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German Press: "The Greek Exit Is A Done Deal"
Did France, Italy and Greece think they are the only ones who can float strawmen in the media? No. Once again, Germany shows us how it is done. From Tomorrow's edition of Deutsche Wirtschafts Nachricthen: "The Greece-exit is a done deal: According to the German economic news from financial circles EU and the ECB have abandoned the motherland of democracy as a euro member. The reason is, interestingly, not in the upcoming elections - these are basically become irrelevant. The EU has finally realized that the Greeks have not met any agreements and will not continue not to meet them. A banker: "We helped with the Toika. The help of the troika was tied to conditions. Greece has fulfilled none of the conditions, and has been for months now." So more posturing? Or is Germany truly just so sick and tired of bailing out not just Greece (which pockets between 0% and 20% of any actual bailout cash), and indirectly French banks which as of this moment are the biggest pass thru beneficiaries, and of course the ECB with its tens of billions in old par GGB holdings, that this article is, gasp, founded in reality? Is Europe approaching its own Lehman moment when everyone says "just screw it", and let the dice fall where they may? Many said Lehman could never be allowed to fail. They were wrong. Just as many are saying that Europe will never let Greece leave as the costs to the continent are just too great. Well, judging by tonight's epic fiasco of a Euro-summit, the last thing we would attribute to Europe's leaders is clear and rational thought.
Full article, google translated:
The loud sounds of the left-politician Tsipras were just the straw that has brought the camel's back. In the EU, the ECB and the IMF have been completed with the issue. Greece must get out of the euro, it is generally agreed across all sectors. The information contained in the former central banker and technocratic Prime Minister Lucas Papademos had delivered. He had enough time to convince the one hand, the full extent of the calamity, and also by the unwillingness of the parties to save money. Basically, his tenure was a fact-finding mission on behalf of the EU. His conclusion: Mission Impossible. About the consequences, there are different views: the central bankers do not want to pay more because they see that the whole is a bottomless pit. The politicians, led by Angela Merkel reluctant yet. As always there are the politicians advocate the status quo, because they fear nothing more than the unknown. And there are unknowns with a Euro exit any quantities.
It begins with the question: How does it work really practical? An outlet to see the EU treaties before any more than one eviction. For safety reasons, both the ECB and the Bundesbank formed crisis teams that are preparing now as the commanders on various contingencies. A small consolation is believed to have, because the debt incision was made, and therefore actually is a direct contamination of the banks as rather unlikely. Although this may not confirm officially Banker: The unofficial interpretation is that the risk of infection by the average debt "significantly reduced" was.
Most debts are now in the public sector - ie the ECB and the IMF. In the case of a state bankruptcy of Greece on the Target 2 system, the German Bundesbank would be taken immediately. Altogether, it is so appreciated, are the Greeks with 200 billion euros at the ECB and the IMF in debt. Therefore, all of which are currently very careful with scenarios: One does not want to be in the cards look. And as even the most amicable divorce in the end always haggled over the cost. Even the ECB and the IMF want to see their money again. They need the cooperation of the Greeks. A representative of the public sector: "When it comes to the discharge, the creditors will negotiate with the debtor. The creditors have no interest that the debtor is no longer on the legs. "
However, the debtor to cooperate with the creditors, some skirmishes will be fought. The Greeks would say, then we throw it out once - we do not pay but not our debt.
This game can not last for long. Since Greece can take no money in the capital markets, Greece must cooperate with the Troika. Without money, the country is very fast at the end: it can pay its civil servants no longer afford no energy, public life threatens to spiral out of control.
Right here wants to start the Troika: The next installment is due in June, there will be only when the Greeks come up with a fairly reasonable exit plan. Until then, the ECB can keep up with their financial instruments, the Greek banks so far over water, not everything falls apart.
At the same time it is hoped the troika that the ESM is surprising, because then enough money is available to prevent the contamination of other states. Because you can answer a question no one, like a of involved banker says: "We all know not whether it comes after the withdrawal of the Greeks to a domino effect or whether it really is the great liberation has been." There is always some require "discretionary action" of the ECB to keep the situation under control. In plain German: As some will have to be printed on money, so the crash can not go but even the whole euro zone in the air.
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I sure hope everyone is keeping their "powder dry". There will be some great (short covering) trades over the next month.
Nice post Tyler!
Well...there is always the "EuroBonds" scenario, but the Krauts ain't so kool about it be3cause they know thy will just be left to pay when the Club Med countries default again down the road.
