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Chaos Hits Ludicrous Speed: Rumor G-Pap To Resign, Ask For Unity Government; Refuted Immediately
And refuting another rumor re-refuted previously just minutes ago, we hear from Dow Jones now that G-Pap will submit his resignation today and will ask for unity government, according to Star.gr. Oh thank god things are clear because this headline hits the tape just as we get this: Greek premier doesn't plan to resign according to Proto Thema. Needless to say, kneejerk reaction trading robots are breaking everywhere as the EURUSd trades. No point in even attaching the EURUSD chart- by the time it is up it will be off by 100 pips.
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Farce x Farce = Farce
I am shocked at the lack of coverage of the G20 meeting in Cannes on this blog. This is where the world's most inspiring and charismatic leaders convene to solve our structural imbalances and the meeting represents the pinnacle of modern intellectual socio-economic thought. This is where the future is being moulded by the best minds in the world, and the lack of interest in the event saddens me.
blue pill for you.
LOL ... nah ... he's gotta be taking the piss .. gotta be!
i reckon he is, he is too well spoken to be that stupid
Wait and he has resigned again.....fucking hilarity Bitchez!
He's no different than policiticians in US. Greek and Italy gonna have trouble implementing austerity? Go figure. Just wait until the US politicos are faced with the reality that they are going to have to implement some very unpopular decisions. They cannot do it either, too worried about getting reelected and then getting the high dollar lobbyist position. This is what you get when a country permits career politicians to govern. That's OK, gold and inflation will be the true north on the compass.
Democracy, even the appearance of it, will not survive the imposition of austerity. Plan accordingly.
This time it's da truth ...
http://www.youtube.com/watch?feature=player_detailpage&v=2AxRIa-KySc
I love it when a plan comes together!
How is quitting a plan?
It's the anti-thesis to a plan. It's avoiding making a plan.
Well let see who the next moron in line to fuck up Greece is.
Nigel: EU is finished. http://www.youtube.com/watch?v=2gm9q8uabTs
Tyler sounds lime you need high frequency chart posting.
I love this movie and characters, the plot is changing every second.
says ekathimerini.com
Figures..
Wonder how long it will take for the Greeks to go an strike and riot again...I'm thinking tomorrow maybe...Monday definately.
Jigga was a prophet :
Same sword they knight you
they gon' good night you.
Pap, Pap, No-Pap, banana fanana No Pap, me-my-mo Pap, Pap
Couldn't pay me a big enough government salary to do that guys job. I don't blame him.
Er, honey I told you to BUY the fucking Euro, not sell it - you stupid .... OK, yes I can make another announcement. I don't give a shit what color you pick out. Get the fucking order right this time will ya?
Shit a guy has to go through just to get a little booty.
http://vegasxau.blogspot.com
We are notorious for much talking and less acting! We have created philosophy out of thin air. We are Greeks!
I actually have a lot more respect for the G now.
He got the best possible offer for Greece, and wants Greece to approve it.
Plus, he sharked some politicians in the process.
What deal is that, stave off default for another month?
People forget all that is happening is they are offering a credit card to pay off another credit card. When is that even acknowledged as a good idea?
He negotiated the best possible terms for a gigantic national refi. He left it open for the Greek people to determine if it is the best option to take. Otherwise, they can default and go back to the Drachma.
Pretty saavy to me.
Just wonder if they will nationalize NBG or not.
Let me know when they've gone to Plaid.
Has Darth Helmet officially ordered the shift to Ludicrous Speed yet?
.
Call me crazy, but when you're reduced to describing a government's actions by using terms from the Mel Brooks slapsick comedy movie "Spaceballs", you might have problems.
Oh, wait, did I say problems? I meant bullish!
I always get those two mixed up.
Gpap is like the almost dead guy that's being brought out to the "bring out your dead" guy.
I'm feeling much better now!
http://www.youtube.com/watch?v=grbSQ6O6kbs
How many Assholes do I have on this ship?
What happened to the MiningJunkie's posts?
(This story has been posted on The Wall Street Journal Online's Market Beat blog at http://blogs.wsj.com/marketbeat .)
By Vincent Cignarella
If a U.S. broker-dealer investing in what European officials touted as secure and fully backed sovereign debt can go under, where does that leave Europe's largest institutions?
