GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT

Wall Street…who gave it a map of the future?

DOCUMENTS RAISE AWKWARD QUESTIONS FOR WASHINGTON, IMF & BERLIN

*****See the update of this piece + new evidence in US & Berlin here.

A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.

Senior bankers on Wall Street have been given detailed documentation setting out a timetable to Greek default, including firm dates and technical ‘orders’ about last use of the euro as a currency there. The revelation arrived at Slogger’s Roost last Monday, since when I have been trying to obtain corroboration. This arrived in the early hours of today (Thursday). One of the banks is Barclays Capital (Barcap) run by controversial figure Bob Diamond. The other must remain anonymous for the time being, in order to protect sources.

The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd . At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order. All major banks ‘are instructed  not to deal with euro exchange  as of open of business in Greece on Monday 26th march. All Greek markets will close for one day ‘at least’.

As yet, I have been unable to establish the source of the documents. But one of my informants admitted, “I have strongly suggested to Greek business friends and clients that they sell up fast, do a sale and leaseback on property, empty bank accounts, and change to a hard currency.”

I have little doubt that such a critical path analysis leading to default in Athens can be easily brushed aside as contingency planning. But this is not the impression Slog sources were given: and its existence is bound to further raise suspicions in ClubMed about the real intentions of ‘EU Nord’, Washington and the Troika – especially the IMF. In particular, the alleged creation of the document both supports (and/or coincides closely with):

1. Washington going cold on further IMF funding

2. IMF intervention in the Athens debt talks

3. Persistent rumours surrounding Wolfgang Schauble’s plans

4. Evidence previously assembled by The Slog  concerning Americo-German coordination

5. A string of delaying tactics by senior EU and Troika officials since mid January.

Reviewing the timeline of the Greek Debt Marathon, the back end of it is pretty obviously one of persistent sabotage from Berlin, Brussels, and the IMF:

1. It’s the second week of January 2012, and the bondholder deal is a few small steps away from lawyers crossing t’s and dotting i’s. Enter Schauble saying the haircut is nowhere near short enough. Bondholders’ leader Charles Dalloran walks out.

2. The Troika barges into the Athens/Bondholder talks, and they turn into chaos, then grind to a halt.

3. FinMinCom meets in Brussels and several encouraging noises are made about progress towards a deal ‘over the weekend’. Enter Merkel bearing demand to fire the Greek Government and replace it with an EU commissioner. This produces four more days of circular delay, following which Nicolas Sarkozy declares that the German demand was never a demand.

4. Lucas Papademos gets personally involved and strikes a deal with Dalloran. Then he extracts the support of all Party leaders for the deal. We’re almost there. Enter Schauble and Brussels saying no, your economy’s worse than we thought – we need a closer haircut and more savings.

5. The troika is now talking direct to the bondholders with Athens outside the loop. The creditors feel on the back foot. They agree to a lower percentage rate for the new bond issues and a 70% haircut. Venizelos meanwhile focuses on finding additional savings. Papademos intervenes again with leaders and creditors. We are now ‘hours away’. Mario Draghi says no, the haircut is too close for the ECB, and not enough for everyone else.

6. Draghi relents a little, the bondholders say they are “tentatively flexible”. We’re two small steps away from a deal. Enter Schauble moaning about £325m of savings unaccounted for…a thousandth of the total Greek debt.

6. Tempers get inflamed back in Athens. Greek leaders start muttering about doing what they have to do, getting the deal signed, and then having elections. Berlin and FinMinCom demand that all Greek Party leaders sign a document ordering them to stick to the deal regardless of election results. This loses another two days….but the bondholders are still keen to sign.

7. The German Bundesbank leaks a story to German newspaper Handelsblatt saying the Greeks will not be able to satisfy bondholder demands, and thus technical default is now a certainty. The story is traced back to the office of anti-bailout hawk Jens Weidmann.

8. Deutsche Mittelstands Nachtrichen runs a story claiming another 2.5 bn euro hole has been found in the Greek budget proposals. The story is deconstructed by The Slog and others and turns out to be complete bollocks. But the FinMinCom meeting in Brussels is postponed, and replaced with a conference call.

9. Merkel says she doesn’t trust New Democracy leader Antonis Samaras. Athenian leaders must now sign another pledge after the additional 325m euros of savings have been found and agreed. They all sign (Wednesday morning – yesterday – 15th February).

10. Yesterday afternoon, the EU finance ministers’ conference call begins to talk about cutting its losses. A firm proposal is tabled – by Berlin, it seems – to divide the next bailout tranche into smaller slices. The next Com meeting is put off for six days.

11. Schauble describes the Greek debt as “a bottomless pit”. Merkel joins the fray by suggesting the bailout be put back until after the April elections. This clearly makes no sense, as from March 16th Greece will be in technical default without more money. But Schauble adds that indeed, Greece should postpone its elections…..and “install a technocrat government similar to Italy’s.”

12. Wen Jiabao makes nice noises about what a fine place Europe is to visit, but van Rompuy and Barroso come away predictably empty-handed.

13. Thursday dawns with everyone wondering where we are. Venizelos accuses “forces trying to push Greece out of the eurozone”. German government spokesman Steffen Seibert calls this “false” and adds, “I can state quite clearly on behalf of the federal government that Germany has taken no such decision.” Nobody said you had, Ducky. Berlin briefs on amphetamines about Angela Merkel being ‘resolutely opposed to default’. A majority of market opinion leaders and bondholders think the EU is bluffing, reports the FT. But a French source tells The Slog earlier today he thinks Germany “is talking from a position of strength. There is no doubt in our minds [in the Elysees] that Berlin has the necessary plans in place.”

We’re but an hour into the working day EU time (1hr ahead of GMT) and already the main EU players are busy installing further roadblocks. Boss of radio Luxembourg Jean-Claude Juncker said, “Further considerations are necessary regarding the specific mechanisms to strengthen the surveillance of programme implementation and to ensure that priority is given to debt servicing.” An intention as vague as that could take forever to fulfil….or until March 23rd.

A senior German official quoted by Reuters has added: “Questions remain that are very important to Germany and other member states about the sustainability of the programme.”

Ultimately, not even the Germans can see into the future: this is get off the pot time….but only if you’ve been devious for some time about being on the pot in the first place. The Slog’s recent profile of Angela Merkel demonstrated beyond too much doubt that the Fuhrerine in Berlin is more than capable of being devious.

In the last three weeks, several EU officials have pumped out the line – over and over again – that Greek default is no longer the bogeyman people thought it was….or to be more precise, they told us it was. “It would have led to a credit crunch immediately and hurt us all,” said a senior eurozone official. “Now, the odds [of such a catastrophic impact] are something like 10-20%. It’s still possible, but it’s not a certainty.”

First of all Draghi pumps money into the banking system, then the Troika/Berlin axis slows everything down. Now awkward facts come to light about the existence of ‘a plan’ which would protect America – by dumping the Greek contagion – and help the eurozone by concentrating  the bailout cash available to save the bigger players: Italy, Spain and France. An unpleasant phrase is doing the rounds in Brussels at the moment: ‘amputate and corterise’. It’s certainly beginning to look like that. And without doubt, that’s the way Mario Monti sees it.

Were I Greek, Portuguese or Irish, I’d be a worried man this morning.

New post since yesterday: Wall Street’s role in destroying the Iranian rial

Related: Italy’s Monti makes a play for Greece’s bailout cash.

The oddly self-serving rigidity of Angela Merkel.

343 thoughts on “GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT

  1. What amazes me is the continued view that these people are in control of events (as opposed to the other way round). There is no doubt Greece will default and the contagion will not (indeed cannot) be contained. Portugal, Ireland, Spain and yes even Italy will quickly follow. Be interesting to see what happens to the EU (I reckon a split, questions is where does France go?)

      • Hi,
        In the face of so many problems and issues, the markets (indices) have carried on powering ahead, much to the amazement of all the bears out there.
        Now, I am not familiar with the owner of this blog and I certainly do not want to be even remotely suggesting that there is anything underhand going on here (after all, we all read the blog, think about it and then we each make our own mind up, right?) but … maybe just … has someone bothered to consider the alternative?
        Could this story just be a plant, to get the bears, the doommongers …. to pile in huge amounts of short positions ahead of the 23rd March deadline, only for the weekend to pass with no announcement of default at all, followed by the mother-of-all short covering rally sending indices to the stratosphere?
        I have no proof a that either of course, but it’s a thought and it come from the fact that we live in a world where the actual headlines now rarely describe accurately what is happening just below the surface.
        Food for thought, that’s all.
        Cheers.

    • Hello everybody,
      I m a French citizen and I want to aswer to your question about France in this mess !
      So, we are in election campaign now and all french media and politics lies or forgive deliberately to tell the thrust about what happen really in EU, USA and the world.
      Almost french people doesn’t know what happen really : our democraty stealing throught financial crisis and EU response… Like today, the EU MES which is vote on our gouvernement, is blacklisted in our media, and is a piece of democraty stealing.
      The worst of all, french election campaign is already overide by the “1%”. We have everyday just two candidate ; Sarkosy anf Hollande. Apparently, Bilderberg has already choose Hollande to be the next french president…

      But we have also one candidat which is blacklisted in our media : Francois Asselineau. He’s “Union Populaire Republicaine”‘s candidate and the only one telling the thruth abou EU and the “new world order” comming. The aim of the UPR is to restore democraty in France. Democraty stollen by EU, like Greek…. Their website : http://www.u-p-r.fr/
      I think is the best hope for us to not finish like Greek and restore democraty in EU.

      In back, I ask USA’ citizens in this blog : I heard about NDAA laws and a lot of demonstrations of opinion. What happen really in your country, USA i mean ? From my point of view, this is not really like your movie want to tell us…

      Faithfully,
      JM
      A French / World’s citizen

  2. March 23rd is after March 20th, I’m quick like that. So if the Greek payment is not met on the 20th surely the actual declaration of default will be a no brainer? It would make the ratings agencies look very strange (even stranger?) if they didn’t call it.

    • Several threads ago I posted that March 20th would be the actual day of default and I’m sticking with it. Many disagreed, opining the ‘market’ would decide way before then.
      It all comes back to the CDS and notwithstanding what ISDA might unilaterally declare, in a default insurers are going to have to stump up or become insolvent.
      So why all the delay and obfuscation? Many of the CDS are written against indices and currencies, so the ‘stumping up’ then becomes a claim against these assets. Unlike options and futures which should equal the number of available shares and are thus covered, derivatives may be sold in whatever quantities. There are a lot of squeaky bums out there deleveraging and buying up these underlying assets to meet their obligations. This demand also explains why the markets remain buoyant.

      • @Milly

        well said. I wonder with this level of de-leveraging if some will still find things difficult. Afterwards will not be pretty though as the markets start levelling off – or falling. That will be a time when political courage* becomes necessary.

        *Is that an oxymoron?

      • ” Unlike options and futures which should equal the number of available shares and are thus covered, derivatives may be sold in whatever quantities.”

        There is so much wrong with this statement I don’t know where to begin… All I can say with certainty is the author hasn’t got a clue what they’re talking about.

