***Eurogroup chief whispered to Greek FinMin’s ear “You just killed the Troika” and that Varoufakis replied with a simple “WOW!”***
The joint press conference was concluding, when Greek Finance Minister Yanis Varoufakis droped a last bombshell. “…and with this if you want – and according to European Parliament – flimsily-constructed committee we have no aim to cooperate. Thank you.” Varoufakis was referring to the famous Troika, the country’s official creditors consisting of the European Union, the International Monetary Fund and the European Central Bank..
After concluding with a “Thank you” Varoufakis gives the word to Eurogroup Chief Jeroen Dijsselbloem, who wants to hear the translation first. Then he takes off the ear phones, he stands up and sets to leave. An enforced-looking shaking of hands delays the departure of the Dutch FinMin.
Dijsselbloem quickly whispers something to Varoufakis’ ear, he briefly replies back and the Eurogroup chief leaves the press conference hall as soon as it was possible.
Spend more on defence to combat Russia, Nato tells UK as Putin goes ahead with £190billion modernisation programme for its armed forces
- Britain and Nato allies warned they need to beef up their defence spending
- Nato Secretary-General: Security environment has changed in the past year
- Jens Stoltenberg said the biggest challenge comes from Russia
- Tensions between Russia and West have risen over the conflict in Ukraine
NATO units to Eastern Europe; France pledges tanks
By Lorne Cook, The Associated Press
BRUSSELS — NATO said Friday it will deploy small units in six eastern European nations to help coordinate a spearhead force set up in response to Russia's actions in Ukraine.
NATO Secretary General Jens Stoltenberg said the units in Estonia, Latvia, Lithuania, Poland, Bulgaria and Romania will be the first of their kind there.
Defense ministers from the 28-nation military alliance will discuss the full force, which can react quickly to any hotspots in Europe, when they meet on Feb. 5.
Stoltenberg said countries responsible for providing the several thousand troops should be known next week.
The forward units will comprise a few dozen troops only. They will plan and organize military exercises, and provide command and control for any reinforcements the force might require.
"They're going to plan, they're going to organize exercises, to provide ... some key command elements for reinforcements," Stoltenberg said.
NATO forces conducted some 200 military exercises in 2014 and Stoltenberg, speaking at his regular monthly press conference, vowed that this would continue as the Alliance adapts to the increased presence of Russian war planes in European skies. NATO intercepted more than 400 Russian aircraft last year.
Clashes escalating in eastern Ukraine
Full-blown fighting erupts anew. Hostilities now seem to be focused around railway lines which are crucial links for both the Ukrainian government troops and the rebel Russian backed separatists in Donetsk. (AP)
Well it's looking like SPAIN "IS" about to become the NEXT Greece!!!!!!!!!!!!!!!!!!!!!!!!!!!
It's looking LIKE the ""LAB RATS"" have Eaten their FILL of ""BIG Government"" BULLSHIT!!!!!!!!!!!!!!!!!!!!!!!!!!
Tens of thousands march to support Spanish anti-austerity party
(MENAFN - AFP) Tens of thousands of people took to the streets in Madrid on Saturday in support of new anti-austerity party Podemos, a week after Greece elected its hard-left ally Syriza.
With the party topping opinion polls in the run up to elections later this year, protesters chanted "Yes we can!" as they made their way from Madrid city hall to the central Puerta del Sol square.
Many waved blue and white Greek flags and red and white Syriza flags or held signs reading "The change is now" and "Together we can".
Podemos, which means "We Can", was formed just a year ago, but produced a major shock by winning five seats in elections for the European Parliament in May.
"The wind of change is starting to blow in Europe," Podemos leader Pablo Iglesias said in both Greek and Spanish at the start of his address to the crowd at the end of the march.
"We dream but we take our dream seriously. More has been done in Greece in six days than many governments did in years."
Syriza beat mainstream Greek parties by pledging to end austerity and corruption, as Podemos aims to do in Spain's general election due in November.
Iglesias, a 36-year-old pony-tailed former university professor, appeared alongside Syriza's Alexis Tsipras, now Greece's prime minister, to publicly support him during his campaign.
Podemos wants to prevent profitable companies from firing people, promote a fully state-controlled health care system and enact a "significant" minimum-wage hike.
Angela Merkel rejects debt relief for Greece
German Chancellor's words add to tensions between the radical new Greek government and its international creditors
By Katie Grant and agencies
German Chancellor Angela Merkel ruled out any cancellation of Greece's debt and said the country has already received substantial cuts from banks and creditors.
"There has already been voluntary debt forgiveness by private creditors, banks have already slashed billions from Greece's debt," Merkel said in an interview with the Hamburger Abendblatt newspaper.
"I do not envisage fresh debt cancellation," she said.
The new Greek government has already begun to roll back years of austerity measures demanded by the EU and the International Monetary Fund in return for a 240 billion euro ($269 billion) bailout granted to avoid a financial meltdown in 2010, and says it will negotiate to halve the debt.
