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Greek FINMIN Extends Time Of Offer to Reach 90% Participation - Though Assumes Success
Imerisia reports that the Greeks are assuming success it seems as the current 82% participation will likely rise to 90% once mutual and pension funds are included after the deadline extension. The Greek 2Y jumped from EUR69.5 to over EUR72.5 before dropping back to the middle of that range.
Via Google Translate:
They achieved the goal of the government had put in 90% of voluntary participation in the exchange program of the Greek government bond (PSI), say sources in the 'H', noting that so far only from banks (excluding funds, mutual, etc.) has exceeded 82%.
The Finance Minister has given a time extension until mid-October in order to achieve the 90% participation in the program. Recalled that the Finance Minister Evangelos Venizelos sent a letter to counterparts in 57 foreign countries in which individuals possess Greek bonds and expects the response of individuals.
Yesterday, the results of the first half of the state banks-ATEbank and TT-included and participation in the program PSI, closing the cycle of Greek banks participating in the program.
In particular, the impairment ATEbank funds totaling 836.4 million for its participation in the exchange program bonds, while the TT got estimates for the same purpose, amounting to 451.77 million.
Total provisions relating to PSI, the Greek and Cypriot banks operating in the Greek market was 5.35 billion euros, of which 4.63 billion is earmarked for the National Bank, Alpha Bank, the Eurobank, the Bank Piraeus, the ATEbank and Postal Savings Bank.
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That still won't fix squat. They will still have a big ass deficit. People will still strike. People will still get their money out. The banks are still bankrupt. The derivatives will still be several times what the worldwide economy is.
Greece has implemented a new property tax that is supposed to be collected by the power companies... Trouble is, the power companies are reluctant to collect the tax.
25,000 people protested while Gpap gave a speech.
While Gpap heaps new burdens on the backs of his constituency to pay for the sins of bankers/bond holders, the public revolt heats up.
http://www.centredaily.com/2011/09/10/2908070/greek-police-fire-tear-gas-at.html
So they failed to get 90% participation. In response, its "kick the can down the road" some more by hoping that people change their mind and "voluntarily" participate. This hope can be ensured by having some Euro thug strong arm and threaten those not currently participating voluntarily. Hey Greece, duress doesn't mean voluntarily!
As lolmao500 above said, they still haven't dealt with the root of the problem even by the extend and pretend. Crisis continues no matter what.
In NYC this weekend? Check out https://occupywallst.org/ !
drive down bond prices even more so everyone joins this bogus plan?
Bretheren, peer closely at Tyler's updates gleamed from the city states embryo of democracy. These daily runaway rates and predictions of bankruptcy will strike in the USA as early as THIS DECADE.
The calamity will scorn the states when t bills stike 10%-a level where interest cost exceed ALL fiscal & monetary funding. Uncle SAM is broke. Intersates have been sold and turned int toll roads, TVA/HOOVERdam, Long Beach bonds, all the infrastructure that is saleable sold to off shore strong hand.
As rates continue to rise to 1981 levels , there will be a brief pause and decline, only for Elliott predictors to laterr learn that this was only LEG one of a 5 wave catapault to rates never seen before.
Peipheral states such as Texas, will ceed fro the USA.
Thus the US will disintegrate into a vestage of the original 13 from the actions of Central Bankers, corrupt politicians(oxymoron), and Oligarch's lining K street.
Does your economy face recession and unemployment?
Fix it with the Greek way.Sack the members of your statistical authority.
http://english.capital.gr/News.asp?id=1282575