This page has been archived and commenting is disabled.
Eurozone Rejects Greek Bailout Extension: All Bailout Programs Expire On June 30, Referendum Moot
First thing this morning, when summarizing the flurry of overnight events, we focused on today's final gambit by Greece:
"... moments ago Varoufakis was quoted as saying he would ask the Eurogroup for a bailout extension of a few weeks to accommodate the referendum.
And the punchline: if the Eurogroup says "Oxi", then the entire Greek gambit, which has been a bet that to Europe the opportunity cost of a Grexit is higher than folding to Greek demands, collapses.
If the Eurogroup declines Varoufakis' request, there simply can not be a referendum, as the "institutions proposal" will no longer be on the table. As such, the only question is whether the ECB will also end the ELA at midnight on June 30, adding insult to injury, and causing the collapse of the Greek banking system days ahead of a referendum whose purpose would now be moot."
And, as expected, with the Eurozone meeting on Greece having just ended after a brief hour of deliberations, AFP reports that the answer, was indeed, no.
#BREAKING: Eurozone ministers reject Greek bailout extension: sources
— Agence France-Presse (@AFP) June 27, 2015
And then this:
- EUROGROUP PRESS CONFERENCE CALLED OFF IN BRUSSELS
- EURO-AREA FIN. MINISTERS TO CONTINUE TALKS WITHOUT GREECE: ANP
- EUROGROUP TO RECONVENE AFTER BRIEFING W/O GREECE: EU OFFICIAL
In effect, and very symbolically, Greece is already out of the Eurogroup. Worse: the referendum is now moot as the programs will expire on Tuesday night and Greece won't have anything actionable to vote on next Sunday.
What happens next: Eurogroup makes it official that the Greek proposal ends on June 30 making the referendum moot as the institutions proposal will no longer be on the table, the ECB pulls a "Cyprus" on Greek ELA, and a Greek bank system which is put on indefinite hiatus, leading to a "soft" Greek default if not outright Grexit, paving the way for even more ECB QE.
In the meantime, here is the live feed from the Euro-ex-Greece-Group where now only 18 countries are allowed to opine on the future of the costliest, and most artificial monetary experiment in history.
And here is the official Eurogroup Statement on Greece, whose most important line is the footnote:
Since the 20 February 2015 agreement of the Eurogroup on the extension of the current financial assistance arrangement, intensive negotiations have taken place between the institutions and the Greek authorities to achieve a successful conclusion of the review. Given the prolonged deadlock in negotiations and the urgency of the situation, institutions have put forward a comprehensive proposal on policy conditionality, making use of the given flexibility within the current arrangement.
Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations late on the 26 June unilaterally. The Eurogroup recalls the significant financial transfers and support provided to Greece over the last years. The Eurogroup has been open until the very last moment to further support the Greek people through a continued growth-oriented programme.
The Eurogroup takes note of the decision of the Greek government to put forward a proposal to call for a referendum, which is expected to take place on Sunday July 5, which is after the expiration of the programme period. The current financial assistance arrangement with Greece will expire on 30 June 2015, as well as all agreements related to the current Greek programme including the transfer by euro area Member States of SMP and ANFA equivalent profits.
The euro area authorities stand ready to do whatever is necessary to ensure financial stability of the euro area.
[1] Supported by all members of the Eurogroup except the Greek member.
Presenting the Euro-ex-Greece-Group
»
- 97654 reads
- Printer-friendly version
- Send to friend
- advertisements -
Thank you for reminding us that switching to Drachme2 is by far not as problematic than portrayed in the western media. To the contrary there are many advantages if the country is refusing to repay EURO denominated debt. The more affluent Greeks have their accounts already outside of the EURO zone and you will still hear the "Kalimera" in the vaults of Singapur, Hong Kong etc.. The tougher call are the economic and fiscal reforms required to put the country back on the growth path.
All of what you said is what will happen- if the New Drachma™ is just another fiat currency.
however if the New Drachma™ is backed by gold and silver the outcome will be very different. if they are smart they can set the value of a gold and silver backed New Drachma™ to where it is on par or even a little bit higher than the Euro.
MUCH less initial pain. also when the Euro begins to collapse after the Grexit and Spexit, Irexit, Italexit begin to follow Greece out the door the value of the New Drachma™ will rise dramatically as precious metals will skyrocket in value in comparison to the Euro. Greece will become one of the wealthiest countries in Europe, perhaps even *the* wealthiest. If the Greeks are smart they can turn the tables completely and in a couple years they could offer some help to their dear old friend Germany in the way of a loan...
