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And Now "Coercive" Greek Default Seems Inevitable -Deal Failure Would Be "Catastrophic" Greece Warns

Tyler Durden's picture




 

Just like the imminent French downgrade, nobody could have possibly anticipated a few hedge funds blowing up the Greek bailout. Oh wait - we did... in June.

  • GREEK BOND SWAP NEGOTIATORS NOW LESS OPTIMISTIC ABOUT REACHING A DEAL - SOURCE CLOSE TO TALKS
  • GREEK BOND SWAP NEGOTIATORS WARN FAILURE TO REACH DEAL WOULD BE CATASTROPHIC FOR GREECE, EUROPE - SOURCE
  • IIF SAYS GREECE TALKS `PAUSED' AFTER NO `CONSTRUCTIVE' RESPONSE
  • IIF SAYS GREECE TALKS HAVEN'T PRODUCED `CONSTRUCTIVE' RESPONSE
  • IIF SAYS TALKS ARE `PAUSED FOR REFLECTION

But the IIF just told us yesterday how things are going swimmingly. Maybe that is not all that surprising...

 

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Fri, 01/13/2012 - 11:12 | 2061389 youngman
youngman's picture

Running to Treasuries and Bunds as we speak...and selling Gold and Silver....lol....what a world we live in..

Fri, 01/13/2012 - 11:18 | 2061418 Dr. Engali
Dr. Engali's picture

Earlier this week I was jokongly talking about the 10 year going under one percent yield. It's not looking like a joke now.

Fri, 01/13/2012 - 11:20 | 2061422 BandGap
BandGap's picture

Yowza! This always amazes me, the inevitable is a surprise.

Fri, 01/13/2012 - 11:22 | 2061431 DeadFred
DeadFred's picture

OT but the Swiss peg is sure under attack.

Fri, 01/13/2012 - 11:25 | 2061436 hedgeless_horseman
hedgeless_horseman's picture

 

 

At least Italy is fixed.

Fri, 01/13/2012 - 11:27 | 2061443 hedgeless_horseman
hedgeless_horseman's picture

 

 

At least Spain is fixed.

Fri, 01/13/2012 - 11:28 | 2061450 hedgeless_horseman
hedgeless_horseman's picture

 

 

At least Portugal is fixed.

Fri, 01/13/2012 - 11:28 | 2061453 hedgeless_horseman
hedgeless_horseman's picture

 

 

At least Ireland is fixed.

Fri, 01/13/2012 - 11:44 | 2061562 PicassoInActions
PicassoInActions's picture

at least there are not more fixes left....

Fri, 01/13/2012 - 11:44 | 2061566 gared44
gared44's picture

At least US is fixed..

Fri, 01/13/2012 - 11:45 | 2061576 steve from virginia
steve from virginia's picture

You forgot Hungary ...

Fri, 01/13/2012 - 11:48 | 2061591 Spastica Rex
Spastica Rex's picture

fixed=castrated

Fri, 01/13/2012 - 11:32 | 2061471 Betty Swallsack
Betty Swallsack's picture

A Eurozone/US read here from Dec. 16, 2011:

http://www.leap2020.eu/GEAB-N-60-is-available-Global-systemic-crisis-USA-2012-2016-An-insolvent-and-ungovernable-country_a8481.html

My fave....

Thus, according to LEAP/E2020, the 2012 election year, which opens against the backdrop of economic and social depression, complete paralysis of the federal system (29), strong rejection of the traditional two-party system and a growing questioning of the relevance of the Constitution, inaugurates a crucial period in the history of the United States. Over the next four years, the country will be subjected to political, economic, financial and social upheaval such as it has not known since the end of the Civil War which, by an accident of history, started exactly 150 years ago in 1861. During this period, the US will be simultaneously insolvent and ungovernable, turning that which was the “flagship” of the world in recent decades into a “drunken boat”. 

Sat, 05/26/2012 - 10:47 | 2465190 Ammyjames
Ammyjames's picture

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Fri, 01/13/2012 - 11:53 | 2061611 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Fixed like the pet it is..

Wed, 03/21/2012 - 05:01 | 2276053 Ammyjames
Ammyjames's picture

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Fri, 01/13/2012 - 11:24 | 2061435 GeneMarchbanks
GeneMarchbanks's picture

A distraction and nothing else.

Fri, 01/13/2012 - 11:29 | 2061457 PaperBear
PaperBear's picture

Where is Eric Sprott with his purchase of 50 million oz of silver, that's what I want to know.

Fri, 01/13/2012 - 12:03 | 2061676 PaperBear
PaperBear's picture

Do the cartel really want to knock silver back down to $26/oz which would allow Eric Sprott to get his 50 million oz even cheaper than today ? Hell, he might even get more than 50 million oz.

Fri, 01/13/2012 - 13:02 | 2062027 supafuckinmingster
supafuckinmingster's picture

Stop hitting the "save" button twice. Have patience.

