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Europe Folds? German Zeit Reports EU, ECB Will Extend Aid To Greece Without IMF; Merkel Denies
And fully rejected: GERMAN NEWSPAPER ZEIT REPORT ABOUT CONCESSIONS MADE TO GREECE BY CREDITORS HAS NOTHING TO DO WITH REALITY, SUCH A PROPOSAL WOULD DEFINITELY NOT FLY - EU DIPLOMATS
Precisely in the timeframe we expected:
Over/under on latest official denial: 30 minutes?
— zerohedge (@zerohedge) June 18, 2015
* * *
Believe it or not... *GREECE AID TO BE EXTENDED UNTIL YR-END W/O IMF: DIE ZEIT
The market does, for now, and it adds to today's already impressive massive short squeeze, stop run and Fed "green light" rally, and now a new all time high appears imminent.
Answer: under, 5 minutes to be exact https://t.co/TWLOTpC1L8
— zerohedge (@zerohedge) June 18, 2015
UPDATE: Rejected!!
- *MERKEL ASKED ABOUT REPORTS OF NEW OFFER TO GREECE
- *MERKEL SAYS ONLY KNOWS OF OFFER FROM GREEK CREDITORS
With Greek markets closed, GREK (the Greek ETF) is getting played...
Here is Die Zeit reports citing the now traditional anonymous sources, google translated.
In Greek debt dispute, a dramatic turn offing. The creditors of Greece want to preserve the threatened bankruptcy of the country at the last minute with an ultimate offer from bankruptcy.
According to information from TIME and TIME ONLINE is to be extended until the end of the current rescue program. In this program, ten billion euros are left, which should be actually used for the recapitalization of banks. This money will now be used to settle the Greek debt to the European Central Bank (ECB) and the International Monetary Fund (IMF) in the coming months.
The ECB participates in the financing, by will allow the Greek government to spend additional short-dated government bonds for two billion euros. These bonds would buy Greek banks and can deposit as security for fresh money from the ECB. So far, the central bank, however, had always resisted.
According to reports, both ECB Chairman Mario Draghi and the leaders of the major euro area countries are involved in the project. In return it is expected of Greece to implement agreed at a crisis meeting at the chancellery two weeks before reform requirements.
The IMF would no longer take part in the financing for the time being, because he no longer sees fulfilled the conditions for it - this is likely to come mainly in Germany with skepticism. Following the extension of a third aid program to be adopted. This would include a low- to mid-double-digit billions. The IMF will also participate to it only if the Europeans agree to a debt restructuring for Greece.
Following the official denial which should hit in a few minutes, we expect stocks to forget the retrace the gains as usual. That, or else Europe will be in a hell of a bind now that Italy and Spain line up demanding comparable if not better treatment.
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The way markets are trading the past few years we can assume all debt has been repudiated and all world crises are officially considered solved.
Looks like someone knew this would be released with the S&P up +1% before the news..
Everyone knew.
touche
nobody told me. (sniff.)
Throw those pathetic Greek dead beats out of Europe already.
Do you have any other reply than this worn out meme?
"admirable consistency"?!
Throw that pathetic Wolferl Nazi out of Zerohedge already.
Jane! Get me off this crazy thing!
When Greece owes Germany a few billion, it's Grece's problem, but when there is a trillion in derivatives riding on that few billion, it becomes Germany's problem
When the problem is too much debt the only answer is more debt. That much should be obvious by now to everyone.
The last thing the parasite wants is for the host to die...
Nothing more bullish than can kicking.
Again, some more etc....
If the Greeks go bankrupt, every European bank goes bankrupt too. Period. End of story.
It was all about saving the banking system.
Bankers saving the banks....who would have guessed?
. . . with other people's money.
"Aarrrgggh, me matey, gimme' all yer booty." I cant recall if that was a quote from a banker or Reggie Love speaking to Obola.
No deal=collapse of BIG European banking houses.
Interesting timing what with Tsipras scheduled to meet with Putin tomorrow.
What Yellen and the Deludeds are doing now is the Can-Can.
It's a rumor...sell it, buy it, whatever.
we are so scared to lose 100% of the dumb money we gave them, that we are going to give them more money so that six months from now we will be so scared to lose even more and we will give them some more and six months later we will be so scared...
"we", "them" -who are you really madbraz?
