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Greek Creditors Refuse To Make Next Loan Payment - German Press
At first it was cute: when Greece got its first "dramatic" bailout in 2010 sending the global markets and the EUR first plunging then soaring, it was a melodrama of sorts - people still cared.
Then, by the time the second and third bailouts rolled around, especially in the aftermath of the most ridiculous referendum in modern history, where a majority of Greeks voted for one thing only to get the other, it became a tragicomedy in what everyone hoped would be its final, "German colonial" season.
It wasn't.
Moments ago, Germany's Suddeutsche Zeitung reported that just two (or is it three, this past summer is one big blur) months after Greece voted through its third bailout, one which will raise its debt/GDP to over 200% on a fleeting promise that someone, somewhere just may grant Greece a debt extension (which will do absolutely nothing about the nominal amount of debt), its creditors have already grown tired with the game and are refusing to pay the next Greek loan tranche of €2 billion.
Specifically, the payment of the first €2b tranche of €3b is now sait to be delayed because Greek Prime Minister Alexis Tsipras failed to implement reforms on schedule, Sueddeutsche Zeitung reports, citing unidentified senior EU official.
Wait, you mean the Greeks (over)promised and never delivered? Who could have possibly seen this coming?
Not the unidentified EU official who blasts Athens as having implemented only a third of the required projects.
As a result, the tranfer probably will only take place in November, if then, since only 14 of the 48 “milestones” linked to payments have been decided on.
The report goes on to tell us what we already knew: talks between the government in Athens and the Troika + the ESM (or Quadriga, or whatever it's called) ended last week without success.
SZ goes into the unpleasant details, noting that there are inconsistencies in how the banks deal with bad loans, estimated that 320 000 apartment owners have mortgage payments in arrears, threatened with foreclosures, evictions, and so on.
In other words, the Greek holiday from being held accountable for anything which started in July and lasted until October is over.
* * *
Yet, there is still hope: in a separate report, Germany's Bild tabloid cites Deutsche Bank analysts as anticipating a debt reduction for Greece of €200 billion by year-end, and amount which Bild conveniently calculates corresponds to €700 per inhabitant of the Eurozone.
It adds that, as noted above, Greek debt would total €340b by year-end, or 200% of Greek GDP, some 140% higher than allowed by European treaties.
It concludes by citing Lueder Gerken, Chairman of the Centre for European Policy, as saying that a Greek "haircut is economically inevitable, as well as a fourth rescue package."
That much is known.
What is not known is why, out of the blue, the German press decided to remind the public of the Greek disaster story. After all, thanks to the refugee crisis and Volkswagen, Germany has a whole new set of problems to worry about. Or perhaps, it is time to find a diversion from those, and what better antagonist to focus on than the recently annexed Mediterranean colony which is the European ground zero of so many refugee adventures.
* * *
That said, the endless Greek default fiasco is no longer funny, or sad, or tragic, or exciting, or anything - the Greek people eagerly voted for their own doom; they only have themselves to blame this time.
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"Wait, you mean the Greeks (over)promised and never delivered? Who could have possibly seen this coming?"
I am shocked, SHOCKED!!
how can you unfuck a raped victim?
Greece: the Neverending...fuck just shoot me already!
This shit again!?
https://www.youtube.com/watch?v=zxzsaydE9K0
Do something if you are sick of this shit, loverboys.
I'm sorry -- who are you?
I am not Greek, nor am I a ravid Leftist. I am one of those pesky Libetarians, quitely plotting to take over the world and leave you alone.
The Greeks fucked this up, they have collectivly decided that EMZ membership is more important than eating, so let them eat cake.
Turkey sends hundreds of thousands of refugees into Europe and gets awarded Euro 3bn+. Greece has to deal with all these refugees and gets Euro 2bn taken away. Brilliant! That will go a long way to solve the refugee crisis, for sure. The EU is catching up in lightning speed to the stupidity of the USA. Who would have thought?
Let them eat baklava.
"We fucked some folks"
Nice, those things the EU thought were fixed aren't. Now, renewed problems in Greece and the new 'migrant' problem within the EU means all this shit is piling up and eventually it may be too much for the governments of the EU to handle. I can't wait to see the people of Greece and Germany all in the streets at the same time. Throw in a few of the other satellites and you may just have an end to the EU.....
Greece needs to go with Russia. Europe will become a new Islamic homeland thanks to Merkel. Merkel f**ks over Greeks, German citizens and other Europeans.
