MRMX9 Posted February 21, 2012 Share Posted February 21, 2012 Goldman Sachs indicted yet again. This organisation is out of control and threatening the foundations of Western democracy. EVERYONE with any connection to Goldman should be removed from public office now, and the company should be placed into administration, then broken up. It's like something out of 'the firm Never going to happen - who are Romney and Obama's biggest donors. You guessed it - they have bought everyone! Quote Link to comment Share on other sites More sharing options...
papag Posted February 21, 2012 Share Posted February 21, 2012 Well there goes 130 billion lots of hugging backslapping kissing and of course lots of photos , brilliant bit of work by the Eurocrats I mean who else could give away 130 billion that they don't have and call it a massive success but Im sure we will get every penny back from Greece plus interest as well :angry: Quote Link to comment Share on other sites More sharing options...
MRMX9 Posted February 21, 2012 Share Posted February 21, 2012 Well there goes 130 billion lots of hugging backslapping kissing and of course lots of photos , brilliant bit of work by the Eurocrats I mean who else could give away 130 billion that they don't have and call it a massive success but Im sure we will get every penny back from Greece plus interest as well :angry: Well it should last long enough to get Sarkozy through the French Presidential election - that's all that matters for the EU and his two key opponents don't exactly buy into the package. A good analysis here of what nonsense it all its and how the figures are not credible http://www.zerohedge.com/news/presenting-full-greek-sustainability-analysis-take-it-away-german-media Particularly like this observation - it is nonsense even in year 1 - yes the downside case assumes Greece will see only a 1% decline in GDP in 2013 when their GDP fell 7% in the last quarter of 2011 alone! "Becase wait, there's more: the downside case assumes -1.0% GDP decline in 2013. As a reminder, in Q4 Greek GDP imploded by -7%! Somehow we are to believe that within a year, the country will not only turn around its economy, which is foundering courtesy of infinite austerity and striking tax collectors, but almost generate growth???" Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted February 21, 2012 Share Posted February 21, 2012 Thank god that's been sorted and we can all live happily ever after. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted February 21, 2012 Share Posted February 21, 2012 Well it should last long enough to get Sarkozy through the French Presidential election - that's all that matters for the EU and his two key opponents don't exactly buy into the package. A good analysis here of what nonsense it all its and how the figures are not credible http://www.zerohedge.com/news/presenting-full-greek-sustainability-analysis-take-it-away-german-media Particularly like this observation - it is nonsense even in year 1 - yes the downside case assumes Greece will see only a 1% decline in GDP in 2013 when their GDP fell 7% in the last quarter of 2011 alone! "Becase wait, there's more: the downside case assumes -1.0% GDP decline in 2013. As a reminder, in Q4 Greek GDP imploded by -7%! Somehow we are to believe that within a year, the country will not only turn around its economy, which is foundering courtesy of infinite austerity and striking tax collectors, but almost generate growth???" Maybe Germany will send in an army of its own tax collectors. Though under an EU umbrella, of course. Quote Link to comment Share on other sites More sharing options...
R K Posted February 21, 2012 Share Posted February 21, 2012 @yanisvaroufakis calls it as it is Quote Link to comment Share on other sites More sharing options...
R K Posted February 21, 2012 Share Posted February 21, 2012 (edited) Finance minister Venizelos also declared that the package should end fears that Greece will exit the euro, arguing the Greeks should "bring back your money to Greek banks". h/t guardian blog http://www.guardian.co.uk/business/2012/feb/20/debt-crisis-euro#block-86 Edited February 21, 2012 by Red Knight Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted February 21, 2012 Share Posted February 21, 2012 Maybe Germany will send in an army of its own tax collectors. Though under an EU umbrella, of course. How will these German 'tax collectors' be dressed? Quote Link to comment Share on other sites More sharing options...
happy_renting Posted February 21, 2012 Share Posted February 21, 2012 So this debt reduction is 'voluntary' and CDSs will not kick in? Where does this leave the CDS market? Quote Link to comment Share on other sites More sharing options...
happy_renting Posted February 21, 2012 Share Posted February 21, 2012 h/t guardian blog http://www.guardian.co.uk/business/2012/feb/20/debt-crisis-euro#block-86 A bit like Sadam Hussein encouraging his cousins to return to Iraq telling them he would not harm them. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 21, 2012 Share Posted February 21, 2012 How will these German 'tax collectors' be dressed? I suspect Hugo Boss will get to design the uniforms. Quote Link to comment Share on other sites More sharing options...
billybong Posted February 21, 2012 Share Posted February 21, 2012 http://globaleconomicanalysis.blogspot.com/ Meaningless Greek Deal Supposedly Reached; Deal Won't Hold Reuters reports Deal reached on second Greek bailout package Euro zone finance ministers struck a deal early on Tuesday for a second bailout program for Greece that will involve financing of 130 billion euros and aims to cut Greece's debts to 121 percent of GDP by 2020, EU officials said. .. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted February 21, 2012 Share Posted February 21, 2012 So this debt reduction is 'voluntary' and CDSs will not kick in? Where does this leave the CDS market? its a bit like losing your home voluntarily, no-one has to house you. Im just wondering where the voluntary element comes from..my pension fund never contacted me to ask if I wanted a haircut on my Southern European fund...so maybe its not really voluntary at all. I am still wondering why the CDS was such an issue., As posters and banks point out relentlessly, it all cancels out in a massive circle jerk, almost as big as an ex IMF leaders sex party. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted February 21, 2012 Share Posted February 21, 2012 Stupid question, but when is Portugal going to demand a 70% write-off of its debt? The Irish won't because the Irish are too like the Brits and will just bend over, take it up the bottom... but surely people in Portugal, Italy and Spain are now going to ask about their own debt? Quote Link to comment Share on other sites More sharing options...
