h/t
A completely and thoroughly bankrupt Greece has just crossed some imaginary rubicon where it no longer deems it fit to even lie, and instead will simply not report any data. As Bloomberg reports, Greek FM Evangelos Venizelos, never to be confused with Jenny Craig, spoke to reporters in Athens today and told them that while the figures for the bond swap are optimistic, they are strictly confidential and will not be released by the Greek government. Considering that bond tender offer tabulation takes about 24-72 hours in even the most complicated of bankruptcies, this is a tacit admission that Greece has been unable to even complete the simplest of Greek Bailout 2 prerequisites, which is to get its bondholders to agree to an implicit 21% haircut, which is precisely as Zero Hedge predicted when we observed that German banks have sold their bonds to hedge funds which in turn are now holding Greece hostage in exchange for nuisance value. An irrelevant Venizelos also added that the target is to have all new measures passed October end, that austerity measures votes will be separate from a budget vote, and that Germany is to provide all help to stabilize Greece. We are sure the last will be news to tens of millions of German citizens.
Greece will default in October. EFSF is for Italy & Spain.
If the spartans don't default, then this whole sharade does not make sense: the engineered crisis is there to kill what little sovereignty there was left in the European nations, but the prize, of course, is the collapse of the middle class in the United States, followed by a North American union.
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Πολύ κοντά στην υπέρβαση του στόχου ελάχιστης συμμετοχής (90%), βρίσκεται το εν εξελίξει πρόγραμμα μετακύλισης- ανταλλαγής του χρέους, που λήγει ως τον Ιούλιο του 2020, σύμφωνα με πληροφορίες από ευρωπαϊκές τράπεζες.
A completely and thoroughly bankrupt Greece has just crossed some imaginary rubicon where it no longer deems it fit to even lie, and instead will simply not report any data. As Bloomberg reports, Greek FM Evangelos Venizelos, never to be confused with Jenny Craig, spoke to reporters in Athens today and told them that while the figures for the bond swap are optimistic, they are strictly confidential and will not be released by the Greek government. Considering that bond tender offer tabulation takes about 24-72 hours in even the most complicated of bankruptcies, this is a tacit admission that Greece has been unable to even complete the simplest of Greek Bailout 2 prerequisites, which is to get its bondholders to agree to an implicit 21% haircut, which is precisely as Zero Hedge predicted when we observed that German banks have sold their bonds to hedge funds which in turn are now holding Greece hostage in exchange for nuisance value. An irrelevant Venizelos also added that the target is to have all new measures passed October end, that austerity measures votes will be separate from a budget vote, and that Germany is to provide all help to stabilize Greece. We are sure the last will be news to tens of millions of German citizens.
Greece will default in October. EFSF is for Italy & Spain.
If the spartans don't default, then this whole sharade does not make sense: the engineered crisis is there to kill what little sovereignty there was left in the European nations, but the prize, of course, is the collapse of the middle class in the United States, followed by a North American union.
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