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Greek PM Calls Emergency Meeting For Bank Liquidity: MNI
Congratulations Greece: for the first time you had the chance to tell the Troika, the unelected eurocrats, and the entire status quo establishment, not to mention all the banks, how you really felt and based on the most recent results, some 61% of you told it to go fuck itself.
Now comes the hard part.
Because at this point, with Greek banks all of them effectively insolvent, it is all up to the ECB: should Mario Draghi now announce an increase in the ELA haircut or pull it altogether as the ECB did with Greece, then a Greek deposit haircut bloodbath ensues. And judging by the latest news out of Market News, this is precisely what Tsipras is focusing on.
According to MNI, Greece's Prime Minister, Alexis Tsipras has called an emergency meeting for Sunday evening, after the referendum vote result will be announced, to assess the situation in the banking sector and the liquidity shortage, a senior Greek official told MNI Sunday.
The source said that so far Tsipras has not had any communication with other EU leaders "but that could change in the coming hours." Finance Minister Yiannis Varoufakis is currently meeting with the representatives of the Greek banking union to mull whether the banking holiday ,which expires Monday evening, should be prolonged and until when.
Greece's government spokesman, Gavriel Sakellarides told Antenna TV that the Central Bank of Greece will submit Sunday evening a request to the European Central Bank for further Emergency Liquidity Assistance saying "there is no reason why we cannot get ELA" adding that "negotiations should start as soon as today with reasonable demands."
The Greek source who spoke with MNI said that, according to his estimations, the No vote would be even higher than what the preliminary polls showed earlier.
The source also said that the EuroWorking Group, the aides of the Eurozone Finance Ministers, are expected to convene Monday and that the Eurogroup might also convene via teleconference to assess the situation.
A Banking source has told MNI that even when banks reopen capital controls are expected to be readjusted and imposed for a long period of time, until trust is restored and a deal with the creditors is being reached.
The ball is now in the ECB's court: will it let Greece keep the Greek ELA (or perhaps even raise it) to prevent an all out banking panic and allow Greek bank to reopen as Varoufakis promised, or will it cut the haircut or yank it altogether, starting the Greek depositor haircut as well as the falling dominoes we described yesterday...
... Because as much as the ECB wants to deny it, the Euroarea is on the hook for more than 3% of its gross GDP, and perhaps far more once all the off balance sheet liabilities emerge...
In other words, an uncontrolled Grexit at this point would surely lead to a Eurozone depression, one that not even an increase in the ECB's massive bond (and perhaps stocks) buying would stem. Which, of course, was Varoufakis' gamble all along.
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Game on !
I predict a riot/
Great tune by the Kaizer Chiefs.
forget the bank queues........check out the grocery shelves......
Greece will now be offered far better terms, and Portugal, Spain & Italy are watching, waiting & salivating.
Erase all debt owed to any banks that loaned funds (electronic fiat courtesy of fractional fiat banking mafia), wherever they claim domicile, to Greece, while referring to themselves as "private" banks.
Then, do the same re Portugal, Spain & Italy.
this is a domino theory they can be really afraid of.
Just being able to give the fuckers the finger and telling them to fuck off is priceless. For everything else, there's mastercard....
Yes but timing and sequence are important. Let the banks (and intermediaries) die from derivatives exposure. Replace them 9 or 10 to one with smaller, more honest banks that will never be to big to fail, and get on with more useful issues.
If they relieve Greece, I don't see how they don't do the same for Portugal, Spain & Italy ?
Minumin, I think your talking about 300-500 bilion euros...
That will hurt the EU - period.
Fairly obvious to most ZH readers, but just as a reminder: never store your precious metals in a bank's safety deposit box, as Greece is now limiting access to these safety deposit boxes: https://twitter.com/daphnenews/status/617773271115825152
Game mostly over. Greece is out of cash. A swift move to the Drachma is their best, probably only option.
They have to prevent a bail in at all costs. That would leave them destitute.
Maybe, but this would be a good time for Putin and a few others to jump in and further muddy the waters. We also don't know what the Troika will do, but if they look like they are going after Greece with an axe the markets could get very nasty.....
the yuan/gold backed ruble would be almost seamless for the time being, kinda like the berlin airlift. i would be willing to go broke to see that.
Get those Drachmas out of storage!!
And get a hot line to Moscow and Bejing.
I bet that is in the works. I would expect an exit out the EU and to the BRICS with help from China and Russia. The whole NATO thing becomes yet more interesting.
I don't understand why the voice of the Greek people should matter to the Troika and generate better terms??
If I was late on my Visa bill and told them myself and my immediate family members took a vote and found that we 100% agree Visa should write down my debt, what would my odds be?
