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ECB Says "Greek Bank Holiday Now Necessary"
Earlier this morning we noted that the ECB has now frozen the ELA cap for Greek banks in the wake of PM Alexis Tsipras' move to call for a euro referendum and the Greek parliament's vote to allow the poll to go ahead.
With €1 billion or more having already been withdrawn this weekend, the Greek banking sector faces an acute liquidity crisis and without access to more ELA, the game is over and capital controls are likely a foregone conclusion despite Varoufakis' contention that such an outcome is "a contradition of terms" in a monetary union.
The ECB knew this of course when the board of governors decided against raising the cap and indeed, the central bank has now confirmed that without further access to emergency liquidity, Greek banks likely cannot operate going forward and a bank "holiday" may now be necessary.
Via Bloomberg:
- ECB SAID TO SEE EXISTING GREEK ELA INADEQUATE FOR BANKS' NEEDS
- ECB SAID TO VIEW BANK HOLIDAY FOR GREECE AS NECESSARY
Or, summarized:
It's begun @zerohedge #Grexit pic.twitter.com/iAEo4poK9H
— Nectar Axais (@NectarAxais) June 28, 2015
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Bank Holiday.
What an incredibly polite way of saying,
U B FUCKED.
How many times do you take yourself to the brink of complete collapse? http://www.philiacband.com/propaganda.html
The ISDA will declare a Greek debt default when:
Hell freezes over
The black hole at the center of the Milky Way consumes our solar system.
Gabriel and his legions descend from above and arrest Barak and Hillary for treason.
The Chicago Cubs win the World Series.
It must be all of the above for them to do that.
https://www.youtube.com/watch?v=QYSYAHDKtvM
A global permanent bank holiday would be a great thing.
someone should hang a sign "OmegaBank"
Game over!
Never let a good crisis go to waste after all, so I wonder what they have planned to have allowed this debacle.
"The security at my bank is so good that even I can't get my money out of it?"
Fractional Reserve Banking: The greatest fraud ever perpetrated upon humans
It's probably just a coincidence that in two weeks they roll out the new computerized system to direct the military in finding and neutralizing dissidents and other 'outliers' in the terrain map of the human domain. I always figured the NSA collecting all that data was overkill since they would need quantum computers to process it. Oops.
China's margin calls will make this Greece fire seem small, I like the fact that China does not recognize derivatives from the west.
Burn it ALL !
Maybe this time people will finally figure out that the .0001% doesn't have to keep the system up. No, they're burning it to the ground so they can consolidate more power into the hands of fewer.
Creative destruction.
This is lost on BTFD'ers though, who think the .0001%'s are "trapped" and "have to keep QE going."
How wrong you are, and this week you'll learn this hard lesson
You are vastly overestimating the intelligence of the BTFDers. This week as bad as it will be only will only start the awakening. Their accounts will be at zero before their eyes are fully open. Don't you love the smell of panic in the morning? Actually not, it's reminiscent of soiled underwear.
Really? .. "China does not recognize derivatives from the west". Please tell me me/us more.
I think my respect for Chinese wisdom just ratcheted up a few notches.
Links? … Thanks in advance.
~ DC
check zh archives from 2010.
Someone needs to give Draghi a "Life Holiday" and put a bullet in his head.
Now that is funny.
Sho' you right, baby. Nice hits
Cubs are pretty good this year
Greek TO DO list for Monday morning:
1. Get a rope.
2.
Greek TO DO list for Monday morning
SLEEP IN
It's one of the best places to get fucked anyway, in bed that is.....
That refusal is still a couple of months away after the various grace periods.
September again.Its going to shake the faith out of the system that has Govt. bonds at its core..
Who will buy any Govt. bond without CDS protection thats real ?
There goes the Faith and the Credit.
Hell will freeze over before the Cubbies win the series.
Bank Holidays are bullish in the new weirdo world. +20 ES
Maybe the Greeks should invite all of the banksters that help them cook the books in order to get into the Euro back for a ceremonial Greek Island Tour? I wonder if they'd be any takers?
Last words on the boat: What are all of those cement bags and buckets for?
Why waste cement, they need it to rebuild the country, let the banksters swim from island to island and give them the extended tour......
i feel sorry for the fish, normally i would not give them this crappy feed
Well Greeks, grab your guns and head for Turkey. I bet Turkey has some assets that could be confiscated and used as collateral. I do admire the decision to put the fate of the nation in the people's hands. That was bound to piss off the global .gov cadre.
