Preparing for Chaos in Europe -- Trouble with Euro

[RandallB]

OANDA FxTrade shutting down Euro trading during Greek Election...

Preparing for Chaos in Europe
Posted by Wealth Wire - Friday, June 15th, 2012
http://www.wealthwire.com/news/global/3362
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Ahead of Greek elections on June 17, at least one trading house is shutting down completely for the day. OANDA fxTrade announced the following:

"Due to the extreme volatility some market analysts foresee could result in the coming days, OANDA fxTrade will not accept any trading activity from 6:00 AM EDT until approximately 3:00 PM EDT, on Sunday, June 17, 2012. OANDA believes the convergence of a major market event during off-market hours represents a potential trading risk and has taken this rare step to protect traders from excessive rate fluctuations."

A lot of this may be squelched after the Greek elections on June 17th, however. It appears there is no strong commitment from any of the leading parties to default on the debt and leave the euro. Instead, it will likely lead to some sort of bailout. That is almost always the way politicians choose when confronted with the following two choices:


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Also in same article ..

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According to the Irish Times:

"European finance officials have discussed limiting the size of withdrawals from ATM machines, imposing border checks and introducing euro zone capital controls as a worst-case scenario should Athens decide to leave the euro."

The ATM withdrawal limits is already a fait accompli in the South and the government is already showing what it is willing do to innocent people caught up in the web of another state caused chaotic collapse...limiting the flow of both capital and people.

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They talk about 48 hour notice to withdraw 1,500 cash. Tough times are looking ahead.

They may dodge this bullet but the bloated beast can't keep doing this forever....
He's not foreordained to.

Dominoes anyone?

[RandallB]

Greeks Withdraw $1 Billion a Day Ahead of Vote
Published: Wednesday, 13 Jun 2012 | 7:01 AM ET By: Reuters
http://www.cnbc.com/id/47793980

Greeks pulled their cash out of the banks and stocked up with food ahead of a cliffhanger election on Sunday that many fear will result in the country being forced out of the euro.

Bankers said up to 800 million euros ($1 billion) were leaving major banks daily and retailers said some of the money was being used to buy pasta and canned goods, as fears of returning to the drachma were fanned by rumors that a radical leftist leader may win the election.

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[$teve]

Was going to post my comments in my other thread, but your thread is focused on the Greek issue anyway. I note this morning (Aussie time) the hype around a possible Syriza election victory and what it means for Greece's membership in the Euro, with fears of Greece leaving or being forced out. As per one of the comments I read, Syriza will lose out and a pro-euro, pro-bailout party will win the elections, markets will rally, and there will be calls left and right that the doomers have failed yet again. It's turning into the tale of the boy who cried wolf, in fact I think to a large extent it already has. As I was reading elsewhere, the fate of the Eurozone and the EU hasn't changed regardless of the outcome of the Greek elections, only its timing.

[Nate928]

So depending on the election results on Greece, about how long coukd it take for Greece to exit the euro? And what exactly will or could happen when they do? Will it have a ripple effect that will spread to Spain and Italy first? Or will the whole thing topple right after? I'm sure all we can do is speculate and see what the final result will be, but I'm just curious on what the possibilities are and the imminents of the collapse which I'm sure follows the rapture.

[$teve]

So depending on the election results on Greece, about how long coukd it take for Greece to exit the euro? And what exactly will or could happen when they do? Will it have a ripple effect that will spread to Spain and Italy first? Or will the whole thing topple right after? I'm sure all we can do is speculate and see what the final result will be, but I'm just curious on what the possibilities are and the imminents of the collapse which I'm sure follows the rapture.

Exactly, no body knows. And for all we do know, a pro-euro, pro-bailout part will win and there will be just more of the same old same old. But will be interesting if Syriza party surprises and comes through. Somehow I'm thinking the share markets want the Syriza party to win so central banks around the world flood the world economies with stimulus again.