Fri, 01/13/2012 - 11:15 | 2061395 slaughterer
slaughterer's picture

Low short interest, low volume (before holiday weekend) = any bad news will lead to an exaggerated sell-off.  

Fri, 01/13/2012 - 11:18 | 2061414 EscapeKey
EscapeKey's picture

Whatever do you mean? Hopium smoking is up by 4 points to 74.

WASHINGTON (MarketWatch) -- A gauge of consumer sentiment reached 74 in the preliminary reading for January, the highest level since May, compared with 69.9 in December, according to Friday reports on the data from the University of Michigan and Thomson Reuters. Economists polled by MarketWatch had expected a January reading 73 on higher stock prices and improving jobs conditions. The sentiment gauge, which covers how consumers view their personal finances as well as business and buying conditions, averaged about 87 in the year before the start of the most recent recession. Economists watch sentiment data to get a feel for the direction of consumer spending. 

And yesterday, Marketwatch finally added a correction. It was in regards to the Philly Fed index not being as bad as initially printed 3 months ago. Of course, that only better than expected revisions are printed just shows the complete lack of bias the site has.

Fri, 01/13/2012 - 12:09 | 2061706 SillySalesmanQu...
SillySalesmanQuestion's picture

Pass the hopium hookah around and maybe some trickle down will show up to help out...

Fri, 01/13/2012 - 11:14 | 2061398 The Fonz...befo...
The Fonz...before shark jump's picture

Long weekend in the USA and Europe is open Monday? Look for some strange monkey business and one would be nuts to hold any financials over the weekend

Fri, 01/13/2012 - 11:19 | 2061420 Ex-Pat
Ex-Pat's picture

short or long?

Fri, 01/13/2012 - 11:21 | 2061425 The Deleuzian
The Deleuzian's picture

Just sold equity positions today...Maybe unwise to hold any stocks except the short ETF's........

Fri, 01/13/2012 - 13:18 | 2062108 Urban Redneck
Urban Redneck's picture

Convenient - ChairSatan's minions can better focus their manipulative attentions.

Fri, 01/13/2012 - 11:15 | 2061399 GeneMarchbanks
GeneMarchbanks's picture

Technocrat Fail.

Fri, 01/13/2012 - 11:15 | 2061400 new game
new game's picture

greece fatigue-fucking had enufda...sink the ship already, man the life boats! paddle to the promissed land of debt free life.

fuck the ptbe and get a back bone my fellow greeks...

Fri, 01/13/2012 - 11:16 | 2061403 kralizec
kralizec's picture

It is shaping up to be one fine Friday the 13th, ain't it?!

Fri, 01/13/2012 - 11:17 | 2061405 Archduke
Archduke's picture

from dallarama to drachma

Fri, 01/13/2012 - 11:17 | 2061408 Everybodys All ...
Everybodys All American's picture

Greece needs to grow a pair and move on ...

Fri, 01/13/2012 - 11:26 | 2061441 youngman
youngman's picture

Why?..... as long as the other idiots are going to give them free money...why not take it....its when the rest of the world..meaning the bankers grow up...then Greece will leave the EU..or at least default...

Fri, 01/13/2012 - 11:17 | 2061410 homersimpson
homersimpson's picture

Could it be the ponzi scheme called the stock market is finally catching up to reality? For our sakes, I hope so.

Disclaimer: LONG (for as long as I can take it) FAZ

Fri, 01/13/2012 - 11:23 | 2061432 CvlDobd
CvlDobd's picture

"as long as I can take it. " lol

You sir are dedicated. I know you lift shares of FAZ to people you respect. I will drink a snow day in you honor this evening.

Fri, 01/13/2012 - 11:53 | 2061607 Al Huxley
Al Huxley's picture

Homer, if the market's a rigged casino, then FAZ is the 3 card monte game out in the alley - it's completely geared against you mathematically, nevermind any other elements of 'market manipulation'. Financials are a great short, but the only way to do it is to actually short them (or sell uncovered calls if you can). Everything else is just feeding the crooks who run the system.

Fri, 01/13/2012 - 15:31 | 2062727 Spaceman Spiff
Spaceman Spiff's picture

greek debt may be better investments than the ultrashort etfs.

Fri, 01/13/2012 - 11:20 | 2061423 lizzy36
lizzy36's picture

How is this possible? HOW?

Just yesterday and week before that,, and week before that, these "talks" were going fantastic. They were constructive and deal on the debt swap was "imminent".

Were all these Officials LYING? Trying to spin this story to their own advantage? 

I am shocked. Just shocked.

Fri, 01/13/2012 - 12:19 | 2061754 gmrpeabody
gmrpeabody's picture

Yes.., and this establishment will be closed until further notice!

I'll be by in the morning to pick up my winnings.

Fri, 01/13/2012 - 11:20 | 2061424 bnbdnb
bnbdnb's picture

EURUSD support broke. 1.2500 here we come.

Fri, 01/13/2012 - 11:23 | 2061426 yogibear
yogibear's picture

Kaboom!!! The Euro is toast in it's present form. The lies and cover-ups only last for a while. The math will win in the end.

