This page has been archived and commenting is disabled.
Greek Deal Done? Not So Fast Says IMF
Update - It gets even better: Greek Deal Lacks Detailed Paperwork For Decision - DJ. What, 50 pages of promises is not enough.
The Greeks "pledge" that they will grow their economy in 2013? May as well pledge unicorn cab cabs for all Germans to their southern province in perpetuity. Yet somehow this is sufficient to squeeze the EURUSD higher as a "deal is done." Perhaps, but not so fast. As we speculated, the Troika not only does not want to fall for the same Greek BS any more, but frankly wants it out (and Germany votes on the bailout package tomorrow) - but has to do it diplomatically. So here it comes:
- IMF SAYS IT'S NOT FORCING AUSTERITY ON GREECE AS TALKS CONTINUE - BBG
- RICE SAYS IMF "WELL AWARE HOW DIFFICULT' IT IS FOR GREECE - BBG
- IMF'S RICE SAYS IMF MINDFUL OF `HARDSHIPS' IN GREEK PROGRAM - BBG
- RICE DECLINES TO SAY WHAT IMF SHARE OF NEXT GREEK LOAN WILL BE - BBG
But the most ominous of all:
- IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED BEFORE FUND OK OF NEW GREEK LOAN PROGRAM - DOW JONES
By the way, dear US taxpayer, the IMF - that's you.
»
- 8620 reads
- Printer-friendly version
- Send to friend
- advertisements -
END THE IMF, END THE FED, END THIS CHARADE
Flee why you still have some assets Greece! Get out of the EU, for the sake of your children.
http://silverliberationarmy.blogspot.com/
"Dear Loan Officer Reynolds,
As requested by your office that I submit this in writing, I pledge to make $5 million dollars more next year. This should assuage your expressed concerns about how I'll be able to pay for my application to purchase respective vacation house in the Hamptons on our agreed upon terms of 6% interest on a 40-year mortgage amortization schedule.
Sincerely,
Bob Sakamano, McDonald's French Fry Night Shift Supervisor, East Hampton"
Seems that Confessions of and Economic Hitman was not a work of fiction.
Morpheus, if you are listening, please come and get me!
pods
Knock Knock, pods...
Trinity?
:)
Official prediction:
They'll formally wrap up a bailout of Greece by Monday or Tuesday.
They'll formally wrap up a bailout of Portugal, Ireland, Span & Italy within 6 months, and probably sooner.
Every country on the list will default under the terms of the amendments to the Eurozone Treaty that allow for the bailouts within 2 years, at most, and many will default well under a year.
Every PIIGS nation is already now in recession if one were to use an honest GDP metric, and these recessions will deepen post bailouts, which will make it even less likely they can significantly make good on the core requirements of their bailout provisions.
Germany will see the largest number of incumbents voted out of office in its post WW-II election history, with anti-EU legislators being elected in massive numbers.
The ECB will have to print a minimum €2.5 trillion to €3 trillion over the next 18 months just to recapitalize the Eurozone Member banks for a long enough period of time to prevent governments from running out of funding. On top of this, an additional €3 trillion will have to be printed during the subsequent 12 months in order to float social programs among PIIGS members during what will be a period of highly contractionary economic activity to avoid having another public Eurozone Debt crisis forcing the types of negotiations and the process we're seeing right now, prior to mid 2014.
Inflation will run so high that it will bring about constant 'no confidence' parliamentary votes throughout the Eurozone Member states for the foreseeable future.
The Eurozone will either be dissolved or dramatically shrunk by 2015.
The U.S. will see a credit contraction at least as large as it saw during 2008, and US and UK investment banks will suffer huge losses as a result of the European crisis even given that the ECB is going to print, at minimum, an aggregrate 5.5 trillion euros, (but probably closer to 20% more than that) because these euros won't be used to recapitalize non- EU based banks, but rather flow nearly exclusively to try to and recapitalize EU banks and support PIIGS social program spending over the next 2 1/2 years, and US and UK investment bank unhedged losses will run deep.
The ECB balance sheet will dwarf the Fed's balance sheet within 12 months, but contrary to popular investor opinion, there will many forces acting to seriously restrain Bernanke's ability to do what he and the other doves on the FOMC want to do in the form of using the ECB's newfound status as bad central bank as an excuse to significantly expand the Fed's balance sheet (one of which will be an even more contentious U.S. Executive Branch-Legislative Branch relationship, and another being cost-push inflation in the U.S. running very hot despite economic malaise).
And the bad news is?
Relax, the re-routing of real goods and services is going to end a number of things shortly. hedge accordingly.
Hmmmm,which candidate would be the best hope for doing that????
Great twist, too bad I stopped paying attention in 2010.
I could just throw up this morning
i've had stock morning sickness for the past 4-1/2 months!!!!!