      • @James Cole

        “There is so much wrong with this statement I don’t know where to begin”
        – – – well start here: whilst not infinite, it was pretty big in anyone’s book – bit.ly/nXSawd

        Oh, and that was one bank, and a recorded transaction. How many more are there doing precisely the same things?

      • Gemz, options and futures ARE derivatives. Two of the three main building blocks, in fact. And they don’t necessarily have to be backed by an underlying asset – in may cases, there is no underlying asset (say cash settled on an index for example)

        Not going to waste any more time, the ignorance of the poster of such basics makes it clear their opinion is worthless.

      • @James

        I thought you had a bigger gripe than that simple mistake. I really thought you might have been onto something, so as you say, drop it.

        BTW I know my derivatives, and how they work, on and off the books.

      • Greece will not default on the 20th, as this is a Tuesday..
        The default will, by default, be done on a Friday just after closing time of the banks. This to prevent a further bankrun.

  3. It looks to me that somewhere between it being a “plan of action” and a “contingency plan” lies the hard truth.
    It’s a plan that’s been fleshed out and will go ahead automatically without further discussion unless ongoing negotiations produce results that prevent it. The timing and sequence of events on the weekend 24th/25th March is exactly what we’d expect. Everything that’s going on now is hard ball brinkmanship, with Germany/Troika et al pushing Greece as hard as possible to buckle. The IMF’s involvement would be to step in and provide emergency funds to Greece when the plan is enacted.

    Greek people still have time to get their cash out of their banks and move it elsewhere before the curtain falls…

    • @BT

      The Greeks – like the Brits, the Spanish and Portuguese – have all had ten years of cheap money that would allow them to re-invent their ailing economies into ones fit for the 21st century.

      • Add the US, France, NL, Italy and all other EZ members to your list. There’s not a single nation who didn’t pump cheap money into their economies for consumption.
        As I’ve said a thousand times, the prime blame for this mess must go to governments for gross mismanagement of their economies. The banks have a lot of blame too but they were the conduit for cheap money. EZ member states also have blame but IMHO they all believed they’d joined a currency union with a payer-of-last-resort (ie Northern Europe).

      • @BT

        why include Germany in the list of members? They alone have used the last ten years to their advantage. Sure, they used the other nations – but they too were part of the deal, they did not have to borrow that money from private banks.

        In the mean time, Germany has industries that are world class: Britain France and Italy could all have helped them – and benefitted in the process. Instead they simply borrowed.

        As to the Netherlands, well, their economy is now officially in recession. However, they at least have not been printing money to get themselves out of a hole. That Draghi has does not mean that he will find it being paid for by Germans or Dutch taxpayers – who have said for long enough that there should be no printing.

      • @Gemz:
        It may be unfair to include Germany in the list of nations who borrowed and spent over the last decade. I dunno, I’m not that close to Germany. However, their banks were major players in the conduit for loans to other EZ sovereign nations, so have some blame in that respect. Sure, NL hasn’t been printing money but that’s because it cannot. I think the only way other EZ nations might pay for Draghi’s money-printing antics is by way of inflation and neither Germany nor the NL will avoid that if it happens. As for Britain, I’ve never defended the gross negligence of Gordon Brown in his mis-management of our economy. He ought to be in prison doing time by now.

      • @BT

        yes, the German private banks were complicit: but this is why I say that part of the EU problem is poor fiscal regulation of their banking/lending systems. The German banks made fortunes from Clinton’s crazy mortgage ideas – and it flooded into Germany, where it had no home. It went where it could – the periphery. They used the weakness of the peripheral lending system to their advantage.

        Two issues here: firstly Clinton and Bush and every successive president from then (all right-wing socialists I wonder?) allowed this state of affairs to become entrenched. Secondly: France did not like Germany’s idea of tightening up fiscal regulations on their banking systems. Was this something to do with a French penchant for American money?

        As to Brown, well enough said: but that Cameron is now equally if not more culpable for doing pretty well the same thing – but under a blue flag not a red one. Perhaps they should just dye them purple and forget about their “differences”? Remember that Cameron’s austerity measures have achieved almost enough to … umm … well … ummm … “we will have to think about this, Ozzie”. Remember he is an Easterner that comes under the influence of the east … Magdalen college is east of Brasenose … only spies/lefties also came from Christchurch college, which is west of Brasenose.

        Bang goes my theory …

        As to inflation in NL, yes, there is inflation. It is growing at around 2-3% on the books. To my mind if Draghi’s antics become publicly understood, there will be some serious demonstrations at hand.

      • Brown and Blair should be in the stockade’s so that we can throw rotten fruit at them everyday on our way to work. BT I’m with you 100% on blaming the political classes for this mess. They love spending other peoples money and the fact that we cannot hold them accountable. Just voting them out of power is no longer enough. Cameron is a socialist and flies a green and yellow flag. He is getting all the political pain of real cuts, having made no cuts to real waste, and is seeing no improvement in the economy because removing waste must go hand in hand with removing the regulation that is strangling all growth prospects.

        In other words our political class don’t understand how we got into this mess and therefore are clueless as to how to get us out. And they won’t learn until we are able to extract a pound of flesh from them.

      • Gemz’s “virtuous Germans” meme is really beginning to get on my tits. The present situation of the Krauts is nothing to do with virtue or vice, or being “fit for the 21st century” whatever the f*** that’s supposed to mean. It is due to different economies with profoundly different dynamics, at different stages in the business cycle, combining monetary systems at the wrong time and in the wrong way. So those operating a fiscal surplus with high growth rates at the time, (Ireland & Spain) who needed a tight money supply with higher interest rates, were together with untrustworthy liars (Greek politicians & banksters) who shouldn’t have been allowed in at all, combined with the Germans – who at the time had growing deficits & sluggish growth and needed a loose money supply and low interest rates. Well, there are 82 million Germans and only 4.5 million Irish, so the ECB did what the Germans needed. Anyone with half a brain could see this was complete folly and would lead to the eventual wreck of the Eurozone. So what happened? The periphery get a flood of cheap money and an unsustainable boom followed by a huge bust and the Germans get an undervalued currency and low interest rates which allows them to engage in mercantilist plundering of the rest of the Eurozone. Now the others need the lifebelt of loose, cheap money, Merkel stands on the drowning mens heads by demanding tight money. This in turn may placate readers (viewers?) of Das Bild, but if they get their way they are going to turn this fiasco into a debt deflation across the entirety of Europe. Their stupidity is a wonder to behold. Clearly a lot of people in Europe don’t even have half a brain. But they could go on their holiday without changing their money! What a bargain!

      • @Sebbie

        so tell me, big boy, how is it that Britain with all its freedom manages to be in the same boat as Spain? You guys have the chance to show the rest of Europe how to do things – and instead you are trashing the economy for all to behold!

        Why???

        As to “getting on your tits” – – – well it jolly well should! If the British really knew their game, they would have shown it to all. Remember this too: the periphery did not have to borrow that money any more than Britain had to print its own. They could have been sensible, but they were not. Now the day of reckoning has arrived, and there are problems. Just like Britain – or will be when the markets awake from their profit-induced coma.

    • Chris
      I was a bit bog-eyed this morning, sorry! Perhaps this is what happens when Don Cortes runs somebody through….”Curses, for I am corterised”.
      J

    • BT
      Re contingency/action plan comment.
      I think you may well be right: not even these lunatics think they can control everything. But if you look at the dates and tranches and whatnot, there is limited movement.
      It was the 2nd source who pushed me over into running it: he was very clear that it was an expected outcome to be organised – not a contingency.
      As you say, it’s a grey area.

      • John, I think you’re quite right to describe it as more than a contingency plan. It is a plan of action. Perhaps the signficance of it is that it will go ahead automatically without any further EU summits/blabfests/debates unless Greece bends over. Judging from the current war of words being thrown by all sides, that looks increasingly unlikely. But who knows…

    • “Greek people still have time to get their cash out of their banks and move it elsewhere before the curtain falls…” Not many of us have any money in the bank and those that did have moved it ‘Swiss bank accounts’ – I don’t know about the rest of the Greek population – but I haven’t even been able to pay my mortgage this month – first time ever! We are owed 100,000 euro from people who have built houses and not paid for their building materials. The poor people are the one’s suffering not the people who are lucky enough to have ‘money in the bank’

  4. For the EZ in 2012,read Slater Walker Securities 1974,a sprawling conglomerate whose associates had mountains of unsecured debt,kept afloat by conjuring acts,up to and including the failed attempt to merge with Hill Samuel,then a decent bank.As the pack of cards collapsed, and the markets realised there was no parent company guarantee,the whole caboodle went under,good and bad.Remember.Jim Slater’s version of events was aptly titled ‘Return to Go’.Plus ca change.

    • @William

      Slater Walker would have been kept afloat by those still profiting from his scams. Until the last day, that is. That is why the markets are always behind the curve with this sort of scheming – they simply make too much money and blind themselves to the reality of the situation.

    • Napiersabre, (off topic)
      thanks for your reply a week or more ago re. The Sabre Engine, reading my question later, it sounded a bit intrusive, if you thought so, I apologize. But the name intrigued me as during the 40´s and 50´s I lived near Gloucester and saw the Gloster Meteor flying overhead on most days and I began to wonder how we came to lose all those world class engineering companies and the pride they invoked for all who were even remotely connected. In those days we were steadily confident in whom we were and what Britain had achieved but I´m rather at a loss to know what the young have to be confident and proud about today. Drugged pop stars, cheating, drunken sports men, conniving financial manipulators or incompetent thieving politicians?
      (Back on topic)
      Those of us who have any pride and decency left need to take back control of the political system, select and elect people who will represent us, the people, not the party, not financiers and not bureaucrats. We need to start at the local level, that´s an achievable task.

  5. Sounds spot on to me, so much for the big happy Euro family. ” All for one & one for all” bollocks, there’s no doubt who is the big Daddy & all the others know now that hey had better behave themselves or else.

    I think you’re right about the other small fry, what price Ireland’s low corporation tax rate when they eventually need more cash ?, especially if Sarko makes it back. Ireland & Portugal kept on a leash until properly pillaged? or will people start to cop on to the fact that, despite their politicians lies & grovelling that they might end up like Greece & be dumped anyway, but only after being bled dry. Will the Greeks realise the truth that their politicians out of self interest sold out their own population ?, backed by a constant stream of disinformation from their media & will someone be held responsible for what I personally would call treason ?.

    • @Stevie

      “Ireland & Portugal kept on a leash until properly pillaged?” – to my mind you can include a few others in that too, including the Germans.

      As to “treason” perhaps; it is more like the politicians are acting out of fear, whipped up by those who understand emotions better. I mean the Goldman-Sachs ability to “lead the herd but diverge before the cliff edge” whilst the others merrily continue. You can play this with the markets, you can play it with nations or a business or an individual. Vulnerable people (those who do not understand their own emotional reactions) are easily abused.

