreement becomes easier or more advantageous over time.”
Alexis Tsipras, the Greek prime minister, has publicly insisted that he will not be presenting any new compromise proposals at the Thursday meeting, and officials said the discussion at the eurogroup of finance ministers on Greece could end up being perfunctory as a result.
In addition, some officials believe Athens’ decision to send Mr Varoufakis, the combative finance minister, to the eurogroup session could preclude a deal being worked on Thursday
Recall that the last time Varoufakis attended a meeting of EU finance ministers, he ended up eating dinner alone in Riga and tweeting out FDR quotes after his antics at the negotiating table prompted EU officials to phone Tsipras and plead with the PM to sideline his FinMin or risk throwing the entire process into disarray. Varoufakis was soon demoted on the negotiating team.
All signs thus point to the imposition of capital controls, setting up a potential "Lehman Weekend 2.0" unless all sides suddenly realize what they've wrought, convene an emergency meeting among heads of state, and strike some manner of hastily construed stopgap agreement. Whether or not that's feasible remains to be seen and it appears as though Sunday may be the day of reckoning.
For now, the official line is that Europe will only restart talks if Greece "submits something new", and if the last several weeks are any indication, "something new" is not forthcoming.
Finally, Bild is reporting that Greece will seek to delay its June 30 IMF payment by six months.
Via Bloomberg, citing Bild:
The Greek government is seeking to delay a 1.55b euro payment to the IMF by six months.
Greece has found technical option to delay IMF payment due at the end of June.
And because this is Europe, the Greek government has promptly denied the above:
- GREEK GOVT OFFICIAL DENIES REPORTS SEEKING TO DELAY IMF PAYMENT
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It's all Bullshit!!! Greece will get it's loan and the can will be booted again.
You got that right , and most of us are tired of this shit show /Illusion.
Simply put the west is broke and the system is dying period and on top of all this we are over populated with useless eaters and fat people
"The Greek government is seeking to delay a 1.55b euro payment to the IMF by six months.
Greece has found technical option to delay IMF payment due at the end of June."
You know, it was only out of extreme frustation I said they'd find some weird provision or loophole to keep delaying payment. I thought it would only be 90 day, but hey, 6 months works, too.
The only "meeting" the Greek people should be having is with the Icelanders - to learn about and emulate their techniques with handling their bankster enslavers. The only debate should be over hanging or firing squad. Then let the dominos fall the same way throughout the world. Such is my fantasy.
This is the biggest Lehman weekend after Lehman.
Am I the only one still fully expecting one side to cave at the last possible moment?
“If there’s nothing to discuss among finance ministers, there wouldn’t be anything to discuss among heads”…
Unless, of course, a crisis occurs on Saturday from a surprise imposition of capital controls!
I think someone needs to throw a tantrum right about now.
Europe Is Urged to Prepare for Greek Default as Stances Harden on Debt Deal
The game is nowhere near done yet.
All FALLS happen in Spetember/October.
Romans 10:13: All ye who take the name etc....
October 13th has been a tricky date in history. it is a SAVIOUR DATE.
Big beast collapses slowly. Most greeks that could get out/buy gold etc. have probably already done so, the rest are sheltering in place as the EURO boot comes down.
Russia is still the Joker in this pack.
So, we have many more weekends of such greek speculations my brothers, and sisters few ;-)
I wrote a song, rough cut, ZERO ONE...
https://www.youtube.com/watch?v=AqO8IxnHLUs
Throw those pathetic Greek deadbeats out of Europe already.
Europe won't throw Greece out. And Gree won't leave. Same old story, same old song and dance.
Re: "Russia is stil the joker in this pack."
Yeah. Why doesn't Varoufakis invite Russian representatives to sit in on all these emergency confabs? The Russians are peddling deals, not debt. Isn't it about time for a solvent energy producer and exporter to build a pipeline and toss a royalty lifeline?
perfect for a june 22 masonic collapse start.
greece gets billions from putin to allow pipeline, eu has a fit, gives greece boot, off to brics, ect ect. https://www.youtube.com/watch?v=m3zoemPOPYs
Sounds like a game of chicken, but the Greeks aren't playing the game. I wonder if the rest of the EU will swerve. Should be interesting. Yellen may not even need to raise to get the crisis necessary to get the political cover to try some really crazy policies, banning cash, negative rates ect.
