Feb 01

podemos

- Greek Social Contagion: Tens Of Thousands Rally In Support Of Spain’s Anti-Austerity Podemos Party (ZeroHedge, Jan 31, 2015):

Less than a week ago we warned, “today Athens, tomorrow Madrid,” and sure enough, emboldened by the success of Syriza in Greece, the people of Spain have turned out in their tens of thousands in Madrid at a demonstration called by the insurgent Spanish leftist party Podemos. As The Independent reports, Podemos, which means “we can”, has surged into first place in opinion polls in the few months since it was set up in the summer of 2014. It is now ahead of the centre-right Popular Party and centre-left Spanish Socialist Workers’ Party in many opinion polls. Podemos’s policies include a universal basic income, increased democracy, crackdowns on tax avoidance, and increased public control over the economy. Most worrying for the status-quo huggers in Brussels, Podemos has also wants to reform the European Union, describing the current euro arrangement as a “trap.”

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Feb 01

Gold-101


Greeks Turn to Gold on Bank Bail-in and Drachma Risks (ZeroHedge, Jan 31, 2015):

The Greek stock market is down over 36% year to date; the risk of global contagion in the event of a Greek exit is very real. Ordinarily such a crisis would require a massive coordinated effort from global stakeholders, perhaps directed by the IMF or some other pan-national financial body. But not in this case; the rhetoric is nationally-based and biased without unity of purpose across finance ministries. Recent official soundings from the UK and German governments saying that exposure to Greece is limited only underscores the depth of denial, ignorance and lack of consensus that exists within the euro area. A Greek exit from the euro would profoundly weaken the euro experiment and create a dangerous precedent for all future crises in the region. Continue reading »

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Jan 31

varr8

- Caught On Tape: Dijsselbloem To Varoufakis: “You Just Killed Troika” (ZeroHedge, Jan 31, 2015):

Amid ‘turmoiling’ stock markets on Friday, CNBC’s Simon Hobbs summed up the status quo’s thinking on the new Greek leadership when he noted, somewhat angrily and shocked, “The Greeks are not even trying to reassure the markets,” seeming to have entirely forgotten (and who can blame him in this new normal the world has been force-fed for 6 years) that political leaders are elected for the good of the people (by the people) not for the markets. Yesterday saw the clearest example yet of Europe’s anger that the Greeks may choose their own path as opposed to following the EU’s non-sovereign leadership’s demands when the most uncomfortable moment ever caught on tape – the moment when Eurogroup chief Jeroen Dijsselbloem (he of the “template” foot in mouth disease) stood up at the end of the EU-Greece press conference, awkwardly shook hands with Greece’s new finance minister, and whispered…”you have just killed the Troika,” to which Varoufakis responded… “wow!”

As Keep Talking Greece reports,

Continue reading »

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Jan 31

mario-draghi-ecb

From the article:

So earlier today the ECB’s Erikki Liikanen, tired of pleasantries and dealing with what to Europe is a completely incomprehensible and illogical stance, one which is essentially a massive defection by Greece in the European “prisoner’s dilemma”, and which while leading to a Greek financial collapse and Grexit – both prerequisites to a subsequent Greek economic recovery unburdened by the shackles of the Euro – would also unleash a European depression, came out and directly threatened Greece that it now has 1 month until the end of February to reach a deal with the Troika, or else the ECB would cut off lending to Greek banks, in the process destroying the otherwise insolvent Greek banking sector.

- ECB Threatens Athens With Bank Funding Cutoff If No Deal In One Month: February 28 Is Now D-Day For Greece (ZeroHedge, Jan 31, 2015):

As Deutsche Bank’s George Saravelos politely puts it, “Developments since the Greek election on Sunday have moved very fast.” And indeed, so far the new Tsipras cabinet, and here we focus on the words and deeds of the new finance minister Yanis Varoufakis, has shown that the market’s greatest hope – that the status quo in Greece will continue – has been crushed into a pulp (and so have Greek stock and bond prices) especially following yesterday’s most recent comments by the finmin in which he said that Greece “does not want the $7 billion” from the Troika agreement and that it wants to “rethink the whole program”, culminating with an epic exchange with Eurogroup chief Jeroen Dijsselbloem in which Greece made it clear that the “constructive talks” are over. Continue reading »

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Jan 31

Ukrainian Government No Russian Troops Are Fighting Against Us - Sanctions against Russia based on Falsehoods

- Ukrainian Government: “No Russian Troops Are Fighting Against Us”. Sanctions against Russia based on Falsehoods (Global Research, Jan 31, 2015):

Ukraine’s top general is contradicting allegations by the Obama Administration and by his own Ukrainian Government, by saying that no Russian troops are fighting against the Ukrainian Government’s forces in the formerly Ukrainian, but now separatist, area, where the Ukrainian civil war is being waged.

