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Put A Fork In It: Greece Effectively Shuts Down As Finance Ministry To Begin 9 Day Strike
Remember the country that started it all yet was "so small nobody should worry about it." Well, it turns out its size was juuuuust right, and while the Eurozone is now fighting contagion fires everywhere up to and including the heart of the core (thank you most-bailed-out-by-the-Fed-bank Dexia), Greece still has yet to see any benefits whatsoever from all the so called bailouts, including the 5 previous tranches from the US taxpayer funded IMF. Well, it appears Greece has effectively shut down, after the country's Finance Ministry - the nerve center coordinating not only the country's economy but its continued bailout requests, has announced the start of a 9 day strike beginning October 17. May as well call it indefinite, and may as well put a fork in it.
From Bloomberg:
Greek finance ministry workers blocked access to the ministry’s main building in central Athens as part of protests against government plans to cut jobs and wages.
Members of the Federation of Finance Ministry Unions hung a banner reading ‘Occupation’ from the roof of the eight-story building and hoisted black flags around the roof. The federation plans a nine-day strike beginning Oct. 17, according to an e-mailed statement today.
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Stupid equity markets say: bullish.
Of course, if only all the "bad" parts of the world eCONomy would shut down (and hence no be counted), this is earning season after all and we got to keep marching towards infinite growth on this finite world, don't cha know.
Bullish indeed.
Mother of all short squeezes.
At the behest of ZIRP, POMO, Reverse POMO, Repo 105, QE Twist, Primary dealer/Fed Reserve circle jerks, SEC tranny fist fucking porn watching, DOJ lack of criminal referral thumb sucking, and a good old fashioned debt based money system. Sounds good.
I would like to contact someone, so that I can transfer all of my assets to whatever cumfuck equity plan they suggest. Buy and hold is the key. Great valuations and crystal clear balance sheets. Any mainstream economist would do, as I can trust with my extra capital that I derived off of my labor. Seems to make sense to transfer my productive capital to capital created from a printer.
Most tech stocks have been up 20% from the two weeks ago's low. It is still shooting higher. Another Tech bubble is in.
Just look at the chart for the DAX - it's 17% higher than its recent low, in 6 days...
some of the financials are up even 50-60% from lows of one week ago
this morning i saw on Bloomberg a report on the short interest in automobil sector stocks, especially in Daimler
"independent" news coverage
inspired some to squeeze some of them shorts out, Daimler up over 6%
i wonder how big is the long interest...
It's the gravitational waves from the supermassive black hole of OTC derivatives that is distorting the markets. The only question is: Are we inside or outside of the event horizon?
New tech bubble, all in 1 week...LOL!
will greece cease to be a country?
http://expose2.wordpress.com
If the globalists have their way, every country will cease to be a country. Greece is just ahead of the curve. However, they are still nowhere near the level of revolt that it will take to put an end to it. --- When their police no longer turn-out to contain the riots and NATO is sent in, only then, will they be fighting to reestablish their nation-state. However, they are right to delay, until the contagion spreads to the other PIIGS, for otherwise they would risk the fate of those who rise too early, before a general revolt breaks out.
Medically speaking, plague starts with a pimple "so small nobody should worry about it." Then it goes worse...
Couldn't happen to a nicer bunch of sheep stealers.
But, but our econometric models say that Greece's deficit will reduce and their economy will grow. This story is nonsense as it wasn't in the equations.
October 17? Isn't that the same day they run out of cash?
No. They "found" some cash, lately, so the moment of truth could be postponed.
lol
no doubt this should cause the USD to tumble sending the /ES soaring to new ever more glorious highs because...just BECAUSE.
Yo, can I hitch a lift on yer space ship? I gotta get off this rock, it's populated with idjuts!
Euro target 1.15 a weekly close above 1.388 out of half my position and will look to reshort.
Dont worry China will send some labor over to run the country.
That should be good for a 100 point EURUSD rally! Greek cannot default if its Finance Ministry is closed!
My Big Fat Greek Additional Nine-Day Union Vacation.
Where do Greeks typically go for their eight weeks of regularly-scheduled-paid vacation?
they go on strike, thats where they go
Makes sense. Always good weather, and the food is consistent.
I hear there are travel bargains in Harrisburg, PA.
Some Greeks I know like to go to the Seychelles.
Why the 17th...why not now....???? If your going to walk on thin ice...you might as well dance....
Please wake me up when people start dying, thanks.
Agreed. It's all getting old. For my part, I pulled all my money out of the big banks. Paid off all the credit cards. Generally use only cash and DEFINITELY abandoned all consumerism. Did I say avoid almost any tax I can?
Sooner or later the beast will be starved enough for real reform (and prosecutions) to at least begin.
It's priced in.
Goodbye Greece, see you after the big clash.
I loved having holidays on Crete, for what it matters right now.
Appreciated by all Cretins
If we can just have a big enough natural disaster, the gdp would sky rocket. Within five years of that everyone ever born could permanently retire.
My magic 8-ball says this is bullish!
there is only one setting on the magic 8 ball - bullish!
No, there are multiple settings on magic 8ball:
Bullish!
Strongly bullish!