This might be why its happening. Giving the Fed cover to keep the juice going.
First they got rid of the competing banks and now the competing currencies.
The only caving will be by the Greek serfs as they head to the hills above Athens looking for shelter.
I don't think it will be that bad.
Really ? A sovereign default by a EU member state ?
This centennial dream of uniting Europe is failing ... let's hope that the body count is less than the last few attempts at unification.
I agree with you completely there.
I just don't think its going to be Road Warrior in Greece. The Greeks have dealt with way worse than this. I think it'll get bad, but then come back.
But thank Christ this stupid "We Europeans are one people" nonsense is going to die. I hope the body count is less. I think if Germany switched sides from the English to the Russians, the power scale in Europe would become so lopsided no one would want to start anything.
Greece will fold and admit that they are now a wholly owned subsidiary of Goldman.
"Greece will fold and admit that they are now a wholly owned subsidiary of Goldman."
Replace Greece and Goldman with any other country and corporations an you've just outlined our future unless we stop it. Americans think they dodged "fast tracking" the TPP. Not so much:
"According to senator Jeff Sessions, there is upcoming vote on Tuesday June 17th, for a bill called the TAA. Hidden in the TAA is a provision which would grant the president fast-track authority on any and all trade agreements for a period of six years. This would inherently include the TPP, TTIP and TISA."
EMERGENCY REPORT - 2nd TPP Sneak Attack Coming This Tuesday!No. Because for Mutti, caving to the demands of DB (however futile they may be) is alternativlos.
No, you're not. But that's the way most of us will probably feel the day somebody finally decides or is unable to kick the can. The day that it happens, most of us will see it and say "Holy Fuck! OMGWTFBBQ!"
If they start fucking with our BBQ'a, that is the final god damned straw!!!
oh, for 2008 when everything that mattered had to happen on Sunday. I wonder if the 2016 election season will be as exciting.
Except that, if Greece survives this Lehman weekend, the following weekend will be the biggest Lehman weekend after Lehman, and if Greece survives the next Lehman weekend, the following weekend will be the biggest Lehman weekend after Lehman, and if . . .
And at the end of six months do you think they will find another technical reason to kick the can? Of course they will. They can and will do this until something else forces the end of this theater. Maybe war in the Ukraine, mabe war with China, maybe a revolution in the US? Who knows but there is certainly enough danger in the world for a serious issue to occur. This is just unbelievable.
Its not their money so they don't care if it is ever repaid. They simply don't want a declared default as it will trigger derivatives and damage their credibility to those who are relying on them to hold their assets.
If the EU can protect that "position" then they will gladly submit. Greece is just not going along. They have been doing so for years and continuously find themselves in a worse position. The EU is trying to assure them that if they just sign onto one more deal everything will be fine but the Greeks don't believe them.
Confidence is drying up everywhere. Even delusions require something to sustain them and those who have driven us to the edge of this cliff just can't imagine why it is still necessary to provide illusionary support, as we should all recognize by now that delusion is no longer a choice but a necessity.
At some point when you go to kick the can, you trip over the can.
At this point it seems that all our "leaders" are walking around with tin cans stuck on the end of their Gucci's and cant figure out how the cans got there, much less how to get the cans OFF their feet.
Funny.
This time is not like the previous times, everything about it is screaming this to us. Both sides are taking very hard stances, maybe this would be seen as posturing a month ago, but not anymore. Greece has now missed two payments, and had numerous opportunities to "compromise."
But this isn't the most convincing proof.
Isn't it obvious that Greece is doing this because it has a better plan with Russia? The BRICs bank was designed for this, and will be Greece's safety net when it joins this weekend. No wonder Tspiras isn't worried, he knows he can default on all the debt, not just the recent payments, and with no consequences because this is all about the breakup of the EU.
Wakey wakey people, this is the big move where Russia and China supercede the US. The EU will break up, and nations will fall into the arms of Russia and China via the AIIB and BRICs banks. Need more proof? Just look at the well timed events.
