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Merkel Says No Greek Creditor Deal Today
There is a reason why we mock the IIF's perpetual optimism that a deal will be done any. minute. now at every possible opportunity. Especially when after all of last week, we kept hearing over and over from every source imaginable just how "guaranteed" a deal is before today's Euro Council meeting began. Well, surprise, surprise, the red carpet clownshow is on, and there is no deal. And it gets worse. According to Bloomberg, European leaders won’t finalize Greece’s second aid program today because talks with banks over debt reduction aren’t completed, German Chancellor Angela Merkel said. Leaders are also awaiting an assessment of Greece’s current needs and the status of its economic reforms, Merkel told reporters before a European Union summit in Brussels today. Said otherwise, that 150 pip surge in the EURUSD, which as was said was very transitory, has faded. Even more amusing, Stolper is once again out of the money on both his latest EURUSD call, and his Sunday long USD call. Simply stunning.
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We have no banana republics today......maybe tomorrow.
It all orchestrated and agreed before hand. The game with Greece is rigged.
"And it gets worse"
Quite wrong: It will get better once Greece has left... Much better!
Isn't the word "stolper" Austrian for "dumbassed mofo"?
No, it means "stumble" in German.
Goldman boyz downgraded BAC. Go figure. Now how does that correspond with buying the Russell 2000 index call?
If the calls keep being wrong, then sooner or later all those rich Goldman clients will be a new addition to the 99%.
Didn't you hear....all the dept's are truely independant from each other. They follow all the rules set forth by the SEC to kep research and trading separate
Recess. In the meantime, lets talk about how we can solve a solvency issue by applying more liquidity.
OK...easy, give every ,woman, child, dog,cat, bird, goldfish, dead mummy in the museum a NON-RECOURSE, no qualifinying 50,000 line of credit on a Platinum Credit card and then VAPORIZE the bill each month.
end of problem
Jubilee without moral hazard. I seriously like this idea.
maybe Ben will vaporize the fed's treasury holdings - no more debt ceiling problems
The question is are they all a bunch of idiots or is the problem so beyond comprehension they are getting thier ducks in line before they pull the plug on the EURO. I believe they are not idiots
To late, the answer was Vaporized just before you got here.
To me, it seems obvious that things are out of control and they're frantically doing everything they can to delay the ultimate implosion as they position themselves to benefit, or at the least, not get slaughtered.
These guys have a date in mind in which they are to be 100% ready for everything to implode...I'm convinced of that. There is NO easy way out of this...and of course they know that. The question is: what date do they all have circled on their calendars as the day they run for the hills and let the chips fall where they may? I don't know but all this can kicking is just to buy time, whether days/weeks/months...I don't think much more than that now. This is such a circus-act. And it's no longer entertaining...we grow bored.
Great minds, and all that...
Mayans say Dec 21 2012. Except the Eu will cancel that summit until an undisclosed date.
He should change his name to Stopler, he gets stopped out on everything. But, when your doing god's work...
Sheesh... watching a drunk stumble around and pee on himself is funny at first, then it's pathetic, and finally it's boring. The blow by blow in this unending travesty is beginning to actually hurt.
This will collapse on Wed, or whenever Facebook IPOs .. control the news and all.
The Germans will ring fence their banks and tell everyone else, "see ya and I wouldn't want to be ya". Lets get on with it, because the next act in this tragedy will be Israel hitting Iran, then the real fun will start for the world economies...
I was so sure that yesterday, last weekend, weekend before that, that the Private Creditors and Greece would close a deal.
I also believe in Fairies, Prince Charmings and that this time is different.
A wonderful deal was, in fact, done over the weekend that satisfied all parties, putting Greece back on a sustainable debt footing while making the private bondholders whole.
Sadly, the deal vaporized just before it could be publicly announced, so now they have to start again.
Shame.
Hansel and Gretel, was Merkozy. Now, little red riding hood and big bad wolf, Merkel, the good girl lost in the woods of bad greeks and portuguese who want to eat her granny's meal!
Children's tales have the most revealing threads and also...the best endings. When we grow up... we still love the threads but we doubt that the bad wolf gets caught every time.
NEIN! ANGST!
& folks mocked me here when I sold EUR the other day - LOL
Greece really, truly should be throwing more weight around in the press.
"It has occurred to us that maybe ECB and IMF bond holdings should move to the front of our default queue. Europe has not seen fit to provide us, a member state, with the sort of support we need, so maybe a re-ordering of priority of these haircuts is called for."
The ECB and IMF are the largest bond holders, more than the banks and hedgies. They are who stand to lose the most money and they are who is excluding themselves from haircuts. It seems not to have occurred to them that Greece can haircut anyone they want.
Ah, Hello? Didn't we all agree not to use the term "transitory" for awhile? You guys are so stuck in 2011. This too shall pass.