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Old 03-24-2015, 06:51 AM   #21
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...
Between October 2014 and February 2015, over 52 billion euros have fled Greek banks. ...
http://globaleconomicanalysis.blogsp...-in-greek.html

Greece banks are bleeding capital. Link above has some charts too.
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Old 03-24-2015, 07:30 AM   #22
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bleeding digits ....

I wonder why the greek banks don't simply create some new eurodigits and perhaps a few dollar digits as a fall back.

Seriously who really knows whats in a banks computer. Its all done on trust as far as I understand.

Once they all get up to speed on the unlimited digit creation everything will be great
They could even bang a few into the peoples accounts to trigger a bit of keynsian 'recovery'
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Old 03-25-2015, 07:11 AM   #23
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Eurozone watchers have said 11th hour so many times that no one believes it any more. To place new emphasis on the plight of Greece it's now allegedly 1 minute to midnight.

Given that Greek funds were supposed to last until April 30, there's plenty of time for 30 seconds to midnight, 20 seconds to midnight, then a countdown to Cinderella hour when Greece may finally turn into a pumpkin.
...
lol.

Quote :
...
Quote :
Greece’s government has raided the coffers of its public health service and the Athens metro as it widens a hunt for funds to keep itself afloat and service debts.

Athens faces a €1.7bn bill for wages and pensions at the end of the month and then a €450m loan payment to the International Monetary Fund on April 9. Greek government and eurozone officials believe Athens does not have funds to cover both.
...
...
http://globaleconomicanalysis.blogsp...ens-raids.html
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Old 03-25-2015, 09:53 AM   #24
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The brotherhood of Darkness is doing just what they planned. They figure if Greece isn't going to pay them back, they will make damn sure they have absolutely zero when they leave the union. If the Greeks were serious, they would have exited immediately after the election and run in to the open arms of Mother Russia.

Taking cash out of pension funds and the like can only spell disaster.
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Old 03-25-2015, 01:30 PM   #25
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I just read that Greece is now wavering on the idea of robbing peter to pay.......the IMF. If they had any balls whatsoever, they would tell Merkel and the EU bank to go pound sand. Do it now man, rip off that band aid and be a man about it.

Prolonging the inevitable is absurd. It is just as absurd as taking more loans while paying off old ones. That feels a lot like borrowing a shitload of money on a credit card, then spending years and years making minimum payments, yet never eating away at the principle.
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Old 03-26-2015, 08:05 AM   #26
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Originally Posted by ancona View Post:
...
Prolonging the inevitable is absurd. It is just as absurd as taking more loans while paying off old ones. That feels a lot like borrowing a shitload of money on a credit card, then spending years and years making minimum payments, yet never eating away at the principle.
They have been doing that for a long time. The cards are maxed out now.
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Old 04-06-2015, 07:37 AM   #27
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Um yeah, so I took some time away from the computer over the Easter holiday. To recap some important details.

April 2:
Quote :
Greece draws up drachma plans, prepares to miss IMF payment

Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.

Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.

Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time.

“We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official.

“We may have to go into a silent arrears process with the IMF. This will cause a furore in the markets and means that the clock will start to tick much faster,” the source told The Telegraph.
...
http://www.telegraph.co.uk/finance/e...F-payment.html

Today:
Quote :
Greece moves to quell default fears, pledges to meet 'all obligations'

Greek Finance Minister Yanis Varoufakis said on Sunday that Greece "intends to meet all obligations to all its creditors, ad infinitum," seeking to quell default fears ahead of a big loan payment Athens owes the IMF later this week.

Following a meeting with the head of the International Monetary Fund, Varoufakis told reporters the government plans to "reform Greece deeply" and would seek to improve the "efficacy of negotiations" with its creditors.
...
The interior minister suggested last week the government would prioritize wages and pensions over the IMF payment, although the government later denied that was its stance.

IMF Managing Director Christine Lagarde said in a statement after meeting with Varoufakis that she welcomed his confirmation that the loan payment due would be made on schedule.

“I welcomed confirmation by the minister that payment owing to the Fund would be forthcoming on April 9th," Lagarde said.
...
http://www.reuters.com/article/2015/...0MX01D20150406
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Old 04-06-2015, 08:16 AM   #28
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The Greek comedy never seems to end. They want to stay in, they want to get out, they want to stay in.........it's like a dog in the house. Whenever you let them out they want in, when they're out, they want back in. These are the most neurotic ramblings yet from Tsipras. They need to shit or get off the pot.
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Old 04-06-2015, 08:21 AM   #29
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Hard to tell what is going on behind the scenes. Maybe Greece has some back door financing deals with Russia/China/??? that will allow them to pay the IMF and maintain their payroll/pension obligations. If not, I expect Varoufakis was blowing smoke up Lagarde's ass and lying to the media to prevent a premature response in the markets. I guess we'll see in a few days what happens.
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Old 04-09-2015, 06:45 AM   #30
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A central bank official, according to The FT, said that Greece has repaid the €450m it owed the International Monetary Fund today. Bond yields have fallen across the Greek curve with 10Y GGBs now at 11.1% (down 70bps from Tuesday's highs). Greek stocks are not as impressed and are giving back their gains. Tsipras, on return from Moscow, explained Greece "was not a beggar...asking other countries to solve its problem," but as a senior Greek official earlier this week said that while it would be able to make Thursday’s IMF repayment, it will still exhaust its cash reserves very soon and "next month is a different matter." HSBC points out that the real crisis point looms on the 12th May.
...
http://www.zerohedge.com/news/2015-0...fferent-matter

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Old 04-09-2015, 06:53 AM   #31
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Looks like some Greek peeps are setting the foundation for giving the finger the troika:
Quote :
...
As a reminder, this is what Odious Debt is: In international law, odious debt is a legal theory which holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are thus considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state. In some respects, the concept is analogous to the invalidity of contracts signed under coercion.

