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ECB Raises Greek ELA By €900 Million
The biggest unknown in today's ECB Q&A was whether Mario Draghi would agree to raise the Greek ELA, and moments ago we go the answer:
- DRAGHI SAYS ECB RAISED GREEK EMERGENCY BANK AID THURSDAY
- DRAGHI SAYS CONDITIONS TO INCREASE ELA HAVE BEEN RESTORED
- DRAGHI SAYS ECB ACTS ON ASSUMPTION THAT GREECE IS EURO MEMBER
Specifically, Draghi said that "The decision to raise ELA again today is symmetrical to the decision we took a few days ago to freeze ELA."
And as to how much:
- DRAGHI SAYS ELA INCREASE WILL BE €900 MILLION OVER ONE WEEK
So now the question becomes on what day will the Greek banks reopen, and what will be the popular response: will the population rush to deposit the money they have pulled out, or vice versa, will this opportunity to withdraw even more be promptly consumed.
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Withdraw.......................like a good Catholic!
Sorry could not help myself
So it's right back to the same old shit...
We're being assimilated by Dr Strangelove and His Reptile Queen.
This is a bonafide Cluster-Fuck
Indeed, back to SQUARE 1 WTF!!!!
Back to 'Square One' again, but each time we start this game over, the debt has increased exponentially.
"You're gonna need a bigger bailout."
BUY THE ZLOTY!
WE'RE DOOOOOOOOOOOMED!.....
The Zloty has actually become a pretty good currency.
Apart from a horrible language & a batshit insane Russian foreign policy -- Poland is doing a lot right while most of Europe is fucking retarded.
Indeed they are. But many remember the red Army coming through on their way to Berlin. Not pleasant.
Hah ha ha ha ha
Why I'd forgotten how every red blooded (get it, Red Blooded, Hah ha ha ha ha) Russian soldier wants to be the first boy to rape Hamburg's Reeperbahn.
Just think of that Sick Fuck Schubabble, comes from a country with legalized sex slavery. Not a lots ever changed with the German Mentality.
it's easy to have a "pretty good currency" when there is an anchor around. without any such anchor... well, there are enough wannabe Soroses that are willing to contemplate a unicorn-sized 100 times leveraged bet with Other People's Money
Zloty isn't anchored to the Eur like the Danish Kroner is.
If Soros & Co wanted to do a 1000 times unlevered bet with no'ones money on the Zloty, he could take it down tomorrow if he wanted to. The risk he would be running is the Polish back up their currency with something physical, or send interest rates to 100% even if just for the sole purpose of nuking Soros from deep earth orbit.
Soros makes his money on depegs & not FX raids.
no, it isn't, but the anchor is there, available. as for the SNB with it's CHF
remember that it's still Poland, the same country where there was this huge mess with people buying flats on CHF-based mortgages. I'm not sure it's all solved
Soros did beat the United Kingdom, a beast several sizes bigger then Poland, then. you don't have the typical european oldster's remembrances about that day
70 years ago today Poland sentenced 200,000 people to death...for helping the Germans during the occupation....that is quite a few....and what is even funier...the French wanted to quit using the gillotine...and they asked the USA to help them out for new ways to kill people.....lol read the NY Times today of 1945
I don't know why Ghordius sees any currency under constant speculative attacks, any besides the Euro that is, which of course is the one currency that thanks to its size and Draghi's Bazooka is shielded from speculation!
trust. banking is all about trust. a quote from the man that brought us the other adage: gold is money, nothing else
oh, he was the same that "fixed" the Panic of 1907 and said to his banker peers that the US would need a european-style central bank
either Greeks will trust this pact to hold or they will continue their bank runs, and then even those funds won't be sufficient
Sure, trust the Greeks. If they Grexit and smash any fauxterity, how long before the Drachma is scorned?
Assuming the new bailout lets Greek banks re-open -- who would leave any money in a Greek bank, knowing that NOTHING was really fixed?
Move it all to Deutschebanke. Schuababble and Super Mario gots yer ass covered, laddie.
Die Nachtmare
ITS PEOPLE !!!!!!!!!!1
SOYLENT GREEN IS PEOPLE !!!!1111111
BAZOOKA DRAGHI!!!!! WHATEVER IT TAKES!!
Either Tsipiras is an idiot with no backbone that ruined his name and country, or he intentionally agreed to hand over democracy for another month, to keep banks open and let Greeks pull their cash before they send Europe packing.
Nothing has changed.....so this money goes poof also...just poof...
Who rules Barter Town!!!!???
Embargo Lifted!