asterisk2a + ela   18

The Draghi Put - YouTube
Draghi Put &! bit.ly/1fQ2lcq // &! bloom.bg/1Euf6peh // &! Mark Blyth Mackenzie Lecture 2015 – Austerity and the Politics of Money - youtu.be/B6vV8_uQmxs --- u cant make them lend (banks) 2 businesses (productive investment, closing productivity & output gap) particularly in a deflationary world with secular stagnation tendencies/signs, with non-existent inflation expectations! liquidity trap! dont get into higher growth path/gear! and infrastructure bonds (= Eurobond) on EU level wont help very much. !New Normal is lower yield avg across assets (public) & economic growth average p/a of abt 1.2-1.4% Add demographic bubble/ageing population = less consumerism, less disposable income/discretionary spending on aggregate, Piketty (book) removed technology as growth multiplier in some chapters & then you really come to <2% p/a long-run growth predictions for EU/western world. <2% growth p/a at >90% debt2gdp u have a problem! == Rechtsruck &or Anti-Austerity. Political tail-risk!
Draghi  Put  ECB  ELA  TLTRO  LTRO  QE  ZIRP  NIRP  liquidity  trap  distortion  bond  bubble  asset  bubble  equity  bubble  reflate  reflation  financial  repression  asset  allocation  speculative  bubbles  deflationary  deflation  inflation  expectation  inflation  targeting  MarioDraghi  monetary  transmission  mechanism  M3  monetary  policy  monetary  stimulus  monetary  theory  hot-money  hunt  for  yield  debt  monetisation  debt  monetization  trust  devaluation  currency  debasement  currency-war  fiat  currency  trustagent  distrust  Richard  Koo  fiscal  stimulus  austerity  fiscal  policy  balance  sheet  recession  deleveraging  debt  servitude  Super  Cycle  Mark  Blyth  inequality  New  Normal  economic  history  underinvestment  productive  investment  infrastructure  investment  output  gap  productivity  UK  Europe  Germany  PIIGSFB  zombie  banks  Thomas  Piketty  demographic  bubble  ageing  population  economic  growth  Rechtsruck  SNP  European  Election  2014  UKIP  AfD  NPD  Conservative  Party  Tories  Establishment  Privileged  babyboomers  Lügenpresse  manufactured  consent  PR  spin  doctor  propaganda  populism  Labour  Party  Career  Politicians  No  Representation  social  contract  Generationengerechtigkeit  fairness  poverty  Gini  poverty  policy  coef 
august 2015 by asterisk2a
Greek banks face full nationalisation - BBC News
post-referendum, post-humiliating bailout terms of more and deeper austerity and additionally - privatisation. // [ but nobody admits that they (Greece) lost all fiscal & national sovereignty by and through the show of negotiations of the 3rd bailout. ] // &! The International Monetary Fund (IMF) has confirmed that Greece has cleared overdue debt repayments of €2.05bn (£1.4bn) and is no longer in arrears. - bbc.in/1Os3G5G // &! youtu.be/fJB4neizgUM - we expect a recession of 3-4% for 2015 and 2016. // &! youtu.be/MpFtDwp8lVo - Greek Cash Crunch Goes to Market // &! On The Streets Of The Greek Financial Crisis - youtu.be/nDfOFzAKB-w >> powerless, no future, no options but to suffer on the demands of creditors.
zombie  banks  Bank  of  Greece  Greece  ECB  capital-controls  capital-flight  ELA  MarioDraghi  greatdepression  Great  Depression  2015  creditor  debt  servitude  sovereign  debt  crisis  fiscal  sovereignty  sovereign  economic  history  European  European  Union 
july 2015 by asterisk2a
Greece debt crisis: MPs back bailout reform plan - BBC News
[post-referendum ] Greece's parliament has backed a government package of economic reforms aimed at ending the country's debt crisis and securing a new bailout [ to pay off previous bailout payments that are coming-up; EFSF, IMF, ECB ] After a late-night debate, PM Alexis Tsipras won overwhelming cross-party support but saw some of his own MPs vote against him or abstain. Earlier, he admitted that some elements of the package fell short of his party's anti-austerity promises. The proposals are to be studied by eurozone finance ministers later. EU sources says Greece's creditors - the European Commission, the European Central Bank and the International Monetary Fund - believe the plan is positive. Eurozone officials are also expected to discuss Greek requests for some of the debt to be rescheduled. Mr Tsipras is asking for €53.5bn ($59.47bn) to cover Greece's debts (re-payments and interest) until 2018. [...] given in to demands [&] measures rejected in a referendum last Sunday.
