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Greek 2 Year Bonds Nearly At Store Card Level

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http://www.zerohedge.com/article/eu-holds-unannounced-emergency-talks-greece-over-weekend-draft-second-bailout-two-year-greek

Another weekend, another secret, and failed, meeting between the EU and Greece to find a bailout solution that simply does not exist. Reuters reports that while America was out camping, barbecuing and all around vacationing, the European Union was feverishly working on a second bailout package, holding another round of emergency talks with the Greek government, to prevent a June 29 default by Greece when money runs out. Alas, it is now too late: with austerity protests now a daily event, the political opposition has the upper hand and it seems that Greece's conservative opposition has demanded lower taxes as a condition for reaching a political consensus with the Socialist government on further austerity measures, a move which Brussels would not agree to, since unlike in America, cutting revenues does not lead to an reduction in the deficit, and anyone with a 2nd grader's education is aware of it. Punctuating that Europe's idealist unitary vision is about to be torn to shreds, even as the US and UK are out for the day, is the Greek 10-year Bund spread which rose by 20 basis points to 1,387 while two-year yields were up 58 bps to 26.23%.

Nearly at store card level. Argos Your APR 0% APR on all Interest FREE Plans. Representative 29.9% APR variable.

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http://www.zerohedge.com/article/greeces-ultimatum-bailout-bankers-or-loss-sovereignty

So after one year of beating around the bush, it is finally made clear that, as many were expecting all along, the ultimate goal of the Greek "bailouts" is nothing short of the state's (partial for now) annexation by Europe. According to an FT breaking news article, "European leaders are negotiating a deal that would lead to unprecedented outside intervention in the Greek economy, including international involvement in tax collection and privatisation of state assets, in exchange for new bail-out loans for Athens. People involved in the talks said the package would also include incentives for private holders of Greek debt voluntarily to extend Athens’ repayment schedule, as well as another round of austerity measures." Thus Greece is faced with the banker win-win choice, of not only abandoning sovereignty, a first in modern "democratic" history, in the pursuit of "Greek" policies that are beneficial for Europe, or not get a bailout, which would only serve to prevent senior bondholder impairments. How could Greek leaders and its population possibly not accept such an attractive option which either leaves the country as another Olli Rehn protectorate, or forces it to not bailout Europe's overleveraged banker class. In essence Europe is now convinced, just like Hank Paulson was on September 14, 2008, that the downstream effects from letting Greece implode are manageable. But the key development is that the Greek bankruptcy, which from the beginning, and as Peter Tchir's note below demonstrates, was always simply a Greek choice, was just made that much easier.

How nice of the international community to offer to collect taxes, do they think they'll have better luck than the Greek govt at collecting? If this happens the Greeks will feel duty bound not pay.

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http://www.zerohedge.com/article/cia-warns-greek-military-coup-rebellion-if-austerity-intensifies

More Captain Obviousness (thank you Grant Williams) from Hurriyet: "According to the CIA report, ongoing street protests in crisis-hit Greece could turn into escalated violence and a rebellion and the Greek government could lose control, said Bild. The newspaper said the CIA report talks of a possible military coup if the situation becomes more serious and uncontrolled." Luckily, following last year's Athens mob-inspired flash crash, and 2011's MENA revolutions, the market is rather desensitized to this sort of thing, and nothing short of fat-finger driven invasion of Greece by Turkey, in its humanitarian bid to reestablish the Ottoman Empire 2.0, could dent the /ES or EURUSD by more than 0.01%.

The final gem from Zerohedge, the possibility of the Greek military coup!

Still I'm sure more debt will help.

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http://www.zerohedge.com/article/eu-holds-unannounced-emergency-talks-greece-over-weekend-draft-second-bailout-two-year-greek

Nearly at store card level. Argos Your APR 0% APR on all Interest FREE Plans. Representative 29.9% APR variable.

Pity the usury laws were reapealled. Loan sharking is so prevelant now that no one even considers it as criminal conduct (theft and extortion).

http://www.guardian.co.uk/business/2009/jul/19/banking-royal-bank-scotlandgroup

Bring back usury law to control interest rates, campaign urges
Wall Street and City of London bank chiefs will be targeted this week at the launch of a new transatlantic campaign to reinstate historic usury laws restricting the interest rates charged by loan sharks and credit card companies.
Hundreds of campaigners will demand a meeting with Royal Bank of Scotland chairman Sir Philip Hampton outside the firm's Liverpool Street headquarters on Wednesday.
Organised in the UK by London Citizens - an alliance of church groups, unions and voluntary organisations - the campaign accuses banks of propelling hundreds of thousands of people into unsustainable debt by charging excessive interest rates. Initially, campaigners will target banks bailed out by the taxpayer.
Usury laws were repealed in Britain in the 19th century
but were in place in America until 1980. It was one of Jimmy Carter's last acts as president to allow banks and other institutions to charge unlimited interest rates, ushering in the era of unfettered markets.

5000% is not uncommon among some loansharks in this country. 29% on a store credit card shoud be considered loan sharking.

We need some serious regulation in this country as it is out of control in relation to every aspect of essential services from water to gasolini.

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http://www.zerohedge...oss-sovereignty

How nice of the international community to offer to collect taxes, do they think they'll have better luck than the Greek govt at collecting? If this happens the Greeks will feel duty bound not pay.

I must say this sounds like fancy speculation but I would love to see this happen. As you say, I don't think the locals would cooperate, the whole thing would most likely turn into a farce

or a bloodbath.

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I must say this sounds like fancy speculation but I would love to see this happen. As you say, I don't think the locals would cooperate, the whole thing would most likely turn into a farce

or a bloodbath.

You would expect Greeks to avoid taxes like the plague meaning the international community would then be forced to send in it's own tax collectors and then the troops to enforce the said collection of taxes. How ironic that will be in we have US troops sent into Greece to collect taxes.

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http://www.zerohedge.com/article/eu-holds-unannounced-emergency-talks-greece-over-weekend-draft-second-bailout-two-year-greek

Nearly at store card level. Argos Your APR 0% APR on all Interest FREE Plans. Representative 29.9% APR variable.

The greek Govt had their Tesco Mastercard suspended on Friday night after it was revealed that they missed their minimum monthly payment of 18 billion Euros! June had nothing to do with it. They've already spent the bailout on two new stadiums and palaces no one is allowed in.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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