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Welcome To The Deja Vu Circle Of Hell: Greek Referendum Has Been Scrapped (This Time Maybe For Real)
This time from AP:
- GREECE BAILOUT REFERENDUM HAS BEEN SCRAPPED
- PAPANDREOU SAYS WOULD NEVER PUT EURO AS REFERENDUM QUESTION
- Officials close to Greek prime minister tell Associated Press bailout referendum has been scrapped
How close? And are they closer to their Forex frontrunning trading platform?
Seriously - No more... Please... We give up.
From AP:
Athens, Greece (AP) -- Two officials close to the Greek prime minister say he has scrapped his plan to hold a referendum on the latest European debt deal for Greece after the main opposition leader said would back it.
The two officials said George Papandreou made the comments during an emergency Cabinet meeting Thursday. One also said the premier would not resign despite mounting pressure, and would await the outcome of Friday's confidence vote in his government.
They spoke on condition of anonymity to disclose talks in the Cabinet meeting, being held in Parliament.
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We're saved! Rally on!!!!!!
Just the little blue pill the market needed to get over the hump.
What hump?
The one before we start talking about italy and france?
I call BS on this....why would he call the referendum off if his opposition leader says he will back him? Makes no fuckin sense.
Are there any responsible grown ups left in Greece?
Maybe they did not watch the movie "300".
Yes, on the Island of Lesbos. Loving tender adults sticking with each other through thick and quim.
I think you can expand your net to include the whole of the EMU zone.
maybe G-pap-smear was paid a little overnight visit.....
From the Mossad?
He ony propsed the plan because he hoped the people would vote'no'...when te opposition said they would vote' 'yes' his hand was called. G-Pap does not want to settle with a 50% haircut and the austerity that comes with it...he's playing chicken and holding out for a bigger haircut. The dude has big stones...
"The dude has big stones."
Soon to be a gelding.
They essentially called his bluff. That's what happens when politicians talk out of both sides of their face.
Tyler, don't you get it? They are SAVING GREECE here, according to the following plan:
* Note: Don't trade with MF Global or Jeffries
At this rate, Greece will be a creditor nation within 3 days...
xPat
referendum not more + ECB cut, shouldn't these together be super steroid for the market?? I thought the market could have jumped 5% on this.
hold a position over night and you are insane.
This. I'm going to stay hedged untill I see a significant retracement in this chart: http://www.bloomberg.com/quote/GBTPGR10:IND
But then again, we now have an Italian in control of the ECB. I have a feeling Helicopter Ben is gonna pale in comparison once Super Mario starts striking his coin blocks. Todays rate cut was just the beginning.
"Put it in! No take it out! Put it in! No take it out! Put it in! No take it out!" The latest Greek protestor chant about the referendum.
Thank goodness! Voting is an outdated, barbarous relic.
I thought it was Tradition
GS's board already voted on this last quarter. The Euro stays, for now.
http://youtu.be/w3vtKU9bi10
Speaking of barbarous relic, and I know this is OT, but yesterday TD posted a reference to a Motion to Expedite in the MF liquidation, referring to Paragraph 2 to show how Corzine et al might have stolen $1.45 billion from client accounts.
I just got to Paragraph 11, however, where it says that if the Trustee can't offload the 50,000 commodities accounts by Friday, he's going to liquidate them on the open market.
This will trash gold and silver, will it not?
A buying opportunity?
See SilverDoctors link.
I pointed that out yesterday in my comments here. Sure seems a lot of people and markets are going to be wacked and wacked hard. In Para 13 the CFTC said they had no problem with it.
The irony is the cradle of democracy is now become an authortarian federation of bond holders.
How's that for tricks?
Behind the scenes, the puppet masters pull their strings.
are we saved? This is the kind of collectivism (finance-debt collectivism) that Hayek warned against. The type of collectivism that has lead us to authoritarianism (Germany-France axis)
Participatory democracy is the reflexive mechanism in which to push back tyranny.
let the people vote! If not with ballots, then stones!!!!!
#occupywallstreet.
Some moron on the MSM just framed the removal of the referendum as another attempt to save Europe-- save Europe from what? The black hole it has already become? The EFSF and bailouts will just create a bigger negative feedback loop.
