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Global Stocks Jump After Greeks Vote Themselves Into Even More Austerity
And so the 2015 season of the Greek drama is coming to a close following last night's vote in Greek parliament to vote the country into even more austerity than was the case before Syriza was voted into power with promises of removing all austerity, even with Europe - which formally admits Greece is unsustainable in its current debt configuration - now terminally split on how to proceed, with Germany's finmin still calling for a "temporary Grexit", the IMF demanding massive debt haircuts, while the rest of Europe (and not so happy if one is Finnish or Dutch) just happy to kick the can for the third time.
The following tweet probably best captures the surreal nature of the "deal":
They all disagree to agree that this unsustainable deal is sustainable.
— Olivier Drot (@OlivierDrot) July 16, 2015
Which means that nothing is really fixed, Greece will remain a pass-through vehicle for the Troika to pay into so it can repay itself, while the Greek economy continues to disintegrate, and this whole theater will repeat itself in X months, just with a different set of players.
For, stocks, however kicking the can is the best possible news as it means even more debt will be layered, which will force the ECB to keep rates at zero and/or negative for longer, and nowhere is this seen better than in European equities, currently at 6 week highs, and US futures, both of which are surging this morning with Europe in the green across the board: Eurostoxx 50 +1.2%, FTSE 100 +0.5%, CAC 40 +1.4%, DAX +1.5%, IBEX +1.3%, FTSEMIB +1.2%, SMI +1%.
European equities trade in the green (Euro Stoxx: +1.5%) as exporters outperform amid the weaker EUR. In company specific news, Bloomberg sources suggest Volkswagen's (+2.4%) Audi abandoned their plans to sell 600,000 cars in China this year, seeing an immediate fall of 2.5% before paring much of this move due to the aforementioned EUR weakness and after data showed European car sales had their biggest jump in five and a half years.
Asian equities rose after the Greek parliament voted to pass the preliminary bailout reforms. Consequently, ASX 200 (+0.6%) extended its relief rally led by gains in financials . Nikkei 225 (+0.7%) was led by exporters benefitting from JPY weakness, coupled with positive sentiment in the region. Chinese stocks initially opened lower as margin debt trading fell for the first time this week, while the PBoC conducted its first net weekly drain since April, however prices recovered in continuation of the recent volatility seen in Chinese stock markets. JGB's rose following a well-received 5-yr JGB auction which printed a higher than prior b/c.
Fixed income markets trade in modest negative territory amid the strength in equities, while Bunds underperform as France auctioned EUR 8bIn worth of bonds and Spain auctioned EUR 6.4bIn of bonds, with all bid/covers lower than previous.
Today sees a number of high profile earnings including Goldman Sachs, Citigroup and Google.
The EUR, which was kept afloat as a result of carry-trade unwinds and ECB support during the Greek drama, has seen weakness throughout the European morning to see EUR/USD reside at 6 week lows and briefly breaking below 1.0900 while EUR/GBP fell to fresh 8 year lows. This comes in the wake of yesterday's Greek parliamentary vote, seeing the deal with creditors pass, to now be voted on by other Eurozone parliaments.
Naturally, sentiment this morning has been relatively bullish with regards to Greece despite Bloomberg sources suggesting that the ECB has not given a decision on emergency aid for Greek banks but favour seeing the cap remain on hold, with the sources also suggesting that Greece requested increase in ELA of EUR 1.5bIn. This comes as Bloomberg sources later noted that the Eurozone has provisionally agreed to a EUR 7bIn bridge loan for Greece, with Finland, who are traditionally against the idea of providing Greece more capital set to approve Greek bailout talks.
EUR weakness also comes after recent hawkish comments from both the Fed and BoE, with the ECB rate decision scheduled for later today with President Draghi due to give his press conference shortly after, while Eurozone CPI data today was in line with expectations.
