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John Taylor's Open Letter To Greece: "Get Out Greece! Get Out Right Now!"
From John Taylor, Chief Investment Officer Of FX Concepts
Open Letter To Greece
Get out Greece! Get out right now! You should have moved two years ago; you missed that chance, but now it is much better than later. Summer vacations are being planned while we speak, you must move fast to get the biggest advantage out of bolting from the euro. Don’t let the next global recession bare its teeth. Investors still have money and they are interested in buying your assets when the prices are knocked down – each day you wait their value is deteriorating and you are looking more desperate.
Most important: don’t listen to the naysayers in Brussels who are warning you of disaster outside of the ‘protective euro blanket.’ It’s much better outside, even the Turks know this. Do pay attention to Angela Merkel and Wolfgang Schäuble; they are telling you the truth – there is no hope within the euro. Even though the latest German plan to take away your financial freedom has been blocked, the PSI deal is almost as toxic. We read in the press that about 94% of your government debt is written under Greek law, which means you have control over it, but after the deal with the private creditors is signed all of this debt will be written under British law. Your parliament and your judges will be insignificant.
Right now you have control over the currency of your debt, like any real country, but after the PSI you will become no more than a province of the greater Eurozone, unable to modify your debt. Whether it is Brussels, Berlin, Washington or London that is calling the shots, you can be sure that after these negotiations and the next tranche from the Troika is in place, Athens will be powerless. Right now you have the power to lessen the debt burden by jumping the euro ship and valuing the new drachma at something like 50% of the current euro value. By doing this you have marked down the private sector and the public sector debt holders – this is a great advantage without even defaulting on those 94% written under Greek law. Don’t be shy, value the drachma aggressively lower, below where you think it should be, and then peg it. Euros will circulate together with the new drachma for a few days but Gresham’s Law guarantees that won’t last for long. When the euros are gone, drop the peg. The financial system will be a mess and the banks will be totally bankrupt. However, they are acting as if they already are, not making loans or assisting the economy in any way, so you won’t be losing too much, and you’re going to nationalize the banks anyway. It would be wonderful if the ECB helped out by supporting the new drachma for a year or so, but don’t count on it, as the Eurozone is in too much trouble to help. Remember, first one out is the winner and the pressure will shift to those remaining.
The self-serving cacophony from Euro-officials and Eurozone politicians arguing that you will be far worse outside the euro than in it are only promoting their own interests – not yours. For the last decade, Greece has been a great place to sell products, and Greece has been less and less a competitor in the marketplace as it was priced out of Europe. They’ve been making a fortune while Greek manufacturing has collapsed. Most important, Greece has been priced out of the vacation market. Aegean bound visitors now head to Turkey and on the Adriatic side they go to Croatia. With the new drachma dropping prices, TUI, Thomson Travel, and the other package vacation outfits will flock to your beaches setting off a boom. The negative side is that BMWs will be very expensive, as will all other imported items, so there will be some deprivation and inflation. Although there will be aggressive wage demands, you don’t have to give in. You will be free again to choose your course.
The standard of living will drop for everyone, but the offset is that tourism will come to life, manufacturing will be profitable again and the real estate market will be humming. All of a sudden, Greece will be a country where it is possible to make a living. Turkey has been locked out of Europe and has had a great time.
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If they get out now, they can avoid a lot of the pain of the coming financial cataclysm and in fact, end up being a desirable refuge from it.
Walk like an Icelander.
More like We Didn't Start the Fire, or better yet, Fire Water Burn...... We don't need no water let the mfker burn.
this is nonsense...Greece won't be fixed by going to a different monetary system.
And the problem is Greece doesn't WANT to sell its assets. Nor does it want to work. It wants to be a perpetual welfare ward of the north, sipping espressos and shit in cafes during the middle of the day in leisure.
Actually, I believe this to be incorrect. The inability to adjust currency values are likely the causation between the inverse correlation between Germany and Greece's unemployment figures.
Actually Trav is correct......it doesn't fix Greece's problems.....but it fixes everyone elses.
