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FURTHER DISCUSSION ON COLLATERAL WOULD CANCEL SECOND GREEK BAILOUT- GOVT SOURCE - RTRS
Originally posted by majesticgent
reply to post by Vitchilo
Indeed. We have been watching the situation ever since 8/8/11 in the thread in my signature. Europe's market is hanging on by a thread, and people are wondering if it'll take the US down with it. They have all but abandoned the risky investments and flocked towards bonds and commodities; meanwhile companies are buying their own stock trying to keep themselves afloat.
Now I'm wondering what kind of "crisis" will they cook up to cover everything up, or do whatever they feel is necessary to keep their house of cards standing.
One of the biggest stories this morning is that European cohesion and solidarity is about to crumble after it was disclosed that Greece was pursuing a private deal with Finland in which Greece promised to collateralize Finnish contributions, in essence eliminating Finland's contribution to the Greek Bailout round 2. As Kathimerini reported, "Greece and Finland agreed on Tuesday to virtually cancel the latter’s participation in the former’s second bailout package, following three days of negotiations between Finance Minister Evangelos Venizelos and his Finnish counterpart Jutta Urpilainen. Finland’s share in the 109-billion-euro package amounts to about 1 billion, which Helsinki will pay to Greece but Athens will repay it through a new loan contract to be signed for this purpose and which will be valid for the next 25 years (likely to be the maturing period of the new loans, too). This means in practice that Finland’s contribution to the new package will be returned in full and deposited in a special account to be created by the Finnish government." End result is that everyone else has immediately come demanding the same treatment
The big bailout that the markets and the banskters wanted is not going to happen unless . . . they sell their soul to the devil