So based on precedent in the market, in another 4.5 months you'll give birth to a fully developed fraud?
http://static7.businessinsider.com/image/4d8abfc3ccd1d5f345050000/blankf...
Republican congress will not vote any more bailout money for the IMF.
At least not until Europe pulls a Hank Paulson and says refusal to bail out Europe will result in Martial Law in America (which is inevitable anyway).
You mean we don't have it already?
HA! Who says any money to the IMF has to be voted on by Congress???
Not until Romney is elected that is.
Not until Romney is elected that is.
don't think that is going to happen. the point of the republican puppet show/primary is to make sure that bwak obomber is re-elected. why would the fascists change horses when they don't have to? so far obomber is getting the cabal's dirty deeds done, so he is the man, until they need to throw him under the bus.
Right, at least not until the appropriate pork is attached. Still believe in that old two-party lie? Same as it ever was.
who cares what the IMF says... BTF 3 handle dip!!!!
+100,000
We will keep running the Packer sweep until they stop it.
Exactly! Naz green, Dow green, Spooz will be green in 3..2..1... TOUCHDOWN team Ben Shalom!!
and back down...
oh, so the IMF is just saying they'll give Greece a reach-around?
Or is this the IMF just looking to soften the perceived impact as viewed by the "citizens" on the ground in Greece and Germany? Dithering tends to lead to disinterest, or at least to confusion.
Sing LTRO just like YMCA, sounds fun!
Eurozone Resolution, Coming to a Theater near you in 2012
Directed by M. Night Shyamalan
What else is valuable in Greece?
They will likely demand the mortgage of all valuable state assets as collateral if actions not met.
Ha, Ha, Ha,
The Euro; It’s our currency, It’s your problem.
I like your former president.
Offer the German's a gyro
lol so all we have to do to grow is "pledge" to grow.
In that case I pledge to grow as well.
Gary Busey files for Chapter 7 BK....
LOL....
He must have been following your investment advice.
He should have purchased PM's and a helmet, instead of Blo and hookers...
LOL...
The only thing that they are concerned about is to not violate the first rule of investing "Thou shalt not lose principal". The only problem is, this rule is being enforced on the backs of the Greek people, their elderly, their sick and their children. Sooner or later, something is going to have to give. You can't have a financial circle jerk forever, without somebody blowing a load at some point.
The question is, whose face is it going to hit?
Even worse, this will result in the wholesale looting of anything in Greece.
I do hope that this shows the world exactly how the banksters, who whip money out of thin air and charge everyone interest to borrow it, really do need a good dose of humility.
Preferebly @3000 fps.
pods
Put George Bush in as prez of Greece, the current guy isn't dumb enuf
According to the Dutch and German finance ministers: "there will be NO deal today".
So it looks like this should push the EUR/USD and /Es higher since it means that the next deal will surely be the perfect deal.
This has gotten so very tiresome.
Whatevs.... Tired of all of this bullshit. I get it I get it Robo is right: Buy stocks! Lever up, the trend is your friend blah blah blah. Okay done - Now how do I get me one of them million dollar bonuses?
"...how do I get me one of them million dollar bonuses?"
I'll give you a hint:
It rhymes with 'Glee Fads'.
WTF?
""An important initial step was to get the agreement among the coalition leaders in Athens and the next step is to continue the discussions on that basis," IMF spokesman Gerry Rice told a regular press briefing." - RTRS
So...it's not only NOT OVER...it's JUST GETTING STARTED???!!
They should put this shit in a reality TV show. Entertainment at its finest. Maybe then sheeple would wake up to the fact that all the emperors of europe have no clothes.
http://vegasxau.blogspot.com
Soo.. When is the next meeting for the new plan? /sarc.
The only noteworthy news I have heard out of the Blurr -O- Zone was that Greece, Italy and Portugal may go broke.
Go long on boiled rope when this all ends. The government leaders are just puppets for the bankers.
Greece is defaulting one way or the other. Just pick your time frame.
At least the US is better. Our citizens have guns and ammo. All those drones will be useless.
"IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED BEFORE FUND OK OF NEW GREEK LOAN PROGRAM "
A little slow today, what is this supposed to mean exactly as it is phrased awkwardly?
Calmyourself, I will break down the cryptography of the "message".
"IMF SAYS 'PRIOR ACTIONS' LIKELY TO BE REQUIRED"
Do nothing as usual..
"BEFORE FUND OK OF NEW GREEK LOAN PROGRAM "
Schedule another meeting.
Somewhere, John Pilger is paying, "I told you so, motherfuckers!"
Comments from dumb cunt money men via BB:
Fucking idiots, with asshats like this, it makes me feel like I'm a fucking prodigious savant.
