Jun 27

Dijsselbloem Says Greek “Program” Will Expire On Tuesday Night, Offer Won’t Exist At Referendum Time (ZeroHedge, June 27, 2015):

And just like that, “game theory” has become “over theory”:

  • DIJSSELBLOEM SAYS REST OF EUROGROUP REGRETS GREEK REJECTION
  • DIJSSELBLOEM SAYS `GREAT CONCERNS WITH CREDIBILITY’ OF GREECE
  • DIJSSELBLOEM SAYS REST OF EUROGROUP REGRETS GREEK REJECTION
  • DIJSSELBLOEM: SITUATION IN GREECE WILL DETERIOATE IN BETWEEN

The punchline, which as we hinted earlier, is the biggest problem with the Greek referendum – there will be no deal to vote on since the program will expireon Tuesday night, which means the offer will be pulled.

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Feb 17

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No deal: Greece-EU bailout talks break down, Athens given 1 week ultimatum (RT, Feb 16, 2015):

The eurozone has given Greece an ultimatum of one week to request an extension of its bailout deal, as Athens turned down the offer dubbing it “absurd” and “unreasonable”. Greece’s finance minister said they were ready to sign – but something different.

But despite not reaching a deal, Greece Finance Minister Varoufakis insisted Athens is “ready and willing” to reach a deal and that he is confident of reaching one in 2 days, he said in statement after the talks.

“We were offering to refrain effectively from implementing our own program for a period of six months and all we were getting back was a nebulous promise of some flexibility that was never specified,” Varoufakis said.

Continue reading »

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Feb 12

dearlordplsmakethegreeksseereasonandsaveEU
Europe’s Only Remaining Strategy (In 1 Picture)

Greek Deal Rumor Falls Apart After Eurogroup Says “No Deal… No Way Forward”, Greece “Questions Merit” Of Bailout Extension (ZeroHedge, Feb 11, 2015):

Following earlier deal rumors citing ‘unidentified sources’ stating that:*GREECE AGREEMENT `IN PRINCIPLE’ REACHED, GREECE WILL STAY IN EU BAILOUT PROGRAM, DETAILS OF GREECE DEAL UNCLEAR, CNBC REPORTS (after which stocks futures and EURUSD surged), the Eurogroup and Greece have completely denied any progress was made whatsoever…

GREEK GOVT OFFICIAL SAYS NO AGREEMENT IN EUROGROUP, GREECE WILL NOT ACCEPT AN EXTENSION OF CURRENT BAILOUT
DIJSSELBLOEM: NO STATEMENT POSSIBLE WITHOUT JOINT CONCLUSIONS
GREECE WOULD NEVER AGREE TO STAY IN CURRENT PROGRAM: VAROUFAKIS

 …

 

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Jan 31

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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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Mar 29

You can’t make this stuff up!


ECB Backs Dijsselbloem’s Liquidation Policy “Template” (ZeroHedge, March 29, 2013):

It appears the European Central Bank is having trouble keeping its lies straight. When Jeroen Dijsselbloem (“Diesel-BOOM”, “D-Boom”, or just “Diesel”) made his now infamous “template” comment last week, reality was shattered for many trend-following, momentum-monkey, hope-and-dreamers that actual real monetary pain could exist for a bank that was entirely incompetent (and insolvent). Instantly the rest of Europe stepped up to deny-deny-deny (as did D-Boom himself) explaining this was a ‘unique’ situation with French ECB Director Benoît Coeuré explicitly stating that Cyprus is not a model for future bank rescues.

However, as Reuters reports, it appears fellow-Dutchman and ECB Governing Council member Klaas Knot said last night that there was “little wrong” with J-Boom’s comment and that “the content of his remarks comes down to an approach which has been on the table for a longer time in Europe. This approach will be part of the European liquidation policy. Further confirming D-Boom’s perspective, Knot added that, “there has to be transparency about losses in the banking sector… and banks have to wind down their loss-making operations.”

It seems that in 2012 the ECB split was between the Germans and Draghi on unlimited inflation threats; in 2013 it will be between those who want bail-ins and bail-outs.

Via Reuters,

European Central Bank Governing Council member Klaas Knot said on Friday there was “little wrong” with Eurogroup chair Jeroen Dijsselbloem’s recipe for dealing with future euro zone banking crises, a newspaper reported. Continue reading »

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Mar 28

Watch the video here:

‘This isn’t going to stop with Cyprus’ (RT, March 28, 2013):

The Cyprus liquidity crisis will only lead to violence, Wide Awake News founder Charlie McGrath has told RT. The journalist warns that the Cyprus solution may serve as a model as the wider EU deals with the financial crisis.