Your debt/ payments probably are not material to visas survival, if they were visa would negotiate.
Their voice matters to the greek government who now have a mandate to reject the terms. Now its up to the troika to either refuse any other loans or cave and renegotiate. As far as your example of visa...You always have the choice of defaulting on your debt and accepting the consequences. Thats sort of what Greece will do, though as others have mentioned, the Troika has more motivation to negotiate the terms with greece than Visa does with you.
Typical yet totally inappropriate analogy similiar to what I've heard in the ignorant American press. This analogy fails to take into account the criminal global banking system that is to blame for the global depression with their endless "off balance sheet" accounting gimmicks. Which makes me wonder, why keep any accounting records at all if it's not above board?
C'mon Tylers. This is the night for the deer in the headlights.
Game Theory doesn't feed hungry bellies.
jade helm timing is looking prescient...
Yeah! Evil fucking banks, lending billions of euros to people and then having the nerve to ask for some payments to be made! Bastards! String 'em up!
I mean, lending money is so evil, it's just a big plan to enslave people by forcing them to borrow to buy TV's to watch the Kardashians.
Debt = slavery so we should make debt illegal! Yeah!
I know the 1% have more debt than anyone, but so what, no one should have to ever pay back money they borrowed, least of all profligate governments that only used the money to line their own pockets and those of their friends...errr I mean to help the poor, yeah, that's it.
Yes, the world will be so much better off when the banks are shut down and lending becomes illegal.
Borrowing more than you can pay back, now that's a virtue, but lending money to people who need it, that's just pure evil. Yeah. That's it. yeah
Yeah! Evil fucking banks, lending billions of euros to people and then having the nerve to ask for some payments to be made! Bastards! String 'em up!
I mean, lending money is so evil, it's just a big plan to enslave people by forcing them to borrow to buy TV's to watch the Kardashians.
Debt = slavery so we should make debt illegal! Yeah!
I know the 1% have more debt than anyone, but so what, no one should have to ever pay back money they borrowed, least of all profligate governments that only used the money to line their own pockets and those of their friends...errr I mean to help the poor, yeah, that's it.
Yes, the world will be so much better off when the banks are shut down and lending becomes illegal.
Borrowing more than you can pay back, now that's a virtue, but lending money to people who need it, that's just pure evil. Yeah. That's it. yeah
FFS TURN OFF THE TV!
You are either a Permatroll, or butthurt. Got funds tied up in this, or are you paid to say stupid shit?
How about only lending what you actually have? What part of reserve has been forgotten in Fractional Reserve Lending?
How about not telling your client to cook their own books so that they can qualify for the loan?
How about doing your own due dilligence before giving the loan.
How about not being allowed to buy insurance on your clients failure to pay, when you KNOW they can't pay?
http://www.zerohedge.com/news/2015-01-26/lazy-greeks-fault-these-two-cha...
wrong on every count, as usual. I'm actually short AUD and CAD and stand to make a pretty penny as the rush to the USD continues.
Your belief that lenders are to blame for people who borrow, mis spend and then demand relief makes me think you must be a troll. No rational person could actually believe that unless they were a psycopath, which you might well be by the sounds of it.
Would you loan me money if you knew I could not pay? You would not.
You might if you don't have to hold the loan yourself but you could, instead, sell it into the market, and maybe even get a commission. Or use it as collateral to back up other money making deals you have going on.
Who would be the criminal here?
Duh...it's kinda late for that ain't it.
Stalin to IMF, ECB and EU: I told you, it's all about who counts the votes. You fucked up.
The Propaganda Mechanism running up to the vote was a beauty to behold.
Every single MSM outlet projected a by the hair of the skin on her teeth finish only to be blown out.
Even the pols are taken a back.
The EU ministers have come to believe their own propaganda
Certain death by Associative Disorder
Good Fucking "Riddance", NWO
Right now the MSM is pushing the EU propaganda line hard, it's just too bad it's way too late for it to do any good. The denial is running fast and deep.......
bullshit, they've been getting ready for this for weeks. it's been in all the greek newspapers
GREECE. DECLARES WAR ON AMERICA!
Surprise attack on Nantucket by Greek fishing trawlers.
Will the sheeple buy it ?
the sheeple will buy anything they get fed
The whole thing seems ridiculous...
Look out for a Soros / U.S funded regime change just like Ukraine
This time is different!
Greece needs to print euros North Korean style
LOL
https://www.youtube.com/watch?t=35&v=mIQToVqDMb8
Pull the funding from Greece and leave a destabilised and destitute hornets nest festering on the EU's southern border.
It's not going to happen is it?
Do they try to deter the other PIIGS now, via a smack down of Greece?
I guess PIIGS now becomes PIIS?
