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Greece Activates Last-Ditch Liquidity Rescue Package To Preserve Its Financial System

Tyler Durden's picture





 

The biggest news of the day today was not that some old crony capitalist had doubled down yet more of his non-taxable wealth on a bet Bank of America would yet again be bailed out, or that Wall Street is about to be sumberged under 3 feet of water. No, the most notable event from today was what we commented on in our first post from 7 am, namely that: "If we crossed through some spacetime vortex that brought us back in time just two short months ago, to July of this year, today's confirmation that the second Greek bailout has now failed, following the Finnish finance minister's comments that the country will defy Germany and will not give in to demands to abandon its deal for Greek collateral, which in turn has sent the Greek 2 year bond bidless, its yield up 227 bps to an all time record 46.38%, would have been enough to send the futures and the EURUSD plunging." Well, a few hours later, we did get a plunge, even if it was not in the US, but in Germany, where the entire local market flash crashed upon realizing what we noted hours prior: that Greece is now pretty much done. Yet it turns out there was more: unwilling to admit defeat yet, Greece was forced to pull out the last rabbit hiding deep in the recesses of the hat. As the Telegraph reports, "In a move described as the "last stand for Greek banks", the embattled country's central bank activated Emergency Liquidity Assistance (ELA) for the first time on Wednesday night." Such efficiency out of the Greeks for once- not a single Persian was harmed, or even needed, in this 21st century version of Thermopylae: the Greeks did it all on their own.

More: "Although it was done discreetly, news that Athens had opened the fund filtered out and was one of the factors that rattled markets across Europe. At one point Germany's Dax was down 4pc before it recovered. The ELA was designed under European rules to allow national central banks to provide liquidity for their own lenders when they run out of collateral of a quality that can be used to trade with the ECB. It is an obscure tool that is supposed to be temporary and one of the last resorts for indebted banks." So much for temporary: we are rather certain that the only time this last ditch measure is turned off is when Greeks resume paying each other in Drachmas again. The good news: Drachmas, which we hear are now trading on a When Issued basis with several banks, will be back in circulation very soon.

More:

Raoul Ruparel of Open Europe told The Telegraph: "The activation of the so-called ELA looks to be the last stand for Greek banks and suggests they are running alarmingly short of quality collateral usually used to obtain funding."

 

He added: "This kicks off another huge round of nearly worthless assets being shifted from the books of private banks onto books backed by taxpayers. Combined with the purchases of Spanish and Italian bonds, the already questionable balance sheet of the euro system is looking increasingly risky." 

 

Athens' activation of the ELA will raise concerns that Greece will simply shift debt to Brussels. 

 

By accepting a lower level of collateral the debt in the ELA is, in theory, supposed to be the responsibility of Greece. However, since the Greek state is surviving on eurozone bailouts and Greek banks are reliant on ECB funding, in practice the loans are backed by the eurozone. The terms of lending and other details are not disclosed publicly. 

 

Mr Ruparel said: "Though the ELA is meant to be a temporary emergency solution, we know from Ireland, where the programme has been running for almost a year, that once banks get hooked on ELA they rarely get off it.

Just like Europe's short selling ban: the drastic measure at stock market controls was supposed to last 2 weeks; it has now been extended for months in places. Another thing we are confident is that by the time all is said and done, any selling will be made illegal.

First in Europe and then in the US.

 


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Thu, 08/25/2011 - 22:35 | Link to Comment Sequitur
Sequitur's picture

I don't yet have an opinion. I first need to slip into the bathtub, fantasize about Becky Quick's engorged midsection, and wait for the eureka moment.

Will report back in a half hour . . . . 

Thu, 08/25/2011 - 23:52 | Link to Comment Gotterdammerung
Gotterdammerung's picture

What will the temperature of your bath water be and is an innocent form of a rubber duck involved?  Myself, I used to enjoy the little scuba divers you got in the ceral box that you could place baking soda in.

Fri, 08/26/2011 - 00:13 | Link to Comment tom a taxpayer
tom a taxpayer's picture

...and the little submarine. "Dive, dive, dive." Looks like Greek banks, the Euro, and European markets also will be going underwater. 