Let the Marxists die in peace......and let the rest of us go.
Trav is only partilally correct in that he over-generalizes. "Greece" is only some of the greek people, not all. Not all are lazy ne'er-do-wells, just as in the US. Not all are sheeple or indifferent or ignorant on welfare or lazy or warmongering or arrogant (w/rt to the rest of the world) or spendthrift...just the majority. "US policy" has absolutely NOTHING to do with MY wishes, yet I am lumped in as an "american," and I only fit a few ot those categories!!
Even if we forget the Greek people...the "innocent" ones ("a 'good man"...can anyone find?")...Greece should get out just to do whatever damage could be done to these mafioso banksters who set this whole thing in motion. The less "whole" these thieves, these criminal "elites," can be made the better. Maybe they could set a precedent and start doing "God's work" of kicking Goldman Suchs and JPMorgue et al in the family jewels. Gotta start somewhere sometime if it ever is to happen. Question is, who actually that gives a sh*t about Greece or the Greek people is actually in any position of power to make that decision?
Let's face it, the sooner Greece gets out, the sooner the Greek people will know and get thru the pain, the sooner they'll come face to face with and have the chance to deal with reality and take some control of their own destiny, and the sooner they will ALL have something that resembles a "real" life...not this CyberOrwellianBanksterScripted pseudoexistence. I say "Live Free or Die Hard" (yes, hollywood, you can use that idea as a title for another grade B movie, just promise me it won't have bald brucie in it...acchhhhh...you liars!!). Anyway, that's what I would vote for if and when the show comes to this side of the Atlantic...jt
You're right, trav. Monetary systems are not sentient; they are not conscious and are neither good nor evil. The root of humanity's problems is humanity's fallability. If people are lazy and only consume, it doesn't matter what monetary system one puts in place.
Totally! Why can't they skim blogs on ipads like us hard working North Americans.
Is anybody besides me getting a little tired of this "Greeks are lazy and that's their problem" meme? Next we'll be hearing that they all like watermelons and having babies and that's their problem. I've lived in Greece and worked in Greece and I can tell you these are not lazy people. Yes they know how to enjoy life and yes they like sitting for hours with their friends at cafes, but please don't try to tell me that this country which has endured and largely prospered for longer almost any other on earth ( with time out for a few military dictators) is full of lazy people. You want lazy? Check out your own country - I'm assuming we're talking the US here.
It's just business.
They issued the purchase order for the politicians.
Now it's time to pay the invoice.
30 day terms.....what's wrong with that deal?
So, what's the problem with the Greeks? Why can't they get their ducks lined up? Do they always have to go bankrupt every few years?
I personally don't think the problem is laziness, nor a lack of taxation.
Having 60 percent of employed people working for the government is probably a big part of the problem. retiring at 55 is another. Simply spending more than you take in taxes as a normal budget, not just during a crisis, is the fundamental issue.
It seems only Australians and Canadians are capable of voluntarily implementing austerity, without mass riots and death threats to government members.
Up yours trav :-)
It might seem so, but the inherent individuality of Greeks is not a bad thing per se.
When you couple it with crony capitalism, idiot sockpuppet rulers, socialist dreamland promises (and the votes that go with them), it indeed becomes a toxic property in the minds and the souls of the people. It begets these things you mention and much more, even worse attitudes.
But guess what will happen when the umbilical cord of debt which feeds this vicious cycle will be cut abruptly (if we manage to do that). The same individualism is what can lead the country to acctual growth, as there won't be anyone left to do "favours" for us. It's going to be each one for themselves, and all together a power which won't give in easily to any external prospective controller.
It's happened before, it happens all the time with Greeks that leave the country and prosper all over the world, and it might happen again pretty soon.
So, in short: Up yours.
TRAVsvestive... opinion.
keep it to yourself, you ignorant POS.
pp
Actually, Icelanders have trouble walking....because of their HUGE BALLS!
I heard they can actually sit on them.
