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Author Discussion

Steffan

10,107 posts

125 months

[news] 
Wednesday 16th May 2012 quote quote all
Andy Zarse said:
eharding said:
The Telegraph said:
16.33 The ECB has stopped monetary policy operations with some Greek banks as they haven't been successfully recapitalised, sources told Reuters. The ECB declined to comment.

It was unclear exactly how many banks were affected. One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital. According to its own rules, the ECB can't provide liquidity to banks in such a situation.
God what a mess.
Entirely correct and critically, entirely resulting from, the EU's group efforts.

It is a fact. A Piss up in a Brewery would be beyond the EU. Totally self inflicted, no disaster or tragic event involved, just old fashioned bad management.

The EU politicians are feckless, self serving, morons and the EU regulators are totally ineffective. There has been a crass lack of transparency, honestly and financial probity within the EU from the start. The game is not over yet.

By the time the EU are finished (??) there will be a complete destruction of all confidence in the EU, and any EU dealings. 150 million people will be thrown out of the EU, on their beam ends, and four Sovereign states will be in full blown default.

At which point a complete European restructure will be required and years of misery, complete penury and abject poverty will exist in a third of Europe.

I would like to see Sarkozy spin that and strut about. Sadly, he will be retired and on his secure pension, in foreign parts by then.

Mermaid

21,384 posts

68 months

[news] 
Wednesday 16th May 2012 quote quote all
Steffan said:
At which point a complete European restructure will be required and years of misery, complete penury and abject poverty will exist in a third of Europe.

I would like to see Sarkozy spin that and strut about. Sadly, he will be retired and on his secure pension, in foreign parts by then.
In the global scheme of things, I doubt it will take long to normalise - just look around at all the the countries that have been ravaged.

It is morning when you wake up - and it seems they have all woken up.

Driller

6,232 posts

175 months

[news] 
Wednesday 16th May 2012 quote quote all
Andy Zarse said:
PIIGS (alot)
redcard

Ha, you're so predictable biggrin

For the rest of the mess, you've got to love a bit of apocalypse haven't you? It really does look like it's going to st coffee

eharding

7,759 posts

181 months

[news] 
Wednesday 16th May 2012 quote quote all
Andy Zarse said:
eharding said:
The Telegraph said:
16.33 The ECB has stopped monetary policy operations with some Greek banks as they haven't been successfully recapitalised, sources told Reuters. The ECB declined to comment.

It was unclear exactly how many banks were affected. One person familiar with the matter said four Greek banks' capital was so depleted they were operating with negative equity capital. According to its own rules, the ECB can't provide liquidity to banks in such a situation.
God what a mess.
Not the least of which is the ECB being so tight lipped about it - hardly inspires confidence.

There have been comments from various ECB figures over the past few days about the Emergency Liquidity Assistance not being available to insolvent Greek banks (but stating there weren't any which they deemed to be insolvent).

Now the word on the street this evening is that there may be up to four Greek banks which are now indeed deemed to be insolvent by the ECB - meaning they would instead have to seek liquidity assistance from the Greek Central Bank.

If all this means is that these dodgy banks end up with a lifeline from the ECB via the Greek Central Bank, rather than directly, then strictly speaking they will be as dodgy tomorrow as they were yesterday. Non-event.

But your average Greek punter, on hearing the news this evening that his bank might now be insolvent as far as the ECB is concerned (because no-one is naming names at the moment) is more than likely going to pop round to his local branch at sparrow fart tomorrow morning and try and withdraw whatever he's got left in there. If he leaves it until mid morning, he'll probably be too busy dealing with the effects of tear-gas, water-cannon and rubber bullets to work the ATM or try and write out a cheque to cash. Probably.

It might indeed be a non-event, but the whole lot is ready to go tits up at short notice.




turbobloke

67,637 posts

157 months

[news] 
Wednesday 16th May 2012 quote quote all
eharding said:
It might indeed be a non-event, but the whole lot is ready to go tits up at short notice.
It surely is.

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Mermaid

21,384 posts

68 months

[news] 
Wednesday 16th May 2012 quote quote all
More QE probable in the US.

Gary11

4,032 posts

98 months

[news] 
Wednesday 16th May 2012 quote quote all
"onomatopoeic"
Is this a word?