      • Gemz

        Some time ago those in Greece with large assets moved a lot of cash into Swiss deposit boxes. From what I can gather regarding most Greek politicians backgrounds, I would be very surprised to hear that they hadn’t also taken advantage of this service. I think that these people like most of the World’s politicians went for what they considered the easy option, because at the end of the day, they probably thought that whatever the outcome, they personally would end up smelling of roses, as they usually do. They did not properly consider any other options, like Iceland’s example or listen to people like Stiglitz, Michael Hudson & others, they went along with the Neo-con philosophy without blinking, they basically sold their democracy, sovereignity & their own people down the river. Used the media to spread disinformation & basically lied through their teeth, for what purpose ? to end up where they were at the beginning but in a very much reduced state, for facing life outside of the EU. The Troika have basically achieved all the aims of fighting a war, but without firing a single shot. I would call that treason.

        I’m afraid I can’t equate the Germans potential suffering to the level of the Greeks. From a report I read the other day they seem happy with Merkels treatment of the Greek unter-menschen, as she is now doing well in the polls. Unlike in Greece, I am not aware that Germany’s suicide rate has massively increased or their children are starting to suffer from malnutrition, only that their bankers seem to be one of the only winners in this disgusting episode. This time round Ackerman or his replacement should be throwing a party for Merkel.

      • @Stevie

        “I’m afraid I can’t equate the Germans potential suffering to the level of the Greeks.” – and nor can I. But remember this: over the last ten years, Germans have seen their incomes and lifestyles reduced. Greeks in the mean time have seen their incomes and lifestyles increased (dramatically in some cases). Where then is the difference?

        The Germans could still pay for the lifestyle they had; the Greeks had borrowed theirs on the cheap.

        This is not about people having to suffer or not: it is about sensible government. Germany’s government – under the influence of people like Gerhard Schröder – made it competitive having been “the sick man of Europe” only some years previously. What was his reward for this? He is voted out in favour of Merkel.

        You can deal with these issues when it is possible to deal with them: Britain, France, Spain and Greece are good examples of how not to do this. If it hurts, they have nobody but themselves to blame. It will hurt in Germany enough.

      • Stevie Finn:
        : “This time round Ackerman or his replacement should be throwing a party for Merkel.”
        Don’t worrry, Stevie! They reguarly do just that!

      • @Luther

        if Judas goat the Greeks be, then they have willingly stepped up to the plate.

        Remember that they – like the Brits, Portuguese and Spaniards – had an economic situation to deal with: poor competitiveness. You can increase your competitiveness in two ways, make yourself cheaper or make your goods better and sell them on name and quality not price.

        Britain has chosen the first, and has devalued its currency to encourage its economy (sorry that should not read “economy” it should read “banks”). Greece could not do this, so it borrowed cheap money instead – which is what Britain would have done without the ability to trash its currency instead.

        Those businesses that are successful in this modern world – Japanese, German or American – all do so on one point: quality. Forget that and you are toast next year. Guaranteed. It goes for all businesses across the world, in China too nowadays.

        You had your opportunity and you spent it on cheap wine in the summer.

      • Gemz

        The difference is that firstly the Greeks should not have been fiddled into the Eu in the first place. Secondly, How is it that the sensible German way is abandoned when it comes to others ?. They have strict lending practises, & a high rental sector of good value which helps in the avoidance of sub-prime property bubbles, etc etc, but it is seemingly OK to forget all these sensible practises when it comes to flogging sub-prime loans etc to all & sundry, & turning Dublin, with the help of the Irish Greedocracy into Europes financial whorehouse.

        The ordinary Greek citizen has been shafted from all directions, whereas the Germans have been protected from the worst excesses of the financial panzers & their supporters. It’s kind of like a teetotal nation selling cheap booze to one that is not, & then criticising them for getting drunk. The Germans have a long way to go before they get to the stage that is awaiting the Greeks.

        It strikes me that it is a sign of how things are so totally screwed up that people are suggesting that we should all turn into Prussian type Teutonic super efficient robots in order just to survive, What a world, humanity squeezed into nothing more than a thing of production, a commodity, they can all kiss my arse goodbye.

      • @Stevie

        “that we should all turn into Prussian type Teutonic super efficient robots in order just to survive, What a world, humanity squeezed into nothing more than a thing of production, a commodity, ”

        on the one hand you are right. On the other, you are wrong.

        I will explain: Germany does not sell its wares as commodities per se. It sells them on two levels, both of which mean no commodity status: (a) as a luxury or branded good and (b) in a niche that nobody else can supply.

        Britain in trashing its economy is acting in the commodity market and there are few countries on this planet that can match Britain for ingenuity and invention. So why bother with commodities? China can do that for us – at least in the short term. I will remind you that Britain has the sort of inventiveness that would drive the German machine into the future. German inventiveness lies in the manufacturing of durable goods, not in their discovery (well, it is not their forte, shall we say, and it is the British). You would make a good team.

        The photo you showed me the other day of your Celtic boss – why sell that as a commodity? Sell it as something truly special and unique*, wrap a few stories around it and you will find people who would then pay 10x what you would otherwise find. In short, sell it as “Proudly made in Ireland” and you have already doubled its value. If you tell some of the real stories that lie behind it then people will buy it as much for the product as the story it reminds them of – and in that respect it is worth the extra money they spend on it.

        *For all its being a resin casting, it was truly a work of art. You should be proud of that. If you need any help with the Irish legends let me know, but somehow I doubt you need much prodding in that direction. You are speaking to someone who has had a copy of McBain’s Celtic Knotwork since she first saw it at Blackwell’s when she was 19. I have never regretted purchasing it – and not just for the book, but the stories that live within it and behind it!!!

      • re Judas goat. I was referring not to the Greeks but to this:

        Gemz > the Goldman-Sachs ability to “lead the herd but diverge before the cliff edge”

      • @Gemz “over the last ten years, Germans have seen their incomes and lifestyles reduced”. Hmmm. What’s your source for this? World GDP figures show in 2001 German GDP was $1.9 trillion and 2011 it was $3.6trn. The number of Germans didn’t double in the meantime so it is hard to imagine their incomes are in decline.

      • @Sebbie

        my source was Bloomberg. I found two other sources:

        For most observers in Germany, wage moderation that took place over the past 10 years (and which was endorsed by the trade unions) was one of the key factors behind the increase in competitiveness and the higher growth rates you are seeing now.

        http://economix.blogs.nytimes.com/2011/06/09/have-german-wages-really-risen/

        There was a Bloomberg Businessweek article – but it was not the one l was looking for. Anyway, for reasons best known to JW, I am allowed only one link per comment.

        As to the increase in GDP and all that – you know as well as I do how that shares itself out! These metrics are a lot more difficult to extrapolate than just using a calculator as you did.

      • Gemz.

        I meant a world where everyone is valued on a purely financial basis, as to their productivity, as if they were a commodity, required only to make money for the rentiers. This race to the bottom is also a race to uniformity, mainly from corporations, factory produced films, pot noodle music, TV, soft drinks, fast food, chain stores. There is enough grey slush in the world, without adding to it. Thank God for the Greeks & their f*** ups, I say, & for improvisation, accidents, true artists & things of colour, we will be machine soon enough.

        Thank you for your kind words, I will keep plugging away, I can’t help myself. My ambition was always to be allowed to work at what I love till I dropped dead.

      • @Stevie

        this is not an issue of bankers here: any company that seeks to improve profits on the balance sheet first, and look after their business second comes under your “world where everyone is valued on a purely financial basis, as to their productivity, as if they were a commodity, required only to make money for the rentiers”.

        If a person cannot see that their profit is a result of hard work, and not the end in itself, then they are guilty of being your rentier.

        This is not restricted to banks, but a whole way of thinking, and an entire tranche of the modern economy. It is how China makes things – and the US and UK and Europeans who have sent their industries there to profit the more therefrom. If anyone is to make sensible profits in this new world, it will be in the manner I described above – otherwise you are simply a commodity and your services will not be appreciated.

        I had a slogan on my site (until I closed it) “You can have a cheap decorator and save yourself the price of a weekend in Paris. You can hire me and in three year’s time you will be able to save yourself the price of a fortnight’s holiday in South Africa”.

  6. I remember reading and talking about a comment left by someone who seemed to be very much in the know regarding a story in the Daily Telegraph Online. It was left about 2- weeks ago and said that March 26th was the big date which would fit in with this story. I think it also said this was confirmed but cannot remember the exact wording.

  7. @JW

    thanks for the hard work burrowing. What is surprising in the context is not that it is happening, but that it has taken so long – or as the date “25 March 2010″ by any chance ;-) ;-) ;-)

    I will add that for all Mario’s money printing – it needs to be paid for sometime. I wonder if the Germans will still be around by then.

    What ismore: it is a lot less (at present) than the British excesses. Those are truly extraordinary given the weakness of the economy, I know you aren’t in recession, but you guys would be if there wasn’t all this funny munny floating about. I just hope that once Greece has defaulted the BoE will put down its rounders bat and start to play hardball with the British banks.

    BTW Monday 25th of March falls in 2013 … it all sounds enormously fishy. Well, JW, you of all people know that by now!

    • The default date is actually 20th March (when the €14.5Bn bonds fall due for payment which Greece clearly does not have the moneyo to pay, unless if cancels public sector wages that month).
      I’m surprised the announcement date is not the previous Friday (16th) after the US markets close, gives the authorities two days (outside of Greece) and any number of days (inside Greece and maybe Portugal/Ireland/Spain, etc as their banks will close for quite a while). Maybe this is all part of the dis-information being spread about keep the sheeple in the dark and then spring it on them that thoser numbers on thier bank statements are just that, numbers not wealth

  8. Is this a part of the “”soft” default, a controlled default? It would seem to me that if this story is true, then the “default” happens when the story is confirmed to be true.
    If someone who owes you money and pays you back monthly says that next months payment is the last they can make, that’s a default isn’t it? just because you get one more payment doesn’t alter the fact that there is a default.
    Seems they are laying the foundations early.

  9. It’s a risky game, if the Greeks get thrown out but show progress on their own and “do an Iceland” will it not become an attractive idea for the rest of the PIIGS? (I live in the second “I”)

    Or is there a second layer to the plan whereby, post-default, Merkozy et al go out of their way to impede a Greek recovery to make it look like life outside of the euro is a terrible thing?

    • I think that the Germans are well aware that they have a bit of a reputional issue on this saga. Leaving any fingerprints on the subsequent mess would be too stupid for words. And while they may be deluded I don’t think that they’re stupid.

  10. @ Gemz,by June 1974,the markets were ahead of the curve, in your language,and they fully understood the reality of the situation.The then Governor( think MarK) informed the PM that Natwest could go bust, due to its new unfinished HQ.It was UK politicians ,not the markets that you revile,that were asleep as the then secondary banking crisis unfolded.The incompetence of EZ politicians, with their absurd dreams,is the problem.The markets will punish them , just as they punished Jim Slater.In Europe,millions get up every day intent on having a good time and protecting their savings for their families.The so called Euro elite, utterly divorced from the real world,get out of bed to force another ‘project’on us.My bet is that they are going to enjoy their comeuppance over Greece,and there will be voter revenge,across Europe,as the whole pack of cards slowly but surely collapses.

