This page has been archived and commenting is disabled.
G-7, EU Banking Officials Hold Emergency Calls Ahead Of Black Monday
Now that the Greek parliament has given PM Alexis Tsipras’ euro referendum the go ahead (the vote will effectively be a poll on euro membership or, on the choice between sovereignty and servitude if you will, because as the IMF flatly noted on Saturday, the proposal that was supposed to form the basis for the referendum will be null and void by the time Greeks go to the polls) and now that Greeks have pulled another €1 billion plus from the ATMs, capital controls are all but certain early next week, especially now that the ECB has frozen the ELA cap. This means the crisis, to use Irish FinMin MIchael Noonan’s words, “has now commenced” and a “Lehman weekend” is indeed underway.
Against this backdrop, multiple “emergency” meetings have been scheduled for Sunday as EU officials scramble to figure out how best to deal with what is likely to be a turbulent week and to consider the financial impact a potential Grexit will have on the currency bloc, its member nations and institutions, and on the global financial system as a whole.
Here’s Bloomberg with more:
G-7 deputies to hold conference call Sunday to discuss development of Greek crisis, Handelsblatt reports, citing unidentified euro region official.
Purpose is to inform non-European govts
European banking supervision officials also will hold conference call on situation of Greek banks and possible impact of Greek developments on European financial system
Euro Working Group to hold evening conference call
European Systemic Risk Board to convene immediately after ECB Governing Council meeting: Skai TV
And more from Handelsblatt (via Google translate):
Because of the impending bankruptcy of Greece are on Sunday a series of crisis talks planned. The most industrialized countries (G7) wanted throughout the day to advise on a conference call, said a representative of the Euro zone the Handelsblatt.
The conversation should at Deputy level, ie between the state secretaries, take place. It serves mainly to inform the non-European governments on the developments in the Greek crisis.
In addition, was also a Sunday teleconference of European Banking Supervisors (SSM) planning, told the Handelsblatt. There are representatives of the European Central Bank (ECB) and the national supervisory authorities. In the Phone Unlock should be advised on the situation of Greek banks and the possible impact on the European financial system, it said.
Meanwhile, German Chancellor Angela Merkel is set to confront lawmakers in Berlin on Monday and apprise them of the latest developments in the Greek drama. Over the course of the last two months, political support for continued aid to Athens has worn thin among German MPs, while influential Finance Minister Wolfgang Schaeuble has at every turn expressed reservations about the lengths Europe has gone to in order to keep Greece afloat. Here's Bloomberg again:
German Chancellor Angela Merkel will brief leaders of German parties and parliamentary groups on Monday at 1:30 p.m., her spokesman Steffen Seibert says in e-mailed
Expect some lawmakers to ask how exposed Germany is to a Greek default. After all, given Berlin's role as the EU paymaster and the country's massive TARGET2 credit with the ECB, Germany stands to lose the most (financially anyway) from a potential Grexit, considering EFSF contributions and the country's share of committed ECB credit lines. Once more, via Bloomberg:
German public coffers face loss of at least EU80b from a Greek default, lawmaker Gunter Krichbaum, chairmanof European Affairs Committee in lower house of parliament, tells Leipziger Volkszeitung newspaper. Amount includes exposure to bailout mechanisms, ECB measures.
And indeed, Germany's financial 'obligation' to assist its ailing EU 'partner' may persist long after Grexit, because as we've warned repeatedly, the economic malaise that will almost certainly accompany default and redenomination will create a political and social crisis, the magnitude of which will likely necessitate outside intervention. With that, we'll leave you with the following, again from Bloomberg, citing Gunter Krichbaum:
Lower house of parliament may have to meet during summer recess to vote on measures related to Greece. German lawmakers may need to approve “humanitarian aid” because a Greek default may ignite unrest.
»
- 40100 reads
- Printer-friendly version
- Send to friend
- advertisements -
Putin must be loving this. Y'all suckers want gas? Rubles plz
Black Monday??
MOAR LIKE MASSACRE MONDAY !!!
Christine Lagarde will be there after her tanning appointment
I'm sure they are going to cook up something crazy in response to this crisis, never let a good crisis go to waste after all.
so.....US treasuries will be well bid and spx will stage a mid day rebound and be just dandy.
I am sure the fifty ESF traders at 33 liberty street have a please show up early on Monday call. However one of these times there will not be enough fingers for the holes in the dam.
Personally I would like to see the EU and current debt based markets implode on themselves.
Hehehe, HERE Is The Main G 7 Plan...
