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ECB Pulls The Trigger: Blocks Funding To Greece Via Debt Collateral
page: 5share:
Here an interesting newspaper article from today. The UK Daily Telegraph adds uncle Sam to the picture or Pickle that is enfolding. I do so hope
behind all the German/Euro bluster they will look to consider the plight of the Greek middle and lower earners who have suffered already from the
draconian mismanagement of the Greek economy by the previous government who were aided and overseen by the Euro miss managers..
www.telegraph.co.uk...[edi tby]edit on 11 2 2015 by skywatcher44 because: First link when centred did not work.
www.telegraph.co.uk...[edi tby]edit on 11 2 2015 by skywatcher44 because: First link when centred did not work.
a reply to: skywatcher44
To be honest, arrogance comes to mind when i read the article in the telegraph.
Not a word about the derivatives scam from wallstreet that nearly destroyed the world economy and which has destroyed a bright future for many all over the world.
The difference between America, Britain and Europe is that the eurozone consists of member states with one currency, a currency union, this is not stupidity and not the cause that Europe is still dealing with the financial crisis.
Greek banks as well as banks throughout Europe needed to be bailed out thanks to wallstreet and their AAA garbage.
Lets not forget the speculation from wallstreet on a greek default and all the downgrades untill junk status which effectively has cut Greece off from the capital market.
I think it is more fair to say that thanks to Europe, Greece is not a failed state.
While the big fishes at wallstreet and in London were speculating on a greek default Greece has been bailed out by the rest of Europe, but that comes at a cost which is 'solve your problems'.
That the greek government simply puts the burden on the poor is most certainly not german policy but the policy of the former greek government.
While there is certainly something to say about a currency union, the fact is that the deficit of Greece was lower last year than that of America and Britain.
While Europe is indeed not a single country, they don't need to be a single country, but what is needed is shared budget discipline for the survival of the euro.
One cannot simply print its way out of a crisis, if the next crisis hits, we are out of ammo.
That is why austerity is not such a bad idea, pay off debt and balance the budget is more of a sane policy than simply printing and devaluing a currency which deteriorates the purchasing power of everyone.
Devaluing a currency is simply theft
To be honest, arrogance comes to mind when i read the article in the telegraph.
Not a word about the derivatives scam from wallstreet that nearly destroyed the world economy and which has destroyed a bright future for many all over the world.
The difference between America, Britain and Europe is that the eurozone consists of member states with one currency, a currency union, this is not stupidity and not the cause that Europe is still dealing with the financial crisis.
Greek banks as well as banks throughout Europe needed to be bailed out thanks to wallstreet and their AAA garbage.
Lets not forget the speculation from wallstreet on a greek default and all the downgrades untill junk status which effectively has cut Greece off from the capital market.
I think it is more fair to say that thanks to Europe, Greece is not a failed state.
While the big fishes at wallstreet and in London were speculating on a greek default Greece has been bailed out by the rest of Europe, but that comes at a cost which is 'solve your problems'.
That the greek government simply puts the burden on the poor is most certainly not german policy but the policy of the former greek government.
While there is certainly something to say about a currency union, the fact is that the deficit of Greece was lower last year than that of America and Britain.
While Europe is indeed not a single country, they don't need to be a single country, but what is needed is shared budget discipline for the survival of the euro.
One cannot simply print its way out of a crisis, if the next crisis hits, we are out of ammo.
That is why austerity is not such a bad idea, pay off debt and balance the budget is more of a sane policy than simply printing and devaluing a currency which deteriorates the purchasing power of everyone.
Devaluing a currency is simply theft
Hi earthling. That Telegraph article does not look into the causes of the financial casino pickle with its printing presses, smoke and mirrors and
so much ( DEBT ) It does overview the now position quite well. I will add today's article by Ambrose Evans-Prichard who looks at Italy and Portugal
as they are also politically stumbling with the Austerity programme.
Angela has her work cut out to avert a run from the miss management of the EU and its finances..
www.telegraph.co.uk...
a reply to: earthling42
Angela has her work cut out to avert a run from the miss management of the EU and its finances..
www.telegraph.co.uk...
a reply to: earthling42
Thanks for the article Skywatcher, will read it tonight
For everyone who is interested, Kathimerini had a detailed rundown of the plan which the new Greek government is likely to present to the Eurogroup.
For everyone who is interested, Kathimerini had a detailed rundown of the plan which the new Greek government is likely to present to the Eurogroup.