If they set it that high all the Greeks (who have plenty of Drachme's) will come demanding gold, bankrupting them instantly (lets forget silver for a moment, bimetallism is painfully stupid).
Without convertibility there is no backing after all.
You back the Drachma with a natural resource you can produce regionally and is valued throughout the world. You back the Drachma in olive oil.
You DON'T back in it gold or silver if you want to make a clean break from the current system and status quo. You back money in a consumable good (so you have to replenish it, never stagnates) that people need and want. There is always a demand then for your 'money' marketing pricing be damned. As long as you can produce the system stays intact. If you have a plan you rotate the backing like crop rotation to keep the 'soil' fertile and self sustaining long term. This is how generate long term stable 'currency'.
You use things like gold and silver for long term stores not as backing for a 'currency'.
You ever notice how expense olive oil is. Use it as the convertibility peg. Nationalize the olive oil industry.....
It is not much different than what the Russians do now with their oil and gas companies since the ruble is backed by their gas and oil resources. Those companies are your 'banking' printing presses.
Agro Drachma if they want a floating rate will work as long as it is backed by regionally grown items that the world consumes. It becomes a contract (thus contract law applies) for a tangible item under the guise of 'money' for a resource the Greeks can produce.
That is something people will accept from Greece as form of 'money' after defaulting since it can be redeemed for something tangible instead of a promise.
But like anything else they need the muscle and guns to back up their sovereignty first. Corruption doesn't like competition. If the Greek military is weak it doesn't matter what they do afterwards.
I don't see any difference between crude or olive oil except in utility.
I can use olive oil for both energy and food can't say the same from crude. With that said the energy outputs are not the same and crude also has it's uses for manufacturing processes that olive oil doesn't.
They are both oils...... Set, subset.
TO HELL WITH THE EUROZONE!
Give the Greek people something to fight for.
A fresh start.
Just another cliffhanger episode, where in the last few seconds another can kicking deal is made.
No more " I'll pay you Tuesday for a hamburger today"
ZH has more ads and popups than any site I have ever seen...it is to the point of un-navigable ridiculous clutter....
use firefox with adblock addon
Or firefox with Ghostery ..... stops a huge number of trackers as well ... available on Android phones too
I use "NoScript" in Firefox. It disables all of the JavaScript on the site and I get no popups. If they have simple unobtrusive ads, I see them.
Free download- AdBlock Plus.
Free download- NoScript
No more problems.
Personally, I'd prefer to let ZH keep some of the ad revenue as long as the ads are unobtrusive. That's why I use NoScript alone, without AdBlocker.
EDIT: HAHA! 5 comments on this page, all with +1's only (as of right now anyway) - a rarity for me, ... except this comment, because I said I wanted ZH to make some money from their efforts ... that's a priceless commentary in itself.
Before Adblock Plus, I was not only getting the annoying popups but a trojan virus which attacks Flash--every day. Antivirus software ClamXav catches it and I informed ZH--their response: its coming from Google Adsense, nothing we can do about it.
Strongly advise readers to use antivirus software.
Anyone who uses the internet without antivirus, anti-malware is a fool.
My recommendation is Kaspersky Internet Security.
Norton and McAfee will slow your computer down tremendously, and are built on very old platforms.
And-fucking-how. I've heard all the snobby retorts, too "get adblcok man, join the 21st century" .... fuckin' aye, i squirm at a liberty-loving website forcing me into shit I don't want or need. Jesus, i see people surfing around freakin' CELEBRITY GOSSIP sites at work and there is nowhere near the popups. I can't make heads or tails of it, it's eerily out of character for this place that i love so much.
capitalism dude
I wouldn't use adblock if they hadn't gone nuts with this shit. But they did, so I do.
And of course the powers that be do not want you to visit this site and read a different version of the power's 'truth'.
So they'll frustrate you as much as possible.
I see no ads, use adblock, fourteen ads blocked on this page.
14 blocked for you, 21 for me. 28 anyone?
I show 28.
I show 21 on AdBlock and 10 with Ghostery.
RoR, I am using ghostery and killed Flash. Nothing at all except ZH remains.
Russian naval base in Crete in 3,2,1
Adblock takes care of those Naval Bases!
Poof! They're gone!
ZH has more ads and popups than any site I have ever seen...it is to the point of un-navigable ridiculous clutter....
