TheCountOfNowhere Posted January 28, 2015 Share Posted January 28, 2015 http://www.bbc.co.uk/news/world-europe-31016261 "New Greek PM Alexis Tsipras says his country will not default on its debts." SO much for them standing up to the bankers. Quote Link to comment Share on other sites More sharing options...
andygivenup Posted January 28, 2015 Share Posted January 28, 2015 Pmsl like they ever were going to default. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 28, 2015 Author Share Posted January 28, 2015 Pmsl like they ever were going to default. Now they are talking hair cuts Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 28, 2015 Share Posted January 28, 2015 They want debt relief I think their creditors know they will never be able to pay all what they owe ,there will be a war of words until someone blinks Quote Link to comment Share on other sites More sharing options...
yellerkat Posted January 28, 2015 Share Posted January 28, 2015 It'll (almost) all be shoved on zero-coupon perpetuals and tucked away somewhere. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted January 28, 2015 Share Posted January 28, 2015 They want debt relief I think their creditors know they will never be able to pay all what they owe ,there will be a war of words until someone blinks Is the 60% owed to the EZ owe to EZ banks ? Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted January 28, 2015 Share Posted January 28, 2015 http://www.bbc.co.uk/news/world-europe-31016261 "New Greek PM Alexis Tsipras says his country will not default on its debts." SO much for them standing up to the bankers. You believe that the mass of contradictory policy they've stated so far is actually viable ? Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted January 28, 2015 Share Posted January 28, 2015 (edited) This stood out for me on the main Greek thread - "One of the first decisions announced by the new government was stopping the planned sale of a 67% stake in the Piraeus Port Authority, agreed under its international bailout deal for which China’s Cosco Group and four other suitors had been shortlisted." Now if that isn`t telling the bankers to take two steps back and get their negotiating hats on I don`t know what is? Good start IMO. Greeks I know don`t want to come out of the EU, and some have said there will be "revolution" if that happened after a default. I don`t know enough about the politics to comment on that though. Edited January 28, 2015 by dances with sheeple Quote Link to comment Share on other sites More sharing options...
billybong Posted January 28, 2015 Share Posted January 28, 2015 "New Greek PM Alexis Tsipras says his country will not default on its debts." Default imminent. Quote Link to comment Share on other sites More sharing options...
Errol Posted January 28, 2015 Share Posted January 28, 2015 Default would be their best option. Quote Link to comment Share on other sites More sharing options...
R K Posted January 28, 2015 Share Posted January 28, 2015 http://www.bbc.co.uk/news/world-europe-31016261 "New Greek PM Alexis Tsipras says his country will not default on its debts." SO much for them standing up to the bankers. he has said all along they dont intend to default. Pay attention. They intend to renegotiate their debt with their creditors. Which is what happens in all civilised creditor/debtor relations. If you read the main thread you would know this. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 28, 2015 Author Share Posted January 28, 2015 Default imminent. I suppose the headline was from the BBc and I forgot the first rule of reading the BBc website, dont believe a ****ing word they say. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted January 28, 2015 Share Posted January 28, 2015 QE announced last week. Greece not defaulting this week. Bail ins, bail outs, its all in the days work for kleptocratic central banks. Quote Link to comment Share on other sites More sharing options...
Nationalist Posted January 28, 2015 Share Posted January 28, 2015 Apparently they don't have a primary deficit any more, so the power is all with them now. The deal should be.... Dear Creditors, would you like.... 1) Nothing 2) Something, one day, perhaps Quote Link to comment Share on other sites More sharing options...
billybong Posted January 28, 2015 Share Posted January 28, 2015 (edited) I suppose the headline was from the BBc and I forgot the first rule of reading the BBc website, dont believe a ****ing word they say. +1 Sometimes it's the massive amount they miss out. Edited January 28, 2015 by billybong Quote Link to comment Share on other sites More sharing options...
Quicken Posted January 28, 2015 Share Posted January 28, 2015 he has said all along they dont intend to default. Pay attention. They intend to renegotiate their debt with their creditors. Which is what happens in all civilised creditor/debtor relations. If you read the main thread you would know this. Sounds like an orderly default to me. From Wikipedia: Orderly defaultsIn times of acute insolvency crises, it can be advisable for regulators and lenders to preemptively engineer the methodic restructuring of a nation's public debt- also called "orderly default" or "controlled default".[4][5] Experts who favor this approach to solve a national debt crisis typically argue that a delay in organising an orderly default would wind up hurting lenders and neighboring countries even more.[6] Quote Link to comment Share on other sites More sharing options...