I think the focus has do be on denying the default, and stopping the derivatives avalanche.
Will be fun to watch.
direct deposit with auto draft...lol.
It won't be deflation
It won't be inflation
Biflation: prices can rise during a depression
Bravo: If the vote continues, the spirit of Leonidas lives on. Molan Labe
While we have a good idea of the outcome, I don't know about that spirit thing you mention. I am now waiting for Tsipras to explain with some insistence to the EU how this result demonstrates that it is of the utmost importance to keep the euros coming but without addressing structural reforms in his country. You know, the kind of reforms that would really make a difference, like trying to collect 100 % of the taxes instead of 50 % and dealing with all those cleptocrats who are always so quick to yap about the cradle of democracy and national pride while stashing their wealth in Swiss bank accounts.
Because, you know, national pride and financial sovereignty secured through responsible and impartial management of the state's coffers are two entirely different things altogether, are they not?
Whatever It takes eh Mario? Better get to hopping Sonny. And while I have your attention, surely this must qualify for a credit event with regards to derivative exposure No? The Euro and Douchebank are dead men walking.
Does Greece hate Germany, USA or Israel the most ???
Is there a U.S. naval task force headed to the area yet - maybe even a carrier group...?
NO! Fuck you E.U...
Whose Emergency Meeting ?
Athens or Berlin ?
Alexis and Yanis: Be very careful. The vicious, and now or maybe soon to be desparate troika cartel may try and use an 'accident' to destroy your re-discovered Greek independence...
Suicide these guys now, and they will be martyrs. There would be blood, big time.
It would be over the fucking top great for the movement. Our overlords are not that stupid, their time to make a move like that was before this vote.
China and/or Russia could now offer a deal to Greece, making NATO happy(not).
The only question now is how hard the EU can punish Greece without looking like they are.
Also, how hard did the IMF just fuck the EU?
I think it is great that the Greek people seem so united.
If I were a creditor, I would not give the Greek government another dime - but I might be open to renegotiate the terms of their debt. Not shave off any of the principal perhaps extend the timeframe or adjust the interest rate.
I think it is great that Russia or China might have an interest in partnering with Greece. Go for it.
As for the Euro - perhaps there are other more suitable countries that are interested in joining up.
Is it true that the Greek shipping industry pays no income taxes ?
If you were a creditor, you just wrote a check with your mouth your ass can't cover.
If I don't pay, I don't pay...no negotiation.
If you don't put forth a solution to your debt which does not involve us lending you more money - then I'm sorry - you will have to live with the consequences.
There simply is no more money to be lent at this time.
If I don't have your debt to deal with, I have more money to invest in myself. And others, knowing I am not going to pay you back, might consider loaning us a little at a higher rate, because they know I am no longer servicing my debt to you.
This is what a BK is. When the consequences of trying to pay are worse than the consequences for being known as a deadbeat.
I knew someone who went BK (three folks actually). All of them had credit card offers inside of a month. One is doing great now, financially. One is dead, but he weathered it pretty good (standard of living did not change much, just his house size). The other one is still in a squeeze because he has student loans he cannot BK out of.
Fine. If that is your position - we wish you well. We will of course meet you in the courts. We are considering our diplomatic arrangement as well as the issuance of tourist visas to your locale. Of course you can assume any trade deals will be considered void - and we will be imposing a ban on using Greek registered ships. But once again - we wish you the best.
Nice reply dive3x,
I will give this a shot anyway.
Some of my neighbors will shun me, that is just true. Lots of folks will not trust me. This is a real consequence that will make life harder. But it is hard anyway. I can't pay you anyway. All the accounting says even if you forgave the interest, I still can't repay you for decades. And if you were going to offer me even more money, sheesh! Staying in this fix trying to repay, is killing me. I can't grow, I can't even heal the damage that has been done to me. I don't need to fool you into loaning me more money, that is bad for both of us.
In terms of court, do I have to show? I am not sure I do. You cannot arrest me for declaring I cannot pay the debt.
And try this on for size, what if other PIIGS and France (Romania?) all default too? Lots of court (if anyone shows), lots of folks who have a lot in common with me that may not hate my guts so much if they are BK too.
Well what do you propose ? We are most concerned with the domino effect.
Forgiveness of the debt is off the table - I am afraid.
Just how much revenue does your commercial shipping bring in each year ?
Do you happen to know what the total tourist dollar spent in Europe is each year ? Perhaps we could suggest/mandate that all holidays be spent in Greece for a while :-)
At the very least I am afraid there is nothing but even more austere times ahead.
How did we get in this fix anyway ?
Let everyone take their lumps for making bad decisions. Let the system collapse some and find eqilibrium. Stop trying to manage markets with interventions (bailing out folks when they should go BK). Then enforce the rules. If the rules are not enforced, no one will play by them.