Gary11

4,032 posts

98 months

[news] 
Wednesday 16th May 2012 quote quote all
Looks like the run has started,queues outside Greek banks this morning on news.

billynomates

2,098 posts

133 months

[news] 
Wednesday 16th May 2012 quote quote all
eharding said:
Not the least of which is the ECB being so tight lipped about it - hardly inspires confidence.

There have been comments from various ECB figures over the past few days about the Emergency Liquidity Assistance not being available to insolvent Greek banks (but stating there weren't any which they deemed to be insolvent).

Now the word on the street this evening is that there may be up to four Greek banks which are now indeed deemed to be insolvent by the ECB - meaning they would instead have to seek liquidity assistance from the Greek Central Bank.

If all this means is that these dodgy banks end up with a lifeline from the ECB via the Greek Central Bank, rather than directly, then strictly speaking they will be as dodgy tomorrow as they were yesterday. Non-event.

But your average Greek punter, on hearing the news this evening that his bank might now be insolvent as far as the ECB is concerned (because no-one is naming names at the moment) is more than likely going to pop round to his local branch at sparrow fart tomorrow morning and try and withdraw whatever he's got left in there. If he leaves it until mid morning, he'll probably be too busy dealing with the effects of tear-gas, water-cannon and rubber bullets to work the ATM or try and write out a cheque to cash. Probably.

It might indeed be a non-event, but the whole lot is ready to go tits up at short notice.
Meanwhile those that govern are busy here

http://www.europarl.europa.eu/news/en/headlines/co...

May 17 is the International day against homophobia

Tits up indeed FFS



Steffan

10,107 posts

125 months

[news] 
Wednesday 16th May 2012 quote quote all
Gary11 said:
"onomatopoeic"
Is this a word?
Yes the forms Onomatopoeia and Onomatopoeic are both used. Roar is an example. Sounds like the function it is describing.

The former is more common. Its a word I enjoy, (Sad) like Oxymoron.

I thoroughly enjoy the English language. It is the language of hero's and still quite unequaled. Unlike most of our other achievements.

Although worldwide it presence is down to America rather than England latterly.

davepoth

24,706 posts

96 months

[news] 
Wednesday 16th May 2012 quote quote all
Caretaker PM is now in power in Greece, and taking pains to tell everyone there isn't a bank panic. Has he been talking to our government about how to cause a panic?

Puggit

34,542 posts

145 months

[news] 
Wednesday 16th May 2012 quote quote all
June 17th also penned in for next Greek elections and the anti-austerity leftists are posed to win. They are promising a juggling act of ditching the loans but staying in the Euro rofl

turbobloke

67,637 posts

157 months

[news] 
Wednesday 16th May 2012 quote quote all
All balls in the air fairly soon then, also known as a ballsup.

Keyser Soze

15,448 posts

88 months

[news] 
Wednesday 16th May 2012 quote quote all
Puggit said:
June 17th also penned in for next Greek elections and the anti-austerity leftists are posed to win. They are promising a juggling act of ditching the loans but staying in the Euro rofl
Brilliant I land on 13th, luckily Rhodes, I hope luckily anyway

Andy Zarse

9,932 posts

144 months

[news] 
Wednesday 16th May 2012 quote quote all
davepoth said:
Caretaker PM is now in power in Greece, and taking pains to tell everyone there isn't a bank panic. Has he been talking to our government about how to cause a panic?
As Sir Humphrey used to say, "Never believe anything until it is officially denied".

steviegunn

1,000 posts

81 months

[news] 
Wednesday 16th May 2012 quote quote all
_Batty_ said:
Perhaps GIPSI's is better hehe
The order of exit?

(G)reece
(I)reland
(P)ortugal
(S)pain
(I)taly

wormburner

9,227 posts

150 months

[news] 
Thursday 17th May 2012 quote quote all
Gary11 said:
"onomatopoeic"
Is this a word?
Plop! Tinkle! Slither!

hidetheelephants

9,998 posts

90 months

[news] 
Thursday 17th May 2012 quote quote all
wormburner said:
Gary11 said:
"onomatopoeic"
Is this a word?
Plop! Tinkle! Slither!
Crash! Bang! Wallop! Thud! Crunch! Pow! Whaam!(copyright Roy Lichtenstein)

Puggit

34,542 posts

145 months

[news] 
Thursday 17th May 2012 quote quote all
<boom> - the sound of the Euro imploding

Mermaid

21,384 posts

68 months

[news] 
Thursday 17th May 2012 quote quote all
The £ looks attractive. and that's with all the issues we have.

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