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Greek Stock Market May Not Open Monday, Greek Officials Warn
Despite all the talk of "containment" and "Greece doesn't matter," not only are we told by anonymous EU officials that some banks may not open Monday but now, a Greek SEC Official has warned...
- *GREEK BOURSE MAY NOT TRADE MON IF NO ELA EXTENDED: SEC OFFICIAL
Greeks just got CYNK'd (or Hanergy'd).
As a reminder, here is the exuberance in Greek stocks from last week...
and remember what we said Friday...
- Greek Stocks best week since post-Lehman dead-cat bounce (fell 37% after that)
* * *
On a side note, for those looking for market reaction, Bitcoin is up 4% since Tsipras announced the referendum as the exodus from fiat currency begins to gather pace.
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Without an ELA extension, the Borse won't be the only thing not opening on Monday ...
Thera (Santorini) eruption II coming up...
I don't think we've had a weekend with this much excitement since the Cyprus bail-in weekend.
the reason bitcoin is up is because people trust Satoshi Nakamoto moar than janet yellen or mario draghi. i find that sad and a bit amusing.
That's not saying much, Peewee Herman is more trustworthy than Yellen.......
But Janet's cock is bigger.
I wouldn't trust my kids around either of them.
"POOF"
Just fuck it. Now really is the time to get organised at a local level ready when the they try and take everything.
I've just sorted out all my loose cash and created a ledger for when I start withdrawing my main cash from the banks. I really need to convert some to physical gold.
Better late than never I suppose.
Why didn't Cyprus wake you up then ?
I'm in the UK and bank with an obscure building society with a good book so I'm not overly panicing but so far the risk of robbery has outweighed the risk of capital controls/bank defaults in the UK. I don't exactly live in the greatest part of town.
Whereabouts ?
i already lived through capital controls once in the UK, you may not be old enough
to know about, or remember them.I've still go a couple of accounts over there, just for diversification,
but never too much in any one bank.
Market won't open. Banks won't open. Economy won't open. If you're Greek just stay at home and read a book.
If you're Allianz SE and have $2 billion in Greek Bonds....well, sorry Charlie.
If you have so much as one US dollar in your pocket in the entirety of Europe all the way to Moscow and Ankara you are a rich man indeed.
Everything over there is for all intents and purposes worthless near as I can tell.
this only proves (again) that without the central bank gangsters there is no market. the market is a ruse, a flim flam, with nothing but false notional values for everything.
Brilliant strategy. Guess the canary just passed out..
Nothing says panic like closing the banks...bwahahahahahaha
Its just resting.
I don't go on mainstream news sites usually, but I had to check out a couple to see if there was much news about this looming Grexit... and there's nothing much. Articles mentioning the Greece default wayyyy down the page.
I guess it may really be going down for real this time.
MSM wants everyone focused on the gay thang. It's Idiocracy.
If they don't open then how the f am I going to BTFD??????
Just use all that silver & gold bullion you've been accumulating, Eddie!
(You *have* been saving bullion, haven't you?....)
"Now look, why don't you all sit down."
"EC vice-president Vladis Dombrovskis has also surfaced from the Eurogroup meeting:"
"#Greece remains part of the eurozone. #Eurogroup decisive to ensure the financial stability and to further strengthen the eurozone."
https://twitter.com/VDombrovskis
http://www.theguardian.com/business/live/2015/jun/27/greek-crisis-mps-re...
Let's get this show on the road!
Poor Greeks may have to go to work and produce something - no work you say - well they can build on current products. Obviously socialism has not worked and the free ride is over. The time on the beach was fun and the road-side coffee shops were a good way to spend a day but now you work or kill yourselves.
So gambling at backgammon doesn't count ?
No and gaming on i-crap won't do either
The Greek problem doesn't have much to do with "socialism" or "free rides." Yes, Greece has always had a slack, inefficient economy but that's not what caused this crisis. What caused this crisis was that the Elites in Greece wanted to join the Euro. Greek public finance has always been a sloppy mess, and no way their books would have conformed to the Maastricht treaty requirements for entry into the Euro. So the government hired Goldman Sachs to build a program of derivatives and other financial flim-flam so it would like the government's finances complied with Maastricht. When all that crap blew sky-high in 2007-2008 (Lehman, Bear, etc.) all of a sudden the derivatives that had made Greek public finance look artificially good, turned the other way, in multiples as such things will, to make Greece all of a sudden not just bankrupt but insolvent.
All the rest of this is huffing and puffing while the counterparties to all those worthless derivatives try to get the money they (for some idiotic reason) thought they would get. Barring that, since it's impossible, they want everything of value in Greece, including the future income of Greeks yet unborn, port facilities, utilities, etc.
So, sure. Greeks had very generous social benefits. They could retire very early. When they did work, they didn't have to work that hard. All that's true. It's also true that the Fascist regime of (I think) 1967-1974 had turned a blind eye to tax evasion among the wealthy and middle-class, as an unstated quid-pro-quo in return for compliance with Fascist rule. So nobody who has enough to owe taxes ever pays them, which doesn't help public finance either. None of that helps.
But the Greeks could still be slacking off, perfectly happy, using nearly-worthless Drachmae and having sloppy finances, and it wouldn't be a crisis at all. It would be the same as it's been for centuries. Until they just had to cheat to get into the Euro, and decided to trust Goldman Sach and forget how shenanigans usually turn out.
Those unoriginal Greeks, taking a page out of the US play book of 1914 and 1933.
1914 US closure of stock market August to December :
https://www.globalfinancialdata.com/gfdblog/?p=2750
http://www.zerohedge.com/news/2014-08-01/august-1914-when-global-stock-m...
1933 US Bank Holiday, March 6:
http://www.federalreservehistory.org/Events/DetailView/22
Awwww, gee whizz and after it was uppity uppity up. Some one call BarfAroma and that other bitch Aaaron Burpette
Can't risk a down day. Need time to get all the buy orders ready.