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Add The Ukraine To List Of Countries On Verge Of Technical Default
Update: the correct translation is that as of 5pm the debt has not been paid.
In this messed up post-Keynesian world which is so insolvent, it is virtually impossible to keep track of who is about to default, either technically, selectively, or really, who is already bankrupt, who is hyperinflating, and so forth. And while we all know that Europe and the US can at best hope to kick the can for a month at a time until finally they all have to face the truth, we are happy to bring to your attention the latest entrant to the technical default club: Ukraine, which will shortly join its former USSR satellite Belarus in the hyperinflation club. The fact is that the Ukraine is slowly imploding - the government had stopped Treasury payments for all budget expenses in an attempt to accumulate the cash needed to make a coupon payment on debt and which apparently investors are unwilling to roll. In all fairness, the news update indicates that the country just barely made the 5.3 billion hryvnia payment, but that may be it for now. What about the next one? Time to add some Ukraine CDS to that bankrupt sovereign basket, no matter how overflowing it may be at this point.
From Unian.net, google translated:
A few hours of Ukraine may find itself in a state of technical default
Since Friday, September 23, TREASURY stop the flow of funds for all treasury accounts at the central and local levels.
This is the Ukrainian Center for entrepreneurship with reference to this derzhustanovi.
VTSSPD believes that this situation indicates an attempt to accumulate the funds needed to repay the September 28, two series of bonds totaling over 5.3 billion USD.
"As of 17.00 on Sept. 28 debt is not paid. This suggests that within a few hours of Ukraine may find itself in a state of technical default" - said in a statement.
h/t Yaroslav
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It's news that they where ever solvent!
hmmm...ukranian stock exchange has no short ban?
Dump BAC!!!
Check out the latest from the Capital Research Institute: "Consequences of a Trillion Broken Promises"
http://www.capitalresearchinstitute.org
"In our world of ever-decreasing attention spans I better cut to the chase. Greece is bankrupt, hence the solution for Greece is to declare bankruptcy. Similarly, America is a (bankrupt) de-industrialized nation well on its way to becoming a part of the Third World. What marks the Third World, in my opinion, is the glaring wealth disparity, systemic injustice, and widespread corruption. Corruption American-style is just a little more sophisticated. Rather than bribe congressmen or government officials they are merely promised cushy office jobs once their terms are over. See? That way you accept payment for services rendered after wards, when you are out of the public eye, out of the limelight.
The way back, logically, to a prospering economy with a growing middle class then, is to bring back manufacturing. Until that process is initiated we will continue the current cycle of ‘recession’ and (weakest on record) ‘recovery’.
The reason for being so forward is simple. The opinions expressed here are rarely found in the mainstream media. Why is that, you should be asking yourself. Who doesn’t want to see America re-industrialized, and the Greece dilemma settled in a just and fair manner?"
What was the middle part again?
Oh, right, shake it off. I'm shocked by this news!
It would be easier to take you seriously if you could spell.
I always have problems translating my thoughts into the human language it's so inefficient
besides I don't give a fuk to begin with
On the spuriousness of the liesman levered euro tarp plan. Neatly sums up why "the plan" is complete hogwash.
http://blogs.telegraph.co.uk/finance/andrewlilico/100012253/does-the-eur...
Ah the grievous hryvnia again.
Hey, Ukraine has been one of the favourites to default! How come we forgot about it.
We know French banks are overexposed to Greek debt, but whose neck is out there with Ukranian debt?
http://pdf.usaid.gov/pdf_docs/PDACP150.pdf
I'm still parsing through this, but it looks like the US made a big push to buy Ukranian bonds back in '09.
same thing.. old 2009 data, but this is a great interactive chart...
http://www.ft.com/cms/s/0/ea19fec8-028e-11de-b58b-000077b07658.html#axzz...
also, wasnt part of the rumor mill on the PM sell off that some eastern european central banks were liquidating?? any relation to this story???
The median yearly wage in the United States is just $26,261, but the average American household is carrying $75,600 in debt.
Read more: http://theeconomiccollapseblog.com/archives/17-facts-that-prove-that-the...
Don't forget about the $47,000 that is each American's share of the National Debt.
more like $550k/person in with unfunded liabilities (social securiponzity, mediscamcare, etc)
And the "more educated" they are, the more they owe.
A typical multi-PhD assclown is up to his eyeballs just on student debt.
Ukraine or UK ??