Sell Tonnes Of Paper GOLD, Sell Sell Sell And Hammer The Price For Pretence And Magic... "Pretend ALL IS FINE"...
Malaka Monday.
The Titanic was unsinkable and so is the EU/EZ. Full steam ahead.
Sheesh, they are just now looking into how a default would effect things? Nothing like winging it!
ONCE AGAIN, NOTHING IS GOING TO HAPPEN IN THE MARKETS. THESE BANKING FUCKERS NEED TO KEEP THE ILLUSION ALIVE THAT ALL IS WELL. THE MARKETS WILL ALL BE GREEN NEAR ALLTIME HIGHS TOMORROW. SOME IDIOT INSIDER WILL SAY THAT A COMROMISE HAS BEEN REACHED AT THE LAST MINUTE OR SOME OTHER BULLSHIT STORY THAT WILL ONLY BE SHOT DOWN LATER BY ANOTHER IDIOT. SAME AS IT EVER WAS. BULLISH!!!
Ahhh complacency. You sentiments have been the consensus for the past few years. I’m not sure if this will be the trigger but we have been living in the eye of the debt crisis hurricane for several years. The crisis in Greece may not force us into the more dangerous semi-circle of the storm, but something will, and when it does most will have your views. When the masses do realize THIS IS IT, the exits will be inadequate.
Hey look there is a penny in front of that steamroller! Get it!!!
This won't be IT until the masses realize it. It is a confidence game. It isn't IT until confidence is lost.
This whole crisis is pure theater. The globalists have been doing preparatory propaganda for the Greek switchover to the BRICS since early this year -
The stage is set for Greece to switch over to the BRICS this summer & Have a look at Panos Kammenos(This was written back in February)
As for the G7, their functions were taken over by the (BRICS-inclusive) G20 back in 2009. The only reason the G7 still exists is to serve as a prop for the East versus West dialectic. It's the "evil and crazy G7" versus the "good and sane G5 (BRICS)" show, and we're all watching it like it's real. It's a show put on by lunatics for zombies.
Lagarto in Spanish is lizard, quite appropriate.
http://plasmapool.org/wp-content/uploads/2010/12/Screen-shot-2010-12-23-...
Wait . . . isn't it now racist to use the word "black" in connection with some undesirable event???
Shouldn't we be calling this "Confederate Monday"???
>> Y'all suckers want gas? Rubles plz
The gas contracts are good (for the most part) through 2019. The price formula cannot be unilaterally changed. It was voluntarly changed last year from Dollars to Euros, but that required (and got) agreement by both sides in each country's case.
Supply must be maintained unless there is force majeure (such as civil unrest in Ukraine) that prevents it.
Right now it feels like a lot could change by 2019.
The Russians are very good at living up to contracts versus the USSA where decades of bond holder law and protections can be thrown out in minutes.
Frankly, F**k the EU, The "Institutions" The Rothschilds and all. It's time to let it all collapse so that we can start over with a new system that actually makes more sense than "Debt Money"? IMHO.
The sheeple will be tricked into wanting and accepting a solution that gives even more wealth to the elite.
viva la francis_sawyer
Yep.
A bit of a crisis
https://www.youtube.com/channel/UC24i0-R52E-Y4PHhsjLUbYg
And indeed "never let a crisis go to waste by making it worse and telling EUrope to drop dead!" With warmest regards,
The USSA
Let me quote the BTFD'ers
"They have to strike a deal, the ECB won't let Greece default."
"All a show, in the end they'll come to terms, BTFD."
"Monday will be a big green day."
LULZ
Last Friday it was still dollars. Now on it is only Gold, Yuan, Rubels or other BRICKS' currnecies, please!
all these G7 suits are ill suited to do anything at all about monday. they are probably trying to find the most adventageous spin they can put on this. after all, they are professional liars and nothing more.
Is everyone on one side of the boat yet? OK.......pull.
...my finger.
Hey Cog, I mentioned you the other day on a post:
Cognitive dissonance at the societal level is raging in the West, and is spreading around the globe at an alarming rate. The mother of all shit storms is building on the horizon and all you can think about is the status of your pathetic little cliques. This dystopian liberal fascist vision of Elysium will not be built. Humanity will fall into anarchy and lawlessness will reign for a generation at least.
;-D
HARD TO PORT!!!!!!!!!
HARD TO PORT!!!!!!!!!
I want paid to sit in a chair in the grass.
A picture of the happier times.
But, can you smoke that grass while sitting in that lawn chair, or would that be considered illegal?