What does this mean for metals prices, short term?
kick the can
The $54 trillion in Deutsche Bank's portfolio has done the trick.
Or was it the infinite NSA spying on Merkel since at least 2002?
Compromised politicians give away money so freely.
Greece is unfucked for a week or two?
So the other headline was Game Over now it is Game On?????????
Right on cue.
The whole thing is bullshit! This crap is not sustainable so what good is this action for? Maybe buy time to figure how to screw the Greeks even more.
It's to buy time so that the bureaucrats can create more plausible deniability, steal more money and buy more real assets before it comes crashing down.
It's also to buy time for the totalitarians to get more infrastructure in place for the coming shit storm. They need more community organizers and more time to brainwash the sheep into "voting" to give them power.
Greece game theory was right. Well played Greece, well played. Achilles Heel of bankers seems to be non-compliance with all their bullshit.
In English please ..
Greece knew Europe was screwed. Now did Greece call their bluff...Hell no. Greece was going to suck dick for a peanut. Europe was in a corner and had no choice but to continue the free ride for Greeks. So to all the hard working Europeans, get to work so Greece can enjoy their beautiful sunsets on your dime.
Now rejected lol!!!!!! My post above still stands how this plays out when they approve it later on.....
It would be kind of Funny...but its not...this is our would leaders and how they think right in front of us....live feed
Did they really have a choice? Extend the power and control or watch it all evaporate.
This is the absolute definition of throwing good money after bad money. But now that we all know it's fake money.
and ....
http://www.kitco.com/charts/livesilver.html
EU says we cannot let the patient die right now .We will just reduce the medication until we can figure out what is best for us .
Tsipras et al should be put against a wall and shot if they accept.
We don't need no stinkin' denials
Higher and higher we go
what about throwing some of these reporters (and sources) into jail for spreading false rumors with criminal intent to profit. is everything allowed for these guys, what is the limit? as long as there is no blood, everything goes?
LMAO you mean the $10 BILLION EURO's created out of thin air!!! What a joke. They will need to print up a bunch more for Spain, Italy and Portugal....they are all looking good now.....long ink and paper.
Greece 50 - Troika zilch.
When will it become obvius to the world that " money from thin air" has only one purpose, enslavement to the elites.
headline should read: tomorrow is quadruple witching, so close your eyes and allow us to do whatever we need to in order to maximize our profit.
and here i thought greece was slow on the uptake
germany must be full retard to not see who would be getting fucked by haircuts. imo there will be no haircuts for the creditors, ever. merkel is a blithering idiot.
It's all kabuki theatre. The greeks knew they weren't going to pay, because they can't. The Germans know that the Greeks cannot pay but they also know their banks will collapse if the Greeks don't pay. So to save the banks the Germans will destroy the Euro and blame all sorts of unseen forces and bogeymen when the results of that money printing become evident.
Same story, differnt century.
Out: Troika
In: Doika
The Krauts agreed to this? No fucking way. Merkel is toast.
http://i2.cdn.turner.com/money/dam/assets/150127131739-greek-debt-chart-...
This is perhaps the LEAST surprising news of the year...
Indeed. You got more money to throw away, might as well and buy some time.
Fuck the IMF and the EU.
I still remember when Cisco, Nothtel and Lucent were turned into lenders of last resort for the money losing telcos in 2000, how that turned out? Exactly!
The 10 billion life line was already on the table a couple weeks ago. That's mainly the last tranche of the 2nd bailout. German parliament doesn't need to vote on this again. But there won't be a 3rd bailout and seriously, the Greeks are not going to put their money back into their banks and their economy is not going to magically recover. There are no investors and there won't be any fresh capital. The 10 billion will be used to pay off IMF and ECB loans.
If Tsirpas takes the deal he is an idiot and his people will let him know soon.
Pull my finger
Pull my finger
Does anyone really expect the EU to ever allow the debts owed by Greece to be officially recognized as unpayable??????
Never believe what your reading until it's officially denied. nein nein nein
WOuld it have been easy to make money on the VIX today? Market appears to schizophrenic.
YAWN...... 6 more months of this standing on the cliff deal.
This is hilarious and too many here simply aren't getting it. Greece has the EU, especially Germany, by the BALLS and this claim that the ECB will extend aid to Greece without the IMF, if true, simply proves it. Even if not true, the rumor came from somewhere, most likely a leaked account from a desperate back-room discussion by Greece's creditors who damn well know, but would never admit it publicly, that they have FAR more to lose from a Greek default than does bankrupt Greece and Greece is going to suffer no matter what is done.