    • @William

      as to markets: I do not revile them in the way you say I do. However, I revile those who abuse the markets. That is quite a different thing altogether.

      The bigger problem is that few in the marketplace have the emotional integrity to realize when the system is being abused, and they with it. I do not revile them, only pity them, poor sheep.

      As to the EU elite getting a come-uppance – it will be the sort of come-uppance that the RBS bank chief got: lots of money, a nice pension. Sorry about the bonus, but they were in RBS shares anyway, so who cares? They are not interested in voters, or their revenge: leave that for the national parliaments to sort out.

      If there is revenge on the EU, it will be neither from the markets nor the voters.

  11. If the Greek Government is not aware of this, and other plans and scenarios, that would be surprising. If they already knew that the bailout was not going to happen, then why all the pantomime of the last week in the Greek Parliament? This would seem to render all their assurances of being almost at agreement over the past month to be bare faced lies.

    If Germany and Brussels are determined, as you say, to ‘amputate and cauterise’, what is to stop the Greeks crying ‘a plague on all your houses’ and declaring a default tomorrow (Fri 17/2) simply to cause as much trouble for their fair weather friends as they can?

    Something in all this does not add up. Either there are other, hidden, facets to this particular gem, or the principal players really are making all this up as they go along. Either prospect is pretty terrifying.

    • Once upon a time a thief was bought before the Calif. ‘this is the third time’ said the Calif, ‘off with his head’. ‘Wait’ said the thief ‘if you spare me I’ll teach that ass over there to talk’. ‘OK’ said the Calif ‘come back in a year with a talking ass’.
      So the thief goes off and a friend says ‘Why did you do that? You know it isn’t going to happen’. So the thief says ‘In a year’s time I may be dead. Or the Calif may be dead. Or the ass might even talk’.
      We may call this kicking a can down the road but that isn’t quite right; we know that the can will come to rest. But folks further east (starting in Italy maybe?) really do believe that the future just might be different. Hence the farce in the Greek parliament.

  12. @ David Wood – nice observation.

    Perhaps that is the date promised to the greek politicians for their new identities in SOuth America as will be required to avoid the wrath of the Greek street…

  13. How about if all this setup is meant to cause so much trouble they have to call in NATO? Nobody else will save Greek politicians at home or abroad. The Greek diaspora isn’t taking this well either, they’re going to skewer the robber class in the end.

    Political Souvlaki here we come ;-)

    • This Greek family may well be heading to UK as mummy(me) is British and I can’t sit by and watch Greece destroyed by her own government. It’s heart wrenching to see old women going through rubbish bins which are full of soiled toilet paper among the thrown out food. There are no handouts here – if we don’t work we don’t have money … simple as that. It would do Britain good to adopt that as soon as possible ….. before it’s too late!

  14. That date makes excellent sense. Just a week before Easter, so if they close down exchanges for a week from the 23rd the Easter holiday takes some of the sting out of the banking situation the next week.

  15. @Gemz,’few in the marketplace have the emotional intelligence to realise when the system is being abused’.Your words describe the Euro elite,IMHO.,who are utterly uninterested in’voters or their revenge’,in your words.You are quite correct to point out that the revenge will come via national parliaments, beholden to their own voters,thus rendering the ‘project’, EVER CLOSER UNION,as unwanted from Helsinki to Athens.The catalyst for the slow but inevitable destruction of the EU is the superiority of markets ‘reality over politicians and their dreams.

    • @William

      I agree with you about the Euro elite: but it goes further too. Most people in power – in many banks and corporations share these abilities. Were it not so, they would have better advertising for one, and would likely be more profitable too.

      As to the “markets’ superiority” – where do you suppose that comes from? The very same source that manipulates them for their own ends. Otherwise the markets would play the game until the cows came home, for all they want is a quick buck. There are those who do not, and steer a different course though you do not see them in the melee.

      BTW just press the “Reply” button to respond to a comment; if there isn’t one, press the button and your comment comes at the bottom of the pile (so to speak). I worked this out from first principles, it is the sort of thing you have to do if you want to understand how things work. That goes for the markets too.

      • Gemz – you have half explained something puzzling me, too.
        “BTW just press the “Reply” button to respond to a comment; if there isn’t one, press the button and your comment comes at the bottom of the pile (so to speak).” .. If there isn’t one (a reply button), press the button and ….. Which is the “button” not the “reply button” you are referring to? It seems I am dumber than my blogname

      • Intelligent

        clarification: the reply button I speak of is indeed the last “reply” link you see. As you rightly say, it is not a button as such, that is below marked “post comment”. Sorry. Hope this helps!

    • Finland here, not Helsinki though but Savonia in eastern Finland :D

      The “ever closer union” is unwanted here, yes, but do the politicians heed the people on this?
      Nope.

      They cannot. After ruining the finnish economy by privatizing everything of the public sector AND the stateowned industry, corporations, banks and such, that they could, they´re now holding onto the EU like it is their last saviour.

      It made no difference what kind of government we had or who were in it – a coalition or socialdemocrats, centre, rightwing, leftists, christian democrats or the greens – they were all in it just the same: sell sell sell.
      The official reason given was “paying off the government´s debt” which debt after the aforementioned “paying off” has risen and has gone totally off the limits. On top of that “we” have made different kinds of promises concernining guarantees of ESM, EFSF and other milking-contracts.

      Which reminds me: check out if the same kind of rewording to the milking-contracts is done in your country as is done here with the EFSF; the word ´loan´ is taken out and replaced with ´financing prop/assistance/contribution´
      What I conclude from this, is that we will pay without any expectations that we´re going to get something back – ever.

  16. Who can believe any of this? There have been so many stories put out
    by Merkel and her cronies, that one just cannot distinguish fact from fiction any longer.
    If it is true and is now out in the open the default will surely happen before March 20th.

      • @Laurence

        well then, you had better get some folk together to man the barricades. Looking across Europe at the recent Awaaz demonstrations – 60 in Germany, 60 in France and 8 in Britain.

        Good showing from the Brits, then! Democracy is not just about voting, it is getting your politicians to listen to you when they have slammed the doors in your face at the end of the election. Well, that was what I felt in the UK …

    • Laurence
      I’m not sure this is about belief as such, so much as wondering why the Hell they were given this plan when Berlin was screaming ‘No default’ like Hitler over Stalingrad. There is a German phrase that goes “Alles klar!”
      It means ‘everything’s ready’.
      Did you see BNPParibas’s results yesterday?
      Well, NOW they’re ready.

  17. I’m intrigued as to where this “timetable” came from because if it was in the possession of only U.S. financial institutions and not the European ones, it puts the European institutions at a distinct disadvantage, has the C.I.A. got a mole or two in Brussels. (No doubt whatsoever)

    I was under the impression that a Greek default (when is a default not a default ?) was tantamount to the first waves of a financial tsunami for the large number of the European and American financial institutions who were holding bondholder debt insurance of one sort or another, not only on the Greek sovereign debt but also for Portugal, Spain, Ireland, etc, etc.

    If it is actually the case that the various financial institutions in the U.S.A. who were apparently holding large tranches of CDO, CDS and probably numerous other acronym debt obligations on a Greek default, were somehow warned in advance by this “timetable” of a default to be announced on the 23/03/2012, would not the U.S. bankers have used the information to hedge, sell, or in someway mitigate their exposure to the impending Greek default ( maybe even transferring it to European financial institutions), to save themselves from having to payout to the Greek bondholders and then also, further hedge their exposure to the other countries that may now find themselves coming under the same sort of pressure that Greece has, if this is the case, are they not trading on information that is not in the public domain, (probably get that covered by U.S. national interest) and who is now in the frame for any default payouts that they managed to offload ?

    • @Rui V.

      “would not the U.S. bankers have used the information to hedge, sell, or in someway mitigate their exposure to the impending Greek default” – – – read Milly’s piece above.

      • @Gemz
        EU politicians don’t listen to their voters. As for manning the barricade’s,
        it hasn’t done the Greeks much good.It seem’s to me that true democracy- the will of the people – no longer exists in the west.

      • @Gemz,

        I am definitely no financial expert but when Milly stated “Unlike options and futures which should equal the number of available shares and are thus covered” the rest of the what she was saying lost a bit of credibility as far as I was concerned.

      • @Rui

        then don’t let a simple mistake obscure the bigger facts. The source she is using was posted on the Slog a few weeks ago – and if I had bookmarked it then I could have found it. Milly is quite correct to say that the current market bounce is more de-leveraging than a real and sustainable happening.

      • @Gemz,

        Sorry I just don’t follow your logic, someone makes a statement that I know from personal experience to be totally incorrect and I’m supposed to just overlook that and take everything else that they have written as totally factual, who says “the bigger facts” are factual, what evidence do I have that it’s not a bigger fiction?

        I sorry but just because you and Milly believe something is factual, does not make it factual.

      • @Rui

        then I suggest that you support your own suppositions with facts too. It is well enough to demand them of others whilst retaining your own.

        Millie quite rightly stated her case: and you trash it again, and once again, without any shred of backing it up. Why?

        Most derivative contracts are sold via PDF or Fax and are not marked to market at any time and that needs to stop. Ops and futures are.

        In short, it is time you stopped assuming that all you say is immediately backed up by facts because it is in your head. That is the first thing they tell you to stop doing at uni. It is a good training, even if you later come up with your own original ideas. So, let us have a little factual evidence for your ponderings in the future.

  18. If this crisis has shown us anything it’s that a week is a long time, let alone 5 weeks to hit their march target. A lot of solids need to stay away from a lot of fans in the meantime and those at the heart of it have never been able to show the barest hint of controlled planning.

    I think John is hot on the trail of the absolute truth

  19. If this crisis has shown us anything it’s that a week is a long time, let alone 5 weeks to hit their march target. A lot of solids need to stay away from a lot of fans in the meantime and those at the heart of it have never been able to show the barest hint of controlled planning.

    I think John is hot on the trail of the absolute truth, there’s just something that doesn’t quite fit yet. But like any bad smell, it shouldn’t take long to track it down.

    • Chris
      ‘there’s just something that doesn’t quite fit yet.’
      I agree 100%. But I think the existence of the plan needs to be out there.
      Sometimes, flushing out the existence of incriminating stuff flushes out more stuff….

      • Agreed absolutely. I’m not criticizing the reporting of it in the least. More thinking out loud as regards the missing piece of the poo-puzzle!

        Perhaps your reporting of it will act like a sort of political Dyno-Rod!

  20. Two separate sources of corroboration and the existence of a timeline with specific dates suggests that this is more than just one banking house’s contingency plan.
    I thought I had outgrown conspiracy theories but I’m now asking myself who or what at the top of the pyramid is managing this. It seems to come from a higher authority than any of those people with a public face and presence.

  21. Pingback: D-day in Greece Live Updates - Page 45

  22. Good spooking JW. You write: Were I Greek, Portuguese or Irish, I’d be a worried man this morning.
    It’s obvious you are a disguised Greek “baring gits”. The clue is in the blog’s name. An obvious reference to Greece’s second city:
    TheS’log iki

  23. I copied this from the Telegraph on 7th Feb;
    “It has been officially confirmed to the heads of the major banks by both thier governments and by theratings agencies that they will declare Greece in defaukt on Friday March 23rd 2012.