Inquiring minds want to know?
Matrix Steak.
https://www.youtube.com/watch?v=Z7BuQFUhsRM
How many trillions of your money will Yellen be handing out to the banksters today?
Last time we had a crisis:
US Federal Reserve Handed Out More In Bailouts ($16 TRILLION!) Than The ENTIRE OFFICIAL US DEBTWhat was revealed in the audit was startling: $16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious — the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is “only” $14.5 trillion
https://startthinkingright.wordpress.com/2011/12/31/us-federal-reserve-h...
Silly rabbit. It ain't "your" money. But you do get to 'pay' to use it.
My Big Fat Greek Default
Great headline for Zerohedge Monday AM
Fed prop desk operators called in from their weekend of sun and sodomy.
Here's the script:
1. Short gold
2. Short gold
3. Prop the euro
4. Prop the stock markets
5. Short gold
LOL!
Do you think that Obama, who sees himself as the black FDR do what FDR did in the 30's:
ExecutvecOrder requiring Americans to turn in their gold in exchange for a fixed number ofSubway sandwich coupons
To: Infinite QE
Unless your post was a feeble attempt at sarcasm, I would say it will be too late to short gold on Monday.
Your name alone would suggest that you are a troll. You are also an idiot.
Did you get past elementary school?
Cue the Liesman!
"Tell me why I don't like Mondays" - Bob Geldof.
While GREXIt holds the financial world by its nuts our Papal office now has established a circular that holds the ecological world by its nuts!
Pope Francis bestrides global diplomacy with his environment encyclicalThe most awaited, and controversial papal document in half a century has been published. Pope Francis’s encyclical on the environment is also the first on the subject in the history of Catholicism, and it has stirred up a hornet’s nest.
The Pope says he wants to influence the upcoming UN climate summit in Paris.
“This is an appeal for responsibility based on the task that God has given to man in creation; till and keep the garden in which he was placed,” he said to a packed St. Peter’s square in Rome.
The Vatican’s press office has batted away criticisms from conservatives, led by several US republican presidential candidates.
“He doesn’t want to give recipes, it’s not up to him, but he says that political leaders must care about these issues,” said Vatican journalist at Il Fatto Quotidiano Marco Politi.
In the encyclical the Pope condemns “a myopia of power politics” that has delayed decisive action, and what he called a “magical conception of the market” as being capable of solving all problems via growth.
In a much-remarked phrase, he also challenged the notion of private property if that endangered the public good. The Pope is due to address the UN and US congress on sustainable development in September.
Read more at http://www.liveleak.com/view?
Hahaha, this Pope is going awesome radical ! Naomi Klein to his rescue!
The Christians just let their marriage institution be shit on, so their credibility is zero. ( at least Muslims fight for their beliefs)
The pope has obviously been dollarized just as his flock of sheep in the ussa have, no surprise there.
Edit: The truth hurts,,, eh?
Edit: Your link resulted in a big blank red page....
so click on the menu at the top!
So what truth are you talking about? That of moslem tradition of female subservience and harem summersaults?
Pope has "gone awesome radical"
Agenda 21 and NWO bullshit. The Black Pope is fresh off his Argentinian Atrocities Tour and warming up for the mother of all psyops.
Now we know why the German Pope was "retired." The Catholic Church has zero credibility. If he is so concerned - sell off all the church real estate and feed the poor.
Nonsense.
The Pope has a refined and well developed fashion sense.
This imparts a certain gravitas to any opinion about which he chooses to illuminate us.
There goes your September rate hike.
Last minute Yellen steps in, and creates infinite amounts of USD's. "Step aside Lagarde, I'll show you how a bitch goes down a slide".
https://www.youtube.com/watch?v=cPqyKf10lfk
Can she go down on other things?
And, does she know how to swallow?
I wrote the other day that the 5 month extension was to provide the EU with time to position themselves for the Grexit. When I wrote it I was thinking that I could be wrong because the EU has had years to position for the Grexit. Apparently I wasn't wrong. How there wasn't an envelope labeled Grexit Plan in a glass case with a label saying Break Glass In Case of Grexit is beyond me.
Bit like why the Fed couldn't comprehend a nationwide downturn in house prices despite the record rise in nationwide house prices. These people are idiots blinded by economic theory.
Hubris
Emergency Meeting My Ass......there are a few computer keystrokes being made right now....there will be an announcement of some sort of magical solution, and we'll be back to business as usual come Monday morning...there will be no crisis, no crash, nothing but Skittle Shooting Unicorn Asses as far as the ey can see. If you're hoping this shitshow is going into unwind mode.....you're going to be badly disappointed come Monday evening. I wouldn't be placing any bets against TPTB...
