[QBall]

It's like watching a movie about things happening on another planet. Fascinating but it makes me glad it isn't happening here.

http://www.bbc.com/news/world-europe-33357382

Greece crisis: Eurozone rules out talks until after referendum

[andyt]

As people pointed out, nobody expected Lehman Bros. failing to have much of an effect either.

[andyt]

IMF suggests debt relief as referendum campaign begins

http://www.cbc.ca/news/business/greece- ... -1.3135236

Looks like somebody blinked.

[martin14]

Remember, all this nonsense is over a 1.6 billion euro payment.

In 3 weeks, July 20, they have to pay out 7 billion.

In August, another 6 billion.


Greece needs another 50 billion, and now they whine about debt restructuring and forgiveness.

There is maybe 500 million left in the commercial banks now,


This is just retarded, it's what happens when left wingers have power.

Bring on the Junta !




A no vote hopefully gets Greece out of the Euro.

A yes vote will at least get Tsipras and Varafuckis out of the show.


Win Win

[QBall]

Regardless of whether it's a yes or no vote Tsipras is finished. He was at the helm the day the banks had to close because the banks ran out of money, and Greeks don't appreciate anyone getting in between them and their free money.

[ShepherdsDog]

Well they voted.....

[Canadian_Mind]

Wonder how this is going to effect my portfolio... Don't hold anything directly related, but you know how people panic.

What were the implications of a no vote supposed to be? Are they leaving the EU?

[Thanos]

AS much as I admire them for being brave enough to tell the bankers to fuck off there's no getting around the fact that they've pretty much turned themselves into the North Korea of Europe. I do marvel at the stupidity of the Euros to have kept lending them money even when it was becoming obvious that the Greeks had no intention of paying it back. Tossing a half-trillion dollars at a bunch of Greek deadbeats in order to keep the EC community alive when it was clear that letting Greece leave altogether would have been the far smarter thing to do is plenty baffling. Kind of self-sabotaging in the extreme to knock yourself out for the weakest member of the Union when it was obvious that not having them a part of the Union at all would have been far healthier for the overall project.

Next up, in response to economic punishment ordered by the banks Greece then leaves NATO and creates a massive hole in the north-eastern Mediterranean security perimeter? Could get even more interesting......

[Jabberwalker]

I'd feel something for he Greeks if they had suddenly fallen into this situation but they've been living on other people's money for decades. The hard working Germans should be glad to see them go before they have to give them another pfennig.

It'd be a giggle if they asked the Russians to bail them out with rubles. That would be sufficient reason to drum them out of NATO as well as the Euro.

[ShepherdsDog]

They see themselves as victims, yet they still find ways to avoid paying their taxes....why worry when the Germans are doing it for them?

[Thanos]

Wonder if there'll be some domestic backlash against German and French politicians for them giving so much money to Greece. Smaller nationalist parties in Germany and the National Front in France could end up benefitting as all the other major parties in both countries, from conservative to socialist, all bet the farm on keeping Greece in the Zone and now have sweet f.a. to show for it except for losing a quarter-trillion euros to some of the biggest deadbeats on the planet. The average Franz and Pierre can't be too happy with what the smart people did with their tax money.

[martin14]

dblepostfuckup

[martin14]

Canadian_Mind Canadian_Mind:

Wonder how this is going to effect my portfolio... Don't hold anything directly related, but you know how people panic.

What were the implications of a no vote supposed to be? Are they leaving the EU?

Everyone keeps saying that Greece has now been ringfenced, the economic effects already dealt with.
But yes, people can get very stupid if you give them the chance.
Make sure you aren't holding anything in Italy or even Spain.
If you have, sell it now.

Thanos Thanos:

I do marvel at the stupidity of the Euros to have kept lending them money even when it was becoming obvious that the Greeks had no intention of paying it back. Tossing a half-trillion dollars at a bunch of Greek deadbeats in order to keep the EC community alive when it was clear that letting Greece leave altogether would have been the far smarter thing to do is plenty baffling. Kind of self-sabotaging in the extreme to knock yourself out for the weakest member of the Union when it was obvious that not having them a part of the Union at all would have been far healthier for the overall project.

Next up, in response to economic punishment ordered by the banks Greece then leaves NATO and creates a massive hole in the north-eastern Mediterranean security perimeter? Could get even more interesting......

It has been obvious for a while that the Euro isn't really about money,
it's about the Euro co prosperity sphere yak yak yak.

It is also obvious the people who govern this dump care least about the most important
part of this union;

the taxpayers who foot the bill for the orgy of spending and bailouts and illegals
and farm subsidies and the rest.


Oh and Greece won't leave NATO, that would be a red flag for the military to take over.
Greek politicians aren't THAT stupid.

Jabberwalker Jabberwalker:

It'd be a giggle if they asked the Russians to bail them out with rubles. That would be sufficient reason to drum them out of NATO as well as the Euro.

Unofficially, they already did; those trips Tsipras took weren't vacations.
Cyprus tried the same thing in 2013.


Should be a fun week.

[martin14]

ShepherdsDog ShepherdsDog:

They see themselves as victims, yet they still find ways to avoid paying their taxes....why worry when the Germans are doing it for them?

I have seen a report that 20% of the Greek economy is under the table.

So, if anyone wonders why the Troika wants cuts rather than taxes, this is why.
No one trusts the Greeks to actually collect any tax they impose, so all those
revenue raising numbers are just bullshit.

[martin14]

Thanos Thanos:

Wonder if there'll be some domestic backlash against German and French politicians for them giving so much money to Greece. Smaller nationalist parties in Germany and the National Front in France could end up benefitting as all the other major parties in both countries, from conservative to socialist, all bet the farm on keeping Greece in the Zone and now have sweet f.a. to show for it except for losing a quarter-trillion euros to some of the biggest deadbeats on the planet. The average Franz and Pierre can't be too happy with what the smart people did with their tax money.

Not yet, but now the talk is of debt restructuring and some debt forgiveness.

That should make people in Ireland, Portugal and Spain very angry, because they got
none of that, and if you forgive Greece, well the Italians are just waiting for that.

Meanwhile, the people who Varofuckis called "terrorists" now have to sit around the table, again.
Should be pleasant meetings, but I'll bet no finance minister is in a hurry now.
Tuesday night or Wednesday

There is another problem; Since the last deal is already expired, the Germans actually need
a new mandate to continue negotiating from their Parliament.
I'm sure they are not the only ones, and considering even if they make another deal with Greece,
it might take a week or more to get the deal through the other Parliaments.

Remember Meech Lake was officially scuppered by one MP in Manitoba. How I wish Hungary was in the Euro, Orban would have a field day with this clusterfuck.

Meanwhile, the banks are still closed, Tsipras said he will open the banks Tuesday,
which will be laughable if it happens. It will be shown to all those 'NO' voters, that
their government has really lied to them.


This week should see the gas stations and supermarkets dry up, there is already talk of
hospital medications running low, and expect to hear 'humanitarian disaster' BS
as the Greeks will start crying really loudly about everything.


As long as the ECB refuses to open the ELA liquidity funding to Greece, because there is no deal, the Greek economy will stay in lockdown.
If the ECB changes that policy, you can wipe your ass with the Euro, that's all it will be good for.



edit:


That didn't take long.


Varoufakis to stand down as finance minister
Posted at 06:40

Yanis Varoufakis is standing down as finance minister. On his blog he says: "Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted 'partners', for my… 'absence' from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today."