Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Greek Default Exclusive: Senior US Bankers Given Explicit Timetable For Athens Default
The Slog ^ | 2/16/12 | John Ward

Posted on 02/16/2012 9:37:10 AM PST by marshmallow

Documents Raise Awkward Questions For Washington, IMF & Berlin

A written document giving firm dates and detailed actions for a planned Greek default has been in the possession of two top Wall Street bank currency trading bosses since the second week in January. The Slog has separate but corroborative sources affirming the existence of the document, and a conviction among senior bank staff that – at least at the time – the plan represented “a timetable, not a contingency”. The plan gives a firm date of March 23rd for default to be announced after the close of business.

Senior bankers on Wall Street have been given detailed documentation setting out a timetable to Greek default, including firm dates and technical ‘orders’ about last use of the euro as a currency there. The revelation arrived at Slogger’s Roost last Monday, since when I have been trying to obtain corroboration. This arrived in the early hours of today (Thursday). One of the banks is Barclays Capital (Barcap) run by controversial figure Bob Diamond. The other must remain anonymous for the time being, in order to protect sources.

The document asserts that Greece will officially be declared in default by all the ratings agencies after the close of business on Friday march 23rd . At the weekend all Greek bank accounts will be frozen, with emergency measures detailed to prevent the flight of capital. Included in the paperwork is a list of very limited exceptions to the ‘no withdrawals’ order. All major banks ‘are instructed not to deal with euro exchange as of open of business in Greece on Monday 25th march. All Greek markets will close for one day ‘at least’.

As yet, I have been unable to establish the source of the documents. But one of my informants admitted, “I have strongly.........

(Excerpt) Read more at ...

TOPICS: Business/Economy
KEYWORDS: eucrisis; greecedefault

1 posted on 02/16/2012 9:37:14 AM PST by marshmallow
[ Post Reply | Private Reply | View Replies]

To: marshmallow
Good. The sooner it collapses the sooner rebuilding can start. The Euro zone is going to fly apart like a jet engine ingesting a moose. Because if they can't save Greece, they sure as heck can't save Italy and Spain. That in turn is going to knock the legs out from under banks all over the world.

Reality must be faced. Every day it is postponed the worse the reckoning will be when inevitably the bill comes due. If the must happen let it please happen before November. So long as the PPT keeps fake market prices pumped above 10,000 Obama stays in office. So let the collapse happen now. That way people will feel it full and hard before the elections.
2 posted on 02/16/2012 9:46:34 AM PST by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: marshmallow

Credible site?

3 posted on 02/16/2012 9:57:43 AM PST by C19fan
[ Post Reply | Private Reply | To 1 | View Replies]

To: C19fan
It's the blogosphere..........

Need I say more?

4 posted on 02/16/2012 10:03:36 AM PST by marshmallow (.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: marshmallow

Should this happen, what would the effect be on the bond market here in the US? Or more specifically, the muni bond market? What about the stock market? Anyone have a specualtion?

5 posted on 02/16/2012 10:59:52 AM PST by 2big2fail
[ Post Reply | Private Reply | To 4 | View Replies]

To: 2big2fail

The markets would either go up or they would go down, depending.

6 posted on 02/16/2012 11:07:47 AM PST by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
[ Post Reply | Private Reply | To 5 | View Replies]

To: marshmallow
If the document in question exists and has some degree of truth it doesn't surprise me.

I have Freeped already about an interesting statement that came out of Europe in December 2010; the EU, ECB, and Franco-German cabal announced that they were scheduling monthly crises meetings focused on the Greek debt. This announcement, if I remember correctly, came AFTER they same group of people announced that the Greek debt crises was almost solved - as soon as they could collect some signatures it would be solved.

Excuse me. But, if the crises was almost solved why schedule regularly scheduled crises meetings for an entire year to solve it? Yes, my head spun on that sentence too. But the basic question remains - has anyone been involved in monthly crises resolution meetings for a crises that is almost solved?

The financial crises in Europe can be summed up in a series of “can not statements”

1. The Greek politicians can not get any more “free” money (money not generated by taxes).
2. The Greek politicians can not stay in power without more “free money” to buy off the Greek population.
3. The European politicians can not offer Greece any more “free money” because to do so they will be unable to buy off their own populations.

Until at least one of those statements is changed Greece, Europe, and quite probably the Republic is doomed to sink farther into debt as the crises feeds on itself.

Dame Thatcher said it best - Liberalism fails when you run out of other people's money.

7 posted on 02/16/2012 12:40:51 PM PST by Nip (TANSTAAFL and BOHICA)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794 is powered by software copyright 2000-2008 John Robinson