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Sh-t Is About To Hit The Fan; Greece Bailout Program to Expire Tuesday

1CK1S
1CK1S Members Posts: 27,472 ✭✭✭✭✭
edited July 2015 in The Social Lounge


102793332-RTX1I0VZ.530x298.jpg?v=1435410920
People wait outside a closed branch of Piraeus Bank in Athens, Greece June 27, 2015. The specific branch opens at 10:30 AM local time on Saturdays but it remained closed while dozens of people lined outside to withdrew cash.

Talks fell apart between the Greek government and its creditors, and European officials said Athens' bailout program will expire on Tuesday.

Euro zone finance ministers met to try and thrash out a reforms-for-rescue deal for Greece after the country's prime minister threw a curveball of a referendum on the deal late Friday night. During Saturday's meeting, the finance ministers rejected Greece's request for a one-month bailout extension.

Greece is due to pay the International Monetary Fund 1.5 billion euros Monday and without a deal this weekend risks missing that payment.
Eurozone finance ministers have rejected Greece's request for a one-month bailout extension, according to a European diplomatic source.

On Friday, the Greek government threw out a bailout proposal from its international creditors, putting the country's future in the euro on the line.
After weeks of talks, Prime Minister Alexis Tsipras said he could not accept the terms being offered by Europe and the International Monetary Fund. He said he would recommend that Greeks vote against them in a referendum on July 5.

That brought an abrupt end a series of discussions aimed at finding a way for the creditors to release the remaining 7.2 billion euros of Greece's huge bailout, in return for budget savings and economic reforms.

But the current agreement expires on Tuesday, which almost certainly means Greece won't make a 1.5 billion payment due to the IMF on Tuesday. It would then become the first developed economy to default on the IMF.

Unless Europe blinks in the coming days, the gambit almost certainly means Greece won't make a 1.5 billion payment due to the IMF on Tuesday. It would then become the first developed economy to default on the IMF.

The prospect of a default may force the European Central Bank to curtail the emergency funding that has been keeping Greek banks afloat while account holders withdrew tens of billions of euros.

The ECB was reported to be planning to an emergency call Sunday to discuss funding for Greek banks. The outcome of that meeting could determine whether Greece will have to limit cash withdrawals starting on Monday.

Twitter users in Athens were already reporting signs of lengthening queues outside ATMs in the early hours of Saturday morning.

Every ATM I drove by has lineups and they are growing. pic.twitter.com/D23N5a3moR
— Sakis Michalarakos (@SakisMicha) June 26, 2015

Left-wing leader Tsipras was elected earlier this year on a promise to end austerity. But Europe and the IMF have largely stuck to their guns, arguing that Greece needs to generate surpluses so it can service its enormous debts.

European governments are caught between trying to find a way to help Greece recover from five years of crisis, and concerns among their own voters about throwing good money after bad.

Tsipras said the demand by the bailout lenders for more labor market reform, cuts to pensions and public sector wages, and increases in taxes on food, restaurants and tourism amounted to an attempt to humiliate "the entire Greek people."
"These proposals mainly highlight the insistence of the IMF on harsh and punitive austerity," Tsipras said on Greek TV.

The Greek government has been negotiating with its creditors over the terms of the bailout agreement for four months.

While Tsipras disapproves of the new bailout plan, he said he would respect the way the public votes on July 5.

But by then it may be too late. The existing bailout agreement expires on Tuesday, and it's almost impossible to imagine Europe agreeing to extend given the Greek government's resolute opposition to its proposals.
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Comments

  • 2stepz_ahead
    2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threat walking out the lions denGuests, Members, Writer, Content Producer Posts: 32,324 ✭✭✭✭✭
    they got long lines at atms.....that means 🤬 should be strapped and making a come up
  • 2stepz_ahead
    2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threat walking out the lions denGuests, Members, Writer, Content Producer Posts: 32,324 ✭✭✭✭✭
    edited June 2015
    CP203 wrote: »
    I need this to happen

    🤬 you better go there an buy up afew blocks and building and sit on them 🤬 .

    housing prices will fall but always rise again.
    i need to hit santorini
  • reapin505
    reapin505 Gundams and history. I have nothing else to offer an asteroid rushing to the sunMembers Posts: 4,009 ✭✭✭✭✭
    They have been going downhill since Alexander the greats 🤬 self
  • ThaNubianGod
    ThaNubianGod Members Posts: 1,862 ✭✭✭✭✭
    Greece is incredibly racist so 🤬 them.
  • zzombie
    zzombie Members Posts: 11,280 ✭✭✭✭✭
    Could this be the opening 🤬 in the European union ???? Will the other piigs nations (Portugal,Ireland,Italy,Greece,Spain).
    say 🤬 it if Greece leaves the eurozone so can I ??? What will Germany do??? The world may never know.
  • dwade206
    dwade206 Members Posts: 11,559 ✭✭✭✭✭
    Why don't they just steal more invaluable resources from Africa like they did before?
  • DoUwant2go2Heaven
    DoUwant2go2Heaven When the first trumpet sounds!!!! Agggghhhhhhhhh!!!!!! Babylon the GreatMembers Posts: 10,425 ✭✭✭✭✭
    It's the blood moon season, what else you expect? The whole earth will be devoured by the fire of His jealousy! Thus the pieces are coming into place in order for the day to pass away like chaff! Hallelujah!


