Breaking News - Greece Threatens To Leave The Euro

[libspero]

Has anyone asked yet who got the tip off to unload on silver earlier in the week, causing almost the entire commodities complex to join in?

It's certainly been a roller coaster this week.. I had some cash on the side lines of my SIPP that I dropped in at various dips (I may live to regret it).

Was almost heading off a cliff before the US woke up today and rescued it..

[crash2006]

Has anyone asked yet who got the tip off to unload on silver earlier in the week, causing almost the entire commodities complex to join in?

They monetised just 2 days before the Euro gives up 600 points against the dollar on Trichet holding off and the Greeks threatening a withdrawal from the Euro in a 'secret' meeting.

If this all blows over by Monday then this was a massive manipulation across the entire commodity and major currency world.

Not many players could do that.

it depends when you pruchased it, but silver will rise to $60/70 by the end of the year.

[South Lorne]

...struggled to get in...struggled to get out....

[DTMark]

Exactly,

Only the French want to challenge America because they have a massive inferiority complex to get over.

Why would we want to challenge America? - they are 'us' to a far greater degree than anyone else is.

I'm sure we agreed on something in another thread, but I disagree with all of that.

We're nothing at all like the Americans.

We're culturally quite similar to Germany and The Netherlands.

The French aren't puppy dogs like the UK - when George Bush says jump, we say "how high?" - France just says **** off. And good for them. It kept them out of an illegal war in Iraq for a start.

[Number79]

Has anyone asked yet who got the tip off to unload on silver earlier in the week, causing almost the entire commodities complex to join in?

They monetised just 2 days before the Euro gives up 600 points against the dollar on Trichet holding off and the Greeks threatening a withdrawal from the Euro in a 'secret' meeting.

If this all blows over by Monday then this was a massive manipulation across the entire commodity and major currency world.

Not many players could do that.

I've asked, I started thinking about this as soon as the greek story came out but no one seems to have any clue. Looks very well set up though doesnt it?

[Errol]

There is no meeting.

There is no meeting.

There might be a meeting.

There might be a meeting but we don't know anything about it.

There is a meeting but not to discuss Greece.

There is a meeting and Greece may come up.

There is a meeting to discuss Greece leaving the Euro.

etc etc.

So much drivel.

The quicker Greece leaves the Euro the better. Like Iceland etc they should tell the banks to take their debt and stick it where the sun don't shine.

[Game_Over]

I'm sure we agreed on something in another thread, but I disagree with all of that.

We're nothing at all like the Americans.

We're culturally quite similar to Germany and The Netherlands.

The French aren't puppy dogs like the UK - when George Bush says jump, we say "how high?" - France just says **** off. And good for them. It kept them out of an illegal war in Iraq for a start.

Not sure how you arrive at this conclusion.

The US was a British colony - they speak the same language, they share the same religion and culturally we are virtually inseperable.

The reason France doesn't like the US is because our relationship with the US has enabled us to prevent the creation of a European superstate on 3 seperate occasions in the 20th Century alone.

For those who want an undemocratic, totalitarian European superstate then yes - We and the US are 'the enemy'

TBH, the left have now so infiltrated our institutions and establishment that I'm not sure we will be able to stop the b*stards this time.

[onesmallstep]

The Greek economy is heading to the floor in a straight dive, the Irish is gliding with no fuel left, the Portuguese and Spanish are like the titanic after it has hit the Iceberg.

The only question is can Germany and France borrow enough money to keep bailing,

As for the UK, we are in ship which is being bailed out by displacing the water in the hold with petrol (as is the USA)

[Game_Over]

Erm the US$ has not lasted centuries. The dollar of today is only 40 years old, as the old dollars immediately changed after the nixon shock.

Much like UK£ sterling, its gone on and off the silver and gold standard but each time it is a new currency.

Well that's just splitting hairs I think.

[cashinmattress]

We're nothing at all like the Americans.

The rest of the world does not discriminate using the same boundaries as in your arguement.