Actually, Icelanders are talking of joining the eurozone. Why?
-----
besides the question if it would "fix Greece" or not, there are a few things not mentioned:
- the tourism and other producing industries might like the proposal, though they are some 40% of the country
- what about the socialists, their supported industries, etc. etc.? they maks some 60% and they would have something against this scheme. In fact, they hate it...
- the tourist agencies have the same problem as farmers: they have to sell in three quarters for a tourist season in summer: how do they handle the FX exchange? Turkey has a stable inflation of 10% per annum (another reason why they are the greatest shoppers of gold). The Turkish National Bank fought hard for this relatively steady decline. Is the FX "community" the likely partner for a good "Drachma experience"?
Of course, we are also forgetting about how to switch EUR debt to Drachma debt... and if this is not feasible, then why change if you want to default anyway?
As Taylor pointed 94% of bonds are expressed in EUR and under Greek law.
Steps are as follows:
1. Leave EUR, issue New Drachma at a rate of 1 to 1. (There is no obstacle in the EUR treaty for doing so)
2. Convert the bond value to New Drachma. (This will not be a problem for Greek Law bonds, and the 6% might be a case worth fighting in UK courts.)
3. Discount the New Drachma to 2 to 1. (Greek CB has control over it)
4. Print New Drachma to pay out 20th of March outstanding bonds/coupons. (look at 3&4)
As for political groups, the main socialist party (and current parliament majority) dropped down to 11% as per latest Polls,from 43% 2 years back.
The rest of the left wing was already opposed to EUR, but for different reasons.
And the right wing is finding it harder by the day to convince people that EUR is still a valid and sound decision.
excellent reply, thanks. you should comment with more facts in those Greek posts
sounds like an excellent recipy, though at point 3. I'd go 6 to 1, just in case
as for the support for the socialist party :-) I love it when our oldfashioned european socialists lose in the polls :-)
you make it sound like all it really needs is that referendum that the Kleptocrat-in-chief proposed
I am a bit skeptical about the correlation between what the polls say at the moment and what voting turnover would be, the until-now-socialist-voters might be pissed off by their politicians, but in your scheme they would suffer...
all in all, it's a sovereign decision - if Greece would go down this way I would cheer and pray for the best outcome
+1 to the strains of The Bangles
Watch Ron Paul's full speech in Denver!
http://djia.tv/ron-paul/ron-pauls-full-speech-in-denver-colorado/
Marc Faber also wants Ron Paul. He said today on bloom tv
Birds of a feather...
The most interesting comment in the speech is also the reason why he will probably not be elected (depite my vote for him). Near the end, he says that if he had to choose between being free and poor versus being controlled and rich, he chooses to be free and poor.
That sums it up. Sadly, too many people do not realize that free goodies are never free. If someone gives you something, there is a cost. When it is the government, that cost is liberty. Way too high a price.
Hey is spot on, spot on. The EU leaders and ECB are only telling them to stay for the interest of themselves and their country/interests, they could give a damn about Greece. Greece needs to get out now and do what he said. When Greece leaves see how many other countries will jump on the bandwagon.
John's letter sounds like the average comment on ZH for the last year.
Last i checked, those turks wanted in the EU.
Is that what George Dubl-yew told ya?
THEY DO! It's called "AN INVASION"!!!!
They'd prefer to call it a caliphate.
lemme guess, you live somewhere in the Hudson Valley. your initials are not dissimilar to R.V.W...and several things about the immediate environment around you seemed unsettlingly disfamiliar when you woke up today!?!?!
http://turkishreporter.com/headlines/891-turks-cool-to-eu-membership-.html
http://www.turkeynewswatch.com/article/EU-does-not-lure-Turks-any-more-2...
so, how long have you had this narcolepsy problem Mr. Winkle?!?!?
Turkish Delight = Dead Greek
Turkey is actually booming. It wouldn't be if it was in the same position as Greece.
http://www.aljazeera.com/video/europe/2012/01/20121251401222234.html
So is Poland. And similarly, the Poles have recently expressed major disinterest in relinquishing their PLN for the damn EUR.