Thursday- EU leaders decide on capital controls
Friday- Greece joins BRICs bank.
Yes, it will be a Lehman weekend, but not for average Greeks, they'll now be part of the new power axis of the world. The Lehman moment will be for any nation not part of the new axis, which would be....the US.
Just bought my vix calls
"Go East, young man."
Then buy the MTFD, FTASE down 13% this month. If a deals done it'll bounce.
Damn straight! If we've learned anything, it's that bankers always get their way. Expect DOW and SPX to be up 3% on Monday.
Greece will switch over to the BRICS. While they send their finance minister to the Eurogroup meeting, where will their Prime Minister be? In St. Petersburg, Russia: http://redefininggod.com/2015/06/information-about-the-june-18-scenario-...
Wow! Someone here gets it.
This board is so full of BTFD'ers and QE junkies they couldn't see a crisis coming if it did the maranga with a pineapple on its head.
But it's an emergency! An emergency usually means an out of control fire or a heart attack, no?
In Greece and elsewhere we are talking about unpayable debt, and they're going to talk about it.
Can you talk a fire out, or talk an artery clear?
ZH has forecast that every weekend since February will be the Greek Lehman Weekend.
No need to search for failed forecasters any longer. Perhaps it will happen this weekend. If not, ZH can re-write the forecast for the following weekend.
Tell us again about $10,000 / oz gold. Have not had that re-write for a few days.
Tell us again about $10,000 / oz gold
I've got the gold $1000 cap if you'd like to look at that.
There is a solution. It starts by Tsipras asking by Troika "Are you angry with me ? "
3 minutes and 28 seconds later you have the agreement. Simple really.
https://www.youtube.com/watch?v=a6K7OC-IKnA
LOL, that sums it up perfectly. Northern capitalists always lose their investments in Greece, but end up seduced by the sun, sea, and ... dancing. Ouzo helps cure the headache unless you take too much of it.
Sure sounds like a lot of state sponsored terrorism going unchallenged...where are the defenders of FREEDOM?
A nice fusion of Edith Bunker going through airposrt security in Total Recall.
… she looks a LOT better in B&W !!
Nice, but I was kind of hoping for a Weekend at Lehman's theme ... cuz Tsipras is a dead man walking with Putin on one side of him and Draghi on the other ...
Burn you monetary union piece of shit you, burn.
If you strike the match I'll fan the flames ;))
Allow me to summarize.
Blah blah blah. Kick the can.
Your welcome.
kick the can ? no problem >> https://www.youtube.com/watch?v=oyeES-321xc
My welcome? ;-) But I agree with you 110%
E.U., here in the U.S.S.A., as long as they can keep bleeding the little people - kick that fucking can and keep talking!
A rescue plan, a deal, an agreement, a restructuring, a stability levy - anything but get to the root of the problem (banksters).
and for Deutsche Bank whose $54 trillion in derivatives may implode.
Deutsche Bank CEOs “Shown Door” – World’s Largest Holder of Derivatives In Trouble? By Zero Hedge Global Research, June 12, 2015 http://www.globalresearch.ca/deutsche-bank-ceos-shown-door-worlds-larges...I will be disapointed if its only a mere "Lehman weekend", after watching this gong show for the last 7 or 8 years I am looking forward to something much much bigger.
Shorting all of Europe still remains the best play YTD.
I'm certain that is what all of the AIG shorts thought too.....right before the .gov came swooping in and cut their throats and created a squeeze that killed them all (many muppets died that day).
good luck with this...
If it pops, you will not be disappointed. If it doesn't pop, well,
http://www.imdb.com/video/hulu/vi98346777/
"Fuckit".
What's wrong with a good old fashioned bank run? When you know you're going to have to nationalize the banks anyway?
As AEP explained yesterday:
While Greek citizens are hiding their money in mattresses or parking it in foreign accounts, the wealth still exists and could be used to replenish new banks in the future.
"The more the deposit flight goes on, the easier Grexit will be," said one Syriza MP. "It is a trump card," said another.
