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Greece to leave Euro... Eventually

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http://www.zerohedge.com/news/its-official-greece-unveils-negative-salary

 

It's Official - Greece Unveils The Negative Salary, And A Whole New Meaning For "Pay To Play"

 

.... The country that gave the world the alphabet, philosophy, and plates with funny sexually ambiguous drawings on them, has outdone itself again. Because beginning this month some Greeks will have to pay for the privilege of having a job. From the Press Project:

 

Salary cutbacks (called "unified payroll") for contract workers at the public sector set to be finalized today. Cuts to be valid retroactively since november 2011. Expected result: Up to 64.000 people will work without salary this month, or even be asked to return money.

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Expected result: Up to 64.000 people will work without salary this month, or even be asked to return money.

There must be a way to pay bonus to a Goldman Sucks bankster for that.

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Banksters making a play for the stuff that's actually worth having ...

 

Ms. Katseli, an economist who was labor minister in the government of George Papandreou until she left in a cabinet reshuffle last June, was also upset that Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal

 

http://www.nytimes.com/2012/02/22/world/europe/euro-zone-leaders-agree-on-new-greek-bailout.html?_r=1

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Greece has approximately 100 tons of gold which amounts to 4.3 billion Euros at current prices,

i.e. 1.6% of the debt after the haircut in the bonds is implemented.

 

Insignificant percentage unless the price of gold multiplies from current levels.

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Astonishing details of a Greek default plot hatched by Wall Street and the White House (with the knowledge of both Barack Obama and Hillary Clinton) have been backed up by growing evidence of an undercover US Fed ‘swap’ deal to bankroll Mario Draghi’s eurobank liquidity programme . As a quid pro quo for this disguised loan, the US demanded a ‘leper’ default for Greece – with a much bigger European-funded contagion firewall than currently exists. But the plans may be derailed by intransigence in Berlin.

 

http://hat4uk.wordpress.com/2012/02/24/greek-debt-exclusive-default-planners-falling-out-over-firewall-sources/

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World Bank chief Robert Zoellick: Greece's €130bn bailout merely buys it time

 

 

 

Link..http://www.telegraph.co.uk/finance/financialcrisis/9105655/World-Bank-chief-Robert-Zoellick-Greeces-130bn-bailout-merely-buys-it-time.html

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Greedy hedgies are getting set to "rip a new one" in ISDA and the Greedy Bankers

 

GREEK BONDHOLDERS: The last big unknown on the road to Greek default

 

 

The site greekcrisis.net summed it up two weeks ago: ‘large bondholders say the take-up is likely to be high, if only because the alternative of a full-blown Greek default is so bad’.

 

However, the key words there are ‘large bondholders’. These are, on the whole, the big banker guys with a lot to lose from Greek default: many of them are the same guys from ISDA who last week voted against seeing an open-and-shut case of bond-issuer default as a default. It was a case of turkeys voting for the abolition of Christmas. But the markets are not about to abolish it.

 

Yesterday, the pessimistic view came from London. The Daily Telegraph financial columnist Louise Armitstead wrote that ‘Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount’. And the influential Open Europe website’s Raoul Ruparel opined that, “Greece is likely to struggle to reach the targets for a voluntary agreement, so the credit rating agencies are almost certainly going to see this as a default.”

 

This makes for a stark contrast with the remarks of IIF negotiator Charles Dallara (above right), who yesterday pronounced himself “quietly confident” of the swap going ahead without complications.

 

Clearly, they can’t both be right.

 

/source: http://hat4uk.wordpress.com/2012/03/05/greek-bondholders-the-last-big-unknown-on-the-road-to-greek-default/

 

Just this once, HF's may be on the "side of the angels".

Anything that disturbs the unfair game plan of the big banks may be a good thing

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Greedy hedgies are getting set to "rip a new one" in ISDA and the Greedy Bankers

GREEK BONDHOLDERS: The last big unknown on the road to Greek default

 

(Reuters) - A disorderly Greek default would cause more than a trillion euros ($1.3 trillion) of damage to the euro zone and could leave Italy and Spain dependent on outside help to stop contagion spreading, the main bondholders group has said.

 

Greek private creditors have until Thursday night to say whether they will participate in a bond swap that is part of a bailout deal to help it manage its finances and meet a debt repayment on March 20.

. . .

Analysts said the Institute of International Finance document, marked "IIF Staff Note: Confidential," may have been designed to alarm investors into participating in the exchange.

 

"There are some very important and damaging ramifications that would result from a disorderly default on Greek government debt," the IIF said in the February 18 document obtained by Reuters.

. . .