Fri, 08/26/2011 - 01:30 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

i had the first sub model, i think

they were so cool when they first came out, they wouldn't even put them in the cereal box;  you had to send away for one

those were the worst three months of my childhood, waiting for the damned submarine to show up

Fri, 08/26/2011 - 03:00 | Link to Comment Danielius
Danielius's picture

Yes, what was with that?  Why three months?  Very strange....  Even back then, a letter was delivered in days... same for a tiny package....   I can't remember now what I ordered, mabe it was the magic rocks... All I remember is that horrible wait.

Fri, 08/26/2011 - 01:17 | Link to Comment Freddie
Freddie's picture

Maybe that slimeball Buffett can bail out Greece.

Fri, 08/26/2011 - 08:09 | Link to Comment orangedrinkandchips
orangedrinkandchips's picture

becky quick? ugh! Erin B....now she is not that sexy but soooo damn cute! not porn hot but cutter than anyone....becky quick is eh....

Thu, 08/25/2011 - 22:36 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

What, this is the new pattern?

Europe leads California by two years?  Then America follows two years later?

Imagine that.  Europe leading us...  I'll keep buying gold thanks.

Thu, 08/25/2011 - 22:36 | Link to Comment spiral_eyes
spiral_eyes's picture

Angela Merkel firing torpedoes out of her nipples in the all-out war to save the euro, bitchez

http://azizonomics.com/2011/08/22/eurocide/ 

Fri, 08/26/2011 - 01:13 | Link to Comment Ted K
Ted K's picture

Current trajectory says her toes.

Thu, 08/25/2011 - 22:36 | Link to Comment Weimar Ben Bernanke
Weimar Ben Bernanke's picture

It is game over for the euro and EU. The EU was bound to fail and will not survive its first recession.

Thu, 08/25/2011 - 22:38 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

Another shot of adrenalin to keep the corpse moving. 

Thu, 08/25/2011 - 23:14 | Link to Comment chump666
chump666's picture

No, I think it's dead now. 

Thu, 08/25/2011 - 23:52 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

I ran across a dead cow in the woods once. I thought it was still alive because it was still moving....until about three possums ran out of its gut.

Fri, 08/26/2011 - 00:55 | Link to Comment Spastica Rex
Spastica Rex's picture

Awesome.

Fri, 08/26/2011 - 01:32 | Link to Comment Idiocracy
Idiocracy's picture

And that's when you decided to call yourself rodent.  It was providence

Fri, 08/26/2011 - 01:36 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Nah. I'd just got my Secret Squirrel decoder ring.

Rodents are everywhere. We live in your walls.

Thu, 08/25/2011 - 22:38 | Link to Comment bigkahuna
bigkahuna's picture

contagion.

Thu, 08/25/2011 - 22:39 | Link to Comment Belrev
Belrev's picture

Pardon me for asking, but if selling becomes illegal, then buying is impossible. Stock market at 0.

Thu, 08/25/2011 - 22:40 | Link to Comment Tyler Durden
Tyler Durden's picture

Shhh... don't spoil it. We wondered how long it would take the bureaucrats to figure it out after it became law.

Thu, 08/25/2011 - 22:55 | Link to Comment max2205
max2205's picture

New trend: naked buying

Thu, 08/25/2011 - 22:57 | Link to Comment Blorf
Blorf's picture

The chairman has no clothes.

Thu, 08/25/2011 - 23:21 | Link to Comment spdrdr
spdrdr's picture

In a bathtub?

Fri, 08/26/2011 - 01:22 | Link to Comment Raynja
Raynja's picture

when the hurricanes surge recedes

Fri, 08/26/2011 - 07:36 | Link to Comment disabledvet
disabledvet's picture

New new trend: "be naked." of course the kids were complaining: "bit Dad...the Japanese wear clothes how come we can't?"

Fri, 08/26/2011 - 01:18 | Link to Comment Ted K
Ted K's picture

Let's call a spade a spade, shall we??? It's making short-selling illegal that gets your panties in a wad Tyler. And you still haven't explained whether this is true or false:

http://screwtapefiles.blogspot.com/2011/08/bear-necessities-of-silver-li...

Thu, 08/25/2011 - 22:44 | Link to Comment The Shootist
The Shootist's picture

So what does this mean for the European markets in 4 hours?