But since when does the people's choice matter? Remember the referendum in Greece proposed by G.Pap? Oh ya, didn't happen. Because the people would have voted clearly and the EU fasci-crats would have no choice but to let Gre seperate.
Besides, Greece is in the extra precarious sitaution over Cyprus. If it wasn't for EU membership by the Greeks, the Turks would be all over their ass invading yet more territories.
If Turkey's EU membership was do-able, it would have been done by now. That won't happen. And this crisis makes it impossible.
The peoples choice "mattered" in Iceland, did it not.
All of Euro slave states do not want or allow Greek people to be heard. That would start the European FIRE.
This is one of the best comments on this post.
The euro-dump fire is the cataclysm. It's all about confidence and debt-oppression (politics as the red-herring).
Fraud Sachs really is after your citizenship. Don't let the fags in pinstripes with all the endless fiat take advantage of you -- its paper against your future.
Fuck the pinstripes, your bullshit (money) is dying. Iceland was a glimpse of that proof -- the rest is only time.
I guess they must be changing their mind now, or at least thinking twice about it...
That must have been years ago. The turks do not want to join the EUSSR anymore!
He makes a common sense argument yet the complacency will continue since there is no representation of Greek interests, only locusts who have finished of the carcass and now are confused as to why it's gone.
HA HA exactly, the vultures have picked the bones clean-white and now are squabbling over why theres no more meat! On to the next carcass I guess! And one day the carcass will be us, probably a lot sooner than people think.
locusts. That's a good analogy. I like it!
Of course, the locusts find it insulting...
The Euro is a bankster creation, designed to hobble an entire continent to the chains of debt slavery forever. If Greece walks away, there will be German tanks in Athens, again. Or maybe French tanks. Nobody gets away from the banker cabal. No fly zone over Athens here we come.
You're saying the banksters want tanks in the streets? HAHAHAHAHAHAHA!
Those who own the banks, DO.
34th rule of acquisition: War is good for business!
Agree, we have been ringing the bells for Greece just to tell the rest of Europe to get F______d! Will they listen. Maybe, they may be scared, react too fast and scream bloody murder at times, but they are not stupid.
Cramer is saying how people are stopping him on the street and asking him "How can I get some FaceBook?"
How about telling us about the people who stop you on the street and punch you in the saggy nut sac?
... reminds me of Emile Zola's L'Argent.
Facebook = Banque Universelle ?
Any sentence with the word cramer in it also has the word sell.
See?
This makes sense. Next up to 'get out' be Kalifornia....taking Pelosi, Boxer and Feinstein with it .
There may not be enough human capital with brains left in Mexifornia to make it worth saving..
About the only brainless human resource left there worth saving might be the porn industry.
..yeah it's sarc, but what else can you say anymore?
manufacturing will be profitable again. Well John please explain me what exactly Greece manufactures.....High-tech machinery ? Cars ? If Greece decides to exit the only ones having a party for the next 10 years will be the lawyers. When a fox gives advice, better watch the chicken...
long ouzo and olive oil.
Don't even go there.
For the last decade or so, the cheap trick for all the southern Club Med states has been to import Turkish olive oil, citrus, etc. etc., (which items get strangely caught up in all kind of inspection and customs related hassles when sent directly to Eurozone customers) bottle and relabel as Spanish, Greek, Italian etc., and go for the gusto.
Unsuprisingly, it's over. Now Turks would rather sell east for a lot less money, but knowing that they will at least get paid in some kind of redeemable currency. I don't have the inside track on the Ouzo\Raki trade, but I wouldn't be at all surprised if the same dynamics hold true.
Noboby, but nobody, is going to be going into those now abandoned European olive\citrus groves to pick the rotting fruit of continental integration any time now or in the future, unless some smartass new age guru buys them up for pennies on the dollar and sends his witless followers in to pick em for free.
http://www.rollingstone.com/music/news/cheap-trick-survives-stage-collap...