I'm not so sure picking a fight with the Turks would be a good idea? They're a big wildcard over there, and I don't think they've weighed in yet on 'merikan heavy weapons deployment.
2 peas differnt pod. nice symbol of freedom from da past, ha...
the turkey/greece/russia pipeline may play a role here.
(hauled down the jolly roger for a while, stars and bars are everywhere on the cumberland plateau, big one painted over the entrance to my barn for example)
their is hope for change, forever in free people, we are forever bonded in thought, never to be changed. period.
I salute your flag! Fly it high and proud! When the shit hits the fan men will rally to the Stars & Bars!
Greeks are many things, but they are infidels through and through.
"ECB keeps Greek Emergency Bank Aid Unchanged."
QED, business as usual.
Below what the ECB actually says:
28 June 2015 - ELA to Greek banks maintained at its current level
ECB takes note of decision on Greek referendum and the non-prolongation of the EU adjustment programme
ECB will work closely with Bank of Greece to maintain financial stability
Emergency liquidity assistance maintained at Friday’s (26 June 2015) level
Governing Council stands ready to review decision
Governing Council closely monitoring situation and potential implications for monetary policy stance
The Governing Council of the European Central Bank today welcomed the commitment by ministers from euro area Member States to take all necessary measures to further improve the resilience of euro area economies and to stand ready to take decisive steps to strengthen Economic and Monetary Union.
Following the decision by the Greek authorities to hold a referendum and the non-prolongation of the EU adjustment programme for Greece, the Governing Council declared it will work closely with the Bank of Greece to maintain financial stability.
Given the current circumstances, the Governing Council decided to maintain the ceiling to the provision of emergency liquidity assistance (ELA) to Greek banks at the level decided on Friday (26 June 2015).
The Governing Council stands ready to reconsider its decision.
Mario Draghi, ECB President, said: “We continue to work closely with the Bank of Greece and we strongly endorse the commitment of Member States in pledging to take action to address the fragilities of euro area economies.”
Yannis Stournaras, Governor of the Bank of Greece, said: “The Bank of Greece, as a member of the Eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances.”
The Governing Council is closely monitoring the situation in financial markets and the potential implications for the monetary policy stance and for the balance of risks to price stability in the euro area. The Governing Council is determined to use all the instruments available within its mandate.
http://www.skai.gr/news/finance/article/284484/paratasi-48-oron-ston-ela-horis-auxisi-tou-oriou-reustotitas/#ixzz3eMad1U1m
Hey, can the Governing Council come over and help me with my constipation?
Yeah, all of them are matheticians. One of 'em could just come over to your place and work it out with a pencil.
Alpha Bank just ran out of Alpha.
The bank creditors get paid first. Another daylight robbery in progress.
Just bring in a few plane loads of Yuan and open as normal. Either that or print Euros anyway within Greece.
Do like our own .gov. When the going gets tough, ignore the law. New Drachmas all around!
Clowns had 5 years to implement some basic reforms and squandered every minute of it by playing a game of chicken; "if we fail you fail", nice attempt at psychology.
Greece is not Iceland. Who in the world would want sun drenched beaches when you could view volcanoes, bathe in hot springs and visit banksters in prison.
One of my grandparents was greek, making me 1/4 greek, I guess. I have never been to Greece, and don't have much interest. I have been planning a trip to Reykjavík for a long time now though.
They're both major volcanic hotspots too.
Yahoo headline: "Debt negotiators stunned".
LOL...yeah, sure they are.
The banksters are having a hissy fit cos they didn't get what they want .... money from pensioners, poor and the sick, now they are terrorising the people even more.
Humans are like the bacteria in your digestive tract.
have a terrible diet, the balance gets upset, and bad bacteria outnumber the good. Your average person is indicative to the health of a society.
Feed a person bad, terrible ideas, and they manifest as bad, terrible people. Our minds are not unlike sponges. What you decide to put in there strongly affects the type of man that develops.
Future anthropologists will look back at contemporary society and see us as primitive as we view tribal societies we study these days.
Interesting analogy, and I'm not one of your downvoters. The problem I see, and have seen for decades, is that dangerous sociopaths get into positions of power. I believe that there is far more nature than nurture in sociopathology. It's a question of not having your brain wired for empathy.
Sociopath: a person with a personality disorder manifesting itself in extreme antisocial attitudes and behavior and a lack of conscience.
they should rename it OMEGA bank
https://en.wikipedia.org/wiki/Alpha_and_Omega
haha, right you are, my fellow Commodore lover :)
or Delta :)
https://www.youtube.com/watch?v=02YBWKxDXPI
Commodore 64...my first computer and I had a 300 baud modem which operated at the speed of slug.