The veil is completely gone and MSM has abandoned any pretense that it does not disdain the true essence of democracy.
"Saving [Greece] [Europe] [USA] [Democracy] [Capitalism] [etc.]" really means: "Saving the STATUS QUO." Lotsa folks DEPEND on the status quo, lotsa the "99%" depend on it. The system that has been forged over the last several hundred years is not going to "go gentle into that goodnight."
All I know is I'm long manufacturers of:
glass bottles,
gasoline
rags
bats
bullets and finally...
coroner supplies
People don't pay for funerals when there are masses of them dying in the streets. Ever hear the phrase "bring out your dead"?
It was people voting that got all these governments into this mess! Don't encourage more of it!!
SECEDE NOW!!
I need SPX 1260 before I re-short. The rumor mill has traced out an upward channel in the last three days that will certainly excite masses of bullish swing traders.
This is going to end badly.
Agreed. Anyone know what the gun laws in Greece are?
How much can these people pillage? It must get boring to do the same thing over and over again.
As I've brought it up before, better go look and see what Turkey is doing.
And no, greed is unquenchable.
Am here to appologize for my brother.......
+1
Amazing the worse the news/data/funduhmentals the better the bull rally!
WElcome to the bizzarro superman universe, it's been doing it for most of the last four years now.
Glad you just woke up, what do you feel like doing now?
Excerpted from "Way Way Too Big to Fail", the HBO exclusive to be released in the fall of 2013:
Bernanke: There's just one caveat here, gentlemen. If I drown you in liquidity, you need to use it to prop up the equity markets at all costs. I don't care if Netflix makes 10 cents or 10 dollars. You will buy the stock and keep buying. I don't care if Iran nukes half the globe or Europe collapses back into the stone age. You will buy equities, understood?
Dimon: What about main street? Do we need to at least make a pretense of issuing loans?
Bernanke: Don't worry about Main Street. Mom and Pop don't have a clue what's at stake right now. If the S&P closes out the year in the red, tax receipts will plummet and half the municipalities in this country will go into bankruptcy. Pensions will implode. We need to prioritize, Jamie, we're very close to the precipice here. Mom and Pop don't need loans--at least not as much as they need some semblance of order. They need a government. They need milk on the shelves and running water. Buy stocks, gentleman.
Pandit: Do you have a target?
Bernanke: For what?
Pandit: The S&P. How far should we take it?
Bernanke: I don't know. Use a little discretion. Get it green enough to lure Main Street solidly back in. But don't take so far that it obviates our involvement.
[The CEOs murmer their assent. Bernanke nods soberly, snaps the locks on his briefcase and exits the room.]
Back to Live-Cam Athens: G-Pip reversal incites Greek civil war.
Karate Kid Lesson # 1 -- (wax on, wax off)
http://youtu.be/3PycZtfns_U
Abruptly cancelling the referendum at this stage is like yanking away the EEE public teet without so much as a pacifier to follow. I'm sure all the Greek little suckers will nary a noise make. Probably will go right back to sleep imagining the teet is still there. Yeah, that's what'll happen.
And thats that.
and just like that, democracy dies with a whimper.
Smoke is in the air. The Greek reeferendum has been scrapped.
Can we please scrap Greece? And while we are at it the EU?
*Pop*......Great, now I have no head...
Time for the Greeks to go on strike for a couple of days, burn some cars, destory some of their own property, then roll over and accept the fact they're owned. Slaves to the IMF, EU and ECB.
Or France...
Here that Greeks? Unless you're willing to take up arms right now, and put a bullet in the head of every politican, elected official and banker in the country, you, your children and you're chlidren's chilldren will never be anything more than a slave.
The problem is they dont really have any arms.
Hah...how do they pick olives without arms?
And then maybe another two sheep will wake up and realize this is America's future. Owned by bankers, mass asset sales to pay off debt, and nothing to show for the effort except some bailouts for the very banks that will dictate terms. My kids (and their kids) are so fucked.
Who is paying the electric bill for this rumor mill? That fuckers working overtime!
It is scraped just so G-PAP can win the vote, and then again have the referendum...