Meanwhile, as part of the Syriza's plan for when Greece INEVITABLY defaults, Greeks have had months to gradually pull their Euros out of the banks to prevent the Cyprus route from being taken while Greece continues to run off of more loans that will NEVER be repaid, loans made to delay the huge train wreck as long as possible while making the inevitable wreck just that much worse when it does occur. Gosh, where have we seen that before?
Greece Played Germany Like a Violin; Horrified Syriza Demands 'Icelandic' Default
http://globaleconomicanalysis.blogspot.com/2015/06/greece-played-germany...
Game theory can be really useful...
Great analysis Winston.
Syriza is actually helping the Greek folks to get prepared. Without saying it publicly. They play the Germans, let the Euros roll in by truckloads and allow the good citizens of the Parthenon withdraw the candy. Some Greeks must, by now, have chairs, tables and beds made of wads of Euro cash.
Nice.
Agree completely.
Disappointed that Mish's analyses (all along the way) haven't shown up here. He's the only commentator who has consistently called this correctly, seeing as he's the only one who consistently focuses on the bottom line: What cannot be repaid, will not. Ergo, the ECB has a gun pointed to its head and Greece is the one holding the trigger.
All Schauble's MSM minions, and all their "OMG Greece is so desperate NOW!" spin cannot change that basic reality.
I have taken Tyler to task in earlier articles for believing this ridiculous spin.
Greece is certainly in big trouble; and everyone knows it. But that is not going to change. The one thing that can alleviate it (a little) is pivoting East, which they are verrrrry slowly and verrrry gradually doing, but even at that it will take a monstrous amount of hard work to get any kind of economy functioning again.
Decades of socialist central planning and fake money crowding out good work will do that to you. Isn't that right, USUK, Europe and the so-called 'west'?
But Tsipras (who all along has played this like a pro) came into this with a double mandate: 1) stop austerity and 2) stay in the euro. These goals are mutually exclusive.
Therefore, what is needed (and has been all along) is time: time to educate the public (slowly happening, but nowhere near "there" yet since too many still want to stay in the euro), and time to educate the creditors (this gives them as much time to prepare as possible, which removes a good excuse for either a coup or a bullet to the head). Even as it is, Tsipras has had to be protected by other countries, for his personal risk. Ably advised by Varoufakis, who was "sidelined" when the creditors required it just as a co-operative and compliant attitude demanded, Tsipras has done everything possible to meet creditors' demands (as full repayment per their schedule is IM-possible). He has also done everything possible to meet both goals of his dual, conflicting mandate.
This is called bargaining in good faith. Tsipras has shown the proper attitude of a debtor toward creditors: I will do everything possible, and I will not promise what is impossible, as that would be BAD faith. In this way, he and Syriza will not be able to be blamed (even though the euro crowd will) for the result, by anyone who is looking at the situation without an agenda.
Of course we all see the end of this. But it will be dragged out as long as possible, for the benefit of all involved.
For those of us who are not involved, it is difficult to be patient.
But it will be a lot easier to be patient, without all these articles constantly ringing the alarm bell for every damn meeting. Another meeting means -- guess what -- it's not the end and there's NO alarm. The only person who wants a constant state of alarm is Schauble, and his MSM minions are doing that. Tyler needs to get off that circuit, and quit relying on the MSM so much for analysis. I'd suggest reporting these meetings as yet another boring event in a very long, slow, drawn-out story with a guaranteed quick (and alarming) ending, and for each meeting encouraging people not to expect anything out of it. Certainly the only "desperation" would be on the part of the ECB, who has a lot to lose. Greece has already lost nearly everything.
When that end actually COMES, THEN report the alarm. Until that moment, all alarm bells are fake and no alarm should be anticipated, since when the end does come, it will NOT be telegraphed ahead of time. And it certainly won't happen out of yet another boring scheduled meeting. The only people who should get excited about those are Schauble's appointments secretary, who is paid to keep Schauble on time, and the MSM, who is paid to keep people confused over a very simple situation.
Hahahahaha, just as I foretold lol ;)
Greece risks of losing its misery makes a strong bargaining position. Guess who will blink first.