NuBrit Posted January 28, 2015 Share Posted January 28, 2015 It'll (almost) all be shoved on zero-coupon perpetuals and tucked away somewhere. Would put money on that outcome. Quote Link to comment Share on other sites More sharing options...
Bear Goggles Posted January 28, 2015 Share Posted January 28, 2015 They could put it in Pandora's Box, they'll never open that. Or they could get the ECB to stick it where the sun doesn't shine. Quote Link to comment Share on other sites More sharing options...
R K Posted January 28, 2015 Share Posted January 28, 2015 (edited) Sounds like an orderly default to me. From Wikipedia: Theyre not insolvent german banks who held the assets before official sector bought them may have been though. Effectively, ECB, IMF, EZ Troika rescued EU bank/creditors by buying up greek debt and forcing liability onto greek govt/people (with complicit govt imposed by EU/memoranda). 90% or so of the "bailout" never touches greece at all. greece are simply the sucker on the memoranda to enable the back door bailout of german (and other) banks/creditors. Because Merkel/Schauble refused to reconise thier banks were in trouble. Its far easier blaming greeks, than blaming german banks/savers and EZ structure/policy and media played along with it. But Europeans are slowly waking up to this big lie. Not for the first time theyve been duped by germany. Edited January 28, 2015 by R K Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 28, 2015 Author Share Posted January 28, 2015 It seems the greeks dont read the BBc http://www.bbc.co.uk/news/business-31022209 " Greece markets hit by debt default fears"You couldn't make it up. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted January 28, 2015 Share Posted January 28, 2015 So even a structured default puts the banks (German taxpayer) back on the hook, and the political fallout is just beginning? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 28, 2015 Author Share Posted January 28, 2015 So even a structured default puts the banks (German taxpayer) back on the hook, and the political fallout banker panic/brown envelopes is just beginning? Quote Link to comment Share on other sites More sharing options...
Quicken Posted January 28, 2015 Share Posted January 28, 2015 Theyre not insolvent german banks who held the assets before official sector bought them may have been though. Effectively, ECB, IMF, EZ Troika rescued EU bank/creditors by buying up greek debt and forcing liability onto greek govt/people (with complicit govt imposed by EU/memoranda). 90% or so of the "bailout" never touches greece at all. greece are simply the sucker on the memoranda to enable the back door bailout of german (and other) banks/creditors. Because Merkel/Schauble refused to reconise thier banks were in trouble. Its far easier blaming greeks, than blaming german banks/savers and EZ structure/policy and media played along with it. But Europeans are slowly waking up to this big lie. Not for the first time theyve been duped by germany. Sure, but if Greece wasn't insolvent in the first place, why didn't they just pay their debts? Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted January 28, 2015 Share Posted January 28, 2015 Theyre not insolvent german banks who held the assets before official sector bought them may have been though. Effectively, ECB, IMF, EZ Troika rescued EU bank/creditors by buying up greek debt and forcing liability onto greek govt/people (with complicit govt imposed by EU/memoranda). 90% or so of the "bailout" never touches greece at all. greece are simply the sucker on the memoranda to enable the back door bailout of german (and other) banks/creditors. Because Merkel/Schauble refused to reconise thier banks were in trouble. Its far easier blaming greeks, than blaming german banks/savers and EZ structure/policy and media played along with it. But Europeans are slowly waking up to this big lie. Not for the first time theyve been duped by germany. Ireland was screwed even harder - the 'bailout' was a straightforward dumping of banking sector debt onto the Irish taxpayer, to be repaid at >5% interest. Despite being described as a 'bailout of Ireland' the only people being bailed out were the Irish banks and by extension their Eurozone bank creditors. For Ireland, it was just the people being shafted. At least in the case of Greece, it was largely already state debt - the Irish state was pretty solvent until it took on the debts of it's greedy, crooked banksters courtesy of it's stupid, crooked politicians. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted January 28, 2015 Author Share Posted January 28, 2015 Exactly. The worst theft of all. Although the UK becomes a close second. Strange how the Queen visited Ireland shortly after the bank collapse, dont you think ? Quote Link to comment Share on other sites More sharing options...
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