Loans and Finance

Loans and Finance

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News and information about loans, money, debt, finance and business issues.

Monday, March 02, 2015

The Euro Isn't Working


Heta's 7.6BN Euro Black Hole

Austria's Financial Market Authority stepped in on Sunday to wind down "bad bank" Heta Asset Resolution (set up from Hypo Alpe Adria).

Reuters reports that an audit of Heta exposed a black hole of up to 7.6 billion euros which the government won't fill.

The finance ministry noted that creditors can be forced to contribute to the costs of winding down Heta - or "bailed in" - under new European legislation that Austria adopted this year so that taxpayers do not have to shoulder the entire burden.

Friday, February 27, 2015

False Flag Op In Greece


The question is who tipped off Stratfor with the misleading story in the first place, and why did they want to start a bank run?

Germany Votes Ja!

Nein Nein Nein!

Schaeuble Gives Greeks Rope To Hang Themselves - Germany's Cunning Stunt


Thus Schaeuble has ensured that Greece will exit the Eurozone of its own accord, as and when it defaults and fails to fulfil its side of the agreement, ensuring that Germany will not be blamed.

Cunning eh?

Thursday, February 26, 2015

Lagarde's Greek List


Here is a link to a list of 2,059 names of Greek citizens that have bank accounts with HSBC’s branch in Geneva, Switzerland.

Swiss Wait For Greek Action On Stashed Billions

As per Swissinfo:
"It’s estimated that billions of francs have been stashed in Swiss bank accounts by Greeks looking to evade taxes at home. The Greek government promised to take vigorous action against such moves, but Switzerland says the ball is still in their court."
Tax evasion is part of the Greek psyche, fat chance anything will happen on this!

Greece Admits Problem To Repay Debt

Wednesday, February 25, 2015

Wheels Coming Off Greece's Reform Wagon


Who Wrote The Greek Reform Letter?


Step forward European Commission (ECFIN) bureaucrat Declan Costello and take a bow!

Coming Soon - The Third Greek Bailout!

Troika Kyboshes Greek Reforms

Despite the fact that the European Commission in effect wrote the Greek letter outlining its proposed reforms, it seems that the Troika in the shape of the ECB and IMF are not yet on board.

The Troika has warned that Greece will have to do more if it is to be granted a €7.2bn bail-out extension before the end of the month.

Christine Lagarde, the director of the IMF, is quoted by the Telegraph warning that the Greek plan lacked “clear assurances that the government intends to undertake the reforms envisaged in the memorandum on economic and financial policies”.

The IMF still requires “clear commitments” on pensions, VAT, privatisation and labour reforms.
We consider such commitments and undertakings to be critical for Greece’s ability to meet the basic objectives of its fund-supported programme.”
The ECB also voiced its lack of support for the reforms, as per Mario Draghi:
"We note that the commitments outlined by the authorities differ from existing programme commitments in a number of areas.

In such cases, we will have to assess whether measures are replaced with measures of equal or better quality in terms of achieving the objectives of the programme."
This hard nosed stance should come as no surprise, given that the letter from Greece contained no KPI's and was in effect a wish list of vague assurances.

Coming soon, capital controls!

Tuesday, February 24, 2015

Greek Conference Call

Varoufakis's Letter To Dijsselbloem

Here is a link to the text of Greek Finance Minister Yanis Varoufakis's letter to Eurogroup President Jeroen Dijsselbloem outlining Greece's proposed reforms.

Good luck with achieving all of that within the next four months!