Granting me the loan when you know I cannot pay was the problem in the first place. I should not get more money. You should stop giving it to me and know better not to loan it to someone like me, next time.
Let there be consequences for mistakes, not insist on getting blood out of turnips.
Failure has to be an option or the system does not work.
Peace.
Governments can print their own money. Why would they ever have debt?
The ECB is just going to print. They won't let a run on 3% be the end. It's the nature of central banking.
They print just enough to keep the plates spinning. At the same time my guess is they are extending massive credit to their buds. See if they put money into circulation some of it allows real economics to happen. That is the perpose of cash But by extending credit winning is preordained for them. By always simply outbidding the honest. Easy to do if you have the credit.
We are watching a switch over to a credit/debt based society. If they can pull it off? It will work for the banks and governments. Wealth as most know it wont matter when they move the decimal point three places or four or five,,,
If thats the deal it wont matter what country you are in.
NATO troops seen at the Greece boarder?
Tomorrow Europeans and the world will get a taste of what markets think, and then there will be a deal with debt restructuring ASAP.
The price of pm's will be dragged down.
While you can only get EU$60/day out of a bank in Greece,
Apparently you can put EU$500/day on your Credit Card.
Am I the only one who finds that interesting???
this is the second banker revolt amongst many to come. the corporate state idea is dead before it has the chance to begin.
t and v better stay put in a bunker and make the eu come to them. fresh air may kill them both.
One day only
Giant blowout sale on Greek Islands
90-95% off assessed value to qualified cash buyers
All inventory must be liquidated to provide liquidity
Call in the next hour and you’ll receive a property tax holiday unti 2050.
capital controls are expected to be readjusted and imposed for a long period of time, until trust is restored
Bankers are nuts if they think ppl will retore their trust. Stupidity has no bounds
Congrats to the Greeks!
Good luck with your seacond chance at a good life.......
Your going to need it....
I sincerily hope that you guys succead in pulling it together!
Cash on deposit at a bank is unallocated meaning it is the banks money once deposited. They promise to pay the depositer back and with interest. They promise.
A One-Off Capital Levy?
- IMF
From the publication by the IMF "Taxing Times" 2013, page 49
https://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf
GO FUCK YOURSELF FIAT MONEY CHANGERS! GO GREECE!
So do I have this senerio correct-
Greeks vote "NO", thus
Euro down tomorrow, thus
U.S. dollar up tomorrow, thus
PM's down (with PPT assistance), thus
BTFD TOMORROW?
Tomorrow... Yes.
After Wednesday... hit the deck.
Let them fail. then begin again with debt free money and a heavily revised banking system that includes public banking at the least and full reserve banking as the best solution, brought in over a couplke of years. In the meantime govt issued Drachma at the optimum quantity strictly adhered to will see the Greek economy righting itself in no time. The wealthy can either pay their fair share or see confiscation of assets and criminal charges with lengthy jail terms. https://www.youtube.com/watch?v=Wwr6buHKe7I fuck you very much!
The banks will soon be nationalized, and recapitalized with the gold, silver and euros squirreled away in the past five months by what remains of Greece's middle classes. It's only a matter of time before Batshit Betty's Red Guards are sent to kick in people's doors and liberate their gold.
Meanwhile, Yanis now has carte blanche to print funny money by the metric wheelbarrow and give it away to Greece's FSA.
The bankers don't have a choice but to agree. Their only other is to be hanged in Constitution Square as enemies of the people.
Learning about communism from experience is the most expensive way to do it by far. But the Greeks have made it known they won't learn any other way.
We need war on banksters and their money. Let them eat it literally.
Enough is enough. We had it with their murderous greed.
Game Over.
People are propagandized to believe that debt have to be paid. This is a lie. No banks ever pay their debts. Instead what they do is called re-capitalization or rolling over the debt. Things that you and me cannot do for free.
People's mind is so enslaved that they even forgot what borrowing is. Yes, a word borrowing has acquired twisted meaning Orwellian style. In truth it became meaningless.
Here is what word borrowing really means.
When you get a pint o salt from your neighbor it is borrowing since you neighbor has salt to lend but if you get money from a bank it is not borrowing since bank has no money to lend. They make money up as an illusion just for you from thin air based on collateral of your future hard work or whatever you already own. All just to enslave us.
Why don’t you come to bank make up you own money and enslave banksters. Would they laugh you out of the doors? So why don’t we laugh them off to hell?
Money is just illusion for gullible. Powerful disregard money as a value and treat it as a manipulation tool.
Know your enemy, know what their money is truly for:
https://contrarianopinion.wordpress.com/2015/04/14/plutus-and-the-myth-o...