Sh-t Is About To Hit The Fan; Greece Bailout Program to Expire Tuesday
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People wait outside a closed branch of Piraeus Bank in Athens, Greece June 27, 2015. The specific branch opens at 10:30 AM local time on Saturdays but it remained closed while dozens of people lined outside to withdrew cash.
Talks fell apart between the Greek government and its creditors, and European officials said Athens' bailout program will expire on Tuesday.
Euro zone finance ministers met to try and thrash out a reforms-for-rescue deal for Greece after the country's prime minister threw a curveball of a referendum on the deal late Friday night. During Saturday's meeting, the finance ministers rejected Greece's request for a one-month bailout extension.
Greece is due to pay the International Monetary Fund 1.5 billion euros Monday and without a deal this weekend risks missing that payment.
Eurozone finance ministers have rejected Greece's request for a one-month bailout extension, according to a European diplomatic source.
On Friday, the Greek government threw out a bailout proposal from its international creditors, putting the country's future in the euro on the line.
After weeks of talks, Prime Minister Alexis Tsipras said he could not accept the terms being offered by Europe and the International Monetary Fund. He said he would recommend that Greeks vote against them in a referendum on July 5.
That brought an abrupt end a series of discussions aimed at finding a way for the creditors to release the remaining 7.2 billion euros of Greece's huge bailout, in return for budget savings and economic reforms.
But the current agreement expires on Tuesday, which almost certainly means Greece won't make a 1.5 billion payment due to the IMF on Tuesday. It would then become the first developed economy to default on the IMF.
Unless Europe blinks in the coming days, the gambit almost certainly means Greece won't make a 1.5 billion payment due to the IMF on Tuesday. It would then become the first developed economy to default on the IMF.
The prospect of a default may force the European Central Bank to curtail the emergency funding that has been keeping Greek banks afloat while account holders withdrew tens of billions of euros.
The ECB was reported to be planning to an emergency call Sunday to discuss funding for Greek banks. The outcome of that meeting could determine whether Greece will have to limit cash withdrawals starting on Monday.
Twitter users in Athens were already reporting signs of lengthening queues outside ATMs in the early hours of Saturday morning.
Every ATM I drove by has lineups and they are growing. pic.twitter.com/D23N5a3moR
— Sakis Michalarakos (@SakisMicha) June 26, 2015
Left-wing leader Tsipras was elected earlier this year on a promise to end austerity. But Europe and the IMF have largely stuck to their guns, arguing that Greece needs to generate surpluses so it can service its enormous debts.
European governments are caught between trying to find a way to help Greece recover from five years of crisis, and concerns among their own voters about throwing good money after bad.
Tsipras said the demand by the bailout lenders for more labor market reform, cuts to pensions and public sector wages, and increases in taxes on food, restaurants and tourism amounted to an attempt to humiliate "the entire Greek people."
"These proposals mainly highlight the insistence of the IMF on harsh and punitive austerity," Tsipras said on Greek TV.
The Greek government has been negotiating with its creditors over the terms of the bailout agreement for four months.
While Tsipras disapproves of the new bailout plan, he said he would respect the way the public votes on July 5.
But by then it may be too late. The existing bailout agreement expires on Tuesday, and it's almost impossible to imagine Europe agreeing to extend given the Greek government's resolute opposition to its proposals.
Comments
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Tough luck. Greece doesnt produce enough to warrant their standard of living
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I need this to happen
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they got long lines at atms.....that means ? should be strapped and making a come up
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Ib4 they auction off the Parthenon
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I need this to happen
? you better go there an buy up afew blocks and building and sit on them ? .
housing prices will fall but always rise again.
i need to hit santorini
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They have been going downhill since Alexander the greats ? self
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Greece is incredibly racist so ? them.
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Could this be the opening ? in the European union ???? Will the other piigs nations (Portugal,Ireland,Italy,Greece,Spain).
say ? it if Greece leaves the eurozone so can I ??? What will Germany do??? The world may never know. -
Why don't they just steal more invaluable resources from Africa like they did before?
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It's the blood moon season, what else you expect? The whole earth will be devoured by the fire of His jealousy! Thus the pieces are coming into place in order for the day to pass away like chaff! Hallelujah!
"Now therefore be ye not mockers, lest your bands be made strong: for I have heard from the Lord ? of hosts a consumption, even determined upon the whole earth." Isaiah 28:22
The beast is coming to tread upon the whole earth and break it down and devour the residue of the people! But those that know the LORD shall renew their strength! They shall mount up on eagles wings! They shall walk and not faint! For behold, the LORD is inviting all of those who know Him to enter our rooms and shut the doors behind us; in order to hide ourselves for a little while until his wrath has passed by!
Do you know Him? That is the question!
Amen.
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Why don't they just steal more invaluable resources from Africa like they did before?
That's not as easy as it used to be -
Aye @sion I don't know if im right cuz I'm a amateur to forex trading but the rumblings are there is alot of money to be made this week if you play the EURUSD. Am I correct in this or not?
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Because of the political situation in many european nation i really cannot forecast the european union continuing as is for another 20 years.
the governments are turning to the right, nationalism is on the rise and the immigration issue coupled with european racism and and fear of their culture being destroyed i predict will create major trouble down the road. -
not_osirus_jenkins wrote: »Aye @sion I don't know if im right cuz I'm a amateur to forex trading but the rumblings are there is alot of money to be made this week if you play the EURUSD. Am I correct in this or not?
