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And Some More Bad News...
Sorry to interrupt the panic, but this may be important:
- FURTHER DISCUSSION ON COLLATERAL WOULD CANCEL SECOND GREEK BAILOUT- GOVT SOURCE - RTRS
This follows on the heels of news overnight that Finland, Holland and now Slovenia are all pushing to get collateral (aka a DIP out of Greece). And naturally, no Greek bailout means game over for a united Europe, and its disjointed banks.
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Hey Capital! Get out of Socialistland!
Kick these feckers out of EU already ...
Be Done With it ...
Hopefully with this news, Europes third world war starts in 5...4...3...2...
You're jumping the gun here Mr. Evil. First, the muslim brotherhood must unite the whole Middle East. Then, once united, they will be able to do battle with Israel. Then Europe and the rest of the world will get involved. See Albert Pikes 3 world war predictions.
Out of the EU?
How about end the EU because it's messed up.
This is the BANKSTERS fault #1
Glass-Steagall
They are being called out on their constant lies....I would take their gold and silver....delivered of course
You and Hugo Chavez!
MEtaXtaSizing
Collateral? But you my full faith and credit. What more do you need?
A star soccer player or two, at least!
I can pay with an IOU note.. I will also write "In God we Trust" on the face of the IOU note...
What you mean "We" Kemosabe?
if they are going to give up collateral, they are better off defaulting first
+1
In a commercial DIP situation, the collateral comes in the form of real and personal property of the entity. Also, all creditors with some notable exceptions get subordinated to the DIP. What can a sovereign pledge as collateral? Would German unsecured interests be subordinated to those of, say, Finland?
About time we told the Greeks to fuck off and work until they're able to aford to retire -- like the rest of us.
Pull the plug and let's get this show rolling..
They shoot horses don't they?
.....don't you mean 'work until they've paid for the rich to retire'.
Clearly you're hoping to be selected as 'primary slave' so you get more perks than the rest of us....which will bring resentment from the rest of us.
Tell me though, how much 'work' is there in stock trading? Tough on the fingers is it?
If you're an investor then you're just as lazy as the Greeks, if not more so.
+1, thank you
FAIL
Actually, it's the Greeks who should tell the rest of Europe to fuck off.
At the end of the day though, it doesn't really make any difference who said it and I'm not really that bothered - just as long as the whole Fabian shebang comes crashing down.
And game over for eurozone would be the best thing EVER for the people in Europe. Let it burn...
Does this portend a 'noon balloon' of corporate drones, using the lunch hour to bail out of their mutual funds and 401K's?
Dial 1-800-SELL-NOW!
Thanks for using our bail-by-phone service, and have a nice day!
Time for another EURCHF short?
banana ben to the rescue
Collateral!? We don't need no steenken collateral!
LMFAO!!!!!!!!!!!
The cultural Marxists think they can unite the world under a single authority, too bad they didn't read 'The Selfish Gene'
http://www.amazon.com/Selfish-Gene-Anniversary-Introduction/dp/0199291152
You can never force peoples of different genetic makeup to altruistically help each other in the time of crisis
By DIP, I presume you mean taramasalata
And that is why I never stopped converting everything into my good old pre-euro currency all these years!
Whooohooo my country Slovenia sticking it to the Greeks, I can't believe it!
trippy, zh is faaast, finance.si will mention it tomorrow
if it all.. :))
Greece supposedly has 114 tons of gold, 4 truckloads to Berlin worth. Would pay off or collateralize a couple of percent of debt.
http://www.time.com/time/world/article/0,8599,2080813,00.html
Isn't 'their' gold in London or the Cayman Islands ? by any chance
Cartman comes to a bank with 1oz. of gold and says 'I would like to deposit this'
The banker says ok ..
and it gone! lol
lol +100
Wow, Finland looks like it's totally off the reservation. They concluded this deal with Greece bilaterally, and now Austria and others are wondering why they should be writing protection to Finland. Finland is saying the EU can't stop them, and moreover are making the deal a condition of their contribution to the fund...looks ugly.
But it could just be grandstanding, preparation for a horse trade, or something else. I'm afraid I don't know European political dynamics well enough to be sure how serious this really is.
No Euros for Gyros, bitchez.
No joy for Spiro. Here come the pyros!
Burn, baby, burn.
we germans do not want collateral, we want lebensraum
All right! We Finns are with you, like last time. Just tell us where and when.
Just make sure the Fuhrer is not some idiot Austrian corporal. Fuck them. At least a captain, preferably North Germany, like Berlin, please! And this time HIRE the JEWS too. The victory will be OURS!
