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90 seconds at 9 am with BNZ: Greece teeters on the edge of bankruptcy; NZ$ weaker as European fears weigh

90 seconds at 9 am with BNZ: Greece teeters on the edge of bankruptcy; NZ$ weaker as European fears weigh
13th Feb 12, 8:19am by Bernard Hickey

Here's my summary of the news over the weekend in 90 seconds at 9 am in association with Bank of New Zealand, including news Greece's parliament is expected to vote around 11 am on a fresh austerity deal to avoid a national bankruptcy.

The Greek Prime Minister warned parliamentarians over the weekend they must vote for the deal or the nation faces an uncontrollable exit from the Euro and chaos.

Most expect the deal to pass through the parliament, but the situation is far from settled.

Greece's European donors are very sceptical about Greece's ability to follow through on the deal after elections in April.

Greece's leaders have repeatedly made promises and then broken them.

Concerns about the Greek situation late on Friday night rattled markets after a group of ministers walked out of the government.

The New Zealand dollar fell below 83 USc on Friday night as the US stock market experienced its biggest fall (around 1%) of the year.

European stocks also fell.

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11 Comments

by  skudiv  |  13th Feb 12, 8:38am 1329075521

Tonight's protest in Athens has all the makings of the vintage ones from May of 2010, and the nigh is still young. Here are some updates:

  • Rioting spreads across central Athens, at least 5 buildings set ablaze - AP
  • 2:02PM EST: FIRES ARE BURNING SEVERAL SMALL BUSINESSES AROUND ATHENS AS PROTESTERS CLASH WITH POLICE NEAR GREEK PARLIAMENT
  • 1:52 PM EST: POLICE ARE CLEARING PROTESTERS FROM OUT IN FRONT OF GREEK PARLIAMENT BUILDING
  • 1:50 PM EST: ATMS ARE REPORTEDLY EMPTY AROUND ATHENS... STILL UNCONFIRMED WORKING TO CONFIRM THIS
  • 1:48 PM EST: LARGE FIRES ARE REPORTED AROUND ATHENS... INCLUDING A BRANCH OF EUROBANK AND STARBUCKS
  • Skai TV reports that police have run out of tear gas & have asked for more supplies to be brought

As a reminder, the final vote is not until midnight.

http://www.zerohedge.com/news/athens-burning-police-runs-out-tear-gas

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by  kin  |  13th Feb 12, 9:34am 1329078874

The Greek Parliament will vote YES to the new bailout however "difficult" it would be.

 

Afterall they know that they will be gone by April election, but at least they get paid for the next two months....as for the Greeks, until and unless chaos and violence rule (like Syria) there will be no changes...even if they elect a new goverment in april.

 

Majority of Greeks still wants to stay in the Euro but complain about the austerity....they have to choose one or the either...but have yet to realise it .

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by  Andrewj  |  13th Feb 12, 9:50am 1329079815
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by  Chris-M  |  13th Feb 12, 10:33am 1329082389

The Europeans can demand all they like and the Greek parliment can agree to anything.  At the end of the day, the Greek public will have the final say, whether by democratically changing the government or civil uprising.  Greece does not have a politically stable history.

There is a limit as to how much their ecconomy can be squeezed before the whole exercise is counterproductive and their ecconomy collapses.

I can only see this ending by Greece leaving the Euro and the only question is how much the Europeans will waste trying to prevent it.

The smart thing to do would have been to accept what is inevatible and plan to handle it in a way that minimizes the consequential damage.

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by  Alex Tarrant  |  13th Feb 12, 11:49am 1329086978

Passed

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by  skudiv  |  13th Feb 12, 12:22pm 1329088940

Thats the easy part.  In other news, Greece has passed the bill for free ice cream Mondays, and magical unicorn rides for preschoolers.

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by  Andrewj  |  13th Feb 12, 12:26pm 1329089212

The Generals are getting their uniforms out, polishing their shoes, buffing the medals, testing the machine guns.

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by  Chris-M  |  13th Feb 12, 1:10pm 1329091833

From Germany or Greece?

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by  Andrewj  |  13th Feb 12, 2:05pm 1329095142

Greek.

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by  prosperopink  |  13th Feb 12, 12:40pm 1329090052

From the comments section  Daily Telegraph UK. Quite clever!

As Athens burns and the flames of revolt threaten to toast the great and the good , News reaches us  of a meeting of the EU bigwigs.  In a desperate appeal to the almighty they kicked off with a prayer!



Our pension which art in Brussels

Hallowed be Nick Clegg

thy acquis communautaire 

 thy edicts done

In Greece as they are in Berlin

Give us this day our daily bung

and forgive us our debt restructuring

as we castigate those who restructure against us

and lead us not into self governing democracies

but deliver us from Farage 

For thine is the EU Commission

the Van and the  Rompuy

ever closer and closer integration

Amen.

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by  goNZ  |  13th Feb 12, 4:49pm 1329104947

Time to bring on General Ekonomik Krisos

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