Greeks Threaten To Sue US Banks
Discussion
http://www.bloomberg.com/apps/news?pid=20601087&am...
"Papandreou said the decision on whether to go after U.S. banks will be made after a Greek parliamentary investigation into the cause of the crisis."
SO... the people that caused the crisis are going to investigate the causes of the crisis. I wonder if the French will loan them Chief Inspector Clouseau? (along with the bailout loan)
Better yet - can somebody loan me 150 billion so that I can sue the people that loaned me the 150 billion? Thanks in advance.
- - -
I was giving the euro six months until parity with the US dollar. I think I may have to revise that...
"Papandreou said the decision on whether to go after U.S. banks will be made after a Greek parliamentary investigation into the cause of the crisis."
SO... the people that caused the crisis are going to investigate the causes of the crisis. I wonder if the French will loan them Chief Inspector Clouseau? (along with the bailout loan)Better yet - can somebody loan me 150 billion so that I can sue the people that loaned me the 150 billion? Thanks in advance.
- - -
I was giving the euro six months until parity with the US dollar. I think I may have to revise that...
As an aside, though the Greeks are pissing in the wind, it will be interesting to see what happens in the CDO litigation arena.
I was reading a bit about the Nordbank case agaisnt UBS and, on the face of it, there seems to have been some piss taking going on by the sellers of the CDOs.
There are quite a few cases in the sausage machine at the moment - I guess a few big monolines are looking with interest at the outcomes.
I was reading a bit about the Nordbank case agaisnt UBS and, on the face of it, there seems to have been some piss taking going on by the sellers of the CDOs.
There are quite a few cases in the sausage machine at the moment - I guess a few big monolines are looking with interest at the outcomes.
Gun said:
So, is this Greece's "Plan A" when it come to dealing with their own financial problem, to sue the required money out of someone? Can't wait to see Plan B!
Plan B is this massive wooden horse full of debt. Comming soon, to a capital city near you.Next time you hear some arty types raving about the latest sculpture/installation, beware.
Digga said:
Gun said:
So, is this Greece's "Plan A" when it come to dealing with their own financial problem, to sue the required money out of someone? Can't wait to see Plan B!
Plan B is this massive wooden horse full of debt. Comming soon, to a capital city near you.Next time you hear some arty types raving about the latest sculpture/installation, beware.
Here is precisely how to deal with that attitude 
:
NSFW!
http://www.youtube.com/watch?v=hTsqiNSlsPQ&fea...
:NSFW!
http://www.youtube.com/watch?v=hTsqiNSlsPQ&fea...
Edited by Jimbeaux on Monday 17th May 21:28
Todays Telegrapgh
Telegraph said:
Europe may have to clean up its own mess after all. The US Senate has voted 94:0 to block use of taxpayers’ money for IMF rescues that make no economic sense or bail-outs for countries like Greece that far are beyond the point of no return.
“This amendment will help prevent American taxpayer dollars from underwriting dysfunctional governments abroad,” said Texas Senator John Cornyn, the chief sponsor. “American taxpayers have seen more bailouts than they can stomach, and the last thing they should have to worry about are their hard-earned tax dollars being used to rescue a foreign government. Greece is not by any stretch of the imagination too big to fail.”
Co-sponsor David Vitter from Louisiana said America had run out of money. “Our country already owes trillions of dollars in debt. We simply can’t afford to take on other countries’ debt in addition to our own.”
It is unclear where this leaves the EU’s $1 trillion “shock and uh” package. Urlich Leuchtmann from Commerzbank said the IMF share of $320bn was the only genuine money on the table, the rest being largely euro smoke and mirrors, or plain bluff.
The measure is an amendment to the US financial overhaul law. Backed by both parties, it can hardly be ignored by the Obama administration whatever Tim Geithner may or may not want to do. The bill has to go to Conference for reconciliation with the House, but the point is made.
It instructs the US representative at the IMF to determine whether a country with a public debt above 100 per cent of GDP can be expected to repay IMF loans. If this cannot be certified, the US must oppose the rescue package.
This is obviously aimed at Greece, which will have a debt of 130 per cent by the end of this year. The debt will rise to 150 per cent by the end of its the rescue/death package, leaving Greece in a worse position than before.
The IMF share of the Greek bail-out is 30 times quota, more than double any other rescue in the history of the Fund. There is a very strong suspicion in Washington that the IMF is being misused by French chief Dominique Strauss-Kahn – French presidential candidate in waiting – to support ideological purposes regardless of economic logic or sanity. This can (and in my view most likely will) destroy the credibility of the Fund itself unless the US and Asians can wrench the institution back from the Europeans.
The US is the IMF’s biggest shareholder and can veto aid packages, though it has never done so because the Fund has never been so stupid as to defy the world’s dominant financial and strategic power.
“This amendment will help prevent American taxpayer dollars from underwriting dysfunctional governments abroad,” said Texas Senator John Cornyn, the chief sponsor. “American taxpayers have seen more bailouts than they can stomach, and the last thing they should have to worry about are their hard-earned tax dollars being used to rescue a foreign government. Greece is not by any stretch of the imagination too big to fail.”
Co-sponsor David Vitter from Louisiana said America had run out of money. “Our country already owes trillions of dollars in debt. We simply can’t afford to take on other countries’ debt in addition to our own.”
It is unclear where this leaves the EU’s $1 trillion “shock and uh” package. Urlich Leuchtmann from Commerzbank said the IMF share of $320bn was the only genuine money on the table, the rest being largely euro smoke and mirrors, or plain bluff.
The measure is an amendment to the US financial overhaul law. Backed by both parties, it can hardly be ignored by the Obama administration whatever Tim Geithner may or may not want to do. The bill has to go to Conference for reconciliation with the House, but the point is made.
It instructs the US representative at the IMF to determine whether a country with a public debt above 100 per cent of GDP can be expected to repay IMF loans. If this cannot be certified, the US must oppose the rescue package.
This is obviously aimed at Greece, which will have a debt of 130 per cent by the end of this year. The debt will rise to 150 per cent by the end of its the rescue/death package, leaving Greece in a worse position than before.
The IMF share of the Greek bail-out is 30 times quota, more than double any other rescue in the history of the Fund. There is a very strong suspicion in Washington that the IMF is being misused by French chief Dominique Strauss-Kahn – French presidential candidate in waiting – to support ideological purposes regardless of economic logic or sanity. This can (and in my view most likely will) destroy the credibility of the Fund itself unless the US and Asians can wrench the institution back from the Europeans.
The US is the IMF’s biggest shareholder and can veto aid packages, though it has never done so because the Fund has never been so stupid as to defy the world’s dominant financial and strategic power.
Edited by 5unny on Tuesday 18th May 11:59
anonymous said:
[redacted]
http://www.cityam.com/news-and-analysis/europe-plans-tougher-rules-derivatives"Barnier is also planning a separate law – which will be drafted in October – that will regulate credit default swaps (CDS), which allow traders to insure against a borrower defaulting. European leaders claim that speculators used the instruments to bet that Greece would default on its debts, exacerbating its precarious fiscal position. "
Sigh
rich1231 said:
Fittster said:
The Greeks need to follow the example of Argentina and default.
Unlikely as the Eurozone cannot be seen to fail, no matter what it costs its unwilling citizens.I'd have thought a 'Europe' containing GB, France, Germany and maybe Holland, Austria and a couple of others would have been very sound indeed. What did the new raft of countries actually provide other than a precarious tax take and annual payments to Brussels. I suppose Belgium should have been in my list as well.
Of course this is all rubbish as it would have to have happened in the 70's.
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