    "Now therefore be ye not mockers, lest your bands be made strong: for I have heard from the Lord 🤬 of hosts a consumption, even determined upon the whole earth." Isaiah 28:22


    The beast is coming to tread upon the whole earth and break it down and devour the residue of the people! But those that know the LORD shall renew their strength! They shall mount up on eagles wings! They shall walk and not faint! For behold, the LORD is inviting all of those who know Him to enter our rooms and shut the doors behind us; in order to hide ourselves for a little while until his wrath has passed by!


    Do you know Him? That is the question!


    Amen.
  • bambu
    bambu *Earth & Water* Members Posts: 3,529 ✭✭✭✭✭
    Greece is incredibly racist so 🤬 them.



  • zzombie
    zzombie Members Posts: 11,280 ✭✭✭✭✭
    dwade206 wrote: »
    Why don't they just steal more invaluable resources from Africa like they did before?

    That's not as easy as it used to be
  • not_osirus_jenkins
    not_osirus_jenkins Sion Members, Banned Users Posts: 3,670 ✭✭✭✭✭
    Aye @sion I don't know if im right cuz I'm a amateur to forex trading but the rumblings are there is alot of money to be made this week if you play the EURUSD. Am I correct in this or not?
  • Sion
    Sion Moderator, Legion of Trill, AHH Content Producer, AHH Editor Members, Moderators, Writer, Content Producer Posts: 45,666 Regulator
    Aye @sion I don't know if im right cuz I'm a amateur to forex trading but the rumblings are there is alot of money to be made this week if you play the EURUSD. Am I correct in this or not?

    That's speculating not investing and I can assure you a million others are thinking of doing the same, if you are wrong the consequences may be grave af. If you're right you'll do just ok but not great. You should be looking at investments in Greek companies not the currencies.
  • Sion
    Sion Moderator, Legion of Trill, AHH Content Producer, AHH Editor Members, Moderators, Writer, Content Producer Posts: 45,666 Regulator
    I think right now the U.S. and EU is going to go through a deflationary period, this is a good thing for consumers but for some businesses might be a bad thing. Inflation in the U.S. has been negative the past few months. I find that P/E ratios are getting lower and equities getting cheaper. When I saw Walmart and ExxonMobil at cheaper prices I knew something was up. Things like this present good opportunities on markets if you can recognize them and you're not scared to get your feet wet.

    I'll be back later today or tomorrow. Greece is interesting but having them leave I dont think will pose a grave consequence to the EU at all. Maybe in the short term but I don't think Greece is really going to stop the economies of Germany, Spain, the UK, Italy, France, etc. etc. long term.
  • Sion
    Sion Moderator, Legion of Trill, AHH Content Producer, AHH Editor Members, Moderators, Writer, Content Producer Posts: 45,666 Regulator
    Sion wrote: »
    Aye @sion I don't know if im right cuz I'm a amateur to forex trading but the rumblings are there is alot of money to be made this week if you play the EURUSD. Am I correct in this or not?

    That's speculating not investing and I can assure you a million others are thinking of doing the same, if you are wrong the consequences may be grave af. If you're right you'll do just ok but not great. You should be looking at investments in Greek companies not the currencies.

    To add on, the US Dollar is going to do better than most currencies I think for the time being because that's where all the money is flowing to. Europe is in shambles, China is teetering on collapse, I think most people and investors are looking for the safest options and all signs point to America. That's partly why the currency was so consistent in the last 2 years while others may have fallen.
  • zzombie
    zzombie Members Posts: 11,280 ✭✭✭✭✭
    edited June 2015
    Because of the political situation in many european nation i really cannot forecast the european union continuing as is for another 20 years.

    the governments are turning to the right, nationalism is on the rise and the immigration issue coupled with european racism and and fear of their culture being destroyed i predict will create major trouble down the road.
  • not_osirus_jenkins
    not_osirus_jenkins Sion Members, Banned Users Posts: 3,670 ✭✭✭✭✭
    Sion wrote: »
    Aye @sion I don't know if im right cuz I'm a amateur to forex trading but the rumblings are there is alot of money to be made this week if you play the EURUSD. Am I correct in this or not?