Insanely bullish!
Ludicrously bullish!
Different levels require to use different leverage, 1000:1 in case of ludicrously bullish.
It remembers me Minnesota in Mediterranean souce... How handy if you can simply vote to rise a debt ceiling running presses... You can pospone problems unitl paper or ink run out.
That would be "Fork You"; as translated from the Original Greek.
These people strike more than Big Ern McCracken
http://www.youtube.com/watch?v=SxXJbjHttMc
There a whole federation of unions specifically for workers in the Finance Ministry???
Christ, how many workers does the FinMin employ? How many unions do you need to form a federation when there is only one employer concerned?
I suspect the Greek Finance Ministry may have an overstaffing problem.
...and an incompetence problem.
+3
one for your name
one for the avatar
one for the comment
In general, yes - but you have to admire their brilliance in continuing to suck money from the IMF/ECB/EU while delivering worse than nothing from their side.
"Christ, how many workers does the FinMin employ? How many unions do you need to form a federation when there is only one employer concerned?"
One to robo-sign the checks and a thousand to move around barrels of ink.
They ran out of ink ;-)
Hey.. only for keeping track of all the Strikes in Greece...
http://www.keeptalkinggreece.com/2011/10/10/upd2-greek-strikes-week-schedule-oct-11-19-2011/
It doesn't count if the Ministry is not set on fire.
Greeks. What a bunch of pussies.
Having the Finance department of your country go on an extended strike is a nice way for a country to buy some time instead of telling everyone that they don't have the liquidity to make any payments on anything.
Oct. 12 (Bloomberg) -- Greece’s central government cash
deficit widened to 19.2 billion euros in the January to
September period from 18.5 billion euros in the same period a
year earlier, the Athens-based central bank said in an e-mailed
statement.
Ordinary budget revenue fell to 35.2 billion euros from
36.2 billion euros while spending rose to 53 billion euros from
48.9 billion euros, according to the statement.
One helluva austerity, eh!
I'm getting a $500,000 student loan to get a degree in Shadow Banking and one of the courses is about money printing. I discovered a bankrupt weekly newpaper with all the printing presses intact and in good order.
In a few weeks I'll have the $500,000 student loan paid off and will be competing with the fed for green backs printed. My new business may get so huge, I'll have to expand and I'll be forced to get an MBA so I can manage my new printing business. :)
Surely without a doubt this is extremely bullish
Why this is bullish: the world is moving toward "post-financialization". So shutting a finance ministry is a big first step.
Gold morphed to paper, paper morphed to binary digits, and now that we're drowning in excess financial digits they too have lost all meaning. The world will go on without money. As long as you take just what you need and give just what's needed we'll all be better off than we were before.
Try telling that to a East Euro prostitute, post coitus, your face will sting as you walk away...
Ahh you have to give if you receive. Then it works :-)
This has got to be good for a few hundred more points to the up side in the DOW
Some analyst put a $580 target on Priceline. Why not just shoot for $750?
Does a stock price even correlate to anything anymore?
Where are the $600 calls for Apple? they were out there a few weeks ago. Reality is S&P 750-800 and Dow 8000. Anything above that is a bubble valution based on any metric that resembles reality. Yet somehow the Dow is supposed to be above 14k, that is correct according to the market.
What justifes the price levels of some of these stocks like Deckers Outdoor? How can they still go up more than 3% every day? The moves down over the past two months were justified but these BS stocks keep heading for new highs. The only right move is up. I can't bring myself to invest in a company I know is overvalued 100 times or more.
Some analyst put a $580 target on Priceline. Why not just shoot for $750?
Does a stock price even correlate to anything anymore?
In a world where competing governments and banks can produce tens of trillions overnight, everything is "cheap". I just put a billion-dollar price tag on my holding of physical gold, and I'm just gonna sit and wait till the day the phone will ring off the hook.
And of course, this is bullish news!
October 17th?
Greece has been saved they just don't know it yet.
The actions of the past month or so give me the impression that Germany and France, effectively the Euro's parents, have given up trying to control their childrens' spending habits.
Or more to the point, the kids have come to realize that their parents are all-talk and no-action; in the end, Germany and France always cave and the spoiled kids get their allowance.
You ZH'ers are like the buck tooth kid with no friends in school. Ya just hate the fact that the markets are climbing and more people than not are doing just fine.
Lighten up Francis. The ECB will print whatever is needed and the little Greece will go along to get along. How many times has Greece "shut down" or "been on fire" around the halls of ZH? How often do you guys post stories about the soon to come market crash or hyperinflation or the next war or BLAH BLAH BLAH BLAH and then, well sales aren't so bad and the euro doesn't collapse and the sun actually rises in the morning?
I wonder. Have these folks who call themselves Tyler Durden ever been laid? It can do wonders to change one's outlook on life you know. Of course, the skinny bucktooth kids never get laid so it may be that is the real problem around these parts.
OK. Off to enjoy the day and watch the markets, well you know, not crash :) :) :)
NO mas, I like your style, but watch out because one day things could crash and you
may find yourself with Greece's big toe up your butt.
No Mas, you are little funny Greek. Only thing you think about is having endless fun.