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S&P Says Greek Default Imminent
Time for the dominos to fall where they may: head of sovereign ratings at S&P Kraemer spoke on Bloomberg TV, and said the following:
- KRAEMER: GREECE, CREDITORS `RUNNING OUT OF TIME' IN DEBT TALKS -BBG
- KRAEMER: EURO LEADERS HAVEN'T TACKLED CORE UNDERLYING PROBLEMS -BBG
- KRAEMER SAYS EUROPE MUST DEAL WITH IMBALANCES, COMPETITIVENESS -BBG
And the punchline:
- KRAEMER SAYS HE BELIEVES GREECE WILL DEFAULT SHORTLY - RTRS
The only thing he did not add is that the default will be Coercive. What happens next is anyone's guess, but whatever it is it is certainly priced in. Also, let's not forget that the inability of the market to react to any news ever again is most certainly priced in.
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The market is priced by the FED, not by the traders.
Fed/IMF Bailout also Imminent:
Greece dispatches officials to U.S., default fears growJanuary 16, 2012 11:40 AM ET
By Lefteris Papadimas
http://money.msn.com/business-news/article.aspx?feed=OBR&date=20120116&i...
Not a question of if...it's a question of "how much" the Fed/IMF will print/swap/hand to Greece to furnish some monetary stability there.
Again I ask when will someone have had enough and punch Bernanke in the face?
S&P being the whores they are, wrong again. It's not competitiveness and imbalances, it's FRAUD, in a fraudulent system. Way for S&P to get it wrong so many times, and now that it has slightly figured out one thing, it explains it in the completely wrong way. Thus do what S&P says, as they are as clueless with the 'solutions' as they have for a long time been about the 'problems'.
Glass-Steagall, not let the bought and paid for rating agencies, always wrong before, still wrong now, drive the debate.
S&P says fuck over the people and do what the banks and the technocrats want. Sorry, that's a horrible plan.
But hey at least they think Greece is about to default.
Bye FrAAnce your delinquent politics has sold you up the shitter without a paddle. Anybody who followed the EU-dream deserves to go down in flames.
Let's just get it on already. All this foreplay... Jeez.
http://www.bloomberg.com/video/84347932/
I think i you watch closely the kraemer video you will notice that he says Greece will default by their definition "a distressed exchange is a default" and that the consequences of a disorderly default are something to be avoided.
The Greece story is two years old. A total default will probably roil the markets for about 1 1/2 days.
Greece has been in financial trouble for 80 years.
Let's get this party started.
I keep waiting for the Greeks to default. This must be what it's like to stand on the street waiting for a suicide jumper up on the 10th floor who won't jump, and your lunch break is almost over.
Have to wonder on where S&P, Fitch and Moody's were on Greece, 2 years ago.
On the banks of Greece...waiving to the Costa Concordia...silly. ;-o
Robot, always good for a chuckle. Starting to get interesting.
FINALLY! Ive been waiting for this for a long time. Hopefully Greece tells its creditors to go screw, reissues its own currency. THEN we FINALLY get to see what value GOLD has under a NEW currency. It aint gonna be pretty.
Greece has no other option but to default. Otherwise, their Citizens will be perpetual slaves to the Bankers, with all of their and their Countries assets gone forever. The assets conficated by the Bankers will help to hold them into poverty and slavery throughout their and many generations after them lives.
After all who got Greece admited to the Uro? Goldman Sachs. And now we know the rest of the story. I am sure the took out Credit Default Swaps on their failure and all of the other Countries in the Uro.
Okay since this perp Greece got independence it has defaulted 5 times - now we are going for number 6 - in my court, repeat offenders get the hook and we put them so far back in jail they get fed with slingshots. You want to post bail again? Then you MUST have an angle...
I hope Greece does default. If only for the Greek people. They deserve better than they are being treated. Yes, we all know they are Lackadaisical but to have to pay almost everything they earn and lose all of the Countries assets to the Bankers is not just. They need to withdraw from the European Union, default, lick their Wounds and move on.
Yes, I know our Stock Market will probably crash but the Bankers will eventually get over it and the Market will rise again. But, to allow a Country of People to be enslaved because we do not want out Market to crash at the hands of the Bankers if they do not get their way is just wrong.
Again it was the Bankers that made a mal investment in the Bonds of Greece thinking the Greek People would Bail them out or they would get all of Greece's assets.
Take Greece out of the European Union, make the Bankers take their losses and lets get on with our lives and let them get on with theirs without a huge Debt overhang.
Another post note.
I know most everyone here is only concerned about Greece because of their Stock Portfolio. If they are short or long but we all have to think about what will happen if the Bankers take over Greece and all of their assets and enslave the people of Greece.
They are people just like us, with the same dreams and want of a good standard of living.
If the Bankers are allowed to take away their Sovereignty, their lands and assets, make them slaves and penniless on their own lands then they will go to the next Nation and do the same.
Eventually, it will come to the United States where we will all be in the same position and the Bankers will own all of our lands, assets and most important us. We will be the same. Serfs on our own Land. Your wish for other peoples future just to protect your stock portfolio could cost you your freedom.
The laws of reciprocity always apply whether one accounts for them or not.
Very good point WS.
...get out of the way, here comes Domino Domino.
http://www.wired.co.uk/magazine/archive/2012/02/ideas-bank/universal-currency
http://www-03.ibm.com/press/us/en/pressrelease/36290.wss
http://www.youtube.com/watch?feature=player_embedded&v=3Ad6llK6EaM
....Domino, they love him so. http://www.youtube.com/watch?v=XKJ-apLC-cQ
Trying to predict when the game will end is hard when the rules keep changing.
...it's not about prediction, the truth is not a choice. When the count down to zero has reached the end of time, that zero time has already come. Lol. All there is now, now upon this generation, ...is
...the destruction of the drunk prophetic whore
...on the way down to oblivian.
http://www.youtube.com/watch?v=ZwX_aKGjMg0 Credit Default Schnapps, LOL! BanZaieeee!
"badly" is the common denominator. Prepare for the worst, but hope for the best.
But Lisa Fischer could fix it, she can fix anything....
http://www.youtube.com/watch?v=rCrbziy20aU&feature=related
So should I buy more silver today or is the price going to paradoxically tank tomorrow in some kind of liquidity crunch?
Wait for a Euro bank to fail first, then the cascade of US banks will follow, then buy with both hands when SLV hit's 26.xx, and GLD hit's 1580.xx. Just some advise, their going lower before they go higher. Oil will be pegged at 100.00 a barrel in change, at that point, unless you see the light of God first, then it won't matter. IMHO.
PM's will keep rising till a bank fails. I hate to inform, but there is going to be no such thing as 2K Gold or 200 Silver, just be advised. Sorry.
and the sun will rise in the east for the next 365 days.
One thing we have learned in this crisis is that CDS spreads no longer tell you if a country will default, it just tells you if a country will pay back its debt 100 cent on the dollar or just the recovery rate i.e. 10 to 50 cents on the dollar. We have to learn a new vocabulary in order to be precise and not misleading. The only unknown in the last months was default, everyone knew through CDSs that payment will be less than 50 cents on the dollar. And we suspected default based on the presence of "Empty Creditor" at the PSI negotiation table. It is a new era where you could potentially escape default while not paying back you debt simultaneously. It is the Era of Quantic Finance, where one has to replace Schrodinger's cat by Greek debt.
The sooner the better. It's the right thing to do, and they should tell their new PM to take a hike as well.
http://strikelawyer.wordpress.com/2012/01/13/reality-in-greece/
When everything is said and done, everything is said and done.