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PIIGS / Europe's Debt Troubles


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#1021 callmejoe

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Posted 20 February 2012 - 01:22 AM

http://www.zerohedge...pandora’s-box

The ECB has Opened Pandora’s Box

.... The ECB, on its own and without judicial or parliamentary review, has swapped their Greek debt for new Greek debt that is not subject to any “collective action clause.” They did this unilaterally and without the consent of any other sovereign debt bond owners of Greek debt. They did this without objection of any nation in Europe. They have retroactively changed the indenture, the contract made by Greece with all of the buyers of their bonds, when the debt was issued. There is no speculation involved in these statements, there is no longer any guesswork on what might be; the ECB swapped their bonds for new Greek bonds with the assent of the Greek government and it is now a done deal.

... the implications ... The issue now is no longer a one-off Greek issue but a full on ECB issue. We know now that the ECB can retroactively change the rules, change an indenture, so that if the ECB can do this with Greece then it can certainly do it with any sovereign debt in Europe. If they can exempt themselves from a “collective action clause” then they can exempt themselves from any clause, in any sovereign indenture, for any European country. The fact that they are now clearly senior to any other bond holder, or more aptly put, that any private bond owner is now subordinated to the ECB is one consideration but hardly the most important one. The incredibly grim reality now is that any European and all European sovereign debt can have their indentures changed by the ECB when it is to their advantage. It is the “collective action clause” today but tomorrow it could be the maturity or the coupon or any other terms and conditions in an indenture. It is Greece today but tomorrow it could be France or Portugal or Italy. The “Rule of Law” has been abrogated and tossed aside in the name of political contrivance.

.... the bonds issued by the sovereign nations in Europe are no longer pari passu, on equal footing, with the bonds issued in the United States. We have just passed a clearly defined “break point” where the legal rules were changed to the great disadvantage of all the private debt holders. The risk of ownership of European sovereign debt is now infinitely more dangerous in my estimation than it was last week.



#1022 halight

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Posted 22 February 2012 - 08:19 PM

EU plans to freeze Hungary funds over budget deficit


The European Commission plans to suspend 495m euros (417m; $655m) of Hungary's EU funds next year because of the country's budget deficit.



http://www.bbc.co.uk...europe-17127792
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#1023 halight

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Posted 22 February 2012 - 08:25 PM

EU plans to freeze Hungary funds over budget deficit


The European Commission plans to suspend 495m euros (417m; $655m) of Hungary's EU funds next year because of the country's budget deficit.



http://www.bbc.co.uk...europe-17127792



Could Hungary be a EU black swan ?

Let me get this right, they have a big budget deficit. So the EU are going to cut off there funds from the EU, untill tahy sort it out.
Wont this make there deficit even larger ? as they will have to borrow the extra money to make up the short fall.

Could this country be the next of the bailout list ?

While everyone has been looking at the piigs, other countrys it seem have been over looked. And they seem just as bad.

How about the easten europe countrys ?
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#1024 DrBubb

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Posted 23 February 2012 - 07:24 AM



Icke talks about how Global Elites are managing the transfer of power to a small unelected elite, while using crisis to engineer a single currency. A positive note is how little Iceland refused to accept the shift of the bank's debt burden onto the shoulders of the taxpayers. Iceland is now "coming out of its crisis."
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#1025 callmejoe

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Posted 23 February 2012 - 04:51 PM

Anonymous hacks greek ministry! Threatens to whip away all citizen debt


http://www.abovetops...hread812305/pg1

#1026 halight

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Posted 23 February 2012 - 06:09 PM

European Banks Take Greek Hit After Deal

http://www.bloomberg...aid-accord.html
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#1027 halight

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Posted 23 February 2012 - 06:10 PM

Euro-Region Economy Poised to Shrink in 2012 as Italy Contracts With Spain

http://www.bloomberg...le-eu-says.html
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#1028 halight

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Posted 23 February 2012 - 06:12 PM

Novogratz Says Euro to Be Liability for Next Few Years

http://www.bloomberg...ects-exits.html
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#1029 callmejoe

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Posted 23 February 2012 - 08:51 PM

http://realdemocracy...les-solidarity/

Corporate media are afraid of the peoples solidarity!

We received information from friends in Germany regarding mass media manipulation of recent activists work presented in our blog. A German newspaper published a photo of Greek protesters spelling We thank you commenting that the Greeks say thank you to Germany and its government for the 2nd bailout.

Οn 18th of February great protests were organized throughout the world but mainly in Europe with the moving title We are all Greeks. It was the way of Europes people to answer to the ongoing Greek economic slaughter taking place and to campaign the inevitable conclusion that these practices if implemented in Greece will affect the whole of Europe when it comes to labor reforms and austerity. Therefore, on Feb 18th, protesters in more than 40 (!) cities around the world yelled We are all Greeks in an effort to underline the common root of all this evil but also to express their solidarity to the Greeks who fight two years now, under unprecedented police (meaning state) repression, total lack of any democratic procedures and legitimate-like illegal procedures.

These demonstrations were on the track of a true dialectic between people of various European and other countries that expressed themselves in opposite way from their governments and the non elected EU IMF ECB officials..

On the same day a group of greek activists, in order to take upon the opportunity to continue this true dialogue, gathered at Syntagma square and with the help of some cardboard painted alphabet letters, they spelled the names of most of the cities which participated in this great mobilization concluding with a big WE THANK YOU towards them in the end

The very next day, that true peoples dialogue obviously created panic to the corporate media everywhere

The corporate Greek TV broadcasting talked about solidarity to the efforts of the country on reforms, some french media used the greek activist we thank you as a hypothetical thank you from the Greeks to the EU and last, but not least,.. in a recital of manipulative journalism a german newspaper has added another nail in the coffin of media trustworthiness around Europe, by publishing the thank youphoto as a thank you to the german government..