Syriza  Grexit  referendum  democracy  Alexis  Tsipras  Yanis  Varoufakis  Greece  Career  Politicians  bullying  No  Representation  2015  bailout  IMF  EFSF  ECB  austerity  Great  Depression  lost  decade  lost  generation  economic  history  Eurogroup  Troika  zombie  banks  insolvent  Insolvenzverschleppung  insolvency  Bank  of  Greece  ELA  ESM  creditor 
july 2015 by asterisk2a
Athens capitulates to creditors - BBC News
"Greece: Prior Actions - Policy Commitments and Actions to be taken in consultation with the EC/ECB/IMF staff", it feels very familiar. That familiarity stems from its great similarity to the bailout proposals put to Greece by the creditors - the eurozone governments, the European Central Bank and the IMF - last month. Pretty much everything wanted by the creditors is there - with the odd tweak or softening, but nothing which looks as though it ought to be noxious to them. So there is a pledge for budget surpluses rising in steps to 3.5% of GDP or national income by 2018 [< in their dreams only]. // The referendum was a last ditch effort by Syriza to get better deal. Eurogroup, Troika, IMF, ECB called it a bluff and accepted a possible Grexit and according to Juncker did prepare for it. No we are where we were when Syriza was elected and had to negotiate for a new bailout tranche, to pay off other bailout tranches re-payment coming up (IMF, EFSF, ECB) &! bbc.in/1INY5Gu MPs to deceide
Grexit  referendum  Career  Politicians  Alexis  Tsipras  Yanis  Varoufakis  Syriza  Troika  Eurogroup  ECB  IMF  Jean-Claude  Juncker  European  Union  Wolfgang  Schäuble  Angela  Merkel  MarioDraghi  EFSF  ChristineLagarde  Jeroen  Dijsselbloemm  Germany  France  FrancoisHollande  No  Representation  economic  history  austerity  dogma  bailout  ELA  ideology  Great  Depression  lost  decade  lost  generation  ESM  debt  jubilee  debt  restructuring  European  bullying  transparency  accountability  Principle  haircut  creditor  sovereign  debt  crisis  sustainable  sustainability  debtoverhang  balance  sheet  recession  zombie  banks  Bank  of  Greece  insolvent  Insolvenzverschleppung  insolvency 
july 2015 by asterisk2a
Germany won’t spare Greek pain – it has an interest in breaking us | Yanis Varoufakis | Comment is free | The Guardian
Debt restructuring has always been our aim in negotiations – but for some eurozone leaders Grexit is the goal [...] To frame the cynical transfer of irretrievable private losses on to the shoulders of taxpayers as an exercise in “tough love”, record austerity was imposed on Greece, whose national income, in turn – from which new and old debts had to be repaid – diminished by more than a quarter. It takes the mathematical expertise of a smart eight-year-old to know that this process could not end well. [...] In my first week as minister for finance I was visited by Jeroen Dijsselbloem, president of the Eurogroup (the eurozone finance ministers), who put a stark choice to me: accept the bailout’s “logic” and drop any demands for debt restructuring or your loan agreement will “crash” – the unsaid repercussion being that Greece’s banks would be boarded up. [...] Wolfgang Schäuble, decided that Grexit’s costs were a worthwhile “investment” as a way of disciplining France et al,
Yanis  Varoufakis  debt  restructuring  debt  jubilee  Super  Cycle  sustainable  sustainability  Great  Depression  Greece  Grexit  lost  decade  lost  generation  PIGS  Troika  Germany  France  IMF  Angela  Merkel  ChristineLagarde  European  History  Wolfgang  Schäuble  Thomas  Piketty  ECB  MarioDraghi  Leadership  European  Union  Insolvenzverschleppung  insolvent  insolvency  austerity  economic  policy  folly  policy  error  Career  Politicians  No  Representation  dogma  ideology  propaganda  Lügenpresse  bailout  zombie  banks  populism  manufactured  consent  media  conglomerate  corporate  state  Jeroen  Dijsselbloem  Jean-Claude  Juncker  Eurogroup  EFSF  ELA  EuropeanSystemicRiskBoard  systemicrisk  toobigtofail  TBTF  too  big  to  jail  referendum  PIIGSFB  PIIGS  FrancoisHollande  academia  academic  academics  carmenreinhart  kennethlewis  Alexis  Tsipras  Syriza  Wall  Street  crony  capitalism  Podemos  Indignants  Indignados  occupywallstreet  fairness  GFC  recovery  economic  model  trickle-down  economics  economic-thought  shared  economic  interest  profit  maximisation  shareholder  value  economists  economic  damage  short-term  thinking  short-term  view 
july 2015 by asterisk2a
ECB tightens squeeze on Greek banks - BBC News
ECB the silent enforcer, again. ECB ask for more collateral for existing ELA line bit.ly/1M8cWKF Thus narrowing the window of time to get a new deal done (with IMF/Troika/Eurogroup) or Bank of Greece is forced to issue unsecured loans to banks (print new money) or to issue Drachma. // "[O]ne of the Big Four Greek banks has already almost run out of cash. So the ECB statement means that bank has no ability to replenish its dwindling cash stocks. [...] ECB has brought forward the fateful moment when the Greek banking system ceases to function in any meaningful way, for want of cash. The Greek government & Bank of Greece today agreed with the banks that until Wednesday night, they will continue to allow cash withdrawals of up to €60 per account - for those banks that still have paper money. And the ban on overseas transfers will be sustained until then." // &! bbc.in/1M9d90h Syriza wants a 30% reduction in its debt burden, as per the IMF's debt sustainability analysis of last week.
