Greek Crisis

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eyephone said:
jayl23 said:
Grab your popcorn and drinks of choice and enjoy the show. >:D

Or, perhaps some Greek yogurt and rice wine is in order.

#HoLeeFuk
#WeToLo
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I'm thinking about rebalancing my 401k stocks to cash position in 401k.
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I'm thinking about buying more stocks when the prices drops enough.
 
Perfect storm of bad news: Greek Crisis, China stock market meltdown, and Puerto Rico Govenor says debts not payable.
 
Just looked on some of the market movers today, there's actually NBG symbol for national bank of Greece, down 25%, should've shorted,..
The China market is full of non fundamental irrational exuberance, it's a good thing that most don't really touch that market and the effects aren't as drastic on the global markets
 
AW said:
Just looked on some of the market movers today, there's actually NBG symbol for national bank of Greece, down 25%, should've shorted,..
The China market is full of non fundamental irrational exuberance, it's a good thing that most don't really touch that market and the effects aren't as drastic on the global markets
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Great find. I'm seriously considering buying NBG not shorting  ;D
 
This whole thing is ridiculous.  How are the Greek going to every recover at this rate?  Austerity is fine in small doses but at this point, it's literally killing the Greek economy.
 
Grexit will bring a lot of short term pain. I am talking about chaos on the streets as people fight over basic things such as food and gasoline because  inflation will be rampant.


Otherwise they will be suffering depression for many years with no end in sight.

 
NBG was up ~10% today, but looking at the 6 month trend, day trading it can give you ulcers.
 
The California Court Company said:
Grexit will bring a lot of short term pain. I am talking about chaos on the streets as people fight over basic things such as food and gasoline because  inflation will be rampant.


Otherwise they will be suffering depression for many years with no end in sight.
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Yea, the first rounds where finding out you had bone cancer and they amputated an arrm.

Now the cancer is back and they're facing a choice, Grexit and amputate a leg, or run chemo for a decade (austerity)...

I honestly think they should exit.  Yes, they need some austerity and need to fix their imbalance of payments/taxes but continuing with the bailout and forced austerity is debt bondage.

When the repayment of the debt becomes onerous, you owe it to yourself to discharge the debts and take the short term hit via bankruptcy.  Greece is there, IMHO and would do the world a favor by defaulting and exiting.


 
Not sure if it matters much either way.  They will get austerity in both cases.  They either agree to it as part of a bailout, or they leave the EU and devalue their currency (and all benefit payments made in their currency).  People will go hungry and homeless in either scenario. 

I haven't run the #s, but I suspect they will be forced from the EU eventually.  They simply won't be able to keep their creditors happy, even with lower payouts.  As stated, at least the default will reset the books.
 
daedalus said:
Not sure if it matters much either way.  They will get austerity in both cases.  They either agree to it as part of a bailout, or they leave the EU and devalue their currency (and all benefit payments made in their currency).  People will go hungry and homeless in either scenario. 

I haven't run the #s, but I suspect they will be forced from the EU eventually.  They simply won't be able to keep their creditors happy, even with lower payouts.  As stated, at least the default will reset the books.
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At some point you need to write down the debt...it's no different than the housing crisis.  You cannot continue to keep the principal value and work around the edges. 

It's really up to Germany (and others) to be realistic about it...otherwise the EU could be splintered pretty quickly.
 
I hope the Greeks vote no on Sunday to the referendum.  I think they should stop trying to pay back a debt that cannot be paid.  I dislike "kicking the can" policy.  I'd rather get it over with and declare bankruptcy.  Start the dominoes falling.

From internet news it seems the poors are more for "NO"
And the monied are more for "YES"

Is this why today (07.02.2015) the DOW is down to 17,690?
 
Looking like 61/39 for no.  I get the impression they don't understand what no means, I see pictures of signs saying austerity game over like voting no means they go back to their old spending ways.
 
Our immediate priority is the rapid restoration of the functioning of our banking system and the restoration of our economic stability,? Tsipras said in a nationally televised address Sunday night. ?I am certain that the ECB fully understands not only the general economic situation but also the humanitarian dimension which the crisis has taken in the country.?
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Oh my, he and his party campaigned for no, they got no, and now claim on TV that the ECB should recognize the humanitarian crisis of (caused by the Greeks voting no)

Wow, I thought grexit was the best solution because I suspect the only way of correcting their systemic issues but that level of denial is audacious.

And that the average voter really doesn't understand the impacts of their vote.



 
nosuchreality said:
Our immediate priority is the rapid restoration of the functioning of our banking system and the restoration of our economic stability,? Tsipras said in a nationally televised address Sunday night. ?I am certain that the ECB fully understands not only the general economic situation but also the humanitarian dimension which the crisis has taken in the country.?
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Oh my, he and his party campaigned for no, they got no, and now claim on TV that the ECB should recognize the humanitarian crisis of (caused by the Greeks voting no)

Wow, I thought grexit was the best solution because I suspect the only way of correcting their systemic issues but that level of denial is audacious.

And that the average voter really doesn't understand the impacts of their vote.
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They voted NO so now let them deal with the pain.  They need to learn that you can't have your cake and eat it too.
 
So the Greeks turned down an offer that was no longer on the table.  The ball has been returned to the EU's court, with the Greeks asking, "are you seriously expecting us to work past 50 and to live within our means?  Sure, the Germans do, but we're not German!".  Tsipras campaigned on the promise of no more forced austerity.  The EU may very well deliver on that promise, allowing for completely organic, self-induced austerity to pummel the country viciously.  The outcome is inevitable; the way the Greeks went about getting it is incredible.
 
I think it's safe to say that Fed rate hikes are off the table in 2015 to see how this thing with Greece plays out.  Let the Greeks out of the Euro and let them pay the piper. 
 
The problem with the Euro is that they don't have an official exit mechanism and it doesn't seem like they are willing to let Greece exit on good terms.

The type of exit that would bailout greece would:

- There would be an old Euro and a new Euro
- The old Euro would be worth 0.95 Euro and 0.05 Drachma (or something like that, based on Greece's actual ratio of currency)
- The Greece Central Bank would control the Drachma
 
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