I FIND IT INTERESTING THAT THERE IS SO MUCH DISCUSSION ABOUT HOW GREECE SHOULD QUICKLY PASS THROUGH REFORMS TO SOLVE THIS PROCESS AND YET NOT MUCH IS TALKED ABOUT ON THE OTHER SIDE OF THE EQUATION WITH THE CREDITORS.
WHAT TYPE OF DEAL ARE THEY WILLING TO GIVE?
WE FAIL TO HEAR SOLUTIONS DUE TO THE PRIVACY ON BEHALF OF THE CREDITORS.
DO THE CREDITORS REALLY HAVE THE WILL TO MAKE A DEAL OR ARE THEY BY AVOIDANCE ENCOURAGING A NO DEAL BECAUSE THEY ARE ALREADY WELL POSITIONED FOR THE GREXIT?
MAYBE THEY HAVE POSITIONED THEMSELVES NICELY IN THE EVENT AN ACCIDENT DOES OCCUR!
SO REALLY, DO THEY HAVE A REAL MOTIVATION TO TRULY NEGOTIATE A REALISTIC GOAL?
WE ALL HAVE MORE QUESTIONS THAN ANSWERS BUT SOON WE WILL FEEL THE RESULTS IF A FAILURE DOES OCCUR. A CASCADE OF EVENTS WILL SURELY FOLLOW!
OTHER COUNTRIES WILL BEGIN BAILING ON THE EURO AND AN ULTIMATE COLLAPSE!
SO WHY DO I MENTION THIS?
THIS WOULD CHANGE THE FACE OF THE EMPIRE AS WE NOW KNOW IT!
YES, IF THE EURO FAILS WE WILL SEE FINANCIAL CARNAGE AND POSSIBLY DISSOLUTION OF THE EURO COMPLETELY!
A WISE MAN REMINDED ME THAT A SIGNIFICANT AMOUNT OF DEBT WILL GO WITH ITS LOSS IF IT FAILS! THAT PART COULD BE WELCOMED BY THE EMPIRE!
NOW LET’S TALK ABOUT THE SDR LANDSCAPE! IF THE EURO GOES AWAY WHAT HAPPENS TO THE DOLLAR? RIGHT! IT BECOMES EVEN STRONGER, NOT WEAKER!
WITH A POSSIBLE EURO GONE IN THE SDR WHO WILL TAKE ITS PLACE?
WITH THE DOLLAR GETTING STRONGER, I WOULD THINK A POSSIBILITY EXITS THAT IT MIGHT PICK UP SOME OF THAT SLACK AS WELL AS CHINA COMING INTO THE FOLD! INTERESTING POSSIBILITIES FOR SURE.
I SAY ITS NO MISTAKE THAT VIETNAM HAS 80% OF ITS TRADING CONTRACTS COMMITTED TO THE DOLLAR. AND LET’S NOT FORGET THE OIL AND GAS IRAQ WILL SELL IN DOLLARS. THESE TWO MEGA CENTERS OF TRADE WILL INSURE THE DOLLARS’ DOMINANCE FOR SOME TIME TO COME
MANY SPEAK OF A DOLLAR CRASH BUT WHAT I SEE CRASHING IS STOCKS AND BONDS AS THEY ADJUST WORLD WIDE TO THE STRONG DOLLAR. ONCE A REALISTIC VALUE SHOWS PUBLICLY FOR THE DINAR AND DONG, IT WILL BE OFF TO THE RACES WITH DOLLAR VELOCITY.
HOW MOTIVATED DO YOU THINK THOSE SO CALLED CREDITORS ARE TO REALLY WORK A FAIR DEAL IF WHAT THEY REALLY WANT IS LESS COMPETITION TO THE DOLLAR?
I WOULD LOVE TO BE A FLY ON THE WALL, THAT IS, IF I COULD SPEAK THE LANGUAGE!
WILL GREECE BE A TRIGGER FOR SOMETHING BIGGER? MMMMM
"BY THE WAY, THE KIDS TOLD ME THIS ONE. WHO’S BIGGER? MR. BIGGER OR HIS SON? HIS SON BECAUSE HE’S A LITTLE BIGGER!!” HEE HEE
ENJOY THE WEEKEND AND IF ANYTHING HAPPENS LIKE RATES MOVING WILL YOU WAKE ME UP? LOL
HAVE SOME FUN THIS WEEKEND BECAUSE WE NEED TO ENJOY LIFE EVERY DAY BECAUSE WE ALL HAVE THEM NUMBERED! DOC IMO
US Says All Parties Need To Move On Greece
Dresden (Germany) (AFP) - Greece and its creditors need to move if the debt-wracked country is to remain in the eurozone, the United States said Friday, as Athens' European partners insisted there was still a lot of work to do.
"All parties need to move," US Treasury Secretary Jacob Lew told a briefing after a meeting of Group of Seven finance ministers and central bank chiefs wrapped up in Dresden.
After four months of negotiating to unlock some 7.2 billion euros ($7.9 billion) in bailout cash, Athens' coffers are near empty and officials have indicated they might not be able to make a payment due next week, an event that might trigger a chain of events that could lead to a messy exit from the euro.
