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“No Deal”: Tsipras Says Creditors Did Not Accept Greek Proposal
“No Deal”: Tsipras Says Creditors Did Not Accept Greek Proposal Who could have possibly foreseen that the IMF would throw up all over the Greek “proposal”… aside from this post here “Why The IMF Will Reject The Latest Greek Proposal In Just Two Numbers” yesterday afternoon of course. In any event, moments ago Bloomberg reported that just […]
The Only Good Deal For Greece Is NO Deal
The Only Good Deal For Greece Is NO Deal The only thing that would really go towards beginning to solve the problems with Greece is for Athens to NOT sign a deal. The short version of why that is so: it would leave the EU intact for longer. And the ECB. Neither have any viable […]
History in Free Verse
History in Free Verse History might not rhyme, exactly, but it’s not bad for free verse. Greece is this century’s Serbia — a tiny, picturesque backwater nation blundering haplessly into the center stage of geopolitics. And the European Union is, whaddaya know, Germany in drag, on financial steroids. Nobody knows what will happen next in […]
“Bank Holiday” Preparations Begin In Greece, Lines Form At Athens ATMs
“Bank Holiday” Preparations Begin In Greece, Lines Form At Athens ATMs The writing has been on the wall for quite sometime. Deposit flight from Greece’s ailing banking sector has been running north of €500 million per day this week as the threat of capital controls casts a pall over the Greek government’s efforts to reassure […]
“Calm Reigns” Everywhere As Greece Inches Closer To Default, China Crashes
“Calm Reigns” Everywhere As Greece Inches Closer To Default, China Crashes In what is perhaps the most glaring instance of central bank intervention yet,Reuters today captured the market mood as follows: “Calm ruled Europe’s stock and currency markets on Friday as Greece inched closer to a default later this month….the euro was down just 0.3 percent […]
LEAKED (Denied then Confirmed): ECB Not Sure If Greek Banks Can Open Monday
LEAKED (Denied then Confirmed): ECB Not Sure If Greek Banks Can Open Monday There seems to be a growing willingness in the Eurozone to get this over with, to let Greece default and go from there – with all the options that this might entail. But even if a last-minute bailout agreement materializes, one thing […]
Starvation Is The Price Greeks Will Pay For Remaining In The EU
Starvation Is The Price Greeks Will Pay For Remaining In The EU Syriza, the new Greek government that intended to rescue Greece from austerity, has come a cropper. The government relied on the good will of its EU “partners,” only to find that its “partners” had no good will. The Greek government did not understand […]
Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On
Europe Warns Of “State Of Emergency” As Greek Stalemate Drags On Talks between Greece and creditors collapsed on Sunday after Athens once again refused to compromise on a the pension cuts and VAT hike the troika insists are necessary if the country is to receive the final tranche of aid from its second bailout program. We noted […]
ECB Press Release this Wednesday Could End Extortion Racket over Greece – à la Cyprus 2013
ECB Press Release this Wednesday Could End Extortion Racket over Greece – à la Cyprus 2013 It was Greece’s “last chance,” again. But Sunday, it too fell apart, as they always do. European Commission President Jean-Claude Juncker broke off his attempts to mediate between Greece and its creditors. The differences were too large, a spokesperson […]
How The IMF Can Save Greece And Itself
How The IMF Can Save Greece And Itself There’s a Reuters article by Paul Taylor today that’s thought provoking, but not along the same line of thought that the writer follows (or the twist he gives to it). Taylor concludes that the IMF would love to wash its hands off Greece, but can’t because it’s […]
Russia, China and the Battle Against Dollar Hegemony
Russia, China and the Battle Against Dollar Hegemony The Internal Contradictions of US Foreign Policy The Saker: We hear that the Ukraine will have to declare a default, but that it will probably be a “technical” default as opposed to an official one. Some say that the decision of the Rada to allow Iatseniuk to […]
Greece: It’s Time For Your Default And Debt Restructuring
Greece: It’s Time For Your Default And Debt Restructuring For some reason, people think a sovereign default, and a subsequent debt restructuring such as Greece’s government faces, is something that is conceivable – the proverbial asteroid hitting the earth – but which has never actually happened. Sometimes, raw data says more than words. According to […]
Stay Out Of Harm’s Way—-The Casino Is Fixing To Blow
Stay Out Of Harm’s Way—-The Casino Is Fixing To Blow Shock waves have been rumbling through the global bond market in the last few days. On April 17 the yield on the 10-year German bund pierced through the 5bps level, but yesterday it tagged 100bps. That amounted to a 20X move in 39 trading days. It also amounted to total annihilation if you […]
Get Used to Selloffs, Central Bankers Say as They Fret about the Terrifying Moment When Liquidity Evaporates
Get Used to Selloffs, Central Bankers Say as They Fret about the Terrifying Moment When Liquidity Evaporates Axel Weber, president of the Bundesbank and member of the ECB’s Governing Council until he quit both in 2011 to protest the ECB’s bond purchases, quickly landed a new gig: chairman of UBS. WHIRR went the revolving door. From this […]
Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday
Greece Admits It Will Not Make IMF Payment On Friday, No Deal Expected Wednesday For days, Greek officials have been insistent that the country will make a €300 million payment to the IMF this Friday and thus avoid a default. Last month, we heard the same rhetoric out of Athens and as it turns out, […]
