Grexit

[johnnya24]

So the shit finally hits the fan over the weekend ... how is this being reported in the US?

The Greek referendum decision has really set the Eurogroup into a head spin ... their hard ball tactics has really come back to haunt them. Strategically a brilliant maneuver as it removes a lot of the negotiating clout of the Troika ... they can't just bully the careerist politicians who are only looking out for their own asses and their own parties well being.

[Fresno Bob]

Ive only got another week to reap the benefits of a euro collapse

[johnnya24]

Ive only got another week to reap the benefits of a euro collapse

Well if you're going across to Greece ... take Euros with you ... you might not find any when you arrive



Banks to be shut tomorrow, and max 60 euro withdrawal limit imposed from Tuesday.

I have several Greek friends who have already shifted their money out of Greece, and the Euro Central Bank have refused to increase protection for the Greek banks.

Also, value of the Euro has nosedived in early morning Asian trading ...

[johnnya24]

[chancellor]

So the shit finally hits the fan over the weekend ... how is this being reported in the US?

Pretty calmly - actually, among the financial publications, whether tilting left or right politically in the US, I think they all pretty much expected the Greeks to exit. Among my friends who have much more money than me and play financial markets, all of them bet for the Euro to fall through the end of the year.

[johnnya24]

Ah, the ol' Y axis manipulation to make a 1.81% drop look like the Great Depression, lol.

That could be the tip of the iceberg come the end of the week when the dominoes start to fall. The Far East markets aren't going to be as exposed to the Greek crisis and Europe and the USA obviously. Will be very interesting to see what happens through tomorrow.

[Judge Jude]

I assume everyone has read Big Short and Boomerang by Michael Lewis?

His Moneyball is good, but these two books are the best public-can-get worldwide financial sector publications I've seen in last 20 years...

Boomerang explains the Greeks. And the Irish. And Iceland. And Germany. And California. etc

[TranaGreg]

Ah, the ol' Y axis manipulation to make a 1.81% drop look like the Great Depression, lol.

yeah, I was thinking the same thing.

I heard an interview this morning that said while the euro will drop further, most of the big money has already adjusted their portfolios accordingly.

[johnnya24]

There is only so much you can ring fence. If the dominoes start to fall it will spread like a contagion.

Fortunes will be made ... The banks / institutions will be bailed ... Regular folk will pick up the tab.

... lather rinse repeat ... until there are no more bailouts possible.

[Erik]

I assume everyone has read Big Short and Boomerang by Michael Lewis?

His Moneyball is good, but these two books are the best public-can-get worldwide financial sector publications I've seen in last 20 years...

Boomerang explains the Greeks. And the Irish. And Iceland. And Germany. And California. etc

The Big Short was incredible. Not gotten around to Boomerang.

[Grinch]

... lather rinse repeat ....

why do we have to do this?? you would think they would make a shampoo that cleans in one use......

just sayin'


Looked at my portfolio this morning........got a$$-f***ed by the greeks!

[Fresno Bob]

Where the fuck is my dollar/euro parity?

[chancellor]

Where the fuck is my dollar/euro parity?

End of the year.

[GwynnInTheHall]

End of the year.

along with your Sanders is a Misogynist explanation?

[johnnya24]

This Greek situation has been fascinating since the shock Referendum announcement. Initially it looked like a brilliant piece of political brinkmanship. The Eurogroup panicked a little bit ... lot's of recrimination.

The Greeks make an offer to the Eurogroup when they thought they had the upper hand ... which ultimately went nowhere.

Note that the Greek Govt categorically said that they would sign the Eurogroup ultimatum if the Referendum was Yes.

Then the first signs of a swing in momentum, as bookmakers started offering short odds that the Yes vote would win the referendum (1/4 on). I don't think anyone expected that. The mood changed.

Greece missed the IMF deadline, and then make a 3rd compromise offer, which seems to be almost everything the Eurogroup demanded on Friday.

So it looks like the referendum Hail Mary ultimately backfired / didn't have the desired effect ... and now they have caved.

-------------------

In all my time living with and socializing with Greeks (nearly 10 years), there was nothing more acrimonious than the left versus left arguments ... and left actually means "left" in Greece ... not the bullshit neoliberal right-wing nonsense we have masquerading as "left" in the Europe and USA.

I can't imagine what things will be like now that Syriza have caved. They pinned their hopes that the referendum would be a resounding no, which they gambled would give them the mandate to force the issue with the Eurogroup, at best to force a less crippling deal ... when it seems that wasn't going to be the case they are now forced to either grovel, or accept the full terms if the referendum passes on Sunday.

Edit: and the Eurogroup realizing they have Greece by the balls are squeezing hard.

Also, one of the bookmakers have already paid out on the yes referendum vote before it's even happened ...