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Merkel: "No Guarantee Second Greek Bailout Will Work"
It was only logical that following this weekend's quote unquote surprise announcement by Juncker that a third Greek bailout is likely in the cards, that Angela Merkel would follow up during her much anticipated Bundestag speech today and tell fellow politicians that there is no guarantee that a Greek bailout will work. That was to be expected. That this announcement is somehow responsible for the market selling off, and the EURUSD being at the lows of the day, once again proves that the market is no longer a discounting mechanism, and merely reacts to headlines that could be anticipated by anyone who steps back from the blaring noise and flashing headlines for even just one minute.
From Reuters:
There is no guarantee that a new bailout package for Greece will succeed, Chancellor Angela Merkel told German lawmakers on Monday ahead of a parliamentary vote needed to approve the 130 billion euro ($175 billion) rescue programme.
"There is no 100 percent guarantee that the second bailout programme will succeed," Merkel said, adding that the benefits of backing the programme outweighed the risks.
Merkel also said she expected Germany would contribute 11 billion euros of its contribution to the new permanent bailout fund, the European Stability Mechanism (ESM), this year and the second portion could be paid out next year.
None of this should be a surprise. And yet it is. Perhaps it explains why the only human on the floor of the NYSE this morning at CNBC employees.
However, one thing that bears noting is that fact that Merkel once again said the colonization shall continue:
- Merkel Says EU Commission Will Boost Control Measures in Greece
Translated: "Hello Kosta Papakosta, Ich bin Franz und Ich bin dein tax kollector. Hand over das geld (und gold) bitte." [sic]
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She said no need to increase firewall. LMAO
If at 1st you don't succeed because your approach is fundamentally and horribly defective and fails to even remotely address the critical flaw in the failed mechanism, by all means, keep using that same approach, only with increasingly larger sums.
Never give up.
Also, one person's fundamentally defective 'firewall' is another person's self-immolation.
Mantra for the day:
Repeating my actions will produce different results!
Repeating my actions will produce different results!
Repeating my actions will produce different results!
> Merkel: "No Guarantee Second Greek Bailout Will Work"
Then stop trying. And stop wasting the world's paper wealth on your Nobel Prize worthy experiments.
Angela Merkel Pool Dance
http://www.youtube.com/watch?v=sv-0XjrBVT0
Newsflash to Angela: the first Greek bailout didn't work either.
She is stalling, she just needs a little more time to ring fence her banks, then bye bye Greece.
Do they really think that Greek tax evaders have the money to pay their back taxes? BHAAAAAHHAAAAHAAAAA
Guess they can always have them work off their debts with some "shovel-ready" jobs.
They have already planned for this. Why do you think they're burning Athens to the ground? In order to give themselves jobs rebuilding it.
In other news Paul Krugman considers moving to Athens.
DIE FRAU also said that it's necessary to take risks from time to time, but that her oath of office forbids her to get too adventurous.
Gas in Germany already at all-time highs. Franz & poor Jürgen worried / angry. Polls show 90% against this second Greek bailout, yet DIE FRAU and all the politicos continue to ignore the will of the people.
I would go as far as denying this country to be a democracy anymore.
A classical-liberal republic founded on democratic principles is not supposed to do every day what the majority of that day wants.
It's based on electing and entrust a number of citizens to do what they believe is the right thing - and then electing them either back or someone else.
Precondition to your idea of a classical-liberal republic would be to have choice between competing parties on election day.
We don't have that in Germany.
nor in the US.
Let me emphasize, though, that I don't consider Merkel stupid. She's quite a bright mind, actually - one of the top scientists of the former GDR.
She just knows that if she lets this domino day happen in southern Europe, starting with Greece, the EMU would collapse and take the world's financial system with it.
But, I still think as Kyle Bass does, it would be wiser to come out as the country with the really strong currency and the ability to re-cap its banks instead of crushing now with the rest of the failed EMU, which will blow up anyways in the next couple of years.
MAD has been chosen for her. Germany is under crowd control as are all Western 'democracies'.
The demokratia of Antiquity and present day democracy are like comparing pink condoms to elephants.
going "solid" at this stage of the currency wars would be just plain madness. remember, the CHF is hiding like an irresistebly tasty chicken under the gown of the euro.
