The Arrow
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Post by The Arrow on Apr 16, 2015 19:30:41 GMT 7
I dunno why they've got such debt problems? They sell loads of these in Blighty . . .
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Post by Fletchsmile on Apr 16, 2015 19:50:34 GMT 7
I think if they could find the right timing, many of the countries in Europe would be happy to tell the Greeks to take a hike - or go walk their goats somewhere else . It's a real comedy show the way they borrow more money from effectively the same source, to pay back the money they own from effectively the same source they already borrowed from because they couldn't pay their debts. All done on the last minute as usual "a la American" Looks like it will be a while tho', before any decent timing can be found. Many developed markets hitting new highs, which makes the cliff even higher, e.g. London midday: Greek fears hit sentiment as stocks retreat ahead of US sessionOngoing uncertainty over Greece gave investors an excuse to take profits on Thursday, with UK stocks pulling back from record levels ahead of what is expected to be a busy session in the States. "Fears over Greece continued to dominate Thursday morning, leaving the Eurozone indices in a sorry state as the day continued," said Spreadex analyst Connor Campbell. London's FTSE 100 was down 0.41% at 7,067.50 by midday, with a number of blue chips trading lower after going ex-dividend. The index was retreating from Wednesday's all-time closing high of 7,096.78; it also set a record intraday high of 7,111.72 during the previous session. Developments in Greece were weighing on sentiment after reports that Athens made an informal approach to the International Monetary Fund about delaying loan repayments, only to be told that rescheduling was not possible. The IMF is owed nearly €1bn in two payments due in May. German finance minster Wolfgang Schäuble said on Wednesday that an agreement between Greece and its international creditors is unlikely to be reached at the next Eurogroup meeting on 24 April. Meanwhile, an advisor to the Greek government has reportedly suggested that the government may hold a referendum. www.hl.co.uk/shares/market-reports/market-reports/london-midday-greek-fears-hit-sentiment-as-stocks-retreat-ahead-of-us-session?utm_source=Silverpop&utm_medium=email&utm_campaign=E00MR_Daily%20update_lunch%20(299)&utm_content=www_hl_co_uk_shares_market_rep&theSource=E00MR&Override=1&sp_mid=48457206&sp_rid=ZmxldGNodGhhaTY4QHlhaG9vLmNvbQS2
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Post by Fletchsmile on Apr 16, 2015 19:52:13 GMT 7
I dunno why they've got such debt problems? They sell loads of these in Blighty . . . You missed the subtle signs like the sauerkraut missing, no Dutch cheese...
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Post by Fletchsmile on Apr 21, 2015 16:40:29 GMT 7
This looks like an unusual and novel solution from the Greeks. They actually seem to be using their own country's money to pay their debts instead of expecting other countries to pay on their behalf -------------------------------------------------------------- Tsipras to Seize Public-Sector Funds to Keep Greece AfloatRunning out of options to keep his country afloat, Greek Prime Minister Alexis Tsipras ordered local governments to move their funds to the central bank. With negotiations over bailout aid deadlocked, Tsipras needs the cash for salaries, pensions and a repayment to the International Monetary Fund. Greek bonds fell after the move, pushing three-year yields to the highest since the nation’s debt restructuring in 2012. The order was questioned by local officials and slammed by the leading opposition party. The decree to confiscate reserves now held in commercial banks and transfer them to the central bank could raise about 2 billion euros ($2.15 billion), according to two people familiar with the decision. It shows how time is running out for Tsipras, a point made by European officials who addressed the matter at IMF meetings in Washington in recent days. “Central government entities are obliged to deposit their cash reserves and transfer their term deposit funds to their accounts at the Bank of Greece,” according to the decree issued Monday on a government website. The “regulation is submitted due to extremely urgent and unforeseen needs.” A default on the country’s 313 billion euros of obligations and a euro exit would be traumatic for the currency area and plunge Greece into a major crisis, European Central Bank governing council member Christian Noyer told French newspaper Le Figaro in an interview published Monday. Enzio Von Pfeil, investment strategist at Private Capital Limited, said in a Bloomberg TV interview that the Greek government’s intention is to stay in the euro area. “That’s clearly what they want” he said. Just Enough
Greece’s three-year yield jumped 193 basis points, or 1.93 percentage points, to 28.7 percent yesterday. Credit-default swaps suggested about an 81 percent chance of Greece being unable to repay its debt in five years, compared with about 67 percent at the start of March, according to CMA data. Greek stocks were little changed today, with the benchmark Athens Stock Exchange falling 0.1 percent at the close. The new funds may be just enough for salaries and a 770 million-euro payment to the IMF due on May 12, the people said. Dire Situation
The move is a sign of the “dire liquidity situation for the Greek financial system as the government pools all liquidity available,” said Gianluca Ziglio, executive director of fixed-income research at Sunrise Brokers LLP in London. The “next step may be forcing all public-sector entities, including public-sector companies to do the same,” he said. Argentina’s President Cristina Fernandez de Kirchner in 2008 nationalized about $24 billion of pension fund assets held in 10 private plans as her government struggled to find financing. The government justified the move as protecting retirement savings from the vagaries of the market. Then in 2010 and again in 2012, Fernandez rewrote the central bank’s charter to allow the government to use foreign reserves for its own debt spending and payments. The Athens city council and the union of municipalities and communities in Greece will convene tomorrow to debate the order. George Papanikolaou, mayor of the Athens suburb of Glyfada said that local officials have “a responsibility to serve our citizens and improve their living standards.” Glyfada has cash reserves of about 16 million euros, he said in an interview. .... continues here: www.bloomberg.com/news/articles/2015-04-20/greece-moves-to-seize-local-government-cash-as-imf-payment-looms
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Post by Fletchsmile on Apr 21, 2015 16:44:58 GMT 7
Looks like the Greek government should have heeded the wise words of Basil Fawlty "don't mention the war"... the German stance in particular seems to have hardened since they did.
