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Is Greek Side Deal With Finland On Bailout Collateral About To Kill Greek Rescue Again?
Those who actually recall the nuances of the endless Greek bailout may remember that at one point in 2010 and 2011, one of the main sticking points that threatened to derail the Greek bailout was the demand by Finland to collateralize its contribution to the Greek bailout package. Well, guess what: it's back. Kathimerini reports that "Finland may sign a deal on securing collateral in exchange for its commitment to Greece’s second bailout in the “next few days,” Finance Minister Jutta Urpilainen said on Monday. A vote in parliament on Finland’s participation in the bailout could follow next week, she told reporters in Helsinki." Translation: monkey wrench was just thrown into the Greek bailout in the 11th hour as now everyone else will follow in Finland's footsteps and demand equitable treatment. And it was all going so well...
More:
Euro-area finance ministers share a “very strong” common stance in their view on what Greece must do, namely act on its pledges of austerity before more aid can be released, she said.
Finland, one of four AAA-rated euro members, last year became the only nation in the currency bloc to secure extra assurances that its commitments to a second Greek rescue be repaid by insisting on collateral.
In return, Finland agreed to pay its contribution to the permanent rescue facility, the so-called European Stability Mechanism, up-front.
“I hope we could sign the collateral agreement in the next few days,” Urpilainen said. “These conditions must be fulfilled before Finland’s parliament can give a green light” to a second Greek bailout.
Good luck.
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Stick a fork in it. It's done for crying out loud.
Election countdown. Until then, it's recycle rumor time. Why this charade get's so much coverage is beyond me.
Because the endless repeating by the mainstream lapdog press that the end of the crisis is near and thus the bailout is just around the corner is an integral part of the can kicking process.
But you know this of course. :>)
By constantly reminding Americans about Greece, they can a) have an excuse for why the US economy still has >8.3% unemployment, b) have an excuse any time the stock market goes down, and c) have an example of why it is still better than Greece and we should be proud.
Papademos: "Collateral???? *looks around*, uhh sure sure, we've got some of that, *writes 'collateral' on piece of paper*, here ya go"
Surely they have run out of olive farms to give away now
How many Olives in a Collateral.....?
There's some fried collateral available now
"Greece aims to raise at least 50 billion euros by 2017 by selling or renting state assets."
http://www.bloomberg.com/news/2012-02-08/greece-to-pledge-20-cut-in-minimum-wage-pension-cut-draft-accord-shows.html
Maybe they can charge the UK back-rent on the Elgin marbles..??
LMAO!! +130 billion I can see Merkozy now... "how DARE those Finn's demand collateral... What the hell are they trying to do, instill prudent lending standards?" I really don't know which is more hysterical. hahaha
I'm thinking the football is gettin' pretty fed up with these monkeys...
More and more bs can-kicks until after French election. Then, I believe, the cascade down may happen. Greece => Portugal => Spain/Italy and finally a recognition that debt saturation isn't just in European periphery, or Europe, but throughout the trade routes. China's rumored comment that they plan on pulling back from bonds to go with more physical assets (islands? ) is ominous.
Without a stick save from the Martians, the pyramid collapses and ripples across all asset classes, not just bonds, in nomimal value.
They'll be here all week folks!! LOLOL!!!!
This pig is not only done it's starting to burn
BACON
Just tear the f*$king band aid off already!
If anything, drawing this out for the people who see the inevitable consequences is far more painful than the actual consequences. At least you can shape your future once you decide to let the past go.
It doesn't matter...CNBS is rolling in the "Dow 15,000" "experts" now.
I'm not shittin' ya...you can't make this crap up.
It could very well go to 15,000. By now it's apparent the market is ignoring most of the news regarding Greece, which they'll continue to do, until.....KABOOM!
I hate to say it but I think you're right...
Now that the Dow = IBM and the Nasdaq = AAPL, anything is possible. Money is everywhere, we have reached a new plateau of prosperity!
On a long enough timeline the survial rate for everyone on a plateau "drops" to zero
propaganda never sleeps! if the dow is 13k, 15k, 17k everything must be alright say the sheeple
Euro weakness post Highs and equity strength into this afternoon is worth noting -
chart - http://hedge.ly/AukxvO
It's been done for awhile, they just are doing everything they can to not allow those CDS's to come into being once a credit event happens. Because the US banks and financial institutions who issued the CDS's don't have the money.