This particular shit show is far bigger than the TPTB.
BULLISH db51 but BULLSHIT.
You can fool some of the people . . .
Sizzurp....that bitch down a slide had me spitting my morning Joe all overmy white Sunday Shirt. Thanks.
Pretty much made my morning too.
This could never happen in good ole usa.....R i g h t ?
We usa folks are celebrating another Independence Day next week,,, we don't let barbaric banksters and government gangsters, destroy our freedoms and economy. We control our destiny.
Yeah.
We'll probably get to fixing that after the long weekend.
G7 will need their puppet bastard installed ASAP in Greece, to follow orders of compliance.
So.... How will EU punishment be meted out? 26% unemployment already, how can they make it worse? Well, with 18% of your economy tied to tourism, according to the spooks at the CIA, I would guess some sort of travel restrictions or slow roll on approval of the greek drachma. Membership privileges include cross border travel. If I was looking to cause some pain and serve as a warning to the rest of the eu weaklings, I would wreck their tourist industry for a long time.
Dangerous game. Then I would sell all of my F-16's to the Russians, then declare safe transit from the Middle East and Africa through Greece to parts North and West.
Greece will be a nightmare for Europe.
Wouldn't it ve easier to pull a coup?
Putin must be laughing his ass off
2014 Ukraine. Europe all cocky with their sanctions.
A year later who's laughing now
Tsipras will have no choice but to plea for Russian monetary assistance
BRICS bank loans to get the New Drachma going
Don't you think that Tsipras already has a Russian guarantee in his back pocket? He was fairly compliant until that last visit with Putin and now we have broken negotiations and a referendum on the schedule. Tsipras must have an ace in the hole or this is the mother of all bluffs.
Exactly this ^. What puzzles me is that the EU did everything but set the meeting and write the agenda. They practically forced him into the arms of the Russians. Curious.
The world will be told Iran, China, and Russia gave ISIS nuclear subs which have now surrounded the Greek islands. No tourists for you!
Apparently Greece is a MUCH bigger deal that the ECB and IMF have been letting on. Looks like their bluff has been called. Amusing, but no concern to me.
Greece... maybe, maybe not. Derivatives on Greek debt... you bet.
This is hilarious! If Greece exits, the derivatives blow, banks go down, the EU fractures. If they give in to Greece, the other PIGS will demand similar treatment, the EU fractures, derivatives blow, banks go down. It's a win-win!!
Yellen steps in to save the banks, lets Greece starve, throws Greece out of EU so there can be no economic refugees,
conflict,
war.
"Humanitarian aid". You mean like we did in Libya?
Damn Libyans. After all that money, time and effort the usa put into bombs and cruise missiles liberating that country and look at em! We even lost a gun running Ambassador trying to free those people....
Thankless I say,,, Thankless
Translation:
Grandma, time to lube up the printing press. Print up 2 tril of Yellen green ultra plush
Not for the Greeks. Fuck those useless eaters. No we need to bail out the derivatives losses
Socialize the risk,cpricatize the profit
So now Europe will be swamped with Greek economic refugees
The Media and their masters have fired their "Distraction Fodder" for some time now. Ebola, Gay Marrage, Obamacare, Bird Flu, Greece, Defaults, race wars, Confrederate Flag, ISIS, etc. What they can't control for much longer is the masses desire for more perverted entertainment. The Colisum desizens will demand more moral sacrifices and tech godesses to satisfy their craving for a world without responsibilty or blame.
Gotta figure on a terrorist attack and manhunt in some western capital or some such event within the next 24 hours.
Not to mention a boatload of financial market volatility, trading volume, portfolio restructuring, new derivative agreements, new loans and financing agreements, and everything financial market intermediaries crave in their business.
“Everything that has transpired has done so according to my design. I have forseen it.”
Emperor Palpatine Blankfein
The question from the Americans to the Europeans would be how fast can you print some Euros? And the question from the Europeans to the Americans is how fast can you print some dollars? RACE YA'!
My information inside Greece is that Russians have already agreed to give a loan to Greece in a case of grexit.
So Greeks will be able to reconstruct their economy after the devaluation of the Drahma, and Russian companies and banks will take an advantage entering the Greek market after the Grexit.