    Those banks have been told to put in place a firewall to prevent Greek euros leaving Greece as the accounts at Greek banks will be frozen pending transfer to a new currency as from Monday the 26th March 2012.

    All Greeks with cash in the banks or in euros who have not changed to a safe currency in the meantime will lose that as the currency awaits exchange and devaluation.
    Strict exchange controls will be put in place at the same time.

    Foreign banks will not be allowed to accept deposits from Greeks in any currency.
    you have 45 days to get the hell out of Greece ith your mony.

    45 days to VE day
    45 days of the Ponzi scheme destroying Greece.

    Get your cash out and later as the dust settles you can bring it back safely and start to rebuild your lives that have been shattered by the sheer incompetence, stupidity, and rank corruption of the criminals in brussels.

    I wish you well but do not waste time, get out now.”

    It was from a chap calling himself Damicol, and he later said it was from a source high up in an Asian bank………who he did not doubt.

    Game on……….

    • Joanna
      The location of that source is interesting. Asian banks are big into ClubMeds clearing out their wealth into other currencies….especially the Aussie Dollar.
      Wrong place for it, in my view: the Oz $ will collapse after Beijing’s hard landing.
      But fascinating nevertheless…

    • If you are in Greece and have cash Euros with non Greek markings – would they not still be valid in other Eurozone countries? And people in other countries with ‘Greek’ Euros, would they find they are no longer legal tender? I don’t see that they can invalidate Euros when they are still valid currency in other countries. Can you explain?

      • All euro notes are the same in every EU country, and they all have Euro written in both English and Greek. All euro notes have a serial number which starts with a letter, the letter denotes the origin of the note. Euros notes issued in Greece start with Y, Germany with X, Italy with S, etc (you can Google the full list).
        I’m in Greece and just checked a few euros notes, I have German and French issued ones in my purse, and no Greek issues, how ironic!

        Of course, the euro will still be a valid currency if/when Greece defaults.

      • @reppedoff:
        “Of course, the euro will still be a valid currency if/when Greece defaults.”

        That’s unlikely as a trading currency IMV. If Greece defaults it will leave the EZ and change currency, so bank accounts will be denominated in the new currency and if you pay money in in Euros, the bank will auotmatically convert it at the rate applicable on the day.

        Greece could do a Latin America after default…whereby serious prices are quoted in Euros but actually converted and paid over in Drachma at whatever exchange rate is applicable on the day. At consumer shop level, the local currency will always be quoted and used.

        (In Latin America/Brazil they used to price goods & negotiate in USD).

      • @BankruptTaxpayer

        I meant the Euro will be still be a valid currency in the EZ, not Greece if it leaves, in reply to @PheobeM
        ‘And people in other countries with ‘Greek’ Euros, would they find they are no longer legal tender?I don’t see that they can invalidate Euros when they are still valid currency in other countries”
        There are no “Greek’ euros. Just euros.

  24. Not sure if the author knows, but this article is being passed around the money markets by brokers like hot potatos today… you will be getting a lot of interesting hits :)

      • Not surprised
        If anyone does deny any of this then we all can reasonable suspect that they know more about it than the rest of us and that leads to the whole “media circus” following their moves a lot more closely than possibly at present

  25. Pingback: The Ides of March | Icliks Incoming

  26. When you don’t know, you don’t have any fact to show, just shut up.
    Just to get more people reading your crap, have more visitor on you blog, you are ready to play with the life our millions citizens.
    You should be put in jail, and if that document doesn’t exist string attached in the middle in the middle of the Acropole facing the mess you are fueling!

    • @ salut ….
      A) you`re incoherent
      B) in a free world, which we seem – just – to still live in, no one forces you to read or believe anything. No one forced you to read this blog.
      C) if you don`t believe this then at least try to be constructive with your criticism so that all may benefit from your knowledge.
      D) now be a good chap and bugger off somewhere else

      • there is nothing real said here.
        It might be true or not.
        Do you understand that those not verified information just burns away investor confidence, moves market all around and might just stop the process.
        I don’t care if anyone says that he thinks greece will default etc…
        Everyone is free to think anything.
        There is a problem when it starts from a document that might not exist, bank with no name, to sum up that is not an information.

        How many time those news where actually just false?
        How many time they did move markets?
        How many time markets just didn’t come back where is was when the information has been found wrong?
        How many investors are scared because of the volatility added by those blogs?
        How better the world would be if there will be no one adding comments not knowing anything, finding documents that don’t exist, etc…

      • @ salut …. good points.
        However I would say that this is exactly the way the markets work…. “buy the rumour, sell the fact” …. everyday we see markets swinging wildly because of this or that rumour – that often proves false – and in the end returning to where it started when the “facts” are established.
        I read somewhere (sorry can`t remember where) that there are now algorithms that are programmed to read the Bloomberg headlines and buy or sell according to key words.
        Sure, it`s very painful when you get stopped-out because a market moves against you on a rumour, but in this day and age of 24/24 news available to everybody you will not stop that. The key is to evaluate the information you receive and to evaluate the source. In this case we don`t know the prime source so it is a case of evaluating “The Slog” and deciding whether you trust JW`s judgement.

        “How better the world would be if there will be no one adding comments not knowing anything, finding documents that don’t exist, etc…” …..

        I cannot agree with this. Firstly, if we go down that road then we are starting to inhibit free speech, which, whilst the powers that be would love it, is not really a very good idea … thin end of the wedge etc, and secondly because it would also leave the markets to be manipulated by the banks and institutions, who are most definitely not there for the great and good of mankind…..

        The whole concept of “efficient markets” fails because although it may be true that all the information is available all the time to all the people, different people evaluate it in different ways.

        “How many investors are scared because of the volatility added by those blogs?” …… I don`t believe that Blogs have that sort of effect on the markets, but even assuming they do, I might ask, how many investors have saved a fortune because of a warning (proven or not) that they saw in a blog that turned out to be fact?
        Lets face it, the real manipulators of the markets are the banks and institutions who have ready access to all this information direct from the horse`s mouth. The only reason small investors are allowed anywhere near the markets is because the big boys see them as a “cash cow” to be fleeced whenever they feel like it.

      • @salut:
        I think you take it as fact that the document does exist. The important matter for debate is one’s interpretation of it.

      • “and in the end returning to where it started when the “facts” are established.”

        That is wrong, the market will not come back were it was. The fact that some wrong new from blogs affects one market puts pressure on that market. The historical volatility remains.
        If you found something cheap and worth to buy when it was at X. if some stupid news made the market go to Y, next time you’ll see that historic and analyse things differently.
        If you cut the position trusting a fake news, it’s unlikely you’ll put it back on, even if you could at the same price (bid offer is unlikely to let put the same position back at the same price, the more it’s volatile the bigger the bid offer. Normal you have to give money to the last bid when everyone was selling)

        “I don`t believe that Blogs have that sort of effect on the markets”, that is wrong, remember last year when lemonde published a fiction where they were writting socgen will go banckrupt. It was just a fiction….
        A girl from Reuters saw that, published on her personal twitter something like socgen will go bankrupt tomorrow. She wanted to have more followers.
        It was bargain for her.
        At the same time France was issuing some 5Y bonds, there was obviously no market anymore. that has cost at least 10 bp the country.
        To the TAX PAYER, that is 36 000 000 euros, that is the cost of that twitter.
        With that amount you could have done so much in France…

        And moreover that day costed even more because of the historic moves.
        Investors follow they risk in term of VaR, they look at the historical data and fix the amount they could loose in 1 day or week depending on the mesure in less than 1% or 5% of the times.

        Because of those days, investors can’t buy as much france again for the next months until those days leaves the historics.
        But for the next months the market was so stressed about it that everyone, blogs, twitter etc, played against france and socgen, sending wrong information all day long.
        That has cost lot more than just 36 mios euros.

        I thinks in those stressed market any information marker has big power.
        I don’t remember in what super hero movie it was said: “With great power comes great responsibility”

        Blogs writter should bear that in mind, and if they can’t handle their responsibilities, they should just shut up.

  27. Pingback: Euro still accepted for my cup of Coffee this morning - Page 220

  28. Pingback: Anonymous

  29. «SFRC Testimony — Zbigniew Brzezinski
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    A plausible scenario for a military collision with Iran involves Iraqi failure
    to meet the benchmarks; followed by accusations of Iranian responsibility
    for the failure; then by some provocation in Iraq or a terrorist act in the U.S.
    blamed on Iran; culminating in a “defensive” U.S. military action against
    Iran that plunges a lonely America into a spreading and deepening quagmire eventually ranging across Iraq, Iran, Afghanistan, and Pakistan. »

  30. Why would a Greek, a Portuguese or a Irish be worried today. If default will be followed by a return to national currencies, it is in fact a silver lining.

    • Goodness me, it’s exclamation inflation.
      I don’t know what the Earth does where you are mk, but where I am it’s spinning. Asian mkts will be open from 1 pm EU time on the Sunday.
      Also the document is quite clear about Greek markets closing for AT LEAST one day.

    • Ah! that sophisticated rive gauche intellectual argument that goes so far – and yet says nothing at all. Take down your flag*, impostor, before it gets nasty.

      *You cannot fly the French flag upside down, but I will remind you that the French chose it because they saw freedom in the Dutch style of government.

      • @Richard

        look at a French flag, and nobody would see the distress signal!

        Plus no few Europeans do not know which way up the Union flag goes anyway, so the cry for help would go unheeded. Better to use international flags NC “I am in distress and require immediate assistance”. Perhaps when Britain does, they will notice that the UK economy is in trouble?

      • @Rich

        yup, but how many know that? Plus if I am on the water, my spectacles are wrapped up in the deck-cover! I would be lucky to see the flag …

  31. Pingback: Update on the Greek default « muses of the moment

  32. @ mk

    Do you think it’s relevant that the modern Greek state celebrates Independence Day on the 25th of March?

    Could be a great day to slam the cell door shut! Black Monday etc

    • It’ obvious that the definitive default and the specific celebration are absolutely connected (in a symbolic but also in a practical way – they have a special 3-days holiday to minimize the reactions)! However, the “scenario” of the “25th March Default” is a common thought here in Greece for about a year.

      • Someone should tell the Greek police their own pensions are kaput no matter which way this thing plays out. If they even threaten to strike, the tune will change at Syntagma and Brussels. Or will they let their Athenian partners in crime hang ;-)

  33. Pingback: Banksters Set Date For Greek Default | Sovereign Independent UK

  34. Pingback: Plan For Greece Default Is 23rd March « alternative economics

  35. “after the close of business on Friday march 23rd . At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order”–John Ward

    These are ‘reasonable’ measures’ to control a panic and save what little is left of Greek banks and would apply generally as they did in 1932 in the US where bank doors were all closed.

    What FDR did, in effect, was to seize the public fraction of the money supply and then give back a lot less later, a process known technically as cleptocracy, but heralded by trumpets and song as some ‘solution’ to the depression.