Today, nearly four years later, Odious Debt is now a reality in Greece, where Zoi Konstantopoulou, the head of the Greek parliament and a SYRIZA member, released two videos which have promptly gone viral, designed to promote the investigative parliamentary committee to look into the circumstances surrounding the signing of the country’s two bailout agreements that led Greece to implement its austerity measures.

The short video spots, shown below, end with the message “Check it, Erase it” referring to the country’s 320 billion-euro debt.
...
According to Greek Reporter, Konstantopoulou has said that the newly established “Debt Truth Committee,” will investigate how much of the debt is “illegal” with a view to writing it off.

Proving that this is more than just a populist stunt, during a vote that took place early yesterday, out of the 300 Greek MPs, 156 voted in favor of establishing the public debt auditing committee.

“The committee will examine how Greece entered into the bailout agreements with its international lenders, as well as any other matter related to the memoranda’ implementation,” SYRIZA Parliamentary Secretary Christos Mantas had explained earlier.
...
http://www.zerohedge.com/news/2015-0...e-illegal-debt


Greeks gonna audit their debt. When are we gonna audit the Fed?
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Old 04-09-2015, 10:09 AM   #32
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The Greeks are reaching now, and looking quite desperate as well. Between their claims for reparations from Germany and this new idea of declaring the debt null and void, I can see the writing on the wall. Tsipras knows damn well that this debt is a ball and chain on every single soul in Greece and that it will never be repaid. Much like the U.S., Greece has over spent, promised far too generous retirements at an age that is far too young and can no longer live within her means if these promises are kept. There will be a repudiation of debt, return to Drachmas and haircuts for everyone getting any kind of government benefits.
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Old 04-14-2015, 06:40 AM   #33
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Looks we caught up to that can that's being kicked down the street. Here we go again...
Quote :
Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government's thinking.

The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold E2.5 billion of payments due to the International Monetary Fund in May and June if no agreement is struck, they said.

“We have come to the end of the road . ... . If the Europeans won't release bailout cash, there is no alternative" to a default, one government official said. ...
http://www.ft.com/intl/cms/s/0/c5964...44feab7de.html
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Old 04-14-2015, 09:28 AM   #34
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I say do it already. The world is coming apart at the seams, the Middle East is set to go nuclear any day now and there's trouble in the Baltics. A Greek default would be the perfect catalyst.
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Old 04-16-2015, 07:35 AM   #35
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Greeks unofficially asked IMF about delaying payments and were told no. They are hitting the wall with what they can confiscate from the people to pay the troika and the pensions. Looks like the can won't be kicked much further than early May unless something dramatic happens.

http://www.zerohedge.com/news/2015-0...-delay-payment
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Old 04-27-2015, 07:02 AM   #36
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Greek govco is starting to get desperate.
Quote :
...
As the country’s finances reach a critical point, tax authorities have started seizing the deposits of small debtors, ...
http://www.zerohedge.com/news/2015-0...-small-debtors
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Old 04-27-2015, 07:14 AM   #37
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And so the strip mining of Greece is complete. Once done, the EU will be able to dictate terms as they see fit. If Greece doesn't cobble together some sort of framework quickly, this will devolve in to civil war. There are whole factions within the military that want out of the EU, and they have the weapons to do it.
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Old 05-11-2015, 06:56 AM   #38
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Quote :
Earlier we detailed reports that The IMF was preparing a contingency plan in the event of a Greek default, and furthermore that Andrea Merkel was under increasing pressure to "let Greece go," and now, as Eurogroup ministers begin to gather for today's crucial 'deal-or-no-deal' meeting, Die Welt reports The Troika has 4 scenarios for Greece - one positive and three increasingly negative ranging from the need for further bailouts to paying staff in IOUs and issuing a parallel currency.
...
http://www.zerohedge.com/news/2015-0...parallel-curre

Looks like we are getting closer to that Grexit.
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Old 05-11-2015, 07:16 AM   #39
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Interesting... Faber doesn't believe that the EU will let Greece go. I'm not sure that the EU will be the ones making the choice though. Once there is political will and a plan in action, Greece might take charge of their own destiny.

Quote :
- Greece will not be ejected from the EU – Faber on CNBC
- Greek default will trigger massive losses for ECB and European banks
- Highlights geo-political impetus to keep Greece within EU, NATO fold
- Shows strategic geo-political importance of Greece in NATO’s Cold war with Russia
...
http://www.goldcore.com/us/gold-blog...eave-eu-faber/
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Old 05-11-2015, 09:57 AM   #40
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I'm sure it's just cause we're living in it, and when looking back at history, things seemed to happen in bang, bang fashion, but this seems like the slowest sinking ship in history. It's also interesting as so many sit in their boats talking about what a tragedy it is that Greece was foolish enough to build a boat that could sink, unlike all their "unsinkable" boats they built.
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