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jstan
climber
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Topic Author's Original Post - Jun 27, 2015 - 11:35am PT
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Market Turbulence Looms as Greek Referendum Threatens Calm
http://www.bloomberg.com/news/articles/2015-06-27/euro-area-bonds-ready-for-crucial-greece-decision-to-pierce-calm
Late on Friday the EURO commissioners were preparing to offer Greece a five month extension of the negotiations regarding repayment of Greece’s 279 billion in debt. Tsipras then announced Greece would hold a referendum in five days , after defaulting on Tuesday. Immediately thereafter and after the article cited above was released, the EURO commissioners reportedly withdrew their offer of a five month extension.
The game of Chicken has gone much further than many believed possible. I don’t see how Monday can be anything but interesting.
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Jan
Mountain climber
Colorado, Nepal & Okinawa
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Jun 27, 2015 - 11:40am PT
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And the bright side is that a vacation in Greece just got even cheaper.
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jstan
climber
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Topic Author's Reply - Jun 27, 2015 - 11:47am PT
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The following report on this same problem in 2013. Local bond funds who were long delivered
108% yield.
http://www.wsj.com/articles/SB10001424052702304682504579157610871291216
The R/E impact at that time was expected to be limited to large villas. People were declining to
pay their mortgages. Those who dream of a villa in Greece might want to keep their eyes open
on Monday. I'll admit.
An island would be nice. But there will be a lot of unrest.
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John Duffield
Mountain climber
New York
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Jun 27, 2015 - 12:22pm PT
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Given the rash of terror incidents, swarms of migrants, some countries may want their borders back. But there's an awful lot of business and jobs dependent on the EU. Going to be tough to unwind it.
Up until now, it's been cheaper to pay off the Greeks, than deal with the financial fallout from the default.
Sure looks like Greece is done there. That said, the money involved, isn't really a lot. Greece is strategically located. There are other potential rescuers.
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climbski2
Mountain climber
Anchorage AK, Reno NV
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Jun 27, 2015 - 12:29pm PT
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I really don't even understand what money is at the level of international finance.. seems more like politics/hedgemony issues than business.
The stuff is artificial and made by keybord strokes..who controls the keyboard seems to be the issue.
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yanqui
climber
Balcarce, Argentina
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Jun 27, 2015 - 03:32pm PT
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They'll be taking away Argentina's claim to the biggest default in history. So I guess Argentina will have to look for something else to excel at.
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little Z
Trad climber
un cafetal en Naranjo
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Jun 27, 2015 - 03:59pm PT
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Argentina will have to look for something else to excel at.
of course you mean other than financial crisis and futbol
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couchmaster
climber
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Jun 27, 2015 - 05:33pm PT
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I believe that the Agentinians also hold the 10 year record for most innocent citizens murdered by the government title as well do they knott?. Ie. last 10 years or soish.
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Reilly
Mountain climber
The Other Monrovia- CA
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Jun 27, 2015 - 10:39pm PT
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"Market turbulence looms?". What have the last six months been? Thankfully it should be
resolved this week. What is stupid is that Greece only accounts for 2% of the Euro zone
yet the tail seems to be wagging the dog. But then most investors are sheep like everyone else.
China's problems could soon be of much more concern. Their market is down almost 20% in
the last week or two.
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jgill
Boulder climber
The high prairie of southern Colorado
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Jun 27, 2015 - 10:45pm PT
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Greece say bye bye to the European Union, whose constitution no one reads and whose president no one knows. (stolen from G. Wills commentary)
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yanqui
climber
Balcarce, Argentina
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Jun 28, 2015 - 05:50am PT
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I believe that the Agentinians also hold the 10 year record for most innocent citizens murdered by the government title as well do they knott?. Ie. last 10 years or soish.
Not that I want to hijack this thread but I'm anal retentive and feel compelled to set the record straight. From 1974-1983, after being given the thumbs up from Kissinger and the US government, the dictators in Argentina "disappeared" an estimated 13,000 dissidents (which included the parents of a friend of mine), many of whom were active members of the Marxist People's Revolutionary Army. Since 1983 Argentina has had democracy and the murder rate is at levels comparable to the US.
I certainly do not mean disrespect to any innocent citizens who were victims of the Dirty War (which includes the parents of my friend), but to characterize this period as "the record ... for most innocent citizens murdrered by the government" seems totally absurd to me. I mean what about the Holocaust, or Stalin, Pol Pot in Cambodia (where we're talking about millions of victims) the White Terror in Spain (hundreds of thousands), or even nearby Chile, that had an estimated 22,000 killed between 1975 and 1978? And that's just a few examples from the 20th century.
Carry on
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clinker
Trad climber
Santa Cruz, California
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Jun 28, 2015 - 08:06am PT
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Money lendering, crooks in suits.
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EdwardT
Trad climber
Retired
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Jun 28, 2015 - 04:26pm PT
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The DJIA futures are down 260 from Friday's close.
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BLUEBLOCR
Social climber
joshua tree
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Jun 28, 2015 - 05:16pm PT
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Their debt of 279 Bil. roughly equates to 25,200 per person.
Our debt in the US equates to 57,000 per person.
Are we next? Do we have any intention on leveling this debt?
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climbski2
Mountain climber
Anchorage AK, Reno NV
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Jun 28, 2015 - 05:52pm PT
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We print our own money.. unlike greece..
whatever the f*#k money is at that level.
Seems to me blue that your point is that greece isn't in very big debt but the EU still wants to divide their corpse and is willing to destroy the livelyhood of everyone in greece for it.
Greece should say.. f*#k you.. and deal with the fallout.. how much worse can it get for them? Being part of the group hasn't done then any good... time to be independent again.
If they dont they wont own a damn bit of their own nation.
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donini
Trad climber
Ouray, Colorado
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Jun 28, 2015 - 06:00pm PT
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As always....the world is beset by insoluble problems and the end is near. Our way of life isn't sustainable and a "Road Warrior" world is just around the corner.
Oh well...nice long hike today and I may just have to clip some bolts on exellent, fresh limestone tomorrow.
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rottingjohnny
Sport climber
mammoth lakes ca
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Jun 28, 2015 - 06:09pm PT
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Donini...You in Greece...?
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Jan
Mountain climber
Colorado, Nepal & Okinawa
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Jun 28, 2015 - 06:19pm PT
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The government of Greece has declared a bank holiday on Monday to stop people withdrawing their euros from ATM's. By the time they vote a week from now, it should be clear to both Greeks and German bankers, the price they all will pay for this.
One thing I had not thought about before that was mentioned by many New York Times readers today, is that Germany has profited immensely by having the poorer Mediterranean countries in the EU to keep the value of the euro low which has aided German exports. If Greece leaves and then Italy, Spain, and Portugal, the value of the euro and the cost of German exports will skyrocket and they too will feel the pain.
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donini
Trad climber
Ouray, Colorado
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Jun 28, 2015 - 06:20pm PT
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Nope...but there IS good hiking and limestone in little ole Ouray. My post is a little misleading. Kinda commenting on the craziness of the world and how to cope.
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