    That's speculating not investing and I can assure you a million others are thinking of doing the same, if you are wrong the consequences may be grave af. If you're right you'll do just ok but not great. You should be looking at investments in Greek companies not the currencies.

    Ok, I was betting that the price of the Euro would drop. Buy when it's low and hold till the rebound.
  • PapaDoc223
    PapaDoc223 Brooklyn,NYMembers Posts: 2,162 ✭✭✭✭✭
    @Sion you are not a fan of forex trading?
  • 2stepz_ahead
    2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threat walking out the lions denGuests, Members, Writer, Content Producer Posts: 32,324 ✭✭✭✭✭
    italy i think will be the next if greece defaults....or even if they dont.

    this bailout doesnt seem to sit well with alot of people here.

    italy is already making threats over immigration...saying if they dont get help they will fukk up europe. what you think they gonna say when they 🤬 is in need of major help?

    also even understanding the cap removal of the franc....

    this will be a very strange rest of the year.
  • Sion
    Sion Moderator, Legion of Trill, AHH Content Producer, AHH Editor Members, Moderators, Writer, Content Producer Posts: 45,666 Regulator
    edited June 2015
    PapaDoc223 wrote: »
    @Sion you are not a fan of forex trading?

    Hell no. Nobody can predict where currency prices are going to go because there's far too many variables, just like oil prices. It's up there with daytrading, all the people I know who do it borrow heavily and lose most of their money or end up in serious financial trouble because of it. It's unnecessary af. It's a fools game to try and take peanuts off of the short term price discrepancies of them and not as profitable to hold currencies long-term. If you want walnuts you should go for bigger targets, companies, bonds other assets like that are better. If you read a national accounts profile of the countries whose currency you're buying you'll notice most countries are buried in debt or just doing ok. Cash isn't a good asset because it doesnt do anything. It's a GREAT tool in a deflationary environment tho when things get cheap enough for you to buy tho.

    I aim to beat the market and do far better than average that's hard to do trying to take peanuts off currencies and the taxes can be heavy af too.
  • 2stepz_ahead
    2stepz_ahead Who I am is Complex, What i am, simply put. I'm a Threat walking out the lions denGuests, Members, Writer, Content Producer Posts: 32,324 ✭✭✭✭✭
    Sion wrote: »
    PapaDoc223 wrote: »
    @Sion you are not a fan of forex trading?

    Hell no. Nobody can predict where currency prices are going to go because there's far too many variables, just like oil prices. It's up there with daytrading, all the people I know who do it borrow heavily and lose most of their money or end up in serious financial trouble because of it. It's unnecessary af. It's a fools game to try and take peanuts off of the short term price discrepancies of them and not as profitable to hold currencies long-term. If you want walnuts you should go for bigger targets, companies, bonds other assets like that are better. If you read a national accounts profile of the countries whose currency you're buying you'll notice most countries are buried in debt or just doing ok. Cash isn't a good asset because it doesnt do anything. It's a GREAT tool in a deflationary environment tho when things get cheap enough for you to buy tho.

    I aim to beat the market and do far better than average that's hard to do trying to take peanuts off currencies and the taxes can be heavy af too.

    he speaks the truth.
    his advice has been proven many times.....

    take heed.
  • PapaDoc223
    PapaDoc223 Brooklyn,NYMembers Posts: 2,162 ✭✭✭✭✭
    Sion wrote: »
    PapaDoc223 wrote: »
    @Sion you are not a fan of forex trading?

    Hell no. Nobody can predict where currency prices are going to go because there's far too many variables, just like oil prices. It's up there with daytrading, all the people I know who do it borrow heavily and lose most of their money or end up in serious financial trouble because of it. It's unnecessary af. It's a fools game to try and take peanuts off of the short term price discrepancies of them and not as profitable to hold currencies long-term. If you want walnuts you should go for bigger targets, companies, bonds other assets like that are better. If you read a national accounts profile of the countries whose currency you're buying you'll notice most countries are buried in debt or just doing ok. Cash isn't a good asset because it doesnt do anything. It's a GREAT tool in a deflationary environment tho when things get cheap enough for you to buy tho.

    I aim to beat the market and do far better than average that's hard to do trying to take peanuts off currencies and the taxes can be heavy af too.

    That is interesting. I have a friend of mine who is getting into Forex trading. He is being mentored by his boss's son who lives in Long island who is very sucessful at Forex trading. Currently my friend is demoing with forex. He said he is so far doing well in the demo but his mentor said to continue demoing for about 4-5 months. I am a bit interested but I'll keep what you said in mind.
  • MarcusGarvey
    MarcusGarvey Members Posts: 4,569 ✭✭✭✭✭
    AggyAF wrote: »
    Tough luck. Greece doesnt produce enough to warrant their standard of living

    This!
    They lucky to be apart of "western Europe"
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