EUROZONE finance ministers are considering a German demand for Greece to postpone its national election as a condition of another huge bailout.
"According to diplomats close to the talks, ministers meeting in Brussels tonight to decide on a E130 billion ($159bn) loan package may require a delay to the Greek election due in April so the nation's unelected technocratic government can implement harsher austerity measures."
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
"Successful trading is one long journey, not a destination" Peter Borish Former Head of Research for Paul Tudor Jones speaking on conversations with John F. Carter
Very much so, all efforts now it seems, is for the creditors to be made good prior to any proverbial hitting the fan.
These bailouts have only given the Greek government enough money to meet the interest payments on the amount in the previous bailouts.
They keep upping the credit card limit, in other words just to be able to borrow to pay next months interest payment.
58 seconds to 4 minutes in, for non-Greek speakers.
"Greece’s political establishment trembles as banks and government offices burn amid violent anti-austerity riots. Has the country finally reached a tipping point?"
"there is one bit of bad behavior that Uncle Sam himself does not have the funds to underwrite: the $32 trillion market in credit default swaps (CDS). Thirty-two trillion dollars is more than twice the U.S. GDP and more than twice the national debt. "
"The money made by selling these derivatives is directly responsible for the huge profits and bonuses we now see on Wall Street. The money masters have reaped obscene profits from this scheme, but now they live in fear that it will all unravel and the gravy train will end. What these banks have done is to leverage the system to such an extreme, that the entire house of cards is threatened by a small country of only 11 million people. Greece could bring the entire world economy down. If a default was declared, the resulting payouts would start a chain reaction that would cause widespread worldwide bank failures, making the Lehman collapse look small by comparison."
Every moment I wake up I realize I know nothing, and then I smile...
The following user says Thank You to zt379 for this post: