Still Talking About That Greece Bailout Are We?

Saturday, April 10, 2010 , , , 32 Comments

 Bend over, EU...

How many weeks have we been hearing a Greece bailout is eminent? And how many times has Mommy told you that the EU isn't going down like that?

They really should have read the fine print a bit closer - this globalization crap isn't all it's cracked up to be.

Bloomberg:

European Union officials said they are ready to rescue Greece if needed as Fitch Ratings cut the country’s credit rating to the lowest investment grade and economists at UBS AG said that a bailout may be imminent.

Germany restated its opposition to below-market rate loans to Greece as officials in Brussels hammered out details to the framework calling for joint EU-International Monetary Fund aid. European Central Bank policy makers planned a teleconference tonight, two people familiar with the matter said.

“They have to be given some help from Europe or the IMF at concessional rates,” billionaire investors George Soros said in an interview on Bloomberg Radio today in Cambridge, England. “It is a make or break time for the euro and it’s a question whether the political will to hold Europe together is there or not.”

The premium investors demand to buy Greek 10-year bonds instead of German bunds jumped to 442 basis points yesterday, the highest since the introduction of the euro. Prime Minister George Papandreou has said borrowing at those levels is unsustainable. Greece will need to seek emergency funding now to make debt repayments of more than 20 billion euros ($27 billion) in the next two months, UBS economists said in a note.

“The recent market action means that an external intervention may be unavoidable and could happen very soon as the situation is untenable,” UBS economists including Stephane Deo wrote. “An intervention over the weekend is a distinct possibility.”

See also Greece Bailout is Not a Bailout, Says Europe and No Bailout for You, Greece! Um, Right?

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

32 comments:

OldSouth said...

Why do I have the sinking feeling WE will be the ones in need of that Vaseline at the end of the day?

And, given the secrecy of the Fed, the Treasury, the banks, and the relations between them, how long will it be before we find out what happened?

Just sayin', to quote my favorite blogista...

W.C. Varones said...

Yeah, the IMF will do it with our tax money, if the Dirty Fed can't figure out a way to do it.

Greece should just fucking default already. Stiff the dirty banksters and start fresh.

Anonymous said...

Can I interest you in some Greek bonds?

Please translate to German and post here. :>)

The name is Bond....Aristotle Bond.

Anonymous said...

Hey America, if you're sitting there laughing at those darn European bastards, how about trying a little humility and taking notes instead?

Amen. California (or Illinois or Florida) is our "Greece". I do laugh still (character flaw) - just an anchovy in the bait ball trying to avoid being eaten by the tuna. German voters are stacked up against bailing out the Greeks according to what I've read today. Shocking huh?

Anonymous said...

"The real issue is contagion," says John Stoltzfus, senior market strategist at Ticonderoga Securities. "It raises a red flag. It represents the latest act in the unfolding drama that began in Greece."

OOOOOHH, the drama! The suspense! I can barely take it. Pass the popcorn, please! Hmmm, maybe Greece is the equivalent of our own "subprime mortgage market"? The creaky, unstable floor upon which all other bond price are built upon?

"Everything is relative in this world, where change alone endures."
— Leon Trotsky

Anonymous said...

like six year olds at camp with poison ivy rash Everybody going to be doin' some itchin' an a' scratchin'

Love the Uncle Remus refereces. I had that book as a child.

Anonymous said...

...and don't bust my ass over the words spelled incorrectly.

Anonymous said...

dammit -

references

r-e-f-e-r-e-n-c-e-s

references

Anonymous said...

itch itch scratch scratch

I'm not sure if this is like poison ivy or jock itch making the rounds within the locker room of soccer players.

? jock itch? poison ivy? opinions?

To give it equal time for the fairer sex - could equate it with a bunch of sorority sisters sharing the same panties and unbeknownst to the others, one of them has a raging yeast infection.

Anonymous said...
Anonymous said...
Anonymous said...
Anonymous said...

"Speaking on ZDF television late on Thursday, Deutsche Bank chief executive Josef Ackermann said he was “doubtful whether Greece will really be in a position to achieve" the repayment of the emergency loans."
http://www.thelocal.de/money/20100514-27195.html

They might be able to repay but to do so might require a military dictatorship in place of their current form of government.

Anonymous said...

"The FTD said that Ackermann should have kept his views to himself on this occasion.

"There are some times when it is just better not to say anything," the paper wrote."

I loved this part of the article - welcome to marriage Mr. Ackermann.

Anonymous said...

But Greek Prime Minister Giorgos Papandreou has promised: “We will pay back the credit that we get!”

http://www.bild.de/BILD/news/bild-english/world-news/2010/05/17/greek-prime-minister-promises/papandreou-we-will-pay-money-back.html

Gee, where have I heard that phrase before?

Anonymous said...

Did you like that Ackermann line? Germany's the groom and Greece is the blushing bride. I'm sure their children will be beautiful.

Anonymous said...

So, if the Greeks are giving this much heartburn to the Germans, how likely do you think it would be that they'll acquiesce to Sarkozy's temper tantrums and fund Portugal or Spain or Ireland or Italy when/if the shit hits the fan in those countries? I think voters there will want to wipe their collective ass with their copy of the Maastricht Treaty.

