GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT

[kpete]

GREEK DEFAULT EXCLUSIVE: SENIOR US BANKERS GIVEN EXPLICIT TIMETABLE FOR ATHENS DEFAULT

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 suggested to Greek business friends and clients that they sell up fast, do a sale and leaseback on property, empty bank accounts, and change to a hard currency.”

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http://hat4uk.wordpress.com/2012/02/16/greek-default-exclusive-senior-us-bankers-given-explicit-timetable-for-athens-default/

[xchrom]

1. du rec. nt

[AnneD]

2. Greeks seem to be expecting this....

deposits have been bleeding out for months...same for Italy and Spain.

[bananas]

3. Jon Stewart had a segment last night about insider trading

hope he sees this and does a follow up.

[yurbud]

4. that's probably what the whole thing is about: it's easier to create catastrophe

and profit from shorting it than create a new business that provides a product or service people want.

Private banks and financiers need to be pried from the levers of power.

They are to our economies what witch doctors are to medicine, prescribing blood letting and leeches for an anemic patient.

[fasttense]

5. They should have scheduled it for the 15th March

Beware the ides of March.

[stockholmer]

6. GREEK DEFAULT PLAN: JP Morgan also possesses it.

http://hat4uk.wordpress.com/2012/02/16/greek-default-plan-jp-morgan-also-possesses-it/


And Dr Strangelove goes into overdrive

Just to update folks, my first source for today’s earlier posting is now happy for me to name another US bank working to the March 23rd Greek default schedule as JP Morgan. This is based on the reality that dozens of people have now come forward to confirm Morgan the Pirate as one of the recipients.

I have not as yet received any confirmation that eurobanks are in this loop. I must therefore conclude that the ‘default schema’ is US Fed-led, with Mr Timothy Geithner perhaps in a leading role. During the day, emails have dribbled in here supporting the story from a professional standpoint. (For those who don’t already know it, the email address for Slog editorial contact is [e-mail]). One such is particularly interesting, I think:

‘Congratulations on getting this out there. You need to look more closely at Deutsche [Bank] and Commerzbank. Key people in Bankfurt are fully aware of this.’ This in turn would suggest joint Washington-Berlin cooperation. At the moment, I’m unable to reach The Slog’s Bankfurt Maulwurf for confirmation or denial of that. The likelihood, of course, is that these revelations will act as a self-denying prophecy. That is to say, if the story continues to hold up, the Troika-Berlin axis will now have to look for another schedule – purely for the purposes of denial.

Meanwhile, Wolfgang ‘Strangelove’ Schauble (top right) continues to supply the World with hard evidence that he has gone more than slightly off his trolley. The German finance minister is now pressing for Greece’s April elections to be put off for a year – and the replacement of elected politicians with more Montis and Papademoses. I can do no better than commend to you Ambrose Evans-Pritchard’s piece in the Daily Telegraph http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100014963/germany-is-playing-with-greek-fire/ this afternoon…with this extract in particular: ‘His [Schauble's] apparent demand that Greece postpone elections scheduled for April, and impose a technocrat junta (a l’Italiana) for another year without PASOK and New Democracy, takes your breath away. Is this really the position of the German government? Greek democracy be damned?’


snip

[Festivito]

7. Or, if Greece is not ready to fail, an article like this might help it fail.

Such is the strange game of Other-people's-wealth.

[drynberg]

8. JUST A PEEK

into the "power games" and real insider trading, led by Morgan the Pirate, ARG!