If Greece misses the March 20 payment without a deal in place, this would be seen as a disorderly default and could be taken as a sign that politicians have lost control of the euro. Investors might then target other weak euro zone countries.

 

Spain and Italy might require 350 billion euros in outside support to contain the fallout, the IIF said, while the cost of helping Ireland and Portugal could total 380 billion euros over five years.

 

If the deal fell apart, the European Central Bank would suffer substantial losses because its estimated 177 billion euros exposure to Greece is over 200 percent of its capital base, the IIF said.

The bank lobby group, which helped negotiate the swap on behalf of creditors, also said bank recapitalization costs could easily hit 160 billion euros if no swap is agreed.

. . .

JITTERS

 

A dozen major Greek bondholders, all on the IIF steering committee that helped draw up the deal, said on Monday they would support the swap. They hold about one-fifth of the 206 billion euros of bonds in circulation.

 

The remaining investors are under pressure to sign up.

 

Greece wants a take-up of 90 percent or more and if it falls below that but exceeds 75 percent it is expected to use collective action clauses (CACs) to force losses on those who do not volunteer.

 

Below that level, the deal could be off, potentially plunging the euro zone back into crisis.

 

/more: http://www.reuters.com/article/2012/03/06/us-greece-bonds-idUSTRE82412N20120306

 

If I was a HF holding Greek debt, I would be threatening to say no, with a hope that someone desperate might buy me out at a higher price, or that the CDS would payoff, covering my losses.

 

After trying to shaft the Irish, and to get a better deal than anyone else, it might be the ECB that gets its own back.

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(Reuters) - A disorderly Greek default would cause more than a trillion euros ($1.3 trillion) of damage to the euro zone and could leave Italy and Spain dependent on outside help to stop contagion spreading, the main bondholders group has said.

 

Greek private creditors have until Thursday night to say whether they will participate in a bond swap that is part of a bailout deal to help it manage its finances and meet a debt repayment on March 20.

. . .

Analysts said the Institute of International Finance document, marked "IIF Staff Note: Confidential," may have been designed to alarm investors into participating in the exchange.

 

"There are some very important and damaging ramifications that would result from a disorderly default on Greek government debt," the IIF said in the February 18 document obtained by Reuters.

. . .

If Greece misses the March 20 payment without a deal in place, this would be seen as a disorderly default and could be taken as a sign that politicians have lost control of the euro. Investors might then target other weak euro zone countries.

 

Spain and Italy might require 350 billion euros in outside support to contain the fallout, the IIF said, while the cost of helping Ireland and Portugal could total 380 billion euros over five years.

 

If the deal fell apart, the European Central Bank would suffer substantial losses because its estimated 177 billion euros exposure to Greece is over 200 percent of its capital base, the IIF said.

The bank lobby group, which helped negotiate the swap on behalf of creditors, also said bank recapitalization costs could easily hit 160 billion euros if no swap is agreed.

. . .

JITTERS

 

A dozen major Greek bondholders, all on the IIF steering committee that helped draw up the deal, said on Monday they would support the swap. They hold about one-fifth of the 206 billion euros of bonds in circulation.

 

The remaining investors are under pressure to sign up.

 

Greece wants a take-up of 90 percent or more and if it falls below that but exceeds 75 percent it is expected to use collective action clauses (CACs) to force losses on those who do not volunteer.

 

Below that level, the deal could be off, potentially plunging the euro zone back into crisis.

 

/more: http://www.reuters.com/article/2012/03/06/us-greece-bonds-idUSTRE82412N20120306

 

If I was a HF holding Greek debt, I would be threatening to say no, with a hope that someone desperate might buy me out at a higher price, or that the CDS would payoff, covering my losses.

 

After trying to shaft the Irish, and to get a better deal than anyone else, it might be the ECB that gets its own back.

 

 

I belive this is all jsut noise.

The hair cut will happen.

 

 

 

 

Long tearm i dont know what teh greeks are going to do. they really need some growth. But just were this is going to come from i do not know.

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I belive this is all jsut noise.

The hair cut will happen.

 

 

 

 

Long tearm i dont know what teh greeks are going to do. they really need some growth. But just were this is going to come from i do not know.

 

I've just noticed you have a book store on Amazon.

 

Since I had no reply to my previous post about your spelling, I would like to know how you would like to read the books you sell, if they were all had spelling as crap as yours.

 

I feel I'm being like Mr Angry from Tonbridge Wells, but you're getting on my tits. If what you are saying is not worth spelling correctly, its not worth reading.

 

By the way I do not think you can't spell, its just gratuitous laziness.

