rubl
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Post by rubl on Jun 19, 2015 18:33:05 GMT 7
From a Reuters article today "The withdrawals between Monday and Thursday have reached about 3 billion euros (£2.1 billion), representing about 2.2 percent of household and corporate deposits held by Greek banks at the end of April." uk.reuters.com/article/2015/06/19/uk-eurozone-greece-deposits-idUKKBN0OZ0LE20150619?utm_source=twitterTo the uninformed (like me) it would seem that the Greek banks still have 130 billion Euro in deposits. To me that doesn't suggest the banks need to lean on the Greek National Bank for support, or the GNB on the EC or ECB. The rest of Europe already 'lent' them more than 200 billion Euro. The Greek PM said today that there will be a solution to the Greek debtproblem with Greece remaining in the Eurozone and having it's economy grow again. He also 'mentions' that a 'grexit' would be the begin of the end of the Euro. I feel somewhat blackmailed and the taxpayers squarely robbed. Certainly reading that the poor Greeks who so suffer from the 'debt problem' manage to keep on withdrawing billions upon billions of Euros. Of course there is the possibility that there are a few rich Greeks who do not want to help their country men and just too many poor Greeks who have to go beg with the IMF and ECB ?
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Post by Fletchsmile on Jun 20, 2015 19:02:57 GMT 7
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rubl
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Post by rubl on Jun 20, 2015 19:28:26 GMT 7
Business News | Sat Jun 20, 2015 3:57am EDT Greece says ECB won't let its banks collapse The European Central Bank will not allow Greek lenders to collapse as this would create a domino effect and topple banks in other parts of Europe, a Greek state minister said on Saturday. As Greece moves perilously close to default and a possible exit from the euro zone, the ECB expanded emergency funding to keep Greek banks afloat, as nervous savers withdrew billions of euros from local lenders in recent days. "The ECB cannot let banks collapse," State Minister Alekos Flabouraris told Greek Mega television. "They know that if Greece's banking system collapses, there will be a domino effect." www.reuters.com/article/2015/06/20/us-eurozone-greece-collapse-idUSKBN0P008T20150620
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rubl
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Post by rubl on Jun 21, 2015 13:22:01 GMT 7
Interesting opinion piece from the Greek Minister of Finance Yanis Varoufakis. 2015-06-20 "What Greece needs now is not more cutbacks that push an impoverished populace into greater indignity," Of course he could mean that the Greek populase has by now withdrawn all money it could withdraw and it's time for the richer Northern country to have pity and show mercy. "Now, what Greece now needs desperately is serious, proper reforms. We need a new tax system that helps defeat evasion and curtail political or corporate interference, a corruption-free procurement system, business-friendly licensing procedures, judicial reforms, elimination of scandalous early retirement practices, proper regulation of the media and of political party finances, etc." Seems he list all reason why Greece failed and squandered billion upon billion of Euros they now want the EC to 'borrow' them while speculation on haircuts, gifts, some debt forgiven, etc., etc. www.irishtimes.com/opinion/yanis-varoufakis-a-pressing-question-for-ireland-before-monday-s-meeting-on-greece-1.2256339
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Post by Fletchsmile on Jun 21, 2015 15:08:37 GMT 7
Interesting opinion piece from the Greek Minister of Finance Yanis Varoufakis. ........ "Now, what Greece now needs desperately is serious, proper reforms. We need a new tax system that helps defeat evasion and curtail political or corporate interference, a corruption-free procurement system, business-friendly licensing procedures, judicial reforms, elimination of scandalous early retirement practices, proper regulation of the media and of political party finances, etc." Seems he list all reason why Greece failed and squandered billion upon billion of Euros they now want the EC to 'borrow' them while speculation on haircuts, gifts, some debt forgiven, etc., etc. www.irishtimes.com/opinion/yanis-varoufakis-a-pressing-question-for-ireland-before-monday-s-meeting-on-greece-1.2256339Yes, looks like a good start on what's needed and as you say key parts of the reasons why they are in a mess. I wonder also what the arguments are as to why they didn't start those "proper reforms" 5 years ago, and instead keep expecting other people to prick up the tab
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rubl
Crazy Mango Extraordinaire
The wondering type
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Post by rubl on Jun 21, 2015 15:21:11 GMT 7
Interesting opinion piece from the Greek Minister of Finance Yanis Varoufakis. ........ "Now, what Greece now needs desperately is serious, proper reforms. We need a new tax system that helps defeat evasion and curtail political or corporate interference, a corruption-free procurement system, business-friendly licensing procedures, judicial reforms, elimination of scandalous early retirement practices, proper regulation of the media and of political party finances, etc." Seems he list all reason why Greece failed and squandered billion upon billion of Euros they now want the EC to 'borrow' them while speculation on haircuts, gifts, some debt forgiven, etc., etc. www.irishtimes.com/opinion/yanis-varoufakis-a-pressing-question-for-ireland-before-monday-s-meeting-on-greece-1.2256339Yes, looks like a good start on what's needed and as you say key parts of the reasons why they are in a mess. I wonder also what the arguments are as to why they didn't start those "proper reforms" 5 years ago, and instead keep expecting other people to prick up the tab To be fair this government is here only four months. Makes you wonder what the previous government did. Also I wonder about the reforms Yanis talks about. Sounds good, but lack of details. If the reason for that is "we were busy" he automatically excuses his predecessors as well.