Elsewhere, USD/JPY trades in close proximity to a large option expiry at today's NY cut at 124.00 (USD 1.3bIn), with USD index heading into the North American crossover at trading near its highs (+0.2%) . Asian hours saw NZD underperform as participants reacted to the latest Fonterra GlobalDairyTrade auction, where prices declined to 6-year lows and New Zealand CPI printed softer than expected (0.4% vs. Exp. 0.5%), which allows further scope for the RBNZ to cut rates.
The metals complex has seen weakness today amid USD strength and concerns mounting regarding the Chinese economy , demonstrated most recently by Audi withdrawing their planned targets of selling 600,000 cars in the country. Platinum is the underperformer after breaking to fresh lows and trading at its lowest level since February 2009, with palladium at its lowest level since 2012. Energy markets saw WTI Aug'15 futures break above the USD 52.00 handle after yesterday saw bearish sentiment and analysts at Bank of America say that there is a possibility that Iran could increase oil production to 700K bpd next year after sanctions have been lifted.
Looking ahead, as well as ECB's Draghi, today sees a continuation of Fed's Yellen's semi-annual testimony to congress and comments from BoE's Carney as well as US weekly jobs data and Philadelphia Fed business outlook.
In summary: European shares remain higher with the autos and industrial sectors outperforming and oil & gas, utilities underperforming. EU said to agree in principle to EU7b Greece bridge loan after Greek government votes to approve bailout deal. European car sales rise in June in biggest gain in 5 1/2 years. New Zealand dollar falls to 6-year low. Puerto Rico says it failed to send money for bond payments. The Swedish and German markets are the best-performing larger bourses, U.K. the worst. The euro is weaker against the dollar. Greek 10yr bond yields fall; German yields increase. Commodities gain, with silver, gold underperforming and Brent crude outperforming. U.S. jobless claims, continuing claims, Bloomberg consumer comfort, net TIC flows, Bloomberg economic expectations, Philadelphia Fed index, NAHB housing market index due later.
Market Wrap
- S&P 500 futures up 0.3% to 2111.3
- Stoxx 600 up 1.3% to 405.3
- US 10Yr yield up 3bps to 2.39%
- German 10Yr yield up 3bps to 0.86%
- MSCI Asia Pacific up 0.6% to 144.3
- Gold spot down 0.4% to $1145/oz
- Eurostoxx 50 +1.2%, FTSE 100 +0.5%, CAC 40 +1.4%, DAX +1.5%, IBEX +1.3%, FTSEMIB +1.2%, SMI +1%
- Asian stocks rise with the Sensex outperforming and the Hang Seng underperforming; MSCI Asia Pacific up 0.6% to 144.3
- Nikkei 225 up 0.7%, Hang Seng up 0.4%, Kospi up 0.7%, Shanghai Composite up 0.5%, ASX up 0.6%, Sensex up 0.9%
- Euro down 0.53% to $1.0892
- Dollar Index up 0.37% to 97.53
- Italian 10Yr yield up 0bps to 2.01%
- Spanish 10Yr yield down 0bps to 2.01%
- French 10Yr yield up 2bps to 1.16%
- S&P GSCI Index up 0.3% to 409
- Brent Futures up 1% to $57.6/bbl, WTI Futures up 0.7% to $51.8/bbl
- LME 3m Copper up 0.3% to $5550/MT
- LME 3m Nickel up 0.7% to $11555/MT
- Wheat futures down 0.3% to 565.3 USd/bu
Bulletin Headline Summary from Bloomberg and RanSquawk
- EUR has seen weakness throughout the European morning to see EUR/USD reside at 6 week lows and briefly breaking below 1.0900 while EUR/GBP fell to fresh 8 year lows.
- European equities trade in the green as exporters outperform amid the weaker EUR
- Today sees the ECB rate decision, followed by Draghi's press conference, the second half of Fed's Yellen's semi-annual testimony to congress and comments from BoE's Carney, US weekly jobs data and Philadelphia Fed business outlook
- Treasuries fall after Greek parliament last night passed new austerity measures, as euro-area finance ministers said to agree in principle to extend EU7b bridge loan to Greece.