Kyle Bass is a pure Anglophone hedgie, he would not mind stronger currencies to hunt at all. It's like a velociraptor not minding that the prey get's fatter and slower.
one of the top scientists of the former GDR
The real question is how she ever got to University in the GDR when children of Christians were usually "selected out" and her father was training priests in Templin, but he was known as "Red Kasner"
Horst Kasner was friendly with prominent Stasi alumni, and belonged to the “Christian Peace Conference”, a communist camouflage organisation funded by the KGB in Moscow. Another member of the CPC, Albrecht Schoenherr, had supplied him with the job as manager of the pastoral college.
http://hat4uk.wordpress.com/2012/01/30/revealed-angela-merkel-rigid-seri...
'Serial Conformist' is the name of the game.
Look, it's pretty simple, a script has been written for the Germans and it's about reading the lines not thinking and improvising.
I have from a friend that the Roter Kasner was in truth a double agent. which, if true, would make her youth doubly strange though suddently simple to explain: on the good side of the DDR's government and then on the good side of the BRD's government...
I heard that Merkel was one of the smartest guys in the room.
COnsidering who else is in the room that could be true. Just like 2 + 2 = 5 for large values of 2 and small values of 5.
Germany is not permitted to have a range of parties nor to discuss anything not Approved or the Berufsverbot and Gleichschaltungszwang can make life very difficult for Dissidents.
The DDR has infused the German State
wait a moment - are you hinting at the far right or the far left? Yes, Germany is remarcably resistent to allow any brownshirts parading with the forbidden svastikas - something that is allowed in the US, for example.
but the far right is quite represented in the German Government. I sincerely don't know what exactly you mean - "Gleichschaltung"? I think you are mistaking a social hurdle with a political one.
Dissidents? What about the whole PiratenPartei movement? I'm used to higher quality statements from you, are you being oblique because you know yourself how unpopular your stance would be?
I will admit that your system has some areas where it does not work, the "Hochburgen" like some parts of Hamburg. Until it works again, remember the change with the Stadtpartei or how it was called? And you have constantly new parties getting into the fray, like the Piratenpartei.
I also remember when nobody thought the Greens would ever have a Bundesminister's seat, and sure not that firebrand Joschka Fischer.
no, I don't agree. you have much more electoral power than lots of other countries. it's not your political system that is the problem, it's the political will that is not there.
things have to get much, much worse before this political will arises - you have the lowest joblessness since when? 1955?
Ich schwöre, dass ich meine Kraft dem Wohle des deutschen Volkes widmen, seinen Nutzen mehren, Schaden von ihm wenden, das Grundgesetz und die Gesetze des Bundes wahren und verteidigen, meine Pflichten gewissenhaft erfüllen und Gerechtigkeit gegen jedermann üben werde. So wahr mir Gott helfe.
I pledge that I will dedicate my strength to the well-being of the German People; protect it from harm; uphold and defend the Laws of the Federation, fulfill my duties with conscience and exercise the office impartially. So help me God.
She falls a bit short on protecting the German Nation from harm
If that's how much God is helping her citizens of the USA should spnd some thoughts on the things that will happen to them after Santorum is elected.
But at least American money says "In God We Trust" - that's gotta count for something... /s
It's about all you're left with !
Is the goal "colonization" of Greece or more like a "stampede of pillagers" through Greece? Well, I guess the ocean-front views might be worth staying for...
Merkel was misquoted. He actually said "There is 100% guarantee that the 2nd bailout programme will not succeed." Easy mistake to make.
She ... Merkel is a she ...
Are you sure about that?
Well I am certain the Kneel for Cashtocarry said on Bloomberg that the LTRO saved the world.
Angela Merkel Pool Dancehttp://www.youtube.com/watch?v=sv-0XjrBVT0
Dude, no he's not....That's what they don't want the markets to know! ;-)
"There is 100% guarantee that the 2nd bailout programme will not succeed."
Can you Twitter that a few thousand times today using Tyler's twitter account? /sarc
2013: "There is no guarantee that the ninth bailout will succeed"
There is a lesson here more and more clear:
THE TALK THAT THE SWAPS ARE SMALL NOTIONAL NET AND NOT A CAUSE FOR CONCERN IS BULLSHIT.
