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ECB Admits Emergency Call On Greece ELA Planned For Friday
Having vehemently denied teh rumor that Benoit Coeure specifically said he questioned whether Greek banks will open on Monday, The ECB has, rather awkwardly, admitted that:
*ECB SAID TO HOLD UNSCHEDULED CALL ON GREECE ELA ON FRIDAY
Given the accelerating outflows and implicit bank run today's comments will create, if The ECB does not re-up the ELA, it is indeed over for Greek banks (unless Russia or China step in over the weekend) come Monday morning.
As Bloomberg reports,
The Governing Council of the European Central Bank plans to hold an unscheduled call on Friday to discuss Emergency Liquidity Assistance available for Greek lenders, according to two people familiar with the plans.
People asked not to be named as ELA decisions aren’t public
An ECB spokesman declined to comment; Greek central bank didn’t respond to calls and text messages after business hours
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Queue up the bank lines in 3 2 1
Drain the banks, exit monetary fascism, bring back the Drachma, regain self dignity. Simple as that.
Of course, the side effect of the above will be a derivatives bomb, and that's unfortunate.
And it looks like it's not Greece asking for an emergency meeting. lmao. Who blinked? lol....
Draghi you toothless wimp. The ECB is obviously in trouble.
If you say you will have a call on Friday, then clearly, it's not "unscheduled".
Whatever happened to the flight turn around over the Atlantic yesterday? Inquiring minds want to know.
UN FUCK(ed) GREECE?
EU too!
It's funny, are they asking EU to un-fuck Greece ? For those with comprehension issues, EU is the one who fucked Greece to start with ! Apart from that detail, out here in the real world un-fucking is an impossible act...
The plane landed.
Naw. Diesel boom will just declare "Y" coded Euros as worthless.
They just increased the limit another 3.5 billion
There are 10 million Greeks
350 Euros per Greek. Still not enough?
Are they taking out every last penny?
So, all in all, this means another 200 points on the DOW tomorrow?
Maybe tomorrow is the day the Dow is down 2,000 points. It's due. Goldman Sachs may have already planned it and will make a killing.
Well someone's gotta be selling for people to buy this shit at record levels.
makes u wonder how hard they will pound the phiny paper prices of Gold and especially Silver tommorow doesnt it...
u know they will just like the cclose in London today...
http://www.kitco.com/charts/livesilver.html
Like I said earlier today... It is NO coincidence that this is all happening/converging with the same w/e that Tsipras is in Russia*, and Greeks are draining their bank accounts.
* St. Petersburg International Economic Forum (SPIEF). Hope that the 1812 Overture is the theme song. BTW, if it were me, I'd blast this song from mega speakers, mounted on the sides of attack choppers, coming out of the rising sun in Novorussia. That would do wonders for the Morning Constitutional of the Ukie fighters. Alas they use artilllery and grounds troops these days, as all things that fly or sail are too vulnerable to cheap-o rockets.
The real question is does the Drachma will worth anything, especially that the Greek government will print to oblivion ?
Its a EURO run, not a Drachma run. Let them withdraw all they want, so when they bring back the Drachma and it drops like a rock, all Greeks get rich when they convert back to the Drachma.
Bank Run Friday!!
when I wake up it will already be in effect. This'll be fun.
Anyone know any street cams near ATMs?
nobody is talking about bank runs in Germany, Holland, Italy, Spain or France..
what are the other Europeans doing tomorrow?
I want my money and I want it now!
CALL J.G. WENTWORTH!, 877-CASHNOW!
Are they going to buy Tesla, Netflix or Apple, or Ukrainian bonds?
Who is Greece?! USA is Greece!! Who is Greece?? USA is Greece!!
- Obama still backs (Latina) OPM chief despite massive data breach (14 Million Personnel Records)
- Top House Republican calls on (Latina) OPM director to resign over employee data breach
- Oversight chairman: Fire leaders of hacked agency - Office of Personnel Management Director Katherine Archuleta
and CIO Donna Seymour have lost lawmakers’ confidence
Greece has no claim to being Corrupt, Stupid, Ignorant, and full of Cronyism.
Watch for the words "humanitarian and funding" be used together for the next cycle of shit.
ben the "front end loader" has gone and done it again
what racists! didn't they hear dear leader say greece situation is fixed?
maybe just me, but this seems like a lot of unecessary drama to approve a bridge to nowhere loan to pay the due on the other loans.
This is still a ponzi, right ?
What's really idiotic is what is really happening is they print fiat out of nothing to loan to Greece, which by Troika Dictate must be returned to essentially those that printed it. A circle jerk of the highest order to benefit only the oligarchs by keeping the serfs enslaved forever. Madness, pure madness.
Rainman and SDShack; You Sirs grasp the banker's dilemma better than most, and can articulate it in a single paragraph. Not many are that capable.
Don't misunderstand, the tinker wants banking as we know it, dead. It will suck for awhile, and I'm OK with that.
How many Euros are in circulation? When the Greeks drain their banks, are there enough bills and coins left in the rest of Europe?
They will put a lid on ELA right about now. This will get crazy.
If you happen to visit Athens in the next few weeks, bring cash!
Don't be ridiculous ! It's a fiat currency. You could have boatloads of fresh Euros by Monday, if TPTB so desire...
You know when x amount of people take their money out of the bank in cash, the banks go tits up. Once they started printing Weimar style and people go with wheelbarrows, the gig is up.
