Jul 06

ELA Haircut vs Deposit Haircut

It Begins: ECB Hikes Greek ELA Haircuts; Full “Depositor Bail-In” Sensitivity Analysis (ZeroHedge, July 6, 2015):

Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ?89 billion ceiling level last increased two weeks ago. However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a waterfall solvency rush in Greek banks if and when it boosts ELA haircuts. Turns out we were wrong, and as the ECB just announced “the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA.”

Full Press Release: Continue reading »

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Jul 06

Greece Financial Crisis Riotsgreece-athens

ECB To Keep Greece On Hold Until Wednesday When Balyasny Sees Rioting Begin (ZeroHedge, July 6, 2015):

As we have repeated since January, and certainly on numerous occasions over the weekend, at this point the only variable is what the ECB will do: will it give insolvent Greek banks more aid, or will it increase its ELA collateral haircut (or even withdraw it altogether), the ramifications of which action would have a dire impact on contagion within the rest of the periphery but most certainly on both the Greek financial system as well as Greek society which is now facing an indefinitely period of capital controls.

A quick reminder: this is how we laid out the dynamic between Greece and the ECB in on January 31, which 6 months later, has played out precisely as forecast: Continue reading »

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Jul 06

Flashback:

Max Keiser on Greece: ‘The IMF is a Financial Mafia’ (April 28, 2010):

The only solution for Greece is to arrest the Goldman Sachs bankers immediately and all those involved in the fabrication of Greek economic data in 2000, when you became a member of the eurozone. The next step is to nationalize all banks like Sweden did in 1993. The International Monetary Fund is that last thing you need. You will lose your sovereignty. It exercises terrorism. You will be raped in such a way, that it will be the worst pain you have ever felt.

IMF


 

Greece Set To Restart Negotiations, IMF “Ready To Assist” Greece, Lagarde Says (ZeroHedge, July 6, 2015):

Just hours after receiving a clear mandate from the Greek people to stand firm in the face of calls for more austerity, the Greek government, squeezed by an acute liquidity shortage in the collapsing banking sector, is set to head back to the negotiating table seeking to “restore liquidity” and find a “sustainable” solution to the country’s debt problem. From Bloomberg:

  • LEADERS OF GREEK RULING AND OPPOSITION PARTIES ISSUE JOINT STATEMENT BACKING EFFORTS TO REACH DEAL WITH CREDITORS
  • GREEK POLITICAL PARTIES SEEK AGREEMENT TO COVER FINANCING NEEDS
  • GREEK LEADERS SAYS GOAL IS TO SECURE COUNTRY’S FINANCING
  • GREEK LEADERS: DEAL SHOULD TACKLE DEBT SUSTAINABILITY PROBLEM
  • GREEK LEADERS: RESTORING LIQUIDITY IS TOP PRIORITY

Speaking of finding a “sustainable” solution (i.e. one that includes writedowns), the IMF, whose well-timed report on the necessity of Greek debt haircuts might well have played a vital role in cementing a victory for the “no” vote on Sunday, is now “ready to help” the Greeks. Here’s Christine Lagarde: Continue reading »

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Jul 06

With Yanis Gone, Now Troika Heads Must Roll (The Automatic Earth, July 6, 2015):

Now that Yanis Varoufakis has resigned, in the kind of unique fashion and timing that shows us who the real men are, it’s time to clear the other side of the table as well. The new finance minister, Euclid Tsakalotos, should not have to face the same faces that led to Europe’s painful defeat in yesterday’s Greek referendum. Continue reading »

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Jul 06

angela-merkel

Russia Gloats: “Merkel’s Misery Over Broken Europe Dreams” (ZeroHedge, July 6, 2015):

Earlier today, as has become a symbolic custom, Tsipras spoke to Russia’s Putin by phone. Aside for the referendum, the topic of their conversation was unknown, but both sides rushed to note that financial aid was not among the topics of discussion, which assures it was. However, with the Greek negotiations still ongoing even if, as Germany has claimed, all bridges have been burned, there is no point for the Kremlin to step in at this moment and disclose itself as a Lender of Last Resort. It still has a few days. Continue reading »

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Jul 06

varouangry

The First Post-Referendum Head Rolls: “Toxic” “Martyr” Yanis Varoufakis Resigns (ZeroHedge, July 6, 2015):

The Greek referendum landslide “No” vote came and went and just hours after its passage claimed its first head, which was – perhaps somewhat surprisingly – that of the Greek finance minister himself, Yanis Varoufakis, who many say orchestrated the referendum seen as a loud endorsement of the government’s actions. As of this morning he is no more. Here is why in his own words.