Nevermind, the Greeks will be pleased if the Ukranians are the first domino to fall.
No doubt the story will go that Greece held lots of Ukranian bonds and their default has tipped them over the edge.
(cue sighs of relief in Eurozone, "Not our fault Guv")
Ukraine is weak!!!
http://www.youtube.com/watch?v=fzLtF_PxbYw
L O L ......" ....I think it's time to put the hurt on Ukraine!"
Ukraine not weak!!! I crush you...
"Ukraine not weak!!! I crush you..."
With my debt...
Never heard the quote "And the last shall be first, and the first shall be last"
It's all pecking order. All countries will default but they will default in order of prestige and power. The USA, Germany, Japan, and the UK will be last.
really??, because with QE I think your list already defaulted. Just haven't heard it yet on CNBC.
QE is nothing but the US play to guarantee being last to default.
Would a Ukrain default spread contagion all over the world and lead to financial armageddon?
Who lends to them? Georgia?
Will SPY claw back to 117.45?
UkrSibbank» is the third largest bank of Ukraine, the second among foreign-owned banks.
Shareholders
BNP Paribas – 99.9%
...Pokes the domino tile.
They probably called their Austrian lenders to give some more to make it through the day.
Welcome to the party Ukraine. Or is Ukraine like that party guest you're obligated to invite but pretty much ignore until they are at the door putting their coat on. "Hey, glad you could come, sorry we didn't get to chat more."
that'll be Turkey
Technically, we in the "West" are all in default.
Except for Iceland.
the bread basket of Russia...Putin will ready the tank divisions.
Bread basket with nuclear weapons. Good luck with the tanks and Moscow
How is South Korea CDS?..............
Technically default, that's the best KIND of default!
I'm guessing their export of Ukranian nurses is not that lucrative.
Charge them a baggage fee everytime they fly back from the Hamptons.
Russia must be happy.
for now... maybe they are... but they have a number in line too...
When the shit hits the fan, watch Russia be unable to deal with seperatist movements and even out right Chineese land grabs...
"Add The Ukraine To List Of Countries On Verge Of Technical Default"Ok TD, will do...
Ukraine : Govt-led country led into bankruptcy toilet (New)
Greece : Govt-led country led into bankruptcy toilet
Ireland : Govt-led country into bankruptcy toilet
...hold on, hold on TD ...wouldn't it be easier if you gave us the much smaller list of countries not led by their Govts and Bwankers into the sewer of bankruptcy?
I mean there's actually only a few countries in all history that have not been ruined by the State and Bwankers in bed together
Govt : the Biggest Social & Economic Mistake in a Mellenium
Ukraine, Ireland, Greece, put together still tiny compared to just California looming default.
Look Tiny Tim said Europe couldn't/wasn't going to happen in America... what greater certainty is there in the modern World than a Tiny Tim guarantee?
...ok now I've passed The Feds new 27 word-checker Big Brother Blogging Software any ideas how to short the fuck outta Tiny Tim and California??
Scheisse-wigger paid off all of Kali's debt with Austrian notgeld!
It is a damning truth which has to be regarded in the face; all those who believed in the 'Orange revolution', promoted by the west, saw a type of corruption that matches that of Russian OLigarchs. The western model of crony capitalism is as demented as totalitarian soviet dictatorship. The so called capitalist cartel mafias run Ukraine, like Mehico...at the two frontiers of western civilization. From the halls of Montezuma to the shores of Tripoli... it smells, it smells of corruption, like during the time of Conquistadors and Crusaders. We have learnt nothing.
Send in the hottie with the cool hair-doo!
She is gorgeous.
http://www.tymoshenko.ua/en/gallery
Isnt that the chick from 'Scrubs'?
Swiss Miss Instant Cocoa
St. Pauli Girl
http://1.bp.blogspot.com/-SPIeckCLufc/Td5Z-WfhvCI/AAAAAAAAA0c/8pVMC8zpHtU/s1600/StPauliGirl.jpg
.....with mini marsmallows....
Yulia Tymoshenko - Image ResultsYulia Tymoshenko - Wikipedia, the free encyclopedia
She is in Jail for corruption in the Gas Pipeline deal(s).
Rapunzel! I'm coming for you Rapunzel!
Luke Skywalker's girl.
She looks real good with her hair down. Rrrrrowwwww. I sense a "default is actually ok" moment coming!