Soo...with the IMF, the ECB countries pledge Gold to the IMF in the debt amounts that they presently owe (or a % there of), ona fractional, collaterized basis.
Proceeds from Eurobond sale used to steady markets. Effectively a fractional gold backed bond pledged to the IMF.
However these feckin', left wing clowns have never figured anything out in their lives except to print. So the obvious solution (putting up their OWN silverware/gold for collateral) will take them some time.
The same "doing god's work" banksters who cooked Greece’s books for accession to euro also whitewashed FarceBook’s balance sheet.
Yes Goldmans have their fingers in alot of pies ...and they're all exploding in their face
remind me when Blankfein begins his PR Tour explaining how banking is so central to a productive economy would ya, his material (all the garbage Goldmans has left behind) should be good for a laugh
German does look bad ass: Deutsche Wirtschafts Nachricthen
Sounds like "Fuck you Greece and the goat you rode on"
THIS IS THE "I CAN'T BELIEVE THEY WILL DO IT" moment.
i can't believe they will do it. this is posturing by germany to get greece to comply with an "or else" threat. the genius greeks know they have merkel and hollande and the ecb by their reproductive organs and won't let go.
the greeks would be perversely happy to get thrown out of the euro so they can hang their politicians without interference and print their own drachmas without a central bank. they just don't appreciate the full extent of the freedom they could have yet. china will fill the gap because they are willing to pay anything for an official base in europe.
so nothing will happen and the ecb(with mother merks blessing) will print its way out of this.
Sounds like a nasty divorce is coming. The only question is: "Who gets to keep the house?".
European Union – Domino’s
The Story of Your Enslavement aka Human Farming | 13 minutes, your time will not be wasted.
What's the BFD? Just switch them over to the NYSE. Mulligan rules gentlemen. This isn't Sunday.
Auf gut Deutsch: Da wird einiges an Geld gedruckt werden müssen, damit der Crash nicht doch gleich die ganze Euro-Zone in die Luft gehen lässt.
In good German: Some money will have to be printed, so that the crash does not in a short time allow the entire Euro Zone to go flying in the air.
To infinity and beyond
well, that's that!
thumbs down!
or is that a "maybe thumbs down"? L0L!!!
it sounds likeYoda is ok with theGrexit...
papaLuke was a spook for angela? so the squid sez: no mas according to this propaganda?
L0L!!! what about freaking italy, now? Hahaha!!! what does that spy for angela hafta say? mama mia?
this is real slewie news tho! angela may be getting ready for the money shot, soon, BiCheZ!
you mean like THE money shot?!
Found ya! / Slewie/ Happy Memorial Day! YEN!
I was wondering how we could fight the overlords and win, I was alwyas anty europe for cutural reasons, and you cultural trait of corruption and laziness helped us get out of the Satanic Europe... Yeah! who thought fighting a revolution would be so fun!!! Good bye Eur, MErkel, Eurocrats, hello Farage hello sunny days.
anyone else see this shot of the German police that joined the protesters from Occupy Frankfurt 4 days ago?
You just made my day!
Now that the EU took their gold what good are they.
I had to chuckle at some of the side stories on offer:
"Are you Germans?" Greeks beat up Dutch pensioners.
Greece: Armed militias prepare for the uprising.
Eichelburg: Gold price being suppressed to hinder a rush out of paper.
„Bist Du Deutscher?“ – Griechen schlagen niederländischen Rentner zusammen859 Personen empfehlen das.
Griechenland: Bewaffnete Bürgerwehren rüsten sich für den Aufstand
454 Personen empfehlen das.
Eichelburg: Goldpreis wird gedrückt, um Flucht aus Papiergeld zu verhindern
38 Personen empfehlen das.
"The EU has finally realized that the Greeks have not met any agreements and will not continue not to meet them."
Is it me or should the 'not' before 'continue' not be there?
"..the ECB have abandoned the motherland of democracy as a euro member.."
Wrecked economy ...rioting in the street ...Govt up Shit Creek without a paddle or lifebelts... total social and economic chaos... lovely sight to behold isn't it?
But it's the ultimate end-game of all Govts, totalitarian or 'democratic' ..and that's a fact.
Merkel Tsipras will make love to you soon don't be so patience soon you will meet like it or not
They'll be taking an election poll after this, to get the desired numbers. rinse, repeat.