Let's see how much of an evil prince the G-Pip really is. Re-elect me so that I can re-referendum you.
My first post on ZH just to say.... What a clusterfuck.
You wasted it :) Welcome to fight club.
Ah, the cherry has been popped. ZH has some of the funniest and smartest people on the internet. Welcome!!!
+100 for your "first post" containing the word "clusterfuck". Welcome.
My wife is less fickle.
She is indeed.
Is she Greek?
That's the reason why I like to read weekly magazines.
Maybe the referendum of the rumor that there will be a rumor and referendum to the rumor is what this is really about?
No, I think it's about the rumour of the vote of confidence based on the rumour of the referendum with a vote for a referendum on confidence in the rumour.
Yes, they need a referendum on holding the referendum. I vote they vote to vote. Votie goodness for everyone!
Buy, Buy, Buy,.... everybody is buying ? ...... Then sell, sell,sell.
Cue the generals...
It still doesn't change the fact that the EFSF is a failure out the gate. Good luck implementing it because it's just going to crash any healthier economy participating in it.
Which economy would that be? Vietnam?
Guido must have delivered one hell of a pep talk to G-Pap!
love this circus ; sure aint no market
Stop the crazy train, I want to get off.
Who cares! The piigs on the spit and fire is getting hotter. Sooner or later we'll be enjoying the spoils of victory. Not a matter of IF, but WHEN!
full frontal fascism.
lets do the goosestep of joy!!!!
Now will the Greek people force a referendum? Since the blood was put in the water, will the people now demand a vote? It is like trying to un-ring a dinner bell.
as i stated on monday when this issue first came up, a referendum was never possible
just to have the referendum requires parliamentary approval, which has always been impossible. even after the vote both parliament and the president have to sign off on the decision, another impossibility.
i can't help but wonder how this affects the psychology of the average greek citizen who has just been shown unequivocally that they have no say in this.
Mmmm spanakopita....mmmm souvlaki...
Correct. You can't selectively remove pee from a pool.
One of the cute things about democracy is that the people don't get a say in whether they get to have a say.
this means the Grecian people go postal, the military errs, anarchy, martial law. I'm serious... mark it well. They've been listening to Icelanders and Argentinians...
for all those sticklers for grammar, me being one of them, i must apologize for the continued lack of proper puncuation.
i'm typing on a keyboard attached to my tablet, which doesn't sync with zerohedges software, so no caps or any punctuation requiring the shift key.
Tells them and all the other folks who retain some sense of national identity (as separate from nationalism of course) all they need to know. Meanwhile back in New York a "2nd tier"...
try eating the tablet.
So no $$$ for you!
This market is so easy. Gold at day high, no, day low, no, day high.
Miners up, no down, no up.
So, they will not let the people vote on their future. Just let the bankers decide what to do. They will surely do what is right for all.
Like Max Keiser says, the Greeks can no longer call themselves Greeks, theyre now 'IMF'ers'. Sovereignty gone.
They're like the French pulling their pants down and bending over for any foreign invader...except the Greeks seem to prefer it that way.
I'm,F'er?
http://www.youtube.com/watch?v=AVtTAp39NIE
they should let G-Poop and the greek people settle this in the Coliseum, gladiator-like
Noooo! Not yet!
I'm short lions and tigers at the moment. Give me a few hours to unwind the position first please.
Fading time...
Can we just send in the panzers and get it over with?
It's hard to believe that a people who resent paying there own taxes will be willing to live under foreign domination. Granted they have no sense of responsibility, but they yearn to be free and they will be. Then they will learn and wish they had a sense of responsibility.
And what happens when these same non-tax paying people decide they don't want to pay their new Euro overlords? How does that play out? Electricity off and shelves bare? Will there be an occupying force marching people to work? I really am a bit fuzzy on where this goes.
some1 is making good money in this yo yo
i think it's by design. I am sure they concider and calculate all the consequences.
Gotta give them credit for such an interesting plan.
As a 30 second ES trader I am really enjoying the volatility and chaos.
i hear you
my EA for forex is doing fine in fast movments. But then again..... never know how it will all ends it up
I'd be willing to bet G-Pap put on some massive puts via an intermediary right before announcing the referendum--afterall (forced) retirement is just around the corner...