Anonymous said...
Anonymous said...

p.s. I don't care too much for Europe or Europeans. crybabies always looking for someone else to do their heavy lifting for them (just an impression)

Anonymous said...

"The vigilantes are going to keep all of this on a very short leash," said Marilyn Cohen, president of Envision Capital Management, a Los Angeles-based bond-investment manager. "They're emboldened and they juiced up rates on Greek debt until it was excruciating. They've slammed the euro until everybody is questioning its viability. This is going to be a market thriller, and I don't mean that in a good way."


hahaha! Bring up the curtain - let the movie begin; I'm all stocked up with Orville Redenbacher!

Anonymous said...

Our former accountant had two large containers of Jelly Bellys sent to us today and to my delight there was Buttered Popcorn flavor!

Anonymous said...

uuummm, nummy. Her name was Barb. Nice old gal. Whenever I would see her I'd do a pirate impression and go "Arrrrggghhh, it's Baaaarrrrrb". We both agreed it was pretty stupid but she always got a giggle out of that.

Anonymous said...

Bye Bye Merkel and any other German elites. Voters there are going to jettison them at the next legal opportunity (maybe sooner if they decide to get the brown shirts out of mothballs). There is a big difference between being useful and feeling used.

Anonymous said...

To me this is a wonderful argument AGAINST globalization. These asshats share much common ancestry and geography and they still can't make a unified go of it - get my meaning? How on earth would anyone assume that we can all join hands, sing kumbaya (or We Are the World or some other idiot song) and become "citizens of the world" (pfffffttttt)? It is a fiction. I say accept reality and embrace the old phrase "Good fences make good neighbors".

Anonymous said...

Protecting the euro has become a project via which profligate states dip their fingers in Berlin's till. Germany is taking on nasty obligations without gaining ownership of the assets. Germany's version of The Sun, Bild Zeitung, feeds its readers a regular diet of stories about the way ordinary Germans are being taken for mugs. Trust has turned to suspicion. Next stop is divorce.

http://www.telegraph.co.uk/finance/comment/jeffrandall/7746806/Whatever-Germany-does-the-euro-as-we-know-it-is-dead.html

Anonymous said...

Treasury Secretary Tim Geithner had me laughing out loud over his statement yesterday in Beijing where he took part in the two-day U.S.-China Strategic and Economic Dialogue.
"European leaders face the difficult challenge of trying to restore sustainability to an unsustainable system."
Yes Tim, that challenge would indeed be "difficult", in fact, impossible by definition.

*That's off Mike Shedlock's blog -

I think that instead of "sustainability", Geither meant to say "credulity". PWND, just a matter of time I think.

Anonymous said...

Add to this the fact that most citizens (particularly in Germany) resent the idea of bailing each other out at all, and are willing to vote out their governments to prove it, and you get the idea of the challenge at hand.

Don't tax you, don't tax me -- Tax that fella behind the tree.

This aphorism has been attributed to former Senator Russell Long

That was Huey Long's kid - the Son of Kingfish if you will.

Anonymous said...
Anonymous said...

I don't think the Eurozone is going to go away altogether though but it's seeming to me that it's looking like an old Vegas hooker who's "been through all the wars" (if you know what I mean) that heretofore had lots of make-up masking all the "problem areas". Now the platinum blonde wig and pancake window dressing and lift and support wonder bra and fish nets/stilletos are coming off. Now we're getting a look at what's been lurking underneath all that window dressing.

Mother told me, yes, she told me I'd meet girls like you.
She also told me, "Stay away, you'll never know what you'll catch."
Just the other day I heard a soldier falling off some Indonesian junk that's going round.

Anonymous said...
Anonymous said...

fun fact for you - when looking up that Greek girl's name (Lexi) guess what was on the list? Adrienne - congrats! you're Greek!

Anonymous said...

Wow, I've been told "fuck you" and "go fuck yourself" all in one week by two different people. Kunstler wrote some tripe about European superiority this past week over on Clusterfuck Nation after he took a little Fun Jet vacation so he could bicycle around Germany. This is the same guy who is all ga-ga over Peak Oil theory. He wrote a book called The Long Emergency that I read some time back. He's entertaining but a bit of a hypocrite - I told him he needs to start putting his money where his rather large mouth was.... I wrote him telling him that his jet vacation to Europe used about as much fuel (his share of the total) as I use in a year (or better) with the Jeep and the motorcycle (it was just a guess on "the year" between you and me but it's a lot - I used to pilot small planes and they burn 7 gallons of fuel per hour at cruise flight - a commercial jet liner sucks it down quick and it's measured by weight) - but anyhoo. Then he comes back here and writes on Memorial Day what a slummy nation he lives in - *on* Memorial Day. Now, I'm not the most patriotic fucker out there - the best Red White and Blue is the beer in my opinion but even I am not that big of a dick. I told him the next time the culturally superior Europeans decide to start offing one another, Jews included, the US of A should do itself a favor and pop up some Orville Redenbacher and crack open some RWB beer and watch the fireworks from this side of the Atlantic - Kunstler is a Jew and no I don't have anything against Jews. Anyway, the best reply he had was "scolding not appreciated, go fuck yourself". I told him he was making me cry... chuckle, chuckle. Now, you tell me "fuck you" over a little good natured ribbing. You're making me cry over here JDA :>)