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Plunge-protection team hedging on Greece

 

Central-bank observers could be forgiven for thinking talk of more free money looked funny a day ahead of Greek debt swap, writes David Callaway.

 

/more: http://www.marketwatch.com/story/plunge-protection-team-hedging-on-greece-2012-03-07

 

EXCERPTS:

+ At some point, the world’s major central banks are going to turn off the three-year spigot of free money supporting much of the world’s economic and market gains these days. Just not right before a key Greek debt swap on Thursday that could ignite the European crisis all over again.

 

The Federal Reserve’s signal on Wednesday that it is considering buying more bonds to keep interest rates low was welcomed by global markets stinging from the worst day of the year in their previous sessions.

 

+ While European officials are making all the right sounds about the Greek swap expecting to be successful, the signals of more bond buying come at a suspicious time.

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I've just noticed you have a book store on Amazon.

 

Since I had no reply to my previous post about your spelling, I would like to know how you would like to read the books you sell, if they were all had spelling as crap as yours.

 

I feel I'm being like Mr Angry from Tonbridge Wells, but you're getting on my tits. If what you are saying is not worth spelling correctly, its not worth reading.

 

By the way I do not think you can't spell, its just gratuitous laziness.

 

 

I can spell fine, Well sometimes i can anyway. Mt brain nolonger works as good as it once did. So now mast of the time I find it very hard to sort the letters out to spell the word. Sometimes i even have to think of another to use as i can not even rember the letter that the word starts with. Im sorry to say this will not get any better, Only worse in time. By the end i will not be able to write at all, and do many other things. I do not write by hand anymore as most people, can not make any sence of what iv writen. (inc myself sometimes)

 

If im getting on enough people tits here then i will stop posting and ill become a lurcker again. I dont mind.

Just let me know

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Greek Bond maths:

 

Declarations: 30% pro + 4% anti = 34%.

100% – 34% spookily = 66%.

66% – 30% = the Greek government's target to persuade = 36%.

34% – 4% = the anti-deal holdouts target = 30%.

 

Now on paper, this looks like Athens is in good shape: only 4% naysayers, and 30% already in the bag. The two realities that change all this are (1) the 30% needed by the anti-dealers probably don't need persuading to stay out at all: if they were in, they'd have said so by now; and (2) if the Venizealots miss their target by just 1%, they're dead. The anti-dealers, by contrast, need only another 22% out of 30 to knock the acceptance level below 75%, and require a quarter of all bondholders to be compelled using CACs.

 

/more: http://nesaranews.blogspot.com/2012/03/who-knows-what-is-real-and-what-isnt.html

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I can spell fine, Well sometimes i can anyway. Mt brain nolonger works as good as it once did. So now mast of the time I find it very hard to sort the letters out to spell the word. Sometimes i even have to think of another to use as i can not even rember the letter that the word starts with. Im sorry to say this will not get any better, Only worse in time. By the end i will not be able to write at all, and do many other things. I do not write by hand anymore as most people, can not make any sence of what iv writen. (inc myself sometimes)

 

If im getting on enough people tits here then i will stop posting and ill become a lurcker again. I dont mind.

Just let me know

 

Sorry to hear that.

 

Personally, I couldn't give a s**t how you (or anyone else here for that matter) spell things.

 

It's the contents of peoples' posts I'm interested in.

 

Keep em coming.

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Sorry to hear that.

 

Personally, I couldn't give a s**t how you (or anyone else here for that matter) spell things.

 

It's the contents of peoples' posts I'm interested in.

 

Keep em coming.

 

 

I should not have posted that this morning without giving readers more info. Its not anyone fault on here that they dont know my personal issues.

 

I can understand and accept that some of (if not most) of my posts can be hard to follow.

 

 

I will give more info.

 

 

Im 32 years old. When i was 20. Back in 2000. I had a 5.4cm brain tumor removed. In three ops. In 2001 i had another brain tumor removed in one op. Then in 2003 i had another brain tumor removed in one op. Thats 3 differnt brain tumors removed in 5 ops over three years. Iv never had a regrowth. All were diffrent tumors in diffrent parts of teh brain.

 

In 2005 i was told that i had another brain tumor. I still have this one now. Its only small anf growing slowly. Then in 2009 i was told about another brain tumor. Thsi one is also small and growing slowly.

 

Both Tumors will be removed when they get to a bigger size. At teh moment due to the risks in doin a op on teh brain they are leaveing them aas tehy are growing but only slow. I have an MRI Scan every 6 months to cheak on them and there size.

