Somehow we missed the news that The Golden Jackass is now writing for the AP.
The MSM publication has released a piece on the Greece crisis that reads like something out of the latest Hat Trick Letter- essentially depicting a step-by-step analysis on how today’s Greek elections (1st exit poll shows Syriza & the New Democracy in a dead heat) could turn into a full-blown global contagion.
Got Phyzz?
From the AP:
The unthinkable suddenly looks possible.
Bankers, governments and investors are preparing for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
The worst case envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.
A Greek election on Sunday will determine whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.
If Syriza gains power and rejects the terms of the bailout, Greece could lose its lifeline, default on its debt and decide that it must print its own currency, the drachma, to stay afloat.
AP business writer Matthew Craft breaks down how the crisis could quickly turn global in three acts:
ACT I
What would Greece’s exit look like? In the worst case, it starts off messy.
The government resurrects the drachma, the currency Greece used before the euro, and says each drachma equals one euro. But currency markets would treat it differently. Banks’ foreign-exchange experts expect the drachma would plunge to half the value of the euro soon after its debut.
For Greeks, that would likely mean surging inflation
Contagion begins in the 2nd stage:
ACT II
Here’s where things get scary.
The European Central Bank and European Union would have to persuade investors in government bonds that they will keep Portugal, Spain and Italy from following Greece out the door. Otherwise, borrowing costs for those countries would shoot higher.
The main way European leaders have tried to calm bond markets is by lending to weaker governments from two bailout funds. Experts say these two funds, designed as a financial firewall to stop the crisis from spreading, need more firepower.
Much of the (EURO)248 billion ($310 billion) left in one of them, the European Financial Stability Facility, was pledged by the same countries that may wind up needing it, Vamvakidis says.
Finally, we have an MSM reporter who understands THE REAL RISK OF GLOBAL CONTAGION WITH THE EUROPEAN DEBT CRISIS: Credit default swaps.
ACT III
A full-blown crisis would cross the Atlantic through the dense web of contracts, loans and other financial transactions that tie European banks to those in the U.S., experts say.
Blythe, the professor at Brown, believes credit default swaps, the complex financial instruments made infamous by the 2008 financial crisis, would provide the path.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
This was the article I referenced in the last post. You can see the threat levels and work to plan accordingly.
Now, if Americans would stop using the ‘Federal Reserve’ banknote, maybe the sun would shine a ray of dawn on this old Earth!
1/2 hour before the first official projections can be expected in the Greek elections:
Meanwhile, here in the US the ATM’s are still full of cash, there are no lines at the gas pumps and no hordes of panicked shoppers in the stores. Just another peaceful Sunday…
Silver Alert;
Greek election: Live 27 minutes ago:
Second exit poll shows New Democracy with 28.6pc to 30pc of votes just ahead
of anti-austerity Syriza with 27pc to 28.4pc, in an election that could
decide whether Greece remains in the euro.
Current Greece Time: 21:11
This Came Out At: 18:54 “Some official figures are starting to emerge from the Greek
Interior Ministry. With 15pc of the votes counted, New Democracy has
31.1pc, while Syriza has 25.4pc. But it should be noted that these
are rural votes, and the electorate in Athens will bring the average back
towards the left. Meanwhile, an unofficial poll suggests that a New
Democracy/Pasok coalition would have a majority of 159 seats”
Supposedly 2 minutes ago released on Google:
Greece election: Pro-euro coalition likely
An exit poll carried out by five polling companies for Greece’s major
television channels projected the conservative New Democracy party as
coming in with between 27.5 and 30.5 percent of the vote, with the
anti-bailout radical left Syriza party at between 27 and 30 percent.
Another exit poll carried out for a separate TV station projected
Syriza as possibly being marginally ahead, at between 25 and 31 percent
compared to New Democracy’s 25 to 30 percent.
Neither party will have enough seats in the 300-member Parliament to
form a government, meaning talks on forming a coalition government will
almost certainly begin Monday. READ MORE
Why?
Max was just there. Aren’t they listening??
LIVE Greek Elections 2012 Results:
EXIT POLLS
4 minutes ago
New Democracy Edging Out Syriza,<— New Democracy Wins?
PASOK and Pro-Austerity Parties Out
Voting ends at 7 p.m. local time (noon Eastern Time). 40 minutes to go?
1:23 pm:
Skai TV’s first seat projections:
Syriza: 28% (124 seats)<—-Syriza Projected to Win? Confusing!
New Democracy (ND): 27.5% (73 seats)
PASOK: 13% (33 seats).