I agree.. its getting harder and harder just to pull it up.
that's what she said!
I beg to differ. It boils down to your OS. I'm on my BlackBerry Passport without a problem. If I use my old BlackBerry PlayBook. This site is a nightmare. Use HTML 5 without flashplayer. Any news organization that wants to force you to download flash, ignore and move along. You can find those videos elsewhere.
Just advice
AdBlocker Plus. Salvation! Works great.
The US gay marriage crowd will raise the rainbow flag and storm into the Greece streets.
At least gays can marry each other in the US. But who in hell really wants to have another guy put a dick in his ass ?
Maybe not the streets, certainly the back alleys.
Weakened Greek Weekend .... bonus .... every article is about GREECE ?
Are you interested in investing in oil and gas .... take your car to the gas station .... and fill ér up !
Don't laugh too loud. Recall many Greeks were buying fancy cars with what remained of their cash, the hope being that they could drive to a normal country and sell the car there if something like this happened.
Gentlemen, start your engines.
'Who are we going to work with if there is a yes vote? Well that's another quesiton then that we have to see at this stage it is not clear...' Dijeslbloem
Well he should have said, we don't expect to working with Tsipras but someone who does our bidding.... damn it
There was never going to be a referendum. On Monday the banks will be closed. The enlisted men of the army of the Hellenic Republic will finally figure out they can only trust an anarcho-communist son of a rich thief like Tsipras or Varoufakis to be an anarcho-communist, and by July 5 Tsipras and Varoufakis have a better chance than even of being dead or in hiding, while the grown-ups finally drag the leaders of the FSA off to jail or the gallows, where they belong.
That done, the colonels can get on with the hard work of whipping Greece into good enough shape that one day it might be an asset to the Eurasian Union. They'll have their work cut out for them just ridding Christian Greece of its Muslim parasites. Wish them luck and God's blessing.
The socialists have finally run out of other people's money. May their father in hell now take them, and quickly.
Well, fuck this kind of thinking. If it was all a plan from the beginning, then I'd be the greater fool. I'm pretty damn sure none of the incompetent guy running Europe nowadays believed in the call for a referendum. All bets are off and they have no clue, only bad options, to go along. Fucked up I tell u
You seem to be enjoying your fantasy. But if the military takes over Greece will be kicked out of not just the EZ but the EU as well. Having a pretend democratic government is a precondition for being part of the EU.
Aside from the outrage it would create in the public throughout the EU, EU leaders and the individual governments of EU countries certainly do not want a precedent of a miliary takeover being allowed in any country within the EU. However much they detest the Greeks, they don't want that sort of precedent.
It would also create a huge political problem for NATO, forcing them to kick Greece out of NATO.
So the Colonels would lose on every front.
If Greece leaves the Euro, it has to leave the EU as well. So what difference does it make?
And NATO isa flexible. It is all about geopolitics, you know.
In a few months from now, when even the most deluded Greeks have come face to face with the reality of their situation, that overgrown communist student activist will be dragged before the Greek Parliament to account for his actions.
He and Yanis, along with Betty and Danae, will more likely be dragged in front of a firing squad. Trust me, there won't be any lack of volunteers for the job of putting down the kings and queens of the anarcho-communists.
I'm pretty sure it was Tyler who broke the story (outside Greece) of the referendum plan, a good half hour before anybody in the MSM. I look forward to his piping the footage from Skai TV of the execution of Alexis Tsipras and Yanis Varoufakis.
Varoufakis will probably be safely back in Texas or Sydney by then, preaching more of his ethereal vision of economic surreality to university students, and leaving his less privileged compatriots to swim in it. Tsipras will probably announce another meeting of salvation with Putin in Moscow, and if he has half a brain he will stay there.
If you are going to go all in.... why not do 3X instead?
Afer reading zero hedge, twitter, and others obessively all Friday morning, agonizing over the decision to to put all my chips on Red (no deal) or Black (deal), with the help of certain zerohedge commentors and twitter I put it all on red.
Double-short the DOW, (DXD). Unless a miracle happens I think that will be a winner on Monday?
(Why not double-short the S&P? I dunno, they all seem to move in tandem anyway...)
I think you should double long the Dow on this news..The Eurozone was just given a huge gift,11 million Greek entitlement-welfare recipients have voluntarily opted out of the gravy train (because there wasn't enough gravy)..
