Loans and Finance

Loans and Finance


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

Saturday, April 18, 2015

Why Did Bloomberg Crash?

Yesterday's Bloomberg outage caused chaos in global financial markets.

Despite the fact that Bloomberg stated that their multi system back didn't kick in, as was self evident, no one has yet publicly stated why the system crashed.

The questions stands, why did Bloomberg crash?

Friday, April 17, 2015

Schauble Washes His Hands of Greece

Wolfgang Schauble, quoted by the Telegraph, has washed his hands of Greece:
"If they want to find money somewhere else, whether in Moscow, or Beijing, or New York, that's fine, we'll be happy.

We will not help a country that refuses to help itself. If Greece wants the next disbursement of €1.8bn, it must fulfil what is agreed. That is called the Memorandum of Understanding."
Over and out!

NatWest Mobile App Issue

Those of you having problems with your NatWest app may need to follow the steps outlined in the Twitter exchange above.

Greece's Hail Mary

Still attempting a political solution, and avoiding facing the Troika.

This will fail.

Thursday, April 16, 2015

Grexit Odds On Cert

Greece Planning To Default and Grexit

Yannis Koutsomitis reports that Greek officials have made an informal approach to the IMF to delay repayments of loans to the international lender, highlighting the parlous state of Greek finances, but were told that no rescheduling was possible.

According to officials briefed on the talks by both sides, Athens was persuaded not to make a specific request for a delay to the Fund, which is owed almost a €1bn in two separate payments due in May.

However, this is something that Greece is now denying.
Whilst a denial is all very well, the reality is that Varoufakis will (as per City A.M.) on Friday (on the tail end of his last chance saloon meeting with Obama) meet with infamous sovereign debt lawyer Lee Buchheit, who has helped numerous countries restructure their debt. Buchheit is a partner at top US law firm Cleary Gottlieb.

Varoufakis is clearly not meeting Buchheit to talk about the weather!

Greece has of course denied that it is planning to leave the euro.

We must of course disregard the denial and look to the reality, Greece is quite evidently planning to:

- Default
- Exit, and
- Devalue its soon to be reintroduced Drachma

Wednesday, April 15, 2015

The Greek Master Class On How To Win Friends and Influence People

1 Join the eurozone by fiddling the books.

2 Borrow an exorbitant amount of money from people, which you know you can't pay back.

3 Don't bother collecting taxes.

4 Blame everyone else for your predicament.

5 Claim an exorbitant amount in war reparations from one of your fellow eurozone members.

6 Miss all deadlines.

7 Publicly slag off fellow eurozone members, especially Germany.

8 Put together a slapdash list of half baked "reform" measures in Greek. but not in any other eurozone language.

9 Threaten to write off "illegal" debt.

10 Threaten to default and call an election if the your creditors don't come to terms with you.

Job done!

Tuesday, April 14, 2015


Greece is preparing for a final showdown with its creditors in the coming days and, if media reports are accurate, will default and hold a snap election if it fails to reach an agreement with its creditors.

Suffice to say Greece has denied these reports.

However, its creditors are no longer in any mood to "play nice" and will view this as an attempt to push for better terms and conditions, an attempt that will be refuted.

Greece's days in the eurozone are numbered, the only question is whether it will leave on its own terms or be pushed out.

Monday, April 13, 2015

The Greek Taxi Driver

Frankfurter Allgemeine Sonntagszeitung (FAS) reported over the weekend that euro zone officials were "shocked" at Greece's failure to outline detailed structural reforms and its demands for cash at talks in Brussels last week. According to FAS, the sources said Greece's representative asked where the money was "like a taxi driver" and insisted his country would soon be bankrupt.

Suffice to say Greece's finance ministry has dismissed the report, saying it was inaccurate and undermined ongoing negotiations.

Irrespective of the accuracy or otherwise of the tax driver comment, Greece has yet to come up with a coherent, viable and auditable reform plan. Hence, it is certain that the euro group is feeling very frustrated at the delays.

Thursday, April 09, 2015

Greece's Six day Deadline

As per Reuters:
"Euro zone deputy finance ministers gave Athens a six working day deadline to come up with revised reform proposals to enable a deal to be reached at a Eurogroup meeting on April 24."
Greece doesn't believe in deadlines, and the rest of the world has given up on these particular deadlines.

Do not expect anything tangible to be produced by the deadline!

Greek Easter Bank Holiday

Greek banks will be on Easter holidays later today.

Prepare for an announcement from the Greek government when the markets close.

Greece's Illegal Debt

Meaning that the terms and conditions requested by Russia were not what Greece can currently accede to, and that Greece has a much better plan.

What is the plan?

To write off the debt that it regards as "illegal"!

How will it determine what is "illegal"?

Via the Debt Truth Committee.


Greece Pays On Time

Wednesday, April 08, 2015

Greek Government Is Stupid

Sigmar Gabriel German Economy Minister and Vice chancellor has called Greece's Euro278BN war reparations demand "stupid".

Quite so!

Not only will Germany not pay it, but the demand has wasted/destroyed what political capital, time and sympathy others may have for Greece.

Thus it is not not just the demand that is "stupid", but the Greek government as well.

Tsipras In Moscow

The only reason that Greece hasn't asked Russia for aid, is because Russia has already offered loans etc.