Here is a screen-print of a google-chrome auto-translation of that statement:

Ukrainian Government No Russian Troops Are Fighting Against Us - Sanctions against Russia based on Falsehoods-1

The Chief of Staff of Ukraine’s Armed Forces, General Viktor Muzhenko, is saying, in that news-report, which is dated on Thursday January 29th, that the only Russian citizens who are fighting in the contested region, are residents in that region, or of Ukraine, and also some Russian citizens (and this does not deny that perhaps some of other countries’ citizens are fighting there, inasmuch as American mercenaries have already been noted to have been participating on the Ukrainian Government’s side), who “are members of illegal armed groups,” meaning fighters who are not paid by any government, but instead are just “individual citizens” (as opposed to foreign-government-paid ones). General Muzhenko also says, emphatically, that the “Ukrainian army is not fighting with the regular units of the Russian army.”

In other words: He is explicitly and clearly denying the very basis for the EU’s sanctions against Russia, and for the U.S.’s sanctions against Russia: all of the sanctions against Russia are based on the falsehood that Ukraine is fighting against “the regular units of the Russian army” — i.e., against the Russian-Government-controlled-and-trained fighting forces. Continue reading »

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Jan 31

You can’t make this stuff up!


mortgage

- In Denmark You Are Now Paid To Take Out A Mortgage (ZeroHedge, Jan 30, 2015):

With NIRP raging in the Eurozone and over €1.5 trillion in European government bonds trading with negative yields, many were wondering when any of this perverted bond generosity will spill over to other debtors, not just Europe’s insolvent governments (who can only print negative interest debt because of the ECB’s backstop that it will buy any piece of garbage for sale in the doomed monetary union). In fact just earlier today we, rhetorically, asked a logical – in as much as nothing is logical in the new normal – question:

Little did we know that just minutes after our tweet, we would learn that at least one place is already paying homeowners to take out a mortgage. That’s right – the negative rate mortgage is now a reality.

Thanks of Mario Draghi’s generosity with “other generations’ slavery”, and following 3 consecutive rate cuts by the Danish Central Bank, a local bank – Nordea Credit – is now offering a mortgage with a negative interest rate! This means, according to DR.dk, that Nordea have had to pay instead of charging interest to to a handful of customers, says housing economist at Nordea Kredit, Lise Nytoft Bergmann for Finance. Continue reading »

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Jan 31

syriza

- Syriza’s Original 40 Point Manifesto (ZeroHedge, Jan 30, 2015):

The daily bulletin of Italy’s Communist Refoundation Party published today the apparently official program of the Greek coalition of the left, Syriza. Here the 40 points of the Syriza program.

  1. Audit of the public debt and renegotiation of interest due and suspension of payments until the economy has revived and growth and employment return.
  2. Demand the European Union to change the role of the European Central Bank so that it finances States and programs of public investment.
  3. Raise income tax to 75% for all incomes over 500,000 euros. Continue reading »

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Jan 31

Georg_Soros

- George Soros “Trojan Horse” Inside The New Greek Government? – Wayne Madsen (The News Doctors, Jan 29, 2015):

As Greece celebrates the inauguration of its anti-austerity government, the euphoria should be tempered with a bit of realism. Although new Prime Minister Alexis Tsipras, who named his son “Ernesto” after Cuban revolutionary Ernesto “Ché” Guevara, and the vast majority of his new Coalition of the Radical Left (SYRIZA) government have good left-wing and pro-labor credentials, the same cannot be necessarily said of the man Tsipras chose to be Greece’s new finance minister. Yanis Varoufakisis a citizen of Australia who was educated in Britain and worked as a professor at the University of Texas. Europe has witnessed such dual nationals with conflicting loyalties take power in countries in Eastern Europe, most notably in Ukraine, where American Natalie Jaresko became finance minister in order to deliver International MonetaryFund (IMF) and European Central Bank (ECB) austerity “poison pills” to Ukraine. Continue reading »

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Jan 31

“They’re Out Of Their Minds” Gorbachev Slams US ‘Triumphalism’ For “Turning Cold War ‘Hot'” (ZeroHedge, Jan 29, 2015):

In November of last year, Mikhail Gorbachev first warned “the world is on the brink of a new Cold War.” Then around the turn of the year he escalated his warning, fearing “a war of this kind could lead to a nuclear war,” hoping that no one “loses their nerve in this overheated situation.” Today, in an interview with Russian news agency Interfax, the 83-year-old former Soviet leader, asks “have they lost their minds?” raging that “the U.S. has already dragged us into a new Cold War, trying to openly implement its idea of triumphalism,” warning that “the ‘cold’ war will “lead to a ‘hot’ war,” concluding “The U.S. has been totally ‘lost in the jungle’ and is dragging us there as well.”