U.S. Stocks up Monday
U.S. Stocks down Monday
Seriously? Stocks up? If Greece defaults, France and Germany are out 160 billion euros. Spain 33 billion, Italy 48 billion...
Remember when they were talking about "contagion" the last few years? I think it's about to become reality... Italy can't even afford to fix it's own historical treasures (as noted recently in a 60 minutes report).
If Greece defaults, they technically still owe the money but the chances of the creditors getting paid become virtually nil. If they don't default, they will receive more money and use it pay the old debt, thereby replacing it with a new debt of similar value. And the chances of the creditors getting their money back remain virtually nil. The only difference is that under the second scenario the debt may get bigger. Hmm, decisions, decisions...
This is all totally bullish.
Does Greece allow gay marriage? If not, that may solve all their problems. Forward
Legalize drugs and hookers. Boom! Greece becomes the vacation destination of the world.
For thise who have seen Varoufakis speaking with Stiglitz u can tell the Greek is a smart guy. The best to them.
Greece is displaying arrogance and hubris - two traits that I always associate with the "elites" in Washington with. All deadlines are known well in advance. To schedule a 'last minute' referendum AFTER the drop dead date of June 30th only tells me Greece will use any and all games to pretend to extend. I'd cut the cord and let Greece float out to sea, fuck 'em at this point.
Greece is fucked but I think it is greece that is letting the EU sail off into their own disaster. And fuck them. The EU does have the fed and the US taxpayer to bail them out but I don't think there's much left in the tank..
The real nuclear option has not been release, ...The atomic bomb will drop when Greece adopts the Gold and Silver standard for their currency, that's when you will see all hell break lose. maybe, just maybe this could be the ace in the hole.
Until then its all a chess game with Russia and China calling the moves. Good for the Greeks, its only paper that the ECU Bank printed, that all, no value.
Math - How much gold and silver does Greece hold?
This is just the beginning. How do you get 17+ countries, all with different mandates, economies, several languages, and totally different political roads that they travel to agree on one currency for all. Just does not make any sense. And, I think that is slowly becoming evident, even to the Germans.
Next in line please!
You don't deserve a -1 for that comment. You are absolutely correct.
How do you get 17+ countries, all with different mandates, economies, several languages, and totally different political roads that they travel to agree on one currency for all.
You do it by lying to them. It still works remarkably well for 50 countries (we call them states) in the west.
You appoint a Caesar to rule all 17+ countries, that's how.
BY IWB · JUNE 27, 2015
by Jesse
During the latest week there were 54.2 tonnes of gold withdrawn from the Shanghai Gold Exchange.
Since the beginning of 2009 there have been 9,030 tonnes of gold taken out of the Shanghai Exchange into China.
That is more than 290,320,000 troy ounces of fine gold in bars.
Just for the sake of comparison, as shown in the last chart below, the total official holdings of the United States are about 261,498,926 ounces of gold.
So it does seem that since 2009 more gold has been withdrawn from the Shanghai Exchange than is in all the official holdings, vaults, forts, mints and Federal Reserve Banks of the United States.
BY IWB · JUNE 27, 2015
by Jesse
During the latest week there were 54.2 tonnes of gold withdrawn from the Shanghai Gold Exchange.
Since the beginning of 2009 there have been 9,030 tonnes of gold taken out of the Shanghai Exchange into China.
That is more than 290,320,000 troy ounces of fine gold in bars.
Just for the sake of comparison, as shown in the last chart below, the total official holdings of the United States are about 261,498,926 ounces of gold.
So it does seem that since 2009 more gold has been withdrawn from the Shanghai Exchange than is in all the official holdings, vaults, forts, mints and Federal Reserve Banks of the United States.
Either way Greece will be in a depression. But, if they return to the Drachma, when their time of trial ends, they will be a free people, a free country and just Greeks. They will again be proud. Yes, it will be very, very painful. But if they stay with the Euro and its banksters and liars, they will remain in the dungeon and be prisoners for eons.
And who knows if they will ever be free.
Yes! Independence is priceless. And the pain? I have my doubts. If you look at the current situation it is already pretty bad in Greece. If Athens defaults on all Euro denominated debt the EU financial ministers will scream like slaughtered cats but who cares? Greece is then debt free and before that it had piled up 100 billion in ELA asisstance thanks to Mr. Draghi. In order to avoid Greece leaving NATO the EU will continue to make the payments required to maintain Greece in survival mode.
