Thursday, February 2, 2012

Ground Hog Day !

    Hey , where ole fuzzy Phil ? As best I can tell , today is a replay of yesterday  - Olii Rehn is out declaring that the Greek debt swap should be concluded in " coming days " . Deutsche Bank chief Josef Ackermann is stating Greek aid is now less dependent on banks but on  " others "  ( translation - hedge funds ) but we already knew that ! Ackermann further added the "present " haircut on Greece is 70 percent or more - and that if the country fell then Portugal could be next..... again , nothing new here , been there , discussed that , same jibber jabber we've heard repeatedly. Speaking of jibber jabber , Jean - Claude Juncker ( head of the EuroGroup ) now believes the measures from the January 30th Summit are largely insufficient and the Greek PSI ( debt swap ) talks are ultra difficult - what can one say to that other than  " No Shitte Sherlock ?But that statement from Juncker explains of course why EU officials have scheduled a meeting of the EuroGroup for Monday to - discuss the second bailout program for Greece . More largely insufficient measures on the way I'm sure....

     Actually I'm surprised that equities in Europe aren't flying today. Merkel is stumping up money in china today - and Chinese Premier is making the right type of noises ( we've heard these noises  before of course ) that it is important to resolve the eurozone debt crsis. and that his country is considering greater involvement in the EFSF and ESM ( what - DAX , CAC and FTSE aren't up a hundred points on those comments ? ) Of course Wen then added " Europe must rely on itself , reduce its debt load and introduce structural reform. " Hmm , purse strings still drawn shut as far as I can tell !

     Greece' herd of kitties masquerading as a Government say they have completed the bulk of the talks with the Troika - just a few items left unresolved , just 3 or 4 sticking points left say government spokesman Kapsis - of course the problem is the " 3 or 4 sticking points " are the minimum wage , supplemental pensions and recapitalization of the Greek Banks ! those are kinda big problems that remain unresolved - and this is far along the road to see they're still unresloved. just another example of Ground Hog Day playing out. And of course , until the Greek Rescue talks are completed for 130 billion  euros ( or is it 145 billion euros ) , we don't actually get the details on the alleged deal on the PSI ( is the haircut 70 , 72 or 79 percent and who is going to go along with the deal anyway ? )

     Nigel Farage offers timely commentary - which of course the EU trolls don't want uttered publicly !

Happy Ground Hog Day !

Diplomacy at gunpoint

British Eurosceptic MEP Nigel Farage stormed out of a European Parliament session on Wednesday night after his speech was interrupted by the German chairman.
The rightwing UK Independence Party (UKIP) leader was cut off when he compared the leaked German plan for Greece’s finances to be managed by Brussels to being like the Second World War Nazi occupation of the country.
Farage said the plan would see “a European commissioner and his staff occupy a big building in Athens and take over the running of the country”.
This commissioner would be nothing more than a "Gauleiter", he added, referring to the regional Nazi party leaders of the Third Reich.
The comparison sparked outrage among German MEPs. A German Green Party lawmaker, Reinhard Buetikofer, accused Farage of spreading “hatred between European peoples”.
“Greece is not a failing subsidiary company where head office needs to come in and take control," Farage also said. "Greece is a nation with a soul, a nation with pride, with history."
He then turned his attentions to the Belgian head of the European Council, Herman Van Rompuy, accusing him of being responsible for the “misery in these countries”, referring to the so-called PIIGS countries, Portugal, Ireland, Italy Greece and Spain.