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Jan 31

- Charlie Hebdo bombshell! Suicided officer’s family denied access to autopsy (Veterans Today, Jan 26, 2015):

Something is rotten in Paris

Exclusive! Panamza has contacted the mother of Helric Fredou – the Police Commissioner charged with preparing a report on the family background of Charlie Hebdo – who was found dead with a bullet in the head just hours after the attack.

I asked for the autopsy report and was told: “You won’t get it.” Continue reading »

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Jan 30

- Greek Bond Yields Surge Above 19% After EU Talks (ZeroHedge, Jan 30, 2015):

Following finance minister Varoufakis’ insistence that Greece will not accept more debt (or what EU calls a “bailout”) and talks with the Eurogroup chief end, Greek bond yields have surged (and prices dropped) with 3Y GGBs back over 19% – the highest since the crisis. Greek bank stocks – after yesterday’s exuberant penny stock squeeze – are falling once again.

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Jan 30

- Greece Slams EU Bailout-ers: “We Don’t Want The $7 Billion, We Want To Rethink The Whole Program” (ZeroHedge, Jan 30, 2015):

UPDATE: “CONSTRUCTIVE TALKS” are over:

  • *GREECE’S VAROUFAKIS SAYS WILL NOT ASK FOR BAILOUT EXTENSION
  • *VAROUFAKIS SAYS WILL NOT ACCEPT SELF-PERPETUATING CRISIS
  • *VAROUFAKIS SAYS DISCUSSED EURO AREA, NEW DEAL FOR GREECE
  • *DIJSSELBLOEM SAYS UNILATERAL STEPS IS NOT THE WAY FORWARD
  • *DIJSSELBLOEM SAYS GREECE SHOULD CLARIFY ITS POSITION (we think they did!)
  • *GREECE’S VAROUFAKIS SAYS WILL CONVINCE EU PEERS ON NEW DEAL

As Eurogroup chief Jeroen Dijsselbloem (of “template” foot in mouth infamy) heads to Athens for talks today, Bloomberg reports the new Greek Finance Minister Yanis Varoufakis has a clear message for his European overlords of the past: “We don’t want the 7 billion euros…We want to sit down and rethink the whole program.” While this exposes the nation’s banking system to further runs, yesterday’s revelation that Russia could step in with financing should they need it, leaves Dijsselbloem and Shulz with less and less leverage even as Spain’s chief economic advisor warns, if Greece doesn’t play along, “there will be problems on all fronts.” Continue reading »

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Jan 30

- Alexis Tsipras’ Open Letter To Germany: What You Were Never Told About Greece (ZeroHedge, Jan 29, 2015):

Authored by Alexis Tsipras via Syriza.net,

Most of you, dear [German] readers, will have formed a preconception of what this article is about before you actually read it. I am imploring you not to succumb to such preconceptions. Prejudice was never a good guide, especially during periods when an economic crisis reinforces stereotypes and breeds biggotry, nationalism, even violence.

In 2010, the Greek state ceased to be able to service its debt. Unfortunately, European officials decided to pretend that this problem could be overcome by means of the largest loan in history on condition of fiscal austerity that would, with mathematical precision, shrink the national income from which both new and old loans must be paid. An insolvency problem was thus dealt with as if it were a case of illiquidity. Continue reading »

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Jan 30

- Ukraine Is “Pressing” Obama For $3 Billion In Financial Aid (ZeroHedge, Jan 29, 2015):

It would appear Gazprom has once again come knocking for payment – or else. As Bloomberg reports, Ukraine is pressing the Obama administration to provide political support, as much as $3b in financial aid and “non-lethal weapons,” with the goal of some progress by the end of February, Ukrainian Deputy Foreign Minister Vadym Prystaiko says. Of course, given Europe’s agreement to further sanction Russia (asEU agrees more “punitive” steps are now possible) President Obama will be happy to lend Ukraine more American taxpayer money(despite the market’s perception that Ukraine’s default probability is over 80% – six year highs).