- Loan will come from EFSM and is due to be announced on Friday once national parliaments have voted on the bailout deal, according to an official who asked not to be named because the conversations were private
- Tsipras will have to rebuild his government after more than a quarter of his own lawmakers rebelled against a bailout that he accepted to keep the country in the euro
- Germany’s Schaeuble told Greece the only way it’ll get a debt reduction is to leave the euro and cast doubt on the country’s ability to even complete negotiations on a third bailout
- ECB likely to keep ELA to Greek lenders on hold at current EU88.6b level on Thursday, people familiar with the discussions said, as political talks over the country’s bailout continue
- ECB announces rate decision today at 7:45am, with Draghi press conference to follow at 8:30am; here are five things to listen for from Mario Draghi
- Puerto Rico said one of its agencies didn’t provide funds needed to cover debt payments as the cash-strapped commonwealth reels from an escalating fiscal crisis
- China’s frenzied stock market boom -- which soured in second half of June -- helped drive a surge in financial sector growth that underpinned the economy’s better-than-expected GDP
- Sovereign 10Y bond yields mostly higher. Asian, European stocks gain, U.S. equity-index futures gain. Crude oil and copper higher, gold falls
US Event Calendar
- 8:30am: Initial Jobless Claims, July 11, est. 285k (prior 297k); Continuing Claims, July 4, est. 2.300m (prior 2.334m)
- 9:45am: Bloomberg Consumer Comfort, July 12 (prior 43.5); Bloomberg Economic Expectations, July (prior 47.5)
- 10:00am: Philadelphia Fed Business Outlook, July, est. 12 (prior 15.2)
- 10:00am: NAHB Housing Market Index, July, est. 59 (prior 59)
- 2:00pm: Net Long-term TIC Flows, May (prior $53.9b); Total Net TIC Flows, May (prior $106.6b)
Central Banks
- 7:45am: ECB refinancing rate, est. 0.05% (prior 0.05%)
- 8:30am: Draghi press conference
- 2:00pm: Bank of England’s Carney speaks in Lincoln, England
- 2:30pm: Yellen testifies to Senate Banking Committee
DB's Jim Reid completes the overnight summary
Yesterday saw one of the more tame semi-annual testimonies (vs expectations) from a Fed chair that I can remember. It was pretty consistent with her comments earlier in the month with the key message being that if the economy performs as they expect they'll likely raise rates this year but that the future path of hikes will be gradual, especially if they act sooner. The trillion dollar question is whether the data will get them over the line. I personally still think a 2015 hike is unlikely but one has to respect the repeated rhetoric on the desire for a 2015 hike from the Fed themselves. It wouldn't take much for them to pull the trigger. Whatever they do it’s probably useful for them to keep highlighting the potential for a 2015 lift-off to ensure risk premium stays in the market thus skimming the froth off various areas of the market. So its unlikely that their rhetoric will change much over the summer.
As well as reiterating that all meetings remain live, Yellen also said that policy will remain ‘highly accommodative for quite some time’ and that the she would be willing to hold a press briefing should liftoff occur at a meeting with no scheduled press conference (October and January for example). With regards to references of Greece and China, there was very little on the whole. Yellen acknowledged the concerns around both but did not appear overly concerned in terms of the impact on the US economy. Price action largely reflected the overall tame nature of the testimony. The Dollar did firm with the DXY ending +0.51% while 10y Treasuries initially spiked a modest 2.5bps higher, only then to change tact and march lower into the close with yields eventually finishing 4.9bps lower at 2.353%. In terms of Fed Funds contracts, the Dec15 contract was unchanged at 0.285%, Dec16 3bps lower at 0.965% and Dec17 4.5bps lower at 1.650% with Bloomberg reporting that futures markets are showing a 33% chance the Fed will raise rates in September and a 65% chance by December, up from 31% and down from 66% respectively on Tuesday. So little reaction on the whole. Both the S&P 500 (-0.07%) and Dow (-0.02%) sold off into the close meanwhile as energy stocks in particular dragged the market down after WTI (-3.07%) and Brent (-2.50%) dropped on the latest rising US supply data.