Yeah, I know. I'm not sure they (as in TPTB) know it though...
Ah, but what's to stop Greece from hitting the CTRL-P, Enter keys also? Hope they do it.
The real question is: Are the Central Bankers and monetary singularists that god damned stupid or are they enacting an overall plan that's simply god damned evil?
... or will this go to the brink, allow the can to be kicked again against all odds, and yet again turn this into a great big doomer cock tease?
They know what they're about. They simply don't care. They didn't get where they are today by caring about a living soul save themselves.
On the contrary, sadism is an asset in their business.
Ya' see? Niall is not an idiot. I'm not necessarily on Niall's team, but he's been serially abused here lately for speaking his own truth.
That shouldn't be.
The world's creditors have had enough. By "creditor" I am talking about countries/people that are actual net producers with respect to trade.
Remember, money creation and "credit" have not had any real collateral requirements for quite some time now.
True. But note that asset or currency confiscation/haircuts gave escalated from the personal to the national level, now that France and Belgium have frozen $50B of Russian assets (and w/o worries of dependence on Russian gas) or equivalent retaliation.
This global fiat casino is getting crazier each week.
the bear MUST be getting iiratable about now. mama don't like it when something fucks with her 50 B cubs. are france and belium just sock puppets for the ziobankster cabal? i still don't understand this poking the bear shit. what am i missing. anyone really been in close company with a bear in the wild? something ya really don't want to fuck with. supose ya can shoot and run, ha...
2 trillion euro impact. Maybe 3 trillion
Just take Greek monetary base in euros and 20 bag it.
Greece is a NATO member right?
Being a member of NATO and it is attacked NATO responds to defend it, risking lives, spending money on ordinance, etc.
But a NATO member is on its ass broke, can't pay its bills, can't pay pensions or wages and banks are being emptied and NATO cannot put together a few billion to help out? The FED prints it anyway and how much did AIG, GM, Chrysler and all the others get?
This is a set up folks.
1947 US Congress passed a bill to fight communism in Turkey and Greece and has been involved with Greece all this time.
Greece is being attacked for some reason. Ireland is playing with the Program. Greece is probably not supporting NATO, Bank Terms, Troika wishes, Technocrat Rule, and giving up it's Sovereignty.
As a Colonial State of EU, it's wealth is being extracted as a "Loser".
They only owe like $340 Billion and had a GDP of $320 in 2008. With the EU Crisis/Recession on them, if the System is so Fragile that is one thing. If it is political that is another. I guess Greece didn't send any Troops to Iraq or Afghanistan?? Doesn't support Endless war??
Greece is being attacked by blood sucking "investors" and billions of sub saharian blacks landing in its shores.
You want a BIGGER attack that that?
Oh... you're talking about that kind with generals and green uniforms and shinny black boots... oh
Yes. The telegraphing of bank closures is as close to an order to the army of the Hellenic Republic as NATO can publicly make.
"You wanna get paid again, soldiers? Give us Tsipras, dead or alive. Don't make us come get him."
Hopefully Greece is not paying its NATO bills, but still attending the meetings.
And then selling the info/intel to Russia and China. That'd be a 'hoot'.
I remember a interview with Max Keiser back in '08-'09 crisis period. He was broadcasting from a hotel in Athens at the time and all the vultures were descending on Greece to pick its carcass. He said that he had run into Steve Forbes in the lobby along with a bunch of other treasure hunters, and that Forbes had gleefully blurted out how wasn't it wonderful how all these assets were now on sale for practically nothing. In addition, this crisis was called back in 2011 by a Greek official. The plan then was to transfer private debt to the public sector where it would then be defaulted on. Same plan for all debt riddled countries in the West. Asset stripping on a planetary scale. Right out of a si fi movie.
http://failedevolution.blogspot.com/2015/04/exclusive-former-greek-gov-o...
Lying, printing and ZIRPing is all these clowns have ever known and done.
And no doubt these people are clever but lack the wisdom of the free market. In the end however wisdom prevails.
One to two percent moves in the market and the gold price in the face of such potentially deadly developments is nothing but orchestrated chicannery.
Good luck to those who think they can time their exit.
The call is to come to agreement on what color this "revolution" will be.
Liberty is a demand. Tyranny is submission..
I'm going with etrog.
When Russia controls the payments to the Troika then they hold all the cards.
Bitcoin is the answer.
Hemingway was a world class bullshitter,but when he was reporting for the Toronto Star in the 1930's,he remarked about the German hyper-inflation: "I could walk across a bridge from France to Germany and buy the entire contents of a sporting goods store for five dollars US."
The central bankers promised us they would behave in the future.They lied.This will be worse.The derivative daisy chain will unwind rapidly. We saw what happened with the Asian crisis,a bank failure thru fraud in Thailand melted down the entire orient from the cross-linked ownership.I read somewhere the Deutsch Bank is on the hook for a substantial amount in derivative exposure should this Greek default gain traction.
Someday they will have to completely ban the issuance of naked shorts for sovereign debt,but I think it will just be another case of "closing the barn door after the horse has bolted".This could finally be it.Someone will have to recap the Greek banks......
If the failure of the Hypo bank in Austria was due to crappy investments in Greece and elsewhere then we are seeing the first legitimate evidence of contagion.
The province of Carinthia is on the hook for a tidy sum.Bail-in weekend?