Something strange is happening in Greece and to me it looks like a replay of Cyprus. The Greek government is attaching municipal funds, currency controls and the fact that the Finance minister after a noisy start to the year is very quite now - Yanis the church mouse. Bail in after bail in coming ----- I think the Greek government will screw the population over and over and over. They will pay the IMF and the ECB and Greece will be left as an economic dust bowl; the final event before it takes on a true 3rd world status Hey democracy works !!!
The Greek Finance Minister (who is an Australian citizen btw) has been quite prominent in the news over the last several days. One statement from him: "Anyone who toys with the idea of cutting off bits of the eurozone hoping the rest will survive is playing with fire."
Does his Australian citizenship qualify him for anything ? possibly a place to flee to, after Greece completely collapses. I am looking at their actions which are to raise capital and fleece their citizens to pay the banks. Nothing more nothing less. The rest is cheap talk with no action. I am sure the Greeks elected these clowns to do just that ?
Dr Craig Paul Roberts has some perspectives in relation to Greece's debt options in this interview at KWN. http://kingworldnews.com/dr-paul-craig-roberts-4-12-15/
So tmrw the 24th April is the big day for Greece ye??? I'll be sitting in front of my computer watching the news unfold all day.
No official news yet its been going all day. God I wish they would just default and get it over with.
I flipped on the France 24 news channel and it is already running a text ticker saying no deal. Irish state news is running the same story. That would indicate it is dead in the water for the Greeks at Riga unless they fold and agree to the terms demanded on civil service pension reforms. Not enough progress to release funds to Greece - Dombrovskis http://www.rte.ie/news/2015/0424/696379-greece/ "Progress in technical negotiations has not been sufficient to reach any conclusion during this Euro group here in Riga," Mr Dombrovskis said as he arrived for a meeting of eurozone finance ministers." .... "German Finance Minister Wolfgang Schaeuble said as he arrived that he does not expect decisive progress on Greece." It really is hard to see what the Greek government is trying to achieve. If they were to default get it over and done before the next round of repayments - they will hit a brick wall in June anyhow and whatever about the ECB the IMF has already said they won't tolerate a payments delay. In typical EU style this may bumble through to some half baked bureaucratic deal that merely leave no resolution and causes another dilemma in a years time yet. However if they effectively default I think the real effects will hit the markets a few months later as those involved try and contain effects. If they default in July it could be autumn before the consequences hit the markets. In may ways it seems as if the Greek government want this to be as much of a disaster as possible......perhaps they feel it gives them a bigger blackmail stick to enable as much of a mess as possible in the EU while they focus on appeasing the IMF. Still - Greece and the risk of Euro dollar parity or below make Gold an obvious choice for those in the Eurozone trying to avoid capital depreciation. No idea what knock on effect this would have on the Australian dollar. Certainly it will cause a short term flight to safety and further bubbling in the dollar and US markets and make raising US interest rates very difficult. The US is the party with most to loose here. It may be the US government will somehow step in and force a deal. Gold will be supported at current levels by this today. Strangely the Euro has strengthened somewhat in the last three days. Misplaced optimism? Interesting what the Euro/Dollar does this evening. No way Yellen can raise interest rates until she knows the playing field here.
"Eurozone ministers 'hammer Greece' over slow progress - live updates" http://www.theguardian.com/business...-ministers-hold-greek-debt-talks-live-updates Yanis Varoufakis's claims that there is progress is now being openly joked about after EU finance ministers made it clear that they are no where near agreement with Greece.
Bloody hell what a mess Greece is in.....I cant see any positive ways out for them??? http://www.telegraph.co.uk/finance/...-grand-plan-default-and-stay-in-the-euro.html
Germany hints at preparations of a Plan B on Greece http://www.reuters.com/article/idUSKBN0NG0HB20150425?irpc=932 "At a briefing with reporters after a tense meeting of euro zone finance ministers on Greece on Friday, Schaeuble was asked if euro zone finance ministers were working on a "Plan B" in case negotiations on funding with cash-strapped Athens fail. "You shouldn't ask responsible politicians about alternatives," Schaeuble answered, adding one only need to use one's imagination to envisage what could happen. He indicated that if he were to answer in the affirmative that ministers were working on a Plan B -- what to do when Greece runs out of money and cannot pay back its debt -- he could trigger panic."
So yes i am working on a plan b , but i can not confirm it, YET I WILL NOT DENY IT. I love politics. And mean while our PM is in the shit for tugging on a waitresses pony tail..........................First world problems
There is absolutely nothing happening in gold prices that is of concern to me at the moment rather a good return to normal I have said this before and it tends to be ignored in the hysteria around falls or rises which are frankly marginal and do little to diminish from gains via Euro Foxex collapse. Look.....why so...post indian peak demand season....been this way for every year excluding bull insanity... Source: http://www.equityclock.com/charts/gold-futures-gc-seasonal-chart/ Thats the same chart that lets you know in the only worthwhile way roughly what happens month to month excluding extraordinary geopolitical events. I find the constant hysteria on any drop or rise without any reference to standard market seasonality useless....I am really tired of PR/Amateur bull and bear pundits trying to ride it to sound prophetic. I'll repost it in October when everyone is talking about to the moon..not that either.Indian wedding season, Christmas and Chinese new year....same as ever will roughly the same rises and falls excluding level lifting due to a 4x increase in institutional money supply since 2005/6. The Greece situation is of massive economic importance though. Especially in forex and US rates. Germany just basically broadcasted it already has a defined plan of action for a Greek default. Note German...not EU. He even talked about how the Germans had already planned for re-unification before it happened in the context of Greece. Greece needs to fire that clown they have in finance and get real last monday.He has zero credibility outside of leftist crankdom and world of warcraft.
I think there's some seasonality and cycles to the hysteria too: EOY hysteria: OMG, supplies of current year ASEs are drying up!! Buy while you can! Harvey Organ Cycle (not sure of the periodicity): Shanghai drained of silver, COMEX default looming, LBMA refusing deliver, THERE'S NO SILVER LEFT OMFG AAAAAAAHHHHHHHH U.S. Electoral apocalypse: Whenever the US Democratic Party wins an election, its obviously the beginning of the end times. Buy gold and silver! And the one constant for the past 2000 years: Christian eschatology: The coming of the Antichrist is imminent! Buy as much gold and silver you can carry!
So as far as I can tell they still after two days hav'nt come up with a resolution. How long is all the who haa going to go on for? I read one article saying Greece will run out of money in the next few weeks? If they know they're going to default in a few weeks why not just admit the facts and default now???
July 20 is probably the date to get all moist about if there is no deal. Until then it's just a dog and pony show. Back in 1994 when Mexico devalued the Peso, the very day before Mexican politicians and central bankers came to reassure the public that everything would be fine knowing very well that they were about screw everyone over. There's no way any politician or banker in Greece would offically come out and announce Greece will default in advance. It would cause chaos in the markets.