Fri, 01/13/2012 - 11:22 | 2061427 Irish66
Irish66's picture

NO voluntary

Fri, 01/13/2012 - 11:22 | 2061428 Jlmadyson
Jlmadyson's picture

OT: FBN, France treasury no comment on downgrade.  Done.

 

Greece is cooked.

 

Credit event.

Fri, 01/13/2012 - 11:22 | 2061430 bugs_
bugs_'s picture

looking forward to trading the New Greece?

Fri, 01/13/2012 - 11:25 | 2061437 AccreditedEYE
AccreditedEYE's picture

WAAAAYYYY ahead of CNBS on this announcement, as usual. Hey Dougie Kass, how them "long rentals" workin' out for ya?

Fri, 01/13/2012 - 11:28 | 2061455 semperfi
semperfi's picture

Every day is a CATASTROPHE.  Every day is a CRISIS.  Every day is ARMAGEDDON.  Every day is a DOWNGRADE.  Every day is just THE SAME OLD DECEPTION & MANIPULATION BULLSHIT so the money manufacturers can gin up more eMoney and keep their orgy going.

Fri, 01/13/2012 - 11:29 | 2061464 PaperBear
PaperBear's picture

Where is Eric Sprott with his purchase of 50 million oz of silver, that's what I want to know.

Fri, 01/13/2012 - 11:29 | 2061466 bnbdnb
bnbdnb's picture

Look at that fake pump on the EURUSD pair. Squeeze them shorts, CBs, this one has legs.

Fri, 01/13/2012 - 11:33 | 2061490 Caviar Emptor
Caviar Emptor's picture

The Great Poker Game has entered a new phase. Greece (and Spain, Portugal and maybe Italy) will leverage their threats to leave the Eurozone increasingly from now on. For Spain with 20+% unemployment and -7.7% decline in industrial output, the siren call to return to the Peseta at 90% discount is hard to resist. Argentina will lead the way

Fri, 01/13/2012 - 11:35 | 2061505 Bansters-in-my-...
Bansters-in-my- feces's picture

Gold just got PPT'd....
Fuck you Timmy.

Fri, 01/13/2012 - 11:39 | 2061528 EasterBunny
EasterBunny's picture

Well, they need it to close the week below the 200 day MA.

Fri, 01/13/2012 - 11:39 | 2061529 EasterBunny
EasterBunny's picture

Well, they need it to close the week below the 200 day MA.

Fri, 01/13/2012 - 11:38 | 2061521 Rainman
Fri, 01/13/2012 - 12:18 | 2061746 nowhereman
nowhereman's picture

Must have read Bill Black's book.  "The Best Way to Rob a Bank is to Own One"

Fri, 01/13/2012 - 11:42 | 2061552 steve from virginia
steve from virginia's picture

 

Not all bad, go long Greek farmers, olive oil, Feta cheese,  Tsipouro.

Short everything else. It will fall into hands of mafias anyway.

Look @ bright side, Greek collapse might take down IMF. Good riddance.

Fri, 01/13/2012 - 11:50 | 2061596 NEOSERF
NEOSERF's picture

And now a day after Merkel says that Greece can be handled easily, this happens...what kind of cake are they baking over there?

Fri, 01/13/2012 - 11:56 | 2061631 old naughty
old naughty's picture

Poker game? But these countries, UK, France,... have nothing to ante up.

Wait, we are talking about PIIGS. Oops.

Fri, 01/13/2012 - 12:03 | 2061678 PaperBear
PaperBear's picture

Do the cartel really want to knock silver back down to $26/oz which would allow Eric Sprott to get his 50 million oz even cheaper than today ? Hell, he might even get more than 50 million oz.

Fri, 01/13/2012 - 14:23 | 2062436 swani
swani's picture

Greece will not collapse yet. They will find a way to finance the Ponzi through the election year. The lawsuits will pile up and this will eventually take down banks, but this default, will not happen until they have loaded up Bank of America with as much of the derivative exposure from the Eurozone as humanly possible, and used the 2.2 Trillion of depositor's money to pay off the CDO's from the Greek default, which, as in the case of MF Global, will be owed to the usual 'preferred creditor' suspects. The Greek default is coming, but not now. This will happen in 2013 after Romney or Obama are safely in. TPTB know that allowing this event now would bankrupt at least one of the TBTF banks, and this, would make Ron Paul's message too loud and clear. They are not that stupid to risk the fallout of this event during an election year and before passing the Homegrown Terrorist & Radicalisation Prevention Act that will mandate a new department operating under Homeland Security to decide who is guilty of thought crimes, so that they can put the NDAA into live action and direct the newly funded militarised police forces to round up all of the pissed off Americans that have been declared to be dangerous 'radicals' by this newly created totalitarian bureaucracy.  

 

 

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sara29's picture

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Thu, 05/24/2012 - 06:41 | 2458243 Ammyjames
Ammyjames's picture

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