I still have 3 , no updates needed after 30 years and still working :)
I will set up bbs after the crash :) Radio Apocalypse :)
They just dont build things like they used to.
How nice, offering the banks a holiday!
this ECB is not so bad after all!!
haha
Just for the file; may I point out that ZH has ALWAYS advocated that GREXIT would never be ALLOWED to happen by TPTB; the TROIKA.
Well, ZH, we now seem to be heading towards a Euro zone tug of war that could bring down the house of cards or show the world, as Ghordius would have us believe, that the current Confederate structure is the best solution for the Euro and ...good riddance Greece!
Lets see how this plays out!
Where is good ole Ghordo these days anyway?
Waiting to see which way the wind blows.
not so much
"advocated".
- predicted is more accurate.
If GREXIT is thought the include a pivot to Russia and a Russian pipeline,
it is difficult to believe the US/NATO/EU will peacefully allow that to happen.
But if GREXIT can be "Nulanded" into an insolvent, war-torn country ruled by a a gang of militarist thugs ...
I prefer "advocated" as there was a whole bunch of reasoning that pointed to the fact that Greece was the butterfly!
So prediction is Cassandra but advocation has no tits...it has spunk from fight club written all over it!
So???? It hasn't happened, has it?
During this week banks may be closed for a few days, but then there will be an agreement.
We need a video with Draghi driving the Station Wagon and Christie Brinkley driving the red sports car.
"I found out, long ago. It's a long way down the (bank) Holiday Road."
- Lindsay Buckingham, Holiday Road (Theme Song to National Lampoon's Vacation)
You need Madonna to go over there and sing a song, that should get them to come around.
Maybe Obama could accompany her, and sing Amazing Grace
What day of the month are Greek pension payments made?
Is this the same day Greek government employees get paid?
Direct deposit is a bitch --
Sounds deflationary.
Greeks should string up all the bankers now before they escape, but they undoubtedly already have escaped.
So I guess the lesson for other countries is: get the bankers early.
We should have learned that lesson from Iceland already, but here we still are.
Prepare for several days of vigorous butt sex between Tresparis and Draghi.....eeeewwwweeeee.....
With the Greeks than accepting any and all conditions to turn the ELA taps back on.
"Whatever it takes ... will be enough." Mario Draghi 2012!
Time to put up, Mario!
Combination terrorist attack AND bank holiday. You are someone in Southern Europe, bombs start going off and you can't get your money out of an ATM to catch a plane....coming soon, the synergistic effects of global Zionism. Hopefully you can still catch a boat to Majorca to see Lady Gaga before it all ends...
"We've collapsed our own financial system so the thing to do is deny you access to your money inside it!"
Just when you finally think that the paint has dried and you triumphantly stand up and hit the loo for a long awaited s***-break, when you get back, in a miraculous way, the paint is all wet and new. As if someone repainted the whole thing all over!
It's like Tweek trying to prove that gnomes are stealing his underpants! Sure enough, his underpants are disappearing by loads yet noone seem to believe poor Tweek. In the end they do.
https://vimeo.com/79954057
Betfair Betting Exchange: Implied Probability NO GREXIT in 2015;
Friday 26 June = 88% No Grexit.
Sunday 28 June = 60% No Grexit
In big markets, Betfair is often a very reliable guide. The Grexit market is thin, and as such, probably not especially reliable.
smoke and mirrors. we are all screwed. front or back, it's all the same.
http://www.crossroad.to/articles2/05/dialectic.htm
http://www.crossroad.to/Quotes/reinventing-government/third_way.htm
this is all so 20th century. only a real lowlife scumbag doesn't insure bank deposits.
Change the accounting rules.
There, fixed the problem.
The sign is in english...photo shop?
A banksters wet dream having everyone in debt with their zero cost currency. But no one seems to care until it gets to this.
It's never a problem.... til its a problem.
The fact that the ATM machine is idle might give you an idea whether there's any money in it.
Making my popcorn extra buttery for Monday ... That's real grass fed butter by the way ....
So glad I have tomorrow off, I get to watch this unfold :popcorn:
ha-ha. You're just plain wicked ;-)
Where's old Hemmingway when you need him...
ZH ar putin regime propaganda channel is too slow on update:
Greek debt: ECB 'to maintain funding limit'ZH has not yet figured out how to twist this.