At the start of 2012, Greece restructured its debt in a deal involving private creditors who took "haircuts" or wrote down parts of their holdings. This cut Greece's total debt burden by around 100 billion euros.
Germany, ECB play hard ball with Greece
By Paul Carrel and Jussi Rosendahl
(Reuters) - German Chancellor Angela Merkel ruled out a debt writedown for Greece on Saturday, and a European Central Bank policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package.
The euro zone's paymaster and the ECB are both taking a tough line with Greece's new leftist government, whose leader swept to victory last Sunday promising that five years of austerity, "humiliation and suffering" were over.
Alexis Tsipras has also promised to renegotiate agreements with the European Commission, ECB and International Monetary Fund "troika" and write off much of Greece's 320 billion euro ($360 billion) debt, which at more than 175 percent of gross domestic product is the world's second-highest after Japan.
Merkel flatly rejected such a possibility.
"There was already a voluntary waiver by private creditors; Greece has already been exempt from billions by the banks. I don't see a further debt haircut," she told German daily Die Welt in an interview published in its Saturday edition.
"Europe will continue to show solidarity for Greece, as for other countries hit particularly hard by the crisis, if these countries undertake their own reforms and savings efforts," Merkel added in a thinly veiled threat to Athens.
Europe's creditors play with 'political fire' in pushing Greece to the brink
"The creation of the euro was a terrible mistake but breaking it up would be an even bigger mistake. Anything could happen," warns former IMF bail-out chief
By Ambrose Evans-Pritchard, International Business Editor
The North European power structure has issued stern and inflexible warnings to Greece. Syriza’s triumphant radicals must pay the country’s debts and stick to the letter of the hated `Memorandum’ imposed by creditors.
If premier Alexis Tsipras breaches the terms of Greece’s EU-IMF Troika bail-out – signed by earlier leaders under duress, and deemed unjust in Athens – Europe will cut off €54bn of support for the Greek banking system and force the country out of the euro in short order. Europe must not yield to “blackmail,” said Germany’s ZEW institute.
Wolfgang Schäuble, Germany’s finance minister, said the new Syriza government is bound by the contractual terms of Greece’s €245bn loan package from the Troika. “Elections change nothing. There are rules. We did whatever could be done to support Greece in difficult times, again and again," he said.
When the crisis first erupted in 2010, and re-erupted in 2012, Europe lacked a firewall. The conflagration threatened to spread instantly from Greece to Portugal, Ireland, and beyond.
This time Mr Schäuble thinks they are ready. “We face no risk of contagion, so nobody should think we can be put under pressure easily. We are relaxed,” he said.
ECB's Liikanen: No lending to Greek banks if no deal by end of February
Jan 31 (Reuters) - A deal on extending Greece's bailout deal must be found by the end of February or the European Central Bank will not be able to continue lending to its banks, ECB council member Erkki Liikanen said on Saturday.
Europe's bailout programme for Greece, part of a 240-billion-euro ($270 billion) rescue package along with the International Monetary Fund, expires on Feb. 28 and a failure to renew it could leave Athens unable to meet its financing needs and cut its banks off from ECB liquidity support.
Greece's new leftist government, which aims to ease the strict terms of the bailout that have imposed harsh austerity, opened talks with European partners on Friday by flatly refusing to extend the current programme or to cooperate with the international inspectors overseeing it.
"We (ECB) have our own legislation and we will act according to that... Now, Greece's programme extension will expire in the end of February so some kind of solution must be found, otherwise we can't continue lending," Liikanen, also the governor of Finland's central bank, told public broadcaster YLE.
"I don't believe that one can hide from the realities in the economy," he said in an interview.
Hey Planet EARTH.........................You Really NEED to TELL Your Friends what YOUR READING HERE..........................It's FREE to ""ANYONE"" including toooooooooooooo YOU Folks living in Countries where Your Government Thinks the INTERNET "IS" a Direct Threat TOOOOOOOOOOOO Their CONTROL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I make it SOOOOOOOOOOOOOOOOOOO Easy to CONNECT the DOTS. The Central BANKSTERS and the ASSHOLES Running ""BIG Government"" have Created the ""PERFECT Storm"" that WILL(Worst Case) Bring upon the Global Economy the Greatest Cycle of WEALTH DESTRUCTION in Human History!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
THIS HELL Will Stretch through a GENERATION because with THIS ""GREAT RESET"" Will Come World WAR III and ALL you have to do IS Look at the Level of TERRORISM Sweeping around the World and the Preparations ""BIG Government"" IS Making in the Biggest and Most Under Reported ARMS Race since the END of WWII!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Males of Planet EARTH 17-30 Years of AGE WILL be Subject to the Greatest Military Mobilization in Human History WHEN ""GLOBAL WAR"" becomes part of the ""NEW NORMAL""!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
So Tell Those YOU Care About that I have OVER 3 YEARS of Articles that Paints a VERY Good Picture FOR All to SEE that ""BIG Government"" Ain't YOUR Friend!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
China’s Yuan Tumbles on Speculation Over Central Bank Move Soon
Markets Anticipate a Possible PBOC-Inspired Depreciation of the Currency
By Carolyn Cui
China’s yuan fell sharply in value against the dollar in offshore trading on Friday, as investors speculated the Chinese central bank could widen the currency’s daily trading band as early as this weekend, paving the way for it to depreciate further.