"There needs to be some flexibility on the part of the institutions," namely the European Central Bank, the International Monetary Fund and the European Commission, Lew said.
The three, formerly known as the "Troika", are demanding that the Greek government push through economic reforms in return for fresh bailout funds.
There was a "broad view" among the meeting participants that "Greece needs to make very tough decisions," the US finance chief continued.
But "one won't happen without the other," he insisted. Washington had "delivered the same message to all participants."
The radical left Syriza party of Prime Minister Alexis Tsipras that swept to power in January on an anti-austerity platform has been reluctant to sign up to more tax hikes and spending cuts.
"Everyone agrees that resolving this without crisis would be in interest of everyone and the global economy," he said.
The finance ministers and central bank chiefs of the world's seven wealthiest nations had met in the eastern German city to prepare for a wider summit of G7 leaders starting on June 7.
And while Greece was not officially on the agenda, it was discussed because representatives of the key actors in the discussions -- IMF chief Christine Lagarde, ECB president Mario Draghi and the EU's commissioner for economic and monetary affairs Pierre Moscovici -- all attended.
Lagarde had caused a flurry the day before by saying in a newspaper interview that a so-called "Grexit" -- or Greek exit from the eurozone -- was "a potential."
The IMF subsequently scrambled to clarify her comments by saying Lagarde hoped it was a scenario "the Europeans will not have to face because hopefully they will find a path to agree with the future of Greece within the eurozone."
French Finance Minister Michel Sapin insisted: "There is no Grexit scenario."
There had been "progress" in the negotiations, but "results are still insufficient so far," Sapin said.
The meeting's host, German Finance Minister Wolfgang Schaeuble, also sought to play down assertions by Athens that Greece is on the verge of reaching a deal with its creditors.
"The positive reports out of Athens don't fully reflect the state of talks," Schaeuble said.
The Greek government has sent mixed signals about how close the two sides are to a deal. On the one hand it has suggested that an agreement could be reached by Sunday.
But Finance Minister Yanis Varoufakis told VimaFM radio on Friday said that while a deal was close, under a February agreement "the country's aid programme was prolonged until June 30, thus that is the date by which we need to arrive at a deal."
If Varoufakis sees the end of June as the ultimate deadline for a deal, this would offer Athens and its creditors a longer timeframe to conclude their talks than next week, when Greek officials have said they may not have enough money to make a loan repayment to the IMF.
ThunderHawk » May 29th, 2015, 4:56 pm
U.S. warns G7 of global economy ‘accident’ without Greece deal
By David Ljunggren and Paul Carrel
DRESDEN, Germany (Reuters) – The United States warned on Friday of a possible accident for the world economy if Greece and its creditors miss their June deadlines to avert a debt default.
Germany said there was no sign of a breakthrough.
With Athens struggling to make repayments due next month, the debt stand-off between Greece and its European Union partners overshadowed a meeting of policymakers from the Group of Seven rich nations otherwise held to focus on ways to get the global economy growing strongly again.
U.S. Treasury Secretary Jack Lew repeated warnings not to minimize the global stability risk of Greece sliding out of the euro zone, even if most of its debt is no longer held by commercial banks
“There is great uncertainty in there at a time when the world needs greater stability and certainty,” Lew told reporters after the G7 meetings.
Greece, which has been stuck in a deep debt crisis for the past five years, is due to pay back 300 million euros ($329.61 million) to the International Monetary Fund next Friday, although the IMF has said that deadline could be pushed back until later in June.
On June 30, Greece’s bailout expires, meaning it would be unable to call on cash currently available to it.
Lew said time was precious. “If you look from January until now, too much time has been spent unproductively,” he said.
He called for agreement quickly on the broad terms of a deal to avoid the risk of stumbling on difficult details at the last moment: “I think waiting until the day or two before whatever the deadline is, is just a way of courting an accident.”
Greek officials earlier this week said they were close to an outline agreement. That claim was quickly quashed by top officials from euro zone countries and the IMF.
German Finance Minister Wolfgang Schaueble said on Friday there was no indication of a breakthrough. “The positive news from Athens is not fully reflected in the talks,” he said.
France struck a more optimistic note, however, saying officials were not considering the possibility of Greece leaving the euro zone.
“There is no Grexit scenario,” Finance Minister Michel Sapin told reporters.
Trying to show that Greece had not dominated their meetings, G7 officials said they had discussed ways to finally put behind them the financial crisis of 2007-09.
Canada and Germany renewed their calls for countries to focus on bringing down their budget deficits as the best way to get their economies growing again.
But in a reminder of the long-standing divisions among policymakers over the merits of austerity or public spending, the United States said major economies should consider using fiscal policies to support growth and avoid deflation.
The G7 said China was progressing towards having its renmimbi currency included in a basket of currencies used by the IMF. That would be a recognition of Beijing’s clout in the global economy. But Germany said China was unlikely be given the green light this year.
The G7 also asked a global bank regulators body, the Financial Stability Fund, to work on a code of conduct for bankers as part of its efforts to make sure the financial services industry does not put the world economy at risk again.