As Venizelos Leaves For Brussels, There Is No Deal
6 am in Greece and Venizelos is about to board a plane to Brussels. According to The Guardian a deal was going to be done for sure before his take off. You know - any minute now... The Guardian was wrong. From Bloomberg:
- VENIZELOS SAYS TIME OF RESPONSIBILITY FOR ALL
- VENIZELOS SAYS STILL ISSUES THAT MUST BE DETERMINED
- VENIZELOS SAYS ALL ISSUES AGREED EXCEPT FOR ONE
And here it is:
- VENIZELOS SAYS HOPES EUROGROUP WILL TAKE POSITIVE DECISION
Because hope is just so much more efficient than prayer when it comes to strategic planning for one's insolvent population.
That's it.
- VENIZELOS ENDS STATEMENTS TO REPORTERS IN ATHENS
(5 votes)
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Booyah!
Bullish!
Deal or no deal, it does not matter, Greek people will be raped and forced into slavery by the EU bankster filth and EU plutocrats.
I am perplexed as to why they are not storming the Greek Bastille yet -- they have nothing to lose but their chains.
Things will get really bad there. There is no way out of their box. Even worse than ours. But our day will come too.
Best get prepared. Gold (and all the rest) will help.
I have sympathy for the Greek people but someone did borrow a large chunk and used them as a reference....co-signer actually. And we also must realize that those nice pensions they have been getting were not earned but gifted via a political process...they were not complaining then.
It is time for the world's bar tab to be paid and just because all you have to show is a hangover...well it still must be paid. Perhaps there is a new world coming in which lenders will use more caution than trusting politicians. At the end of the day we have pensioners trusting bankers to lend their money to solid parties....they got screwed...we have pensioners who got their pensions in negotiations with politicians who promised too much because they like the feelling (and benfits) of giving away too much....these pensioners get screwed too. The middlemen with nothing at risk are all fine, those who trusted got screwed....not a fair world and trust will not return soon, the trust that most of the world depends upon to run efficiently....glad I'm old....
Or we as a society can blame it all on the bankers (who did got most of the personal gains) and crucify them (though not literally).
I bet that if the system publicly destroyed the parasites it would go a long way to restore trust in society and societal cohesion.
Of course it would - Nuremberg was a trial held by the British and Americans to prevent Stalin from wholesale execution of the 50,000 strong German Officer Corps (Katyn Mark II). Until there is crowd pressure to lynch Bankers you will not get Pecora II
how can you believe that the bankers go most of the personal gains. Borrowers always get 100% of the money. Now, after enjoying spending of the principal and having repaid interest by increasing loan amounts, the borrowers want to repay nothing. The personal gain was entirely a benefit to the borrowers and the bankers are left with the melted icecube.
there is that tiny stipulation as recently aptly described as the 'give a shit factor' when making said loans.
mind the one taking their cut when the loan is first paid out.
The Bankers (people) got their inflated salaries and bonuses for authorizing (or packaging and selling as CDs) those loans, independently of wether they were repaid or not.
They thus had all the incentive in the world to lend as much of the bank's money as they could to anybody and their dog and damn the consequences. They would get paid long before even those loans extended to the worse of borrowers would blow up.
Each banker could have made the Ethical and Moral decision of not damning the bank (and ultimatelly society) on the long term to maximizing personal profit - the vast majority made the decision to go ahead and maximizing personal profit (and damn the consequences for others) and in fact those that didn't were the ones that left that industry, either because they were kicked out or out of disgust.
Banks didn't do anything, people did it. And of all the participants in this charade, the people that got the biggest gains were those in the banks setting the rules that allowed all sort of loans to shaddy borrowers, those authorizing those loans and those working in packaging and selling derivatives on those loans. Even the politicians in the likes of Greece didn't capture anywhere near as big a slice of that torrent of money as bank CEOs and fixed income traders did.