This does make trading forex crazy!!! What a JOKE! This EUROPE IS CRAZY!
Finally something bigger than the Kim Kardashian divorce.
And the concept of the referendum lasted about as long as her marriage also.
Denial coming at 4:01 PM EDT.
Pap smear results came back, not good
Is it me, or does it appear as if TPTB are just toying with us serfs now, realizing that 90%+ aren't paying a lick of attention to any of this shit?
To them, we're nothing more than toy mice are to cats.
I had the exact same visual this morning of a cat batting a ball back and forth. I have got to get me a major media outlet. Great racket if you can get it.
Tell me again how it is advantageous for the entire U.S. financial to be twisting in the wind as a tiny little fucked up man on a tiny little fucked up island plays with his himself in he mirror.
I wonder which island you mean.
I've always liked Lesbos myself, but then I'm a bit odd in that respect.
Sorry dude, I fucked up my geography again, Thanks for keeping me honest.
Bullish for Molotov cocktail producers.
This is what you get in a Republic.
Whaddya mean? I think your congressman sucks but mine doesn't. Besides, direct democracy is so messy.
Rumors always work on wallstreets. This is how crooks make money.
If it is true that no one in Greece is paying taxes so the Government is collecting no revenue why does anything else matter? It just seems to be a matter of time.
Stop being sensical.
I don't know if I should laugh or cry.
Why chose? I am doing both at the same time.
Riots in 3...2...1...
This is getting way beyond fucking ridiculous isn't it?
Friend send an article
http://blogs.telegraph.co.uk/finance/ianmcowie/100012894/fast-cars-and-l...
there are more Porsches in Greece than taxpayers declaring 50,000 euro incomes.
me moving to Greece.... Santoriny sounds cool.
I suppose Greek like Mercedes, Ferrari's, Audi and other brands as well....?
A return to the Deutschmark must be looking more and more attractive every minute to millions of ordinary Germans as they watch this pantomime.
Monetary union? With these clowns? Why?
This is the most untrable enviornment I can recall.
Shorten your timeframe. Your trading against algo's that have a 90 second half life, holding anything beyond a 3 minute time horizon is a long term investment.
And now it's time to swing over to the Italian rumor mill.
Tag Team brain squeeze.
We also have this:
WSJ's Charles Forelle reports from the G-20 Summit in Cannes that European leaders are considering the expulsion of Greece from the Eurozone
Any news on whether European leaders are considering the expulsion of Cannes from Spain?
Why do you think it is the Greeks unable to decide this.
There are literally guns being held to heads. NATO freed up personnel from Libya and hae been sent to protect civilians in Athens.
Protect? Of course.
Referendum cancelled: told you sooooo. Rally! Buy bonds, stocks! No crisis. Boring world we live in.
Buy all you like boring douche nozzle, no ones stopping you.
These are the absolute epitome of healthy capital markets, I could not agree more.
How many Greek bonds do you have?
Your prediction was spot on, and while I agreed with you, I was certain that he would hold out till Friday and not chicken out before the confidence vote. Pity ,I would'ev enjoyed reelections.
I thought the ECB was supposed to be unhappy about volatile currencies and carefully monitor...
uh, well welcome to the mad roller coaster of fx taking you to extremes highs and lows on a minute by minute basis
How can companies do international business with all this going on!
The Nazi's got to them!!!
It took 80 years but they won
How many Babyboomers are calling their brokers saying "Please stop, I want to get off this ride"
We are going to loose a generation of individual investors for wall street to fleece.
Maybe, but they are replaced by the mistresses and girlfriends of Vampire Squid et al front-running just about everything that trades. Shit happens.
http://vegasxau.blogspot.com
yes massa Gpap, yes massa
I can not keep up with the lunatics running this. There coming to take me away, ha ha he he ho ho.
Referendum back on!
How long before the markets realize they are now stuck with the very Greek PM that caused them to piss themselves for the last three days.
And that maybe that is not so bullish.
EURUSD over 300 pips round trip in 2 1/2 hrs. Nothing to see here, move along.
Circle of hell or day-traders heaven? At 400:1 leverage how much is that?