I dont know for sure how real are all of this anyway
That would seem to be the obvious case. The problem is the Greeks will not stop their "pay you Tuesday for a hamburger today" spending and they will simply be in the same situation with a different creditor in a few years. The currency is not the problem. That isn't to say the Euro is not a problem but it is not THE problem for Greece.
Edit: Don't go all fiat/usury in rebuttal. While a solution to the Greek problem cannot include such, that isn't really the point being made.
Well the Greek govt workers, pensioners and all public workers (a big part of their "economy") want to have a German standard of living.
If Greece can start trading with Russia, China and the rest of Asia with food and other products plus tourism then they have a chance. They cannot survive with the Euro or in the EU.
The idea of all these powerful people coming together to discuss, Greece, a country that is a fraction of the EUs GDP, no economic output, poor as dirt now, and debt that could be printed up and written off, is disgusting.
This is a a charade, and if it becomes a crisis then they planned it that way.
At least FDR was honest on that point.
I hope Alexis Tsipras trusts his security detail.
Putin may want to send him a few of his polite little green men to watch his back.
Hey EU, ECB, G7, what's all the fuss about? It's a mere $300 billion fiat that you write off.
That's a fraction of what AAPL is worth (on paper). And it's only a few months worth of the Fed's Quantitative Pleasing.
After all, it's not as though the Bankster Bookies got fiat side-bets (Derivatives) going or anything, right? And it's not as though the other PIIGS would do what Greece is doing, right?
Chillax and have the canapés and some freshly squeezed Liquidity.
And the intrinsic value of that fiat is?
0
And a "show" it is. This has to be the most orchestrated crisis-collapse ever. They all know where and how it's going to end. Just us muppets left to go get our popcorn.
If there is movement beyond a +/- 1% band in any european market on Monday, it will be to the upside.
Greece will be brought back to the Mutti.
If you think Greece is going to be cut loose to fall into Russia's arms, guess again.
Tsipras and Mutti will find a word magick combination to save both their political asses and confuse their constituents.
Count on it.
Oh; and gold will be down ~ 2%. They cannot afford to have the roiling masses thinking there is any way out .
Panic on the streets of London...panic on the streets of Birmingham...
Hang the Bankers instead of the dj :)
https://www.youtube.com/watch?v=JlYXp_3A64k
In the words of Vladimir Putin "How do you like them apples" Payback is a bitch even though he did not initiate it. He must be quietly laughing at the chaos about to unfurl on the west.
Vladimir sit back and enjoy the show you have earned it!
This is sad...it is like firefighters holding a meeting to decide the best course of action while the town burns down
https://www.youtube.com/watch?v=2sVdXg0aYYw
There are few wishes from majority of the world:
1.) Greece exit EURO zone and goes back to drachma
2.) putin gets his Hague tribunal where he is hanged for crimes against humanity for invasion in Georgia and Ukraine (annexation of Crimea) - shooting down MH17 (http://www.theguardian.com/world/2015/jun/26/russia-rejects-calls-for-un... )
3.) ISIS collapse
newsoutlet = stopputinregime.com troll
He's still a bit miffed over that Stalin business. Some of Joe's former associates still hold a grudge.
Everything will be fine as long as they keep the EBT cards funded. If not then lock and load. You won't have enough ammo.
You mean they didn't get this all sorted out when they all met just a few weeks ago? This is government in a nutshell- Meet, drink and be merry on other people's money. Any real business to contend with will be pushed back and discarded until we re-meet under the term "emergency meeting"" where we will eat, drink and be merry on other people's money and discuss the things we should have discussed when we were together just a short time ago.
Don't worry, when your time in government is up you will have been suitably trained for a high paying position in corporate America!
Kevin Henry starting warm-up finger calisthenics for tomorrow's workout.
PPT setting up a Starbucks in their trading room.
Print money and ramp up the stock market. It's always worked in the past.
At the END of this G7 Charade they enjoy a Karaoke Knees-Up with Mario Drughi belting out Elvis's ' but it's oh only make Believe . . '
Yannis should send a singing telegram...
https://www.youtube.com/watch?v=xEkB-VQviLI
A great article The Delphi Declaration says it all!
http://www.informationclearinghouse.info/article42263.htm
Also the full translation of Alexis Tsipras speech to parliament last night
http://www.informationclearinghouse.info/article42258.htm
As usual the approximately 100 billion ELA (emergency liquidity assistance) of the EZB which are also at stake in a default are not counted towards total risk exposure.
Looks like the dues to Euro-club membership are going up to reflect it's more exclusive nature.
Where's the chart porn with this story? There really should be some charts to look at while we read this story.