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Europe's New Colonialism: ECB Rejects Greek Request To Reopen Stock Market
It has been one month since Greek capital controls were imposed, and as we explained earlier, Greece is nowhere closer to having its deposit limits lifted. In fact, with several more months of capital controls at least, the Greek banks are likely to suffer ongoing balance sheet impairments which will ultimately result in depositor bail-ins, with Germany already pushing for haircuts on deposits over €100,000.
However, when it comes to banks there is at least still the illusion that Greece has some residual sovereignty. The reality is that it does not, as Greece is no longer an independent nation, and as of July 15, the Greek "In Dependence" day, every Greek decision needs to get pre-approval from both the ECB, Brussels and, naturally, Berlin.
This was made very clear earlier today when Reuters reported that the Greek stock exchange will remain closed on Monday but might reopen on Tuesday after a one-month shutdown which started on June 29. "It's certain that it will not open on Monday, maybe on Tuesday," a spokesperson for the Athens Stock Exchange told Reuters on condition of anonymity.
A spokesman for the Athens Stock Exchange said on Friday a proposal to reopen the bourse had been submitted to the European Central Bank for an opinion before a decision on the matter is made by the Greek finance ministry.
Another person with direct knowledge of the matter confirmed that Greek authorities aimed to reopen the bourse on Tuesday.
However, to understand what really happened, one should read the Bloomberg explanation, according to which it was the ECB which rejected proposals by Greek authorities to reopen country’s financial markets with no restrictions in place for both Greek and foreign traders, citing an Athens Exchange spokeswoman.
Ministerial decree is now expected, setting some restrictions in use of money from Greek bank accounts for trading.
And just like that, we wave goodbye to the Hellenic Republic, and greet the Mediterranean Vassal Province of Mario and Merkel. Because as of this moment, no Greek decision can be taken without the direct or indirect express prior approval of either the ECB and/or Berlin.
Oh, and incidentally, Greece may be better off leaving its markets closed indefinitely because since the day Greece was "fixed", the GREK ETF, which has been the only equity way to trade Greece, has sunk 15%.
It has also managed to drag down the S&P 500 with it despite the Greek can having supposedly been kicked for at least a few more months.
And once the locals can finally cash out of the local banks which as we explained are an assured "doughnut" for existing equity investors pending either bankruptcy or massive dilution which will wipe out all existing stakeholders (the fate of depositors depends on whether a €25 billion source of liquidity can be found in very short notice) they will, which in turn will lead to another market closure for Greek stocks, only this time it will most likely be permanent.
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ALL YOUR MARKETS ARE BELONG TO US!
No stocks for you!
Stock Nazi ;-)
World War 3 will be fought in Europe once again.
Hmmm....will portugal, spain and italy follow greece's path or will they tell the Brussells and Germany to take a hike?
And to think all of this from little Greece. About the population and gdp of LA county. Gives you an idea how massive this thing will be when bigger dominos begin fall.
I guess this is equivalent to not being allowed to open up your asshole to take a shit.
Opaaa
World War 3 will be fought in Europe once again.
no war with 500 millions cunts unable to smash table and go kill some gov people when they vote NO and gov rigging and faking to make it a YES...
500millions cunts busy living their lame lives, considering they have more to loose by acting against the mother feeding system...
you ear european countries who use retreat at + 65 years any gentle comment about 52 years old retreat for greeks ?
let's face it, this planet is not human but whore populated, every one licking balls and swallow cum for a couple of coins.
::: ArseHoles ::: ... For GIVING Their Country AWAY...
Make no mistake. There is 50+ % youth unemployment some countries in the South and in the entire region levels are higher than ever before. Add to this a deep frustration of lost future, when highly educated youth have to cling desperately to a minimum wage job, should they be lucky to find one. They have to stay at their parent´s home, when cannot support themselves, not to mention ever afford to buy own housing or raise families. It ain´t going to happen that this lost generation and two more kept paying for fathers´ sins sheeply peacefully. Youth has always rebelled and this time do not need a cheap pretext. Militant movements in Europe in the sixties and the seventies raised their support from a much more less favourable environment. The first shot will always be a surprise, when people are lulled into a delusion of peace in our life time.
bullshit.... youth is smartphone handed, even a low price 150€ wiko is good enough to keep em lobotomized...
they have no willing to work, they have been peaced, mind controlled by the technologies. anyway, people do not want to work anymore, why playing the offended virgin when you see robotic chargin at the door of business...
they can keep the system goin, take those fuckers in france, they make babies like virus multiplicate, you earn 2000€ /month with 5 babies... why the fuck you would like to take a 39h for 1100€ while yo ustay at home with kids for 2 times more...
they buy social peace with social money.... in a ex nihilo money system creation, with debt as tool of control over nations to keep the whole as block to feel big enough egainst russia and china... if you still not have understood that fiat money by itself is a joke to be printed to infinite and can & will be given to every human on earth as basic universal wage, just to get food, like they are experiencing in finland or in same kind of states overthere...
at this stage with 500 million cunts at 500€/month linearized system, you will fight, i agree, but to find a way to WORK FOR TPTB !!!!!!!
it is a joke, every one deserve what happen, seriously, i have no faith at all anymore in human specie.