Merkel and all the other leftists and globalists need to be sent to Afghanistan
*Sniff sniff* I smell S&P 2100 coming tomorrow on the heels of this bullish news.
"payment of the first €2b tranche of €3b is now sait to be delayed because Greek Prime Minister Alexis Tsipras failed to implement reforms on schedule
. . .
As a result, the tranfer probably will only take place in November, if then, since only 14 of the 48 “milestones” linked to payments have been decided on.
The report goes on to tell us what we already knew: talks between the government in Athens and the Troika + the ESM (or Quadriga, or whatever it's called) ended last week without success.
SZ goes into the unpleasant details, noting that there are inconsistencies in how the banks deal with bad loans, estimated that 320 000 apartment owners have mortgage payments in arrears, threatened with foreclosures, evictions, and so on."
I sense the coming of a Goldmanite Techocrat with soft cold moist hands -and a deadly potent ink pen..
A couple things ... the lady holding the sign is pretty hot, but the girl next to her looks like she is the one who needs the bail out, and isn't is the debtor that makes the payments not the creditor?
Not this shit again...
Oh yeah. Syria is back...Greece maybe.....all the bullshit go nowhere stories that lead to all time highs in the markets.
Lol
God-damn these dumbass greeks.
"Not this shit again... "
Full Moon.
Menarche.
Every fucking month since the beginning of time, Bro...
Greek's had their chance!...What did they expect the outcome would be?
grin and bare it
Maybe Greece, Portugal and Barcelona can get together and give a collective middle finger to Brussels and Germany.
you mean catalonia, far as I can tell barcelona is all too happy to comply
just sell more islands
Splendid idea, start with Lesbos and a few neighbours. Then Greece won't be the gateway into Europe any more. Who, however, would want to buy them?
Greek Creditors Refuse To Make Next Loan Payment - German Press
.
what is a creditor? what constitutes a
creditee? (lendor perhaps) how and where do you show
your/you're slaves? where do we fit into the
economy? what is the monetary value?
i give up, man.
Greece must be following the new successful PR template.
Just keep sticking it to the man while you can, until there is no more juice.
The man must be getting wise and won't pay any more bailouts.
Chaos.
Portugal, Spain, Greece, PR.
What's the problem here? Can't some Draghi QE solve this or are bailouts only for insolvent banks??
creditors refuse to pay.
truly we live in bizarro world
Hookers will pay to give blowjobs.
No! I want $500 and your twin sister. Not one penny less or I walk.
Fiat creditors re-animating the patient. One day the ceditors will pull-the-plug. unhealthy and dangerous.
If Greece had defaulted a few years ago they would have had some hard years of pain but they would be making a recovery now . Now they will have pain for two generations. Tsipras btw was advised by the US during the whole bailout negotiations. http://www.keeptalkinggreece.com/2015/09/27/washington-closely-advised-g...
I guess they painted him a picture of what would happen if he would not comply. The EU also did that with their 'tanks on the street'.
Anyway, Greece is out of the news. There is a new crisis, the migrant crisis, to deflect attention.
How exactly can you expect greece to pay anything? They have been fucked every direction possible since before this entire crisis started; politicians have again and again betrayed them, and people with degrees in bullshit have designed the budget and set up the financing that led to the crisis in the first place. Now, they want to cash in on the debt THEY CREATED in Greece. You can't blame the Greeks for what their government and big finance does, just like you can't blame americans for what our own government or big finance does. If you are fucked for something you didn't even do (ie. anything government whatsoever), it sounds like time to revolt.
The Syriza government LIED. People voted for someone to stand up to Troika and forge a new fate for greece, and in the end their were betrayed. This isnt even the first government to get fucked, just ask Canada, France, or the UK. They have a good deep history of getting fucked by politicians who said they were for the worker and turned out to be agents of international finance.
Your right - creditors are to blame! That's why I am selling off all my bonds and sitting in cash and gold! You want to borrow money you will need to pay! I may get back in the bond game when debtors put up collateral and pay real interest rates! Untill then - learn to live with in your means!!!!
Greeks should collectively inform the IMF that they will no longer be party to their conduit scheme of siphoning of all of the income in the Greek economy. It is obvious that Greece cannot adhere to the contractual agreement and maintain the payment schedule set out by the IMF. Logically, and based on projected earnings in that economy it would be best to tell the IMF to take a hike, and default on all the loans entirely. The transition from indentured servitude to Christine Legarde, and the IMF, will be enlightening for the world, and Greek culture. GS won't like it, but then again who gives a shit what GS likes, or does not like.