And this is just the loans bit, let's not forget all those people getting paid huge bonuses for essentially passing back and forth between banks artificial financial instrument whose book value had nothing to do with real value, essentially being paid for decieving shareholders by giving ever increasing nominal values in the bank's accounts to "assets" that were little more than vapour.
Now, you can say that these people didn't knew what they were doing (in which case they were at the very least incompetent, possibly guilty of misrepresenting themselves) or that they did foresaw the consequenses of their actions, in which case they were selfish and malicious.
but that's it though isn't it. the lenders won't use more caution in future unless they lose something. the lenders are protected. the borrowers will be punished.
"It is time for the world's bar tab to be paid and just because all you have to show is a hangover...well it still must be paid.It is time for the world's bar tab to be paid and just because all you have to show is a hangover...well it still must be paid."
Me thinks they will dine and dash.
"As Venizelos Leaves For Brussels, There Is No Deal"
Why fly to Brussels, for once he could fly over his own country and see how the banksters are destroying it as we speak. Of course, why would he care, he has his paycheck already on his way. Pathetic.
It seems that ArmadaMarkets nailed it again yesterday evening with their EUR/USD call for today. Right about WTI too. Unbelievable. Some Nostradamus working there? http://bit.ly/zD4RnE
I tried to check out that Armada Markets link, but my antivirus software went crazy. Looks like Armada Markets is full of malware.
Armada Markets' Malware website appears to be an elaborate scam used to steal as many credit card and bank account numbers and other personal information as possible.
I would advise everyone to ignore those shady obfuscated links. Whenever I hear Armada Markets, I will instantly think of malware and credit card scam artists.
Are you accessing it from North Korea? Maybe that's the problem.
Rumor on the street is that Venizelos has accumulated a large EURUSD buy position at Armada Markets. If they agree on at least anything then euro will be jumping higher as all fools will be buying.
Venizelos will get some of this Iran's gold that Europe just confiscated. When the gold is handed over in Brussels the Venizelos will accept all terms for his fellow citizens. The only thing is that he will be much richer.
wrong again
HOPES Bitchez!
Greek hope rally number 458 on the way. Buy everything in sight.
This farce needs to end. Please may THE GREAT RESET commence.
I shudder to think what it will take to get the VIX over 40 now.
"Fears" won't work. Things will have to happen. Bad things.
And like magic, the rigged market is about to go green. Nothing is bearish, nothing.
There will be absolutely nothing that can drive this market down. Ben has his reputation staked on the wealth effect. He will print , destroy the dollar, and prop this market up on the backs of the poor. He will buy the whole fucking market if he has too, but it will not go down.
Until people scramble for physical ANYTHING.
I had a secret insider view into the script:
1) grow the tension so as many people envision world collapse.
2) in the very last possible moment steps in a representative (prefeably a poltician puppet) of reptilian elite bankers to bring the worst possible 'solution' for the population - but this solution looks good compared to world collapse which was envisioned by all.
I AM BORED BEYOND BELIEF!!!!
Sounds like what JP Morgan did many years ago (aka puppet to the Roth*childs). 1920s before the 1929 crash?
I'm going to sell my gold and silver tomorrow, and buy Greek and U.S. debt!
+ 1
That's the spirit!
I will give you my greek debt for your worthless gold. You don't want it because the FBI will think you are a terrowist (think elmer fudd)
A toowist?
Well yes. Gold and silver aren't backed by anything, while on the other hand, the US debt and Greek debt are backed by the full faith and credit of their peoples.
I suggest you halve whatever it is you are drinking, smoking, injecting and sniffing.
You too cause maybe then you will understand sarcasm when you read it
In a sense, U.S. debt is backed with something - the implied future labor and output of its people. That's what the Greek austerity measures and agreements are all about too. Signing up the Greek people for 100 years of debt servitude to pay off loans they didn't take out.
But, but, but the lady reporter said that gold is not backed by anything.