Fri, 08/26/2011 - 00:16 | Link to Comment tom a taxpayer
tom a taxpayer's picture

Sunshine and lollipops. Or sturm und drang and lollipooooops.

Thu, 08/25/2011 - 22:45 | Link to Comment kito
kito's picture

and yet that crazy market that trades "gold" is down...go figure....

Thu, 08/25/2011 - 23:04 | Link to Comment DeadFred
DeadFred's picture

There may be a good reason for that other than margins. Many of us who expect hyperinflation expect an initial wave of deflation first. Gold may be the canary in the coal mine letting us know that the time is near. I recommend you buy more at the very bottom. Good luck with figuring that one out though, I sold my GLD puts way too early, and bought them too early as well. My crystal ball is very poor on time frames.

Thu, 08/25/2011 - 22:46 | Link to Comment Freebird
Freebird's picture

Snuff to turn a grown man to drink

Thu, 08/25/2011 - 22:52 | Link to Comment BlackholeDivestment
Thu, 08/25/2011 - 23:50 | Link to Comment Manthong
Manthong's picture

Somehow I think a little olive oil and different tune will be required this time around.

http://www.youtube.com/watch?v=0vf7Wv0RC3s

Thu, 08/25/2011 - 23:58 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

If we are doing songs, I'm posting this one. It is the newest song from the Columbiana trailer. No reason other than it took me an hour to run the damn thing down. I've found national secrets faster than that. Anyway.

Lykke Li - I Follow Rivers (new song)

http://www.youtube.com/watch?v=l_HnkwzbAIk

 

Thu, 08/25/2011 - 22:56 | Link to Comment holdbuysell
holdbuysell's picture

Was this the reason for the $500M going to the ECB today from the US Fed?

Thu, 08/25/2011 - 23:04 | Link to Comment Blorf
Blorf's picture

No, of course not.  Central banks routinely give things to each other as a gesture of friendship.  Think of the $500 million as a nice fruitcake.  Definitely not being laundered to greek banks.  It would be rude for the ECB to regift those dollars to prop up the balance sheet of some manifestly insolvent institution. 

 

I mean, you'd have to be an idiot to keep throwing good money after bad, right?  RIGHT?   What's that you say, Buffett invested $5 Billion in Bank of America?  LOL

Thu, 08/25/2011 - 23:17 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

...well you don't have to be that serious, it's only moral hazard. lol http://www.youtube.com/watch?v=hySwneOLEf0&feature=related

Fri, 08/26/2011 - 01:47 | Link to Comment Taku
Taku's picture

How dare they re-gift!

That is just so wrong.

New, freshly-printed, crisp bills only, please.

Fri, 08/26/2011 - 04:06 | Link to Comment chindit13
chindit13's picture

That was a royalty payment on the democracy we've licensed from Greece.  Apparently Pap sent a quick note of thanks and asked, "How's that democracy thing working out for your lot over there?"

Thu, 08/25/2011 - 22:58 | Link to Comment buzzsaw99
buzzsaw99's picture

...which in turn has sent the Greek 2 year bond bidless, its yield up 227 bps to an all time record 46.38%...

 

Can a Greece get a payday loan up in heya?

Thu, 08/25/2011 - 23:07 | Link to Comment Blorf
Blorf's picture

46 fucking percent?  Greece should just put it on the VISA and get airline miles at least.   That way they can use the miles to ship their gold to Berlin and save on the charter flight.

Fri, 08/26/2011 - 00:55 | Link to Comment dwdollar
dwdollar's picture

No shit.  Guido charges less than that.

Thu, 08/25/2011 - 23:00 | Link to Comment At120
At120's picture

Looks like all the big banks in Greece have been undergoing bank runs.  Once the Greek government pulls 10 billion euros out in the next few weeks to pay off maturing debt, the banks will have zero reserves.  The purpose of this measure is to keep the Greek banks viable, as it looks like most Greeks have opted to pull their accounts and stash their Euros under mattresses rather than face an overnight devaluation to Drachmas.

http://www.ft.com/intl/cms/s/0/ad8d17a2-cc07-11e0-9176-00144feabdc0.html

 

 

 

Thu, 08/25/2011 - 23:03 | Link to Comment Bill D. Cat
Bill D. Cat's picture

Where does one buy Drachmas ?

