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We Are Headed Directly Into A Brick Wall Where Everything Just Stops Every market is going in the wrong direction in preparation for what is coming. Yes I know, this is always how it works when bubbles are being blown. Money is pouring into bonds in particular, stocks are being propped up and margin balances swollen, people are also being prodded into “selling” their Gold (paper obligations). As I see it, we are headed [...] Pushed by its European creditors amid its crippling economic crisis, Greece began this week to do something it hasn’t done in more than 100 years: fire public-sector workers en masse. Following weeks of tough negotiations with its lenders – the “troika” of the International Monetary Fund, theEuropean Union, and the European Central Bank – the Greek government started laying off public-sector workers in an effort to implement the austerity that the troika has demanded. The first [...] Greece will fire 4,000 civil servants this year as part of programme of austerity measures agreed with the EU-IMF “troika” as the condition for the next €8.8bn of payments in its €270bn bail-out. by Bruno Waterfield, The Telegraph: The redundancies will begin a savage round of job cuts in the Greek public sector, with another 11,000 officials due to be sacked by the end of next year. Greece is in deep recession, GDP has [...] The Greek government is in disarray after the leak of an explosive report drawing up vast reparations claims against Germany, covering both the First and Second World Wars. by Ambrose Evans-Pritchard, The Telegraph: Premier Antonis Samaras held a special meeting with the foreign minister Dimitris Avramopoulos and other key officials this morning to limit the diplomatic damage from the 80-page report. The document – stamped “Aporito”, or secret – was drafted by a panel [...] Cyprus state broadcaster CyBC reported that German Finance Minister Wolfgang Schaeuble had proposed Cypriots lose 40 percent of their bank accounts although they were not responsible for the economic debacle that was caused when a previous Greek government, in a frantic bid to reduce its debt, imposed 74 percent losses on investors and bondholder. Sarris said the IMF agreed with Germany. http://greece.greekreporter.com/2013/03/16/bailout-cuts-cyprus-bank-accounts-withdrawals-barred/ 16 MARCH 2013 People with Cyprus bank accounts will lose up to [...] 90% supply reduction; citizens in near-panic Mike Adams In a classic example of an anti-free-market collapse, fifty pharmaceutical companies are now halting supplies of drug medicines to the nation of Greece, causing severe shortages of over 200 popular pharmaceutical medicines there. Pfizer, Roche, GlaxoSmithKline, Sanofi and many other have all reportedly joined in the partial embargo out of a fear that the low-priced drugs sold to Greece would be [...] testosteronepit.com / By y Wolf Richter / February 26, 2013, 6:10PM Bank bailouts in the Eurozone, like bank bailouts elsewhere, have made owners of otherwise worthless bank debt whole through a circuitous process where, in the end, taxpayers transferred their money to investors. Even in Greece, investors were coddled. Even Proton Bank that had siphoned off $1 billion in a scheme of fraud, embezzlement, and money laundering was bailed out at taxpayer expense [European Bailout [...] London Gold Market Report from Ben Traynor BullionVault Monday 10 December 2012, 07:30 EST
Gold “Respecting Uptrend”, Berlusconi Speaks of “Desperation” at Returning to Public Life after Monti Announces Resignation Plan
SPOT MARKET gold bullion prices rose to one-week highs above $1710 an ounce Monday morning, while European stock markets fell following news that Italy’s prime minister plans to resign.
“Gold continues to consolidate its gains from August-September, and is still respecting its long term uptrend,” says [...] London Gold Market Report from Ben Traynor BullionVault Monday 3 December 2012, 07:30 EST
Gold “Remains in Long Run Uptrend”, Euro Gains After Merkel Comments on Greece
SPOT MARKET gold prices fell back below $1715 an ounce Monday morning in London, more-or-less in line with where they were two weeks ago after failing to hold gains made during Asian trading.