In New York trading, the price for the offshore yuan fell to 6.2887 per dollar, 2.5% lower than Friday’s official midday fixing in China by the central bank at 6.1370 per dollar.
The Chinese currency has two different exchange rates depending on whether it is traded on mainland China or offshore. Traders watch the offshore rate because it is more open to foreign investors and less subject to state control.
When the offshore rate trades below the mainland rate, it is typically an indication of weaker overseas demand for the currency. It can also be a sign investors believe the Chinese government will lower the official exchange rate.
The People’s Bank of China sets a daily reference rate for the yuan, then allows it to trade 2% above or below that level.
The speculation surrounding the yuan is the latest evidence of mounting pressure on global currencies exerted by the strengthening U.S. dollar. Central banks globally have also raced to lower interest rates and weaken their currencies in a bid to counter waning economic growth.
On Friday, Russia’s central bank unexpectedly cut its main interest rate, causing the ruble to fall. A day earlier, the Danish central bank trimmed rates into negative territory as pressure has mounted on the currency’s peg to the euro.
As China's Offshore Yuan Crashes To A 2 Year Low, Beijing Warns Its Citizens: "Don't Buy Dollars"
We won't go into the specific details of China's burst housing bubble, the shady underworld of its pyramid scheme wealth-management products, the fact that any hard asset in China is rehypothecated literally a countless number of times, the nuances of its deflating shadow banking system, or even the complexities of its alleged capital controls (alleged, because as a reminder, they only exist for the common folks - the really wealthy Chinese are naturally exempt from any capital flow constraints). We will point out something even more disturbing.
Recall that China, a mercantilist, export-driven country, has a currency that is pegged to the dollar in all but name (yes, the technical peg was dropped in 2005 but since then the PBOC controls the daily moves in the strictest and tiniest of increments), a dollar which has soared in the past 6 months to levels which have prompted countless other central banks to ease in recent weeks, and even forced the Swiss National Bank out of the currency wars, waving a flag of surrender. As a result, China's exports have been crushed regardless of what fabricated and goalseeked Chinese data will have gullible observes believing.
And while the value of the local Yuan, the CNY, is set by bureaucrats and policy makers on a daily basis, and trades in a tight band around a specific, political number and thus never truly reflects the fair value of the Chinese currency, its offshore cousin, the CNH, floats and is impacted by the private demand of the Yuan. As such, the latter is far more indicative of the pressures that face the Chinese economy and what financial interests dictate should be the fair value of the domestic currency.
It is also the former, the Offshore Yuan, that overnight hit a two-year low, reaching a level not seen since September 2012.
Offshore Yuan Drops to Weakest Since 2012 on PBOC Easing Signs
By Fion LiJustina Lee
(Bloomberg) -- The yuan traded in Hong Kong fell to its weakest level since 2012 as the People’s Bank of China said it pumped funds into the money market, fueling speculation the authority is easing policy further amid an economic slowdown.
The offshore currency dropped 0.2 percent to 6.2782 a dollar as of 8:10 p.m. in Hong Kong, data compiled by Bloomberg show. It touched 6.2885 earlier, the lowest since October 2012. The PBOC added 855 billion yuan ($137 billion) via short-term liquidity operations between Dec. 16 and Dec. 31, it said in a statement Friday.
China’s gross domestic product rose 7.4 percent in 2014, the slowest full-year pace in 24 years. Fiscal revenue increased the least since 1991 last year, curbing scope to spur the economy with government spending and leaving the onus to boost liquidity on the PBOC, which cut benchmark interest rates in November for the first time since 2012. Central banks in nations including Denmark, Turkey, India and Canada this month announced surprise rate cuts to revive growth.
Such operations signal monetary easing in China, said Kenix Lai, a Hong Kong-based foreign-exchange analyst at Bank of East Asia Ltd. “Many other major central banks eased recently, and the PBOC followed suit. The offshore yuan dropped sharply on the news.”
In Shanghai, the yuan completed a third straight month of losses on concern about China’s growth and as monetary easing in Europe and Japan boosted demand for the U.S. dollar. The onshore spot rate slid 0.75 percent in January, extending a three-month loss to 2.2 percent. The Bloomberg Dollar Spot Index has climbed 3 percent this year.
The #1 Chinese EXPORT in 2015 WILL Be....................DEFLATION!!!!!!!!!!!!!!!!!!!!!