"like they are experiencing in finland or in same kind of states overthere..."
I haven't heard of the Finnish 'experiment', though Switzerland are to have a Referendum on it, they are looking at 2500 Sw Francs a month [£1,500] Though the 'Corporates' have a better plan, they want TTIP, which will enslave all populations, by giving Corporations all nations Sovereign rights and Public Service rights!
PS; Where do you get €2000 with 5 kids? UK you don't get paid for 1st, and £20 a week for each 1 over that, so 5 kids in UK is £320 a month!
http://collectivelyconscious.net/articles/the-next-big-social-idea-uncon...
This is all part of the plan, the UN Agenda 21 is all about:
• The State to ‘define the role’ of business and financial resources
• Abolition of private property (it’s not ‘sustainable’)
• ‘Restructuring’ the family unit
• Children raised by the State
• People told what their job will be
• Major restrictions on movement
• Creation of ‘human settlement zones’
• Mass resettlement as people are forced to vacate land where they currently live
• Dumbing down education (achieved)
• Mass global depopulation in pursuit of all the above
All nations under the Zionists; US, Canada, UK, EU, NZ, Australia, all run on the Debt = Growth system, but the small nations struggle, population wise. House bubbles are created, because the 'loans' are added to GDP. In the UK we have 19 million Economically In-Active [can't get a loan] which is why we need to advertise UK jobs in the EU. No good giving a low paid job to a person who can't borrow, which is how money is created. This is why we have high Immigration [new borrowers] and why they are classed as 'essential to GDP'! From a GDP of £1.9tn, the UK has £1.3tn in Consumer Debt, our Trade is now just 7% of GDP, down from 28% in 1997, as Corporations take hold across the whole system!
"About the population and gdp of LA county."
Exactly; and people believe they can solve their problems by collecting taxes? From how many, they only have a population of 10.8 million?
A labour force of 15+ total in Greece was last measured at 5,007,178 in 2013, according to the World Bank. Over 50% are unemployed? That's some taxation?
Who keeps putting the 'blind' up about Greece and her tax dodgers, and why?
Greece (Tsipras) and his crony government totally fucked this whole thing up. The people have every right to overthrow that regime, install a new government and get the hell out of the EU - but right after they tell the EU/ECB/IMF/ETC that all bets/deals/contracts are off and they're leaving the EU pronto.
Golden dawn!!! Maybe the only way to go!!
"Golden dawn!!! Maybe the only way to go!!"
If Golden Dawn get in, Europe would have a major problem. First thing they'll do, is throw out all non-Greeks!
Revolt or become debt slaves.
+1000
Repeat after me: r-e-p-u-d-i-a-t-i-o-n
Revolt or become debt slaves.
Revolt and rebecome debt slaves.
fixed it for you....
Semantics allow me to agree with you. A revolt is a failed revolution.
Hahahahahahahahahahahahahahahahahahaha!!!!!!!!!!!
Suckers!!!!!
hows that working out for you greek people
All directions are down for the remaining time, for sure into 2016.
Greece probably was bankrupt for a few decades, but definitely since 2008 worldwide banking crisis.
https://en.wikipedia.org/wiki/Greek_government-debt_crisis_timeline
Oh Tsipras, Now you see what a country looks like when it is governed by a coward.
Its true and their is no debating it.
Greece is being sold off for nothing and the country has lost its sovereignty. They will be allowed to default when everything has been stripped from them!
Iceland has proven the only true course Greece had to take! Jail the crooks and liars!
Do you really think Greece will be the last place this happens?
"Oh Tsipras, Now you see what a country looks like when it is governed by a coward. "
Greece is no longer governed by Tsiparas and the parliament: it is governed by the ECB/Germany.
Tsipras should hold a press conference and honestly inform the citizens of Greece of the fact that he and the parliament have surrendered Greece to the ECB/Germany and that elections no longer matter, disband the faux/puppet government/parliament and then abdicate his own faux/puppet seat to the Goldmanite of ECB/German choice...
makes more sense considering the "alternate banking" and russia plots are true.
eu germany and the rest of the western world has to punish the ones thinking new ways
PRELUDE for tomarrow right here in River City. Milestones
We own you now. Coming soon to a country near you.
Sometimes The Dragon Wins. That sucks!
Tsips and VarFak talked the talk and now it's springtime for Schaueble and Germany and winter for PIGlets and France.
Let Germany work through its five-country hit list and then it will be time to see who remains to walk the walk.
Owned, bitchez.
What's the ECB going to do if they open it?
Invade?
A real leader would just do it.
Stop asking for permission.