“Gold is still following its long term uptrend from 2008 lows,” say technical analysts at Scotiabank, [...] The International Monetary Fund (IMF) believes that the only way to reduce Greek debt to a sustainable level is by a debt haircut involving the country’s government creditors. But Germany refuses to consider the proposal. Reality is on the IMF’s side. An elegant appearance is important to Christine Lagarde. The head of the IMF wears her short hair carefully coiffed, and diamonds glitter on her manicured fingers. When she talks about [...] http://www.twitter.com/FOREXcom http://www.twitter.com/zerohedge Bloomberg News is reporting that, according to a draft of the long-awaited review by troika lenders of Greece’s bailout program, Greece may need an extra 15 billion euros in 2014, plus another 17.6 billion in 2015 and 2016.
The numbers presented in the troika report are provisional estimates. The troika notes that a 2-year extension of the Greek bailout program would ease the impact of the painful austerity measures currently imposed by the [...]  New Turn in the Euro Zone Financial Crisis The eurozone financial crisis is set to deepen following this week’s release of debt projections for the Greek economy. Budget estimates show that instead of peaking at 167 percent of gross domestic product, as predicted last March when the so-called bailout package was put in place, the debt ratio will hit 189 percent this year, rising to 192 percent in 2014—well above the [...] Greece turning to desperate measures as citizens face starvation due to economic collapse The European nation of Greece appears to be sliding ever so progressively into the abyss of total collapse, as illustrated by a recent government measure aimed at feeding the growing hordes of hungry, unemployed Greeks across the nation. A report translated into English from Voz Populi explains that, under the new law, Greek merchants will now be permitted to sell [...] The Greek government is now being accused of failing to go after tax dodgers. A journalist who published a list of the country’s political and business elite who have Swiss bank accounts now faces a trial after being arrested. For more on the story RT’s joined by George Katroungalos, attorney and professor of constitutional law. The Largest Economy In The World Is Imploding Right In Front Of Our Eyes A devastating economic depression is rapidly spreading across the largest economy in the world. Unemployment is skyrocketing, money is being pulled out of the banks at an astounding rate, bad debts are everywhere and economic activity is slowing down month after month. So who am I talking about? Not the United States – the economy that I [...] by Michael A devastating economic depression is rapidly spreading across the largest economy in the world. Unemployment is skyrocketing, money is being pulled out of the banks at an astounding rate, bad debts are everywhere and economic activity is slowing down month after month. So who am I talking about? Not the United States – the economy that I am talking about has a GDP that is more than two trillion [...] Greece was said to be seeking billions in compensation from Germany for debts owed from the Second World War as the German Constitutional Court prepared to deliver its pivotal ruling on the eurozone bail-out fund The top court yesterday dismissed an eleventh hour demand for delay by a eurosceptic politician, but stock markets were muted ahead of the ruling, which could de-rail plans to boost the European Stability Mechanism (ESM), the [...] Greece’s economy will have shrunk by a quarter by the time the recession ends, according to the country’s finance minister, as pressure grew on international creditors to give Athens more time to catch up. Yiannis Stournaras forecast on Tuesday that by 2014, the Greek economy would have shrunk by 25pc since the start of the crisis, saying “the cumulative reduction (of gross domestic product) since 2008 is just under 20pc and [...] Remember Greece? It’s going to need a third bailout, according to senior IMF official Thanos Catsambas. It’s estimated, he says, the country met only 22% of its fiscal reform commitments in 2011. The Troika is in Athens at the moment to asses whether to release the next tranche of the country’s 2nd rescue loan.