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Post by rgs2001uk on Jun 21, 2015 21:49:04 GMT 7
Interesting opinion piece from the Greek Minister of Finance Yanis Varoufakis. ........ "Now, what Greece now needs desperately is serious, proper reforms. We need a new tax system that helps defeat evasion and curtail political or corporate interference, a corruption-free procurement system, business-friendly licensing procedures, judicial reforms, elimination of scandalous early retirement practices, proper regulation of the media and of political party finances, etc." Seems he list all reason why Greece failed and squandered billion upon billion of Euros they now want the EC to 'borrow' them while speculation on haircuts, gifts, some debt forgiven, etc., etc. www.irishtimes.com/opinion/yanis-varoufakis-a-pressing-question-for-ireland-before-monday-s-meeting-on-greece-1.2256339Yes, looks like a good start on what's needed and as you say key parts of the reasons why they are in a mess. I wonder also what the arguments are as to why they didn't start those "proper reforms" 5 years ago, and instead keep expecting other people to prick up the tab Probably one of the Pikey New Europeans we keep hearing about, expecting someone else to pick up the tab. Sorry Costas or Stavros, I effed off from The Nanny State years ago, dont expect me to work and pay taxes to give you a pension others can only dream of. Hope those Brandy Sours leave a sour taste in your mouth, can you run your tax free Merc on them? Grekos the new Pikeys, eff them. What really makes me p**s my pants, Turkey is firing on all cylinders, choke on that Stavros.
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Post by rgs2001uk on Jun 21, 2015 21:57:26 GMT 7
Interesting opinion piece from the Greek Minister of Finance Yanis Varoufakis. 2015-06-20 "What Greece needs now is not more cutbacks that push an impoverished populace into greater indignity," Of course he could mean that the Greek populase has by now withdrawn all money it could withdraw and it's time for the richer Northern country to have pity and show mercy. "Now, what Greece now needs desperately is serious, proper reforms. We need a new tax system that helps defeat evasion and curtail political or corporate interference, a corruption-free procurement system, business-friendly licensing procedures, judicial reforms, elimination of scandalous early retirement practices, proper regulation of the media and of political party finances, etc." Seems he list all reason why Greece failed and squandered billion upon billion of Euros they now want the EC to 'borrow' them while speculation on haircuts, gifts, some debt forgiven, etc., etc. www.irishtimes.com/opinion/yanis-varoufakis-a-pressing-question-for-ireland-before-monday-s-meeting-on-greece-1.2256339 Stavros was quite happy to eat high on the hog as long as someone else picked up the tab. I want to know why the auditors and accountants that cleared the books havent yet been jailed. In my job, there is, compiled by, checked by and cleared by signatures to go on the paperwork, there is always a paper trail of accountability. The sad thing is, Ole Bernie Madoff was thrown under the bus for operating a Ponzi scheme, when will our European freeloaders be thrown under the same bus?
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Post by rgs2001uk on Jun 21, 2015 23:33:10 GMT 7
Ask your German, Qausi Commie French, or Italian Bankers. , who is screwing you baby, dont p**s in my pocket and tell me its raining. Taxis for Stavros, Exit Stage Left, if you please.