Yes, but it's probably a little late now. A real leader wouldn't have raided the Greek pension funds to pay the EU, hoping that would get them another bailout. They should have defaulted right after the election, while they still had some money to operate. It's not all Tsipras fault, though. The majority of the people though (assuming the reported polls were correct) that they could default on the debt, and then just go on like before with more loans from wherever. Kind of like maxing out your credit card, telling the issuer you are not going to pay, and expecting them to give you another one.
Yes, absolutely Greece should have defaulted in January 2015.
The issue was how to default, since there is no law on the books allowing default within the EU.
Default needs to be allowed !! Like PR or Detroit, (or Chicago ?). They should be allowed to default and fix it that (only) way.
"The issue was how to default, since there is no law on the books allowing default within the EU."
I think he intended to default, - just walk away - but Putin failed to back him, as Tsipras / Greece would need support from another country, to walk away. If they gained support and walked away, what could the creditors do? Sanctions, they rely on Greece to buy from them? Just look what the 'puppet' government bought, that wasn't needed and from Germany?
This has been the problem all along, the small nations having to borrow from the big, to buy big nations goods, at an inflated price.
PS; There's no such thing as 'laws on default', or 'allowing' - 'forbidding'. As in Business, 'rules' are laid out and all these 'nations' are after-all, merely Corporations! So the rules are in Business Law. Tsipras should really have asked Trump for some advice.....he's quite good at it, allegedly.
Imagine having to ask permission to open your stock market to Germany yet!?!?!? 3x in les than 100 years. C'mon people.
Greece taking it Greek style from the ECB.
Greece should have exited monetized their currency raise prime rate to 5-7%!
Every IMF indebted country should folow suit before they become greece!
Because Ireland and Portugal were protected by the EU, and had stronger economies, they exited the IMF Extended Fund Facility around last year:
Ireland, December 2013
Portugal, June 2014
But Greece never got the good deals, special arrangements, or protections. In addition, Greece's GDP has been going down since 2008 and never recovered.
https://europeansnapshot.files.wordpress.com/2015/04/gdp-eu-various-2015...
"Europe's New Colonialism: ECB Rejects Greek Request To Reopen Stock Market"
Europe is not the colonizer. The colonizers are the ones plundering and exploiting Europe via fiat-debt.
Ditto the American country.
Liberty is a demand. Tyranny is submission.
To understand Zion, understand colonization.
You can't humiliate a people and nation this way and not expect some sort of backlash.
So you sell the stock and the check is written for a Greek bank ?
The Greek people are now going to pay a much higher price than they otherwise would had they willingly chosen
to leave the Euro rather than have that choice forced upon them.
Next week, The European Central Bank will begin a review of Greek Taverana tipping policies.
The Stones "Under My Thumb" comes to mind.
Varoufakis already told us that the Troika are running the asylum.
Stand and Fight or wither and Die MF's.
Wow, wonder how much worse would it have been to walk in the first place!
no end to this crap...would like to leave, but, got to stick around for my $60 per day
Well, your bank would be toast, and your 60 drachmas a day would buy you a couple of eggs. Does that sound worse?
If I'm Spain or Italy, I take what liquidity I have remaining and begin purchasing military weapons systems. Gonna have to bust thru the Merkel Line.
All your decisions are mine.
What did they expect?
cookies from jewes Nulland, like in Kiev? or mazbe 5bln investment from Nulland, like in Kiew?
They need to get away from the EU. This should help Spain,Italy and portugal see that their best interest is not with the EU. This Greek government won't survive this, the their leader may not either. Might be a lynch mob sent for all of them. Becoming painfully clear finally, they made a very bad deal.
Spain, Italy and Portugal are also baning Greece because - "This will never happen to us !"
Tsipras should have Draghi assassinated. It wouldn't accomplish much, but it would still be funny.
The funny thing about euroPeons is :
World war starts whenever they start cannibalizing each other.
Now its financial cannibalization
------
Btw they were cannibals , ate each other in stone age
GREK-XIT !!
They need permission of ECB because the ECB is keeping the Greek banks alive with ELA funding. If banks re-open, billions will be needed so no surprise ECB didn't give permission.
That is the price you pay to be in a currency union.You either get out or just shut up.. Greece as many others should have considered before joining this circus. We in Switzerland knew all along and stayed out. The question is how long we are able to resist and are forced to go downhill as well
when I do read the linked reuters article, I read this part, too:
"Under the proposed plan, foreign investors will be able to transfer abroad any money they make by selling their holdings while domestic investors will be barred from doing so due to restrictions on capital movements, the spokesman said."
in direct contradiction with this article's claim:
"one should read the Bloomberg explanation, according to which it was the ECB which rejected proposals by Greek authorities to reopen country’s financial markets with no restrictions in place for both Greek and foreign traders"
as a reminder, it's the Greek government that is imposing restrictions on capital movement
since when is anything connected with the eu or the eur supposed to support restrictions on the movement of capital (or goods, services, people)?
if Tsipras plans to reopen the Greek financial markets (while needing ECB support for that), then please without discriminating against the only part of the investors he can discriminate against: the Greek