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At Least 4 Greek Pension Funds, Including That Of Police, Refuse To Go Ahead With PSI
So much for Venizelos' best, final, and only deal. From Reuters:
Most Greek pension funds holding Greek sovereign debt have agreed to take part in a bond exchange to ease the country's debt burden but four have refused to do so, a Greek official said on Tuesday.
The pension funds have come under pressure from workers' unions worried the writedown on Greek debt holdings will affect the viability of their funds.
About eight or nine funds have agreed to take part but pension funds for journalists, police, the self-employed and hotel workers - which hold Greek debt worth 2 billion euros - have refused, the official said.
The Greek cops refusing to go ahead with the "voluntary" exchange offer? Hmmmm. (and yes - the self-employed in Greece have a state-run pension fund. Brilliant).
Also, according to Dow Jones, this number of dissenting pension funds is 5. What is unknown is how many bonds any of the above non-dissenting funds own.
So how long until we get a headline that due to "unexpected complexities" the PSI deadline has been extended by another X hours?
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Easy way to solve that. Just have the Greek government raid the pensions.
They did that last year.
lol
And they will and did, this is the end and I think they will extend the time because they don't have everyone aboard.
So much for "lulzsec"
http://www.nytimes.com/2012/03/07/technology/lulzsec-hacking-suspects-are-arrested.html
Rats. Do you think the feds and other foreign govts don't monitor zh? You leave a footprint every post you make
+1, and more so..
http://en.wikipedia.org/wiki/Laser_printer#Steganographic_anti-counterfe...
govt: "All your mac addresses are belong to us."
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The March 20th Greek bond payment due date can't come any faster.
Now that sweden (who can't even figure out who *cough* CIA *cough* murdered Olov Palme) has found out that North Korea has tested iRanian warheads, expect a false-flag around March 19th. Probably a nuke striking a major euro urban area.
Let it be my neck of the woods. I go weary waiting for the collapse. HAHA
I think it must be a big problem getting a False-Flag event to work as intended when so many peope around the world are waiting and watching for the the next FF-event.
Have we reached peak diminishing marginal false flag returns?
Out of left field... completely.
And just to make March 20th even scarier, there are some peeps that expect another significant earthquake - keeping the earth shifting big time every 188/189 days. Just saying . . .
You might really enjoy my friend's YouTube channel as it relates to weather patterns and gelogocial events. Great shit mannnn - http://www.youtube.com/dutchsinse
The next riot in Greece is going to more fun without the cops should they not ge their way.. It's going to make the Great Fire of London look like a small camp fire.
If you don't have the loyalty of those who command the police at the precinct level and the army at the company level you're in a heap of hurt.
Yes, there are going to be 'unexpected complexities' as sure as economists are always surprised.
Quote:
So how long until we get a headline that due to "unexpected complexities" the PSI deadline has been extended by another X hours?
Please tell me it isn't so...not more plans of plans to plan ...March 20th can not get here fast enough.
Make a 'special, one-time-only' extension of the 13 B needed on March 20 and get get to kick the can until the next payment is due. The only reason it wouldn't happen if someone has decided this is the best time for the market to head south. The algos will still be running the show at S&P 800 and all that LTRO cash will buy a lot more. When will they decide that pump should turn to dump?
Journalists get pension? WTF?
LOL
a pension for the self-employed.....fucking genius - pure brillance! We should do that here, there, ....everywhere!
tis called "Food Stamps"
Nay, tis called Social Security.
ZH is right, as usual ... as soon as it is blatently obvious that they don't have an adequate number of 'volunteers', the PSI will be postponed until all holdouts have been waterboarded into submission ...
Who waterboards the waterboarders?
the ows people, if they don't all capitulate!
The pensioners.
Waterboarders get pensions in Greece. Everyone knows that.
Agreed. But my thinking is they can't kill whoever needs to be killed by March 20, so the EU will write the 14 billion Euro check to buy time while their assassins track down the families of the holdouts for kidnapping and making a few of them examples.
I don't think they'll have to kill anybody ... when they open the hedge fund front door on Friday and see the SEC standing there with fine-tooth-comb in hand, I suspect they'll come around pretty quickly ...
They won't let the financial system implode over $14 Biliion.
Won't "they"?
This is real hard cash commitment. Not some roll-over debt, electronic digitized IOUs event.
WHO WILL PAY THE CASH? WHICH ACCOUNT IS THE MONEY COMING FROM? WHICH ACCOUNT HAS 14 BILLION CASH TO SPARE?
Cash is so pre-Lehman.
Now they just dial up a number when it's time to juice the Ponzi-Junkey.
It's simply a case of the vapor(izations)s! :>D
the extension is a matter of time ... the jackboots arrive about the same time.
I don't know what is more comical, the fact that the police and other unions think they REALLY have any money sitting in a pension fund account--they don't, since it is already spoken for--or the fact that $2B isn't jack fucking shit in the big scheme of things.
"unexpected complexities" = early morning greek police raid on select PSI negotiators?
the police are holdouts too though...maybe time for military to step in?
Maybe when the police pension fund is finally looted (looted out in the open, since it has been looted already) the police may stop protecting those Bankster-Twats from the people.
"workers' unions worried the writedown on Greek debt holdings will affect the viability of their funds". Bwahaaaaaa! Nothing from nothing leaves nothing.
the Greek people have always been prepared to say no to the banking predators...
The Greek people sure could not say NO when taking the money to buy the wine.
That much wine brings on a headache.
Now it is the bartender's fault?
This is a clusterfark of social unrest on a tinderbox if ever there was any. Coming to an America near you.