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Post by thaiatheart on Apr 23, 2015 1:21:55 GMT 7
Depends on whether it takes down any European banks I suppose and starts a contagion of member states exiting. I honestly can't see the EU project lasting much longer. Apparently the French banks are very exposed to Greek sovereign debt.
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siampolee
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Post by siampolee on Apr 23, 2015 8:50:00 GMT 7
Remember of course the accounts presented concerning the fiscal state of Greece when applying for membership of the E.U. were shall we say, ''somewhat creative and imaginative in their presentation of facts.
Indeed a story line worthy of the Brothers Grimm and Lewis Carrol to name but two wonderful source's of romantic creative fiction writing skills.
The sooner Greece departs the E.U. along with a number of other third world, peasant based economic members of the E.U. the better.
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The Arrow
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Post by The Arrow on Apr 24, 2015 16:46:22 GMT 7
Greece: 'Time running out' for debt dealEurogroup head Jeroen Dijsselboem has warned "time is running is out" for a Greek debt deal as eurozone finance ministers prepare to meet Greek government officials in the Latvian capital of Riga later.He added there was "a great sense of urgency" to get a deal done. Ministers are trying to agree a deal to help Greece meet its debt repayments. www.bbc.co.uk/news/business-32445535Time isn't running out for Greece, it's running out for all those exposed to Greek debt. No wonder there's a "great sense of urgency".
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Post by colinneil on Apr 24, 2015 16:48:04 GMT 7
Why pick on poor old Costas?
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me
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Post by me on Apr 24, 2015 16:57:49 GMT 7
Why pick on poor old Costas? Because he makes himself a very big target.
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Post by rgs2001uk on Apr 24, 2015 22:31:58 GMT 7
Greece: 'Time running out' for debt dealEurogroup head Jeroen Dijsselboem has warned "time is running is out" for a Greek debt deal as eurozone finance ministers prepare to meet Greek government officials in the Latvian capital of Riga later.He added there was "a great sense of urgency" to get a deal done. Ministers are trying to agree a deal to help Greece meet its debt repayments. www.bbc.co.uk/news/business-32445535Time isn't running out for Greece, it's running out for all those exposed to Greek debt. No wonder there's a "great sense of urgency". Great stuff, good ole Nigel must be p**sing his union jack pants. The greedy, French, German and Cypriot bankers must be pulling their hair out, eff 'em. Has Frau Merkel had a "haircut" lately? My German friends cant understand why this lunacy has continued for so long. No urgency on my part, let them eat feta cheese and brandy sours.
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Post by rgs2001uk on Apr 24, 2015 22:34:52 GMT 7
I dunno why they've got such debt problems? They sell loads of these in Blighty . . . Please tell me where that tasty morcel can be had in Bkk. The best i can do is at The Avenue in Pattaya at the Turkish place. , love the irony, the Turk economy soaring the Greek going the way of the dodo bird, is that a dodo bird kebab? Do they sell them in 7?
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smokie36
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Post by smokie36 on Apr 25, 2015 3:17:43 GMT 7
I dunno why they've got such debt problems? They sell loads of these in Blighty . . . Please tell me where that tasty morcel can be had in Bkk. The best i can do is at The Avenue in Pattaya at the Turkish place. , love the irony, the Turk economy soaring the Greek going the way of the dodo bird, is that a dodo bird kebab? Do they sell them in 7? The burger bar on Pattanakan 30 is your best bet. Getting back to the issue of how to finance this debt its my belief a common responsibility should be undertaken by all Greeks. Those abroad should return home and all of them begin on an olive, feta and water diet until their debts are repaid. Its all about respect and they need to show they can deliver.
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The Arrow
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Post by The Arrow on Apr 25, 2015 9:01:15 GMT 7
Please tell me where that tasty morcel can be had in Bkk. The best i can do is at The Avenue in Pattaya at the Turkish place. , love the irony, the Turk economy soaring the Greek going the way of the dodo bird, is that a dodo bird kebab? Do they sell them in 7? The burger bar on Pattanakan 30 is your best bet. Getting back to the issue of how to finance this debt its my belief a common responsibility should be undertaken by all Greeks. Those abroad should return home and all of them begin on an olive, feta and water diet until their debts are repaid. Its all about respect and they need to show they can deliver. Os this not a similar situation to Iceland? Are the regular Greek folks really to blame for all this? Or was it Goldman Sachs, the EU and a bunch of other shisters?
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smokie36
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Post by smokie36 on Apr 25, 2015 9:05:50 GMT 7
The burger bar on Pattanakan 30 is your best bet. Getting back to the issue of how to finance this debt its my belief a common responsibility should be undertaken by all Greeks. Those abroad should return home and all of them begin on an olive, feta and water diet until their debts are repaid. Its all about respect and they need to show they can deliver. Os this not a similar situation to Iceland? Are the regular Greek folks really to blame for all this? Or was it Goldman Sachs, the EU and a bunch of other shisters? The Greeks are lazy feckers....it would make me smile to see 'em doing 12 hr shifts for a year or two! hehehehe
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