1:02 p.m. Syriza’s Share of Vote Increases by 10%
So far, unofficial results are showing that Syriza improved its
performance by a 10% margin compared to the first round of the
elections. While official results haven’t been released yet, this margin
could increase as younger voters — who usually vote late — tend to
vote for the left-of-center party. READ MORE
Updated exit polls predict that Greece’s conservative New Democracy party will come in first.
ALJAZERRA June 17, 2012 – 21:10
Updated exit polls predict that Greece’s conservative New Democracy party
will come in first in an election that is crucial for Europe and the
world.
Although no party appears to have won enough seats in
Sunday’s election to form a new Greek government on its own, the polls
indicate the country’s two traditional parties – New Democracy and PASOK
– will have enough seats to form a coalition together.
The exit
poll projected New Democracy as winning between 28.6 and 30 per cent of
the vote, giving it 127 seats in the 300-seat Parliament. That’s ahead
of the radical left Syriza party, which is projected to get 72 seats.
The Socialist PASOK party was projected in third with 32 seats. READ MORE
WATCH ALJAZERRA NOW: aljazeera
So—No Clear Leader Has Won Majority. The New Democracy (Conservatives) Must Now Form a Coalition With Syriza(Leftist Radicals)—It’s Like Asking Jim DeMint To Form A Co-leadership With Bernie Sanders!
I think this will have an chaotic effect on the markets..They tried to form a coalition last time with no agreement. I don’t think they’ll come to agreement this time either.
The two “winners” are on opposite sides of the bailout. Syriza No, ND yes.
It’s going to be bad for the markets when they open. I guess the Banksters will use this as an opportunity to raid silver and gold this afternoon.
ZH is also carrying the Greek election results Still nothing definitive.
LMAO Jake you sure are keeping people up to date on the elections. You should be working for one of the News Media stations. LMAO
Ok Folks lets not put the cart before the horse. Lets see who wins first to see if Greece leaves the Euro or not. Hell it’s going to take a couple of weeks after the election to decide. if they will.
Just sit back and relax and add to your stack.. LMAO Now I’ve got to get back to my grass cutting. See You Later.
Couldn’t have said it better myself Sheep Dog. Throw Italy in the mix and Merkel having a stroke and you’ve hit the nail on the head. Thanks for the updates Jake. All the chaos and the serious implications that could happen and our MSM is reporting on the death of Rodney King and the Sandusky fiasco. No offense to either but there’s more important things happening in the world than those two. I can’t get over how entranced the general public is with shit like this when the entire world economy could crash within a few days or weeks or even sooner. American Idol or Fear Factor has a higher value than eating or surviving in a world where death could come over a loaf of bread. Priorities. What in the hell is wrong with the sheople?
Oh yeah, by the way, HAPPY FATHERS DAY TO ALL OF YOU DAD’S AND GRANDAD’S AND GREAT GRANDAD’S, ETC.
P.S.S. 427, Filled up the generator, log splitter, 4-wheelers, motorcycles, cars/trucks, weed eater, chain saw’s and gas cans. Propane is topped and kerosene will be filled tomorrow.
MARKETS ARE GOING TO RALLY NOW ON THIS LATEST NEWS!
June 17, 2012, 2:06 p.m. ET
Greece’s New Democracy Party Leads in Final Exit-Poll Estimates
ATHENS–Greece’s conservative New Democracy party appears to have eked
out a narrow victory in Sunday elections and may even be able to form a
probailout coalition goverment with the Socialist Pasok party, final
exit polls showed, an outcome that is likely to ease fears around the
world–at least temporarily–of a Greek exit from the 17-nation euro
zone.<—I thought The PASOK PARTY WOULD NOT AGREE TO THE COALITION!—THIS IS HUGE!—If they agree, then maybe they can form a government that accepts the bailout—NOW THIS BECOMES BULLISH FOR STOCKS AND GOLD/SILVER IMO.
According to the exit polls shown on the state-owned NET television
channel less than two hours after the ballots closed, New Democracy was
leading with an estimated 28.6% to 30% of the vote, or 127 seats in the
300-seat parliament. The radical left Syriza party was second with an
27.5% to 28.4% of the vote or 72 seats. Earlier exit poll result had
shown the two parties in a statistical dead heat.
Despite the apparent close outcome, New Democracy could benefit from a
50-seat bonus in the 300-seat parliament if the exit-poll results are
confirmed. The first official projections are expected around 1830 GMT.
A win by New Democracy, if confirmed by final results, could set off a
relief rally on global financial markets Monday after weeks of
uncertainty over Greece–and by extension, the euro zone–has stoked
investor fears over the future of the currency bloc. In the past few
weeks, Europe’s debt crisis has spread to Spain–the euro zone’s fourth
largest economy–forcing it earlier this month to ask for a bailout for
its banks, and even threatens to engulf Italy, severely testing the
bloc’s financial ability to handle the crisis.
