Posted on 07/08/2015 1:19:38 PM PDT by Enlightened1
Stay tuned for analysis on Greece, where European leaders have given the debt-stricken country a deadline of five days to achieve a reforms-for-aid deal.
The Greek Finance Ministry has said that concrete reform proposals will be out by Thursday and it has applied for a 3-year loan from the European Stability Mechanism. We'll keep you updated.
(Excerpt) Read more at cnbc.com ...
Bank holiday!
LOL!
Yep!
Greek banks will NEVER re-open as Euro banks.
They will one day open as Greek banks with all deposits converted to Drachmas...
Lots of haircuts coming.
First it was 2 days, then three days, then a week, then they were to open
yesterday, and now, who knows when.
When every bank in your country is closed for two weeks it means the
banks are already insolvent.
Aint socialism grand?
Well, it is exciting.
Ping.
To watch. From the sidelines. Protected.
I’d rather not be a part of it!
Tsipras is a phony coward, it is actually in Greece’s best long term interest to leave the euro. But I’m not sure Merkel will play along any further (except under pressure from the US), the EU wants to make an example of Greece so the other debt laden piigs like Portugal, Spain, and Italy won’t try this gambit themselves.
1. The referendum is about the Euro. As soon as Greek Prime Minister Alexis Tsipras announced the referendum, François Hollande, David Cameron, Matteo Renzi, and the German Deputy Chancellor Sigmar Gabriel told the Greeks that a “no” vote would amount to Greece leaving the Euro. Jean-Claude Juncker, President of the European Commission, went further: he said “no” means leaving the European Union. In fact the Greek government has stated many times that – yes or no – it is irrevocably committed to the Union and the Euro. And legally, according to the treaties, Greece cannot be expelled from either.
http://www.politico.com/agenda/story/2015/07/9-myths-about-the-greek-crisis-000131
The issue is not about the euro, it is about power. Greece has been an austerity laboratory. High taxes have failed.
with 180% debt to gdp the only loser is going to be the public entity that has the most bonds held. That would be Germany.
https://www.youtube.com/watch?v=Afl9WFGJE0M
Tsipras wasn’t expecting this vote, the polls prior to it were showing the exact opposite. He fired Varoufakis when he started talking about a parallel currency, Tsipras is just the typical lying politician. He pretended to play chicken with the EU and now seems willing to accept a deal worse than the last one offered even after the vote. I hope they boot that phony out.But yeah he’s been misleading the Greek voters pretending they could reject these proposals and still remain in the EU, not likely to happen though I expect lawsuits if it comes to that.
Cutting through all of the technical stuff, this can be viewed as the German worker, resenting the Greek worker retiring at a much younger age, and with a higher percent of pay.
Angela must push hard enough to convince her nation’s citizens that she has put those lazy Greek people in their places.
And the Germans have seen those lazy Greeks, when they take vacations in Greece. Greeks get to enjoy the scenery and weather year round, while the Germans have to go back to cold, dreary Germany. And work. Make stuff, worthwhile valuable stuff.
Prior to a common currency devaluation of their currency kept Greece alive and keep them from over brrowing because their sovereign bond interest rates would never have allowed them such excess. Most people don't have a clue as to what this whole thing is really about. The bankers of course have benefitted exponentially by all these financial shinanigans managing to put all risk upon the European taxpayers of course. Same as it ever was.
> “Greece has been an austerity laboratory. High taxes have failed.”
High taxes don’t collect much if nobody pays them. I understand that cheating the tax collector is a national obsession with the Greeks (remember the swimming pool tax).
I will say only that, at the moment, my notion of the enormous egos of the assorted Eurocrats not allowing them to allow for Greece to get the hell out of Dodge MAY become incorrect. The EUrocrats may see themselves as "EUrosaviours", and may let the Greeks out, and devil take the hindmost. How did Shakespeare put it? "Cry Havoc, and let slip the dogs...", wasn't it? But they WILL do this before endangering their precious welfare states, now won't they? Their record is indisputable.
Just FYI, unless I am much mistaken, the modern nation of Greece, SINCE ITS INDEPENDENCE FROM THE OTTOMANS in the 1820s, has never -- never means NOT ONCE -- run its finances responsibly. It's only a matter of how you count: modern Greece has already defaulted 4 or 5 different times, not counting this current mess.
Let Putin have his Greeks, and their seaports, for the Russian navy. Wait until he gets the bills for incompetent maintenance of his warships.
Some "nations" are simply irresponsible, speaking historically.
Any ccy trader worth his salt would be short the Fishwrapper on pure fundamentals, but EVERY intelligent ccy trader understands that Merkel et al. have little if any choice but to maintain the 'value' of the Fishwrapper at levels well above its true worth.
Actually, I should have said "try to maintain". In plain English, the fix is in, and trying to time the time that this fix ultimately fails is a mug's game.
Simple game, though. Just buy SGD and sit still. You can thank me later.
FReegards!
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