Well after reading that earthling a deal to stay with the Euro and ease the in place austerity measures looks very unlikely.
Any kind of favourable deal will be wanted by at least three other Euro members. If Greece has to exit which they will if no progress is allowed the Euro Currency experiment will be close to collapse. Lets see If any brains can work this out to end positive..
a reply to: earthling42
Any kind of favourable deal will be wanted by at least three other Euro members. If Greece has to exit which they will if no progress is allowed the Euro Currency experiment will be close to collapse. Lets see If any brains can work this out to end positive..
a reply to: earthling42
a reply to: skywatcher44
Not entirely, they are on the right track and when the deficit has turned into a surplus, there is room to ease the austerity.
What certainly does not help is that money is flowing out of the country and that in the period before the election less taxes were paid, one billion less which means that the new government is already faced with a larger deficit.
I am still positive with a caution because the ECB and IMF will not be as flexible as the eurozone, but in the end nobody gains anything if Greece defaults.
It will rely on Greece and its willingness to reform, if not, and they don't want to meet their obligations, than this means their problems will only grow and thus a grexit is a certainty.
It will mean a big loss for both the eurozone and Greece, but a continuation in which previous reforms are reversed will lead to an even greater loss.
Will the euro collapse? i doubt it.
Populists will grab every opportunity to gain from this situation, all the shouting about the EU is mere populist talk.
Why? the european commision consists of members from member states, the european council consists of the prime ministers of every state, together they decide on which steps are to be taken, they create the legislation which is then put forward to the european parlement for a vote.
The european parlement consists of members of the political parties of every EU member state and are chosen through elections in every member state.
It is not a small elite that dictates, cyprus, Greece, Ireland, Portugal, Spain, France and Italy make up a huge part of the european commission, the european council and the parliament.
With knowing this, because the same goes for the Netherlands and Britain, does one still think that the additional levy came as a suprise for our governments? of course not, the european commission and council which consists of our prime ministers decided so.
Every EU member state has contributed to the creation and implementation of the euro currency.
so to aim the finger and say Germany is responsibe for our problems is utter populist crap
Lets say that the 'EU elites' which is mentioned in the article of the telegraph is the european commision and the european council, they had two choices, either it is the end of the euro, or member states must start a proces of internal devaluation to balance their budget, they chose the latter option.
Understandable, the end of the euro would mean skyrocketing interest rates on bonds for the southern states and thus force them to cut spending because they simply cannot loan against such a high interest rate to finance their deficit.
What until today remains a question for me however is why the euro had not been introduced as a unit of account for trade within and outside of the EU while every member state kept his own currency and monetary policy.
Personally i think this would have been the better option instead of creating a eurozone with weak and strong economies.
Not entirely, they are on the right track and when the deficit has turned into a surplus, there is room to ease the austerity.
What certainly does not help is that money is flowing out of the country and that in the period before the election less taxes were paid, one billion less which means that the new government is already faced with a larger deficit.
I am still positive with a caution because the ECB and IMF will not be as flexible as the eurozone, but in the end nobody gains anything if Greece defaults.
It will rely on Greece and its willingness to reform, if not, and they don't want to meet their obligations, than this means their problems will only grow and thus a grexit is a certainty.
It will mean a big loss for both the eurozone and Greece, but a continuation in which previous reforms are reversed will lead to an even greater loss.
Will the euro collapse? i doubt it.
Populists will grab every opportunity to gain from this situation, all the shouting about the EU is mere populist talk.
Why? the european commision consists of members from member states, the european council consists of the prime ministers of every state, together they decide on which steps are to be taken, they create the legislation which is then put forward to the european parlement for a vote.
The european parlement consists of members of the political parties of every EU member state and are chosen through elections in every member state.
It is not a small elite that dictates, cyprus, Greece, Ireland, Portugal, Spain, France and Italy make up a huge part of the european commission, the european council and the parliament.
With knowing this, because the same goes for the Netherlands and Britain, does one still think that the additional levy came as a suprise for our governments? of course not, the european commission and council which consists of our prime ministers decided so.
Every EU member state has contributed to the creation and implementation of the euro currency.
so to aim the finger and say Germany is responsibe for our problems is utter populist crap
Lets say that the 'EU elites' which is mentioned in the article of the telegraph is the european commision and the european council, they had two choices, either it is the end of the euro, or member states must start a proces of internal devaluation to balance their budget, they chose the latter option.