They are terrified of swap trigger. They have been from day one. They are politicians ignoring polling. THEY ARE TERRIFIED.
Only the idiotic big players that issued the CDSs are afraid of the CDS being triggered. The small and mid-size players are afraid of the OTC derivative market in case of the bonds being declared by the rating agencies in default.
...
Good grief, we're still talking about a rowboat sized sovereign here. What are they going to do when a real, ship-sized country needs a bailout?
The rowboat is loaded with swaps. It's the equivalent of a nuclear bomb.
You can rowboat a nuclear bomb into an large harbor and destroy the entire harbor.
If it's Houston harbor, you can destroy the entire US.
"There is 100 percent guarantee that NO bailout programme will succeed,"
FIFY!
All of this bullshit to cover for the fact that there never was enough paid out in income to pay for the debt that was taken on. The elites however, used the debt created by the expansion of credit to fund thier own operations and substantially increase thier income.
Global GDP increased by trillions on the back of borrowed money that can never be paid back. However due to the leverage used by the 1%, much of the global debt could be cancelled out, but that would mean the 1% would lose 99% of their wealth. It isn't like the global billionare brigade is ever going to use their wealth during their lifetimes. Most of the posturing and con games are done to move up a Fortune list or compare yacht sizes. What was gained without labor can disappear in seconds because there was never any true value.
The stock market ponzi, assets marked to fantasy, paper holdings all would see their true value uncovered. Which is precisely zero. The average person who actually labors to produce something of value would suddenly be worth far more than anyone engaged in financial engineering.
All this bullshit is being done just to keep that from happening.
When will the German people man up and kick Merkel out?
You don't understand.
Merkel is 15 times more conservative and reluctant to do these bailouts than would be the outright left wing socialist opposition.
Merkel is the only thing holding the ECB spigot off.
the choices are death, or pooga pooga?
I prefer snu snu.
SS Merkel on the move..
http://www.youtube.com/watch?v=Kux-m30FlxU&feature=related
They are not freakin bailouts why do they keep calling them that.
Meanwhile the IMF and Germany play chicken over who should commit funds first.
IMF: "Larger firewall needed as prerequisite..."
Germany: "IMF commitment necessary before..."
I'm paraphrasing, but the mess(age) is clear.
Toootal Fookin Joke!
did the blunderburghers vote yet?
stick a fork in angela; she is fallin offa the bone!
(paste): "There is no 100 percent guarantee that the second bailout programme will succeed," Merkel said, adding that the benefits of backing the programme outweighed the risks.
the benefits of backing the programme outweighed the risks? angela! they don't, sweetheart! but, you are cornered and can only hope somebody wakes up, soon, and saves germany's bacon, here!
Virtually 100% chance that the collapse will come if they don't keep throwing money at it so this they will continue to do until like in the US, the gov statistics start to show a turnaround and then it is off to the races like you ain't never seen
yessirree!
at least the US will never again be fooled into signing another blank check made out to criminals! L0L!!!
LOL, Merkel, keep on feeding them money. Greece knows who the sugar daddy is. Germany has a new permanent dependent, it's called Greece.
The PIIGS need to conspire, right now, to stop paying and blow the whole thing up. Now. Not later when the explosion will be bigger. Now. Will they get kicked out of the Eurozone? Who cares!? It's harming both sides anyway as currently configured.
Countries, businesses, communities and people need to go bankrupt and start again on solid footing, however diminished their circumstances. There will be as much (if not more) pain felt in the more industrialized European countries, but at least it will be honest pain rather than fiat opiate only delaying the day of reckoning until the only answer for it is war on the Continent yet again, with another Napoleon or Hitler rolling armor around in a vain attempt to enrich his own people and beggar and subjugate others.
at this time, the "Markets" have had a massive sell-0ff, followed by a classic short-sqeeze
who could make this up?
The problem with Greece started at 120% GDP and they are trying to get the GDP back to 129%. Not going to work and they will need more bailouts.
Funny how these government types never define "works." I'm confident that the Greek bailout will work, which means the banks will get their bailout, the Germans will sink a little lower toward that blissful intra-EU equality (read: universal poverty), and the Greeks will have to start buying the generic brand of cat food. That works for the banks!