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The Arrow
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Post by The Arrow on Jun 21, 2015 23:55:34 GMT 7
Is tomorrow the big day for Greek default and exit from the Euro and EU?
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me
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Post by me on Jun 22, 2015 8:50:19 GMT 7
Is tomorrow the big day for Greek default and exit from the Euro and EU? Are you going through all your piggy banks to check the notes for greek flags to wave?
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Post by Fletchsmile on Jun 22, 2015 15:50:16 GMT 7
Greek banks have lost around half there deposits in the last 6 years from around EUR 240bio to EUR 120bio. EUR 44bio of that has been this year alone Someone has probably done a good trade in piggy banks and safes, in addition of course to the offshore money market funds mentioned ================================================================= JPMorgan: Greece's Financial System Just Had a Terrible WeekOutflows appear to be accelerating by Tracy Alloway Bloomberg 22 June 2015 Failure to reach an agreement between Greek and European Union leaders last week spelled bad news for the banking system of the Hellenic Republic. Talk of capital controls is heating up, and with it the amount of money being pulled from Greece appears to be accelerating. JPMorgan analysts led by Nikolaos Panigirtzoglou estimate that Greek banks lost about 6 billion euros in the week ending June 19. That takes total deposit outflows from Greece to about 44 billion euros since the beginning of the year. The analysts use Greeks' purchases of offshore money market funds as a proxy to generate early estimates of those numbers. You can see the recent action in the below charts. contd. www.bloomberg.com/news/articles/2015-06-21/jpmorgan-greece-s-financial-system-just-had-a-terrible-week
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Post by Fletchsmile on Jun 22, 2015 15:56:12 GMT 7
Things seem to be a little rosier with the way the wind is blowing today though. UK, Europe and Thai stock markets showing nice gains, and the Euro strengthening Not sure that will be enough to encourage people to put money back into Greek banks though ========================================================= Greek Plan Given Guarded Welcome as Leaders Gatherby Nikos ChrysolorasHelene FouquetIan Wishart Bloomberg 22 June A new proposal by Greek Prime Minister Alexis Tsipras drew a rare positive nod from European officials who indicated it could help break a months-long impasse during marathon talks on Monday. The new offer “was a good basis for progress” ahead of Monday’s emergency summit, European Commission spokesman Martin Selmayr, said in a Twitter posting. He also referred in German to the inception of the plan as “birth by forceps.” “These proposals go in the right direction,” European Economic Affairs Commissioner Pierre Moscovici said on Europe 1 radio. Reaching an accord is “very important for Greece, for the Greeks, important for the euro and for Europe. And this time around it’s decisive because we must be aware that the markets are watching.” The euro gained as much as 0.5 percent against the dollar in Asian trading and was still trading higher in the early European session. contd. www.bloomberg.com/news/articles/2015-06-22/eu-commission-gives-guarded-welcome-to-greek-plan
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Post by rgs2001uk on Jun 22, 2015 21:35:14 GMT 7
Ah good old Angela, her ego and arrogance wont allow for a Greek exit, she would lose face big time by admitting she got it so wrong, she wouldnt want that blemish on her CV, much better to throw good money after bad, as long as someone else is paying.
Talk about engaging in an exercise in futility, as the Yanks would say, "kick the can down the road"
Meanwhile the bankers will pick up their bonuses, the EU gravy train thieves will continue to play us for fools and Angela will have an audience with Papa Frankie to see if she can be fast tracked to sainthood.
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The Arrow
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Post by The Arrow on Jun 23, 2015 4:34:17 GMT 7
Ah good old Angela, her ego and arrogance wont allow for a Greek exit, she would lose face big time by admitting she got it so wrong, she wouldnt want that blemish on her CV, much better to throw good money after bad, as long as someone else is paying. Talk about engaging in an exercise in futility, as the Yanks would say, "kick the can down the road" Meanwhile the bankers will pick up their bonuses, the EU gravy train thieves will continue to play us for fools and Angela will have an audience with Papa Frankie to see if she can be fast tracked to sainthood. Buy the Triumph, pick from here . . . www.triumphmotorcycles.co.uk/motorcycles/bike-selectorIs there really anything genuine to invest in these days when it involves the finance industry and can kicking printer button happy governments? May as well have fun.
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