Syriza has a strong ideological motive to strike at the financial elites. They view the banks as the nerve centre of an entrenched oligarchy that has run the country for more than half a century as a family business. Forcing these institutions into bankruptcy provides cover for a socio-political purge, best understood as a revolution.
http://www.telegraph.co.uk/finance/11673989/Syriza-Left-demands-Icelandic-default-as-Greek-defiance-stiffens.html
Maybe it really is happening this time, and people here are so disillusioned by the game that even we won't believe it when it happens.
What is even better is that the Greek banks are now working with ECB deposit money from the ELA fund representing 2/3 of funding. Put the Cyprus Bail-in plan to work on the ECB "oligarchs" rather than Russian ones. Pretty sweet deal to get the free Euros.
I'm surprised that there is still enough money left in a bank, anywhere in Greece, that could start a run. That might be their ploy to stop the panicky sceens of masses at the ATM; dither for long enough to give savers enough time to get the message that there really is a problem, so as to let them all take their meagre savings out befor the deadline, and voila, no bank run possible if there's no dough..
According to the media.
Does anyone actually show up for these things?
Good gahrief, different chapter but still the same old boring book. The only difference with all of these tidbits is perhaps the meeting place and nothing else. My popcorn has long become stale, yet I still come here and read these stories.......wtf.
It isn't the debt that is the problem, it's the bets.
Derivatives should have been outlawed a long time ago. The gamblers are shaking in their boots as they used the people's money to play and big losses are on the horizon.
It is a world wide problem the banks and corporations created. Warren Buffet the hypocrite called them the financial weapons of mass destruction and he is on board playing the game.
I hope Berkshire goes under.
Most interesting question is: which insurance companies are holding Deutsche's and other bank's credit default swaps issued to cover potential losses on Greek bonds?
Wonder if AIG, Fannie, Freddy, and Sally Mae are all tied into the same 2008 debacle again. Coffers have run dry. Let's pass TAA and TPP in a jippy. No one one will suspect cash flow problems. We'll spread the debt into new shell company balance sheets.
;)
It doesn't matter who is holding the CDS. What matters is who will have to pay them off when they default. And that would be us.
Every time I see the word Greece or Greek all I can think of is balloon knot.
Oh no, not another emergency meeting! I'm so scared.
In what way can the Greek economoy recover if they play the game and implement further austerity?
Zero. In fact the Greek economy will not just shrink further, it will crash further. Domestic spending will grind to a halt, many more small and medium enterprises bankrupt, assets devalue.
Greece knows the next step will totally neuter Greece, that it is the manacles on the hands legs step.
So why would you even bother to listen to them. The alternative brings the same result, but without the long term manacles.
Maybe they should let gold skyrocket to la loon, then exchange Greece's gold for the debt.
I don't give a fuck what happens, it's total bullshit anyways.
Time to buy as more negative headlines hit the MSM. This shit will get kicked, otherwise it'll be far, far worse than Lehman.
I see three meetings..Thursday...Friday and Sunday...I hope they are all at different locals with different menus...could be a nice weekend at Bernies..I-ll toast to that...and the Greeks better call Bono to set up that save the children concert as they are going to need it soon....Feed the kids damit
How many more "Lehman Weekends" can we endure?
Off the top of my head approximately 354 so far......, so I would say a lot.
Allianz Increased Holdings of Greek Debt as Its Largest Investor (BBG)
There is always someone...but I bet they get bailed out of this trade
Douchebag Bank aka see below link.
Grexit
Vote on which chicken crosses the road first.
http://www.german-way.com/travel-and-tourism/banks-money/top-german-banks/
Brinkmanship has no limits. This is a Greek Drama.
One side or the other will roll over.
Greece is a side show, it is a soap opera scripted to convince people that it matters.
Why the theater?
We all know the Eurocrats will infitely bail out Greece. They cannot allow Greece to exit.
Why the theater?
To distract you from the failed underlying structural problems at Douchebunk because of their Derivative Bets.
Y'all had best get the clue.
Full disclosure. I have no investments in the Stock Markets or Bond Markets...absolutely NONE.
I REFUSE to participate in any FRAUDULENT MARKETS...especially Paper Markets...other than a modest amount of US Federal Reserve Notes..