    But, any Greek citizen with any brains has [1] limited their accounts, [2] gone to other currencies such as Swiss Francs, and [3] set up accounts in other countries preferable outside the EU and [4] purchased equities and assets that are out of reach from the government.

    The US chose to print digital monies and stuff the banks to prevent runs. In the Greek proposal, the runs are prevented by account access rules outlined above.

    This may happen to the entire EU.

    • @Ryck

      But, any Greek citizen with any brains has [1] limited their accounts, [2] gone to other currencies such as Swiss Francs, and [3] set up accounts in other countries preferable outside the EU and [4] purchased equities and assets that are out of reach from the government.

      Or more likely [5] Moved overseas.

      • Ouch Gemz, sounds like you are implying that all the greek peoples left in their nation have little or no brain…..it’s not everyone who can up-sticks and emigrate at the drop of a hat, and sod their roots….
        As you point out frequently, logic for humanity is not a strong point.
        Many fear the worst, but to actively prepare for it is somehow admitting it will happen, and will at the least invite derision from friends and colleagues. It needs strength.
        I have been recently told I am either paranoid or have a chip on my shoulder, by aquaintances- I prefer to think I am informed enough to make my own choices, but one thing I am NOT able to do is b***er off and leave my loved ones in the UK. They still believe in it, and just like a lot of decent greek people, are hoping it is a storm……
        I know black and white is a very German trait, but please try to accept most of humanity are grey- and trusting/honest/well-meaning…..
        And yes I know you aren’t german…..

        I really really really WOULD like to know just exactly what you think the likes of me should do to make this right, other than bail out, and this isn’t the billion dollar question, its the price for humanity.

      • @Jo

        it was a facetious response to a situation that is anything but funny for those caught up in it. Many rich Greeks have had less concern for their country than I have for theirs – or for that matter you yourself. You would not have commented had you not. What have these rich Greeks done? Sent their money abroad at ever increasing rates, to Switzerland, to the London housing market (and Paris, Berlin, anywhere that is not Greece … ).

        If you have to make a living for yourself – as I do – then you must think on your feet. Until the dawning of the internet there was little choice but to move in order to get out of an economy that had no need for your services. Many Greeks did – and what I hear from Australia – they are happy to share cafés with their Turkish neighbours. That would be unheard of in Greece!

        There are as many problems with a default for Greece as anywhere – and the slowness of the EU manoeuverings has not helped one iota. Yes, it has given the banks time to sort themselves out, but remember this: the banks should have been prepared before any default because they should have made sensible lending decisions – let alone bet with derivatives on the outcome of Greek bonds! It is a situation that is truly crazy. Yet who profits from this? The Greeks? No. The banks. I really wonder if they are not at the foot of this slowness to allow them to take even more profits.

        Now get me straight here: I am not pro (or anti) German – I am for common sense. That the Germans have bitten a bullet few others have is to me common sense. What I am against is private bankers not taking the rap for mistakes they have quite clearly made in full knowledge that their decisions were bad.

        Some of that money was transferred to offshore accounts; the rest was withdrawn in cash. Either way, that is a gigantic number! To put this number into perspective: the aggregate capital & reserves of Greek banks is around 45 BN EUR. Incidentally, the amount of deposits withdrawn since January 2010 is 64 BN EUR!

        Normally, a banking system would have to close doors when confronted with that kind of a run. Not so in Greece because the ECB, as lender of last resort, replenishes with loans what depositors withdraw. In the theoretical long run, this would mean that the entire Greek banking system will at some point be funded by the ECB.

        The bottom line is: any economy from which that amount of liquidity is withdrawn (mind you that the current account deficit withdrew another at least 20 BN EUR in 2011) has no chance of survival. If the free movement of capital and goods leads to those results, then those 2 freedoms must be constrained at least on a temporary basis.

        http://bit.ly/kastner-run-on-greek-banks

        There are no easy solutions now.

        As to what an individual can do in their own country – there are always possibilities to leverage your strengths to make a business if you have to. I have done it several times, and I can attest it is not as easy as it looks. Thankfully I was able to get away with a few mistakes because the going was good (in economic terms) – now that times are tough, it is much harder. I will add that Europe is not my home, my heritage is in Southern Africa, where my genes are certainly better suited – but not from the intolerable political situation in either ZA (pre 1994) or ZM (post 1984). I was as glad to get out as any of them, but when friends email me from the Cape Town, it still hurts that I am not there.

  36. Anyone else been reading Ambrose on the DT today? Interesting reading which when taken with this blog would point in the direction of this being a plan rather than a contingency. Maybe our resident German troll would like to have a read, I will wait with interest to find out why it is the fault of the evil Brits and Americans while that nice man Schauble is just trying to do an honest job under difficult circumstances entirely caused by nasty foreigners. Funny that has an echo from German history does it not.

    http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100014963/germany-is-playing-with-greek-fire/

    • @Soappie

      “Maybe our resident German troll” – withdraw that remark.

      I am in favour of democracy as you are: and if you believe in it, then allow others a right to their opinions.

      What is more: you must not put words into my mouth. You know (or should by now) know what I feel about Merkel and Schäuble, and it is not as you say. That is undemocratic if nothing else is.

    • I always thought Gemz was a South African Boer who fled to the UK after the end of white rule but now lives in Holland. She has a deep admiration of Germany but is not actually German.

      • @Mark

        My father is half Dutch and half French, my mother is Danish; my ex is from what was Southern Rhodesia. It was not my idea to come to Europe, I would have stayed in ZA by preference, it is easier to farm there.

        Not everyone in South Africa is verkrampt in the manner you imagine them. My elder brother had a Malay girlfriend in the Cape Town – wholly illegal.

      • Interesting that without being named Gemz leaped up when a German troll was mentioned. Know thyself, indeed.

        I have to observe it is increasingly difficult to farm in S. Africa if you are a white person – remote white farmers have an unfortunate tendency to be found butchered. Mind you the boot was on the other foot for a long time, so a revenge motive is understandable though deplorable.

        btw: The UK is not in the same boat as Spain on any metric. And QE to prevent a debt/deflation death spiral isn’t trashing an economy; that’s why the US economy is starting to grow again and the German economy is declining. Your ignorance of economics appears to be in direct proportion to your Teutonophilia (and indeed deafness to reason).

      • @Sebbie

        one of the first things I heard on arriving in Germany and getting in touch with my family back home was that our neighbours had been murdered. That was in 1982 – does anything change? It wasn’t so much different in Rhodesia either, I opened the door to three uniformed men one of whom was pointing a loaded weapon in my face*.

        (*That farm is now bush, by the way. Probably owned by some Harare big-wig who thinks he is making a profit on the deal. There were twenty people working on that farm aside from us – are they in a Highfields slum now with no money and no food in their tummies?).

        Germany: it will take a lot of depression to match what Britain has achieved in the last 25 years.

        Britain: if your QE is to stop a debt-deflation spiral, then it looks a pretty bad start to me. You have splashed out nearly half a trillion pounds on achieving what, precisely? 8% of private landlords now making no profit, Thornton’s profits down … how much else do you need? Good metrics, and on your part, poor analysis. You seem oblivious to the fact that the BoE and your government are taking you for a ride – at least BT speaks sense when he talks: he knows what a 6% interest rate would do in the UK. Because that is what you should have. “Know yourself” indeed.

      • With your talent for winning friends and influencing people I am surprised they didn’t pull the trigger. You still don’t understand a damn thing about banking, derivatives or economics. German good, non-German bad!

      • @Sebastian

        I know what I do about derivatives and the rest by listening to intelligent open people who share their knowledge and not hide it beneath where they sit.

        As to the incident, I was lucky and you were not.

  37. What about the loans we have already taken (about 70 bil euros)? Are we going to pay our lenders back with shells and mirrors? (no-one is going to accept the new- drachma….). What if nothing happens, after 23rd of March? Are you going to admit that you are another pseudo- prophet?

    • Try-, try to keep up to speed! JW is not prophesying anything, he is just saying what he has been told by people he trusts (as much as he can).
      I really hope, if you are greek, that you don’t believe ” (no-one is going to accept the new- drachma….)”. There are a lot of folks globally who love Greece, and support the real people. The attacks are not coming from folks trying to sort the wood from the trees, but from the elites.
      I think we would all love it if everyone was sorted ok…..it’s just hard to see how, through all the debt!

  38. It’ obvious that the definitive default and the specific celebration are absolutely connected (in a symbolic but also in a practical way – they have a special 3-days holiday to minimize the reactions)! However, the “scenario” of the “25th March Default” is a common thought here in Greece for about a year.

  39. Well you would have to be an idiot to go forward from here without a plan. Indeed from the position last year. It is what i would expect Germany / the EIu etc to do. Look what they do not what they say. Though they are arrogant fools they are not necessarily stupid.

    Interesting that it seems to leak now. If it does spook the markets – and it seems to be – then it truely is game over for Greece. The new consensus is that Greece will default. Why leak it now? Maybe to get people used to the idea? Allow action to be taken ahead of time?

    In the end this is not about Greece but French and German banks. So let the City of London and Wall Street play their games and do Merkozy’s dirty work. Then they can get the blame. But actually doing what Germany wants all along re Greece. And if the ride is rocky enough maybe the EZ as a whole – a break up which frees Germany from club med debt.

    Which may raise another interesting question- who is behind this plan? Bundesbank outflanking the politicians?

    Oh I love a good conspiracy theory.

  40. If I may take this to a macro level: what about all the other countries that simply can’t support their debt levels, and absolutely won’t be able to after another year of deficit and contraction. I keep saying “Latin America! Latin America!” but soon enough people will be saying (that and) “US Auto industry!”and “US airline industry” and and and . . . Except that it’s actually even worse (or really better, given the eventual utilitarian benefits): the prolonged and pronounced REAL suffering of hundreds of millions of people for the sake of par-repayment of debt is infinitely worse than whatever pain was endured by any company, or its constituents, laboring under too much debt.

    Causality be damned – at some point these countries will stand up and say “Fine, you’re right, it IS (mostly) our fault. We borrowed too much money and didn’t invest it wisely. But f*ck you anyway! We’re done playing this game of one-way sacrifice of our people and our future; here’s our restructuring plan, you get $.XX of new money-good debt, $.YY out-of-the-money warrants (to be paid or converted or whatever, once our GDP growth is x% more than today, or on future tax receipts or some legitimate measure of value/ability to pay) and that all adds up to $.70 or $.50 or $1.25 on today’s debt dollar.

    Yeah, yeah they’ll have to recapitalize the banks and all that and they’ll have to promise to be good fiscal citizens going forward, but I am SURE that some sort of enforcement mechanism, or something close enough, would – finally – be feasible and acceptable IF THEY GOT A DEAL LIKE THE ONE ABOVE. It would unquestionably be a win-win-win for about 87 different reasons, but especially since the perpetual and debilitating overhang of all the unresolved issues is a draconian, near-fatal limitation on necessary economic growth, and besides everyone knows all of this already!

