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Best Broker for 2012? 192 replies

Withdrawals ONLY - 2012 18 replies

Greece 2012

Quoting robert2b
The biggest problem is that Greece has always had Government and other controlling bodies, so full of corruption, and the population has become so used to their wages and pensions being artificially inflated by massive Government borrowing.

It will need a culture change to make any difference to their economy, this could take many years.

I think it is inevitable that Greece will default. Nobody in Europe is going to just keep pouring in billions of pounds without seeing a major change in the Greek mentality and the voting in of a Government...
Absolutely right !!! This is a long trip for Greeks... you just don't change the mentality from one day to the other. We must scratch the bottom of the barrel and then try to come up to the surface again.

Enjoy the news guys, there are lot to come up on a daily basis that will sharply move EU up and down like a roller-coster. Until March, then who knows ....
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PT.

Here it is the answer to your poll. S&P put Greece in selective default.

So When will Greece default? It was defaulted for at least a year but as you mentioned you will only consider valid default after a rating agency say it so 1st quarter 2012...

sisse
...and the winners of the Greece 2012 Poll are

bbakker, bumapatria, carlos.x, Ch1l1MaN, Hova, PipKiller, PipTrapper, prashant7, rekon67, salczer, Schnitzel, spzd, steve10%, Tom_D_Trader, torkay77, triphop, xirtam

Congratulations... Your prize is the knowledge that you are able to predict market conditions within a 3 month time span.

Greece Cut to Selective Default by S&P

Greece’s credit ratings were cut to “Selective Default” by Standard & Poor’s after it negotiated the biggest sovereign debt restructuring in history.
S&P dropped Greece’s rating from CC, two levels above default, after the government added clauses to its debt designed to mop up investors unwilling to take part in the exchange, the New York-based company said in a statement today.
The downgrade follows a reduction last week by Fitch Ratings to C, while Moody’s Investors Service has said it will cut the nation to its lowest rating. Greece published the formal offer document last week for its agreement to exchange bonds for new securities, with investors taking a haircut of 53.5 percent. The restructuring uses so-called collective action clauses to discourage holdouts, the use of which would trigger credit- default swap insurance contracts on the nation’s debt, according to the rules of the International Swaps & Derivatives Association.
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Quoting sisse
PT.

Here it is the answer to your poll. S&P put Greece in selective default.

So When will Greece default? It was defaulted for at least a year but as you mentioned you will only consider valid default after a rating agency say it so 1st quarter 2012...

sisse
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Quoting PipTrapper
...and the winners of the Greece 2012 Poll are

bbakker, bumapatria, carlos.x, Ch1l1MaN, Hova, PipKiller, PipTrapper, prashant7, rekon67, salczer, Schnitzel, spzd, steve10%, Tom_D_Trader, torkay77, triphop, xirtam

Congratulations... Your prize is the knowledge that you are able to predict market conditions within a 3 month time span.

Greece Cut to Selective Default by S&P

[b][i][color="DarkSlateBlue"]Greece’s credit ratings...
... politicians have nowhere to hide with the D word anymore .... Hopefully this will put a short term end in the circus ...mid term will still have a sequel to debt crisis part V later this year (October)..

sisse
ECB has decided to temporarily suspend eligibility of Greek bonds used as collateral

Liquidity can be satisfied by national central banks i.e national central banks to provide emergency liquidity assistance

Greek bonds will be eligible again in principal once collateral enhancement scheme effective, expected mid-March

Decision taken as a result of Greece rating downgrade
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Quoting PipTrapper
...and the winners of the Greece 2012 Poll are

bbakker, bumapatria, carlos.x, Ch1l1MaN, Hova, PipKiller, PipTrapper, prashant7, rekon67, salczer, Schnitzel, spzd, steve10%, Tom_D_Trader, torkay77, triphop, xirtam

Congratulations... Your prize is the knowledge that you are able to predict market conditions within a 3 month time span.

Greece Cut to Selective Default by S&P

[b][i][color=darkslateblue]Greece’s credit ratings were cut to “Selective...
I thought the prize was some Greek bonds

On a serious note, the Greek people have a chance to vote on what should happen next with general elections in April. At least they do get a say and I hope that whatever the outcome, they will find themselves on the road of recovery sooner rather than later.
Congratulations for your 90% accurate predictions for the Greek default I hope that you get the Nobel of economy as well up til the summer and don't forget to shake the hand of king Gustav of Sweden
Quoting tranco
Congratulations for your 90% accurate predictions for the Greek default I hope that you get the Nobel of economy as well up til the summer and don't forget to shake the hand of king Gustav of Sweden
lol
Quoting bbakker
I thought the prize was some Greek bonds

On a serious note, the Greek people have a chance to vote on what should happen next with general elections in April. At least they do get a say and I hope that whatever the outcome, they will find themselves on the road of recovery sooner rather than later.
Looks like your hopes are now dashed. The latest setback in the election results don't bode well for Greece. Perhaps the better option is in fact for Greece to exit the Euro... at least till they are able to kick start their economy via a devalued Drachma in order to become competitive once more. After that milestone is achieved, then they can start the process of joining the Euro again, or not.

Anyway, I highly suspect there will be another election in June.
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What setback? The only setback will be to the corrupt banking system that caused all the trouble in the first place. Putting the People back in charge of their own resources and finances can only improve the situation. Just look to Iceland for proof. Throw a few banksters and corrupt pols in jail and just watch how quickly things turn around for Greece. If only we had the heart to do the same here in the US. The 1% is really getting nervous by now, so expect to hear the war drums beating louder as the year goes on, or maybe another false flag terrorist attack. Anything to make the sheep run to Big Brother for protection (again)...
Quoting forexhard
What setback? The only setback will be to the corrupt banking system that caused all the trouble in the first place. Putting the People back in charge of their own resources and finances can only improve the situation. Just look to Iceland for proof. Throw a few banksters and corrupt pols in jail and just watch how quickly things turn around for Greece. If only we had the heart to do the same here in the US. The 1% is really getting nervous by now, so expect to hear the war drums beating louder as the year goes on, or maybe another false...
I agree with all you have said. If you read my post entirely, you should see that, unless I wasn't clear enough.

The setback I refer to is the failure to form a coalition government. Without a government, the people have no voice, only chaos. That, my friend is a major setback.
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Quoting PipTrapper
....The setback I refer to is the failure to form a coalition government. Without a government, the people have no voice, only chaos. That, my friend is a major setback.
What actually happens if they can't form a coalition quickly enough, is that another election is held a couple of weeks later. This would probably be a good thing under the circumstances, as it would probably mean an ever bigger voter turnout, and even more seats going to the Socialists this time around. If the 2 biggest liberal partys could each pick up an extra 4 or 5 seats, the righties would be completely marginalized. So maybe another round of elections isn't such a bad thing after all?
Quoting forexhard
What actually happens if they can't form a coalition quickly enough, is that another election is held a couple of weeks later. This would probably be a good thing under the circumstances, as it would probably mean an ever bigger voter turnout, and even more seats going to the Socialists this time around. If the 2 biggest liberal partys could each pick up an extra 4 or 5 seats, the righties would be completely marginalized. So maybe another round of elections isn't such a bad thing after all?
No.. Another round of elections is not a bad thing at all. It's how democracy is supposed to work and I will be glad to see it go that way.
When I wrote the original post, things were dire and because it looked like there was going to be another round of elections and Greece was not going to get their next aid Tranche due this week or next.. not sure exactly when. However, apparently the EFSF board have decided to pay it anyway so they should be good till end of June now.
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