greek bailout ?? sure it is

bronco2078

Lots of stories are starting to come out with people digging into the nuts and bolts of the latest package.

Here is one from zero hedge

negative cash

I have considered bailing out greece myself. I think if I posted the 20 or so silver drachmas I have on ebay they could exchange their rapidly disappearing euros for honest greek money. It would be more helpful to them than what is going on now .

JimDepot

Also from Zero Hedge.


"Ms. Katseli, an economist who was labor minister in the government of George Papandreou until she left in a cabinet reshuffle last June, was also upset that Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal, and that future bonds issued will be governed by English law and in Luxembourg courts, conditions more favorable to creditors."



New York Times linky


Will Greece lose its gold?


From Goldsilver.com,

"But down there in the small print of the Greek deal lies the nasty side for Greece. There lies a heavy penalty clause; Greece's lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal. Greece has 111 tonnes of gold. In other words Greece has given up on its "money in extremis", gold. If they default they will have nowhere else to go. Its international assets will be seized and it will not be able to trade internationally at all."



Linky

derryb

I believe the latest package is purposely pushing the limits of the Greek people, because I think Germany really wants to see them default next month. Greek bailouts will be endless otherwise.

Baley

When to all those nice little Greek islands and coastal villages go on for sale?

Used to be, if someone borrowed money and couldn't repay it, the creditor would get the collateral (or there'd be some debtors' prison stay, or Rocko or Da Bull would break yer thumbs, depending on the terms of the loan )

Some of those German capitalists may like to scoop up some vacation homes in the Bailout

Barndog

finance is just smoke and mirrors these days

mrearlygold

<< <i>When to all those nice little Greek islands and coastal villages go on for sale?

Used to be, if someone borrowed money and couldn't repay it, the creditor would get the collateral (or there'd be some debtors' prison stay, or Rocko or Da Bull would break yer thumbs, depending on the terms of the loan )

Some of those German capitalists may like to scoop up some vacation homes in the Bailout >>




And I remember a gun fight ( the real thing ) outside our development on Koh Samui. The german mob, oops, I mean capitalists apparently had a disagreement with there Thai "partners". The german team won that but there was bang bang boom boom for several hours in the hills and mountains around our house. Far as those idylic little islands in greece, they look nice so if they were to go on sale, count me in too as long as I can also get clearance on a certain medical item , otherwise nah and since I'm already being offered ( in writing ) a similar deal elsewhere, tick tock I'm only interested in buying 1.

Heck somebody's gotta do it

Spooly

This is the second bailout and just a set up for default.

derryb

Greece will default and do just as Argentine did when it defaulted - confiscate central bank holdings and confiscate all retirement account funds. Any promises made by Greece will not be honored when the citizens regain control of their government.

I'm surprised that there is actually anyone left in Greece and that the borders have not yet been sealed by its neighbors.