In fact it was a fairly busy day for Fedspeak yesterday. As well as Fed Chair Yellen, we also heard from San Francisco Fed President Williams (voter) who said that the September meeting ‘would be a very plausible time’ to start liftoff. Williams also said that ‘there’s a good chance we’ll overshoot’ the Fed’s 2% inflation goal by the end of 2016 but that wouldn’t be an issue in his mind, however Williams did warn that the ‘strengthening of the dollar’ has greater policy implications. Kansas City Fed President George (non-voter) was consistent with much of the other rhetoric yesterday, saying that the Fed should begin to think about liftoff without narrowing down her timeframe. Finally Cleveland Fed President Mester (non-voter) said that the economy can handle an increase in rates and that the risks from Greece are not big enough to change her outlook.
Onto Greece now, as largely expected late last night we heard that Greek parliament approved the proposals agreed upon by PM Tsipras and the Creditors. The bill was passed by a majority of 229 votes (out of 300 seats), with 64 against, 6 abstaining and 1 failing to show. More importantly however, of the 149 Syriza MP’s, 32 voted against and 6 abstained resulting in 38 Syriza MPs objecting the proposals, at the top end of the expected range (30-40). Finance Minister Tsakalotos responded to the vote saying that it ‘was a decision which will be a burden for me for the rest of my life’ and that ‘I don’t know if we did the right thing but I know we did something to which there was no alternative’. Several high-profile Syriza MP’s were amongst those to go against the conditions including Varoufakis, Energy Minister Lafazanis and Deputy Labour Minister Stratoulis. Attention now turns to what will likely be a political reshuffle given the Syriza dissenters, with a minority government a possibility. According to Reuters, a conference call between Eurozone Finance Ministers is scheduled for this morning, while parliamentary approval processes are now expected to take place across Europe (yesterday France approved the proposals) including the Bundestag on Friday. The reaction function from the ECB with regards to ELA will now also be closely watched at today’s meeting.
Looking at how markets have reacted in Asia this morning, it’s been a relatively constructive start across the board for Asian bourses led by China which has rebounded off a weak start and yesterday’s decline with the Shanghai Comp (+0.99%), Shenzhen (+1.93%) and CSI 300 (+1.34%) all moving higher. The Hang Seng (+0.03%) is a touch higher while the Nikkei (+0.55%), Kospi (+0.57%) and ASX (+0.44%) are all higher in trading this morning. S&P 500 futures are around +0.3% while 10y Treasuries are +2bps at 2.372%. The Euro is around -0.1% with minimal reaction to the vote. Asia credit is around a basis point tighter while oil has bounced back with both WTI and Brent up 1% this morning.
Back to markets yesterday, European equity markets closed modestly firmer reversing a slightly softer start ahead of the Greek parliament vote. The Stoxx 600 (+0.43%), DAX (+0.20%), CAC (+0.29%), IBEX (+0.69%) and FTSE MIB (+1.28%) all finished up, while 10y Bund yields declined steadily over the course of the day, eventually closing 6.1bps lower at 0.826%. In the periphery Italy (-6.3bps), Spain (-7.5bps) and Portugal (-5.4bps) all moved lower. On the data front, French CPI was softer than expected for June (-0.1% vs. 0.0% expected) although the annualized rate remained unchanged at +0.3 yoy. Closer to home in the UK and following fairly hawkish BoE rhetoric this week, we got some slightly softer May employment numbers yesterday with the unemployment rate ticking up one-tenth to 5.6% and average weekly earnings rising less than expected to +3.2% yoy (vs. +3.3% expected), although the trend in the latter still remains supportive. In a choppy session 10y Gilt yields ended 0.7bps lower at 2.115% while Sterling was fairly unmoved (+0.02%).