Principles over Profits.
I strongly suggest that you cash out of all Derivatives Markets, kick back, sit on the sidelines, and enjoy the show.
Limit your participation as Fraudulent Paper Gains lead to Paper losses.
Douchebunk, and the ENTIRE BUNKING SYSTEM is built upon corruption and FRAUD.
Opt out. Refuse to participate.
My modest amount of US
Federal Reserve Notes is becoming
more and more modest…
A look forward to reading the words: Worst since Greece.
Soverign Debt Bust 2015.75
Let it go, let it go...
I could not help but notice that Yanis Varoufakis is not on the news anymore. Instead the prime minister seems to be enjoying the spotlight. I wonder if the underlying reason is because the Greek crisis shifted 100% to politics from economics : ) )
Its has never been about economics. Economics are simple and easy this is about what politicans will take the hit for the deal.
Without a deal all debter countries will leave the euro.
This is 65 years in the making they all new and were told that in order for europe to have a single currency they would have to share the liablility of a single currency. Now Germany is acting like this was not agreed to.
The Germans benifited from a weak currency remove that and its Japan for Germans.
with all of the can kicking opinionating i'm reading here..the rhetoric has a different edge this time. the panic from herr merkels corner is palpable. she is distancing herself from the coming bloodbath...positioning herself to be a "third party" instead of a co-ringmaster.
now with Tsiras truthing about the criminal IMF , he sounds like John Perkins...
Dooitsche Bank is rocking..look out belooooow.
Yes, it is different this time, but Merkel isn't worried at all. They're all part of this drama and they all know where it's going, just like every major event.
We're about to find out why China and Russia created the BRICs bank and AIIB.
We're about to find out why China and Russia built their own global payment systems to replace SWIFT.
This is total debt nullification on a global scale and a shift from a world dominated by the US to a world dominated by Russia and China. Anyone notice that the only major nation not invited to the AIIB is the US? Think that's some irrelevant side note? Take a look at the list of members and ask yourself if that list seems irrelevant.
We are witnessing the main event and this will not end with another last minute deal. Do you really think the IMF and ECB would let it get this far for the sake of a few billion Euros? Presuming they don't want the EU to break up would make you think this has to end well, but that's where you err. All partied know this is about the break up of the EU and are on board.
This thing has been dead for years and they know it. Time to make the announcement.
MSM, we never saw it coming. I hope TPP passes, we can then outsource new media sockpuppets. Apparently media revenues are struggling to turn a advertising profit. Color me shocked.
/LOL
"Lehman weekend looms for EU bankers/financiers" - fixed. fuck em.
The Squid became a bank during a weekend.
All the crap tends to be on weekends to smooth out the swinds.
I've placed a few thousand $ on Greece and that they will stick to it's case regardless of what ECB, IMF or Germany demends. In other words, I've geared my position on DAX getting rammed, properly! I like those quotes put up by newspapers to calm the markets:
"The Greek government is seeking to delay a 1.55b euro payment to the IMF by six months. Greece has found technical option to delay IMF payment due at the end of June."
the reply:
"GREEK GOVT OFFICIAL DENIES REPORTS SEEKING TO DELAY IMF PAYMENT"
What a joke! lmao
Let the greatest domino in human history start! :)
Greece needs to join up with Ukraine. Despite the fact that Kiev is completely bankrupt, the IMF is going ahead with more loans to Ukraine, no doubt subsidized by US/EU taxpayers. Does anyone believe that these “loans” will ever be paid back? The FT has suddenly found debt “morality”; 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
I'm going to Athens stat to open up a Mason Jar stand... should be an oligarch in a day or two!
The programs of the international bankers in New York and London and Germany that pull the strings for the EU puppets – Legarde, Merkel and Obama -- are crashing into each other. It sounds like this is the moment for Greece. When it gets to military officials of the United States saying a first-strike against Russia is on the table, then they don’t have any cards left.