    I still go back to the big picture, though – we’re talking about real pain being borne by real people, and one hell of a lot of them. And some consequently bad things becoming clear that are happening now that will impact future generations. In this age of Occupy Everything and the various Springs and Awakenings, isn’t there a limit how long people will accept this. And for what? Please remind, and show, me again, clearly, what exactly are the benefits to the Greek (or fill in your own favorite country here) people of being in the Euro??

    • Nature Boy
      I think this comment is spot-on: why should anyone hard-sold a loan to his or her crooked leaders feel responsible for it? Why, when half the problem is invented notional money tring to get back into the real world, should we honour anything owed to these vermin – Hedge Funds, inestment banks, hypocritical arms-dealing Franco-German….why?
      Because GOOD people are too easily made to feel guilty, that’s why: sociopaths like Merkel and Sarkozy are never going to have that problem.

  41. Thank goodness I dont have any money anyway Is Gemz the slogs wall moderator? So will Greece go bust properly of be like Rangers football club where brokeness seems to have no effect on anything at all. When will my European booze be cheaper?

  42. Pingback: Μυστικό έγγραφο που βρίσκεται στην κατοχή Αμερικανών τραπεζιτών – εκδοτών CDS – αποκαλύπτει ότι την Παρασκευή 23 Μαρτίου θα υποβαθμίσο

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    • This now seems to have gone full circle. And I’m not sure that JW wants to be American. From the link:
      ‘According to information from the American blog “The Slog” top U.S. bankers have their hands on the exact timing of the upcoming developments in Greece. ‘

      • Jon
        There is an American Slog but it’s nothing to do with me. Americans often assume big news must be American per se: if I lived in such an enormous and dominating country, I probably would too.

  45. If this does happen then the Greeks can count on me spending my holiday with them in the summer. For one obviously it will be great value, but also to show solidarity and do my small bit to help them on their way back.

    • Chris
      My elder daugher was conceived in the Greek Islands, where I spent much of my entirely debauched youth. It is ia wonderful place full of rogues you’d wnat to have lunch with. You can’t say that about Brussels.

  46. I must be the only guy in Greece who imported money today, got to pay “to harasti” (forced property tax). It is quite ironic that the Euromeisters have just cottoned on to the black hole at the heart of Greece, this is the main reason folks here are reluctant to pay taxes, tankloads of money goes into the system but there is very little obvious benefit.

    • Sarkozy is busy counting his pennies and shoring up his life given his impending thrashing in the Presidential elections. He has bigger fish to fry now, namely his own worthless reputation and to find some elevated shoes for when his tiny stature matches his tiny influence outside being President

      • Yes but Italy isnt like France, Mafioso Sylvio owned all the Italian media, Sarko is hated far & wide & doesnt own the papers or tv. He is toast as the Americans would say. We will hear nothing of note from him from here on I reckon.

  47. Pingback: Best FX Links: February 16, 2011 | The 360 Financial Post

  48. I haven’t the time to keep up to date with all the comments, so this should probably have been said aleady-
    .. what if they pull the old switcheroo, and Germany leaves the Euro instead of the greeks

  49. Pingback: Μυστικό έγγραφο αποκαλύπτει το Greek D-Day: Παρασκευή 23 Μαρτίου 2012 « Το μεγαλύτερο blog της πόλης

  50. If the Euro is still valid in other Eurozone countries, how can Greek held Euros be invalidated? Even if they are Greek issued Euros, they might be held by a non-Greek in eg France, how can the money become invalid? I can see that bank accounts can be frozen, taken over etc, but actual Euros in cash, surely they will still be valid in other eurozone countries? I ask this question higher up, hoping for an answer so repeat it here.

    • Cash is cash. But I suspect that Greeks prefixed euros might be hard to shift after the event. Not that they aren’t good but I suspect that there will be resistance at street level in other countries.

    • In the event that Greece defaults, I believe what’s slated to happen is that Greek bank accounts will be converted overnight into Drachmas at whatever rate the govt deems appropriate. The rate will almost certainly produce much lower purchasing power. From then on, anybody in Greece who wants to spend their money in another EU country will have to first buy the Euros at the current FX rate.

      Hence the advice to Greeks is to get your money out of Greece NOW.

      • @BT

        if you read Klaus Kastner’s blog, then you will know that they did not get their money out “NOW” – they got their money out in 2010 or early 2011.

      • @BT

        that is not fair and you know that full well. If people were going to get their money out they would have done so by now. If they can’t get their money out – well, as ever, they are the fall guys. Just like you and me; the only difference from most other people is that we know it.

      • @Gemz:
        Sure, the rich will have taken action…but I know darned well that a lot of Greek people will NOT have taken their money out of their banks. As (I think Joanna) posted above, by doing so is a personal admission that their beloved country’s going into the cesspit for a while, which mitigates against taking action. These people should forget patriotism and protect themselves.

      • I can’t help thinking that it might be easier for Greeks to either go into cash with non Greek issue Euros, or to buy gold or US dollars. It is not that easy to open foreign bank accounts – well it is not that easy in the UK or France, maybe it is different elsewhere. But then many Greeks live in rural areas and may not have access to or understand foreign exchange etc – as usual the old, the poor etc will get caught out. Politicians and those who support them have much to be ashamed of.

      • @Phoebe, @BT

        this is not a nice situation to be in. I cannot answer for the politicians in Greece, but we must not forget the role of the private banks in all this. They were tangoing together – and now the banks are saying “you wanted the money, so pay up”. You know as well as I do that they should have been more circumspect. So should the ECB – it should have had a little more care with the peripherals. So should the French in allowing the Germans to implement tougher lending regulations on the other half of the eurozone: that in no small part is at the root of this problem.

        Those with tough lending regulations have survived better than those economies that have not. Those with: Denmark, Finland, Sweden. Those without: UK, Spain, Greece.

        @JW well done for reaching 200+ comments.

  51. Pingback: Breaking Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts, Restrict Capital Flow

  52. Quite a bombshell if what you say is proven true. That would mean all of these bankers have had a precise map to playing the currency trades since January.

    • Sleep well, Yvette. Get a French flag, it is prettier. It would make you look a little more distinguished than pinching mine.

      Don’t loose any sleep that I will comment less because some poor person who can do no more than count has tallied up the numbers. That in economics is the easy bit. Undoing the results of such thinking is by far the harder.

  53. Everyone
    Quite a few people have asked if I’ve seen the documents concerned. It seems only fair to give the straightest answer I can, while protecting sources.
    The answer is that I’ve been shown extracts remotely. They look fairly official, but to be honest anyone can make anything look official with the software to hand these days. I am a reasonably connected but fundamentally amateur blogger, retired and living with Ben’s fun new product, Zirp. I don’t have the resources to visit the sources in person and inspect them.
    I have also had the key points summarised for me: the similarity between the two summaries – from two different continents – persuades me (given I cannot trace collusion here) that the claims are genuine.
    I would be less convinced if recent events and Troika behaviour didn’t fit perfectly with the nature of ‘the plan’.
    What I CAN now confirm is that the second bank I know to be in possession of the plan is JP Morgan.
    While there have been 33,000 visits to the piece, I am acutely aware that most of them will drift away tomorrow. So it seemed only fair to share this with the loyal 7-9,000 threaders who come here day in day out whether I’m writing about dogs, Murdoch, advertising anecdotes or Harriet Harman.
    Onwards and upwards….

  54. Papademos said to Papandreou and Samaras that if no decision is made at the Monday Euro group, then there will be an EU summit. And in what some might see as pre-arranged can kicking, Herman Van Rompuy, President of the European Council, has called a special euro summit on March 2.

  55. Pepe Escobar
    «If the Washington/Tel Aviv-promoted hysteria is already at fever pitch, wait for March 20, when the Iranian oil bourse will start trading oil in other currencies apart from the US dollar, heralding the arrival of a new oil marker to be denominated in euro, yen, yuan, rupee or a basket of currencies.

    That would suit Asian clients – from BRICS members India and China to US allies Japan and South Korea, not to mention NATO member Turkey. But that would also suit European clients, to pay for oil in their own currency. Tehran – as well as many key players in the developing world – does want to sink the petrodollar.»

    http://www.atimes.com/atimes/Middle_East/NB17Ak04.html

  56. Pingback: Greece to default Friday March 23rd 2012 .. Apparently!

  57. Pingback: GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT | RevolutionRadio.org

  58. Pingback: Greece “Officially Defaults” March 23, Banks Close | Beacon Equity: Penny Stocks, Stock Alerts

  59. Pingback: Greece to default and cut from Eurozone on March 23? « Moral Outrage

  60. Pingback: Controversial post: Internal bank documents claim Greece will default on March 23 « Investment Watch Blog – 2012

  61. I read another post from a guy who was snooping through the US Military purchase’s who noticed a huge runup in MRE (Meal’s Ready to Eat) orders. I don’t know if there is any evidence or the guy was yanking our chains but it might be in preparation for feeding a bunch of refugee greek citizens if the wheels do fall off.

  62. Pingback: Rumor sobre Posible Quiebra de Grecia | Mercado Forex – Mercado de Divisas – Análisis de Divisas – forex

  63. I spoke to a number of Greeks. Politicians were not the only ones to enjoy good times. A lot of (perhaps most of) the citizens enjoyed “pennies from heaven” – scraps of EU easy money coming their way. Seems that belief in free lunch was very strong. Now is payback time, but they all were dancing yesterday. The rest of ClubMed seems similar – strong belief in siestas etc.

  64. Pingback: The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd. « Nicholas Arrand

  65. Pingback: Greece “Officially Defaults” March 23, Banks Close | Penny Explorer

  66. Pingback: Greek Default Exclusive: Senior US Bankers Given Explicit Timetable For Athens Default

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  71. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Ac - ALIPAC

  72. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts, Eliminate Euro, Restrict Capital Flow | Learn How to be Prepared

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  75. Hi,
    In the face of so many problems and issues, the markets (indices) have carried on powering ahead, much to the amazement of all the bears out there.
    Now, I am not familiar with the owner of this blog and I certainly do not want to be even remotely suggesting that there is anything underhand going on here (after all, we all read the blog, think about it and then we each make our own mind up, right?) but … maybe just … has someone bothered to consider the alternative?
    Could this story just be a plant, to get the bears, the doommongers …. to pile in huge amounts of short positions ahead of the 23rd March deadline, only for the weekend to pass with no announcement of default at all, followed by the mother-of-all short covering rally sending indices to the stratosphere?
    I have no proof a that either of course, but it’s a thought and it come from the fact that we live in a world where the actual headlines now rarely describe accurately what is happening just below the surface.
    Food for thought, that’s all.
    Cheers.

  76. Pingback: New and Noteworthy for Today, February 17, 2012 - Survival Blog With A Family Focus

  77. Pingback: Senior US Bankers Have Timetable for Greek Default (23rd March) - Precious Metals Forum

  78. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts, Eliminate Euro, Restrict Capital Flow | WRC559

  79. With all due respect to all the previous posters and being a Greek that likes to think the opposite way let me tell you my opinion.

    USA seems to be on the right track for the recovery of their economy. That path is in jeopardy by a Greek default and its consequences to the other member states of the ClubMed.