RT: The authorities have promised to reopen the banks on Thursday – do you think Cypriots can sigh with relief now?

Charlie McGrath: No, not at all. And let’s examine the word reopen, because they are not really reopening. They are putting on all these capital restrictions on the people of Cyprus, 300 euros is the max withdrawal they can make. They can only take 3,000 maximum amount if you are going to travel. You live in Cyprus and you have relatives that live in the United States and the UK, wherever and you want to send them money – you absolutely cannot.

The so-called establishment media is talking about, there’s been enough time that has passed since the announcement of this deal that they don’t think there’re going to have a bank run but the real reason they don’t think they’re not going to have a bank run is because they are really not opening the banks. They’re going to have all type of guards and police and very limited funds that the people of Cyprus can take. So, I don’t think they should be relieved at all, nor should Europe nor the rest of the world for that manner.

RT: At this point – how do you convince panicked savers across Europe that the EU won’t dig into their accounts, next? Continue reading »

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Mar 27

The Global Elite Are Very Clearly Telling Us That They Plan To Raid Our Bank Accounts (Economic Collapse, March 27, 2013):

Don’t be surprised when the global elite confiscate money from your bank account one day.  They are already very clearly telling you that they are going to do it.  Dutch Finance Minister Jeroen Dijsselbloem is the president of the Eurogroup – an organization of eurozone finance ministers that was instrumental in putting together the Cyprus “deal” – and he has said publicly that what has just happened in Cyprus will serve as a blueprint for future bank bailouts.  What that means is that when the chips are down, they are going to come after YOUR money.  So why should anyone put a large amount of money in the bank at this point?  Perhaps you can make one or two percent on your money if you shop around for a really good deal, but there is also a chance that 40 percent (or more) of your money will be confiscated if the bank fails.  And considering the fact that there are vast numbers of banks all over the United States and Europe that are teetering on the verge of insolvency, why would anyone want to take such a risk?  What the global elite have done is that they have messed around with the fundamental trust that people have in the banking system.  In order for any financial system to work, people must have faith in the safety and security of that financial system.  People put their money in the bank because they think that it will be safe there.  If you take away that feeling of safety, you jeopardize the entire system.

So exactly how did the big banks in Cyprus get into so much trouble?  Well, they have been doing exactly what hundreds of other large banks all over the U.S. and Europe have been doing.  They have been gambling with our money.  In particular, the big banks in Cyprus made huge bets on Greek sovereign debt which ended up failing.

But what happened in Cyprus is just the tip of the iceberg.  All over the planet major financial institutions are being incredibly reckless with client money.  They are leveraged to the hilt and they have transformed the global financial system into a gigantic casino. Continue reading »

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Mar 26

Dijsselbloem: “Levy On Wealth Is Defendable In Principle” (ZeroHedge, March 26, 2013):

While France’s Hollande and Spain’s Rajoy are double-teaming the ‘unique, exceptional’ nature of Cyprus, the non-template nature of the ‘deal’, the need for Europe-wide guarantees, and that the ESM should be used to recap banks and not depositors, none other than Dutch FinMin Dijsselbloem is at it again as he admits what many have suspected:

  • *DIJSSELBLOEM SAYS LEVY ON WEALTH IS DEFENDABLE IN PRINCIPLE

and, as if responding to the desperate French and Spanish leaders:

  • *DIJSSELBLOEM SAYS DEPOSIT GUARANTEE SYSTEMS ARE NATIONAL

It would appear our views are increasing appearing true – that a wealth tax is coming in much more systemic a manner than many expect currently.

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Mar 26

Cyprus And The Eurozone Bank Bailout Hypocrisy (Testosterone Pit, March 25, 2013):

Cyprus didn’t prick the Eurozone bailout bubble, the notion that bank investors who took enormous risks to gain financial rewards would always be made whole by taxpayers. That bubble had been pricked in February. But it was the first time that the international bailout cabal, the Troika, stuck its needle into it—while Germany quietly bailed out all investors in one of its own rotten banks.

The bailout deal was pretty slick; it dodged the Cypriot parliament which had demolished the prior package. Well-honed Eurozone tactics: don’t allow voting to mess up the plans. Uninsured depositors would eat €4.2 billion—much of it Russian money. Junior and senior bondholders would kiss their €1.7 billion goodbye. That even senior debt, albeit only €200 million, was destroyed was a first in Eurozone history. Eurozone taxpayers would pick up the remaining €10 billion—still a lot for such a tiny country, but at least it wouldn’t be pocketed by some hedge funds, or worse apparently, Russian depositors.