Minister No More!

The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage. Continue reading »

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Jul 06

FYI.


23_mason_varoufakis_w-None
‘We are going to destroy the Greek oligarchy system’ said Varoufakis. (Image credit: channel4.com)

European Banksters are afraid of Yanis Varoufakis (The Real Agenda, July 6, 2015):

The former Greek Finance Minister resigned because the Troika is not confortable with him in the room.

The Greek Finance Minister, Yanis Varoufakis, announced Monday his resignation because he believes that this can help the government to reach an agreement with the European institutions, hours after the victory of the ‘no’ in the referendum.

Varoufakis, who said he would resign if the YES won on Sunday’s referendum met on several occasions with Greek creditors as he represented the toughest wing of his government. He even accused the Troika of using “terrorism” against the Greek people. Continue reading »

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Jul 06

Tsipras-Nuland

Nuland’s Nemesis: Will Greece Be Destroyed to Save Her From Russia, Like Ukraine? (Dances With Bears via Blacklisted News, July 6, 2015):

By John Helmer, the longest continuously serving foreign correspondent in Russia, and the only western journalist to direct his own bureau independent of single national or commercial ties. Helmer has also been a professor of political science, and an advisor to government heads in Greece, the United States, and Asia. He is the first and only member of a US presidential administration (Jimmy Carter) to establish himself in Russia. Originally published at Dances with Bears

A putsch in Athens to save allied Greece from enemy Russia is in preparation by the US and Germany, with backing from the non-taxpayers of Greece – the Greek oligarchs, Anglo-Greek shipowners, and the Greek Church. At the highest and lowest level of Greek government, and from Thessaloniki to Milvorni, all Greeks understand what is happening. Yesterday they voted overwhelmingly to resist. According to a high political figure in Athens, a 40-year veteran, “what is actually happening is a slow process of regime change.” Continue reading »

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Jul 06

RopedInease

Hillary Ropes Off “Everyday” Reporters, Creates Media Spectacle (ZeroHedge, July 5, 2015)

 

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Jul 05

ECB currency printing

IOUs It Is: Why Greece May Have A Problem Printing “Rogue” Euro Banknotes (ZeroHedge, July 5, 2015):

 

Previously we reported that in a heretofore unknown exchange, Varoufakis told Telegraph’s Evans-Pritchard that “if necessary we will issue parallel liquidity and California-style IOU’s, in an electronic form. We should have done it a week ago.” Shortly thereafter, SocGen released a note in which it confirmed largely what the Greek finmin may have said, namely that “Greece is likely to issue a form of parallel currency.”

Continue reading »

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Jul 05

acropolis now

Greece Contemplates Nuclear Options: May Print Euros, Launch Parallel Currency, Nationalize Banks (ZeroHedge, July 5, 2015):

As we said earlier today, following today’s dramatic referendum result the Greeks may have burned all symbolic bridges with the Eurozone. However, there still is one key link: the insolvent Greek banks’ reliance on the ECB’s goodwill via the ELA. While we have explained countless times that even a modest ELA collateral haircut would lead to prompt depositor bail-ins, here is DB’s George Saravelos with a simplified version of the potential worst case for Greece in the coming days: Continue reading »

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Jul 05

euro crisis can kicking failed

Eurogroup In Shock: Finance Ministers “Would Not Know What To Discuss” After Greferendum Stunner (ZeroHedge, July 5, 2015):

Just out from Reuters:

  • FINANCE MINISTERS “WOULD NOT KNOW WHAT TO DISCUSS” AFTER EMERGING GREEK ‘NO’ VOTE-EURO ZONE OFFICIAL

More: Continue reading »

