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Old 06-18-2015, 05:47 PM   #61
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http://www.reuters.com/article/2015/...0Z44M820150618

Imagine some moron in greece who doesn't keep much cash in banks and keeps most of his cash in PM's that he has physical possession of? I guess he won't be looked at as a moron in the near future.
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Old 06-19-2015, 08:45 AM   #62
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They are likely considering bank holidays to stop the bleeding (bank runs). Looks like we are getting close to the end of the line with extend and pretend (at least, as far as Greece is concerned).
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Old 06-26-2015, 09:42 AM   #63
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Woohoo! Another "the end is near" weekend for Greece and it's creditors. I'm guessing there is going to be another creative solution to move the can a few days down the road again, but this drama can't go on too much longer.
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Old 06-26-2015, 10:52 AM   #64
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This turd has been circling the bowl for so long I'm starting to think it will never get flushed away.
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Old 06-26-2015, 11:46 AM   #65
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Originally Posted by PMBug View Post:
this drama can't go on too much longer.
I reckon theres loads of play left in it

all they have to do is to agree a small increase in greeces weekly allowance and greece can continue with the pious indignation ......

Clearly what they should do is default and run a balanced budget with a new currency. Apparently its only the cost of debt servicing that has them in a deficit.

The greeks might even pay a bit of tax if it can be seen to benefit greeks and not german bankers
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Old 06-27-2015, 07:08 PM   #66
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eerr

I could be wrong ......

Things are certainly hotting up

Could be an interesting week ahead as china and greece look like they are hitting stormy waters
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Old 06-29-2015, 08:33 AM   #67
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https://www.yahoo.com/finance/news/g...011908384.html

"The Greek government will keep banks shut at least until after July 5, the date of the referendum, and withdrawals from automated teller machines were limited to 60 euros a day when they reopened at midday. The stock exchange will also stay shut."

"I've got five euros in my pocket, I thought I would try my luck here for some money. The queues in my neighborhood were too long yesterday..."

"As rumors flew about, dozens of pensioners queued outside at least two offices of the National Bank of Greece (NBGr.AT) on Monday after hearing they could withdraw pensions from some branches. They were turned away, Reuters photographers said."

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Old 06-29-2015, 10:06 AM   #68
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Rickards has faith that rationality will prevail:
Quote :
... Greece isn’t leaving the euro; there will be no Grexit.

Nobody’s going to get kicked out or quit.

Now that doesn’t mean everything’s fine in Greece. They could have bail-ins, nationalizations, bond defaults and a lot of economic disruption around the country. None of that is the same as Greece leaving the euro, however. I’m confident in my assessment because this isn’t solely an economic issue; it’s also political. ...

...

Going back to game theory, assume Greece quits the euro. The country defaults on its debts. That means they go back to the drachma. What happens then?

Hyperinflation.

Nobody in the world wants drachma so their foreign direct investment’s going to dry up too. They’re not going to be able to finance anything. They will be able to print money. That’s all they’ll be able to do. That means hyperinflation, which destroys Greek pensions.

So, when the Greek government says they’ll play hardball with Europe to preserve Greek pensions, remember their alternative is: go back to the drachma and destroy the pensions anyway.

Greece wants to play hardball, but it knows if it leaves the euro it’s a disaster. Europe knows it will also be a disaster if the kick Greece out of the euro. It’s not that Europe cares about Greece or vice versa, but that they each care about themselves. That’s what drives a negotiation forward.

In a game theoretic space, this is what’s called a two party prisoner’s dilemma. A prisoner’s dilemma is a game theory approach where you have two people under interrogation.

If you rat out the other guy, you win. But if he rats you out, he wins. And if you both rat each other out, you both lose. But if you both keep your mouth shut, you both win. The caveat is, you don’t know what the other guy’s doing.

So, in a prisoner’s dilemma, you have to not only think about what you want to do, but about what is the other player is going to do. The way out of the dilemma is to assume that everybody’s rational.

Both sides respectively understand that a Grexit will cost them. It will cost them more if this doesn’t work out than if they go forward.

This will get resolved, in my view. But six months from now or a year from now, we could be at it again. I could be writing to you about the same dynamics at work. Any resolution is just buying time in hopes the economy grows. That’s a separate, bigger-term, structural issue that’s not going away.

