Greece

[HelpingHands]

I suspect whatever happens it may be time for more QE.

 

If Greece defaults the creditors will need some liquidity.

 

If the ECB blinks first they may do some direct QE to Greece.

 

There may be a great exchange rate coming up even though it's pretty good now anyway.

[SilvergunSuperman]

Some strange action in the markets today given the events. Stocks are down which would be expected, but gold and silver down and euro surging seems a bit backwards.

[sovereignsteve]

Some strange action in the markets today given the events. Stocks are down which would be expected, but gold and silver down and euro surging seems a bit backwards.

Often what markets hate most is uncertainty. Must think the Greek issue is cut and dried now.

[Abbotssilvercoins]

Yes, the Euro surge is strange. But any Micro measurement of stock markets, currencies or precious metals is likely to look odd in these decidedly odd times. Remember that nothing has been confirmed as yet. By tomorrow night a deadline will have passed. By the weekend we will have the results of a referendum. It won't be until 2-3 days after that will we have confirmation of a Eurozone and possible Euro exit by Greece. That should see some more "expected" movements. That said, the ripple or domino effect of all of that might then take days, probably weeks and maybe even months to kick in. All of us holding precious metals are wise and will be in a good position versus those who are not. To what extent, and in what precise timeline? Ah, if only we knew

[HelpingHands]

I don't know why they are complaining about capital controls. 60 Euros out the ATMs can get you 4oz of silver a day.

[AuFinger]

If there is cash in the ATMs.

All fine having limits if you can actually get it.

Trying to make sense of all this is pointless, just know having diversified liquid assets is prudent, with a long term view on their worth.

Buy the subsidised dip. BTSD!

[HawkHybrid]

I don't know why they are complaining about capital controls. 60 Euros out the ATMs can get you 4oz of silver a day.

 

but that doesn't include delivery.

 

HH

[HawkHybrid]

http://www.gold-eagle.com/greece-confirms-it-will-not-repay-imf-loan-its-bailout-program-due-expire

 

we have until 22:00 to see if this is true

or not.

 

HH

[HelpingHands]

There is a meeting at around 6pm to discuss the Greek request of restructuring the debt for the next two years.

[AuFinger]

Restructuring crippling debts to be mildly less crippling for a bit now, and more crippling later to compensate.

There is no good outcome.

Just like there is no good outcome for a jobless person using Wonga loans to get by!

[Pete]

Restructuring crippling debts to be mildly less crippling for a bit now, and more crippling later to compensate.

There is no good outcome.

Just like there is no good outcome for a jobless person using Wonga loans to get by!

 

I don't fully understand the background / history to the current Greek situation but taking your last comment about the Wonga loan seems about right.

However you say there is no good outcome - to which I agree - BUT the way the Greek government behaves is to wave two fingers at Wonga and get Euro-Wonga to lend some more so as to make a part payment to Wonga. The debt compounds even more only now to ask the people in a referendum if they agree they should not pay back Wonga at all ! Suddenly the lenders are bad people blackmailing the over spenders and those who failed to pay their taxes.

[AuFinger]

It takes two to tango, and it was troika and Greek politicos who did.

The Greek people, lazy, tax avoiding or not, probably didn't sign up to crippling debt burdens knowingly.

Even if they want to live that kinda life style, it's not up to their elected representatives or the Troika to sell them another at great cost without their explicit consent.

Point the finger at the power brokers and bankers I say.

Feel sorry for the common person.

[HelpingHands]

I've seen a much higher percentage of people interviewed proclaiming that they will vote to take the bail-out and stay in the Euro.

They are going to vote the wrong way aren't they? It wasn't that long ago that they were in the streets protesting against austerity and now they are in the streets protesting for austerity.

[AuFinger]

Whatever way they vote it won't be long till they're out.

Strip back all the technicals, and the social and demographics of Greece are buggered.

Trying to turn them into some northern Europe sub state like Belgium or Netherlands is clearly not gonna work.

Project failed, but have the debt burden from trying as a legacy.

[HelpingHands]

Reports on a possible deal. Euro has popped up a bit.

[Paul]

Reports on a possible deal. Euro has popped up a bit.

 

The debt 'can' has been kicked down the road again, until the next time and we go through it all again 

[AuFinger]

A possible deal!

Now where have we heard that 100 times already?

It's not gonna resolve positively.

Either the debt house of cards collapses sooner, or later.

There is no way Greeks will be happy being slaves to excessive debt for generations.

The longer it goes on the worse it'll be when it goes. Larger magnitude and faster contagion.

Stack while it's cheap I say!

[Pipers]

Looks like the Greek Gov may lose the vote

 

http://rt.com/business/271183-greece-referendum-polls-forecasts/

[AuFinger]

A yes vote means all the things the Greeks voted against, austerity and increasing levels of poverty.

Can kicked for a bit longer and making the wound deeper and longer lasting.

Democratic vote to stop something that later they vote for. That doesn't stack up and it won't be 'fixed' if they vote yes.

No win situation.

[craig12]

i hope they vote no  but as they say in some you tube clips , central banks dont like people getting in the way of their greed so people power means nowt to em anyway  theyll just steamroller the people 

[craig12]

current results  60% no 40% yes with a 1/3  counted

[HelpingHands]

I would guess that pms will pop up and the euro will go down when the market opens.

I'm not sure whether it's good to buy now or wait. It might depend on if you're buying gold in the UK or silver from Germany.

[Pete]

I think if you take the Greek IOU's per person it works out at around €30,000 each.

Where did all this money go ?

 

If you were asking your bank to lend you some cash to pay off your last VISA card surcharges and the bank wanted you to change you're spending habits, you disagreed, called your bank - blackmailing scum, would you expect them to help you out 48 hours later ?

[Scuzzle]

Instead of bailing out banks they would have been better just giving every individual 30K each, some would have bought cars, holidays, luxuries etc. or put it into their business while others would have banked it anyway.  The economy would be booming though and we would all be better off than how we ended up.

[craig12]

i dont understand this    if its a no vote   how does that change things  cos sureley the central banks and lagarde do as they want dont they   ...theyre lending the money  or not  as the case may be   so  the greek people say no   but the ecb and lagarde have the money they need ...i dont get it