Thu, 08/25/2011 - 23:07 | Link to Comment At120
At120's picture

Leave your Euros in a Greek bank and *poof* they'll become New Drachmas, soon enough.

Or surf eBay for the old stuff.

Thu, 08/25/2011 - 23:09 | Link to Comment Blorf
Blorf's picture

Where or when?  Where is "any bank in Greece".  When is "the near future".

Fri, 08/26/2011 - 03:14 | Link to Comment Peter Pan
Peter Pan's picture

Paper ones or silver ones? The paper ones are now worthless unless you are a collector. The silver coins issued in 1960, 1963 and 1964 are worth much more. The smallest of the three issued in 1960 contains $8 worth of silver and at that time could buy you three movie tickets. The fact that you can no longer buy three movie tickets in Greece with that silver coin is an indication of how undervalued silver still is. It is also an indication of how cheap the cost of living used to be in Greece and how unbearably expensive it has become for its people. That's what a combination of socalist governments, loose finances and EU membership has done to the country.

Thu, 08/25/2011 - 23:04 | Link to Comment Newsboy
Newsboy's picture

REMEMBER THE ALAMO!

Thu, 08/25/2011 - 23:13 | Link to Comment Arrowhead
Arrowhead's picture

and bow toward Jackson Hole

Fri, 08/26/2011 - 00:13 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

So it's true criminals always return to the scene of the crime?

Thu, 08/25/2011 - 23:10 | Link to Comment chump666
chump666's picture

"The biggest news of the day today was not that some old crony capitalist had doubled down yet more of his non-taxable wealth on a bet Bank of America would yet again be bailed out"

hahahahaha good stuff!

Now Greece: yield blowouts again + Germany close to a recession = Greece will be asked to leave the EZ.  Sept 2011

Thu, 08/25/2011 - 23:21 | Link to Comment kito
kito's picture

So there is all this fussing and tussing over when how why greece should be bailed out the first two times, and then greece now just pulls the money lever and not a peep??? Thats it?? Money flows without debate?? What a buzzkill

Thu, 08/25/2011 - 23:33 | Link to Comment monopoly
monopoly's picture

Will this ever end. Just goes on and on and on. Can't we just blow up the whole system and start over. Oh well. We have protection here on this board.

Thu, 08/25/2011 - 23:50 | Link to Comment At120
At120's picture

[Narrator turns himself into the police and lets them know of Project Mayhem next terrorist attack to blow up the headquarters of credit card companies and the TRW building]

Det. Stern: Why these buildings? Why credit card companies?

Narrator: If you erase the debt record, we all go back to zero. It'll create total chaos.

Thu, 08/25/2011 - 23:45 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

Does this mean my 10 million drachma note may become good again.

Thu, 08/25/2011 - 23:48 | Link to Comment Coldfire
Coldfire's picture

Eurobonds or Eurobombs. Or both.

Thu, 08/25/2011 - 23:54 | Link to Comment youngman
youngman's picture

but it is very very quiet don´t you think....only the flash crash was a little news...not much though

Fri, 08/26/2011 - 03:52 | Link to Comment whirlybird rules
whirlybird rules's picture

they like it that way...  euro is stronger now than it was 2 weeks ago ?!..   works for the ECB, PBoC and the Fed

 

Fri, 08/26/2011 - 00:03 | Link to Comment bnbdnb
Fri, 08/26/2011 - 00:10 | Link to Comment Miles Kendig
Miles Kendig's picture

No wonder SocGen is swimming in the septic tank if they're exposed and levered on the same crap the Greek banks are

Fri, 08/26/2011 - 00:29 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

call me when germany has all the greek gold in their vaults, in germany.

Fri, 08/26/2011 - 00:49 | Link to Comment LongBallsShortBrains
LongBallsShortBrains's picture

Ring Ring

Fri, 08/26/2011 - 01:20 | Link to Comment Miles Kendig
Miles Kendig's picture

Angie already sent that gold on to the Ber_Nank

Fri, 08/26/2011 - 00:59 | Link to Comment M.B. Drapier
M.B. Drapier's picture

For periipheral banks, it's never over until the jazz lady sings. It may not be over yet either - as the man said, Ireland's banks have been in ELA limbo for months and months, and they could stay there indefinitely until something else happens. (See Lorcan Roche-Kelly's old site.)