[R K]

Erm the US$ has not lasted centuries. The dollar of today is only 40 years old, as the old dollars immediately changed after the nixon shock.

Much like UK£ sterling, its gone on and off the silver and gold standard but each time it is a new currency.

Shame China has pegged to it then and accumulated $trillion or so in paper.

Mega oops.

[interestrateripoff]

The Greek economy is heading to the floor in a straight dive, the Irish is gliding with no fuel left, the Portuguese and Spanish are like the titanic after it has hit the Iceberg.

The only question is can Germany and France borrow enough money to keep bailing,

As for the UK, we are in ship which is being bailed out by displacing the water in the hold with petrol (as is the USA)

You've forgot to add the bit about can Germany/France earn enough to service the bailout debt.

[interestrateripoff]

http://www.zerohedge.com/article/official-greek-response-der-spiegel-article

Looks like this one time the Greeks may actually be telling the truth. But who cares: by Monday, when every nation in the eurozone will be right where it was on Friday, the EURUSD will be 200 pips lower. Mission accomplished. Although unlike in 2010, we are absolutely certain no investigation will ever be launched to discover who instigated this EUR hit piece which just end up benefitting both Greece, German and... the eurozone. And yet, should it be uncovered one day that none other than Greece initiated this process to weaken the euro we would be almost as surprised as learning that Greek banks had bought CDS on Greek debt.

http://www.scribd.com/doc/54807117/Ministry-of-Finance

HELLENIC REPUBLIC

MINISTRY OF FINANCE

NIKIS 5-710180 ATHENSPRESS OFFICE TEL.: 210-3332551/2FAX: 210-3332559e-mail : [email protected]

Athens, 6 May 2011Announcement concerning an article about the possible exit of Greece from the Eurozone

An article published today concerning the possible exit of Greece from the Eurozone is not only completely untrue but also written with incomprehensible flippancy despite repeated denials by the Greek Government as well as other EU Member States.Such articles are not only provocative but also highly irresponsible as they undermine Greece’s efforts and those of the Eurozone and serve only the interests of speculators

Once more it's the speculators who get the blame, it's all their fault, nothing to do with running up unsustainable debt....

[crash2006]

Not sure how you arrive at this conclusion.

The US was a British colony - they speak the same language, they share the same religion and culturally we are virtually inseperable.

The reason France doesn't like the US is because our relationship with the US has enabled us to prevent the creation of a European superstate on 3 seperate occasions in the 20th Century alone.

For those who want an undemocratic, totalitarian European superstate then yes - We and the US are 'the enemy'

TBH, the left have now so infiltrated our institutions and establishment that I'm not sure we will be able to stop the b*stards this time.

You have that wrong, the US wanted Britian to join the EU so that they could indirectly control it, they wanted a EU rather than not have one for there own wellbeing.

[R K]

http://www.zerohedge...spiegel-article

http://www.scribd.co...stry-of-Finance

Once more it's the speculators who get the blame, it's all their fault, nothing to do with running up unsustainable debt....

More likely it was the ECB.

In any event looks like it's nailed on now

[mattyfc]

From a Greek perspective leaving the € would seem to be win / win. There would be no need to change bank deposits to the new drachma and they could stay in €. Since 90% of Greek bonds are governed by Greek law they could change the law, restructure and denominate the debt in New Drachmas.

The short term cost would be high. However, as long as Greece had enough hard currency $, € etc to get them through a year or two and capital controls it could be managed. The Greece economy is quite small making the probability of success pretty high.

(http://www.reuters.com/article/2011/05/06/us-greece-euro-exit-idUSTRE7455SA20110506)

After the turmoil of leaving the € which would last 6-12 months you would see a rapid recovery in the Greek economy. With a currency worth 50-90% less tourism would rocket, everyone in Northern Europe would flock to take advantage of the ludicrously cheap holidays on offer. Construction would start booming again. The trade balance would correct as imports became incredibly expensive, exports would boom as they dropped in price.

