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Greek Prime Minister Cancels Trip To Us

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Several outlets reporting George Papandreou turned around enroute to the US 'due to seriousness of debt situation'.

Is it all finally coming to a head?

That's what I thought when I saw it. Why tell us about some foreign government leader's travel plans? Unless...

(Where's that mushroom cloud picture?)

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Several outlets reporting George Papandreou turned around enroute to the US 'due to seriousness of debt situation'.

Is it all finally coming to a head?

My sauces are saying the turnaround was because the hotel had accidently double booked him in the penthouse suite with Strauss Kahn and it was at full occupancy

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My sauces are saying the turnaround was because the hotel had accidently double booked him in the penthouse suite with Strauss Kahn and it was at full occupancy

3 shifts worth of cleaners locked in the bathroom?

Edited by dances with sheeple

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My sauces are saying the turnaround was because the hotel had accidently double booked him in the penthouse suite with Strauss Kahn and it was at full occupancy

Was it one of these sauces?

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He forgot his gift.

What urgent policy decisions could possibly be more pressing than a trip to the US?

Edited by Red Knight

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Several outlets reporting George Papandreou turned around enroute to the US 'due to seriousness of debt situation'.

Is it all finally coming to a head?

Nah.

He got a call while en route: Berlusconi's throwing a surprise bonga bonga party tonight in Rome.

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Several outlets reporting George Papandreou turned around enroute to the US 'due to seriousness of debt situation'.

Probably worried he wouldn't be allowed in because he couldn't prove that he could support himself for the duration of his stay.

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I would imagine it was because either he found out that Michele Obama would be serving southern style soul food, not that health food that she is always trying to force on the children of the working class, or Barak gave him the mobile phone number of our Chinese credit banker and told him to contact him directly.

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Probably worried he wouldn't be allowed in because he couldn't prove that he could support himself for the duration of his stay.

If he was refused entry, all he has to do is go to Mexico and walk across the border. As soon as he crosses into the US, the local democrat party folks will be there waiting with aid and a voting registration card.

Edited by james7

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He will be swinging by the printers on the way back to make sure 'that special print run' is on target.........

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If he was refused entry, all he has to do is go to Mexico and walk across the border. As soon as he crosses into the US, the local democrat republican party folks will be there waiting with aid and a voting registration card.

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If Greece was to default, do you think it's already been priced into the markets? I.e. perhaps the falls in stocks already seen is/was an early response to the possibility?

The more I read into all this (and I accept that I'm no expert), the more I feel that Greece is just a sacrificial pawn in a greater game...

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If Greece was to default, do you think it's already been priced into the markets? I.e. perhaps the falls in stocks already seen is/was an early response to the possibility?

The more I read into all this (and I accept that I'm no expert), the more I feel that Greece is just a sacrificial pawn in a greater game...

I suspect as far as the US markets go Greece is a tediously dull irrelevance.

It's concerns over growth which are dominating.

The media, and the banks and politicians, would prefer you focus all your ire on a small bunch of mediterranean feckless debtors who owe a piffling amount of debt to those wondrous hard working productive and thrifty Germans though.

So yes, when the growth head fake disappears the markets will rise faster than Berlusconi's d1ck at a bunga bunga party.

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The more I read into all this (and I accept that I'm no expert), the more I feel that Greece is just a sacrificial pawn in a greater game...

haha of course yes.

Greece is a minnow this is all about protecting the big fish (Germany, UK, France, Spain, Italy). The EU have put in place measures, which they think will keep the Greece situation contained, but tbh in situations like this there are usually many domino events that are unforeseen and its how ALL the countries handle those that matter. The market has already priced in a Greece default, although I don't think its priced in a full default which is what maybe going to occur.

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Greece is a minnow, sure. But there's a lot of CDS been sold and bought on Greek debt. Many times the amount of the debt itself.

Make no mistake, it is THIS CDS they leaders are worried about, because it has been bought and sold under the radar. No one knows exactly what as been written and bought Over The Counter. What it amounts to is that some bank somewhere's insurance against a Greek default may become worthless if the person writing the insurance policy (another bank) goes over. if the insurance becomes worthless, that bank will likely collapse too.

You see, this is how positions which are netted off "We have no exposure to Greek debt" become a killer; It's your exposure to some little bank somewhere which provided you with 20% of your CDS insurance against a Greek default which will turn bad and expose you to the default.

So, one bank going over could (will?) cause the domino effect.

My guess is the German banks are in the doo doo: Deutsche is one to watch.

Could be the way out…?

http://suddendebt.blogspot.com/2011/09/message-to-ecb-why-not-sell-cds-instead.html

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  • 338 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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