She's a bitch and a greedy self for filling cow
The likes of her and a number of other thieving pirates is the reason Ukraine is in its financial situation
They did't call her the Gaz Princess for nothing
I don't think that party has been in power for quite a while now. The gov is full of Soviet cronies now.
Well, this should make for an exciting Euro 2012 soccer championship next year...
Those hernia payments are a bitch. Trust me. At least they're still allowed to join a club. Some people aren't so lucky you know!
They'll be fine. Ukraine is exporting some of the hottest anal-loving porn stars of this millenium. I go long their CDS (c_m-drinking-sluts) almost every night.
Link?
cheney's ghost is a funny guy!
EXTRAORDINARILY NOT SAFE FOR WORK. DO NOT FREAKING CLICK IF YOU ARE AT WORK.
nice amateur example.
http://www.xhamster.com/movies/444578/very_hot_ukrainian_girl_part_1_.html
Well done sir. Perhaps you've discovered another solution to add to a Keynesian's toolbox?
You know what? Denegrading some of the finest women in the world this way just isolates you from the REAL value they can offer. I suppose you couldn't appreciate the awesome children they make and what good mothers they are. Sure they are wonderful lovers, but I sense you are using "slut" in a negative way. Your loss.
Just be ready with the Louis Vuitton purses, rolex watches, Mercedes and other assorted bullshit if you choose to breed with them. Ex-Soviets are expensive long term.
Not mine.
i was using CDS in the most honorific way and do not wish to offend.
togda horosho dlye tebya tovarische
Hard as this may be for many to accept it is likely Ukraine and Belarus will remain basket cases until there is a reunification with Mother Russia. Of course many will be against this, but many are also for it. A union with Russia would likely allow for considerable self rule, but an economic union and fiscal union would allow for a united economic unit with the various parts adding to the whole.
Whether this happens is anyones guess, it may take total economic collapse in Ukraine and Belarus before public support for union grows. But the force of history points toward this result. Painful as that may be for some to take.
They were certainly eager to join the EU... considering Greece's success in extracting €Billions in welfare I can see why.
Oh oh domino.
Thank you, Van Morrison!
but what about all of those gas pipeline dollars?
I didnt think that the underwater pipeline was operational yet (from Russia to Germany Direct).
http://en.wikipedia.org/wiki/Nord_Stream
http://www.youtube.com/watch?v=QzudZlnEBkU
http://www.youtube.com/watch?v=HoczAWR9DEw
Russia completes Euro gas pipeline
http://www.youtube.com/watch?v=PaQYqojrhz8
GLOBAL PULSE: Russia & Ukraine - Pipeline Politics (1/29/2009)
http://www.youtube.com/watch?v=UbtelhZULhI
New Pipeline To Europe Ends Ukraine's Blackmail And Thievery Of Russian Gas
Hyperinflation bitchez!
And these poor Ukrainian suckers were promised a UE membership, a NATO protection, and I don't know what else provided they could kick the Russians out of their country and out of their naval bases.
All the countries bordering the Black Sea (remember Georgia?) were promised the same lies by the neo-cons and their Brussels puppets btw. The key plan was to ban the Russians from this area permanently.
"Checkmate, you Western losers" I hear Putin scream... LOL! He'll gladly help his Ukrainian brothers and turn them into his minions for the next 50 years. You can't refuse anything to a guy who saves you from bankruptcy.
Saakachvili is next : he should already pack his things and ask W-43 to make some room for him on his Texas ranch (a dog house will be enough for "Saak")
It's always nice to see my name in the news.
All these third world countries must be dumping their commodity stockpiles and gold reserves to raise cash.
RoboTrader... are you for real!!!!!!.. if yes, you will probably be a nice speciman of a peanut brain..
He's a robot still on the clock. It's all good once he hits the barstool.
More likely the ruling class are just moving them from the government warehouse to their own warehouse or just transferring ownership of the government warehouse with its contents to themselves
forget the gold standard..
in Ukraine and Belarus, even gold stores its wealth in the 'russian standard'
http://www.russianstandardvodka.com/#/en/
Spain does what the greeks have done, using "market conditions" as a camouflage.
09-28 15:20: Spanish government suspends state lottery IPO due to market conditionsTotally off-topic but I thought this was wonderful reporting: http://maxkeiser.com/
he thinks Blankfein and Lloyd are two different people (@1min29s)
the reporting is definitely full of something but it ain't wonder ;)
That was great Belarus. lol
Kiev's new theme song?
http://www.youtube.com/watch?v=QaG2Acg8n60
Fun with intials...Belarus, Ireland, Greece...France United Kingdom...Ukraine, Portugal...B.I.G. F.U.K. U.P.