Hysterical laughing by most readers here to commence at the 23 second mark.
http://www.youtube.com/watch?v=OCHCf8qY4so
megalol
... and the Greek riot dog ;)
It doesn't sound like you really have any gold or silver.
What's the one issue they can't agree on?
Who is paying for the ho's now?
+ 1
If you have to ask, it means you are. Don't feel bad, we're all paying too.
Randall,
The Greek 'leaders' refuse to agree on the terms of pension cuts, apparently.
No surpise, given their age. Women and children last, as the macho men line their own lifeboats.
See this shit?
Wonder why traders have dancing pigs and dead sharks floating in oversized aquariums?
You have to be a sociopath to trade this.
Whoa, whoa, whoa. No one ever informed me there were dancing pigs. Sign me up right away!
Sorry...piano playing pig (my bad)
http://dealbreaker.com/2010/05/phil-falcone-has-a-pig-who-can-play-the-piano/
You know, the ISDA (the group, I think, supervising the derivatives business) could just say that all CDs (etc.) are all null and void now, and those who paid money for them should get their money back, "status quo pro ante" and just leave at that.
Then it's default, bitchez, and we'll just get it over with.
Or declare a Jubilee!
Where will the ISDA get even that smaller sum of money? The money is spent.
What was last count, $700 trillion in CDS value around the world? Not sure how much CDS protection costs, but I'm figuring it's a pretty good number. And all that money that was made on selling CDS is no doubt 100x leveraged in other shit now. Clusterfuck is a good word.
I believe you are confusing derivatives with CDSs. Derivatives cover everything from single name OTC equity options to interest rates swaps and all sorts of things in between. CDSs are essentially OTC put options on single name bonds, albeit with a referee who has a flexible rule book and quite often skin in the game. The ISDA rules on what constitutes a "default event" obligating the writer (premium collector) of the CDS to pay up, or to rule against an event (even if it is obvious that it is an event) and save the premium collector from having to pay. The ISDA has a number of committees that have jurisdiction over various parts of the world, though most committees have great overlap as to its members. Committees (the one with European responsibility is called the EMEA) are composed of (mostly) major banks and investment banks (the usual suspects), plus a few large hedge funds (DE Shaw, Citadel) and the occasional serial litigator (Elliott).
All of the Certificates of Deposit?
;)
Ah, indeed, my mistake; CDSs would be correct.
Doh!
Former VP of the ECB papademos is a PIECE OF FUCKING SHIT.
DEMOCRACY MY ASS.
I don't know Tyler...look, we had many meetings today, and they all concluded on "hope." What more could you ask for? Also, the Greek citizens did not burn down any buildings today despite their political leaders' best attempts to sell them into debt slavery for a good price.
Victory! All around! Cue all the other broke rally monkeys, and lets see if we can get lift off...with a 15 year low in NYSE volume this time.
Woot!
Markets don't care
+ 1 for avatar!
Next time I go to a function with those adhesive nametags, I am going to write that!
Time for some blues.
http://www.youtube.com/watch?v=NWwSvqo1TIw
Makes it all just a bit better.
Take the football and go home.
Let's cut to the chase, what the fuck is the issue?
My pillow is calling my name. No time to look up what taxpayer perk or personal financial haircut surrounds this one issue.
VENIZELOS SAYS ALL ISSUES AGREED EXCEPT FOR ONE
Who's got the bux to pay for it?
I think the EUSSR will let Greece burn, pour les encourager les autres, rather than admit their failings.
Recall that the architects of the euro used politics to sell a 'common market', and take all the little PIIGS to market for slaughter.
The euro, barely a decade old, soon to be seen as the world's most efficient culling machine, for the profit of the globalist central bank cartel, and its career politicians.
Merkle saiid the other day that the UK should join the EU. You know why? Becaue the UK owns all the Greek debt. Merkle called the UKs bluff.
Of course it likely has been rehypothecated to other places. Has anyone checked MF Global's books for Greek debt lately? No?