Finns don't roll over for anybody (see, e.g., 1939-1940 Winter War)
Nowadays, unfortenately, only puppets and bimbos deciding of the used to be so brave country's businesses..
...which they ended up losing.
Which we actually won, losing a little landbut keeping our independence all the way to 1994. What a shame this is for the veterans of this country.
I wholeheartedly agree.
Finnish political leadership is in a state of abysmal abasement.
Finland's previous PM appointed a long-deceased national hero, Eugen Schauman, a terrorist! -- Eugen Schauman actually sacrificed his own life killing the dictator Nikolai Bobrikov during the oppression years in 1904.
This is but the peak of the iceberg; the arrogance and the lack of humility in Finnish politicians is inconceivable.
They lost but Russians paid heavily in blood and tears for that hollow victory.
Scandanavians in General don't take shit from thieves. eg. Occupied Norway in WWII.
Whenever destroyers appear among men, they start by destroying money, for money is men's protection and the base of a moral existence. ayn rand
i hate the dutch
At least the Finns still know the value of a "sacred contract". The Oligarchs and the apparachiks of the Imperium dopped that "nonsense" years ago.
Just when they were going to pass "GO" and colect 210 billion, too.
Anybody seen riot dog lately?
Riot dog! Riot dog! Riot dog!
Riot Dog IS the collateral for Finland.
And when do we start seeing the "Greek Girls available for chat" ads on ZH?
EURUSD leaking 1.3194
The Greeks ponder the latest viable Finnish offer...................
"Ok, gives us the Parthenon, exclusive rights to pita bread and souvlaki, and we'll bail you out for another week."
Frankly ~ I think it's more like "Mediterranean & Baltic" we're talking here...
And the collateral assignment is supposed to be written for the previoús amount of Finnish part of the deal. The new amounts are still an unpresented tabu in finnish "official truth".
it's all fun and games til someone pokes an eye out.
This is all about extortion and protection.
No one has any fucking idea how the Greek economy will ever recover.. So every penny spent is a penny pissed solely for the purpose of deferring disaster.
Or....
Every penny spent is a penny that goes towards an insolvent bank that will then lever that money at a 5:1 ratio to buy /ES futures to recoup their losses.
What can possibly go wrong?
If I may........
E V E R Y T H I N G
:>)
but...but...but...they have PHD's...and MBA's....and BMW's...how can they be wrong?
they can't be wrong!
Lets think like Paul Krugman & keynes for a second, we have to understand that:
Deleverage:
is bad because they set in motion a snowball effect. Consumers expect prices to fall, so they postpone their purchases, causing prices to fall even more... (then the Poor can afford Gucci for his hoochie)
Leverage:
is good because consumers expect prices to rise, so they accelerate their purchases, causing prices to rise even more (good for the economy and the sheeple and the "Consumer")
"That means that one tiny atom in my fingernail could be one little tiny universe...Could I buy some pot from you?"
Animal House
If I may........
E V E R Y O N E
:>)
Very nice. Bravo!
It's a Troika thing bruh!
Happy Valentine
Go Finland! They stood up against the Soviets, they can do it again against the EUSSR.
In other fun news...
http://online.wsj.com/article/SB1000142405297020479530457722122226503700...
The Federal Housing Administration could exhaust its reserves over the coming year, according to budget projections released Monday, which would require a Treasury infusion for the first time in its 78-year history.
Very bullish.
i'm sure they will plug that hole and the residual cash will end up in Apple
When is one of these "monkey wrenches" (Finland vote, Slovakia vote, Germany vote, Greek vote) going to actually run through the gears and "tear 'er up"?
I can here it now ......"The Finnish minority party has agreed to drop their demand that Finland's............."
So tiring.............
I agree, every "money wrench" is just a reason forhte market to rip higher when the "problem" is solved.
Or as Elvis once crooned:
"A little less conversation a little more action'
They should ask for the right of Primae Noctis on the Greek ladies as collateral.
We found love in a hopeless place.
Turds site is DONE. Its ALL moderated like babies there.
These European "Leaders" love to talk tough and then silently back down. Banksters 100, Tough talkers 0.
Right, must be time for elections in Finland. They will talk tough until Frau Merkel gives them a call to play along.
Finland just really wants some warm southern beach front property so they can go on vacation as cheap as they can.
