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Greece's Tsipras Calls For 'Drachmatization' Instead Of TROIKA "Longer Rope To Hang Ourselves"
EURUSD is down over 50 pips from Friday's close, about to test a 1.20 handle for the first time in over 25 months, as headlines pour from the beleaguered disunion. The AP reports of the German vice-chancellor's "more than skeptical" view that Greece can fulfill its obligations; after which "there can be no further payments" seemingly confirms our earlier note on the IMF's reluctance (and dismisses any hope that the IMF's call for more ECB 'assistance' will go unheeded. More worrisome is the Athens News story on Alexis Tsipras (leader of the Greek Syriza party) forecasting that the government will "soon present a return to a national currency (drachma) as a national success." He went on to state rather honestly for a politician that any payment extension (of the already re-negotiated TROIKA deal) is "essentially a longer rope with which to hang ourselves." The elite-perpetuating status-quo-sustaining unreality is summed up perfectly as he notes the Greek finance minister is the definition of a finance minister that the TROIKA would have chosen. Germany's Roesler adds a little fuel to the conflagration by adding that "for many experts,... a Greek exit from the eurozone has long since lost its horror."
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Finally we will see this crappy Esperanto "currency" fall apart. Happy to pay with real money soon!
Real money? Do you own any? If so: Go and help ruining Spain instead of dreaming of things getting better... 8-)
Yes, but the real REAL money you do not use to buy stuff. You keep it.
"Real money? Do you own any?"
Then "you didn't earn that" ;o)
The countdown for Greece's back to the Drachma is running... My guess: Next weekend (28th of July) will be it...
Looking into my crystal ball i would like to tell ZH readers that five years from today the drachma will be alive and well but the euro will be history. Damn it, I knew those Greeks could produce something after all. This must be the ultimate irony.
"Real money"... sounds even more romantic than "real love"
Yes, because real money lasts forever.
Oh Oh, Bernank has fallen asleep at the printing press.
Print you MOTHERFUCKER, print.
Why retun to Drachmas, when you can use Bernanke bucks.
It's all priced in though
Speaking of bernanke bucks...check out the usdchf...approaching 1.00!
The horror ... The horror ....
Marlon Brando, Apocalypse Now.
The horror ... The horror ....
Kurz, Heart of Darkness...
Joseph Conrad, Heart of Darkness.
done deal, bitchez
We are watching the implosion of a farce.
THE ONLY SOLUTION...
http://img846.imageshack.us/img846/8647/tsirpasxgdftw0hedge.jpg
I will be surprised if they don't retract their turtle necked turd before it's out.
So how much do we rally this week??
ES 1400 here we come.
Club Med trouble says sell, sell, sell.
Nice
Wow, I found some old film footage of Timothy Geitner as a kid:
http://www.youtube.com/watch?v=Q5UG7ISJfP0
So which one is the ugliest slut in the brothel, the EUR or the USD!
"a Greek exit from the eurozone has long since lost its horror."
What? Is that what the Eurocrats say?
If you were a Eurocrat anything but looking in a mirror would have lost its horror!
That is all the rescue package was about. Save the banks and get Greece to sign a new deal that would enable creditors to strip Greece of her assets under English law rather than Greek law which would have entitled her to pay her loans off with newly printed drachmas.
Well it can't get much worse in Greece... people have not been paid for over a year, they can't pay their electric bill, they don't have enough meds, etc...
Greece is already pretty much near rock bottom.
What goes around comes around.
The US should be sitting pretty then ;O)
U.S. Treasury holders laughing all the way to the bank.
All bubble holders think they are laughing their way to the bank until they become bag holders.
Too early to tell. You can lose half of your money in two days. No so fast. Those of you that hold treasuries consider yourselves warned.
A little humor for the hacks attempting to control their fate. Hahahahahaha
Photoguy vs. Fedguy: The Pud has a strange interlude with Ben Bernanke
Jump, jump, jump, Jump, jump, jump, Jump, jump, jump, Jump, jump, jump...
Drug Money Bulk Cash Helicopter Drop / HSBC 8-12 Victoria St Bank Fraud Case|
What is the CDS spread between Spain and:
Corporate debt of IBM, Coca-Cola, Proctor & Gamble, Johnson & Johnson, etc.?
Dow will clear 13,000 easy on this news, unless its dragged too far down by the "natural resource" names like XOM and CVX.
Yes, and if a corporation defaults in the woods, does the counterparty make a sound? 13,000 only if inflation blasts out of the park, all of those names are fucked with earnings. Since 2008, all they did was squeeze everything, and make all their staff contractors. Now their hitting bone, at least XOM has something physical to back some numbers, P&G bet the farm on those stupid fucking pods, thinking people would spend 30%+ for pods? The only two products that will always sell out are drugs and pussy, everything else has a limit. Thats why pussy and drugs don't have a marketing department, and the fortune 500 do.
Close. How about Sex And Gasoline:
http://www.youtube.com/watch?v=RVl_e_eKo4A
Squeeky Fromm, Girl Reporter
In his case, he forgot the third item in the list, Viagra.
We sure will. Let's drop the DXY down to February 2012 levels. Hope your right Robo, I'm betting on the entire serf economy to financially retract @ 13,000 Dow index levels.
http://www.barchart.com/charts/stocks/$DXY
O'Bummer cannot decide if he wants higher market equity prices or more food stamp [SNAP] enrollments. Oh the irony..