Officially at least, Europe's largest banks do not have the same exposure to risky euro-zone debt as MF Global , whose $3.2 billion portfolio of Italian bonds was worth three time its equity capital. Frances' BNP Paribas SA , for example, holds EUR21 billion of the Mediterranean country's debt, Credit Agricole SA EUR8.5 billion, and Societe Generale SA EUR5.0 billion. As a percentage of each of the three French bank's shareholder equity, that represents 29.9%, 15.99% and 9.59%, respectively. But these numbers are not insignificant and for various reasons do not accurately capture the risks they face.
According to the Bank for International Settlements, the French banking system's total exposure to the riskiest euro-zone countries was EUR489.9 billion as of March 2011. That's a whopping 7% of all banking assets in France, more than a quarter of the country's GDP, and more than three times the combined equity of France's three largest banks.
These numbers tell the same story of the structural and regulatory failures that helped get MF into its mess, especially the Basel III regulatory rules, which still give sovereign debt a zero weight for measuring the adequacy of Tier One capital--as if it were risk free.
What's more, the speed with which MF Global collapsed is partly due to its otherwise commendable practice of marking its book to market. That's something many European institutions do not do, which means their exposure relative to equity could more troubled than their financials suggest. It's not clear how much of the three French banks' Italian debt portfolios have been written down to reflect depleted market values but in general French banks have been among the most criticized for not promptly recognizing market losses.
MF Global , by contrast, traded almost entirely on exchanges and kept its sovereign debt in a trading account. As the debt declined in value, the firm faced a liquidity crunch. As one trader put it, MF held an asset at a price that no one wanted.
European banks have often taken the option of declaring that they are holding an asset to maturity, which relieves them of a regulatory demand that they mark their assets to market. But this accounting trick does not absolve an institution of risk, however, and could exacerbate it. If Greece were to go through a disorderly default--unlike the orderly restructuring conceived by euro-zone leaders--those assets will immediately be written down and to a level that cannot be currently predicted. The more disorderly the process, the worse it will be for European banks' balance sheets.
With Greek Prime Minister George Papandreou now facing the prospect of both a referendum on the terms of its euro-zone bailout and a no-confidence vote, that risk is amplified.
Luxembourg Prime Minister and Eurogroup head Jean-Claude Juncker warned on Tuesday that a "no" vote on a Greek referendum would risk a Greek bankruptcy. In fact, a country cannot legally go bankrupt, as there is no international court for handling such claims, but the use of the term implies a disorderly process in which creditors must first write off their loans and then fight with others to recover what they are owed.
No one has even dreamed of a 100% Greek default. There is no precedent for such an event within a monetary union, so we have no idea what the contagion effect might be in other countries such as Italy. And all of that raises serious questions about the banks' balance sheets.
Italian 10-year yields trading Wednesday at 6.2% are already threatening that country's funding. Any further increases could severely impair Italy's ability to fund the whopping EUR300 billion plus debt maturing in 2012. Between them, Spain and Italy have EUR420 billion of debt maturing in 2012 and over EUR1 trillion maturing over the next four years.
Already there are serious misgivings about the workability of the euro-zone plan to use the European Financial Stability Facility to backstop the region's debt markets. And if confidence in that program dries up before it is even started, the region's sovereign bond market could go into a tailspin.
In other words, MF Global 's collapse could just be the opening act. And whereas that bank's demise has so far been a relatively contained affair, triggering none of the systemic problems associated with Lehman Brothers ' collapse in 2008, the same result for a big French, German, Italian or Spanish bank could be far more troublesome.
-1
"MF Global" and "commendable" in the same sentence.
You think the riots before were bad? Wait until the people are told they don't get their referendum.
Yeah ... I HAVE seen this before! ... this is the part where the Steward shoots his little gun in the air then waves it at the advancing banksterz, and says, "Gentlemen, I shall not say it to you again, it's going to be women and children first".
Volatility?
What volatility?
imagine if G-Pap was captain of a starship!
Does that have water-tight compartments?
As long as the banksters are alive, they will NEVER allow a non-rigged referendum to proceed in Greece. The people need to purge their political puppets and elite.
Former ECB VP to run Greece......They are SO FUCKED!!!!!