ECB  referendum  Grexit  Bank  of  Greece  Greece  ELA  MarioDraghi  BuBa  Jens  Weidmann  Drachma  Syriza  Tsipras 
july 2015 by asterisk2a
Greece on verge of euro exit - BBC News
Post-referendum NO vote, not to accept dictated terms - Mon/Tuesday - banks running out of cash, economy more than tanks, comes to a stand still, risk of loosing savings, little options, ECB more likely to shore up PIS bond market than extent ELA and increase ELA. Thus the quiet enforce ... will force Syriza and Bank of Greece hand/action ie A: to issue unsecured loans or B: to issue Drachma. // Whether Troika-ECB-Eurogroup-IMF will take up talks again, questionable. Syriza (Varoufakis and Tsipras) open to it now that they have their peoples backing to demand much more better, feasible and sustainable terms. If Troika-ECB-Eurogroup-IMF are Career Politicians - they will portray it as Syriza holding the gun to their head, and not enter new negotiations. Thus forcing Greece to do A or B, especially A in case B is as of right now not doable.
Grexit  Greece  PIGS  bond  market  ECB  ELA  referendum  Drachma  Syriza  Bank  of  Greece 
july 2015 by asterisk2a
Greek economy close to collapse as food and medicine run short | World news | The Guardian
Banks said they had a €1bn cash buffer to see them through the weekend – equal to just €90 (£64) a head for the 11 million-strong population – and would require immediate help from the European Central Bank on Monday whatever the result of the referendum, in which the two sides are running neck and neck. Alexis Tsipras, Greece’s prime minister, was fighting for his political life on Friday night, using a rally to say that a no vote would enable him to negotiate a reform-for-debt-relief deal with the country’s creditors. [ Greece needs debt jubilee (and Allies urged also to forgo reparations) like post-WW2/Nazi Germany got that enabled it to economically succeed, but Greece (and its people) is not seen as too big to fail and not critical for European stability. A 20 year debt repayment pause that IMF last week brought in, is not enough. It is just a delay. It's economically not sound. Just opportunism to show to the public 'we do something.' ]
debt  jubilee  Germany  history  WW2  haircut  sustainable  sustainability  sovereign  debt  crisis  Grexit  PIGS  contagion  unintended  consequences  unknown  unkown  monetary  union  Leadership  IMF  ChristineLagarde  Angela  Merkel  Jean-Claude  Juncker  Wolfgang  Schäuble  Career  Politicians  European  solidarity  Gesellschaft  Greece  debt  bubble  debt  restructuring  Opportunism  opportunist  Wirtschaftswunder  economic  history  zombie  banks  bailout  Troika  EFSF  Syriza  ECB  MarioDraghi  ELA  austerity  ideology 
july 2015 by asterisk2a
Griechenland: Was Angela Merkel noch alles angeboten hat - SPIEGEL ONLINE
Für den Fall, dass Tsipras die Verlängerung des aktuellen zweiten Hilfspakets zu den veränderten Konditionen akzeptiert hätte, bot Merkel ihm dem Vernehmen nach in einem letzten Gespräch am Freitag vergangener Woche unter anderem Folgendes an: ein drittes Hilfsprogramm, Schuldenerleichterungen, also eine teilweise Umschuldung, Investitionen in Höhe von rund 35 Milliarden Euro. // BUT NO debt jubilee/haircut and admitting that it was a EU bank bailout through the back door. // Counter-off on day 0 from Syriza; ESM to take on debt for two years. Another delay. Country will NOT start to grow in two years to pay off EFSF and IMF ... bit.ly/1Nsrupr &! IMF pushes back on default scenario - bit.ly/1NsrpSz &! Germany paid 85bn to EU banks (aka Greece Debt payments via EFSF, IMF and ECB ELA liability and bonds that ECB bought via their bank refinance programms (LTRO) via BuBa capital ownership of ECB) in case of default - bit.ly/1Hrx4ra // &! bbc.in/1Knh8qM &! bbc.in/1Knh8qM
Grexit  default  IMF  EFSF  Angela  Merkel  PIGS  Wolfgang  Schäuble  European  Union  Career  Politicians  economic  history  sovereign  debt  crisis  zombie  banks  GFC  recovery  Great  Depression  Greece  austerity  Troika  ECB  Syriza  democracy  solidarity  political  error  political  economy  political  folly  policy  error  policy  folly  ESM  ELA  BuBa  Bundesbank  LTRO  TLTRO  MarioDraghi  Jean-Claude  Juncker 