Well they used to up until the early 80's. then they went all socialist and pro EEC. And that was that.
But Goat production will go thru the roof. Come on Greece, read the writing on the wall, it is time too leave and tell Zee Germans/French to go stick their head up their ass.
why the hell do you people act like the greeks, who fucking have been sloths for a decade, are somehow the heros in all this shit?
They have borrowed tons of money and wasted it...they are a DEADBEAT State.
If they try to fuck Germany and France, Germany and France should fuck them back. The Greek gov't borrowed all that debt and the people CHEERLED and benefited from it.
If Greece fornicates Germany and France, the debt house of cards begins to crumble, FASTER.
You Tard.
One could (and probably should) argue that the countries lending money to Greece should've known this might happen. In other words, doesn't lending carry with it some element of risk?
But then one can't claim immunity for fraud and racketeering if "no one saw it coming."
Most think these fags operate one move at a time, selectively.
It's intercontinental fraud-chess from top to MF bottom.
The grand irony is that Joe Sixer thinks laws will protect him from Goldman-Greece. HA!
Well trav, given that the USA is also a deadbeat state, some of us aren't so anxious to spew vitriol towards an entire nation of people for the doing the same shit everyone else on Earth is doing.
(But we do all know that's what you're into, so enjoy.)
But....S&P just this morning said 'Hey dont worry, we think Europe can be magically out of bankruptcy by 2013 and see 1% growth!'
Based on nothing of course, but apparently have to keep the illusion going a bit longer.
“German plan to take away your financial freedom has been blocked, the PSI deal is almost as toxic. We read in the press that about 94% of your government debt is written under Greek law, which means you have control over it, but after the deal with the private creditors is signed all of this debt will be written under British law. Your parliament and your judges will be insignificant.”
No, it must remain under Greek law and must not be transferred to British law. Is Greece now becoming a part of the United Kingdom of Great Britain and Northern Ireland ?
New World Order, slowly but surely! Hey Ive been warning people about this for years!
yes, with gold and silver as the "new" reserve currency. Whoops, I guess the elites don't get everything they want.
I should have said becoming an indentured slave of the United Kingdom of Great Britain and Northern Ireland ?
all true, but he should have disclosed his short euro position
True for all the PIIGS.
Do the Greeks really want out? Seems to me most of Europe is so entrenched in Socialism that to 'get out' would require them to jettison their way of life. Kind of like telling all the teet suckers in the U.S. to get off your ass and become productive.
The point is moot.
For Greeks their way of life is gone. Fire another 150,000 civil servants, more tax hikes, more salary cuts, estimates of 60,000 small businesses to shut down.
The question is do they want all this to happen and still have Germany as their master or would it be better to take bake their future (going to be horrible for a number of years either way) and tell the EU to fuck off.
Question at the end of the day: Is Greece master of their domain.
Lizzy, I agree with you. All I'm suggesting is that it is looking a lot like a red pill or blue pill decision and they are leaning toward blue.
the former.
The greeks have no innate capacity to get out of the misery...this coming hyperinflation is just one of several they've already been through. This is what they do. If they want something different, having the Germans manage them in debt servitude is one option. The Germans will not work them like Foxxconn but it isn't going to be a lazy lifestyle of midday naps and coffee shops like they have convinced themselves they are entitled to.
They were completely entitled to that lifestyle until Goldmansucks conned Greece and the Eurotards into perpetual debt.
The Dark Ages II, coming soon!
lizzy36, please, be so kind to explain this "have Germany as their master" to me
is Germany my master, too? please remember that Greece has the freedom to leave both eurozone and EU
That was my point. They have the CHOICE to decide which of their fates they want.
Trav7777 has a good point.
I am not sure the Germanization of Europe is the solution.
you both make excellent points - even when phrased in a very undiplomatic way - I'm just resisting the notion that the policy options that this current German government is championing are to be called German - it's a political view shared by many, many other Europeans.
After the next electoral cycle it might be championed by Italy and/or France with a German gov on the skeptical side - it happened, a few times, and the BeNeLux countries have a great impact on this process.