Pass the popcorn
you can forget the police union going along, to get along. they've made it clear for some time that they are against the eu/imf robber barons. the chief of police even said he has handcuffs reserved for those criminals;
http://www.youtube.com/watch?v=32Q3RVZ8vlY
Then Greece shall default, rise from the ashes and Greek police be paid in Drachmas.
Not the end of the world for them. At least they saved the future for their coming generations.
"unions worried the writedown on Greek debt holdings will affect the viability of their funds."
Pretty smart boys and girls those Greeks.......you betcha sweet cheeks it will affect your funds......lol
how long before the US gov stuffs 401k's, IRA's and other pensions with US Treasuries under pain of death?
Actually, one of the options for Civ Serv TSP (401k equiv) are nonnegotiable treasuries that pay just a touch more than the base rate, so the price of the bonds don't change, and we get whatever rate that's out there. Good enough, just like holding actual bonds instead of a fund. It will be good when the 3-year rates start climbing, and it's been okay since 2009. Of course, when Timmy dipped into those accounts around debt ceiling time, THAT got my attention. Still deciding whether to wait for some bond smack down and enjoy the higher interest rate, or not take the risk of Timmy touching the jewels again....
.... it will be your "patriotic duty" to load up on US Treasuries ... of course there won't be anything else to invest in at that time 'cause the stock market will be dead as a doornail ...
Can Greek pension funds hold gold? They need to buy some bullion quickly.
Those who won all battles shall lose the war.
Bilderberg Group and the crimes against humanity.
This is how things work in all countries. Whatever used to belong to their people, today it belongs to the multinational companies of the Club. People were betrayed by their given leaderships and they lost everything. Capitals and markets were handed to the Club bosses. If you understand what is going on in Greece, you can understand what is going on in Britain, France, and Germany etc..
http://eamb-ydrohoos.blogspot.com/2012/02/world-war-iii.html
Authored by PANAGIOTIS TRAIANOU
I'm shocked! Not one mention of the 200 ft asteroid (DrudgeReport col 3 Sat, col 1 Sun, RT.COM page 1 Mon) that currently might scrape in between some geosynch satellites next Feb. and Just Miss Mother. The Greeks/UCB/IMF might still be holding out for that date, just in case some bus-size chunks pepper some cities.
... ahhh ... can someone get Will Smith for me on line one ....
I'll dial up Bruce Willis and Ben Aflec, send them to NASA, do some deep drilling on the rock, implant a nuke, problem solved. Seriously, this thing is about the size of the Tunguska Ateroid is estimated to have been and the chances of iimpact are so slim as to be laughable. If something is getting within 100 miles of our atmosphere, then I will worry. Till then, ishkabibble.
the last greek domino the bureaucratic pension funds; Spartans all!
Lol, in the face of Roman lust! And Imperial dictat.
The market is "greed is good" like Romans who burnt Corinth.
I'm all in for raping some Sabine womyns...
So how long until we get a headline that due to "unexpected complexities" the PSI deadline has been extended by another X hours?
timetable bailout, bitchez!
greece gets their money this year. no default.
Participate in most PSI + insurance funds - Yes on 7, not 5 To participate in the PSI + decided the Boards 7 Insurance Funds and Mutual Funds. These funds are in the information, and IKA IKA Guarantee Fund, the Agency Insured Public Care (OPAD), the Agricultural Insurance Organization OGA, the Civil Servants Pension Fund (MTPY), the Public Employees Provident Fund ( TPDY), the Bank Insurance Fund for Employees and public utilities (TAFTEKO) and the Management Company Mutual Fund Insurance Administration (Mutual Funds).Not accepted the haircut of Greek government bonds held 5 total funds. This is the Unified Fund of Employees Independent (EBRD), which secured legal, health, etc., the Private Sector Provident Fund (TAPIT), the Auxiliary Pension Fund Private Sector (TEAIT), the Unified Insurance Fund for Media, (Stage-SME), and the Auxiliary Pension Fund and Welfare of Employees in the Armed Forces (TEAPASA).
The two Boards Funds continue tomorrow and Wednesday meetings, so will take the final decisions. These administrations Insurance Agency OAEE and Liberal Professions Supplementary Insurance Fund for Public Employees (TEADY).
We know what the IMF does to hotel workers. They may have to bargain with the police and journalists. They shoud do the same thing to the self-employed as they do to the hotel workers, but they might get bit in the process.
THIS IS A COPY OF YPOMNIMATOS DISKETTAS AND WITH GREEK CDS of 12,000
http://www.scribd.com/doc/83927856/%CE%9C%CE%97%CE%9D%CE%A5%CE%A4%CE%97%...
Sorry, that's all Greek to me.
I think the odds of a successful CRAM-DOWN taking place are pretty good. I foresee 75% PSI happening on time. TPTB have too much at stake to allow a few pension funds to stop the show.
If they was smart they'd:
1) Get 26% of the BHs together.
2) Agree to no PSI
3) Short the Euro at 400x leverage
4) Announce they have 26% that say no
5) Sit back and watch the Euro plummet
Easy money.
Do these bond holders know the yield on the one year is north of 1000..??
Maybe they think they will get paid more as that number keeps rising....???
No, not that. What they have is swaps that pay on default.
If I was one of the $14.2 billion bondholders due to be paid on March 20 I sure wouldn't accept their "deal". Also, if they CAC the Police instead of paying them 100% I imagine the riot police lines protecting Parliment might get a little porous come the next protest.
CONFIDENTIAL
The Letter of Georgiou - head of Greek Stats Agency- to Paul Thomsen-IMF ( 2010 )-Troika
http://www.scribd.com/doc/84271758/Confidential-Letter-of-Georgiou-Head-...
READ AND WEEP.
PP