If Greece Fails

[erudne]

Reporter
Trading in all securities has been temporarily suspended on the New York Stock Exchange. The exchange posted the news on its website, saying "additional information will follow as soon as possible." The halt began at 11:32 a.m. Eastern. In a statement the NYSE said it was working to restore trading activity. "We're currently experiencing a technical issue that we're working to resolve as quickly as possible. We will be providing further updates as soon as we can, and are doing our utmost to produce a swift resolution, communicate thoroughly and transparently, and ensure a timely and orderly market re-open," said a NYSE spokeswoman via email. Trading on other exchanges appeared to be normal.

http://www.marketwatch.com/story/nyse-halts-trading-in-all-securities-2015-07-08

 

[jbett98]

I think you can remove the "If" in the threads title.

 

[erudne]

http://www.zerohedge.com/news/2015-07-08/it-has-begun-greek-businesses-now-listing-prices-drachmaAmusingly, Greek businesses do not appear to be waiting for the official word from Athens to fall back on euro alternatives.
The image below was sent in by a tourist who went to a cafe in Greece where the menu prices are now back in Drachma:

 

[erudne]

Greece Submits New Loan Request, As Prime Minister Takes Defiant Stance



Their chances of getting this loan are only slightly worse than Rachel Dolezal winning an award at the BET Music Awards

Via NY Times:

Greece, running out of money and under a tight deadline from European leaders, on Wednesday requested a three-year loan from the eurozone's bailout fund.

http://www.weaselzippers.us/228555-...quest-as-prime-minister-takes-defiant-stance/

 

[Just Jim]

Might want to watch the Japanese stock market tomorrow and China. 3.5 trillion lost in the Chinese market since june.

 

[erudne]

China Just Nationalized $6 Trillion In Stock Losses



Via Breitbart:

China's stock market had what traders call a "Dead Kitty" bounce on Thursday as the communist authorities dispatched police and security personnel to "encourage" insider-buying and to arrest short sellers. With the Chinese market still highly inflated even after falling $3 trillion in value, China took action last night to "nationalize" about $6 trillion in losses.

China is about to show its third straight quarter of negative real (after inflation) GDP growth. The nation had been relying on a stock market boom to play a "decisive role" in funding the nation's "Silk Road" reforms to transition to a consumer economy.

Keep reading

 

[erudne]

Everything Goes! Greek Government Mortgages the Country's Airports, Banks and Infrastructure to EU Debt Collectors

A central part of the deal requires that some 50 billion euros in Greek assets be escrowed in a liquidation fund:

Granted said fund will not be domiciled in Luxembourg as was originally envisioned, but Europe will still have control and first refusal rights over what are technically Greek properties, in the process Athens handing over about 25% of Greek GDP (and sovereignty) over the Brussels.

What are these assets? For the answer we go to the horse's mouth, Jeroen Dijsselbloem, who laid out the holdings of the proposed Greek privatization that would be sold off as follows: "it still is going to be an independent fund, valued at €50 billion which can be airplanes, airports, infrastructure and most certainly banks."

In other words, Zero Hedge's Tyler Durden notes, the country is going to be sold off piecemeal in order to satisfy its debt and its creditors. Further, none of the proceeds from the piecemeal sales will ever go to the Greek people; they will all go to Greece's creditors

 

[Just Jim]

When they sell the USA for our 18 trillion dollar debt they will start with the oil.

 

[erudne]

When they sell the USA for our 18 trillion dollar debt they will start with the oil.

This may be why TX is labeled a Hostile State by Jade Helm, the Fed owes them a Billion dollars so TX would be a creditor when the US sinks and could legally declare itself a Republic once again(?)

 

[Just Jim]

This may be why TX is labeled a Hostile State by Jade Helm, the Fed owes them a Billion dollars so TX would be a creditor when the US sinks and could legally declare itself a Republic once again(?)

Texas would be smart to get out now but they won't fearing a civil war. I bet they do leave the union when the banks start raping us with their debts. They don't even know how many trillions in dirivitives debts are out there. When it all falls down all you will have is what you physicaly have in your posession.

 

[erudne]

Spain: Chinese Group Buys Ciudad Real 'Ghost' Airport for €10,000

A group of Chinese investors has bought the abandoned airport at Ciudad Real for €10,000 after submitting the only bid for the facility at a court bankruptcy auction.

On Friday, Tzaneen International was awarded the land and buildings, including the runway, hangars and control tower at Ciudad Real Central Airport in Castilla-La Mancha — the first major airport to be built in Spain with private investment.

However, the Chinese group will not control the terminal or the parking areas, according to the terms of the tender.

Little is known about the group except that it is an "investment vehicle" registered some months ago in Spain with the sole purpose of taking part in the court-sponsored auction

 

[erudne]

Texas would be smart to get out now but they won't fearing a civil war. I bet they do leave the union when the banks start raping us with their debts. They don't even know how many trillions in dirivitives debts are out there. When it all falls down all you will have is what you physicaly have in your posession.

<broken link removed>

http://gatesofvienna.net/2015/07/gates-of-vienna-news-feed-7182015/#218754

 

[erudne]

Italy: Ex-Minister Savona Calls for 'Plan B' To Exit Euro

Italy must settle the issue of its debt, says on Grillo blog

(ANSA) — Rome, July 15 — Paolo Savona, the Italian economist and former government minister, has warned that Italy "must have a plan B" to exit the euro.

