Inquiring minds are making note of the current state of affairs in Greece. Here is a quick 10-point synopsis. Current Sorry State of Greek Affairs Greece did not meet the IMF's criteria for more aid The Greek government is collapsing The Greek prime minister threatened to resign An emergence meeting of the Greek Parliament could [...]
IMF "Ready and Willing" to Throw Away More Money; 10 Point Summary of Sorry State of Affairs; Market Repeatedly Calls Foolish Bluffs by IMF, ECB
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Jun 162011
Riots Images from Greece; Prime Minister to Reshuffle Greek Cabinet, Seek Vote of Confidence on New Government; Papandreou's Days Numbered
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Jun 152011
Amid violence and riots in Greece, it is increasingly clear Greek Prime Minister George Papandreou's days are numbered. Talk of containment is nonsensical. Max Keiser is in Greece with excellent footage of Greek Rioting in Syntagma Square. According to our hotel managers (all wearing gas masks) the government is jamming communications in the Square so [...]
Emergency Session Fails; Market Calls Trichet's Bluff; French Banks Under Downgrade Review; ECB Divorced From Reality; What is US Exposure to EU Mess?
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Jun 152011
The market is about ready to slap ECB president Jean-Claude Trichet smack across the face with a hard dose of reality regarding Greek debt restructuring. Please consider Greek Rescue Package May Be Delayed by EU Disagreements on Investors’ Role An emergency session of finance ministers in Brussels late yesterday failed to reconcile a German-led push [...]
ECB Governor Christian Noyer Warns "Default Would Mean Financing the Entire Greek Economy"; 10-Year Yields at Record High; Emergency Session Underway
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Jun 142011
ECB Governors are pouring on the sap once again today. Mario Draghi, likely the next ECB president opposes steps that aren’t "purely voluntary." The irony being there is no such thing at this point of a "pure voluntary" restructuring. Meanwhile Christian Noyer, warns that a default would mean "financing the entire Greek economy.” Emergency Session [...]
Jun 132011
I cannot help but laugh at the latest nonsense out of ECB president Jean-Claude Trichet. Please consider Trichet: Need to prevent oil-fed inflation spiral. Speaking at an event organized by the London School of Economics, Trichet said the recent surge in energy and commodity costs had driven the sharp increase in headline euro zone inflation [...]