Continue reading »

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Mar 26

What Dijsselbloem Really Said: Full “On The Record” Transcript (ZeroHedge, March 26, 2013):

Hopefully the memory of the new Eurogroup head, who in a one day lost more credibility than his admittedly lying predecessor Juncker ever had, will be jogged courtesy of this full transcript provided by Reuters and the FT of what he told two reporters – on the record – and for the whole world to read. Because, by now, we are confident everyone has had more than enough with watching the entire Eurozone rapidly and tragically turn itself into a complete and utter mythomaniac, kletpocratic circus.

Via The FT,

To clarify what Dijsselbloem said, we’ve decided to post a transcript of the portion of the interview dealing with how the eurozone might deal with bank failures in the future in light of the Cyprus example. The interview we conducted alongside Brussels bureau chief Luke Baker of Reuters (@LukeReuters) lasted about 45 minutes, and the portion on bank resolution lasted for about 10 of those minutes. The interview started out with some Cyprus-specific questions – like how capital controls might work, whether Dijsselbloem had learned any lessons form the Cyprus experience – and then shifted to a discussion about whether north-south relations were hampering EU decision making. That’s when Baker asked the first question about whether Cyprus set a precedent for future bank rescues…

Q: To what extent does the decision taken last night end up setting a template for bank resolution going forward?

A: What we should try to do and what we’ve done last night is what I call “pushing back the risks”. In times of crisis when a risk certainly turns up in a banking sector or an economy, you really have very little choice: you try to take that risk away, and you take it on the public debt. You say, “Okay, we’ll deal with it, give it to us.” Continue reading »

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Mar 25

Eurogroup Head Says He Did Not Say What He Said (ZeroHedge, March 25, 2013):

That thing Diesel-BOOM very, very clearly said earlier? He did not say it. After all, can’t have the market getting any ideas that reality may be slowly coming back to the basket case that is Europe:

  • EU DIJSSELBLOEM SPOKESWOMAN: DIJSSELBLOEM DIDN’T SAY CYPRUS A TEMPLATE FOR BANK RESTRUCTURINGS – DOW JONES

So not only are European depositors still impairable, because sadly Dijsselbloem was dead serious in his Reuters interview, but the new Eurogroup head pulled a Juncker and confirmed “it is serious” in the process losing all credibility too.

To summarize Diesel-BOOM: If the market is red, you have to lie.

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Mar 25

Update:

Eurogroup Head Jeroen Dijsselbloem Says He Did Not Say What He Said


A Word Out Of Place Sends Europe Tumbling (ZeroHedge, March 25, 2013):

Perhaps the best example of a “word out of place” comes from the new Eurogroup head, Dijsselbloem, also phonetically known as Diesel-BOOM, who just may have ushered in the next, next wave of the Eurozone crisis:

  • Cyprus a Template For EU

Er… wasn’t it a special case, inside a unique case, wrapped in a one-time case? We will ignore the rather hilarious Freudian slip, and focus on what he was explicitly talking about with Reuters, which is the resolution model which was just put in place in Cyprus:

A rescue programme agreed for Cyprus on Monday represents a new template for resolving euro zone banking problems and other countries may have to restructure their banking sectors, the head of the region’s finance ministers said.

Continue reading »

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Mar 18

Facing Bailout Tax, Cypriots Try to Get Cash Out of Banks (New York Times, March 16, 2013):

ATHENS — In a move that could set off new fears of contagion across the euro zone, anxious depositors drained cash from automated teller machines in Cyprus on Saturday, hours after European officials in Brussels required that part of a new 10 billion euro bailout be paid for directly from the bank accounts of ordinary savers.

The move — a first in the three-year-old European financial crisis — raised questions about whether bank runs could be set off elsewhere in the euro zone. Jeroen Dijsselbloem, the president of the group of euro area ministers, declined early Saturday to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.

Although banks placed withdrawal limits of 400 euros, or about $520, on A.T.M.’s, most had run out of cash by early evening. People around the country reacted with disbelief and anger.

“This is a clear-cut robbery,” said Andreas Moyseos, a former electrician who is now a pensioner in Nicosia, the capital. Iliana Andreadakis, a book critic, added: “This issue doesn’t only affect the people’s deposits, but also the prospect of the Cyprus economy. The E.U. has diminished its credibility.”

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