It means the limit will not be increased, you moron.
Still that's 8 thousand Euros per Greek citizen. That should be enough to run the economy.
Between NO access and access to existing level is a big difference, you idiot!
If the existing level is zero, it makes no difference. As the article states, there is no accounting for how much has been disbursed.
If there is a potential for a default in two days, I'm sure I'd tell you there was nothing left.
The Bank of Greece, as a member of the eurosystem, will take all measures necessary to ensure financial stability for Greek citizens in these difficult circumstances...
that's the bank of greece talking, NOT THE ECB. the bog ain't got jack shit.
An ECB spokesman told the BBC: "Greece still has access to the ELA."
http://www.bbc.com/news/world-europe-33304674
"newsoutlet" aka ""viedoklis_lv""
The Latvian potato troll is here again.
And where is all my puppies aka putin regime trolls? Ahhh here is one - smacker. But where is stoogie? Did he pissed him self again? Ahhh that's a shame. now come out comeout you little pathetic puppy...
BWAARRGGHH
Your only chance of having any propaganda you post on ZH taken seriously is the very short window between appearing here using a new pseudonym until someone spots you and exposes you. That's a few hours, not more than a day.
Then it's game over and you have to rinse and repeat.
Enjoy :-)
__________________________________________________________
More seriously, you make three errors:
1. Most ZH-ers are not besotted with Putin as you regularly suggest. They simply respect the guy for standing up to the lunatics running Washington, Westminster and Brussels. And of course the banksters and other corporatists.
2. Putin's Russia is not USSR MkII, no way. He simply wants a multi-polar world which is the best chance of improving the lives of Russian people and avoiding a wipe-out WWIII.
3. You fail to recognise what will happen to your Latvian piece of real estate if WWIII breaks out. It'll be goodnight to you.
NATO has become a serious menace to peace.
point 2.
you're dead wrong. putin is all about power and control and is in no way interested in his peoples improvement. the rule of law for minorities is breaking down or in some cases doesn't exist.
this is especially true if certain minorities come up on the wrong side of his new people controller, the russian orthodox church.
So, you think Putin is USSR MkII? And you think he does not want a multi-polar world? He sure gets a high rating from his own people.
note to the rest of the european union. greece is still a member of the eu. if greek bank deposits are not insured by the ECB that means that NEITHER ARE YOURS. any time that you do anything politically that the maggots don't like they can just evaporate your deposits. BLACKMAIL PLAIN AND SIMPLE.
It's fascinating to watch all the assorted the rabbits get pulled from the EU hat.
I wonder what the next rabbit will be able to do?
Hopefully it's a smarter rabbit ...
Because all the earlier rabbits' tricks failed!
They just need some Trix... https://www.youtube.com/watch?v=Z3ApTwWRQNw
The greek budget could be balanced if they had just trademarked "greek yogurt." But seriously folks, the british firm de la rue prints bank notes and trades on the london exchange under the symbol dlar.l. Do they get paid by keeping a % of what they print? Drachma's anyone?
Greece will not exit...cannot be allowed. You all will see and ZH should report when something actually happens. The pain the EU may inflict is only to get the Greeks to "bend" & bend they will. My heart goes out to all people.
quite possible scenario that:
Greek referendum vote is interpreted to stay in EU;
SYRIZA government falls;
reptilian TROIKA sheds crocodile tears for Greek tragedy and
then repackages "austerity program" which is accepted by next Greek government
they need to cut pensions 40 % and fire 1/2 of all government employees plus raise taxes 20 % and collect 10o % of in arrears taxes or kill those that don't pay taxes.
Sounds good, but it'll never get through Congress.
Well if they had their own currency (like the US) they could print more and no ATM would be left behind...
Yellen to the rescue. The keystrokes are already processed. No way TPTB let this be the beginning of the end. CAN WILL BE KICKED!
"Chancellor Angela Merkel has invited leaders from all the major German parties to a crisis meeting in Berlin on Monday". What's the sudden panic? Douche Bank about to implode? Firewalls against contagion not working? Come on, Angie, you've have months to prepare for this. Or did you think Tsipras would cave? Oh, called your bluff did he?
I wish someone would send this fucker on a permanent holiday.
Bullshit. The American taxpayer will bail them out. And by them I mean the banks.
We jewed some folks.
gold will open limit down
How can one dislike a "Holiday?"
Now Greece should use their military to round up the banksters, even outside Greece, and throw them in jail.
Just like Iceland.