New Democracy’s 61-year old leader, Antonis Samaras has been an
unequivocal backer of Greece’s euro zone membership, even though he says
he wants to tweak the austerity program Greece has promised its
European and international creditors that comes with the country’s
EUR173 billion ($218.6 billion) bailout package.
In the three weeks leading up to Sunday’s vote, Samaras has sought to
turn the elections into a de facto referendum on the euro, saying that a
vote for his opponent–Syriza leader Alexis Tsipras–would be
tantamount to voting for a return to the drachma, Greece’s former
currency.
It appears that a narrow plurality of voters decided not to take that
bet and plumped for New Democracy. What is less clear, however, is New
Democracy’s grip on power.
The exit polls also point to a fragmented parliament with no party
likely to win an outright majority, setting off another contentious
round of coalition talks as early as Monday. Ten days of coalition talks
following an inconclusive vote May 6 failed to produce a stable
government, forcing Sunday’s second round.
New Democracy’s likely coalition partner, the Socialist Pasok party,
was seen garnering between 11.0% to 12.4% of the vote, or 32 seats,
allowing the two probailout parties to form a majority government if
they agree on a coalition, exit polls showed. READ MORE
Interesting thought Jake. I wonder though, will a new coalition between the ND and the SP be enough to calm the Greeks and stop the bank runs? Next week or two will tell. I really think the people have no real trust in any party there. Is all goes well, the markets will zip much higher next week but volume will still be low IMO. The people will carry on with their prime time sitcoms and be caught unaware when SHTF.
Euro at 1.27 up .53% if this is any indication. I’m in the camp that very little will come from the election results in the short term. If ND wins the elections, this will just confuse the markets more. The volatility will still be here for months. Rumors will be flying around to ramp up the market. The stock market doesn’t give a shit about the elections. They only care if more QE is coming. Take out the liquidity, then the markets die. All the FED needs to do is run a bunch of rumors to ramp the market up for the day. I hope for a market meltdown but I have been disappointed so many times recently.
Dam you guys I felt all alone last night when this post went up. Glad to see you all hear now.
“All the chaos and the serious implications that could happen and our MSM
is reporting on the death of Rodney King and the Sandusky fiasco.”
I’ve seen only Aljazerra with one on-scene reporter and RT with two stories about it. Anyway, now that the PASOK Party has agreed to the coalition, It looks as if the markets will rally along with gold/silver. We should see a +100-+200 Point Knee-Jerk On The Futures When They Open At 6:00pm EST. Gold/silver should knee-jerk pop too.
Of course, this might be very short-lived, so watch for a raid.
Interesting thought Jake. I wonder though, will a new coalition between the ND and the SP.
If the Greek elections create some stability for that country, even temporarily, it will give the Euro zone some breathing room. We may get some breathing room too. There is a slight chance that with so much fear of the end result of a Greek election going badly that the Euro leaders may be able to work together. The whole situation is untenable and the reality of the Euro being an unworkable currency won’t change but we could get some extra time to work on our individual situations. The end result is not going to change IMO since the sovereign and private banker finances are in for a hard landing. It will just take a little more time for that come to pass.
I could still see riots in Greece happening
Looks like the ND Conservative party has won. They stay in the Euro for a few more hours, LoL.
Yes—AGX and 427-–I was just commenting on the short term. The underlying problems are still there. Syriza Will Be Enraged Maybe. Riots Maybe. But Bailouts will kick cans and “calm” them Down—LOL!
In the end, we’ll see more insanity. Also, the focus turns back to Italy and Spain for tomorrow’s crisis. In the meantime, let’s see how the markets pop—It should be interesting.
Agk, I see it the same way. This just buys the idiots running the circus a little more time. It gives us more time to stack at these price levels for the metals. Nothing has or will change. The Euro is done. It’s checkmate for the ECB and every country in the EU. This is just a bunch of BS going on to delay the end game. I also believe the metal prices are stuck in a tight trading range. The metals prices are here to stay until a huge global meltdown. The FED will not let the prices to get out of hand. IF the COMEX defautls then all bets are off. Jim Willie is saying that the physical is being raided by the West to the East. Until China gets all the gold from the Western banks, this will be the event when prices explode. This will be the same time the COMEX defaults. Prices will go up 100′s of dollars in a day. I tend to agree with Willie. We are few months away from a global financial meltdown. Timing is the hard part but knowing the end game is easy.