Ah....jeesh, and you had to get personal. : - )
The sovereign basket will never overflow. There is plenty of room in the insolvency singularity.
And they all rush to the dollar. Beyond words.
Rising dollar, real bad news for the FED.
U-crane, is that like a bird or something?
not U-crane, PUKE-rain
The ESFS, or whatever it is, will handle it.....not.
Surely Germany will be happy to back all this bad debt getting worse daily....not.
I'm sure in the back of the Fannie & Freddie vaults there are some tasty MBS's that we can split among everyone to use as collateral...
They can't go bankrupt - they're the only place on the planet that still manufactures vacuum tubes!
Eh, not quite - China does, as does Yugoslavia iirc.
Problem is most of the new-production stuff is junk, no matter what anyone tells you. The east Germans made a fairly decent EL34, even those are getting kind of pricey.
Anything that takes 5AR4 for example, deserves the "real deal", a Sylvania or Mullard. The Chinese repros WILL short out, and sooner rather than later. 12AX7 can be spendy too, though not if you know where to look, and besides they last practically forever.
Which Nasa needs.
Also computers that controls the nuclear weapons.
Move it TZA! Only have 2 daze left for your sorry ass self to hit 57!
+/- a couple of weeks....
I'm gettin' whiplash from that son of a bitch!
But today I'm in love with it again...
Come on sweety, just two more days.
Fixed it for you!
I'm dizzy.....
Damn, these new European toilets really flush well!
Global Chernobyl,:(
Margin calls galore. They are trashing everything except AAPL AMZN.
The human race will be saved from its financial folly (and overpopulation too) by tablet computers and smart phones!
The half of the human race that uses this stuff, or the half (approx) that has never heard a dial tone?
Somebody big is about to fail
who cares.
Shit has failed a long time ago: people just won't accept that fact that it has failed.
This, my friend, is economic necrophilia. You can keep lovin' it, man, but it's not gonna make it come back to life.
Looks like the long bond is no longer safe.
Yeah, something is going on that we do not know about.
My recent quite succesful research that lead to successful prediction of Silver (in March 13) and Gold (in May 6th) spot price movements over last 6 months in these silver and gold price charts:
Silver prices 2011-2013
Gold prices 2011-2013
and further analysis has lead to a conclusion-explained here:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2860#p34267
That:
an interesting hypothesis emerges that , starting from q2 2012, in H2 2012 commodity prices in USD will rapidly converge towards a certain Bancor equilibrium for the first time, and than fluctuate around it in future, where:
1) the price of paper USD will be de facto determined by amount of a commodity it can buy in this equilibrium rather then the commodities price is as to today will be determined by the value of a certain currency set by exchange rates;
2) In fact, it will be the basket of all commodities that will serve as the ultimate reference medium of exchange for all paper currencies, and will de facto replace thus USD as world reserve currency;
3) the USD price ratios between different commodities will change so that to reflect the monetary ability (i.e. availability, longevity) of a given commodity to be the part of this world reserve currency, exchange medium for trade, not only its utility. Hence the price ratios IN USD between different commodities may differ quite radically ( as seen in example with gold/silver ratio and silver/copper price ratio) from what they are today;
4) if the logic of exchange medium effect on USD price ratio formation between commodities in USD can be discovered, the prices of commodities in USD can be quite accurately predicted after H2 2012, and ratios may not fluctuate as much as in USD as reserve currency time;
5) In such case, the prices in USD of other assets (land, houses, food, produce, etc) relative to commodities (and, of course, USD ) will also move from their current ratios to represent their potential as exchange medium for trade.
The signal for such conscious or partly conscious move to de facto Bancor system of international reserve currency will be triggered by official data of recession in q1 2012 in the USA (predicted here:DJIA 2011-2012 and the recession in the USA in q1 2012) and the resulting obvious unsustainability of USA debt ( it has already entered bubble precrash phase in 2000, as shown here: USA debt is forming a very soon precrash pattern) which will continue to grow superexponentially ( that is , in equivalent subsequent periods of time increases of debt value in USD will continue to grow) and imminent default (crash correction ) of the USA on its debt in near future.