And that means the system is close to collapse, IMO. They couldn’t get Putin to back down with a forced coup in Ukraine, they couldn’t get him to back down by moving all of NATO’s greatest strength and all of IMF’s threats into Ukraine, they couldn’t get him to back down when they put on sanctions and kept increasing the sanctions, and so now they’re hoping he’ll back down when they threaten him with a first strike.
You would think by now they would have learned who the man is.
"A first strike against Russia" so funnnnnnny.
Did the USSA ever fight one war against a real army....I mean EVER? There are a lot of things on the table as you put it and even more on the floor....but gee get real about USSA and all its lost wars against rag tag peasant armies.
Agreed Firewood....
But we're talking insanity at the highest levels here. Even the u.s military cannot be trusted to use good judgement.
Yes, they did in WWII and in Korea. They fought the Japanese, German and Chinese armies.
GREECE has already left the building. Get USed to it....there will be more black swans than USSA can shake a stick at before turkey time comes this fall.
There is nothing that cannot be remedied with QE4, QE5....
Holy crap! You still on about that?
Stop assuming the psycopaths want to maintain the current system, they don't. They have a new one waiting to be born and thus are crashing this one.
Time to get with the program.
Speaking of Turkey, anyone know who's in charge there?
I wonder if what's been going on here is the ECB has been slow-walking the Grexit until the global economy was suitably destabilized. Now that the global economomy is obviosuly in another major downturn the ECB can pull the plug on Greece under cover of "recession".
Nah, who I am kidding, these ECB folks are all honest, straight-shootin menschs !
Jesse's Café Américain welcomes its viewers with the following “welcome” and warning:
Need Little - Want Less - Love More
The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.
"There is a vision to remake the world's economy according to the neo-liberal agenda, and to rule it with an 'iron rod' wielded by the US. It would be under the control, described as benevolent guidance, of an oligarchy of the self-proclaimed wisest and most powerful of the multinational elite. The key goal now is to subdue any effective competition, and to gain the full cooperation of the other major powers. They are testing their model of a confederation of nations under central control in Europe." (emphases mine)
Welcome to Jesse's Café Américain
http://jessescrossroadscafe.blogspot.com/
Weekend at Dechert LLP
4th Annual Investors' Conference on CLOs and Leveraged Loans
Drawing on decades of experience in advising large, regional, foreign and community financial services companies, their holding companies and investors, Dechert’s financial institutions lawyers excel in resolving complex transactional, regulatory, litigation and enforcement challenges that confront our clients.
Weekend At Bernies trailer
What the stories don't explore is the question, if all the continents were on one side, what was on the other? The other side has been described as a tremendous gap, matching the Sumerian story of how the Earth came about. The Sumerians said Earth was really half a planet called Tiamat, which broke up in a collision with Nibiru, [or Planet X].
.
Planet X moment, Lehman is so 1990s bankrupt turn of the century. not that it matters.
.
JEB 2016
You must of been banned from http://www.godlikeproductions.com/. http://www.abovetopsecret.com/, and Alex Jones -- Infowhore website. You poor soul. Where can you go to publish rubbish?
Goodbye nah....
I thought that was last weekend.
zzzzz
EU is bread and circus. The IMF has been working with the Popey as a flagship endowment to preach Global Warming. Unfortunately, this wanker of a Pope hasn’t read…
http://definitions.uslegal.com/s/separation-of-church-and-state/
Yes, the Separation of Church and State. This Pope assclown needs to hit the confession box and ring out three Hail Marys. Stay the FUCK out of Politics Pope. You’re not a vision to sell propaganda. You are to teach Christianity, and the Catholic Church values. Got It?
By the first Hail Mary, you will ask me in virtue of the supreme power which God the Father has given me to strengthen you in all your combats and to defend you against the power of the malignant enemy
By the second Hail Mary, you will beseech me, through the admirable wisdom which I have received from my Son, to let the truth shine upon your soul and to banish from it the darkness of ignorance and error.
Launch of IMF Study on Managing Water Challenges and Policy Instruments.
Time to kIck the Jews out of the temple, again.
Cool, ticked off one already
With headlines like that how exactly does gold go down if there is no manipulation?
Faith in gold is overblown. It's not much better than fiat.
The price of gold is determined by desire, not need.