If Athens defaults and Grexits, the EU will play hardball. All Greeks will no longer have travel or work privileges within the EU, and all of them outside Greece will be immediately deported back to Greece. The EU will order the accounts and assets of all Greek citizens held inside the EU to be confiscated immediately, and Greece will probably exit NATO and sell a Navy base to Russia in response. Euro Notes that were printed for the Bank of Greece will be recalled and demonetized. Greek ships will be seized anywhere they are found.
I suggest the Greeks contact Hugo Salinas Price for a solution ASAP.
Hugo would have given them the solution a year ago. Haha
We all know the end game is when Greece adopts the Gold and Silver standard, you will see gold hit 2000 dlls an oz in minutes on its way to 5000.00 dlls an oz. Maybe, just maybe this option is in the cards with the help of Russia and China..remember this post.
Psychopaths.
When you’re trying to predict how European elites will operate, assume that they are sociopaths on a good day, psychopaths on any other day. The pain and suffering of those whom they do not personally know is not real to them, and they do not care how bad life is for anyone who doesn’t make their lives, personally, better.
¡¿Es que no me has escuchado?! Humano.
so
What did you expect from the people who, in spite of Poroshenko's recent remark that Yanukovych was removed illegitimately, have armed themselves to the tits and have deployed their troops along the Russian border from the Baltic to the Black seas?
Democracy is over for Greece. Check Mate!
well it wasn't much of one with the EU was it.
More like bounced check, mate... and please, desist from implying the EU is a democracy when the truth is far different.
Fed raising rates anybody ?
Fuck off. It's all about Merikan markets and there are 36 hours left for the "miracle".
Perhaps this is another example that a "multi-cultural society" has never worked, and will never work. Germany and Greece are at opposite ends of a cultural spectrum. They cannot ever live together. The other current example is Iraq which is going to break into separate Kurd, Sunni and Shiate countries. What this says about the future of the US is unclear, but troubling.
It's all turning into shiate!
Greece is a side show compared to what is going on in the Ukraine. It's a total diversion or distraction so not to report about Ukraine. That's the real story IMO.
Anyone watch Vice News episode Cold War 2.0 ?
what is going on in UE is that porky, nudelman, and mad mccain are going to get their heads handed to them on a plate.
nudelman is in the right place. wouldn't be surprised is she catches her lunch.
nice set up. ussa is moving out of UE and someone has got to take the blame.
victoria's secret is that she is the patsy.
imo
US supports genocid in 2 places now, Gaza and Donbass.
The lying US govt still is pushing the bullshit that Russia invaded Ukraine. We have all the videos of people joyfully voting to join Russia in Crimea.
Ukraine Finance Minister Natalie Jaresko's statement to Ukrainian people (26.06.2015)
http://minfin.kmu.gov.ua/control/en/publish/article?art_id=420148&cat_id=264727
[...] The government is committed to finding a collaborative solution that will ensure a successful debt operation to reduce the unsustainable debt burden and create the conditions for economic recovery. The government recognizes that the creditors may not be prepared to agree, and may continue to block progress toward a solution. In this case the government is prepared to use its existing legal power to suspend payments to international commercial bondholders [...]
Who gets the money or who doesn't pay the bills? Greece or Ukrane? Thinking both are not going to see a dime and both will not pay back much if anything at all, unless the U.S. taxpayer flips the bill.
Translation: how to stiff Russia while paying the Western creditors
The last few minutes....Euro bailout.
The Eurocrats always buckle the last minute.
Oh the theater, and the suspense.
All of the Eurocrats like to be in the media and act tough, until they realize they can't let Greece fail. So it's bailout time very soon.
"the referendum is now moot as the programs will expire on Tuesday night and Greece won't have anything actionable to vote on next Sunday."
it may not be moot. it may be different.
a lot can happen between tuesday and sunday.
and i get the feeling that a lot will be happening.
The masters in the EU headquarters in Brussels, and the IMF controlled by America have both to face a huge problem. Greece is a fly speck compared to the other nations in position to default. We know them as PIGS. A hard line must be taken on Greece, no mercy shown, pay up or else. Why? Because the bigger nations, Spain, Italy, Ireland, and others, they are as bad off as Greece, and if Greece is given the soft touch, then others will ask for the same.
By the way, EU banks are in no position to weather a default of 350 billion Euros, or to pay off their CDSs, sold as insurance on a Greek default.
The EU has more sick men than Greece, in fact, a really sick man is hardly noticed, but may be the second on to exit the EU in a disasterous collapse. France!
