Euro Slides After Greece Hints At Default

Tyler Durden's picture

EURUSD is sliding in early Asian trading after Greece's government is reportedly planning to forego its next bailout payment (of around EUR7bn) if no debt relief is offered by creditors (thus leaving it likely to default on its next round of repayments).

Bloomberg reports, Greece’s government preparing to possibly go without next bailout payment if creditors don’t agree on debt relief for the country according to German newspaper Bild (without saying where it obtained the information).

While probably just another negotiating step, it is weighing on EURUSD.

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zagzigga's picture

Dear Apple, just use some of your spare change and buy out this pesky little country. You can have factories there and since the Greeks are good at ship building, ship those goods more economically.

crazytechnician's picture

Greece already defaulted. Greece has been bankrupt for years , since it became a member of the EUSSR.

knukles's picture

They're showing repeats again?

nope-1004's picture

Yo Panos...... Green Chutes memo, circa 2009?


Raffie's picture

Send in America PPT to save their country

Only 1 button to push and Greece is good to go for another year.


karenm's picture

Greece collapse story #576,114,908

indygo55's picture

Yeah and ship the muzzies back at the same time.

stilletto2's picture

So at last the Spartans are taking charge! Fuck you invaders - we will die defending the narrows. about time the Greeks regrew some ....

kliguy38's picture

Just a hint problem we'll print some bonus bux for um

BurningFuld's picture

Well the last fucking thing you want to do if you are in Greece is change those Greek Euros into Gold.  It would be a giant mistake! Just don't do it!

silverer's picture

Greece will never default. Because there will ALWAYS be people out there stupid enough to lend them more money.

101 years and counting's picture

only merkel and draghi are that dumb.  i think even the oompa at the IMF has stopped lending them money.


The looting of Greece must be nearly complete if the threat of default is coming now.  

Justin Case's picture

The country is now owned, they can default and elect any body they wish for it matters not. All the productive assets are owned by the banksters, Gov't is run by them now.

Another sucessful grab by the cartel. So there is Italy next, Portugal and then Spain or the other way around, not sure. Once the banks are privatized they indebt the country to force a fire sale of assets for paper currency, what a scam.

Kohiba's picture

A 30 pip move is move is newsworthy? 

MaxThrust's picture

Greece use to pay about 18% when they borrowed money in the past. The Drachma lost value every year because of excess printing but the system work.
Then came the EU membership and suddenly the system for Greece broke and it ain't going to get fixed.

indygo55's picture

Explaint to me how that worked. They were the most pathetic broke corrupt country in Europe. 

Justin Case's picture

Many Europeans think of Greece as a country that has lived beyond its means and is unwilling to reform. “Who is Saving Whom?” reveals how the expensive, so-called rescue packages actually only rescued the creditors, the banks, the hedge funds and the insurance companies. The transformation of private debt into public debt has shaken lawful, socialist societies to their foundations.

The current executive director of the IMF (July 2011-2015) Christine Lagarde is on trial in France for misappropriation of a $400-million-dollar payoff to tycoon Bernard Tapie while she was Finance Minister in the government of President Sarkozy.

The previous executive director (November 2007-May 2011), Dominique Strauss-Kahn, arrested and tried for pimping in the city of Lille, France.

His predecessor, Rodrigo Rato (June 2004-October 2007), was charged with tax evasion, concealing ?27 million euros in seventy overseas banks and swindling thousands of small investors who he convinced to put their money in a Spanish bank, Bankia, that went bankrupt.

His predecessor a German, Horst Kohler, resigned after he stated an unlikely verity – namely that overseas military intervention was necessary to defend German economic interests, such as free trade routes.  It’s one thing for the IMF to act as a tool for imperial interests; it is another for an IMF executive to speak about it publically!

Michel Camdessus (January 1987-February 2000) His term of office witnessed his embrace and financing of some of the worst dictators of the time, including his own photo-ops with Indonesian strongman and mass murderer, General Suharto.

Under Camdessus, the IMF collaborated with Argentine President Carlos Menem in liberalizing the economy, deregulating financial markets and privatizing over a thousand enterprises.  The crises, which ensued, led to the worst depression in Argentine history, with over 20,000 bankruptcies, 25% unemployment and poverty rates exceeding 50% in working class districts He was never arrested or charged with crimes against humanity.

SmittyinLA's picture

Greeks should try paying Germany in Muslim refugee slaves

Send bus loads and plane loads everytime they ask for money

Here take some Moar diversity, you're not racist are you Angie?

jamesmmu's picture

Greece's debt crisis? Where did I hear it before? 

Justin Case's picture

What is happening to Greece follows the exact same game plan of what will eventually happen to every other supposedly sovereign nation. First there is an explosion of debt. Then a crisis. Then a bailout. Then creditor imposed hardship is forced upon the average population, in conjunction with unlimited bailouts for the bankers and other oligarch criminals.

Finally, when a public which mistakenly believes it is living in a democracy exercises its right to national sovereignty, the sad truth is exposed. They are not a people living under a free political system.

Some 95 percent of the 220 billion euros disbursed to Greece since the start of the financial crisis as loans from the bailout mechanism has been directed toward saving the European banks. That means about 210 billion euros was eventually channeled to the eurozone credit sector while just 5 percent ended up in state coffers, according to a study by the European School of Management and Technology (ESMT) in Berlin.

