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Secret Central Bank Aid Props Up Greek Banks

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posted on May, 22 2012 @ 08:14 PM
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Source: CNBC News : Pleasantly surprised for a rare change by the tinfoily headline coming from this mainstream outlet of general creamy foam of corporate lying-to-look-good. Every once in a while a blind pig finds an acorn, the saying goes...



There has been no official announcement. No terms or conditions have been disclosed. But Greece’s banking system is being propped up by an estimated €100 billion or so of emergency liquidity provided by the country’s central bank — approved secretly by the European Central Bank in Frankfurt. If Greece were to leave the eurozone, the immediate cause might be an ECB decision to pull the plug.

Extensive use of “emergency liquidity assistance” (ELA) to help banks in the weakest economies has been one of the less-noticed features of the eurozone crisis. Separate from normal supplies of liquidity and meant originally as a temporary facility for national authorities to use when banks hit problems, ELA proved a lifesaver for the financial system Ireland and is now even more so in Greece. As such, it has given the ECB — which has ultimate control over the facility — considerable power to determine countries’ fates...

...[snip]....

...Analysts at Barclays, for instance, reckon Greece is now using €96 billion in ELA, with Ireland accounting for another €41 billion and Cyprus €4 billion. If correct, total ELA in use has exceeded €140 billion ...




Same old story..."emergency" measures become permanent...the system becomes more brittle. Greater feats of mental juggling to keep a doublethink framework going, in which realities must be dealt with but the only doctrinal framework to use seems to blandly accept infinite feelgood "emergency" measures. Adventures in late-stage financial psychopathocracy....can you balance pie-in-the-sky cornucopian utopian ideology with the harsh demands of pure realpolitik without losing your mind, soul, and wallet? Tune in as the loveable Wall Street gang push it to the limits of delusion in an attepmpt to find out.
edit on 5/22/2012 by silent thunder because: (no reason given)




posted on May, 22 2012 @ 08:19 PM
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"What? You mean to tell me the United States has been printing money this whole time!? How about we just do that!"
Most stuff put in place during an emergency doesn't really ever go away. Maybe this is the thing to boot them out of the euro.
They didn't buy austerity, so we are just going to tell them the truth. They will never believe it.



posted on May, 22 2012 @ 08:25 PM
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You might record your comments, and post them to youtube as narration... Here, throw this in for kicks:



Except replace Days of our with Run for your...



posted on May, 22 2012 @ 08:32 PM
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I doubt Greece's central bank HAS a spare 100 billion euros of hard currency to prop up the Greek banks.



posted on May, 22 2012 @ 08:43 PM
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Originally posted by Americanist
You might record your comments, and post them to youtube as narration... Here, throw this in for kicks:



Except replace Days of our with Run for your...


The sand in the hourglass should be euros...




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