I think that the ECB deserves a pat on the back for smoothing the path for Greece. Once this Greek blip is out of the way things will settle down. The Euro of course strengthened which was on the cards months ago (unless you were a trader or economist ) and now we may see a weakening US Dollar as America attempts to recover some ground. It has a long way to go as further banking problems for the US may be on the cards. The United States of Europe remains solid and further announcements will further strengthen the Euro. We can discount any talk of so called ‘recession’ in Germany. It is not really true. Just a tool to move focus as said earlier. Germany along with several other of the states of Europe have juggled numbers in order to satisfy some underhand deals that were done on the markets. It was very unethical and it has cost the markets dear but it serves them right and I have no sympathy. Angela Merkel's spokesman said Greece must move swiftly to return to a sustainable and viable path. Steffen Seibert, speaking on behalf of the German chancellor said: "This is not a question one can take a lot of time to tackle, it is important that the negotiations now come to an end." Typical Fench hypocrisy. CDS viewed as rogue transactions and part of the horrid Anglo-Saxon casino efforts to subvert the good French stats, centrist, clientelist, protectionist, foist on everybody else through the € economic model, get taxed at 0.01% rather than 0.1% for shares. Investors shrugging off a slump in German exports and French forecasts of zero growth for the first quarter. Do they know fascist politicians will spend taxes, collected from those with the least, propping up share values? More fascist EU imposed co2 emissions rules on vehicles forcing companies to purchase much more expensive 2 year old models to comply with their global warming money making scam. All the unnecessary costs will filter down to end prices. Rising prices will see more and more companies go to the wall as consumer are hit hard in their pockets with the added burden of fascist governments raising taxes NIC and VAT to fund their wastefulness, greed and more non job vote bribing. The council rip-off tax stays the same or keeps rising to save the fascist public sector fat cat workers any pain. We are being severely forked over by these political fascist scum. 
Access Investments-Building Awareness - European Union-ROMANIA
Thursday, February 9, 2012
I think that the ECB deserves a pat on the back for smoothing the path for Greece. Once this Greek blip is out of the way things will settle down. The Euro of course strengthened which was on the cards months ago (unless you were a trader or economist ) and now we may see a weakening US Dollar as America attempts to recover some ground. It has a long way to go as further banking problems for the US may be on the cards. The United States of Europe remains solid and further announcements will further strengthen the Euro. We can discount any talk of so called ‘recession’ in Germany. It is not really true. Just a tool to move focus as said earlier. Germany along with several other of the states of Europe have juggled numbers in order to satisfy some underhand deals that were done on the markets. It was very unethical and it has cost the markets dear but it serves them right and I have no sympathy. Angela Merkel's spokesman said Greece must move swiftly to return to a sustainable and viable path. Steffen Seibert, speaking on behalf of the German chancellor said: "This is not a question one can take a lot of time to tackle, it is important that the negotiations now come to an end." Typical Fench hypocrisy. CDS viewed as rogue transactions and part of the horrid Anglo-Saxon casino efforts to subvert the good French stats, centrist, clientelist, protectionist, foist on everybody else through the € economic model, get taxed at 0.01% rather than 0.1% for shares. Investors shrugging off a slump in German exports and French forecasts of zero growth for the first quarter. Do they know fascist politicians will spend taxes, collected from those with the least, propping up share values? More fascist EU imposed co2 emissions rules on vehicles forcing companies to purchase much more expensive 2 year old models to comply with their global warming money making scam. All the unnecessary costs will filter down to end prices. Rising prices will see more and more companies go to the wall as consumer are hit hard in their pockets with the added burden of fascist governments raising taxes NIC and VAT to fund their wastefulness, greed and more non job vote bribing. The council rip-off tax stays the same or keeps rising to save the fascist public sector fat cat workers any pain. We are being severely forked over by these political fascist scum. 
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9 comments:
bubuI can't see much grounds for optimism. It's been left so late, that everything in the next few days would have to go like clockwork, to meet that deadline.
And as for various government spokesmen talking about agreement being near, and the obstacles only being "technical"! Utter rubbish.
If the coalition government parties don't accept it, because they don't thing they can get it through parliament, or because none of them are prepared to defend it at the polls in April, that's no "technical" difficulty.
That's democracy. And the greek people, at either elections or via their elected representatives, are sovereign. That's just basic. It's a mistake, a terrible mistake in my view. But it's their decision to make...on and on it goes...and this utter insanity passes for normality! The economy of an entire continent at risk if the people of one nation cannot be further asset stripped, bullied and impoverished so that more wealth can be transferred to the financial institutions. All the while not a single Guardian journalist will ask a question that is at the vey crux of the matter. How can a Europe wide debt mountain to banks be paid off when the only money available is created as debt by banks? The logic of austerity only makes sense to economists - whose bizarre coltish beliefs have led us to this point and will lead us into the abyss.