The Greek politicians are idiots. That's why Monti was brought in, so that they don't jump ship.
They are fucked now. The people of Greece deserve better, but the politicians are sheep.
Monti? You bin smoking the cqrpet agin?
Politicians are sold out to the banksters and a few vested interests, and should be hanged for treason. End of story.
Greece should imagine this scenario: post-PSI they'll beome the new sck man of Europe while the older sick man of Europe (Turkey, if you don't know your history) becomes the feted darling down the road (if French conservatives don't win, that is). Just the thought of being ousted by Turks should be enough to drive them out of the Euro-zone and let Greeks deal with the Bulgarians, Macedonians, and other 'ians as they deem fit.
How about imagining this scenario: Turkey invades Serbia and Serbia counter attacks with their tennis team...
http://www.youtube.com/watch?v=z2nQZPC2uTs&feature=player_detailpage
Greece's problem is not membership in the EU. Their problem is corrupt government. What "Greece" needs is an Icelandic revolution.
That's true. As long as the Papanderou family has more to win by staying in the euro than in leaving it, they will not care an ounce if the Greek people are dying from famine or else.
Taylor certainly has a point. If the world is working so hard to debase their currencies, Greece seems to have the most debasement potential.....
did NO ONE learn a lesson from Iceland ????......what is everyone waiting for !
...the super bowl, dancing with the stars, american idol... bloody sheep.
They are waiting for Germany and France to ring fence the shit out of their banks so when Greece does leave there will be minimal blow back. Germans and French are buying time, at Greek expense. It is the old game of the HAVES screwing over the HAVE NOT's.
Did Greece incur its onerous national debt by bailing out its banking sector?
Iceland decided not to bail out the banks. It has not (yet) defaulted on its national debt. Two different but related things.
60% plus work for the Government.....that is why they are screwed..."they" will do nothing...but something will be done to "them"....
I am assuming right now..no one is paying taxes....everyone is running on the banks...no one is buying anything big...the economy has to have come to a stop...other than food and medicine..
In the US; 60% work for, or in correlation to the US GOVERNMENT.
Tick Tock Tick Tock...
"We gotta get out of this place
If it's the last thing we ever do
We gotta get out of this place
'Cause girl, there's a better life
For me and you"
...Turkey has been locked out of Europe and has had a great time.....
Lol, the irony of it. Sarkozy has done his best to jerk Turkey out of Euro construct, and now for electoral reasons : there are 300 to 500 thousand Armenian stock frenchmen whose votes he needs, he has had passed a bill making negationism of Armenian genocide perpetrated by the Ottomans a crime in French law, punishable, alongside Shoah, by penal pursuit. This has poured oil on to the fire of current French Turkish relations, jeopardising the presence of 200 french multinationals in Turkey employing 100000 locals. Now there are rumblings that french opposition to this clutch Sarkozist election play, has had pushed on fast track mode the constitutional legitimacy of this new bill passed; in front of the Supreme Constitutional council, that oversees laws voted by the Parliament. If They, supreme council members, magistrates and ex-Presidents, deem this law anticonstitutional, it will put a spanner in Sarkozy's works, and the Turks, as well as the rival socialist opposition in election build up, will drink and clink to the falling political health of Nicolas of the superlative word. O tempora, O mores!
//fr.wikipedia.org/wiki/Cicéron
http://fr.wikipedia.org/wiki/Catilinaires
Wolfgang Schäuble has already talked about sending troops into Greece. If Greece seceeded now, would Germany be able to muster the army required to put Greece under occupation, and then go house to house and confiscate all the gold and silver in the country?
Schäuble talking about sending troops ? Where did you get that bullshit from ? Sounds like the usual commie propaganda ... ridiculous.
LOL, you definitely don't know Old Wolfi.
The only place he would ever send troops is Silesia...
though someone explained to me this is genetic...
As Klingon Commander Kruge once said, "Get out! Get out of there! Get out!"
