Much Ado About No Greek Headlines

Tyler Durden's picture

In an emailed statement from the Greek finance ministry, we are told not to expect to hear anything from anyone about anything. Sounds like they have it all under control then...




The call is also being attended by George Zanias, the chairman of the council of economic advisers and Elias Plaskovitis, the ministry secretary-general.

The market's initial reaction is to sell-off on this no news as ES moves towards the day's lows and EUR inches lower. Note also that XLF (the financials' ETF) did not participate on the upside ramp into the Europe close and is now at the day's lows -3.4%. WTI just cracked $85 (lows of day).



  • GREEK FINANCE MINISTRY SAYS NO CABINET MEETING PLANNED SEPT. 20 :-  Deny, Deny, Deny, or simply Lie, because this contrasts with earlier reports that G-Pap would convene a cabinet meeting after the call.

Source: Bloomberg

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Henry Chinaski's picture

All of the interesting stuff happens after hours.

gojam's picture


But I've found this reconstruction of what is actually happening.



Spirit Of Truth's picture

Yep.  One possibility is the 9/20 Greek default call is correct, i.e., Greece isn't announcing anything, they simply won't tender payment when due.  That'd certainly be a statement in and of itself.  Odds are low, but it's possible that Athens has read the writing on the wall and is ready to Iceland their creditors.

TruthInSunshine's picture

I am laughing my ass off at this moment, and I pass thy gift to you now:

EU to call for US and Japanese action on public deficits at G20 this week according to an EU document


09-19 13:05: EU to call for US and Japanese action on public deficits at G20 this week according to an EU document


I am happy to see the EU call out little Keebler Elf, Timmay Geithner.

Spirit Of Truth's picture

No, no....Geithner is Hermy the elf from Rudolph the Red-Nosed Reindeer and the Island of Misfit Toys:


LaLiLuLeLo's picture

blackout bitchez

tmosley's picture

They say no news is good news, so it makes sense that no news would cause a sell-off.

Goldenballs's picture

Silence tells more than a 1000 words.They are totally bankrupt,bring on the implosion of the banking system.Gold and Silver to infinity.

DogSlime's picture

Greece is suffering from Plaskovitis?

Mongo's picture

Is that repackaged bullshit or the real underlying bullshit?

william shatner's picture

If LEAP/E2020 had to summarize the "Hollywood style" or "Fox News" (11) scenario, we would have the following synopsis: "While the US iceberg is ramming the Titanic, the crew leads the passengers in search of dangerous Greek terrorists who may have planted bombs on board!" In propaganda terms, it’s a known recipe: it’s a diversion to allow, first of all, the rescue of the passengers one wants to save (the informed elite who know very well that there are no Greek terrorists on board) since everyone can’t be saved; and then, hide the problem’s true nature for as long as possible to avoid a revolt on board (including some of the crew who sincerely believe that there really are bombs on board).


NotApplicable's picture

So, should I expect several unofficial announcements instead?

bnbdnb's picture

Someone's selling gold to pay their bills. Down $30 in 1/2 hr.

SheepDog-One's picture

Bankers already know the FOMC results, dumping their paper gold into the QE3 faceplant.

Roger Knights's picture

UBS maybe?

Gold is going to hit these air pockets going forward, as Euro banks and countries run out of liquidity.

FinalCollapse's picture

Sounds of silence...

RobotTrader's picture



Outright chain-selling and liquidation of anything commodity-oriented.

Proceeds are promptly being used to buy more U.S. Treasuries, more U.S. Dollars, more AAPL, AMZN, CMG, or anything else that is "working"...


SheepDog-One's picture

LOL those people will soon be kornholed, just like you when you were lecturing everyone they better get all long at DOW 12,800 for that big 'debt ceiling rally' hey how'd that work out anyway?

d00daa's picture

now it's a 'greece default rally', this asshole called dow 500+ when greece bites it.  the ultimate fade, his confirmation bias has gone full retard.

Corn1945's picture

I noticed NFLX fell off your pump list.


SheepDog-One's picture

Its one of Robos trading miracles, 'every post' momo shining star stocks just get erased when they suddenly tank, to be replaced by some new Momo stock fad. 

SheepDog-One's picture

I guess theyre figuring out the carrot and stick markets are no longer working.

BTW why is everyone on the edge of their seats waiting for a Greek miracle? This has gone on for months and only gotten worse, there IS no answer!

cab economist's picture

Here we........ Gold dropping......... please move quietly to the EXITs

SheepDog-One's picture

Gold dropping = clearest sign possible QE will be a huge faceplant in 2 days.