They iwll prob take a few islands like Mykinos.
Just sent email to all Dutch Parleament members and top10 press bureau's... shit will hit the fan in 3...2...1
Last finnish deal almost blew support, maybe this one will push 'em on... finally :/
Last finnish deal almost blew support, maybe this one will push 'em on... finally :/
The last finnish deal has never been signed so far. However, the collateral was a question of no return for the treasury secretary Urpilainen in latest parliamental elections. It's either fuck the euro or fuck your own people now for her.
true; but the TALKS alone was reason for a HUGE debate in holland...
Unfortunately the MSM has gone all quiet about the present situation in Finland, I wonder how they do this. I think we have a BIG underlying domestic political problem brewing here..
All vows, and prohibitions, and oaths, and consecrations, and konams and konasi and any synonymous terms, that we may vow, or swear, or consecrate, or prohibit upon ourselves, •from the previous Day of Atonement until this Day of Atonement and ...• ?from this Day of Atonement until the Day of Atonement that will come for our benefit.? Regarding all of them, we repudiate them. All of them are undone, abandoned, cancelled, null and void, not in force, and not in effect. Our vows are no longer vows, and our prohibitions are no longer prohibitions, and our oaths are no longer oaths.
http://en.wikipedia.org/wiki/Kol_Nidre
Didn't the Finns see last night's ZH post about the postcard from Athens at night? All their collatoral is burning.
"It's not that we don't trust you, it's just that ... we don't trust you."
How much gold, silver and platinum does Greece have?
We'll take that thank you very much.
Germany gets Santorini, France gets IOS and well divide Crete up amongst the rest of you.
Portugal and Spain better hope they still have all that Gold from the Conquestadors
Italy better do an inventory at the Bourgease
Iran would probably trade oil for an Island or two - get them closer to Missouri.
"Is Greek Side Deal With Finland On Bailout Collateral About To Kill Greek Rescue Again?"
Again? The first time, in 2011, this Finnish Black Swan flew away before it had even landed. Conditions were made so discouraging by the other finance ministers, that the Finns cancelled it in the end. Never heard of anymore and they paid their dues. And now the repeat. Mark my words: the Eurogroup will again not allow this deal. No dealbreaker, no collapse. Boring world we live in.
Hmm ~ you asked a question, you got an answer in another thread. Bore me a little with a response, rather than a stock catch-phrase... you never know, you might convert me if you answer intelligently.
No answers, no fun. Boring world we live in.
A country like Finland or Austria has the most to gain from an EU withdrawal.
I'll take Riot Gear for 300, Alex !
This Greek thing really is a "Monkey Fucking a Football!" Kinda all over the place.
Unfortunately the present Finnish government, including the new president of the Republic (he and the prime minister are BOTH Bilderbergers), are the worst kind of EU quislings there are. Finland will be holding the EU loan bag after all other countries have finally come to their senses. There is no hope for Finland.
There is no more the spirit of Winter War, only the overwhelming feeling of inferiority: Please, EU masters, let us pay all your debts. :|
Greece cannot borrow, so Greek gment lends greek banks those bonds, who are tected sell them to get cash for collateral. Jp morgan designed this ingenious Total return swap. Jpm is also the only winner.
The zionist, terrorist bankers will not stop until all of Europe is ablaze as Greece now is. Greece is a minor footnote trial balloon which is enabling them to gather intelligence such that the next Sovereign will come down much more readily. It is all about creating a one world oligarchical collectivist fascist dictatorship where the Zionist bankers team with the corporatocracy for hedgemony of the new digital age with a digital currency. Don't like what the terrorists are doing? They will just turn you off!
For fuck sake finland. If we had collatrel. We could leverage that shit at about 26 and wouldn't need a bailout. Am I the only one thinking?
I don't think many in the EU (except France) want's to stomac another Greek bailout. This will go down in flames and Greece will be forced to leave the EU. Then, all hell will break loose, followed shortly the US will lose control,and collape.
Relax, it's all written in! Buy Beans,bullets,bullion and band-aids and all will be fine. Shhhhh....Relaxxxx.....
Bank Policy: Rob Greece and leave it with nothing!
I.E. The creature from jekyll island chapter 1 : The name of the game is bailout,
Collateral is no problem as long as they will accept a few thousand molotov cocktails.
Give us all your base, and ancient monuments and stuff.