“It looks like Greece is on a path to address its issues,” Michael Finnegan, chief investment officer at Principal Funds Inc. in Des Moines, Iowa, said in a telephone interview. His firm oversees $62.9 billion. “Everybody realizes what needs to get done. There are political challenges, but the consequences if they don’t are just too severe.”
Yes, they are on a path alright, a path to death and destruction you fucktard!!!
Michael Finnegan, congratualtions, you FAIL.
And another gem from this fucking rocket surgeon:
“The market is very, very tenuous,” Michael Crofton, chief executive officer at Philadelphia Trust Co., said in a telephone interview. His firm manages about $1.7 billion. “Austerity is the opposite of growth. Austerity could force Greece into a depression, which would force them back to the table to ask for more aid.
The only thing that is tenuous is your fucking grasp of the greek situation and your cognitive analytical skills you fuckwit.
Here is a little hint for you bitch...GREECE IS ALREADY IN A DEPRESSION...HELLLO...MC-FLY....HELLO!!!!
HAHAAHAHAHA, WTF!!!!
does anyone know where i could get the current loss reserves on jpm, citi, ms, and gs as well as their individual soveriegn debt exposure
Who's going to pay for the 70% haircut on Greek Bonds if this deal gets done? The 5 largest US Banks wrote much of the CDS (97%)bought as insurance by the European Banks who hold this toilet paper. Let see if the ISDA says that this is not technically a default so the CDS don't have to pay. Then who bails them out? The ISDA is controlled by these same 5 banks so we know their won't be default called. Draghi, fire up your press!
where did you obtain the 97% figure I would love to read about that...
In this interview...
http://beforeitsnews.com/story/1696/984/NL/
You are. (assuming you are somebody with a salary who works in a G20 country)
if I were Obuma I would legalize drugs by telling DEA DOJ to stop all actions against drug crime.
why? because we need a public that is even more lobotomized to accept the TSA/HLS/FBI and
corrupt gov hacks protecting big banks/FED and corps (GE comes to mind)..take your soma good citizen all is well all is well.
Already taken care of. When you do some reading on where the money flows from Mexican cartels, it's pretty obvious the "war on drugs" is just the best way of reaping economic benefit while conveniently distracting and criminalizing the lower class. Ever heard of the opium war?
Oh hush up on this. The war on drugs is THE most effective agricultural price support program the US Government has EVER come up with. End it and my local economy would go from the edge of recession to deep shit depression for the forseeable future, good dope would go for $100 pound plus taxes (another $200 or so), and all those dope cops would be free to check whether or not you are paying cash for your coffee at the local internet cafe.
Be careful what you wish for...
now they're picking nits over the volume of paperwork?
Why didn't they just use a larger font, wider margins, and triple-spaced lines?
What a bunch of monkeys
I'd assume its more about details on how they plan to implment said reforms.
Example:
Greeks: We will cut 150,000 governemnt workers
IMF: You sure, how will you do this, do you have enough tear gas and riot gear?
IMF SAYS IT'S NOT FORCING AUSTERITY?
Kinda like the TSA removing elders clothes, ripping off colostomy bags and saying "we don't call it a strip search"?
Hearing that deal was just an empty promise was a sure as night following day. Who gives a shit? Show me the measurable change in outcomes while I press the mute button.
Just print until you can give every man, woman, and child what they are owed by the banks and the bond markets, globally. Shut down the current banking system and government. Start over.
+1 Agreed, but... I don't owe anybody any money. Can I still have some free cash?
Looks like the IMF is calling the Greeks bluff. They have no intentions of living up to the promises as it would mean revolution.
What a bloody effin soap opera. And we all pretty much know how its going to end
It all ends well. McDonalds (tm) buys the Parthenon, builds a 360 degree view resturant inside it and installs a high-speed elevator, cleans up the grounds (presently a little bare and rocky), plants an attractive flower garden to go with the kid's playground, and prosperity returns to Greece!
Bunch of damn naysayers on this blog, I must say.
Lines from one of my all time favorite songs, Bad Moon Rising ...from CCR:
I hear hurricanes a blowing.
I know the end is coming soon.
I fear rivers over flowing.
I hear the voice of rage and ruin.
Don't go around tonight,
Well, it's bound to take your life,
There's a bad moon on the rise.
50 Pages?? I wish my mortgage paperwork was only 50 pages!
I hope someone has Bens hands tied.
I am sure he thinks he can ride in and save the world.
WHY, should anyone believe Greece is really gonna implement anything it promises?
The true definiton of insanity.
MUST READ !! 20 Popular Fallacies Concerning Debt Crisis GREECE
http://www.scribd.com/doc/81080885/20-Popular-Fallacies-Concerning-Th-De...
MUST READ !!
PP
Yeah, the IMF....that's what we call our foreign aid, so we don't have to call it "foreign aid" anymore.