Data flow in the US yesterday was largely better than expected. June PPI was a beat at both the headline (+0.4% mom vs. +0.2% expected) and core (+0.3% vs. +0.1% expected) although annual figures continue to remain low (-0.7% yoy and +0.8% yoy respectively). Industrial production was firmer than expected for June (+0.3% mom vs. +0.2% expected) and the highest monthly increase this year. Manufacturing production was disappointing (0.0% mom vs. +0.1% expected) although the July NY Fed manufacturing index was more encouraging (3.86 vs. 3.00 expected), rebounding off a weaker June reading. Finally capacity utilization saw a modest increase to 78.4% (vs. 78.1%) from 78.2% in May.
Staying across the pond, the Bank of Canada yesterday cut rates for the second time this year after cutting by 25bps to 0.5% (market expectations was largely split 50/50 for a cut vs. hold). The move was supported by a relatively decent downgrade to growth from the BoC, cutting its 2015 GDP forecast to 1.1% from 1.9% and 2016 to 2.3% from 2.5% while also suggesting that Q2 growth likely contracted. The Canadian Dollar yesterday ended nearly 1.5% lower versus the USD on the back of the move.
Onto today’s calendar now. As well as further headlines concerning Greece and the political developments, the ECB meeting, Euro area CPI (final June reading) and trade data will be the highlights this morning. Over in the US this afternoon, Fed Chair Yellen is due to speak once again at the Semi-Annual Testimony, this time in front of the Senate while data wise this afternoon in the US we’ve got initial jobless claims, Philadelphia Fed business outlook and NAHB housing market index all due. Citigroup, Goldman Sachs, Google, eBay and Schlumberger are the corporate earnings highlights.
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Tic Tic Tic Tic ............................. Boom
This is what happens to people who are too far removed from reality for too long.
Anything goes cause nothing matters.
The fog of denial grows thicker at the pinnacle.
What an epic cave. John Bohner seen grinning ear to ear and mumbling "Nice, very nice cave".
The Weepy Tangerine would never say that. He'd say he was just setting them up for next time when he'd REALLY lay the wood to them. Oooooooooo.... next time! Just you wait to see how bad I fight you next time!
The Germans are going to fuck up this "deal" the best they can now cause they DON'T want to give moar money to Greece.
They'll find some way to throw Greece out of the EU soon to squash this growing talk of restructuring Greek debt.
Cause they know Portugal, Spain and Italy will be next in line expecting the same.
and hope fades yet again. the human condition of cog. dis, ha...
Lets do the math on that, 96-15= 81, just an 81 year wait, no sweat for me, but you, not so much.
I've lost ANY respect I had for Greek politicians (not that I was expecting very much).
DavidC
Send lawyers, guns, and money......Dad get me out of this.
https://www.youtube.com/watch?v=QPlMmwOq7U8
What do you with a lawyer buried up to his neck in sand?
A: GET MORE SAND!
What do you call 10,000 lawyers at the bottom of the sea?
A: A GOOD START!
You throw the lawyers at them....then you take the guns and money and run....hopefully for a clean getaway.
If you don't have lawyers....claymore mines will do in a pinch.
OK, Ghordius. You said "wait until the vote in the Greek Parliament- that's what actually matters." Well, here it is. The Greeks have now bent over and spread their cheeks. I guess the only thing left is to see if the Troika can get their act together and jam it home.
Global Stocks Jump After Greeks Vote Themselves Into Even More DebtFIFY
Stocks go up and precious metals go down. Platinum is now under $1000 an ounce! Crazy!
deflation of the durable markets. the debt is running out of steam. but where oh where is that inflation? ah, of course, the stuff needed to live another day. thanks the good dr s. of econ. dcotriate degreed and in charge of the great demise of the human civilazation.