Savona, who served as industry minister during the Ciampi government in the mid 1990s, said that if "Italy were caught unprepared, it would be a tragedy".

"If Italy hasn't already done so, it must have a plan B ready in the event of an end to the euro or a need to exit from it," he wrote on the blog of Beppe Grillo, the leader of Italy's anti-establishment 5-Star Movement.

The economist said that Germany has proclaimed itself the "commanding country in Europe and has used Greece to reaffirm this role".

Since "the [Greek] agreements are badly constructed and signed by countries with intentions to dominate, they won't have a long life", he added. He wrote that soon Italy could face problems.

Savona also wrote that Italy must soon settle the issue of its debt, which he suggested could be restructured in a similar to way to what was requested of Greece, in the form of a guarantee plan.

"The high level of Italian debt is the key reason for which we may be blackmailed into 'making reforms' and to ensure that the power within Italy stays with those that have invoked and perpetuated this state of international subjugation."

— Hat tip: Insubria [Return to headlines]

Italy: Social Security Fund Posts 12.7 Bn Deficit

But INPS says systems sustainability 'not at risk'

(ANSA) — Rome, July 8 — Italy's State pension and social security agency INPS said it posted a deficit of 12.7 billion euros in 2014. However, the agency stressed that its operating deficit was much lower, 7.8 billion euros, adding that the sustainability of the social-security system "is not at risk".

INPS added that its net worth rosed from 9.028 billion euros to 17.952 billion thanks to the State covering debts from INPDAP, an agency for public-sector workers that has been incorporated into INPS.

— Hat tip: Insubria [Return to headlines]

Italy: Jobs Act Failed to Produce Steady Jobs Rise Says CGIL

'No steady growth in new employment' says Sorrentino

(see related) (ANSA) — Rome, July 10 — CGIL trade union said Friday the Jobs Act has failed to produce a stable rise in new jobs.

"The number of permanent contracts has decreased against a constant rise in temporary ones, and there is no stable growth in new employment," CGIL Confederate Secretary Serena Sorrentino said.

"That is the product of the Jobs Act".

She was reacting to positive jobs data released by the labor ministry earlier in the day.

— Hat tip: Insubria [Return to headlines]

Italy Housing Prices Slump

-3.3% in Q1 2015, only Latvia worse in eurozone

(ANSA) — Brussels, July 9 — Italian housing prices slumped 3.3% in the first quarter of the year compared to the same period of 2014, according to the latest data released by Eurostat.

The only eurozone country that fared worse than Italy was Latvia, while prices for residential dwellings in the eurozone grew on average 0.9% on a yearly basis and 0.3% quarterly.

In the EU the rise was of 2.5% ( on a quarterly basis).

— Hat tip: Insubria [Return to headlines]

Italy: Crisis Hits Young People, Old Spend Less

Couples under 35 consume less than over 64s for first time:Istat

(ANSA) — Rome, July 8 — The economic crisis is hitting Italian young people and for the first time couples aged under 35 are spending less than those aged over 64, the State-run Istat statistics institute said Wednesday. The lowest spending levels, taking into account family size, were registered where heads of family were aged under 35 who on average spent 100 euros less than couples over 64, Istat said.

— Hat tip: Insubria

 

[Just Jim]

http://www.businessinsider.com/a-ch...billion-dollar-ghost-airport-for-10000-2015-7

 

[erudne]

UNHCR Says Greece Faces 'Unprecedented' Migrants Emergency

1,000 people per day arrive in the country by sea

(ANSA-AP) — BRUSSELS — The United Nations' refugee agency says Greece is facing an "unprecedented" emergency as people fleeing war and poverty at home continue to stream into the country's islands in huge numbers.

The UNHCR said Friday that 77,100 people have arrived to Greece by sea at an average of 1,000 people per day. The agency said Greece's bad economic situation is putting severe strain on small island communities that are unable to cope and urged European authorities to help before things get worse.

It said most of the refugees arriving to Greece move on in hopes of reaching western and northern European countries and passing through the Balkans, which has seen a nine-fold increase in asylum applications in the first half of this year as compared to the same period in 2014.

 

[Just Jim]

http://www.washingtonexaminer.com/r...rants-under-obama-400k-yearly/article/2568566

 

[Just Jim]

We are Greece...

 

[erudne]

We are Greece...

We are Toast

 

[mkwerx]

But, but the government is there to help and take care of everyone....























What scares me are people who still think a unified "american" currency ie the 'Amero' is a good idea.

We see how the EU is worthless and the major players in europe use their own currencies still. The American petrodollar may be near worthless but an Amero and "American Union" ie Mexico (and all the little jerkwater nations between Panama and it) plus Canada and the US joining up and merging economies anymore and creating a new currency scares the bejezus out of me.

May as well trade sheets of toilet paper. Itd be more useful and not leave ink stains or traces of cocain on your rectum...

Greece is getting flooded with "refugees" who speed up the sinking of the ship. Sounds a lot like the Mexicans and other assorted immigrants flooding across our border. Note that neither country does more than lip service to stop it.

Who do we go to for a bailout? China is going broke. Europe? Not likely.

When our reset button gets pressed things here will make Greece look like a Sunday picnic.

I hope I dont see it in my lifetime nor my son's.

 

[erudne]

nobody will bail us out, never have to date but a return to actual capitalism and the US Const. would do a lot to turn the situation around