 

Last year i was also told taht i had another brain tumor. This one is very small. Only about 3mm in size. They can not remove this tumor because af were it is. They will give me radio when it gets bigger. So they are keeping an eye on that one too.

 

 

Because of the tumors that iv had remoevd I get otehr problems too apart from spelling. But all i can live with. And i lead a pritty normal life. I have a Job, A wife and twin girls. and i keep ckickens and grow some of my own Veg and fruit. So a life live any normal person realyy. Its jsut have too plan thing a bit more. And some things can be harder for me.

 

 

Its no problem.

 

I hope this helps others to understand.

Im not planning tio stop posting just yet. But there very well maybe a time taht i will have too.

 

But its inportant too me that if people can nolonger understand what im trying to say, tehn they tell me. This is because then i will know that things are getting worse. :)

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I should not have posted that this morning without giving readers more info. Its not anyone fault on here that they dont know my personal issues.

 

I can understand and accept that some of (if not most) of my posts can be hard to follow.

 

 

I will give more info.

 

 

Im 32 years old. When i was 20. Back in 2000. I had a 5.4cm brain tumor removed. In three ops. In 2001 i had another brain tumor removed in one op. Then in 2003 i had another brain tumor removed in one op. Thats 3 differnt brain tumors removed in 5 ops over three years. Iv never had a regrowth. All were diffrent tumors in diffrent parts of teh brain.

 

In 2005 i was told that i had another brain tumor. I still have this one now. Its only small anf growing slowly. Then in 2009 i was told about another brain tumor. Thsi one is also small and growing slowly.

 

Both Tumors will be removed when they get to a bigger size. At teh moment due to the risks in doin a op on teh brain they are leaveing them aas tehy are growing but only slow. I have an MRI Scan every 6 months to cheak on them and there size.

 

Last year i was also told taht i had another brain tumor. This one is very small. Only about 3mm in size. They can not remove this tumor because af were it is. They will give me radio when it gets bigger. So they are keeping an eye on that one too.

 

 

Because of the tumors that iv had remoevd I get otehr problems too apart from spelling. But all i can live with. And i lead a pritty normal life. I have a Job, A wife and twin girls. and i keep ckickens and grow some of my own Veg and fruit. So a life live any normal person realyy. Its jsut have too plan thing a bit more. And some things can be harder for me.

 

 

Its no problem.

 

I hope this helps others to understand.

Im not planning tio stop posting just yet. But there very well maybe a time taht i will have too.

 

But its inportant too me that if people can nolonger understand what im trying to say, tehn they tell me. This is because then i will know that things are getting worse. :)

 

Don't ever think you have to explain yourself to people here (or anywhere else for that matter) if you don't feel you want to.

 

But as you have been kind/brave enough to do so, all I can really say is F**k!

 

Sure puts a lot of issues here (that we sometimes let wind us up, and most of us are guilty of) into their proper context.

 

Here's hoping you keep posting for a good long while yet and the ops all go well.

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Don't ever think you have to explain yourself to people here (or anywhere else for that matter) if you don't feel you want to.

 

But as you have been kind/brave enough to do so, all I can really say is F**k!

 

Sure puts a lot of issues here (that we sometimes let wind us up, and most of us are guilty of) into their proper context.

 

Here's hoping you keep posting for a good long while yet and the ops all go well.

 

Sometimes at night i ley there and do think taht the whole thing is unbleiveable, But never mind.

 

No ops or any treatment has been planed as yet.I Just keep takeing my tablets.

 

 

But many thanks

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Sometimes at night i ley there and do think taht the whole thing is unbleiveable, But never mind.

 

No ops or any treatment has been planed as yet.I Just keep takeing my tablets.

 

But many thanks

 

My sympathies.

 

But none of that explains why you don't use an in-browser spell-checker?

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Bailout requirement

 

Greece had said it wanted 90% of bondholders, such as banks and pension funds, to agree to take a 53.5% cut in the 206bn euros ($272bn; £172bn) of Greek bonds they hold. But it only requires a 75% take-up to be able to force through the deal.

German reinsurance group Munich Re, French banks Societe Generale and BNP Paribas, and some pension funds, had said they would sign up.

 

But some small pension funds had said they would not back the swap, and others said they were waiting to see what hedge funds will do.

 

One bondholder told the BBC that he had "no incentive" to accept the deal and would not do so.

 

"I'm not in the business for altruistic reasons," said Patrick Armstrong, managing partner at Armstrong Investment Managers. "Capital markets function best when people are out to deliver return on capital investment."

 

/source: http://www.bbc.co.uk/news/business-17294865

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So what's the deal now? Problem 'solved'?

Maybe: Lawsuits from those who got crammed down?

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