Go for it, Greece, tell the motherfuckers that you have some rocks for them to squeeze blood out of instead of making the payments on that rusty 30 year old Ford in the laneway.
Get out of the greece trap.
Why don't all the Greeks just move north en masse and mingle with the Syrians. If Merkel had any fucking brians she would encourage this to dilute the invading the religion.
Like any failed corporation, the Greek Government should be liquidated. There's no need to reinstitute another one, it's pretty clear the people of Greece will be better off without a profligate bureaucracy writing checks on the back of everyone in Greece.
Oh, when there are no assets behind a debt, as is the case with sovereign entities and their fiat currencies and promises, bond holders get nothing. There is no call to give away the people's land to the usurping invaders who thought they could just take everything from a third party (every person in Greece as collateral) if they used computer digits to "loan" money to a bunch of asshat bureaucrats.
Poaster "when there are no assets behind a debt,as in the case with sovereign entities"...thats what birth certificates are for , incorporated legal fictionalized human flesh energy sources used as collateral for the bankers oh so valuable conjured out of thin air computer digits. Those bureaucrats , whose only excuse for existing in the first place was to protect the property rights of the people , literally sold the people into debt tax slavery many decades ago , certainly by the 1940,s it was a fait accompli in most of the western world thanks to , you know , those really necessary world wars that the people were told they really needed .
No CDS will be harmed in this scenario.
Yours,
ISDA
Urgent call for a meeting goes out....all the three letter folks (IMF, ECB, etc.) We must meet, and bring more cards...we need to take this thing higher!
Why would anyone have expected anything else?
I have the solution.
For every dollar Germany refuses to send to Greece, Greece sends one Muslim Extremist Immigrant to Germany.
If you cant get money out of your creditor, the least you can do is trojan horse their ass till its gaping wider than the grand canyon.
;)
Na!!
I remember years ago they were passing the hat for some crap EU bailout,and Finland goes off reservation with
"Okay,but I want some collateral".In about 2 seconds everyone raises their hand and says,"I want some collateral too"!!
Reminded me of that "Beetlejuice" movie." Nobody uses the "B" word!"
Let's consider the fundamentals:
1. Greece is a sunny land known as a tourist mecca, known for being under financial administration for decades of the last 2 centuries, known for the corruption of its elite, known for its bloated and ineffective bureaucracies, and known for the resistance of its citizens to paying taxes;
2. Greece joins the Euro zone, qualifying by cooking its books with the help of a Wall Street bank;
3. Eurozone banks fall all over themselves to lend money to Greece and to Greek banks and businesses, which gleefully take the loans and spend lavishly on infrastructure projects, social benefit programs, boozy lunches, and the Olympics;
4. Come the 2008 financial meltdown, it becomes painfully obvious that the loans can never be repaid, so the creditor banks get Merkel of Germany, Sarkozy of France, the EU, ECB and IMF to arrange a bailout of the creditor banks while leaving the Greek taxpayers owing for it all;
5. Austerity is imposed on Greece, Spain, Portugal, Ireland, and Italy (all having received baliout help) so they will prioritize debt payments over other government spending;
6. For some inexplicable reason, the economies of the PIIGS do not flourish under austerity, and Greece needs further debt write-offs and further bailouts to meet loan payment schedules. Unemployment, poverty, bankruptcy, and suicide rates in the PIIGS hit modern records. Greek GDP falls, falls further, and cannot get up;
7. Greeks fail to man up and increase their voluntary tax payments to their government, which failure earns them a stern "Tsk Tsk!" from disapproving Eurocrats, the Troika, and Wolfgang Schauble;
8. Tsipras and Syriza are elected by the Greek people on a promise to get relief from austerity and debt, but the new government instead folds to the creditors' and Merkel/Schauble/German demands that the Greeks accept MORE LOANS to meet debt repayment schedules (i.e. "Extend and Pretend").