Had they not had three partys running, the ND party would have lost. So you know there is a lot of bummed out people that will go out and have a few drinks. Then will see the alcohol talking
I’m Not Saying This Will Work—So You Might Still Have To Wait Until 6:00est For Netdania.—But In The Past, I’ve Noticed Bids And Asks Come In On this Link For Silver At 5:00 EST. LIVE SILVER CHART LINK
This Is For Those Of You Who Don’t Have A live Paid Feed.
So everythings gonna be fixed now and Greece is going to become a solvent, productive member of the EU? You mean we all cleaned out our bank accounts, filled the tanks, went grocery shopping and bought all that silver for nothing! Sheesh.
This Is Getting Nutty Again—Is This Updated News, Or Is What I Heard On Aljazerra/RT In My Above Post Updated…This Makes A Big Difference:
Pasok Throws A Monkey Wrench Into Coalition Discussions
Submitted by Tyler Durden on 06/17/2012 14:37 -0400
As reported in the previous post, the Greek
PASOK party of former PM G-Pap may have thrown a grenade into coalition
discussion, following an announcement by Katerina Diamantopoulou that
Pasok will not join into a coalition government with ND unless Syriza
also joins said coalition. Which Syriza stated moments ago it would not do.
The question then comes whether ND can form a government (150+ seats)
with any of the other remaining parties (up to and including neo-nazi
New Dawn or the communists…READ MORE
Just the gas station and propane station. Cash has been out. LOL.
Jake:
@16:30
This is the end
According to sources, PASOK has reversed course and will look to participate in coalition on Monday…Monkey wrench officially removed
Looks like it is going to be Greek election No:3 in August, then October then December…sigh
It’s a pity the Greeks never took some inspiration from the Spartans!!!
Amazing How Complicated It Is:
Greek election: scramble to form coalition to steer country through crisis
New Democracy leader begins quest to create government while leftist leader declares he will continue to oppose austerity
Antonis Samaras is cheered by supporters in Athens, where he made a
victory speech. Photograph: John Kolesidis/Reuters
Emerging as the frontrunner of a nailbiting election seen as decisive for Greece’s
future in the eurozone, the conservative New Democracy leader, Antonis
Samaras, began the arduous quest to build a coalition on Sunday night
with an appeal to form a government of “national salvation”.
New
Democracy narrowly beat Syriza, an alliance of radical leftists, winning
29.53% of the vote against 27.12% for the coalition led by Alexis
Tsipras. Samaras called the result a victory for Europe.
As the scramble began to put together a
government that can steer Greece through its worst crisis in modern
history, Syriza’s charismatic leader said that no matter what government
was formed, it would face extraordinary opposition from his party.
“From
Monday the struggle will continue,” he said. “We will be vindicated.
The future does not belong to those who terrorise, but to those who
hope.”
Time is of the essence if the crisis-hit country is to end weeks of political paralysis and form a government.
But
the inability of any party to win an outright majority, and the
strength of the turnout for Syriza, will ensure that Greece’s attempt to
re-find political equilibrium will by anything but easy.
In
opposition, controlling anti-austerity protests and pressure on the
street, there is widespread consensus that the radical leftists are
bound to pick up support. A weak government mandated to pass yet more
unpopular austerity measures could ultimately collapse. Many do not
exclude fresh elections by the end of the year.
“There is
widespread suspicion that to come a close second was Syriza’s ultimate
aim,” said Dimitris Keridis, a professor of political science at Athens’
Panteion University. “As a very strong and powerful opposition it will
be able to bide time until new elections, when it could easily win an
absolute majority. Tsipras is up and coming and he will use the time to
mature.”
Had Syriza come first, it would have come under pressure
to dilute its vehement anti-austerity rhetoric. “The only way to disarm
it of its populism is to have it in power,” said Keridis who added that
the night belonged to those Greeks who “against their hearts” had voted
for the conservatives as the only assured way of keeping their country
in the eurozone.
Pollsters say that countless leftwing Greeks,
fearing for the country’s future in the euro zone, abandoned traditional
allegiances and threw their weight behind New Democracy and Samaras, a
hawkish leader who is widely disliked.
Across
Greece’s divisive political spectrum there was speculation that Samaras
would be able to form a viable coalition with the socialist Pasok and
the small Democratic left – parties that have also agreed to accept the
onerous terms of bailout funds even if they, too, want to renegotiate
the package.
Insiders, however, said that Samaras’ own position at
the head of such an administration was likely “to be a problem”.
Announcing that there wasn’t “a single day to lose”, Evangelos
Venizelos, the leader of Pasok, said it was imperative that Greece
acquire a government of “national responsibility”, intimating that his
own condition would be that Syriza took part.