If it were not so disgusting, it could be funny such a claim made now, in the last days of Pompei -or should we say Europe as we know it
For what is Europe without democracy, equity and rationalism?
It is this circus of neo-mediavalism that we all experience.

For some of us in Greece taking to the streets almost everyday this media reaction is no news.

When we return home at night and the most patient of us watch the news we know what the TV REALITY is all about. It is the same TV REALITY that showcased a tranquil life in Tunisia while people were getting killed on the streets..

As a serious reporter should have done, we invited one of the greek activists who organized this event to share with us his opinion on the matter:

There is no misconception in the slightest way the meaning of this action of gratitude was the response to the people of Europe and the World by naming each and every city that protested in solidarity to the Greeks fighting against the austerity measures and the debt-restructuring program.
There is no misconception in the slightest way this activist action is against the PSI the IMF and EU policies, therefore against German policy as well.

There is no misconception in the slightest way that European journalism is hitting bottom low by distorting and exploiting our actions as citizens of Europe presenting it as a promotion of the bureaucratic policies of Brussels.

We are deeply offended by this distortion of the truth.

Turn your TV off, stop accrediting the corporate media, find true alternative sources of information!

We are all people of the world, we fight as one.
The more authoritarian the ways of those in power, the quickest their fall



#1030 callmejoe

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Posted 23 February 2012 - 08:56 PM

http://www.zerohedge...-european-banks

Projected PIIGS Pillage: 3233.5 Tons Of Gold To Be Confiscated By Insolvent European Banks



#1031 DrBubb

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Posted 24 February 2012 - 02:37 AM

What kind of AUSTERITY is this?

Draghi says he is committed to austerity, yet:

+ He engineered to rate cuts and flooded banks with almost GBP 500 bn in cheap, three year loans

+ The banks used to money to: buy back their own bonds, buy sovereign bonds, buy stocks and make a tiny amount of new loans

If flooding the bansk with money for such purposes is austerity, then I am Jim Sinclair.

Perhaps he thinks it is asterity, because this changed:

"You know there was a time when (economist) Rudi Dornbusch used to say that the Europeans were so rich they can afford to pay everyone for not working. That's gone."
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#1032 DrBubb

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Posted 24 February 2012 - 02:50 AM

http://www.zerohedge.com/news/projected-piigs-pillage-32335-tons-gold-be-confiscated-insolvent-european-banks

the Greek population is about to lose its gold in a perfectly legitimate fashion, following amendments to the country's constitution by unelected banker technocrats, who will make it legal for Greek creditors - read insolvent European banks - to plunder the Greek gold which at last check amounts to 111.6 tonnes according to the WGC.

Updated Gold Reserves...
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Vatican Bank?
Templars?
Rothschilds?
Arab Sheiks?
Dragon Families?
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#1033 the bugler

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Posted 24 February 2012 - 10:51 AM

!

#1034 halight

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Posted 25 February 2012 - 03:40 PM

Lloyds considers borrowing money from ECB's emergency fund

Lloyds Banking Group has become the first British bank to confirm it is looking at borrowing money from an emergency facility put in place by the European Central Bank to prevent a fresh banking crisis.


Link http://www.telegraph...gency-fund.html
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#1035 DrBubb

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Posted 26 February 2012 - 12:32 AM

...to prevent a fresh banking crisis.

Or to cause one ?
The market is "bipolar", swinging back and forth from a focus on Inflation to Deflation. Bet on swings; and stay flexible. What are bipolar markets? See: http://tinyurl.com/GEI-Manix

#1036 G0ldfinger

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Posted 26 February 2012 - 07:24 AM

http://www.bloomberg...live-crook.html

Greek Deal Leaves Europe on Road to Disaster
...
If there is some intelligent principle behind this approach, rather than mere flailing incompetence, it would sound like this: Lets build this manageable problem up into a crisis capable of vast destruction that we might be unable to control. That will create the fear needed to force some real improvements in economic policy.


You can't tax deflation.
Currency Induced Cost-Push Hyperinflation vs Demand-Pull (non-hyper) Inflation.
The "no income --> no inflation"-thesis is as wrong as the "price control --> inflation control"-thesis.
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#1037 John Doe

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Posted 26 February 2012 - 11:23 AM

http://www.bloomberg.com/news/2012-02-23/greek-deal-leaves-europe-on-the-road-to-disaster-clive-crook.html


Exactly. A whole load of this could have been avoided.

The 2007-2010 crisis was (& still is, albeit to a lesser extent now) real.

But it's the EU Politicians that are mostly to blame for the last year or two of crap. This could have been nipped in the bud years back.


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#1038 callmejoe

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Posted 26 February 2012 - 10:42 PM

http://www.zerohedge...llectors-greece

The Colonization Begins: Germany May Send 160 Tax Collectors To Greece



#1039 halight

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Posted 02 March 2012 - 03:35 PM

EU Leaders Declare Shift to Growth

http://www.bloomberg...-to-growth.html
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#1040 halight

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Posted 02 March 2012 - 05:43 PM

British banks borrow 31bn from ECB

The European Central Bank thought it was rescuing the eurozone's banks by providing them with more than a trillion euros of cheap three-year loans, at a time when they were finding it dangerously difficult to borrow.

So why is it that the UK's four biggest banks have taken considerable advantage of the money on offer, borrowing 37.4bn or 31bn between them from the ECB?


http://www.bbc.co.uk...siness-17237639
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