We all know what happened, afterward. :)
Greece prefers to live under the thumb of an arrogant lesbian like Christine Legarde. I saw her Davos interview on Bloomberg and almost puked. So arrogant, so ignorant, and so unattractive. There is nothing about her that is a product of the natural order.
Why do all these failed ponzi architects seem like they are from another planet?
what do you mean, "even the turks?" The turks coud not be happire they are not included in theh ECU.
Boring...buy EUR
Fast forward 6 months:
GET OUT
Alabama Alaska Arizona Arkansas
California Colorado Connecticut Delaware
Florida GeorgiaHawaii Idaho Illinois
Indiana Iowa Kansas Kentucky Louisiana
Maine Maryland Massachusetts
Michigan Minnesota Mississippi Missouri
Montana Nebraska Nevada New Hampshire
New Jersey New Mexico New York
North Carolina North Dakota Ohio Oklahoma
Oregon Pennsylvania Rhode Island South Carolina South Dakota
Tennessee Texas Utah Vermont Virginia
Washington West Virginia Wisconsin Wyoming !!!
GET OUT RIGHT NOW!
Excellent advice to Greeks. I really hope they take it. I really hope they will come to senses and quit EU than subjugate their populace for years or even decades of financial servitude for their European banking masters.
I realy hope, and pray, they quit. Investors will flock back to Greece within 6-12 months. Thats for sure.
The current strategy coordinated by the Troika is to suffocate Greece in a boa constrictor type slow death. The private sector write off, PSI, and the OSI, Official sector write offs are both bogged down. The whole game is centered around saving the Euro banks both from writing down excessive losses with contagion possibilites or having to pay CDS insurance. Its a circular incestuous game, as the same banks have bought or sold CDS are those who have to write down the losses; making this PSI complex. Also, on OSI, the standoff is between Merkel and Lagarde; as IMF will only contribute, as its multilateral financed, if BCE takes some write-off pain, something that Merkel doesn't want. We all know, as ZH has already highlighted, the ECB balance sheet is full of Germano-french banking collateral worth zilch in a bank run spiral scenario; its all smoke unless the state steps in and then France becomes Greece.
Its really a good example of the closet-stateroom scene in the Marx Brother's film, A night at the Opera :
http://en.wikipedia.org/wiki/A_Night_at_the_Opera_(film)
Only these shills are less talented than the Marx family. Muddle through and make the Greek sheeple pay in the end in unlimited debt serfdoom is their short term agenda. They will now continue negotiating to squeeze the last drops of blood from the country; all the while ensuring the banks get a bloody nose they can sustain in further can kicking against euro contagion.
The Marx brothers Euro movie starring head in sand Eurocrats and Oligarchs is far from over...and its not funny.
I have a feeling someone else will jump the ship before Greece does.
Just do what Equador did and watch the economy
thrive. We were bankrupt in the early 80's in the
west of canada and guess what? it was the best
thing that ever happened to us! Greece will thrive,
just get some backbone Greece and tell those
crepts in Brussels to haircut hugh or you walk 100pc.
IF Greeks are lazy and pinko and that is why they are broke, and it is all their fault that they have no jobs, how about the American University Graduating Class of 2011, 2012?
Dont tell me the tech educations like engineers and medical are fully employed with full pay. Don’t tell me they are lazy. Don’t tell me they are responsible for the disastrous criminal greed of Wall Street and DC.
Or how about the High School Graduating class that understands that higher education is a bad investment at this point---- where are they working, OH, ARE they working?
There is a central theme here at ZH, an isolated pillar of truth, that is stated over and over. Bad guys did and continue to do bad things and the World Population is unable to do anything about it.
To quote Maxine Waters—my most hated politician--, “if we keep asking questions maybe we can solve the problem”. WELL Maxine, it don’t work and neither does much of the World population.
Enough Questions have been asked. The problems are defined. Now we hear more bogus non-solutions.
go read the new ESM treaty... as of TODAY
http://www.scribd.com/doc/80291366
pp