Moments after we reported that stocks were delighted to price in yet another Greek resolution (even if they would be loath to reprice the reality), both Bloomberg and Reuters poured cold water over the HFT servers in Mahwah with the following headlines: GERMANY REJECTS GREEK EXTENSION PROPOSAL, GOVT OFFICIAL SAYS GREEK LETTER DOESN'T OFFER SUBSTANTIVE SOLUTION, GERMANY SAYS GREEK LETTER NOT IN LINE WITH AGREED EUROGROUP CRITERIA: JAEGER GREEK PLAN SEEKS BRIDGE FUNDING W/O FULFILLING PROGRAM: JAEGER In other words this is precisely what we warned first thing today when we said that "as we first reported two days ago when redlining the original, Moscovici, and final Eurogroup draft proposal, what Greece is requesting is merely a return to the original, "agreed-upon" language formulation. The problem is that now that Europe officially threw up on that language, conceding to the Greek bailout proposal would effectively see the European Goliath bested by the Greek David, something which Germany's Schauble will hardly agree to. " And sure enough, Germany did not. LINK
Just so you don't keep on breaking your cute head over thinking what I am doing or not doing, I never said I would leave or not post anymore. I will not, however, engage with you much anymore on this issue because you have an agenda and lack the ability to think through others' points. So...no need to stalk my posts. Relax and take it easy, savage lover.
I'm not stalking your posts, dude. This is the thread I created. When you post here, I get a ping about it. Savage lover! LOL!! The savages should be exterminated, right volpunter? Round them up and send them to camps...
German finance ministry rejects Greek proposal as insufficient BERLIN Thu Feb 19, 2015 8:35am EST (Reuters) - The German finance ministry rejected a new request from Athens on Thursday for an extension of its bailout program, saying it fell short of the conditions set out earlier this week by Greece's euro zone partners. "The letter from Athens is not a proposal that leads to a substantial solution," ministry spokesman Martin Jaeger said in a statement. "In truth it goes in the direction of a bridge financing, without fulfilling the demands of the program. The letter does not meet the criteria agreed by the Eurogroup on Monday." In a race to avoid running out of cash, Greek Finance Minister Yanis Varoufakis sent a letter to Eurogroup chief Jeroen Dijsselbloem on Wednesday, requesting a six-month extension of a euro zone loan agreement. It was not immediately clear what Germany objected to in the letter and the ministry declined to comment further. But there were a number of differences between the Eurogroup proposal rejected by Varoufakis on Monday and his new letter. Among them, the letter specifies that fiscal targets for 2015 should "take into account the present economic situation". The letter also says Greece plans to introduce "substantive, far-reaching reforms" designed to restore the living standards of Greek citizens. Some of the details in the original Eurogroup text, including a Greek commitment to work with the so-called troika of lenders on labor and pension reforms, are missing. One euro zone source said the German rejection should be seen as a tactical measure to put more pressure on Greece, rather than an outright rejection of its proposals. Another said: "It seems that Berlin had seen a draft and agreed to it, and the letter sent differs from the draft when it comes to fiscal questions -- I do not know exactly at what points."
Greece Gives Europe A Couner-Ultimatum: Accept Or Reject Our Offer After days of repeated ultimata from The Eurogroup, as Germany (bad cop) and the rest (good cop) make optimistic sounds, this morning's rejection of Greece's latest plan has prompted something new: *EU HAS 2 CHOICES, APPROVE OR REJECT GREEK REQUEST: OFFICIAL *EUROGROUP MEETING TO SHOW WHO WANTS A SOLUTION: GREEK OFFICIAL Markets are stumbling on this news as Germany and the rest come to terms with not just the billions in debt on ECB and various bank balance sheets but the 49 billion other reasons to avoid Grexit that have mounted in TARGET2 liabilities. * * * As Bloomberg reports, Eurogroup has two choices tomorrow, either reject or accept Greece’s extension request, a Greek govt official says, in response to German Finance Ministry spokesman comments. Greece has submitted request for 6-mo extension of loan agreement: official * * * What else is at stake besides the tens of billions of Greek sovereign bonds held by the ECB and various European official institutions? Why just some EUR 49 billion in Bundesbank Target2 claims which risk a prompt unwind once the sanctity of the "monetary union" is finally broken...
GREECE HASN'T REQUESTED AID EXTENSION FROM IMF, RICE SAYS; IMF SAYS ITS LOANS TO GREECE ARE SEPARATE FROM EUROPEAN TALKS
Greek Deposit Run Accelerates Ahead Of Monday's Bank Holiday Official Greek deposit data began tumbling in December (outflows around EUR3bn), and accelerated in January in the run up to the Syriza election (proxied by JPMorgan at over EUR 12bn). During the last two weeks, however, the absence of ATM lines and visible bank runs has been curiously lacking as, at least on the surface, there appears to be no panic. However, as Dody Tsiantar reports, sources in the Greek banking sector have told Greek newspapers that as much as EUR 25bn euros have left Greek banks since the end of December with outflows surging this week. Perhaps they are getting anxious that authorities will take Cypriot advantage of the Bank Holiday that is planned in Greece on Monday. As Dody Tsintar reports (via CNBC), In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation's banks in record amounts over the last few days. The Bank of Greece and the European Central Bank won't report official cash outflows for January until the end of the month. But sources in the Greek banking sector have told Greek newspapers that as much as 25 billion euros (US $28.4 billion) have left Greek banks since the end of December. According to the same sources, an estimated 900 million euros flowed out of Greek banks on Tuesday alone, the day after the talks broke up in Brussels, sparking fears that measures will be taken to stem the outflow. On Thursday, by mid-afternoon, deposits had shrunk by about 680 million euros (US $77.3 million). "If outflows reach 1 billion euros, capital controls might need to be imposed," said Thanasis Koukakis, a financial editor for Estia a conservative daily, and To Vima, an influential Sunday newspaper. * * * Of course the surge in ELA funding needs somewhat confirms the much larger than expected deposit outflows. * * * One wonders if the seeming standoff between Schaeuble and Varoufakis is making depositors anxious given the planned Bank Holiday in Greece on Monday...
this is in volpunter's genes, please don't blame him! greece need not fear germany, at the slightest hint of anything military, we will nuke Berlin - we are proud friends of greece. Yes, i have returned, returned to destroy the lies and bizarre thinking spread by the volpunter!
You are in perfect company. Zero value added. Not one logical talking point. Tsingtao "likes" your eloquent treatise. 5000 posts 23 likes and all from your boy friend Tsingtao ;-) The only thing I cannot wrap my head around is how someone of the capacity of Martinghoul fits in with you two little love birds.
if someone with the capacity of martinghoul agrees with us luv birds, perhaps it is time you assessed your own position, realise that you don't have a clue and go study some basic economics, my Teutonic friend.