Sure Germany is a bit overcrowded but you could solve this by kicking out all the bum imigrants(those that sit here but dont work and don't pay taxes)
A war for land is outdated modern wars are purely economical, and by modern I mean everything after WW2
I think the best way to kick some ass would be to simply cut off foreign aid hunker down protect your borders and watch the 3rd world burn
this would be easy just send 50 million of arabs/africans/east europeans back where they came from and the rest would 'autoignite'
than simply walk over and sift through the ashes
wait a minute...last time round it was the "Jews" what hired the idiot corporal!...you Finns are so demanding!...you want a Captain this time you gonna haft to give up something at least as valuable as
Jussi Rynnas, Miikka Kipruso, Kimmo Timone, and Teemu Selanne
combined....otherwise, next time the Bolshies come knockin, you're on you own. They got oil n gas, you know!
Realpolitik baby!
I seem to remember Wall Street paid for that asshat. Mostly white American royalty.
Warm, sunny in the winter lebensraum where you can take off all your clothes.
Austria opposes Finland's loan collateral from Greece
Austria opposes Finland's deal with Greece on collateral for loans and will demand collateral as well if eurozone countries approve Finland's deal, a spokesman from Austrian finance ministry was quoted in a newspaper report as saying.
"The collateral model has to be open to all the eurozone countries. We will figure out if that's the case," Harald Waiglein from the finance ministry told Finland's biggest newspaper Helsingin Sanomat in a phone interview. http://www.athensnews.gr/portal/8/46232Very Interesting
yes, collateral. Cash collateral, so Finland lends Greece 100%, receives x% cash collateral, which will be invested so that it becomes 100% at some point. the finance mnister is a former grade school teacher, what do you expect?
This will kill the whole rescue package, nd Finland will be kicked out of EU. Very good.
I hope it will happen very soon. The faster Finland gets out of the totalitarian control of the "soviet union of Europe" the better. It would be the greatest thing for Finland since beating Russia in war.
I think you just defined irony. They would want to kick us out and keep Greece? Please, oh, please let that happen!
anyone with a bberg terminal. check out the spread compression of ed4-er4 vs euro dollar on a chart. this is a truly broken market. or run a historical regression.
LIVING THROUGH A CURRENCY DEVALUATION AND HOW TO COPE
I was managing an American subsidiary of a successful large US Company in Mexico. It had been a financial turnaround for our team. Cash flow had accumulated in our bank in Mexico and corporate didn’t want the money repatriated to the US. Although we had already paid a 35% income tax to the Mexican government, we would have to pay an additional 30% exit tax to repatriate the money. In addition, we would have to pay high fees for the peso/dollar exchange, in order to make the transfer. The company wanted to expand our successful business and so we decided to keep the money in Mexican pesos to be used for further expansion.
One morning, as my wife and I were on a trip driving on the highway, we heard a national message from the President of Mexico, Luis Echevarria, one of the most corrupt presidents in Mexican history. “It is a lie that we are going to devalue the peso,” he said.
http://lonerangersilver.wordpress.com/2011/08/13/living-through-a-curren...
EU lent money to a debt junkie, that's their mistake. If they expect Greece to put their islands up for collateral, it ain't happening.
The EU is toast. It looks like every man (country) for himself and things are about to get ugly. It's a no win situation for just about
everyone, including U.S.. When European banks go, U.S. banks go, and it's de ja vu all over again. The ensuing multi trillion dollar
bank bail-outs are not going to be received well by the populace.
I keep seeing references to the end of the EU, the break up of the EU, not just here but in many other stories from news organizations that really should be more careful, always American sources, nobody in the EU would make that mistake.
And excuse me for those that know this because to you it will sound pedantic but for clarity this is important, the EU is not the Eurozone. The EU is 27 nations bound by treaty as to borders, passport controls, internal mobility, standardization of domestic laws and legal systems, right down to the nitty gritty like accounting principals, gauge of train tracks, and power distribution. It is the framework of a confederacy that has added a lot of value to not just the economy of the region but to actual living standards across the region.
The Eurozone is simply those 17 states that have decided to participate in the EMU, the monetary union, the Euro. If the eurozone as we know it collapses it just means that member states would revert to their own currencies, or more likely some would while others remain in a modified or even north south dual split of the zone. And it would be a confusing mess because the ECB their central bank would be the central bank to which side? How would they and the rest of the world value contracts that were made in Euro when a nation goes back to marks or lira? Mind you the ECB already has to deal with this to an extent, for example GB never adopted the euro, so the bank has as one of the largest economies a nation that deals in pounds while most use euro.
Even if the EUROZONE collapses entirely, if every nation were to drop out of the monetary union and go back to their own currency, that would not mean the end of the EU at all, in fact that might be what saves and strengthens the EU.
This is sort of important to me because I have dual citizenship in the US/EU (Irish) and I figure I might need the advantage of a passport from a neutral island nation in the near future.
Please enlighten me as to what DIP is, there are 66 entries in the acronym listing. Surely not as in DIPSHIT?
DIP=Debtor In Possession. It is a bankruptcy term where a person or business retains possession of assets that have liens against them, and is also widely meant as lending facilities to same bankrupts to continue operation during a bankruptcy proceeding, often requires a stake in the assets of the bankrupt or the tender of collateral.