Fri, 08/26/2011 - 01:07 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

no collateral?  put it on the card! 

whaddya mean my card's cut off!  who sez?

ELA = Emergency Liquidity Assistance = slewie:  "Dad, can you send me some money?"

Fri, 08/26/2011 - 01:11 | Link to Comment DaBernank
DaBernank's picture

If there's a Euro printing press in Greece, they should fire it up on their own in secret. The Germans will love that.

Fri, 08/26/2011 - 01:21 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

in theory, it's all bullshit

inpractice, it's 10X worse

Fri, 08/26/2011 - 01:39 | Link to Comment ZapBranigan
ZapBranigan's picture

Pushing the needle too far....

Fri, 08/26/2011 - 02:01 | Link to Comment What_Me_Worry
What_Me_Worry's picture

..and the great Euro circle-jerk experiment continues unabated.

Fri, 08/26/2011 - 02:41 | Link to Comment Volaille de Bresse
Volaille de Bresse's picture

"Europe leading us..."

 

Fyi I'd rather spend 1 year in Europe than a month in 2011-America...

Fri, 08/26/2011 - 04:31 | Link to Comment Calmyourself
Calmyourself's picture

Information  I did not need, however by all means stay there.

Fri, 08/26/2011 - 05:26 | Link to Comment DefiantSurf
DefiantSurf's picture

Exactly, stay there you chicken shit french fuck, I would rather live in a collapsed USA than France with its metro sexual lifestyle

Fri, 08/26/2011 - 06:34 | Link to Comment gwar5
gwar5's picture

You sound like a turnip eating Albanian who inherited their mother's back hair.  We'd prefer you spend a year in Europe, too.

 

 

 

Fri, 08/26/2011 - 04:47 | Link to Comment torquinus
torquinus's picture

"not a single Persian was harmed, or even needed, in this 21st century version of Thermopylae" - this quote alone is worth the 20 bucks put up for this website. Maybe even 21 Fiatscos..

Fri, 08/26/2011 - 04:47 | Link to Comment torquinus
torquinus's picture

"not a single Persian was harmed, or even needed, in this 21st century version of Thermopylae" - this quote alone is worth the 20 bucks put up for this website. Maybe even 21 Fiatscos..

Fri, 08/26/2011 - 05:16 | Link to Comment NuYawkFrankie
NuYawkFrankie's picture

"Greece Activates Last-Ditch Liquidity Rescue Package"

If, I'm not dreaming or if this is not simply some recurring  mental tick - then to all involved: This plot is wearing a bit thin - and, quite frankly, I'm getting rather tired of it.

And to all you posturing, "macho" Greek pricks (Ive met enuf, believe me!): Either go sell your sons, daughters and drop off granny at the garbage dump - or, try growing a pair, and go tell the bankstas to STFU and go eff 'emselves .

Either way: enuf of this tawdry soap opera - Aristophanes would not be proud of you.

Lets be done with it.

Youre Welcome. Have a n ice  day/

Fri, 08/26/2011 - 09:44 | Link to Comment MS7
MS7's picture

You are confusing the Greek government with the Greek people. The Greek PM and most of the Parliament take orders from the European Commission and the IMF. They do not do any posturing. They are openly servile. You may say-- Well, it is a democracy and they reflect the will of the people. Did George W. Bush reflect your will? If they had an early election in Greece, the ruling party would lose and lose big. In fact, I think that party is permanently finished. So please do not equate the Greek people with this rotten government that has used police brutality to crush protests and that has the major Greek media in its pocket spreading lies.

But I do agree with you that the Greek people have to get tough in the sense that they have to force early elections. I don't think enough of them are active at this time (but, to be fair, the police beatings and massive tear gas are partially responsible).

Fri, 08/26/2011 - 05:29 | Link to Comment DefiantSurf
DefiantSurf's picture

Is there a blackout on Greek riots ? Seems like they should be burning the place down, or at least assassinating government officials by now? Or are the Greeks just complacent now?

 

Fri, 08/26/2011 - 05:36 | Link to Comment drider
drider's picture

Greeks are getting ready for what will be a very "hot" September. We have all come to realize the devious plans set forward to rescue the Greek and European banks yet again. Syntagma Sqr Bitchez!