Think Rosie O'Donell just appeared before the EFBS, and they all puked.
Ah, crud. Just threw my back out.
I hate the Limbo.
Germany will vote for the bailout / Markets gap up open +3%
Germany will not vote for the bailout / Markets open down -3%
It really is all about that stupid vote tomorrow. Could go either way.
Silver is cheap here. Paper silver could potentially explode to the upside tomorrow morning or we'll see it open at $25.
Any thoughts?
Buy the rumor, sell the news.
Ooops, too late.
Or not.
Stay in cash.
I didn't take the SLV position after all. Nothing gained, but nothing lost either.
I just received this Telex....
Jagshemash, I am B. Zadigyev, I offer Kazakh Treasury Bonds at good price. Please ZH persons of interest buy these Bonds for good invest. Great success for such good biznes nyugdijukra good time. Too bad about Ukraina but they are not so good bizesman. Zenkuje.
Hard to have a solid thought with such irrational markets that react to every rumor from every idiot.
Hint: The world is run by idiots. Vote ODummest!
Bargains galore! Buy!
(Bounce, you fukker.)
- GS
So is it PIIGS-U from now on or "U-PIIGS"!!
Where'd Liesman go to school to gain his Financial acumen from, "PIIG U "?
PIIG me ?? PIIG U !!!
I hope russiancupid.com advertising here on ZH (page left banner ad) pays their bills on time....
PIIGS and East Euro countries entering into suicide pact
GE made big push into Central Europe loans. that would be interesting....
http://www.gecapitalrealestate.com/en/worldwide/europe/central_eastern_o...
Quit pushing!
LOL - exactly - should be a sign in front of the ECB = "You must be THIS tall to default technically in EuroLand"
One at a time please...
All those debt and currency issues are really bad for gold. It doesn't make any sense but it's reality, for now.
I'll take AGQ for 80, Alex! Just let me back up the truck first.
Right! It's only down to 99 and a cool down 17.83 per cent today; but tomorrow is another day...
When the dust settles, gold and silver will be the only 'currency' left with ANY credibility.
That's the take-home. Just look at all the catastrophes happening with fiat currencies -->that we know about <---. There are going to be many more dirty debt secrets and skeletons in the fiscal closet about to be revealed around the globe.
Don't sweat the small stuff: if you own physical consider yourself blessed with one of the only solid things left that will retain it's buying power. Buying power is the key, essential way to look at it. THere will always be a premium going forward for anything that retains that power. The one with the gold makes the rules
U forgot aircraft carrier battle groups and armored divisions. Just ask "where's Waldo" kdaffy. I would actually find "find Kdaffy" as a tv show highly entertaining if done...you know...in completely the wrong way.
Maybe some day the Silver Bears will do a song:\
"Waiting for the Next ZH Article".
http://www.youtube.com/watch?v=mQF8CILMt8c
As it turns out, there isn't one large economy left solvent in the world. It was the era of shop till you drop, greed is good and buy,buy,buy.
Well, now what's coming is the era of the grasshopper and the ant. Some who saved and avoided debt and disbelieved all the get-rich-quick hype will be doing ok.
Saved what? Worthless paper with a promise to be paid by some government?
If you're correct, and I don't doubt you will be.. then the only save assets are oil wells, agri-land title, gold and silver. Period.
Maybe good art as well. Farmers will barter good art for potatoes.
They are all rushing to vodka for safe haven. If a Ukrainian falls in the forest after vodka, do they make a sound?
Yes, it sounds like "Ufff, Da, Fuk"
Re: "As of 17.00 on Sept. 28 debt is paid."
Actually the correct translation of "?????? ?? 17.00 28 ??????? ???? ?? ?????????. " is:
As of 17.00 on Sept. 28 debt is NOT paid.
There is "??" (not) between "????" (debt) and "?????????" (paid) that Google boneheads omitted in the translation.
can you post the link? I can translate for you...
3 mothers you don't mess with...
http://www.youtube.com/watch?v=X-I7DMSz9Hs
I've reached out to my friends and family in Ukraine to give them a heads up...
As you can imagine this news has not reached the main street in Ukraine, but some info is begining to surface up over there...
Question: When is the next coupon due? and in your professional opinion, how much time is there to prepare for Ukies?
Thanks!
Maybe the Irish can come over and help...
It's "Ukraine" (like "Russia"), not "The Ukraine". Nyet.
Thx.
Dick