9. Greece fails to meet the conditions for their latest loan tranche. Gasps of surprise are heard everywhere.
Possible Solutions:
1. Greece issues more bonds;
2. Greece rounds up migrants arriving at its shores and levies a 1000 Euro per migrant transit tax;
3. Greece offers to act as a holding facility for migrants, at the expense of the EU, relieving the EU of the migrant problem;
4. Greece lists itself for sale on Amazon;
5. A new level of bailout is arranged with the Intergalactic Monetary Facility to bail out everyone on Earth; or
6. Greece enlists the help of Lichtenstein to arrange a debt and tax avoidance scheme that allows Greece to default with no recourse available to the creditors;
7. The remains of Lewiss Carroll are exhumed and a clone is produced to write a sequel to Alice in Wonderland, entitled "Greece in Euroland" explaining the logic of it all.
Can these possibilities be combined into a Combo Pack?
I'll take #5 and #7....with a side or fries, large of course....and a large DIET coke....I'm watching my weight.
Craigslist might work better, given that the item cannot be shipped to the buyer.
UNFCUK
I dont understand how u can unfcuk once u have inserted
911 reparations. Create a court. PCR can head that comittee. Take their countries' treasures, seize all assets. Fingers pointing everywhere. Deals. Turning Over State Evidence in return for a Tell-All Book in which you can keep proceeds, retire to a private island which is given to your family to keep them safe.
Slander charges against the main actors are no-where-to-be-seen - They shiver at the thought of testifying under oath.
https://www.youtube.com/watch?v=rVU8P_9x8-0
Sex diffuses our negative energy unless you are just in it for the stats.
This is tied to "Syrian" refugees.
If Athens wants its money then its going to build camps for a 100,000+ Muslims.
It practically feels like the 1529 Ottoman siege on Vienna, except its the Viennese that are begging for the walls to come tumbling down.
"Refugees" just became a game card and Greece will be stuck with it unless... Unlucky Greece. Who's dealing from this funny deck? Is that you, Angela?
"The crisis was exacerbated years ago by a deal with Goldman Sachs, engineered by (BabyFace) Blankfein and his Goldman team helped Greece hide the true extent of its debt, and in the process almost doubled it."
"Goldman Sachs came to the rescue...a secret loan of 2.8 billion euros for Greece, disguised as an off-the-books “cross-currency swap”—... debt was converted into a domestic-currency obligation using a fictitious market exchange rate."
"Then the deal turned sour. After the 9/11 attacks, bond yields plunged, resulting in a big loss for Greece ..."
For its services, Goldman received a whopping 600 million euros ($793 million)
https://www.thenation.com/article/goldmans-greek-gambit/
"The Detroit Water Department had to pay Goldman and other banks penalties totaling $547 million to terminate costly interest-rate swaps."
http://bigthink.com/ideafeed/how-goldman-sachs-profited-from-greeces-deb...
"The Chicago school system ... must pay over $200 million in termination penalties on a Wall Street deal that had Chicago schools paying $36 million a year in interest-rate swap"
In 2001, the American finance firm offered to loan Greece $2.8 billion to cover immediate debts. By 2005, the amount due on the loan had risen to $5.1 billion.
Corruption doesn't become more evident than this so all of the "oh, what fuckin losers the Greek are, let them die, they are lazy and deserve nothing less than to slowly die of hunger in the Town Square with Muse Resistance blasting out of the speakers just to add a little romance to the slaughter of ALL 1st world nation citizens via devious means dreamed up in the dark recesses of a house filled with angry envious misfits.
https://www.youtube.com/watch?v=Ek0SgwWmF9w Muse - Madness
Christmas list for the Greek here: https://www.youtube.com/watch?v=3iPkITckdcA (funny take a look/short clip)
€700 per inhabitant of the Eurozone*
*if taxes were apportioned by population
A complete non-event. This Greek government was elected on a promise to implement the memorandum. However, there is none in place, since the IMF hasn't signed on it yet. Evidently Greece doesn't need the cash in a hurry or they would have done what was asked of them.
The IMF will not sign up, but will announce the decision only after the Greek banks' recapitalisation needs have been finalised and the necessary funds released from the ESM. After IMF announces it is not joining the programme, it will be officially acknowledged that the "bailout" is dead. Since the Greek banks would have been recapitalised, any threat to the stability of the Euro (because of a potential collapse of the Greek banks), a necessary condition to initiate an ESM loan, would have been removed. That means another "bailout" cannot be initiated. Which means Greece will be back in debt default. There is no reason for Greece to hurry through with changes they don't believe in when there won't be any more money coming in a few months time anyway.
Again, we must defer to the expert in such matters: https://www.youtube.com/watch?v=Zvl9N9GdraQ
what do you think of the lady holding the sign? would ya?