june 2015 by asterisk2a
Greek debt: ECB 'to maintain funding limit' - BBC News
bbc.in/1TXD5Bj - Greek debt crisis: ECB not raising funding limit. The decision not to raise the cap on aid to Greece increases the likelihood of bank closures and restrictions on cash withdrawals, analysts say. That in turn could eventually result in Greece leaving the euro. The ECB said that it stood ready to review the decision and would work closely with the Bank of Greece. The current ceiling for the ECB's emergency funding - Emergency Liquidity Assistance (ELA) - is €89bn (£63bn). It is not clear if all that money has been disbursed. [...] &! bbc.in/1ICV0EA [...] Greece banks to stay closed on Monday, Piraeus Bank chief says, after emergency meeting in Athens // &! 'Bank Holiday' aka Corralito - bit.ly/1GKcBdu // &! Rumor: Greece Stock market will likely not open too. // &! bit.ly/1edehoc >> ECB not raising ELA in this situation is forcing Syriza/Gov to close down banks, stock market and enforce capital controls. ECB, the silent enforcer.
ECB  ELA  Grexit  Bank  of  Greece  run  bankrun  Corralito  holiday  economic  history  capital-controls  capital-flight  capital  controls  European  Union  IMF  Troika  MarioDraghi  Angela  Merkel  Wolfgang  Schäuble  Jens  Weidmann  BuBa 
june 2015 by asterisk2a
ECB 'to end Greek bank lifeline' - BBC News
bloom.bg/1yMeCBS reut.rs/1Kin1FN bit.ly/1QWRUoF - Emergency Liquidity Facility (ELA) // ECB is expected to end emergency lending to Greece's banks on Sunday [...] have to "announce a bank holiday on Monday, pending introduction of capital controls". [B]ailout for heavily indebted Greece expires on Tuesday & talks have broken down. [...] "Grexit" from the euro is not inevitable, as the eurozone did resolve Cyprus's banking crisis in 2013 & the country stayed in the euro. [...] [Biggest part is EFSF debt. EU gov money (FR&GER biggest contributors) // Jens Weidmann - on.wsj.com/1KmPprP would have cut it earlier. Current tally €89 billion. // &! econ.st/1Kiugz1 - ECB could bully/force Greece/Syriza to accept any deal given or it will cut of ELA. It did so with Cyprus & Ireland. FT called it 'the quiet enforcer.' // In the End, IMF & EFSF paid off (mostly EU) bank loans for Greece. Not to fill Greece's budget deficit. = Backdoor National Bank Bailout!!! &! bbc.in/1ICV0EA
ECB  ELA  Grexit  2015  bank  run  bankrun  Troika  IMF  capital-flight  capital-controls  capital  controls  Cyprus  of  Cyprus  of  Greece  deposit  haircut  haircut  sovereign  debt  crisis  Great  Depression  austerity  fiscal  sovereignty  Syriza  democracy  Career  Politicians  European  Union  No  Representation  Angela  Merkel  MarioDraghi  Wolfgang  Schäuble  Germany  Leadership  Jens  Weidmann  zombie  banks  banking  EuropeanSystemicRiskBoard  stresstest  EFSF  bank  bailout  GFC  PIGS  IMG  ChristineLagarde  PR  public  relations  spin  doctor  media  conglomerate  manufactured  consent  banking  crisis  economic  history  fairness  public  perception  public  awareness  public  discourse  policy  folly  policy  error  toobigtofail  TBTF  too  big  to  jail  monetary  policy  unconventional  monetary  policy  crony  capitalism  Wall  Street  capitalism  Failure  recovery  monetary  transmission  mechanism  monetary  system  deflationary 
june 2015 by asterisk2a
Will the ECB play its trump card over Greece's future? - BBC News
The ECB did publicly threaten to put a stop to ELA for the Cypriot banks, unless there was an international bailout that would ensure they were solvent. There was a similar threat to Ireland in correspondence which has since been published. As for the Greek banks today, the ECB's president Mario Draghi has said they will continue to receive funding as long they remain solvent and have adequate collateral. The view at the ECB appears to be that the banks are in temporary difficulty. Executive board member Peter Praet said in April: "The assessment that we get is that [Greek] banks are solvent, but it is true that it is a stressful situation".
