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Agreed Upon Greek Bailout "Unagreed" 24 Hours Later As LAOS Leader Changes Mind, Euro Tumbles
Remember the pomp and circumstance with which Venizelos showed up in Brussels yesterday carrying a two paragraph statement from Lucas Papademos in hand, saying Greece promises it has agreed to agree to make idiotic "pledges"? Well, as was largely suspected by cynical old us, even that "deal" has lasted not even a whopping 24 hours.
- GREECE'S KARATZAFERIS SAYS CAN'T VOTE FOR TROIKA ACCORD AS IS - BBG
- GREEK FAR-RIGHT PARTY LEADER SAYS ELECTIONS WOULD NOT PROVIDE A SOLUTION NOW, WOULD NEED MORE TIME
This is coming from the LAOS coalition member whose support for the Troika accord was supposedly in place yesterday.Alas, without his endorsement, the whole thing is off. And just to complete the sheer chaos that is about to be unleashed in Greece:
- Greeek far right party leader says asks for reshuffle of Papademos technocrat gov
-> Kiss this whole thing goodbye. Just as Germany wanted all along. And the EURUSD, which lately had traded with the sheer idiocy with which one trades US 3x beta stocks, and which had soared on what was glaringly idiotic hopes that this time, just this time, things in Greece would be different, tumbles.
From Kathimerini:
The leader of the rightwing Popular Orthodox Rally (LAOS), Georgios Karatzaferis, on Friday called on Prime Minister Lucas Papademos to reshuffle his government, installing technocrats in the place of Socialist PASOK ministers, adding that he would not approve a new debt deal agreed between the government and foreign creditors but neither would he withdraw from the coalition as he had threatened to do earlier this week.
"The creditors are asking for 40 years of submission,» Karatzaferis told a press conference. «Greece will not give itself up,» he said, adding that «Greece can survive outside the EU but cannot survive under a German boot.»
Insisting that the creditors' insistence on cuts to auxiliary pensions had been the last straw, he said that had the cuts passed, the leader of the mission of the International Monetary Fund in Greece, Poul Thomsen, would be 'persona non grata' in the country.
The rightwing leader accused the creditors of trying to «deprive Greece of the last trace of national sovereignty,» and said that the country should be given a five-year grace period to pay off its debts at a favorable interest rate.
karatzaferis did not determine whether his party's 16 MPs to approve new austerity measures in a parliamentary vote expected on Sunday or Monday. If his deputies vote down the bill, the government will retain a comfortable majority of 236 in the 300-seat House. But his party's votes would be useful as several coalition MPs in both PASOK and New Democracy have indicated that they object to certain measures and may vote against them.
Speaking an hour before a scheduled Cabinet meeting, Karatzaferis repeated an earlier demand for Papademos to replace ministers of PASOK with technocrats.
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'Baby, let me play with your emotions. For nothing is good if don't play with them.'
http://www.youtube.com/watch?v=c-53pFRA9IQ
Nice Mandlebrot set fractal image!
Looks like the Elliott Wave Principle 'Apocalypse Wave' is about to hit:
http://thespiritoftruth.blogspot.com/search?q=apocalypse+wave
Our financial alchemy reeks
The Ponzi is reaching new peaks
As much as we try
Our system will die
The crash will begin with the Greeks!
Can you make a Limerick-A-Day calendar?
What a cheery calendar that would be! Probably not a great way to start your day!!!
Your screen name might be a bit arrogant at first, but it's totally deserved. Keep them coming.
+a lot
Granted, and thank you. I was hoping the goofy cartoon character would soften any perceived arrogance in the moniker.
Seriously, did anybody expect anything else but a default? 97% of people behind the scenes in the banking industry expect a default, and are prepared to capitalize on it. Do not think this event has not been anticipated and even staged for profit. For all we know, LAOS leader just received a package of fiat from Goldman Sachs and Deutsche Bank. ZH may appear to be fringe, and alternative, but nearly everybody at large institutional trading units has the same views, but do not express them as eloquently and publicly.
all this debt is owed to us--the people of the world. It is also owed by us--those same people. The problem stems from the fact that we are all keeping track of what we are owed without a clue about our share of the bar tab that we owe. It is a misalignment of perception and reality. Reality will eventually intrude.