I just hope the Greeks show some intestinal fortitude and tell the IMF and MERKEL to go shove it up their arses.
Probably at least get a better deal with Vlad.
Somebody somewhere must have a multi-trillion derivative bet they're going to default.
So somebody going to win a few Trillion and somebody's going to lose a few Trillion, unless they made a mulit-trillion dollar hedge they would default with somebody else and so on and so on to infinity and beyond
My guess is that they all are waiting for Obama to come in and save the day....like he did with Ukraine......
As soon as he is done with his golf game....
Since we are clearly through the looking glass anyway, I have a modest proposal: Greek can borrow the money to pay back the inknpaper with inknpaper from ukraine, which will get as much inknpaper as it needs to ethnically cleanse the east from Uncle Sugar, who will add it to the American middle class' tab.
What color will the "revolution" in Greece be?
Liberty is a demand. Tyranny is submission..
Zion's Sherman-Williams color wheel of revolution.
Day of reckoning 9.0
Parliament looks at DRACHMA. http://rt.com/business/267367-greece-plan-national-currency/
It's happening.
The initiative was put forward by 30 MPs from Syriza’s Left Platform, but some members of other factions, and even some MPs from the right-wing Independent Greeks party, which is also represented in the government, have also supported the idea.
“This goes well beyond the Left Platform. We are talking serious numbers,” said one Syriza MP involved in the draft.
“We are all horrified by the idea of surrender, and we will not allow ourselves to be throttled to death by European monetary union,” he told the Telegraph.
In a way Greece is just like Lehman. Lehman could have been saved, just like the other banks ... and probably for a lot less than Goldman Sachs or JP Morgan. However, the Fed needed to show some blood for the masses and Dick Fuld was expendable in the eyes of the club.
So it goes with the Euro-banker-club. Greece could easily be bailed out if the Nazis were not so set on showing that they are the dominant power in the EU. Schaeubel must have his blood and Greece must suffer needlessly.
Once Greece is out of the EU, I am sure that the Nazis will do their best to make an example of Greece so that they can induce fear in the minds of the other EU participants.
"can induce fear in the minds of the other EU participants."
...don't think it's going to work for to long though
I got one word -- just one word: Iceland.
http://www.goldreporter.de/degussa-goldverkaeufe-um-bis-zu-50-prozent-ge...
let me know when somethig happens
Oh, come on. it's just Israel managing its near-backyard. They are doing a great job, with every turn of the wheel things get more hellish outside the villa. Is it the plan, or is it hubris run amok? I vote the latter. You can't really screw it up this badly unless you believe you are always the smartest in the room. if the Greeks throw a spanner into it, walk away from the EU and turn to Russia then things get very interesting in the gas fields of the Eastern Med. Read the Bible as history...when it comes to war between empires in the Eastern Med, Israel always loses. There have been three exiles already in 3000 years. Every wealthy family there already has its EU or its US passports ready.
lehman weekend for the GR's or for the bankers?
people survive.
parasites, spelled rothschild, die
go for it GR
there are players in the wings.
including IT, ES, PT, IE
RU and CN just came in.
DE is on the verge of losing, maybe not the war, but a significant battle.
Too many fronts mutti merkel. still haven't learned have we.
Putin, DB, Contagion, Billions in losses . . all reasons to expect a helping of fudge this weekend.
Yeah, another "austerity" meeting in a 5 star whatever.
Guess the hypocrisy.
so what if greece says,we joined we are staying. it a joint dinner everyones got to pay extra to make up for the shortfall.by the way i want another helping.
How can Germany / ECB impose capital controls in Greece? Is this really possible and legal? Isn't it up to Greece to do so? In other words, if Germany imposes controls, is it tantamount to them controlling the money left in Greek banks? Is Germany going to prohibit Greece from nationalizing its banks? This is the real question -- who will control the national banks -- if not Greece, then it's really screwed.
It will blow up in Germany's/ECB's face because Europe: That's What They're Best At.
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....
Screwed joint and several.....Monetize all debt, coming to a country near you! Omnes viae Romam ducunt! Relax and enjoy the show...Mutti Merkel may yet wet her panties before this is over.....