During last 5 years probably many Trillions of Greek based dervatives, which are 95% owned by banks.
That is also what really set things off in 2008...derivatives, synthetic derivatives. Fiat Finance.
Default and Grexit is the plan. An example must be made of Greece. The ECB can easily paper over a 350 billion Euro loss by printing Euros, and then the rest of the EU is forced into deeper federal (or imperial) integration. They throw Greece under the bus in order to tighten the noose around the rest.
June 25 from RT news:
Ukraine could default in July - finance minister. Told ya,
http://on.rt.com/lepbh6
So is June 30th the final final final deadline? Which deadline is it? And when it comes and goes, taking bets on the new "deadline".
Greeks didn't want referendum whenthey took money to spend it, but wants referendum when they have to pay back money they took.
Regrettably, despite efforts at all levels and full support of the Eurogroup, this proposal has been rejected by the Greek authorities who broke off the programme negotiations late on the 26 June unilaterally. The Eurogroup recalls the significant financial transfers and support provided to Greece over the last years. The Eurogroup has been open until the very last moment to further support the Greek people through a continued growth-oriented programme."
Really?
Like what?
More and expensive rope, enriching the rope makers, sending Greece the bill with your goddamned thumb in their backs for emphasis.
That's some help.
Other PIIGS...you gettin all this?
You're next...
m
The euro area authorities stand ready to do whatever is necessary to ensure financial stability of the euro area."
Now there's an open-ended remark...
If the "euro area authorities" had any idea of what is necessary, they wouldn't be in this predicament in the first place.
How about good paying JOBS?
You have any idea what THOSE are?
Best thing these "authorities" can do, is advance the drop dead date on their latest noose to today, and go away.
m
All the more reason for Tsipras to order the referendum. I think it's a better path avoiding the noose for him, if he can honestly say the people of greece have spoken. A referendum makes a shit lick of difference, but then he can say it was your idea, not mine.
"... moments ago Varoufakis was quoted as saying he would ask the Eurogroup for a bailout extension of a few weeks to accommodate the referendum."
Look, Greece...
Either you're prepared to have something better, or you're not.
Stop the games, and mean what you say. This request is stoooopid.
The world will back principle, not whores.
Until the troika sees with a truly different light, tell them to go to hell...and MEAN IT.
Do you really have a choice here?
m
I was expecting an extension with the announcement of some phony ass "deal".
I hope the Greeks realize that their communications and meetings are being secretly monitored.
All this news about Greece - wha's been happening over in Hungary?
They too, got rid of some bankers, told the IMF to fuck off, all sorts of stories about Hungary, negative, began appearing.
Reading "Confessions of an Economic Hitman" on rec. of some posters here after I get through a couple of other books first. Perhaps I ought to skip ahead and get to it asap, eh?
Well I guess the only question that mow remains for Varoufakis & his pal, is when do they put "the 300" (Spartans) movie on tv ahead of the referendum, to stir up some national pride.
The 'Leaders" do not give a damn about people. In the US, Europe, anywhere in the so called first world.
It is all about economy, increasing production, decreasing cost, regulation and printing money. If Greece starves, too bad, they deserve it.
Near the end, love waxeth cold it says.
You know what?
It is fucking true.
This guy recorded the following in March of 2012, he's my favorite for 'Prognosticator of the Century' as he called the shots way back then.....ya' gotta' listen to this! https://www.youtube.com/watch?v=Zvl9N9GdraQ
some lady on yt who put all pieces together and warned what would happen in May. https://www.youtube.com/watch?v=5ZtX91ELoVw
random prognosticators someone will be correct but fun to watch.
I think she hit all the nails on their heads.
Tuesday. What is it with Tuesdays? It's almost like they plan it that way.
Enough of Greece!
Let Putin park their SU-35 there!
Perhaps Israel stops bombing Palestinians.
Two TU-160 enough to end Europe (they have 16 in readiness).
NATO mobilizes for 48 hours, the Russians for 5 hours.
There are blacks, Hispanics or gays in the Russian Army.
They are harsh words, swallowing.
Rome fell because its army was structured by mercenaries at the end of the period.
America is on the same schedule.
History repeats itself.
hehe.
Next week...Bassey, history repeats...and echoes.
https://www.youtube.com/watch?v=bE_1tCasi_Q
https://www.youtube.com/watch?v=0WAgPs9To-8
Echoes, Pink Floyd
https://www.youtube.com/watch?v=VKtgWx6e0hs
RIP - Rick Wright singing tandem with David Gilmour. Oddly - Wright liked sailing the Greek islands and lived in Greece for a while.