I suspect that it is incumbent on every individual to make sure they are a grabber and not a grabee going forward.
@ND
They got €7B lube to start with!
it's actually not over, yet, then this same Parliament has still to make further votes, even if this one can be seen as relatively decisive
yes, I disagree with your way of looking at things. the Greek Parliament had to decide between a hard deal and a hard decision
in my opinion, they might have been more likely to decide for a hard way out with a Drachma if they had any kind of trust into the capabilities of the current government of organizing things like a new currency, a better governance, and so on
governance, for example statistics. I just wrote an extensive reply to the Yanis Varoufakis "annotations" in regard to ELSTAT, here: http://www.zerohedge.com/news/2015-07-15/presenting-greek-terms-surrende...
I personally share a vision with many Greeks of a Greek State capable of setting up reliable and trustworthy statistics and publishing every detail of the Greek Budget. Transparency
Varoufakis... well, read what he writes. In short, he thinks that the more transparent the Greek Budget is, the more Greece State is in a position of weakness. a position very dangerously near to the one of "we have to falsify statistics", or, even worse, of "the details of the Greek State Budget aren't a public concern, including the Greek Citizen"
further, I completely reject the neo-leftist mantra of "this debt, is not payable" as pure propaganda. the hard truth of the thing is that the very hardliners on the "european" side of the thing, for example Schäuble, were completely fine with Greece exiting everything if it pleased them, and to hell with the US Stock Market shills that don't want the boat to be rocked
the real message was: "reform, balance your budget, and then we'll cut the debt and present the bill to our taxpayers, including Haus-Targaryien and Ghordius"
the syriza answer was: "cut that debt now, and then perhaps we'll reform". now we are back to step one after imho Varoufakis wasted six months
"this debt, is not payable" as pure propaganda
Would you accept technically pretty damn complicated?
no, I prefer stick to pure propaganda of the populist kind (term used as dispregiative), and neo-leftist to boot, with a chorus of shills ogling domestic issues in foreign countries and the Dr. Krugman Neo-Keynesian brigade in support. History of sovereign debt tells us a completely different story
Beware of the man with 3 sets of teeth due him, oh yeah, you'll never be old enough to understand. What is not sustainable, will not be.
Since you claim that the debt is payable through reforms, do tell what kind of reform helps with a 25% Unemployment. Last I heard, when this happened last the reform was war.
read again, I did not claim that the debt is payable through reforms, I claimed that debt cuts are the price for those reforms, and the reforms are the price for the debt cuts, while the whole haggling was about the sequence of those actions
meanwhile I'm also sick of this other neo-leftist mantra: "spend recklessly, or you'll have WOAR and CRIME and RIOTS". it might be useful to counter (and try to shame) US-NeoCons, but here in Europe it does not reflect the real issues
"wait until the vote in the Greek Parliament- that's what actually matters"
251 yes in a Parliament of 300, btw, is an extreme voting result. Practically every elected lawmaker of the opposition voted yes, across several parties
Yes, they stated quite clearly they no longer want the difficult job of governing their own country. One thing I'll agree with you on is "it's not over yet". That is a true, if rather obvious statement.
As for reforms and debt haircuts.... well, the proof of the pudding is in the eating. The Greeks have all but given up on actually implementing any type of "reforms" (if that word even has meaning any more). What will be interesting is if the Troika has the debt haircuts in their repertoir. I'm not sure they do. I don't think either side is capable of performing the music that has been placed before them to play.
Do we need a reason for stock markets to levitate given that governments have been doing that for years? In any case, Greek GDP is miniscule - only 0.33% of world GDP.
" ‘I don’t know if we did the right thing but I know we did something to which there was no alternative’."
Oh shut up, just shut the fuck UP already! I'm SO sick of hearing that "there is no alternative"...usually spoken in a somber, serious tone, as if this is some profound wisdom.