Fresh out of the flashing red headline-a-tron: IMF OFFICIALS SAY GREECE WILL NEED A THIRD BAILOUT ‘Greece will capitulate to Troika demands’ From RT: A delicate balancing act looms for the Greek PM Antonis Samaras as he meets one of his chief paymasters – the President of the European Central Bank, Mario Draghi. The Frankfurt talks could be especially hard given recent revelations that half of the Greek government’s planned cuts have been rejected by debt inspectors. 6 out of 12 billion Euro’s worth of austerity measures have been deemed [...] RT German and French leaders are waiting for the Troika report on Greece’s finances before they decide on granting the concessions sought by the Greek government. They have offered Greece a ray of hope stressing they want it to stay in the euro. The European Commission, IMF and the European Central Bank – the so-called Troika – are examining the Greek economic situation and preparing a report due by October. A positive report [...] From thelocal.de:
Economy Minister Philipp Rösler said he was disappointed with the efforts of debt-wracked Greece to implement reforms, while a senior conservative said Germany would block further aid if the country did not fall in line.
“I’ve lost my illusions,” Rösler told Focus magazine. He is also vice chancellor and leads the pro-business Free Democrats in the ruling coalition. “I proposed with German businesses a whole series of support measures for the Greek government. The [...] Wolf Richter, Testosterone Pit
“Dire” is no longer the right word to describe the situation in Greece.
Unemployment hit 23.1% in May, according to ELSTAT, the Greek statistical agency, which released the report on August 9. That it takes over two months to do a job—producing unemployment numbers—that other countries accomplish in a couple of weeks may be symptomatic of Greece’s calamity economy. And a calamity it is. Youth unemployment (15-24) jumped to 54.9%—but even before the crisis, during [...] From focus.de: Economy Minister Philipp Rösler believes that Greece has no interest in reforms to tackle the euro crisis.His disillusionment and their backgrounds, he said in an interview with FOCUS.FDP party colleague, Guido Westerwelle, however, still has hope. “I’m disillusioned,” Roesler said in an interview with FOCUS.“Together with the German economy, I’ve offered the Greek government was much support.. Hardly any of our services has used the Greek side, “he complained, that the [...] From Megan Greene, Roubini Global Economics: Before you take off for your August holiday, you should probably be aware of what you’ll be coming back to in the eurozone (EZ) in September (warning: the following may make you decide not to come back). For the second September in a row, developments in the EZ have the potential to be highly dramatic, and this time not just in the weaker, peripheral countries. … [...] According to S & P Greece will seek a further assistance of 7 billions, and this is the reason that proceeded to give a negative outlook at the Greek debt. Google translate: The credit rating firm Standard & Poor’s, Tuesday lowered its rating outlook Greece’s debt from “stable” to “negative” because of “delays” in implementing the economic program required by international creditors. The rating agency that maintains the current rating of Greece in [...] Moments ago, members of the Greek government, which likely won’t last long once the thorny issue of “math” returns and not even selling Bills to local banks (which promptly repo said Bills back to the Greek central bank) so the country can fund its payment to the ECB via an ECB guaranteed ELA payment from a Greek central Bank (confused yet) satisfies the New Normal ponzi math, made a strong [...] by Phoenix Capital Research
The European Crisis is accelerating with every day. Indeed, at this point there’s a new major development (if not more than one) on a daily basis.
Rather than detailing every single news item, I’d rather address the larger concerns. This will better help you understand the larger systemic issues and how this is all likely to play out.
Greece, which we’ve been told was “saved” more than a dozen [...] by Phoenix Capital Research
The European Crisis is accelerating with every day. Indeed, at this point there’s a new major development (if not more than one) on a daily basis.
Rather than detailing every single news item, I’d rather address the larger concerns. This will better help you understand the larger systemic issues and how this is all likely to play out.
Greece, which we’ve been told was “saved” more than a dozen times, [...] |
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Troika Demands All Greek Tax Collectors Be Fired
Usually the Troika is held responsible for all things evil in Europe, but as Die Welt notes, the latest demand that all senior officials at the Ministry of Finance (including all current Greek tax inspectors) be fired by Friday (over corruption and incompetence concerns) has been greeted more positively by many. “The Troika is the only hope to purge this country of the gangs that plunder it – the ONLY hope!” is [...]