“Europe and the International Monetary Fund have in previous years mainly saved the banks and other private creditors,” concluded the report, published yesterday in German newspaper Handelsblatt. ESMT director Jorg Rocholl told the financial newspaper that “the bailout packages mainly saved the European banks.”

The economists who took part in the study have analyzed each loan separately to established where the money ended up, and concluded that just 9.7 billion euros – less than 5 percent – actually found its way into the Greek budget for the benefit of citizens.

AnimalSpirits's picture

Very true. Troika has people in Greece managing their equivalent of IRS in US! Fundamentally, it's a coup d'état - no more tanks, now they're using banks - and as you stated, it will spread to other countries. Colonization circa 21st century.

Too bad we didn't get to see Varoufakis's plan play out in 2015 after the OXI vote...

For those interested: Varoufakis has a new book out — Adults in the Room.

Ben A Drill's picture

Peurto Rico, Greece.

What difference does it make now

indygo55's picture

Relax. It takes a few days to get the bribes and threats distributed. They will fall in line by Friday. 

youngman's picture

Puerto Rico can loan them the money....but I am glad Greece is back in the news....its fun to watch

Seasmoke's picture

Might have to mail some more envelope bombs !!!

HRH Feant2's picture

The Greeks should tell Brussels and Germany to fuck off! Default and go back to the Drachma!

I adore Greeks. Tough people, Orthoodox Christians, too.

Snaffew's picture

yes...greeks are something to emulate....4 hour workkdays...get drunk, before, during and after luch, retire at 61 with 80 percent of their final year's bloated salary.  It is a completely broken system that could never support itself, so yes, they are an admirable people.

charlewar's picture

then throw in (hopefully, literally) a multitude of muslim welfare maggots...a recipe for SUCKCESS

WallHoo's picture

Greeks work almost the most in the world and the most in europe.

If you ever go to Greece you will notice that people almost never go drunk,they drink with great moderation,even young people are drinking up to the point where "it feels good",you will rarely see anyone drunk,unlike any other parts of europe where people drink themselfes to death.

People are retiring at least at the age of 63-64 but they must have at least 40 years of work contributions in order to do so,earlier retirment is available but almost noone choose it cause it lowers the pension A LOT.The only exemptions are for people like pilots in the air force where being a pilot after 42-43 is dangerous.In previous years there were some exemptions for women with children that could go on pension with 15-20 years of work,so yeah that was the bad part.

Also pensions are about 40-50% of the last wage with the minimum being the national pension at 384.

Vigilante's picture

There's no universal 'National Pension' in contributions, no pension of any sort

...and no 'welfare' as it's understood in the West

Many people will never see pension in their old age as they are jobless and don't have paid enough contributions

Ditto for health insurance.

Many uninsured ppl right now

WallHoo's picture

I know that my little ottoman,but people here still blame Greece for it's "welfare system".Althought there are contributions and a certain small type of welfare...Now be a good man and disapear back to the stable where you came from...

charlewar's picture

unfortunately prayer rags......oops, rugs, spreading throughout Greece.

charlewar's picture

unfortunately prayer rags......oops, rugs, spreading throughout Greece.

HRH Feant2's picture

So I have heard. Look at the location of Greece. They have been living with, and dealing with, raghead insanity for thousands of years. It isn't new for them.

Ali blabla's picture

I think you like it in the ass... The Greek way ;) .. you know nothing about Greece, i know for sure you haven't even been there or know why they are in deep shit now.. oh yeah they are orthodox.. ( found that out on wikipedia ?) Fucking dumb ass.. oh i adore the greeks .. they are orthodox too.. like a little faggot adoring a boyband.. 

AnimalSpirits's picture

What an angry person you are - you should seek some help for that.

Justin Case's picture

Draghi is the magician that hid their debt with the help of his former employer, Goldman Sux. Using derivatives. Greece would not have been taken into the EU if they didn't hide the debts. It was Draghi's wet dream to build the empire with as many countries as possible.

Yars Revenge's picture

Euro longs who thought "all clear!" after macron are about to find out otherwise.

yogibear's picture

We have seen this before, last minute save and markets have another reason to go up.

Yen Cross's picture

 lol~ eur/jpy is looking a bit heavy. The eur/usd drug the trade up after the French elections.

  WE need to fill some gaps.

OverTheHedge's picture

This is the Germans fixing the € price,not the Greeks playing games.

In my opinion, that is.

charlewar's picture

how deep does the bullshit get before someone turns off the music?

Pvt Joker's picture

OK Angie, here's your chance to go it alone.

GoldenDonuts's picture

Greece has its own Euro printing press.  They should follow the fed and print what they need.  Wealth for all!

Peter41's picture

Enter stage left: the drachma.

mosfet's picture

Greece may be fucked (eventually) but, don't worry, Draghi cares and will make all those poor improverished Greek junk bond holders whole.

Nobody For President's picture

Greece hints at default?

"News" has the word new in it - and Greece has been 'hinting' at default for at least six years, since I've been paying attention.

The gutless greek politicians will continue to suck merkel dick until the Euro collapses, then maybe they will say fuck it and start printing drachnmas again- but not before. Greeks have forgotten how to be independent, and that is very sad. But the US has forgotten how to be free, and that is sadder.