    With this ‘leak”, that is going all over the world now, they are forcing ClubNorth to come with a solid solution next Monday otherwise chaos will prevail not only in Greece but all over Europe.

    Do you really believe that Greeks will still leave their money, whatever is left, with the Greek banks until March 23rd? No way!

    Do you really believe that this will not spread to the other ClubMed states initially before spreading to the north? I doubt it.

    In my opinion nothing of the above is going to happen because the new bail out plan for Greece will be approved by the Eurogroup next Monday and the summit on 2nd March already announced.

    Thanks

    • All of these worthy comments discussing the detail of a work of fiction.
      None of this debt is real.
      No-one is digging into their savings to lend real money to nations.
      Almost every nation on earth is in debt, and all of that vast debt exists only in the computer screens of the world bankers. Its effect is to create fear and panic across the globe, followed by the belt-tightening of complicit governments, followed by anger and then violence on the streets, followed inevitably by insurrection.
      The Arab world is already in turmoil. The West is teetering on the brink of chaos.
      Lift up your eyes from the fiction that so enthralls you all and realise that reality as you know it is collapsing by design.
      And wonder why.

    • I think too that on Monday it will be approved…

      But on the other hand IMF says the debt is not sustainable. ECB/EU/IMF cannot make a good prediction for the next 3 months, let alone for 2020. They have missed every single prediction, by quite a margin.

      So my question is, if the programme is not sustainable, is unworkable, idiots are in charge of it, why not just default.
      Why ignore market dynamic and pretend to solve the problem when the truth is they sweep them under the carpet.

  80. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts – WNYTruthers.org

  81. A very nice conversation with very different points of view….the only thing that has raised my doubts is the bit about Germany, USA and Japan relying on interna production and high quality. I never dealt with Japan, but with the USA and GErmany yes. The high quality solar panels from Germany are made in China with german standards (but still working places created in China and not in Germany). High tech stuff like iPod are made in China. Heavy equipment for mining and so on….made in China. Microsoft? It’s producing in India…..of course the revenues are in the USA and Germany…but I still…..

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  85. Pingback: 20 Signs You Might Be A Typical American Worker « Zionist Outrage

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  87. Pingback: Greek Deal May Be Delayed Once Again - 3 Reasons | Forex Crunch

  88. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts | Revolution Greece

  89. Pingback: PLANNED GREEK D-DAY | Machholz's Blog

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  92. Pingback: MARCH 23 – THE DAY THE WORLD CHANGES? « The Burning Platform

  93. Illuminati is behond this, it will establish the NWO. Your time has come Greeks, now you will be sacrificed on the altar of the new world order.

  94. Pingback: Auguries: Oraclenomics | Small Cap News | Mining | News | Financial Post

  95. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts, Eliminate Euro, Restrict Capital Flow | silveristhenew

  96. Pingback: Greek Default Exclusive: Senior US Bankers Given Explicit Timetable For Athens Default | Set You Free News

  97. Pingback: 5 Reasons Greek Deal May Be Delayed Again (or Cancelled) |

  98. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts, Eliminate Euro, Restrict Capital Flow « ~II~ THE WATCHTOWERS ~II~

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  100. Pingback: GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT « NESARA AUSTRALIA

  101. Pingback: Barclays & JP Morgan Privately Warned to Prepare for Greek Default on March 23rd | I Love London Ontario - Love Local - Live Local - Buy Local

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  104. Pingback: L’agenda planifié du défaut grec

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  106. Pingback: L’agenda planifié du défaut grec | LA FIN DES SECRETS ET DES MENSONGES

  107. The Greek Bailout is clearly a distraction from the fact that the ECB is trying to strangle Greece into submission and want not to get back its due monies but is also seeking a parliamentary share of Greece which is absurd!

    I have an article on this Bailout and the rest of the worlds hot topics so check out my blog and have your say!

    http:///www.todaysaffairs.co.nr

    Thanks for the great read!!!!

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  111. Is real funny to be even said that a country with 310Bns $ GDP and member of Eurozone that holds just the 2% of EU public debt will collapse… I admit that Hellenic Governmental and EU and IMF allowed the creation of an unacceptable space for the markets, for playing the card of Hellenic Default for long time until now … but don’t be foll ECB and EU macroeconomics are so strong that are able to smash any temptation against a Euro zone Member state ….

  112. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts | TaJnB | TheAverageJoeNewsBlogg

  113. Pingback: Tumasik Trade Network – Greece “Officially Defaults” March 23, Banks Close (EWG, VGK, FXE, EWQ, GLD)

  114. Pingback: Greece To Default March 23rd

  115. Pingback: BREAKING NEWS: Greece Default Planned for March « American Endgame

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  117. Pingback: Greek Default Date Set For March 23rd - Stormfront

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  119. Pingback: L’agenda planifié du défaut grec : 23 mars 2012 !!!

  120. Pingback: GREEK DEFAULT TimeLine: COB Friday March 23 « knowledge is power

  121. Dear Hat4uk,
    Thanks you for your post, Just about everyone has experienced a financial emergency. Whether that means an expensive replacement, an unexpected bill, or a mandatory down payment, these emergencies could cost a lot of money that you just don’t have. When you’re in a situation where you need a large amount of cash fast, you may become frustrated and pressed for time if you’re not sure where to look.
    Cheers

  122. Ola! Hat4uk,
    This question may be a little off-topic, The market has drawn a proverbial line in the sand, and it runs along the Greek border. Investors have decided that the future of the free world lives and dies with Greece. The thinking is that if Greece defaults, it will have a Lehman type domino effect and not only bring down other weak nations like Portugal, Italy and Spain (those are the PIIGS you’ve probably heard about, add in Ireland and you see the acronym), but strong banks too. There is certainly reason to worry. They are right. Just like when Lehman failed, forcing several money market funds to “break the buck”, a European contagion would have a similar affect, only worse. For this reason, I have been advising clients to use Government Money Market Funds exclusively. Yes, even money markets aren’t safe, as they too will eventually fail.
    I’ll be back to read more next time

  123. Pingback: Report: Insider Documents Detail a March 23 Greek Default Plan; Gov to Freeze Bank Accounts | What Am I Missing Here?

  124. Pingback: Windfall : what to do with the money. - Page 3

  125. Hello everybody,
    I m a French citizen and I want to aswer to your question about France in this mess !
    So, we are in election campaign now and all french media and politics lies or forgive deliberately to tell the thrust about what happen really in EU, USA and the world.
    Almost french people doesn’t know what happen really : our democraty stealing throught financial crisis and EU response… Like today, the EU MES which is vote on our gouvernement, is blacklisted in our media, and is a piece of democraty stealing.
    The worst of all, french election campaign is already overide by the “1%”. We have everyday just two candidate ; Sarkosy anf Hollande. Apparently, Bilderberg has already choose Hollande to be the next french president…

    But we have also one candidat which is blacklisted in our media : Francois Asselineau. He’s “Union Populaire Republicaine”‘s candidate and the only one telling the thruth abou EU and the “new world order” comming. The aim of the UPR is to restore democraty in France. Democraty stollen by EU, like Greek…. Their website : http://www.u-p-r.fr/
    I think is the best hope for us to not finish like Greek and restore democraty in EU.

    In back, I ask USA’ citizens in this blog : I heard about NDAA laws and a lot of demonstrations of opinion. What happen really in your country, USA i mean ? From my point of view, this is not really like your movie want to tell us…

    Faithfully,
    JM
    A French / World’s citizen

    • Hi Lorraine –
      writing from England three days later, I think March 23rd is right on track. This isn’t ‘a deal’, it’s a default constructed to happen as per plan.

  126. Pingback: GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT | Sovereign Independent

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  128. Pingback: GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT | Infowars Wexford

  129. Pingback: Greek Default Exclusive ~ Senior Us Bankers Given Explicit Timetable For Athens Default | | Shift FrequencyShift Frequency

  130. Pingback: John Ward – Bankers Given Explicit Timetable For Athens Default (Likely Date for Greek Timetable Default: 23rd March 2012) – 24 February 2012 | Lucas 2012 Infos

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  132. Pingback: Greek Default Window 3/16/12-3/23/12 « EquityBrief Capital Management

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  134. Pingback: EXCLUSIVE: OIL – THE REAL MOTIVES BEHIND THE PRICE INCREASES | The Slog

  135. Pingback: John Ward – Exclusive : Oil – The Real Motive Behind The Price Increases – Special Report – 29 March 2012 | Lucas 2012 Infos

  136. Pingback: Slog Exclusive: Oil - The Real Motives Behind the Price Increases

  137. Pingback: EZONE CRISIS: Bundesbank slaps restraining order on Merkel, fires torpedo at EU peripherals. | The Slog

  138. Pingback: John Ward – EZONE CRISIS – Bundesbank Slaps Restraining Order On Merkel, Fires Torpedo At EU Peripherals – 31 March 2012 | Lucas 2012 Infos

  139. Pingback: EZONE CRISIS: Bundesbank slaps restraining order on Merkel, fires torpedo at EU peripherals. [The Slog] « Mktgeist blog

  140. Pingback: SARKOZY ACCUSED OF ‘POISON PILL’ COMPLICITY, FACES ‘FOAT’ ELECTION BOMBSHELL | The Slog

  141. Pingback: John Ward – Sarkozy Accused Of Poison Pill Complicity, Face Foat Election Bombshell – 13 April 2012 | Lucas 2012 Infos

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  143. Pingback: EZONE CRISIS: Bundesbank slaps restraining order on Merkel, fires torpedo at EU peripherals. | 2012: What's the 'real' truth?

  144. Pingback: EUROBLOWN: GREECE EXCLUSIVE – SECRET POLL REVEALS PASOK, ND COLLAPSE | A diary of deception and distortion

  145. Pingback: John Ward – Euroblown : Greece Exclusive – Secret Poll Reveals Pasok, ND Collapse – 28 April 2012 | Lucas 2012 Infos

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  147. Pingback: Greece “Officially Defaults” March 23, Banks Close | Survivalist Investor

  148. Pingback: GREEK DEFICIT: How Berlin encouraged Papandreou to big-up the 2009 Greek deficit | A diary of deception and distortion

  149. Pingback: John Ward – Greek Deficit : How Berlin Encouraged Papandreou To Big-Up The 2009 Greek Deficit – 26 June 2012 | Lucas 2012 Infos

  150. Pingback: GREEK DEFICIT: How Berlin encouraged Papandreou to big-up the 2009 Greek deficit | justiceforgreece

  151. Pingback: GREEK DEFICIT: How Berlin encouraged Papandreou to big-up the 2009 Greek deficit /Πώς το Βερολίνο ενθάρυνε τον Παπανδρέου να διογκώσει το ελληνικό έλλειμμα το 2009 « eleutheriellada

  152. Pingback: GREECE EXCLUSIVE: Geithner envoy ‘assured Athens of US support on return to drachma’ – sources | A diary of deception and distortion

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  154. Pingback: Geithner envoy ‘assured Athens of US support on return to drachma’ – [The Slog] « Mktgeist blog

  155. Pingback: GREEK CRISIS: Geithner intervention threatens to split Athens coalition | A diary of deception and distortion

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