I'm packin' for Santorini; might as well throw in the Riviera too.
CDO drivers, start your engines!
Should we have do glass steagal?
Please to meet you...won't you guess my name. Don't mind hustling you with the...nature of my game.
Well done Greece, but do get ready for the invasion by the Turkish army coming to liberate you in the name of the freedom and democracy, supported by Germany, USA, Saudi Arabia and Iran.
You forgot Qutar and Bahrain
how could I forget those bastions of human rights, freedom and democratic values.
Turkey does best what she always does best,........shows herself to be uncivilised. If in doubt look at her unbroken litany of human rights abuses, threats, entering Greece's air space literally daily as well as the systematic pogrom against the Greeks of Turkey that has reduced them to a few thousand whilst the Muslim population of Northern Greece has grown at a rapid and unhindered rate.
The peace doves in Washington and human rights champions in Berlin will make sure the greeks pay dearly for exiting the euro, so the spanish and italians accept the debts shoved upon them and their decendands, while having their living standard drop suitably to the level of the china and india.
"...while having their living standard drop suitably to the level of the china and india."
All the countries in the West are already heading in that direction.
poverty is blobbing up all over the place...
all part of the plan.
Greece will be the Guinea Pig... If it works out relatively well, the rest of the PIGS will follow soon...
Buy the EURO on the news...
If I were to design the longest, most horrific rollercoaster I could, I might call it "Exit From the Euro." At the start, you give up all your money to get into faulty little cars with holes in them. There are no safety belts, you just think there will be because that's what the carnival barkers/bankers claimed. They take measurements to make sure you are fit to get on the ride, but when you are found to be over weight or too short, they hide your weight in offcoast(er) vehicles and/or put platform shoes on you. In truth, none of the gaily painted cars could pull their weight any way because each would be designed with the idea in mind that the other cars would actually help them pull their weight. No sense in over building when you can depend on others, right? Surley all the cars on the ride would not fail at the same time, right?
Then...
I like the analogy, but:
They, the EU, didn't exactly hide it. It was the nations themselves wanting to become part of this (dis)union which persuaded them to use shady mechanics in "achieving" said goals.
This is evidenced by the now well-known fact that Greece used x-currency swaps in the early 2000s which have most recently been dragging the country into even more debt, and by the less well-known fact behind the Italian treasury's IRS portfolio which has been documented since 2003 but hasn't been making too much news yet.
They knew damn well what they were doing; they all happily ran around with blinders on.
Syriza for the win.
A Greek exit may have lost its horror unless Spain and Portugal see that an exit is actually helping Greece get on top of her problems in which case the horror will reveal itself in all its glory.
Equites will remain firm tres/ bunds will ralley
so it works out well for the US and Germans.
Again as they take capital ext from periferial which
will never return once the devalued currency occurs .
So the periferIal collapse is a means to fund US
welfare state .. With US divide and conquer tactics
benifitIng the Germans ( ahh but ZH won't like that
analogy to think this is all for them would be unpalatable .
greece will be allowed to leave the eurozone once the bankers have sucked everything they can out of the country. until then it will be save the euro mantra
One thing about it, when they go back to the drachma the tourist trade will increase. Though I do think they wasted a full summer season messing around with the Euro feces.
Herman Van Rompuy must not allow this unforseen Greek development to adversely affect implementation of the historic European Fiscal Compact.
The European Fiscal Compact is the single greatest political achievement since the Munich Agreement of 1938.
That resignation letter on Friday said it all. Europe is important but the dollar is on the brink and they know it. This is all bullshit to allow them time to prepare.
""for many experts,... a Greek exit from the eurozone has long since lost its horror.""
Throwing down the gauntlet eh? Perhaps it is time to call his bluff.
He[ Alexis Tsipras (leader of the Greek Syriza party)] went on to state rather honestly for a politician that any payment extension (of the already re-negotiated TROIKA deal) is "essentially a longer rope with which to hang ourselves."
Yes he did...but yu won't read anything of the kind in the one-sided agit-prop of our in-house top-banner teutonic knight! Testosterone Pit...where truth in journalism goes to be tortured and die.
All Greeks, all bad, all the time...the Wolf Ritcher Catchement....reapeated ad nauseum...mix n match for any other southern European nation, then repeat.
TestosteronePit ...dropping journalism to new lows, one post at a time.(Speaking of time...it's time to drop the silly shill from his top banner perch Tyler[s]...no matter how much he pays for the privileged position...Drop the Flop!...n everybody's a winner....except the loser in lederhosen!)
The Syriza party was the only one with their heads straight. A pity the Greeks didn't vote for them, but then common sence doesn't appear to be too common in Europe at the moment....well apart from a particulary large country with historical issues.
Actually, more Greek voted for anti-austerity parties than for the parties that currently form the government. Except in Greek democracy, the biggest party get a free bonus of 50 seats in parliament. How about that for not allowing things to change?
Wait a mo'. Total Euro sovereign debt is less than US debt, isn't it?
If the Euro is 'esperanto currency' what does that make the USD????
US is one country with a single treasury with a long history. Europe is a airport bus size clown car.
Bill Clinton has gone to Greece to head a group of business people who want to attract investments into Greece. They are f*cked now. The Greek oversight on the financial system will be relaxed even more and every hobo in Greece should get the right to own a house. But the Greek are lukcy: The last time Clinton intervened in the Balkans it reignited a war which was about to end.