Happy 'tradering'.

Waffen's picture

or just an excuse for Bernake to say no commodity inflation?

SheepDog-One's picture

'No commodity inflation' because of a 1 day drop and then what? Bernank is going to trick someone with that? Even if gold is down some, its STILL up 800% over the last few years. 

No I really think the banks and Wall St traders know whats coming Thursday and are blowing out their paper gold now as last hurrah. But we shall see very soon.

I just keep getting this vision of analysts on Wednesday looking at the FOMC Bernank speech 'word jumble' trying to figure out which word means he's just delivered $3.5 trillion free dollars to Wall St.

TradingJoe's picture

Yep me think so too, no money form Da Benster so no printing so no need for gold...jsut yet! Markets will tank then Benjo is coming to the rescue and rockets to..well fuck knows it just rockets to the moon or so, eh?!

I got the perfect recipe, I own PMs and PUTSSSSSSS! Its either/or, right?!?!

papaswamp's picture

Perhaps it was a ' damn we're fucked' moment?

TraderMark's picture

Good piece in the Economist on the world's future soldiers... err, I mean disaffected youth who can't find a job throughout the West.

youngman's picture

When they used to have press releases every me this means something is one wants to be the bearer of bad news.....who wants to get in front of the mike and say we are bankrupt....Mr P...not.....but gold and silver are down...HUH????..I sometimes do not understand the world...we need to check up on the Dominos Pizza deliveries at the Fed, and the Greek thinks they are working overtime....

TruthInSunshine's picture

Central Banksters Like The Bernank & Trichet = The Men Who Stare At Goats (and PIIGS)

msamour's picture

Interesting reference to Domino's pizza, especially the link to Legatus. Speaking of which, it would be a good idea to keep an eye on when they have their next conference, and especially if they have an "unscheduled meeting", or emergency meeting. You never know how the markets might response to a major Legatus move.

Let them eat iPads's picture

Troika is a Russian word for threesome.

I wonder what they're doing.

wang's picture
wang (not verified) Sep 19, 2011 1:20 PM

Buffett's (Berkshires) Billion Dollar IRS debt?


At December 31, 2010 and 2009, net unrecognized tax benefits were $1,005 million and $926 million, respectively.

wombats's picture

Fear and Loathing in Athens, Paris, Berlin, Rome, Madrid, etc....

RobotTrader's picture



PM's getting sodomized by the Cartel.

Looks like a couple of commodity funds are probably going to get "Amaranthed" this week.

All pre-planned in order to prepare for the FOMC statement:  "There is no headline inflation risk".

More proof that physical markets do not matter.  It is all controlled by paper.

Bastiat's picture

It is all controlled by paper.

Until the paper sellers can no longer meet delivery calls.

citta vritti's picture

and when that happens, the delivery rules will be changed as need be

Bastiat's picture

Will new rules create physicial metal?

SheepDog-One's picture

'It's all controlled by paper', LOL, until it suddenly isnt. And then some people will be holding bit of paper, others base metal coins.

TradingJoe's picture

yeah Austrian Dukato.s baby !!! they are soo nice looking too!

Iam Rich's picture

Sodomized indeed...hence whatever the news, it is fundamentally PM positive.  Gold just before CHF-EUR "peg" loses $50 in 5min on probably the most bullish PM news in weeks.  Oh well, we'll know soon enough, but not before the folks that matter know.  Anyway, reminds me of a quote from Dan Norcini about the pre Swissie "peg" gold takedown:

"To assume that the ECB, the Federal Reserve, the Bank of England, the BAnk of Canada, and any other major Central Bank of the West did not have previous knowledge of the plans by the Swiss National Bank to debase the Franc is to live in a fantasy land and be devoid of all sound wisdom. Of course they knew beforehand as something of this importance would not be done unilaterally by the Swiss."

bbq on whitehouse lawn's picture

In 8 years we shall see if these prices are better then bond yields, bank CD's and even other investment options. Unless you think serious money play's cosino games.

Robslob's picture



RototTrader...we call any drop in gold a "value added discount"...


Special thanks to Ben Bernank, JP Morgue, ShitiBank and all others who make days like today possible.



Fiat Currencies


RobotTrader's picture




Another "safe haven" today.  $120 to $345 in 3-yrs.

Gimme a break........

SheepDog-One's picture

All those crap stocks are being bought up because idits are convinced theyll always be bailed out and rescued no matter what....LOL, BIG haircuts right around the corner!

bbq on whitehouse lawn's picture

No. Its just games, children's play. Real money (dynastic money) play no such games.