bank  run  bank  jog  ELA  ECB  Grexit  capital  outflow  Greece  2015 
june 2015 by asterisk2a
Mainstream Media Says Cyprus Salvaged By EU Deal, I Say Cyprus Is Sacrificed By Said Deal - Thrown Into Depression | Zero Hedge
“Policy makers’ recent decisions raise the risk of deposit outflows, capital flight, increased bank and sovereign funding costs and broader financial-market dislocation throughout the euro area in the future,” Moody’s said. >> http://www.zerohedge.com/news/2013-03-25/merkel-very-happy-russian-pm-furious-stealing-what-already-been-stolen-continues >> http://www.zerohedge.com/news/2013-03-25/next-cyprus-depression :: Depression for Cyprus: Our Cypriot GDP forecast entails a drop of just over 20% in real GDP by 2017. This forecast had already factored in much what was agreed, but did not account for the additional uncertainty shock generated by the past week’s appalling political mess. > http://www.zerohedge.com/news/2013-03-25/meanwhile-gold-silver-fx-and-european-bond-markets > http://www.zerohedge.com/news/2013-03-25/what-black-swan-looks-real-media-time > http://www.zerohedge.com/news/2013-03-25/european-financials-biggest-1-week-plunge-8-months-russian-ruble-nears-2013-highs
Laiki  Wolfgang  Schäuble  Politics  unintended  consequences  Toika  Policy  Error  bail-in  ELA  blackswan  ECB  Cyprus  Bank  of  Cyprus  Russia  Germany  bailout  folly 
march 2013 by asterisk2a
Keep A Close Eye On This FX Pair | Zero Hedge
Wondering why the Euro is losing steam so quickly this morning after the Eurogroup 'saved' Cyprus? Perhaps this FX cross is the reason... >> unintended consequences :: Russian Oligarchs pulling money out of Europe.   Perhaps this is why Italian and Spanish financials and bonds are weaker... >> http://www.zerohedge.com/news/2013-03-25/european-markets-sliding-fast >> http://www.zerohedge.com/news/2013-03-25/word-out-place-sends-europe-tumbling "" accounts with more than 100,000 euros, face losses of 4.2 billion euros. "" And now, the scramble to pull uninsured deposits out of banks everywhere begins. "" !!!
Laiki  ESM  EFSF  trust  bank  restructuring  haircut  confidence  unintended  consequences  European  Commission  zombie  banks  trustagent  bail-in  Troika  ELA  ECB  restructuring  Cyprus  of  Cyprus  bank  crisis  toobigtofail  Russia  zombi  banks  bailout 
march 2013 by asterisk2a
Audioboo / What are the implications of the Cyprus deal?
http://www.zerohedge.com/news/2013-03-25/think-tank-cyprus-saved-what-cost Laiki bank will be fully resolved – it will be split into a good bank and bad bank. The good bank will merge with the Bank of Cyprus (which will also take on Laiki’s circa €8bn Emergency Liquidity Assistance – a last-resort funding system outside the usual ECB operations). The bad bank will be wound down over time with all uninsured depositors (over €100,000) taking significant losses (no percentage yet but some could lose all their money above the threshold). >> Germany has made it clear that it is no longer willing to foot the bill for extensive bailouts without the recipient country taking a share of the burden and making some radical changes.
angelamerkel  Wolfgang  Schäuble  Europe  unintended  consequences  taxevasion  European  Commission  Laiki  Bank  sovereign  debt  crisis  bail-in  offshore  banking  Troika  ELA  banking  crisis  ECB  Cyprus  crisis  Bank  of  Cyprus  Germany  democracy  bailout  IMF 
march 2013 by asterisk2a

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