Fair enough. Carry on....
...L H
The UK "joined the EU" in 1973...
Do you belong to an Eurozone country?
The one issue left - how can we keep fooling people that we are doing something when all we do is meet and greet.
The market's have rallied strongly. How can we keep it going?
Damn, almost! It's ok, it'll get done next week....
So when is the final final final deadline for greece? March? End of February? I mean the date when we can say with absolute certainty that the can kicking exercise with Greece is finally over. Its like we are all in groundhog day with bill muray right now.
Greece has to roll $16 bill March 20th. They will need the loan to be issued a few weeks before then so it can be finalized and signed off by all parties. It is getting down to the wire, which makes sense, considering that if Greece gets a bailout, Portugal will askk for one, and then Ireland will ask for one, and then Spain will askk for one, and then Italy will....
The "Greek Tragedy" is one of the most boring stories I can remember. It's like those soap opera plotlines that never seem to get resolved, just one cliffhanger after another. I don't even read most of the stories anymore. Just wake me up when some sort of conclusion is reached.
Just pick out a date and if that one doesn't work....oh well...we'll just move it up a few days .
Hope can get you a nobel peace price and a presidency. This look pretty efficient to me.
Breaking: Troika proposes massive Greco-DisneyWorld to be built outside Athens as solution to crisis. Unemployed Greeks would have jobs as picturesque natives serving native food and performing native acts.
Hehe
Just make the entire country a free-capitalism theme park, where the natives will, for the right price, do anything and everything your heart desires.
You mean wrestling and throwing the discus while nude?
how about cathing the discus while nude? For the right price of course.
Greece as of now is the golden goose. If you had told me back in August that the biggest mover of the Dow would be Greece I would have agreed with you if you were saying it was going down. The fact that the closer Greece comes to default the better the market does is something left for the honest history books that we hope someone will write. For now, enjoy act 847 of the great tease.
Predictions for tomorrow - a deal will be announced but it will not really be a deal. Instead it will be an agreement on a deal that will be signed...Monday, that will stretch until Wednesday when that agreement will break down and be rescued next Friday when an agreement on a deal will be announced that will be signed Monday.
The only thing that changes is the dow going up higher and higher from where it was. If I was a bull, I'd buy Greece flowers.
I'd love to see a vola spike up to 90, but we all know how this will play out: EU finance ministers WILL accomodate Greece once again. Heck, they say they'll make the effort, so why not take their word for it this time? <sarc off>
Payback.
My Big Fat Greek Baby needs a new pair of shoes.
In this sad new world of desperate centrally planned economies almost everywhere, it’s no longer achievement, innovation, or performance which gets rewarded. The new winners are those with enough power and/or stamina to simply sit idle and wait for someone else to blink first.
what part of politicians don't have any fucking money do we not understand
What's really ridiculous to me is that TVIX hit a 52 week low this week and the entire world is about to go up in flames. Come on, volatility- daddy needs to stock up on cat food! That's what we'll be eating after SHTF, right? What tastes better, Purina or Iams?
In a sane market you would be correct.
Insanity is the play at hand so far.
This is not a sane market.
This is not an insane market.
This is not a market.
This is a centrally controlled fraud disguised as a market.
well said, banksta ramp up to nowhere except more central control.
Maybe they can do a product similar to the VIX that's an insanity index. Then somebody can make a triple levered ETN product. I would be all in on that shit.
We could call it the voodoo index. When you know the market is not trading on any fundamentals.
Today the voodoo index hit an all time high as Greece once again almost has a deal.
Iams.
And I thought the same damn thing about VIX, TVIX, etc... Instead, it's nothing but sunshine and goddamn roses and freaking purple unicorns.
One shiny Silver Maple Leaf says Thomas Jefferson is in heaven looking down on this $hitstorm waiting to happen yelling, "Time for that tree trimming I talked about!"