Well....not sure what you're trying to get at metaphorically or whatever, but last I knew I wasn't getting any interest, dividends, stock option paybacks and/or multi-million dollar bonuses from the "creditors". Seems to me there's a financial elite who learned to game the system and have been surreptitiously expropriating more and more obscene amounts of other people's earned money, savings, wealth and income.
The system's not broken, it's FIXED!
you keep posting number 97% etc, where are you getting your figures....dont get me wrong I believe as most on ZH that they will default but are your numbers backed up with some form of data....lets not spin this by our position but rather by facts
Greece, the Zombie country, you just can not put it down....DEFAULT AND LETS GET ON WITH IT...
is this the sugar coated satan sandwich?
Begining to look like the can got tired of being kicked.
When no one was looking, this can was filled with quick-dry cement.
I don't think it looks like a can anymore after so much abuse.
Pare those gains, bitchez!
All hail future Prime Minister For Life Karatzaferis.
The PPT is going to be working overtime this weekend.
Let's get this party started this is worse than a soap opera ...
... Netflix and HBO are competing for rights for the TV series "Greek debt disaster and the fulfillment of the Mayan predictions" right now.
It was also a condition that every party had to agree to the terms was it not.
End of the road methinks.
The other two parties have enough members in the parliament to vote the new programme. At least in theory..
As long as the calls on Apple went up 2500% yesterday, now they can go and short this market. And crime grand?
Screw the Laotians and their crap Asian country!
Fluctuations.
Fluck you round eyes too.
http://www.youtube.com/watch?v=JH7oeDtYSYk
Khan!!!!!
Karetzaferis? No they are made of carbon mainly.
I thank you.
Here all week.
Try the steak.
Tip the waitress.
Tumbles, bitchez!!!!
Germany won't give them the money.
Germany won't let them default.
And I was going to make Espresso.
I might have to put off this other OC80 until lunch now. Can't have these Greeks go tits up mid-nod.
On..Off..On..Off..On..Someone is going to grow a pair eventually.
A sequel to the movie:
Kicking the Can II - The can kicks back
Unagreed may need to be the word of the year.
I wonder how many of these politicians have friends with massive EURUSD positions. I mean can you imagine how much money you could have made over the past few months if one of these so called collision leaders was your friend.
Thank you for bolding Karatzaferis timing of the press conference (in local time).
"Greek banks typically open from 8am to 2.30pm (Monday to Thursday) and 8am to 2pm (Fridays), with some banks in tourist resorts and larger towns and cities offering extended opening hours, including evenings and weekend."
http://www.barclayswealth.com/international/support-information/internat...
Let me guess... utter chaos outside Greek banks on Monday morning
This drama is not going to be over until March 20th.
PS - Greek default = sell gold? WTF? Gold down almost 1.4%.
It depends. Normally it would be a good idea to sell gold during a crisis, however currencies are obviously not so safe either and gold recovers faster. Personally I favor a mix between gold, CHF and SEK (bonds) but obviously that's a personal choice. But yeah, it's safe to assume gold will go down quite a bit BUT will also recover and continue it's trend like nothing ever happened not so long after the bottom has been reached.
If you listened to his very longwinded speech (he's still going) - he says he never agreed to the deal and tried to walk out the night before and again yesterday AM but was told he could not. He was basically bribed (in a political sense) to even stay until the end of the meeting. He didn't say what he was promised in order to keep his mouth shut until this AM...
I wonder how many of those in the meeting are short EUR at the moment???
Incredible...
Anyone with a brain should be short the Euro ... Greeks included.
Anyone with a brain should short FIAT.
show me yours - explain why. in detail. no, leave the fact that it's a fiat currency beside, we currently have no gold-backed ones on this planet.
