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Germany Pre-emptively Crushes Today's Rumormill, Says Too Late To "Discuss Greek Program Extension"
In our overnight market wrap, we said that with the Greek D-Day doubling as quarter end for countless hedge funds most of which are now suddenly underwater, there would be a plethora of rumors designed to spark buying momentum algos which would provide brief selling opportunities. Alas, Germany appears to have crushed that particular option, when moments ago a German made it clear that at this point the only catalyst will be the now virtually certain Greek default to the IMF at midnight (+/- 1 leap second) Greek time. To wit (from BBG):
- TOO LATE TO DISCUSS GREEK PROGRAM EXTENSION: GERMAN OFFICIAL
Greece on the other hand kept the hope alive as Athens still doesn't get that to the Eurozone it lost the blame game and as such the European population is now, supposedly, convinced that a Grexit will be its own doing, when it said:
- TSAKALOTOS: WILL RECONSIDER VOTE IF WE GET DEAL WE CAN'T REFUSE
Which doesn't mean that rumors won't end. They just won't be credible, and as such in just about 10 hours time we expect to have the first official Eurozone default in (its brief) history.
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Crash, Bitchez...
(Just for old time's sake)
It's too late..
Baby now, It's too late...
https://www.youtube.com/watch?v=BDm1xD_Kwyc
The Greeks will eventually be viewed as smart for being the first to jump ship.
Agreed. They will also garner espect for having faced down the EU/EZ/IMF's oppressive browbeating. Once the Greeks call their bluff, it will clear to the other southern European countries that all Brussels and Frankurt have is puf and bluster. Also that there is no actual, long term benefit to being in the Euro.
Me tinks Iceland gets that award..
Technically......yes. But when measured on the Richter Scale of fiat reverberations Greece will start the earth shaking.....again. Iceland was the one domino which refused to fall in the same direction as the others as a result of the 2008-09 earthquake. Greece will be the first casualty of the 2015-201? shaking.
Now if they can just hold on to their Gold........
Best reason I have seen all day to sell gold and buy moar AAPL.
Germany clearly has a plan for the next stage of this procedure, they will not halt the steamroller.
The Greeks WILL be sacrificed on the altar of neoliberal central banking cynicism.
yeah the panzer divisions are massing on the border so to speak i wonder HOW THE WILL PAY THE GAS BILL from RUSSIA for the new extermination camp OH SORRY I FORGOT deutsche bank has lots of greek bail out money
yawn
The Germans, the EU and the IMF will make this as hard on the average Greek as possible to ensure that other nations don't try to default as well.
When the bluff is called, it will be clear to those other countries that the Troika has nothing, and that Euro exit enables recovery.
BULLISH!!!!
Marine, you and the rest of the cheese-eating surrender monkeys are on deck
looking forward to 600 New Drachma to the £1
It should be somewhere around 300-350 by now in real exchange(around 250 for 1eur/DM) but that doesnt take into account initial sentiment overshot so yeah, you may not be that far from the truth in fact. ~500/1£ IMO.
Don't you love statements like this where Germany speaks for the entire EU? I thought all EU nations are equal.
All this talk about a leap second...scape goat maybe?