I just posted this in Gold contributors...

be careful holding positions overnight

from ZH

Is Greek Side Deal With Finland On Bailout Collateral About To Kill Greek Rescue Again?
Submitted by Tyler Durden on 02/13/2012 - 15:08 Finland Greece

Those who actually recall the nuances of the endless Greek bailout may remember that at one point in 2010 and 2011, one of the main sticking points that threatened to derail the Greek bailout was the demand by Finland to collateralize its contribution to the Greek bailout package. Well, guess what: it's back. Kathimerini reports that "Finland may sign a deal on securing collateral in exchange for its commitment to Greece’s second bailout in the “next few days,” Finance Minister Jutta Urpilainen said on Monday. A vote in parliament on Finland’s participation in the bailout could follow next week, she told reporters in Helsinki." Translation: monkey wrench was just thrown into the Greek bailout in the 11th hour as now everyone else will follow in Finland's footsteps and demand equitable treatment. And it was all going so well...

They need to keep doing this forever. It is great, every time Greece is saved we get a good pop in the US market. When we realize Greece wasn't saved, the market shrugs it off. Rinse and repeat and we ought to be able to get to SnP 5000 in no time. Then world markets will follow and the growth will be amazing.

FRIEDEN EUROPEANS CAN'T DO MUCH FOR GREECE BEYOND AGREEMENT - BBG
FRIEDEN: GREECE NEEDS STRUCTURAL REFORMS, SHORT-TERM FINANCING - BBG
FRIEDEN: GREECE HAS HISTORY OF PROBLEMS IMPLEMENTING DECISIONS - BBG
FRIEDEN: GREECE SHOULDN'T BE IN EURO-ZONE IF CONDITIONS NOT MET - BBG
FRIEDEN SAYS HE WISHES U.S. MORE INVOLVED IN STRENGTHENING IMF - BBG

Yep, the US must do more, more more

As far as the Finland side deal regarding collateral, IMHO that's a nothingburger. Troika debt is already super senior and Greece still has no intention of paying back the debt anyway. Doesn't matter if it is collateralized ot not, the only way to get it back involves tanks and stuff

Just in.. LOL

By Sarah Turner
SYDNEY (MarketWatch) -- Germany and other European nations may not be prepared to fully approve a 130 billion euro ($172.1 billion) bailout for Greece at a meeting set for Wednesday, the Financial Times newspaper reported late Monday, citing officials. Germany and other euro-zone nations were unconvinced Greece would undertake austerity measures demanded by the bloc's finance ministers in order to receive more funding, the report said. If full approval is not obtained at the meeting on Wednesday, then ministers may only give conditional approval for Greece's bailout and the plan will be reassessed at a meeting next week, according to the report.

Kick the can further down the road...till next week saga goes on n on n on n on n on ect ect ect...

Meanwhile the bailout tab keeps rising exponentially.

And the 4 billion they promised to cut.... sorry they need it to fix the damage done by the rioting.

oh that's worked well 1y Greek bonds 544.52% would have expected this to be just a tad lower on all the brilliant news out

Gee Jubber, that sounds like a heckuva DEAL!

Wait.... it almost sounds like, well, that the buyers don't expect them to pay?!

If Greece binds all bond holders, then it's not voluntary and would trigger CDS, no?

Greece can only bind (add CAC) to Greek-law bonds (the bulk of existing debt), not English-law bonds. The ECB holds (I think) entirely Greek-law, more than 30% of total Greek debt. The question becomes whether Greece would add CACs to those too. I think not, but you never know...

I was at at meeting of Greek Americans. I was probably the only nonGreek there. Greek Consulant and Cypress Consulant to the US were there. People were speaking on the stage whether Greece should stay or leave the Euro and it got very emotional. People would yell at the speaker, "you are an idiot" and "what should I tell my mother about keeping money in the bank in Greece." I thought we were going to have our own riot right there. Several times they had to calm down the audience. Most people do not know how much Greeks move back and forth between the US. Very strong ties between Greek Americans and Greeks in Greece.

China "said" it would increase support for Europe?

FRANKFURT (MarketWatch) — The dollar index slipped Wednesday, with investors moving out of the greenback’s safe haven after the euro-zone economy shrank less than expected in the fourth quarter and China’s top central banker said his nation will increase support for Europe.

Reuters says China said no such thing
http://us.mobile.reuters.com/article/bus....

Quote:

BEIJING (Reuters) - China will continue to invest in euro zone government debt and it remains confident in the euro, the country's central bank governor said on Wednesday, while calling on Europeans to produce more attractive investment products for China.

Zhou Xiaochuan admitted that China and other emerging nations like Brazil, Russia or India were waiting for the right time to help the bloc, after a European Union state visit was once again met with encouraging words but no concrete public commitments on fresh funding from China.

But he also suggested Europe needed to work harder to entice Beijing to part with its capital.

"We also hope that the euro zone and EU can innovate their mechanisms to offer new products that are more helpful for Sino-Europe cooperation," he said.

The central bank governor reiterated previous comments from Premier Wen Jiabao that China was ready to play a bigger role in solving Europe's debt problems, noting China had not cut its reserves exposure to the euro zone.

"At the G20, our state leaders promised European leaders that, amid the global financial crisis and the Europe sovereign debt crisis, China will not cut the proportion of euro exposure" in its reserves, Zhou said in a speech at the University of International Business and Economics in Beijing.

"Some people had cast doubt or suspicion over the currency, but for the People's Bank of China, we have always been confident in the euro and its future," he added.

Although Zhou's comments largely underlined China's established stance, the remarks helped push the euro higher and were cited in markets for supporting stocks buying in Asia.

China: "When things get cheap, we'll buy".

NEW YORK (MarketWatch) — U.S. stocks tilted between mild gains and losses on Wednesday as uncertainty over Greece countered better-than-expected economic reports from Europe and on American manufacturing.

Holy ****! I heard clapping in the background after Nigel finished his rant. Perhaps some of the European Parliament are waking up. Or does the European Parliament have a peanut gallery?

Personally, I like this rant in EP better: http://tickerforum.org/akcs-www?post=202....

NEW YORK (MarketWatch) — U.S. stocks declined Wednesday, losing their grip on modest gains, as uncertainty over Greece overwhelmed better-than-expected economic reports on the American manufacturing and housing sectors.

“Germany is drawing the line — they just don’t believe Greece is going to follow suit on the next round of austerity measures,” said Art Hogan, an equity strategist at Lazard Capital Markets in New York.

Some pretty graphic photos of all the fireworks.
http://www.theatlantic.com/infocus/2012/....

From 5755hsa's link:

Quote:

The battle of wills between Athens and its eurozone lenders has intensified, with Greece’s finance minister accusing “forces in Europe” of pushing his country out of the euro while his German counterpart suggested postponing Greek elections and installing a new government without political parties.

FT.com

Quote:

while his German counterpart suggested postponing Greek elections and installing a new government without political parties

Which is what the end game was all along.