But, in the short run, I do expect Greece and Europe to reach an agreement.
...
http://dailyreckoning.com/there-will-be-no-grexit/
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Old 06-29-2015, 12:10 PM   #69
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Quote :
...
Greece timeline: Key dates ahead

30 June: Troika bailout programme ends as Greek €1.6bn payment to IMF due
1 July: No bailout programme could mean no emergency liquidity from the ECB
5 July: Proposed Greek referendum
10 July: Treasury bills worth €2bn to be repaid
20 July: Bonds worth €3.5bn to be repaid to eurozone partners
20 August: Bonds worth €3.2bn to be repaid
http://www.bbc.co.uk/news/world-europe-33302526
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Old 06-29-2015, 12:47 PM   #70
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I am glad my sunken boats don't limit how much I can retrieve from them.
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Old 06-29-2015, 12:52 PM   #71
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http://seekingalpha.com/article/3289...s-now-probable

"Citizens should not be scared, there is no blackmail," Panos Kammenos, head of the government's coalition ally, told local television. "The banks won't shut, the ATMs will (have cash). All this is exaggeration,"

"One day later, the banks did get shut down and ATMs all over the country started running out of cash."

"Never trust politicians - especially when a major financial crisis is looming."

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Old 06-29-2015, 01:42 PM   #72
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Looks like we're going to see full retard today. Now they are threatening to pull all liquidity.
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Old 06-29-2015, 02:19 PM   #73
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Quote :
The threats are flying fast and furious now.

Moments after the WSJ quoted a Greek official as saying that Greece will not make its IMF bond payment, the ECB struck back when Bloomberg reported that the ECB would review the legality of Greek aid should there not be a deal, i.e., on July 1 post an IMF default. According to Austrian central bank Governor and ECB member, Ewald Nowotny, on Wednesday’s governing council meeting the central bank will decide whether it can continue to provide emergency support for Greece once current bailout program expires June 30, as the Wiener Zeitung originally reported.
...
The subtext of what Nowotny just said is that absent a deal, Greek banks will have no choice but to impose a massive haircut on existing deposits, since the entire ELA will be yanked, and the Cyprus scenario would follow, one that would see existing deposits of under €120 billion, chopped off in half or probably much, more depending on the true state of Greek bank collateral.
...
http://www.zerohedge.com/news/2015-0...-be-illegal-we

The price of poker just went up.
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Old 06-30-2015, 09:11 AM   #74
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Oddly, demand for physical gold is skyrocketing in Europe:
http://www.bloomberg.com/news/articl...ce-stops-sales

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Old 06-30-2015, 09:48 AM   #75
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Quote :
...
Quote :
Greek Finance Minister Yanis Varoufakis confirmed that the country will not make its payment due later to the International Monetary Fund.
...
...

... an Greece default in the Eurozone as Varoufakis has claimed all along, or will the collapse of the Greek banking system tomorrow after the ECB makes the ELA illegal topple the government? ...
http://www.zerohedge.com/news/2015-0...ault-imf-today

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Old 06-30-2015, 12:01 PM   #76
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A guy might be able to make a killing in Greece right now with a trunk load of Euro's. Trade the euro's for PM's (including jewelry, sterling silver stuff etc) for say 75 % of scrap value. The lines at those ATM's are crazy, just to pull out 60 euros ($66)! Not to mention they are saying many of the machines are out of cash.
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Old 07-01-2015, 09:39 AM   #77
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Default is official. It's a bit unclear at the moment how things are going to play out.
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Old 07-01-2015, 09:56 AM   #78
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Now Greece says they do want to get a deal, and France has said they will work out a deal before the vote that Germany wants to wait for.

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Old 07-03-2015, 09:05 AM   #79
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lol...
Quote :
...
This is what the IMF said:
Quote :
Even with concessional financing through 2018, debt would remain very high for decades and highly vulnerable to shocks. Assuming official (concessional) financing through end–2018, the debt-to-GDP ratio is projected at about 150 percent in 2020, and close to 140 percent in 2022 (see Figure 4ii). Using the thresholds agreed in November 2012, a haircut that yields a reduction in debt of over 30 percent of GDP would be required to meet the November 2012 debt targets. With debt remaining very high, any further deterioration in growth rates or in the mediumterm primary surplus relative to the revised baseline scenario discussed here would result in significant increases in debt and gross financing needs (see robustness tests in the next section below). This points to the high vulnerability of the debt dynamics.
And the kicker:
Quote :
"these new financing needs render the debt dynamics unsustainable."
...
http://www.zerohedge.com/news/2015-0...n-pandoras-box

Are folks in the TPTB circles finally starting to acknowledge reality?
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Old 07-03-2015, 09:08 AM   #80
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Quote :
Greece Roundup
  • A "yes" vote in favor of servitude has now reached a slight majority according to some Greece referendum polls. How accurate the polls are is an issue.
  • Yanis Varoufakis, Greece’s finance minister, said he would resign if Greeks voted Yes in Sunday’s referendum on the country’s bailout. "I will not sign another extend and pretend agreement", said Varoufakis.
  • Greece to run out of essential food and medicine within days and banks down to last €500 million.
  • Daily allowance of cash from ATMs has dropped from €60 to €50.
  • Three quarters of business leaders think Greece will be forced to leave the eurozone in the next 12 months.
...
http://globaleconomicanalysis.blogsp...0-million.html
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