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Jul 05

china-crash

China “Crosses Rubicon” With Stock Bailout; BofA Says PBoC Risks “Hurting Its Credibility” (ZeroHedge, July 5, 2015):

Earlier today in “Panic: China Central Bank Steps In To Bailout Stocks As Underwater Traders Pray For A Rebound,” we noted (without much surprise) that the PBoC has officially taken the plunge. Late on Sunday, the China Securities Regulatory Commission announced that China’s central bank is set to inject capital into China Securities Finance Corp which will in turn use the funds to help brokerages expand their businesses and reinvigorate stocks. Translation: China’s central bank is now underwriting brokers’ margin lending businesses.  Continue reading »

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Jul 05

GREXIT

The “Nightmare Of The Euro-Architects” Is Coming True: JPM Now Sees Grexit, Eurogroup “Split In Coming Days” (ZeroHedge, July 5, 2015):

Perhaps the best summary – or epitaph, some would say – of the shocking events that took place in Greece this afternoon, and the resultant falling dominoes that are about to be unleashed, was given by Slovakia’s finance minister Peter Kazimir, who summarized events as follows:

He followed it up with a Dylan Thomas quote:

We assume the next lines goes as follows:

“Rage, rage against the dying of the “irreversible” currency” Continue reading »

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Jul 05

FYI.


Marine Le Pen, Anti Euro French Presidential Frontrunner, Applauds Greek Victory Over “EU Oligarchy” (ZeroHedge, July 5, 2015):

Ten days ago, before Varoufakis even announced his stunning break of negotiations with the Troika and proceeded to engage in a referendum which perhaps more symbolically than anything else just said a resounding “No” to the status quo, we said to Forget Grexit, “Madame Frexit” Says France Is Next: French Presidential Frontrunner Wants Out Of “Failed” Euro.

Because while the ECB could at least in theory contain the Grexit fallout with a few hundred billion in bond (and stock, since Europe is pretty much fresh out of bonds it can monetize) purchases, it will not be able to halt the contagion once it spreads to Italy, Spain and Portugal. But once it reaches France, and Marine Le Pen engages in the same type of negotiations with the Troika as Greece just did, it’s all over. Continue reading »

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Jul 05

this is sparta

Greeks Flood Syntagma Square To Celebrate “No” Vote (ZeroHedge, July 5, 2015):

The Greek people have spoken and they saidOXI“!

So congratulations Greece: for the first time you had the chance to tell the Troika, the unelected eurocrats, and the entire status quo establishment, not to mention all the banks, how you really felt and based on the most recent results, some 61% of you told it to go fuck itself.

Now, on the eve of a new era for Europe and what will likely be a turbulent stretch for financial markets across the globe, Greeks are celebrating in the streets of Athens. Here are the visuals:

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Jul 05

“Food is the big one.”

“If you don’t have food your done.”

“This country used to have 3 years of grain reserve during the cold war.”

“How much (strategic grain reserves) we’ve got now? ZERO!”

“You need food reserves.”

I agree with what he says about TPTB’s agenda at the end of the video.



Jul 3, 2015

Description:

FOUNDER AND DIRECTOR OF OATH KEEPERS. Albany, NY June 26, 2015

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Jul 05


Jul 4, 2015

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Jul 05

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Jul 05

H/t reader M.G.:

“Can kicking days are over……..Greece has voted No.
No more greedy gut strangle hold……the people are fed up.
The so-called close call between yes and no was eliminated in the first few hours…..
Now, here is a good summary of where everyone stands…..”


Greece-No-Referendum-Vote

The Guardian view on Greece’s no vote: eight days that shook a continent (Guardian, July 5, 2015):

The last week has seen many extraordinary things, from stiff limits at cashpoints to cross-border meddling in national democracy. Europe has not handled it well. It urgently needs to do better in picking up the pieces

Kicking the can down the road has been the cliche of choice over a slow euro crisis that has steadily strangled the life out of the Greek economy. But at some point Europe was bound to run out of road. That happened on Sunday night, when it emerged that the Greek people had said no to continuing to engage with their creditors on the same suffocating terms. Continue reading »

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