man o' the year Posted February 21, 2012 Share Posted February 21, 2012 "And they're not having their curtains back until they pay it all back" Quote Link to comment Share on other sites More sharing options...
frederico Posted February 21, 2012 Share Posted February 21, 2012 How will these German 'tax collectors' be dressed? lederhosen Quote Link to comment Share on other sites More sharing options...
frederico Posted February 21, 2012 Share Posted February 21, 2012 So this debt reduction is 'voluntary' and CDSs will not kick in? Where does this leave the CDS market? um pointless? Quote Link to comment Share on other sites More sharing options...
moonriver Posted February 21, 2012 Share Posted February 21, 2012 "And they're not having their curtains back until they pay it all back" Quote Link to comment Share on other sites More sharing options...
JaneTracy Posted February 21, 2012 Share Posted February 21, 2012 This is just getting more and more unreal. We get an application of the same medicine with no explanation of why the first dose failed to work and in fact made things worse. I did enjoy a comparison with the Mad Hatters Tea Party I read which about summed it all up. The treatment of debt interest is maybe even worseThis section will read a little like the Mad Hatters Tea Party. In this the Euro zone or March Hare is forecasting that Greece will be able to issue new debt at just below 4% in the early part of the next decade and then just above it. Alice meanwhile will be pointing out that the one-year bond yield is over 600%, the two -year is over 195% and the ten-year is 34%. Should he have a burst of sense the March Hare might blurt out that the “temporary rescue” for Greece shows no signs of having an end. Indeed prospective investors in Greek bonds may be unable to tear their eyes from this section of the proposed plan. which essentially implies that any new debt will be junior to all existing debt Is there anybody out there who wants to be a holder of second-class Greek government bonds? http://www.mindfulmoney.co.uk/wp/shaun-richards/the-latest-greek-bailout-has-euro-zone-leaders-acting-like-the-march-hare-from-alice-in-wonderland/ Quote Link to comment Share on other sites More sharing options...
leicestersq Posted February 21, 2012 Share Posted February 21, 2012 um pointless? I can't see CDS not being triggered. Say I have one. I have a bond, no need for me to negotiate, if I don't get paid on the bond, I go to the CDS issuer and ask them to pay. If they don't I go to court. My case is rock solid, even a judge who is corrupt would have trouble judging against me, as everyone would know he was on the take and he would be risking too much to judge against me, and there are many levels of court to corrupt. Mind you, I have read only 2 billion CDS is outstanding. Maybe they bought it all up. Quote Link to comment Share on other sites More sharing options...
man o' the year Posted February 21, 2012 Share Posted February 21, 2012 (edited) OR Lagarde quickly realised that if she was not to miss out she must adopt the german method of having a towel handy to leave on her vacant seat. Edited February 21, 2012 by man o' the year Quote Link to comment Share on other sites More sharing options...
copydude Posted February 21, 2012 Share Posted February 21, 2012 Stupid question, but when is Portugal going to demand a 70% write-off of its debt? The Irish won't because the Irish are too like the Brits and will just bend over, take it up the bottom... but surely people in Portugal, Italy and Spain are now going to ask about their own debt? Yes. but would Portugal and Ireland accept the same kind of terms as Greece? It appears that there is going to be a blocked account and a permanent troika presence. I think the deal also insists that debt repayment has priority over any other Government spending and there's a clause that this has to be written into the Greek constitution, according to the Wall Street Journal. Besides elections becoming irrelevant, I think there will be a lot of unpaid wages in Greece this year, rather like Russia in the 90s. I had a teacher friend in Russia who was paid in chicken livers for six months. Funny part was, she was vegetarian. Never mind about the 'projections' coming right for 2020. It'll be total anarchy by July. Quote Link to comment Share on other sites More sharing options...
Ned Coates Posted February 21, 2012 Share Posted February 21, 2012 I suspect Hugo Boss will get to design the uniforms. Ah to understand history! Quote Link to comment Share on other sites More sharing options...
pl1 Posted February 21, 2012 Share Posted February 21, 2012 (edited) @yanisvaroufakis calls it as it is These were pretty strong words. Did he say depression & Greece has officially defaulted? Anyone catch his channel 4 news interview tonight? Is it worth a watch? Edited February 21, 2012 by pl1 Quote Link to comment Share on other sites More sharing options...
copydude Posted February 21, 2012 Share Posted February 21, 2012 *Insert witty 'Allo 'Allo related caption here* The obvious one is 'good moaning'. Seriously, though, isn't it kinda nauseating to see all the Goldman Sachs old boys club doing high fives? 11m people weren't represented at this meeting at all. Quote Link to comment Share on other sites More sharing options...
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