Rome fell because it couldn't afford to pay its army. And because its people couldn't be allowed to own weapons, because they would most likely have turned them on the nearest Senators rather than the barbarian hordes. Both facts were the result of outright law by which the Senatorial class paid NO TAXES and was statutorily supported by the middle class.
Think about it. America IS on the same road, or on an interstate that parallels the older route at higher speeds. History doesn't repeat itself; it merely rhymes.
Rhyming history has jumped the shark.
It's over and done.
History no longer rhymes. You guys did to it what radio did to "Stairway to Heaven".
Instant revulsion by constant repetition.
Gold down all last week on hopes of a Greek deal.
Now Gold will be down all next week at the dismay of no Greek deal.
Greece does have a nuclear option.
All it has to do is set a fire under the silver market (given that the gold market will be too expensive for them).
And it can do this by using whatever billions it can muster and then put in some massive offers for silver. I am sure they can find around 5 billion for the job.
If this does not send the market into a frenzy I will be amazed.
Then again, I would like to hear from wiser minds as to whether this can succeed.
I have a sneaking suspicion the EU have decided on this course of action to avoid a referendum in Greece.
If the Greek people were given the option to make a decision on their own, it may embolden other states to do the same. The narcissistic "Power Elite" probably believe they would start to loose their grip on the masses.
Max
The above analysis is stupidly legalistic. It does not matter whether the troika's latest proposals are withdrawn or not. The Greek government is essentially asking for an expression of the popular will, and can formulate that in any terms it wishes.
They are basically asking the people of Greece whether that want the country to be controlled by the EU or not. Whatever words they put in the referendum are just proxies for that simple question.
Bit of an overreach on the referendum. Last straw
Days late and dollars short?
I couldn't resist.
Looks like Greece should consult with the real Greeks...Aristotle and Plato.. and determine what to do next...
operator: I don't have a listing for 'Aristotle and Plato'
Tsipras Okay I'll take that number.
Back to the Future
Putin is sitting before a computer screen like a high frequency trader watching the numbers and characters dance around each other. He suddenly sits up straight, swivels in his chair and gives Tsipras a sign.
After engaging Siri with his cursor, Tsipras picks up a microphone and says"
RELEASE THE KRAKEN
and Brussels tumbles into The Lake of Fire
The ECB and IMF had no intention of extending the bailout to a "Hard Leftist" government in Greece. The Western European nations, together with the U.S. have done everything in their power to prevent Eeeeevile Communists from taking power in Greece for the last 50 years, just as they similarly backed rightwing juntas in Spain (remember Franco?) and Portugal, and of course Chile -- any time a Socialist government gets ELECTED, it terrifies the Bankers into calling up all their flunkies to rid them of the prospect of a developed state that is insensitive to their domination.
The Banksters were hardly going to extend any kind of assistance to a Socialist government, when they themselves were completely in direct control of that assistance and needed only refuse to provide it, to watch that Socialist state descend into hell. That the result is likely to drag their own nations under as well matters not at all. There's a Principle involved -- People must not be allowed to trump Money. Anyway, they have the "contagion" under control. It will only be allowed to bankrupt independent players and common peasants; the Rulers will continue to Rule.
Listen Tinkerbelle, little of NONE of the BAILOUT money goes to Greece-it is immeditely sent back to the Bankers as interest payments on the original 2001 loan
Dr. Paul Craig Roberts says that in a worse case scenario that the CIA would simply assassinate all the Greek Officials.He also says that the leaders of the EU are simply Washington's disgraceful puppets and Washington might just order the EU to simply bail out Greece entirely.
http://kingworldnews.com/dr-paul-craig-roberts-6-27-15/
If Greece dumped NATO and realigned with Russia, the CIA would do this. Obama wouldn't even try to hide it. He would do it openly, possibly by drone.
I can not help but wonder if someone has a massive short euro trade that would be covered on Monday ...
The referendum can still go on, but with slightly different wording. Don't bet against the Greeks coming up with any payments they need this week. Then the question will be to 'negotiate and accept more austerity' or to 'leave the EU'.
The EU and IMF are playing hardball and think they just threw a bigger trump card onto the Greek trump card - but the hand is not over just yet.
disagree
The referendum, moot or not, was essentially timed, not to be effective, but to show the scorn of the Lords of NATO not only for the people of Greece, but for common folk everywhere.