Understandable, the end of the euro would mean skyrocketing interest rates on bonds for the southern states and thus force them to cut spending because they simply cannot loan against such a high interest rate to finance their deficit.
What until today remains a question for me however is why the euro had not been introduced as a unit of account for trade within and outside of the EU while every member state kept his own currency and monetary policy.
Personally i think this would have been the better option instead of creating a eurozone with weak and strong economies.
About the flexibility of the ECB.
After already needing 160 billion which they loaned from the central bank in 2012, the greek banks again are in need of money because greeks are taking their money from their bank account.
On Feb 4 the ECB elevated the limit on the ELA facility with 10 billion so the greek banks had enough money to withstand the outflow of money and according to a spokesman greek government they were now adequately protected.
Apparently not, since wednesday the ECB allowed the banks to loan to a max 60 billion through the ELA facility which should have been sufficient until an agreement was reached between the greek government and their moneylenders.
But that was not enough, now the limit has been raised to 65 billion and if the negotiations coming monday are without result, it will have to be raised again.
Sailant detail, if greece leaves the eurozone, all those billions (ELA credit) will be the loss of the rest of the taxpayers in Europe.
This is simply madness.
After already needing 160 billion which they loaned from the central bank in 2012, the greek banks again are in need of money because greeks are taking their money from their bank account.
On Feb 4 the ECB elevated the limit on the ELA facility with 10 billion so the greek banks had enough money to withstand the outflow of money and according to a spokesman greek government they were now adequately protected.
Apparently not, since wednesday the ECB allowed the banks to loan to a max 60 billion through the ELA facility which should have been sufficient until an agreement was reached between the greek government and their moneylenders.
But that was not enough, now the limit has been raised to 65 billion and if the negotiations coming monday are without result, it will have to be raised again.
Sailant detail, if greece leaves the eurozone, all those billions (ELA credit) will be the loss of the rest of the taxpayers in Europe.
This is simply madness.
Dear Mr. Director! Dear team of RISS!
It’s with particular joy that I inform you, that all members of the Greek delegation who visited your institute on 12 May 2014 and worked with you on the conference on Greek-Russian relations, have taken the following Government positions in the Greek Government:
Alexis Tsipras – Prime Minister (head of Government)
Yannis Dragasakis – deputy Prime Minister, in charge of economic development
Nikos Pappas – Minister of coordination of government
Nadya Valavani – deputy minister of economy
Nikos Kotzias – Minister of Foreign Affairs
Kostas Isichos – Deputy Minister of Defense
With wishes to continue our fruitful cooperation between us, and our peoples,
Dimitriois Velanis
Athens, 28-1-2015
Source
I don't know what to make of this but i do want to share it here for the greeks on ATS.
It might be nothing but it is always good to keep eyes and ears open.
originally posted by: Ploutonas
its what I ve said earlier, its fresh news...
link about early ellections
Tsipras is extremely popular right now and if the talks fail, they are going for early elections to be re-elected and boom. Many Hellenics including me, we dont want tsipras in a standalone power over our country, for many reasons and one of them is far left party! So if early elections come, we do our best to vote NOT the prev governments, but smaller political powers, to balance things...
This time is going to be hard, because statistics shows 70% of the population is with Tsipras, I have to admit, I agree with many of their terms, not all of them, as I am a bit conservative and I dont wish a far left party to open the borders of my country and fill it with immigrants from eastern countries, etc... Its the worst nightmare.
Tsipras is like Chavez now.. lol
(if we see articles like that, the talks are pre-decided to fail is it - all according to their plans).
Tsipras was brought on stage back in 2009 which coincides with the beginning of the austerity measures in Greece.
Support for Tsipras slowly evolved (which probably was a choreographed effort).
Those in charge don't want to give away the timing for fear of profiteering obviously.
And now yet again we have another Greek "deadline" which is expected to amount to nothing by the majority of ATS members.
Who would benefit from a European civil war with Portugal, Spain and Italy defaulting after Greece?
The latter scenario sounds more like something choreographed by the World Wide Wrestling Alliance!
edit on 4-6-2015 by Cauliflower because: (no
reason given)
Well after 6 months Greece's economy lies in ruins, banks closed, capital controls, businesses will go bankrupt, no or a lot less tourism, Varoufakis
enjoys a holiday.
The ECB is planning another huge bailout of failed bankrupt financial institutions in Italy, such as Unicredit, Monte dei Paschi etc... Draghi's
continued printing of liquidity for the importation of illegal migrants from Africa into the EU is still ongoing for Italy and its secret services.