Yes, asswipe, there IS an alternative, several in fact. You just didn't pick one. Doesn't mean it's not there, just that you were too stupid or blind to see it.
Go say THAT in your serious, somber tone, jerk.
In business if you don't come up with at least 3 alternatives you might as well be a failure.
But in the case of countries... there must must be at least 4 headings or alternatives... and each must have like unlimited tweeks or permutations.
- US & EU Peoples must be mentally impaired
- US & EU peoples must be politically Idiots
- US & EU people believe anything they are told about Catastrophic Events and Assassinations
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
- There is no hope for the voting public
There is no "acceptable" alternative, which is why they are where they are.
When given the choice we generally always choose poorly. Of course we always blame those who proposed the bad choices like they are taking candy from a baby. It's amazing that we can simultaneously behave as brain dead children and still resent it.....silly me, of course we do. Anyone who has had children understands.
I'm willing to accept a painful choice. Tomorrow, I mean. Not today.
I could not take you oh so serious really
when you called and said you'd seen a UFO.
How Bizarre!
Becomes clearer by the minute that the money-changers were rubbing their hands when Papa Doc Papandreou and Scamaras were flogging the family silver.
One of the Best Economic Stimulus is Social Security... Probably stated by CBO and FED.
Now you look look at the Rape Victims of the IMF... (I'm sure you don't really care)... hm... Economic Collapse after Austerity.
IN fact it is probably closely correlated to the Independence of these countries.
- Independence followed by low Investment by the Wealthy, the Banks, the Foreign Investors...
Oh, you didn't know about that???
- Well it is natural isn't it? If you are the 1% and the country has a Revolution you will withdrawal from investment.
- The 1% have no reason to Invest in Independent Businesses unless the owner is some kind of puppet, dupe, or Cuckold
Where was there austerity? I thought they refused to reduce government wages and pensions. I thought they refused to pay taxes. I thought they are demanding MORE loans from the same people you suggest are raping them.
What business person would want to invest in business in Greece when they know Greeks really don't want to work at competitive wages and the government is broke, sucking tax revenues from any entity standing still long enough to be targeted.
Things like this don't happen over night, and Greece has a pretty long history of this. I can have empathy for these people in that I understand that they are to some degree victims of a leftist redistributive mentality, but they should have known that they would eventually run out of other people's money.
Well, you THOUGHT because they told you. If it's such a rainbowland why don't you come over here and be a public servant? Bet you wouldn't last a month in this insanity.
Never meant to suggest that it is anything but hell to be caught up in the middle of this mess. It's simply reality that unsustainable costs cannot be sustained. If revenues do not exist to support expenditures, and people wanting to sell you goods and services are no longer willing to extend you credit to continue those purchases, what else are you to do?
Protest?
Really?
The surest way I know to kill off any desire to provide charity is to DEMAND IT. The only thing we are ultimately entitled to is the opportunity to TRY to do better...results may and WILL vary.
There are two things which you can not compete with, insanity, and free. I suggest you don't even try.
Now, let's go fix China!
Say in the final vote the Troika tramples Greece and its over…Maybe…They still have bigger fish coming in Spain, Italy and France. Will one of them…brake the bank…
Europe (noun): A collection of sad, defeated nations and peoples squatting on the ruins of once-great civilizations.
It is kind of sad to see families who have lived in the same area for untold generations, still living in homes built hundreds of years ago, that are still not paid for.
Anyone who lives in a country with a property tax doesn't have their home 'paid for' and never will.
This outcome can not surprise anyone as all understand by now that a politician is one who is voted into office to betray those very voters.
It happens all the time, once the candidate electronically, or perhaps even legitimately voted into his post, that the allure of the streams of corporate supplied blood money is revealed, oaths of office and the People are totally forgotten.