That's speculating not investing and I can assure you a million others are thinking of doing the same, if you are wrong the consequences may be grave af. If you're right you'll do just ok but not great. You should be looking at investments in Greek companies not the currencies.
Ok, I was betting that the price of the Euro would drop. Buy when it's low and hold till the rebound. -
@Sion you are not a fan of forex trading?
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italy i think will be the next if greece defaults....or even if they dont.
this bailout doesnt seem to sit well with alot of people here.
italy is already making threats over immigration...saying if they dont get help they will fukk up europe. what you think they gonna say when they ? is in need of major help?
also even understanding the cap removal of the franc....
this will be a very strange rest of the year. -
PapaDoc223 wrote: »@Sion you are not a fan of forex trading?
Hell no. Nobody can predict where currency prices are going to go because there's far too many variables, just like oil prices. It's up there with daytrading, all the people I know who do it borrow heavily and lose most of their money or end up in serious financial trouble because of it. It's unnecessary af. It's a fools game to try and take peanuts off of the short term price discrepancies of them and not as profitable to hold currencies long-term. If you want walnuts you should go for bigger targets, companies, bonds other assets like that are better. If you read a national accounts profile of the countries whose currency you're buying you'll notice most countries are buried in debt or just doing ok. Cash isn't a good asset because it doesnt do anything. It's a GREAT tool in a deflationary environment tho when things get cheap enough for you to buy tho.
I aim to beat the market and do far better than average that's hard to do trying to take peanuts off currencies and the taxes can be heavy af too.
he speaks the truth.
his advice has been proven many times.....
take heed.
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PapaDoc223 wrote: »@Sion you are not a fan of forex trading?
Hell no. Nobody can predict where currency prices are going to go because there's far too many variables, just like oil prices. It's up there with daytrading, all the people I know who do it borrow heavily and lose most of their money or end up in serious financial trouble because of it. It's unnecessary af. It's a fools game to try and take peanuts off of the short term price discrepancies of them and not as profitable to hold currencies long-term. If you want walnuts you should go for bigger targets, companies, bonds other assets like that are better. If you read a national accounts profile of the countries whose currency you're buying you'll notice most countries are buried in debt or just doing ok. Cash isn't a good asset because it doesnt do anything. It's a GREAT tool in a deflationary environment tho when things get cheap enough for you to buy tho.
I aim to beat the market and do far better than average that's hard to do trying to take peanuts off currencies and the taxes can be heavy af too.
That is interesting. I have a friend of mine who is getting into Forex trading. He is being mentored by his boss's son who lives in Long island who is very sucessful at Forex trading. Currently my friend is demoing with forex. He said he is so far doing well in the demo but his mentor said to continue demoing for about 4-5 months. I am a bit interested but I'll keep what you said in mind. -
Tough luck. Greece doesnt produce enough to warrant their standard of living
This!
They lucky to be apart of "western Europe" -
will be keeping my eyes open. looking to profit off this
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2stepz_ahead wrote: »italy i think will be the next if greece defaults....or even if they dont.
this bailout doesnt seem to sit well with alot of people here.
italy is already making threats over immigration...saying if they dont get help they will fukk up europe. what you think they gonna say when they ? is in need of major help?
also even understanding the cap removal of the franc....
this will be a very strange rest of the year.
Face value of maturing 2015 Italian debt ($200b) and the current yield (2.15% 10 yr) on Italian sovereign debt. I don't think they'll be next.
http://uk.mobile.reuters.com/article/idUKKBN0N80WQ20150417?irpc=932 -
Greece was the perfect storm, irresponsible govt borrowing, inflated plus early pensions, non-income tax paying populace, who also hate austerity. They've been in this mess since 2010, interesting year ahead
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PapaDoc223 wrote: »PapaDoc223 wrote: »@Sion you are not a fan of forex trading?
Hell no. Nobody can predict where currency prices are going to go because there's far too many variables, just like oil prices. It's up there with daytrading, all the people I know who do it borrow heavily and lose most of their money or end up in serious financial trouble because of it. It's unnecessary af. It's a fools game to try and take peanuts off of the short term price discrepancies of them and not as profitable to hold currencies long-term. If you want walnuts you should go for bigger targets, companies, bonds other assets like that are better. If you read a national accounts profile of the countries whose currency you're buying you'll notice most countries are buried in debt or just doing ok. Cash isn't a good asset because it doesnt do anything. It's a GREAT tool in a deflationary environment tho when things get cheap enough for you to buy tho.
I aim to beat the market and do far better than average that's hard to do trying to take peanuts off currencies and the taxes can be heavy af too.
That is interesting. I have a friend of mine who is getting into Forex trading. He is being mentored by his boss's son who lives in Long island who is very sucessful at Forex trading. Currently my friend is demoing with forex. He said he is so far doing well in the demo but his mentor said to continue demoing for about 4-5 months. I am a bit interested but I'll keep what you said in mind.
a demo...doesnt have the same emotion as real life..
always remember that...
think call of duty and pay day in the projects.
one you can start over and laugh and talk ? ....the other...life ends when the hot ? hits you
https://youtu.be/sLnBwfWvgpU
