Senior US Bankers Have Timetable for Greek Default (23rd March)

suibhne

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So this article is incredibly interesting if it is to be believed, and frankly it just cements what seems to be going on in Europe at the moment anyway. If you were thinking of buying gold over the next couple of months, doing so before this default happens might be a smart idea. Especially if you live in Europe.

A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.
http://hat4uk.wordpress.com/2012/02...-given-explicit-timetable-for-athens-default/
 

pmbug

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To think the financial elite couldn't see the writing on the wall as far back as one month ago when peeps in the blogosphere saw the inevitability over a year ago would be crazy. They have been contingency planning for contagion / firewalls for some time now. They need to limit the systemic damage as much as possible.
 

KMS

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Man, it's good to know so I can plan my vacations this year. Looks like after March my schedule is gonna be pretty open. Goodbye 9-5, Mon thru Fri! Hello 24/7 homesteading!
 

suibhne

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That is true PMBug. Its just nice to see some concrete information behind the decisions being made in the open in the media. When this all started with Greece it was hard to see how it could end any other way.
 

ancona

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I think they will throw them enough to make their next payment, but will later vote to not extend any more funding and force them out. I'll bet they are already printing drachmas somewhere in anticipation of massive capital flight. Either way, it's going o be good for PM's.
 

pmbug

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... They have been contingency planning for contagion / firewalls for some time now. They need to limit the systemic damage as much as possible.
Author of the blog post referenced in the OP wrote a follow up this morning. His conclusion:
...
For now, I’m sticking with my view of what the plan is or was: an attempt at, if you like, at constructing a planned firewall. ...
http://hat4uk.wordpress.com/2012/02...-fighting-to-get-the-greek-result-they-crave/
 

pmbug

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Is Friday the big day?

With the help of Frankfurt and Parisian sources, US contacts, and German readers of this site, The Slog has been able to put together compelling evidence of Greece being perilously close to ejection from the eurozone. Doubts in Brussels and the IMF, preparations in Berlin – and clauses in the bailout agreement – all point to a German determination to either amputate Greece, or leave the eurozone itself.
...
http://hat4uk.wordpress.com/2012/03...r-greece-leaves-the-eurozone-or-germany-must/
 

swissaustrian

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I don't think anything is going to happen. All the new bailout packages have been granted to Greece (GS). Germany won't leave the Euro and the Eurokrats want to keep the whole Eurozone together.
I think the real fireworks will be in the CDS market - just as Jim Sinclair says.
 

DCFusor

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Well, it sort of must happen, I think. But what I think it will look like is a number of scares will pass without it happening, and the big insiders will all be saying "come on in, the water's fine" - and then it'll happen, gulling the retail guys again (us).
 

Shelby-villian

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I don't think PMs will go up with a Greek default?

ECB printing to prevent a Greek default would make PMs go up. A weaker Euro would strengthen USD which would lead to PM going lower. If contagion continues to destroy other Eurpoean economies and the ECB is forced to print, I think that would help PMs but as long as they do not inflate the currency, I don't see most of the money going into PM. The US Dollar is still perceived to be very safe so I see most of the money moving there and if the Fed plan works, con them into US equities.
 
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