They could even charge a visitor tax like Turkey do if not in the EU. Greece would have gained a massive advantage over Spain, Portugal etc. With Turkey growing 10% y/y a year there is a clear template across the Aegean for Greece to follow.

This must be what really terrifies Germany, France etc. If Greece leaves and recovers you can expect Portugal to follow. The contagion potential would be huge. Germany, France etc would be the losers from Greece leaving the €. Managing the losses at Northern European banks would be the real challenge, the ECB could help with that though.

For Greece the short term would be difficult, (probably not much more difficult than it is already?) the long term benefits are clearly huge and they have almost nothing to lose.

[onesmallstep]

You've forgot to add the bit about can Germany/France earn enough to service the bailout debt.

exactly this is the end game though, if it lasts that long.

mind you if Greece does do a runner, who's left holding the baby, presumably the German, French and UK Bankers who are then bailed by the sovereign bankers.

[onesmallstep]

http://www.zerohedge.com/article/official-greek-response-der-spiegel-article

http://www.scribd.com/doc/54807117/Ministry-of-Finance

Once more it's the speculators who get the blame, it's all their fault, nothing to do with running up unsustainable debt....

at the end of the day the speculators are doing their job, much like many others, it is the stupidity of individuals and govts that have allowed themselves to be at the mercy of the speculators or controlled them.

[Errol]

With Greece and the other weak links out of the Euro, the currency will surge higher. Just in time for Germany and the nordic nations to release the Nordic Euro, with a partial gold/commodity backing.

http://www.gold-eagle.com/editorials_08/willie062410.html

[blobloblob]

The reason France doesn't like the US is because our relationship with the US has enabled us to prevent the creation of a European superstate on 3 seperate occasions in the 20th Century alone.

Are you saying that France wanted to be invaded in WW2?

[onesmallstep]

Are you saying that France wanted to be invaded in WW2?

well maybe they thought it was a bit one sided.

[Mrs Bear]

Not sure how you arrive at this conclusion.

The US was a British colony - they speak the same language, they share the same religion and culturally we are virtually inseperable.

Can't agree with that. America was founded by Puritans and it shows. There's an awful lot of religious nuttery between those 'shining seas'. Some of it seriously scary. And they can be unbelievably prudish in a way we mostly left behind here long ago.

Even in the Boston area, where my sister lives, there's still a lot of Puritan in the attitudes of a lot of people.

In some respects I do think a lot of Yanks are on a different planet.

[Game_Over]

You have that wrong, the US wanted Britian to join the EU so that they could indirectly control it, they wanted a EU rather than not have one for there own wellbeing.

We joined the EU precisely to stop it becoming an undemocratic super state.

We didn't join the Euro because that was a step too far in the creation of the 4th Reich.

Many countries who joined the Euro are now realising that selling your soul to the Reichsbank is not an attractive long term proposition.

[Gigantic Purple Slug]

Can't agree with that. America was founded by Puritans and it shows. There's an awful lot of religious nuttery between those 'shining seas'. Some of it seriously scary. And they can be unbelievably prudish in a way we mostly left behind here long ago.

Even in the Boston area, where my sister lives, there's still a lot of Puritan in the attitudes of a lot of people.

In some respects I do think a lot of Yanks are on a different planet.

+1

They are extremely different in many respects. In general the UK has much more in common culturally with northern europeans than americans.

Unless you live/work over there then it's difficult to understand or appreciate the differences.

[Game_Over]

Can't agree with that. America was founded by Puritans and it shows. There's an awful lot of religious nuttery between those 'shining seas'. Some of it seriously scary. And they can be unbelievably prudish in a way we mostly left behind here long ago.

Even in the Boston area, where my sister lives, there's still a lot of Puritan in the attitudes of a lot of people.

In some respects I do think a lot of Yanks are on a different planet.

I think you will find we have at least as many religious 'nutters' here as they do in the US.

And we will have to see how much we have in common with Europe as it descends into chaos over the next 10-20 years.

That was one of the points made in the Vanessa Feltz radio interview someone posted a link to the other day.