Ending the program on June 30, when everyone knew that date, was even less a trump.
I wish but, I dont believe them.
Greece makes a last minute comeback on June 30th and the can is moved down the road...they will NOT be allowed to leave the Euro-zone.
------------------------------------------
Here is a reminder for those who forgot and these things will come to pass as what this Mr. Russo states, which was fortold centuries ago by many under the authority of One.
https://www.youtube.com/watch?v=QyzW8tV-bz4 (10 minute)
Full interview for those interested: https://www.youtube.com/watch?v=JN4hTnWbSNU (1:35)
Lol @ people holding this crap.
If there isn´t time enough for a referendum they can perhaps use a public opinion poll as a substitute.
Perhaps that sounds as a joke. But if that´s the case that´s not my intention.
The Greek government can say that "since there isn´t time enough for a referendum, a poll is the only remaining option to find out what people really think".
Moreover, I doubt that the EU fears a Grexit from the EU and the Eurozone. Because if that happens there will be more money available for other existing EU members and perhaps also Ukraine. I would be surprised if Greece would leave the EU voluntarily. They need the subsidies.
That has been done; 80% want to stay in the Euro-zone while the same do not want more austerity...they can't have both.
Except for the small 300 billion Euro default.
Fuck the unelected eurozone assholes! Long Molotov cocktails and rope.
Paul Craig Roberts: "Greek Government Can Stop WWIII If They Pivot East"
Dr. Paul Craig Roberts on KWN, June 27, 2015 - AUDIO http://kingworldnews.com/dr-paul-craig-roberts-6-27-15/
Bloodstained velvet, dirty lace
Naked fear on every face
See them bow their heads to die
As we would bow as they rode by
https://www.youtube.com/watch?v=ekoxIb85rww
LOL. Heard this at my first ever big concert. And yes I'm Canadian.
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... http://bit.ly/1LCjofJ
If anyone wanted proof that the troika will do "whatever it takes" to deny democratic process in any of the eurpean states, it is the the blatant brinskmanship of the troika attempting to "game" any and all democratic processes (that involve a few egomaniacs giving up a life of privilege and control over 300m european people, any of whom would do as good if not a better job if they were given the chance, rather being treated as debt serfs).
inquiring minds might ask "how come twenty years of constant European treaty rule breaking around fiscal deficits and debt levels (first enabled by the financial engineering of the global investment banks and followed by the money printing of the bureaucratic monster that is the ECB) for no accountable benefit to anyone but an unelected, self proclaimed elite ....cannot be extended a few days to allow fo rthe proper formulation of a relevant question?"
no doubt the current referendum question can be made irrelavent, but the principle of allowing citizens of a deomcracy to decide their own fate cannot be subverted by such shenanigans and brinkmaship.
there are actually two questions that first the greeks need to be asked
"do you want to abide by the terms written into original European treaties such as Maastricht byspending 25 years or longer paying back a quarter of your income to pay for past state corruption within Greece and Europe?"
and
"would you rather abandon the euro and live according to only your own countries abilities following a short sharp 5 year period of bankruptcy and resulting isolationism with some help from china, russia, iran, india and a few other arab states?
these same two question also need to be asked of france, italy, portugal,ireland and spain - though irleland has already answered yes, and has so far stuck to the script, (though it is going to be decades before it pays of its pounds/kilos of flesh and is a storng european member that isn't at the beck and call of past agreements with the european elite).
Can you destroy the sovereignty of a nation by playing with money you printed yourself?
We need Banzai to do Schnauzer rolling out his wheelchair on the porch with a shotgun pointing at a shirtless Varofakis lying in the sun with a cocktail...
"GTF OFF MY LAWN".
I wonder if Greek issues are behind the $8.32 rise in bitcoin to $251.88 in the last 24 hours.
Ok so the EU wants to make an example of Greece (play by our rules and embrace your bailout) but also does not want to let Greece leave (EU is the only reality.)
If Greece leaves the Euro would love to see them sueing GS and previous administration for cooking the books to get Greece admitted to the EU in the first place. It really wasn't that long ago:
http://americablog.com/2012/01/what-chase-goldman-sachs-did-to-greece.html
Does default on some payments really mean Greece has the leave the Eurozone? Does no ability to pay debts mean you get kicked out of the club? I do not think so... This is the bluff from Greece. There are too many Greek waiters working all over the EU for any Greek government to consider leaving the EU.