Thats why we hire these people...to overlook our stupidity to act in our best interests. Of course it almost always goes badly but we are rewarded by having someone to blame besides ourselves. Ultimately that's what many are looking for, plausible deniability.
the structure of our government funding allows the large central government the power to collect the bulk of the taxes. We then hire local thieves to go to the central government piggy bank to steal some of it back. We then are surprised when we discover that these hired thieves really ARE thieves stealing from all of us. Most of us recognize our elected officials are thieves and we manage to swallow our contempt for them as long as they predominantly represent our interests over others. We tolerate our hired gunman's low moral stature as long as he effectively protects our interests. It's just irrational to feign any surprise wen they eventually point their gun at us demanding "payment or else".
we are rewarded by having someone to blame besides ourselves...
For those of us who have been weaned on the virtues of Puzo's Godfather your outlook rings true. I have no problem, (most of the time), with telling it like it is-warts and all, but it just seems there are no more virtuous aspects of human nature to draw attention to anymore. We have discounted and assigned the Horatio Alger meme out of existence to the point that plausible deniability has become our top goal of self-actualization.
Say what you will about Ronnie "Ray-gun" and his reign, but there was far more human effort exerted into personal virtuous activities at that point in time than just about anything I've witnessed in well over the past 2-3 decades. Spare me the obvious "emperor had no clothes" critique that subsequent "historians" point to in order to sell their books, etc., leaders Lead, and he projected a vision no goofy "Hope" poster with a projected and obnoxiously pointed and defiantly directed chin could possibly do. I can hardly wait to see what Andy Warhalesque caricatures await us when Clinton / Bush 3 opens in a theatre near you.
stocks jump on [fill in blank with bullshit]
it's a nirp world and yellen is a zirp girl (girl? thing? other?)
http://albainternazionale.blogspot.it/2015/07/lautogol-geopolitico-degli...
Jade Helm 15 ... read
English please.
http://albainternazionale.blogspot.it/2015/07/lautogol-geopolitico-degli...
Jade Helm 15 ... read
what I gotta click and maybe get recorded on some site?
WTF does it say that I should click?
Maybe it says you are trans or that I eat shit?
Get this, go to file for for Chapter 7 yesterday , knowing It will destroy my credit I will lose my home because I have a second mortgage that went into fixing the home that it can't be stripped in Bankruptcy thanks to the SCOTUS ruling a few weeks ago ....so since I am earning half of what I used to take in I can't show to reaffirm to pay those debts plus standard living expense..
So my choice is fuck my family or fuck my family.. We are FUCKED!
Fuck you Wall street bankers lobbyist mother fuckers.!!!!!!!!!!!!!!!
You could always light yourself on fire in protest.
Well first of all you had well over 7 years chance to wipe out that second IE: Offer them a settlement and you didn't. It amazes me how some people claim they are informed when the reality is most are not. Either way here is some info to help you out..
http://www.loansafe.org/forum/
So maybe you shouldn't file?
What can they do if you just mail them a formal notice to only contact you by mail and change/ignore your phone?
Are you in a state with wage garnishment?
If you are, maybe you should just put that house up for sale, hope to workout a deal for a short sale if necessary...IOW negotiate on the settlement of the second.
Relocation is expensive and not fun, but all options need to be on the table, including moving your family somewhere else with a better employment/cost of living balance.
FWIW my spouse works in IT. He has been laid off/ended contracts at least 5 times in the last 13 years and I have moved 11 times. My daughter so far has never been in the same school 2 years in a row. Think we have settled now (bought a house), but time will tell.
Interesting, no cyber hacking when the stock marjket is going up?
Of course stocks jumped on hearing this news. Same as when shareholders hear their corporation just fird 10,000 employees their stawk soars.
Bullish for the individual company/shareholders who contemplate moar profits, but horrible for the economy losing 10,000 consumers.
Lord of the Greeks ....
What i would be doing right now if i was a Greek,
https://twitter.com/sharkybit/status/621426277854130177
This dude should change his name to Costanza.