20150129_ukr1_1

 What Ukraine wants… Continue reading »

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Jan 30

Mario-Draghi-Just-Evil

- AXA Investment Managaer Explains Why The ECB’s QE Has Already Failed Using “Widget Makers” (Zerohedge, Jan 29, 2015):

“People say, ‘Sell government bonds and lend money to widget manufacturers.’ It doesn’t really work like that.” Hayes says, adding that “Low yields don’t necessarily mean more lending to the real economy; time and confidence are key elements and last 6 years have shown QE can’t control those.” In short: it hasn’t even started and QE is already a complete failure. Good job central-planners.

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Jan 30

- It Will Now Cost You 0.5% To Save Money In Denmark: Danish Central Bank Cuts Rates For Third Time In Two Weeks (Zerohedge, Jan 29, 2015):

When the Danish Central Bank cut rates precisely a week ago, going from NIRP to NIRPer, and pushing the deposit rate from -0.2% to -0.35%, the sense of desperation was already in the air: after all this was already the second rate cut by the Denmark’s monetary authority in one week, all in the hope of preserving the peg to the DEK to the EUR. That sense of desperation just hit a fever pitch moments ago, when the Dutch central bank just went NIRPest, and cut rates across the board yet again, and made it even more costly to save money in the north European country, where the Deposit rate has just been cut from -0.35% to -0.5%!

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Jan 29

- Alexis Tsipras Most Outrageous Outburst Yet? (ZeroHedge, Jan 29, 2015):

Speaking in May 2014 (ahead of Ukraine’s elections) new Greek Prime Minister Alexis Tsipras made very clear why he is now against Germany’s push for further sanctions against Russia.

Via VoR,

[The SYRIZA] party believes that the new government in Ukraine came to power as a result of a coup, and call it a junta.

Alexis Tsipras We should not accept or recognize the government of neo-Nazis in Ukraine

h/t @Erula1

“We should not accept or recognize the government of neo-Nazis in Ukraine,” the Athens News Agency quotes Tsipras who believes that the Ukrainian people should decide their future themselves. Continue reading »

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Jan 29

Putin Defies The West, Leads BRICS Alliance Away From NWO Reservation

- Putin Pivots Back: Russia Confirms Willingness To Provide Financial Aid To Greece (Zerohedge, Jan 29, 2015):

We suggested the Greek pivot from Europe to Russia was building previously, and now, we get confirmation from Russia’s finance minister Anton Siluanov that the pivot could be mutual, who told CNBC in the interview below:

  • *RUSSIA WOULD WEIGH FINANCE FOR GREECE IF ASKED, SILUANOV: CNBC

With fire and brimstone spewing from Germany over the potential for Greece to veto any and everything, it seems Russia may just have stymied Europe’s leverage over the newly democratic nation. Continue reading »

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Jan 29

Vladimir-Putin-smile-sunglasses

- Putin’s Unexpected Victory: Europe Furious That Greece Is Now A Russian Sanctions Veto (Zerohedge, Jan 29, 2015):

Two days ago, Zero Hedge first, and shortly thereafter everyone else, pointed out something stunning: the biggest surprise to emerge so far out of the new anti-Troika/austerity Greek government was not so much its intention to proceed with the first test of “Odious Debt” – this was largely known in advance – but its dramatic pivot away from Germany and Europe, and toward Russia.

As we noted before, not only has Greece already blocked all ongoing privatization processes, a clear snub of Merkel and the Troika which demands the piecemeal blue light special sale of Greece to western buyers as part of the “bailout”, but is also looking at plans to reinstate public sector employees and announce increased pensions for those on low incomes: further clear breaches of the Troika’s austerity terms.

But the most important message that Tsipras is sending to Europe is that (after meeting the Russian ambassador first upon his election) Greece is now effectively a veto power when it comes to future Russian sanctions!
Continue reading »

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Jan 29

soap dispenser

The New Greek Government Arrives In Its Residence: Finds No Power, No Wifi Password And No Toilet Soap (Zerohedge, Jan 28, 2015):

Things in Greece are bad. So bad, that the outgoing government of Antonis Samaras decided to not only leave the new inhabitants of the official residence of the Greek prime minister, the Maximos Mansion, without power, and without the WiFi password, but they decided to “borrow” all the soap in the toilet as well.

More from Spiegel, google translated:

“We sit in the dark. We have no internet, no email, no way to communicate with each other”, said an employee of the Office, who has worked for various government for years. “That’s never happened before.” It shows that Samaras’ team have “no manners and no decency.”
Continue reading »

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