Pro-bailout parties
now constitute 50% of the electorate. But with the other half also
vehemently opposed to the austerity policies dictated by foreign
lenders, Greece’s rollercoaster ride is unlikely to end soon. It is now
well into its fifth year of recession, with unemployment at a record 22%
and worsening levels of poverty leaving thousands of Greeks destitute
and homeless. Resistance to further austerity measures is only going to
grow. READ MORE
Not that it matters 427, but I see no KWN at the SGT site. Coincidence? We’ll see.
Thank You Silver Alert—So Now We’re Bullish Again!—LOL!
silver alert;
Greek Golden Dawn MP Attacks Another MP Live: Kasidiaris Slaps Kanelli
Got phyzz???
2oz they must have pulled them all they had 5 on the front page yesterday. I flipped two pages nada nothing. FSN still has one post out of three or fore yesterday.
YO SB; were you been? we were watching the would collaps bro.
Just wondering. Does KWN think they are more informative than the other sites. Hmmmmm! Oh well, doesn’t matter. I know one person that won’t be hitting their site. Going out for Fathers Day. Have a nice night all.
Take heart all crash mongers – it’s not over till it’s over:
http://www.zerohedge.com/contributed/2012-06-16/citis-buiter-greece-will-be-forced-out-euro-regardless-who-wins-sunday-electi
2oz Enjoy your kids & grandkids
“Crash Mongers”—LOL!—I thought We Were a “click”—Silver alert—I Appreciate the updates from zh.
Apparently—These Are Crash Mongers:
Dito Silver Alert; Now go out and fill your gas tank then hit the ATM & store.
The Description Refers To “Crash Mongers”:
Yesterday I looked Up “INNIT” —And I Found “INNIT TEESHIRTS” And An INNIT BOOK—But I Found No Crash Monger Tee Shirts—I just Thought I’d Keep You Guys Updated. If I See Any Crash Monger Tee Shirts, I’ll “Alert” You To The Link.
POP!—
Ha Ha Crash Mongers Very funny. I guess we can carry that moniker The better way to term Silver Doctors today is the most informed site on the web, courtesy of all the input hour by hour Hats off to Jake for taking his fathers day to keep us all informed of developments.
Dow Futures Only Up +60—I guess This Was Fizzler News—Is That “Crash-Monger” Talk?
Thanks AG—When The World Collapses—It Ain’t Heavy You’re My Brothers!
INNIT Brilliant to have a great bunch of friends to keep you updated on the Elections. My hat’s off to you all and let me tell you, that was a lot of reading.
As for the elections and the silver price, I don’t give a rats ass about it as ilver will eventually go up and we will still have time to stack more as far as I’m concerned. and the end off the world is not here yet but I need to get gas tomorrow. LMAO
I love you guys you keep things interesting and all posts get coined. Happy Fathers Day.
Hey Crash Mongers!—Silver Has Dropped off $29 Fast—Now At 28.75—
SORRY For The Crash Monger Talk
I got lost on You Tube I hate that. Innit I was looking for crash monger shit
Train live Horrible accidents
Here’s a crashmonger theme. I can’t listen to it where I am so I hope it isn’t too bad.
http://soundcloud.com/gilamonster/crashmonger
YOU HAVE TO SEE THIS CRASH!!!
Iranian Plane Crash Caught On Tape 2009.mp4
So whats the verdict on the whole greek sittuation?? Printing the Drugma or are we gripping to the Euro for a little longer?? Either way Im happy with stacking privaledges. 17 oz purchase today.
Hi! Rusty they went back to where they where a month ago. All Hype No Action and they spent a lot of money in the process. LMAO Great on your purchase.
HEAR IS GREECE TODAY
A Russian tractor driver refuses to give up after his vehicle gets stuck in a river.
That’s one way of Dregging For Gold. LMAO
2oz
in poker terms i believe we’ve gone on “full tilt”
Lot of cool videos. Shaking bridges, face plants, swimming tractors. LOL. I hope you all had a great fathers day. Muslim Brotherhood wins in Egypt (tell it to the Egyptian military) and New Democracy Party wins in Greece (Still Screwed).
I saw the KWN articles at SGT 427. Well, too bad, I didn’t read them. Funday starts today. All the analysts will be vying for Face time on the MSM.
Keep stackin.
2oz
BANGLES – MANIC MONDAY(LIVE 1986)
Great song 427
Yeah, great song. Telling your age though. LOL. Funday it shall be.
SB;
Meat Loaf – Paradise By The Dashboard Light