Fri, 08/26/2011 - 09:50 | Link to Comment MS7
MS7's picture

I have to wonder how many of the rioters were real. The Indignants were pretty much non-violent (unless you count yoghurt as a weapon). The had a massive protest planned for the 2 days of the vote-- even bigger than what was going on every day. And who shows up but the so-called rioters, with faces covered, and giving the police an excuse to enter the crowd and beat non-violent people senseless and throw massive amounts of chemicals. Curiously, the cops never seem to arrest the "rioters" but they have a great success rate catching old men and others who are harmless. I believe that many of the rioters are right-wing groups working hand in glove with the police. We'll never know for sure, as investigations into corruption in Greece just seem to lead to a black hole, and we never hear the conclusion.

Fri, 08/26/2011 - 10:30 | Link to Comment drider
drider's picture

Your assesment of the situation is spot on. There was a group of right-wing rioters, limited in number, that worked closely with the police. There were also many other "leftist" riotists that responded to the police brutality. The vast majority of people were just disgusted with the harsh police crackdown that took place those two days.

The events indicate that the government didn't care if there would be civilian casualties:

1. A number of reporters were beaten, even after showing their credentials (one of the reporters permantly lost his hearing)

2. The police even attacked and tear-gassed the metro station where doctors were situated to offer help to the public

3. The ammount of teargass used was so great, that the police had to bring more from other Greek cities

4. Especially hard was the beating of the core group of indignados that remained on Syntagma square after the events

h**p://www.youtube.com/watch?v=S20_JuaX8gg

Amnesty International condemnation on the events

h**p://www.amnesty.org/en/news-and-updates/tear-gas-fired-greek-police-clash-at...

 

Fri, 08/26/2011 - 06:43 | Link to Comment sudzee
sudzee's picture

Depositors have pulled all funds from Greek banks and gone into Swissy or pm's. Bank leverage has gone to infinity. Enter borrowed funds from ecu and nothing good happens cause the banks leverage goes to double infinity. The next infusion into bank, the end.

Fri, 08/26/2011 - 06:51 | Link to Comment drider
drider's picture

Many small depositors have fled to German banks (irony) or to the Cypriot banks (double irony)

Fri, 08/26/2011 - 06:47 | Link to Comment gwar5
gwar5's picture

Iceland and Finland have been showing their Viking roots. Frankly, leading the way over the cheese-eating effetes determined to cling to what even the NYT's is now calling a Eurosocialist Autocracy, shoving aside decades of democratic self government.  

 

Blog: NYT Finally Reports Eurosocialist Autocracy

 

Fri, 08/26/2011 - 07:15 | Link to Comment Negro Primero
Negro Primero's picture

..."blablabla" update:

26-08-2011 12:43  Schaeuble Expects Solution For Finland-Greece Deal To Be Found

 

BERLIN -(Dow Jones)- German Finance Minister Wolfgang Schaeuble expects the controversy surrounding Finnish demands for collateral in exchange for further aid to Greece to be resolved, a finance ministry spokeswoman, Silke Bruns, said Friday.

Any solution has to be agreed upon by all euro-zone countries, according to Schaeuble, Bruns said during a regular government press conference.

"Finance Minister Wolfgang Schaeuble acknowledges the problem and of course assumes that a solution will be found," Bruns said.

Negotiations are continuing, Bruns said.

"There is nothing new to report," she said.

German Chancellor Angela Merkel Tuesday rejected granting Finland "special" treatment in allowing it to receive collateral via a bilateral deal with Greece. The euro-zone countries have rejected the Finnish-Greek deal, Merkel's spokesman Steffen Seibert said Wednesday.

Fri, 08/26/2011 - 07:39 | Link to Comment rsnoble
rsnoble's picture

Thank god the EU is going to collapse.  There won't be a very good case to join the US,canada and little iraq as the next block.  Operation Global Gobble is backfiring.

Fri, 08/26/2011 - 07:45 | Link to Comment disabledvet
disabledvet's picture

I thought this was " the unthinkable?" well...NOW WHAT?

Fri, 08/26/2011 - 10:13 | Link to Comment Vitautas
Vitautas's picture

Also very important:

I heard only 60-70% of the private bondholders agreed to switch their Greek bonds. Necessary 90%

Bailout II is failed

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