Two headlines off the DJ newswire
1. Far right leader walks out, but greek talks continue
2. Greek gov coalition talks on austerity measures end with no deal
Currently, the Euro is heading down, nothing severe but it is moving, and japan is still a few hours away from opening. Recommended by 0 person
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londoncynic
2 minutes ago
Hope you're right, Jay!
French news flash says private creditors(IIF) holding discussions on 'Greek debt exchange' (Haircut) tomorrow in Paris (which leads one to conclude it's being driven by Paribas and SocGen)
They are running scared, that's the really scary thing. Like the French government trashing a report from their own cour des comptes because it questions the validity of their deficit reduction plans.
There is surely a hidden pile of state debt in the eurozone that will make the current pile look puny.
Transparency in French politics means letting you see through a veil of deceit to the mirage they want you to look at.
Bloomberg has seen a copy of the document currently under discussion in Athens (reported by AFP to have ballooned to 50 pages). It claims that Greece will see a return to growth in 2013, but that 2012 GDP will shrink by 5pc."
Sure. And while we're in Fantasyland what happens in 2014 - Greece becomes the economic powerhouse of Europe and takes revenge on Merkel by installing G-Pap as Germanys technocrat?
Way to go to lose ALL credibility.
The Guardian reports that the bailout terms will increase the number of Greeks in poverty from 1 in 5 to 1 in 3. The alleged €2.5 billion of savings from reducing the minimum wage were calculated yesterday to reduce tax and social security revenue by €3.7 billion.
SocGen forecast yesterday that a 1% budget reduction would cause Greece to meet its debt reduction targets so GDP would remain at 150% and the bailout terms are making the budget reduction more likely.
So, the bailout is unlikely to work and €130 billion is wasted; Greek poverty increases to 1 in 3; Eurozone economic activity reduces and depresses demand for goods and services that the other PIIGS economies need to survive.
The only positives appear to be the arms sales by France and Germany ...
Small wonder that the HSBC Chief Economist labelled the Germans as "economic illiterates".
Lets get it straight. This next bail out is not going to help the Greek economy. It's just to pay their debts. Is it a loan or what ?Has it be paid back ? Noone seems to want to ask that question.
The unelected Greek consortium seem to more concernd about being re-elected hence trying to maintain millions on pensions they got by retiring at 50. That is why they have so many civil servants. Is it right that the EU taxpayer should subsidise this ?
They will be asking for another bail out in July
Overnight, Greece's leaders have failed to agree to the full terms of its £130bn bailout package. Despite negotiating until nearly dawn, the coalition government headed by Lucas Papademos could not agree the details of cuts to pensions.
This leaves Greece short of around €300m of savings needed to persuade its international lenders to approve its second rescue deal.
Despite the hitch, the full Greek cabinet is due to meet later today to decide whether to rubber-stamp the new austerity programme. Then Evangelos Venizelos, the Greek finance minister, will fly to Brussels to present it to the eurogroup of finance ministers.
But with €300m still to find, will Venizelos be welcomed in Brussels?
It's going to be a busy day. Both the Bank of England and the European Central Bank will announce their latest monetary policy decisions this lunchtime -- Britain could get more quantitative easing, while ECB chair Mario Draghi will be quizzed on the euro crisis.
the actual package is outlined quite well on ekathimerini
Troika gives greece 15 days to find pension cuts alternative
people understandably focus on the cuts, but there's actually some important (and growth-oriented) stuff in there too.
Many changes are also foreseen for the private sector. The monthly minimum wage, which is currently at 751 euros, is to be reduced by 22 percent. It will be cut by an additional 10 percent for those aged under 25 in a bid to tackle youth unemployment, which stands at around 40 percent.
The duration of collective labor contracts is to be restricted to three years. Thereafter, the terms of the contracts will apply for just three months, after which employers will be free to negotiate wages with workers.
(the big one. An end to national collective bargaining. That's the one the unions are going to fightthe most)
There will be no automatic pay rises until unemployment -- now at 19 percent -- falls below 10 percent.
(automatic pay-rises? What brain-dead employers organisation agreed to those in the first place?)
The document also foresees an end to permanent jobs for employees in public enterprises and state-controlled banks.
(permanent jobs for employees in public enterprises? what brain-dead finance minister signed off on those?)
Other measures are a 2 percent cut in social security contributions paid by employers and a 3 percent reduction in contributions to the Social Security Foundation (IKA).
(A reduction in the cost of hiring new permanent employees, at a cost the the greek state. Watch how that measure gets completely ignored in the media coverage)
The finance chiefs of Germany and Ireland have both cast doubt on claims that Greece has reached a credible agreement. In the last couple of minutes, German finance minister Wolfgang Schäuble told reporters in Brussels that it was "still not clear' that Greece can reduce its debt pile to 120% of GDP by 2020. That's the key long-term goal set by international lenders, at the heart of the plan to encourage creditors to take a 'voluntary' haircut on their loans. Ireland's Michael Noonan said that he was "not sure" a Greek deal has been done. Reuters is reporting that the Greek deputy labour minister has resigned over the new austerity measures agreed by the three coalition leaders
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