There is no ban on insider trading for politicians in Greece my friend. Most of them dream of owning their own Island villa. Put 2 plus 2 together.
GREEK FAR-RIGHT PARTY LEADER SAYS IMF MISSION CHIEF FOR GREECE
THOMSEN SHOULD BE PERSONA NON GRATA IN GREECE
Lol!
GREEK FAR-RIGHT PARTY LEADER SAYS THIS FARCE MUST END, IT IS AN INSULT TO OUR COUNTRY, WE CHOOSE DEFAULT OVER DEFEAT
Bendonkey and Timmy the Tax Cheat must have barfed their breakfast as they lisen to this.
Is there any Greek bond market now??? I would not own any.....nor Greek stocks....but they jumped 28% this month...
Its over...the talking heads mentioned 60,000 business had closed up.....well they have not closed....they have just quit sending in taxes....they are working for themselves...its going to take some time to get them back on the Government gravy train...lol
This is a joke now...they are stealing as fast as they can...so are the bankers...but a little part of me thinks the IMF is starting to get it...and maybe the ECB too....
We must teach our children and grandchildren the art of hunter/gatherer
looks like the Mayans were right afterall
Until now I was sure, that any notice coming frim Greece, whether + or - (whatever that means) is bullish for the markets. I was fully convinced. Today I realise, that either those Greek guys are realy so smart and playing a hard core game, or they will go belly up, and not even about that they care. Tutto il mio rispetto! Markets havebeen chased by the UK HF crowd who was behind the curve. What I can not fix now is the anticipating force of the markets to move for metals and equities to protect themselves from the big danger coming from the competition between the central banks, which one will have the biggest balance sheet. The race has already started with Draghi, cross fingers for.....
I will be converting all of my equities into gold and silver on this last dip in PMs now coming up.
If Greece was smart (extremely doubtful considering the they voted for politicias who did exactly what they promised - spend more than they took in) they would arrange for a Greek exit leaving the EU intact. The difference between traveling in Greece with a devalued drachma and the EU with an inflated Euro would attract boatloads (literally) of folks. Greece must return to their agrarian, tourist-based economy.
Hey everybody, let's all run to the safety of the USD...
Really?
Metals will be confiscated and bountys of food/water for snitching will be the norm. The black market will be very dangerous. Find a new gig.
See something, say something, take something.
What do you suggest?
Vaudeville?
Perhaps, tunneling? The deeper the better
but then as the dollar climbs and the Euro weakens the ECB can open up swap lines with US banks and let banks borrow trilions of Euros to fund any shortfalls. The global bank circle jerk will continue. The central banks are like a skydiving stunt team who all decided to jack each other off, they are all concentrating so hard on a coordinated climax, they don't see the ground coming fast. It's too late to pull the chutes now, so they all decide to at least have the mega-climax before they splat on the ground.
Per 2009, buy the dips to the 40 day MA. IT'S FIXED AND YOU CAN'T DO SHIT ABOUT IT......
Is there a party in Greece that can rise up and say WE ARE FOR DEFAULT and get elected???
That is what needs to be done.
Der Spiegel is claiming that the police union is threatening to arrest politicians etc.
Certain elements of the police are known supporters of ultra-Nationalist / Fascist groups in Greece, and some will support the current Karatzaferis petrol bomb.
[Babel Fish translation]
Always kuriosere claims arise in crisis: an Executive Committee of the Trade Union of the police of the country (POESY) was threatened with the arrest of the inspectors from the EU, the IMF and the ECB. According to the Trade Union, the troika try to overturn the democratic order with the tough austerity measures. In addition it the "Nationale is trying" to violate and to steal important goods of the Greek people. " "Wir warn that we call for the immediate issuance of arrest warrants werden", it was said on Friday in a written statement, which was sent to the representatives of the troika." Also a flyer was distributed on Friday, on the "Wanted" (wanted) stood for the arrest of the "Troikaner" was a euro as a reward in Vista. (English)
http://www.spiegel.de/politik/deutschland/0,1518,814501,00.html
They should.
Arrest these fucks and hang em high.
Bullish and priced in. Simply more manure for the green shoots growing on top of the V-shaped recovery.
The wizards at the Fed have it under control. They have PhDs. Oh wait .. doctorates in money printing ... we're fucked.
Im so tired of this farce.
Surely the market can help properly price Greek houseboys in Euro.
Pound of flesh indeed.
WOW.....he represnt 5,3 % of the votes in the parliament. Forgett about it.
It is Hedgie gaga
The bone-chillers today is "...S&P downgrades Egypt rating to 'B' from 'B+'; outlook negative..." ;-)
premarket performance in short term volatility still trends up, buy and hold strategy for TVIX still profitable :)
I predict a military coup and a default. Just not sure what order they'll come in :)
yep, looks like arabian spring is coming to Greece
People, Karatzefuhrer (as he's known here in Greece) said the same things the last time around. He's likely bullshiting again. The key quote from ekathimerini:" called on Prime Minister Lucas Papademos to reshuffle his government, installing technocrats in the place of Socialist PASOK ministers"
It's an internecine war among the thieves in Parliament.
Athens burns, the people slip into poverty and these shitheads are in business-as-usual mode.
"...the people slip into poverty and these shitheads are in business-as-usual mode."
Name a country where this isn't true.
Many of these politicians said they would vote against the 'mnimonio' as it's known here, the agreement, the last time we had this charade play out. The public didn't believe them, everybody waited for the 'kolotoumba', literally roll over to the opposite position. And that's what happened. Only one guy kept his promise: Panos Kammenos.
dont worry when europe close fed will step in and start buying euros and rally the mkt
Hey now! gbp/usd is tapping the bottom of that H/S pattern. Could be good for a buy signal? Look at eur/gbp.
They blame Germany because the innkeeper is demanding proof he can be paid.
Having had the customer run out on the dinner bill before.
Loan sharks knew that if they took the dollars printing machines under their control they could suffocate the world ...they could initially suffocate USA and after taking the USA from the Americans, they could move and suffocate the whole world and take the countries from their people.
FED printed cheap money and loansharking multiplied this money in an unnatural way within the American economy boarders and they discarded them abroad so that they did not threaten USA. USA became the first state in the world with artificial “breathing”...
It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people...
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
------------------------
Global Debt Crisis
Authored by PANAGIOTIS TRAIANOU
It should not be possible. But it is not only possible, but likely. Without the vast majority of humans noticing, all but ~7-million out of 7-million humans were purposely mutated into 2-legged sheep over the past couple generations. Only 7-million humans exist to resist the predators-that-be and predator-class who enslave and sheer the occupants of this planet of the sheep. Unless those 7-million who have avoided the mental straighjacket lock and load, the predators shall rule earth forever. The next year (or very few years at most) is THE turning point for planet earth. A planet of braindead prey, or a planet of sentient beings willing to take action when necessary. Last chance to take the appropriate fork in the road. Yes, now is the last chance... ever.
Greece has been like the child or politician who loves attention, no matter what creates that attention (good or bad press). Greece has been the center of economic news for over a year, and they love it.
However, eventually the BAD in the "refinance terms" rises to such an egregious level that even the most jaded, spoiled attention-lover has to give up. Are we there yet? Let's hope so.
Greece: Declare 100% default, as you should have done 2+ years ago. Return to your own personal fiat, fake, fraud, fiction, fantasy, fractional-reserve toilet-paper... or impress the world and adopt "grams of physical gold" as your currency and become the one healthy economy on planet earth (and become the next Switzerland).
Hey, at least you'll have one last huge burst of attention in the world economic news when you default. So you can enjoy one massive hurrah before you return to the semi-obscurity you deserve to share with every other country. At least you'll still be a great vacation spot.
Greece: Pull the plug. Declare 100% DEFAULT. Stick it to those predatory fiat disease pushing banksters. DEFAULT.