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You are right there isn't an oversupply. it's because OPEC wants the oil industry in the United States to go out of business. in order to do this they dropped the price of oil. It's just a game now. even if US stops producing they restart operations as soon as the oil price goes up. it has become stalemate and one of them has to give up
Under $1US tomorrow if down in Greece.$1US right now in Greece.
I can see this at $.90 on Friday
Meant Weds. June 24th before the meeting
Ended US $.99 in Greece
Greece knows what I'm talking about....
If you're talking entry point I'd wait till near closing tomorrow
50/50 chance
The battle has gone on too long. There is no way either side is going to give in..They won't because the whole world is watching and neither one of them want or can't give in for various reasons. Greece is being very smart. They have already told the world that Germany owes them money from the war. Thus Greece does not have to pay Germany any money back... Greece can use that money to put the country back together no problem at all. It's a pllus plus for Greece to leave the euro zone. Greece has nothing to lose. They other get what they want from the euro zone or they get back Germany's money from the war.
trading US $1.02 to $1.06 in Greece
And it gets worse.....
Prime Minister Alexis Tsipras is due to speak to SYRIZA MPs on Monday amid growing pressure from lenders to accept their proposal for breaking a deadlock in bailout talks, which the Greek leader has so far refused to consider.
SYRIZA’s parliamentary group is due to convene at 1 p.m. Tuesday in the wake of talks between a Greek delegations and representatives of the country’s lenders failing to achieve a breakthrough in Brussels over the weekend. Before speaking to his lawmakers, Tsipras is due to meet the new PASOK leader, Fofi Gennimata, To Potami chief Stavros Theodorakis and New Democracy deputy Dora Bakoyannis.
Ahead of these meetings, Tsipras remained defiant Monday. He issued a statement saying that his government would not give in to demands for pension cuts. “One can only suspect political motives behind the institutions’ insistence that new cuts be made to pensions despite five years of pillaging by the memoranda,” the prime minister said in his statement.
“We will patiently wait for the institutions to adhere to realism. This is not a matter of ideological stubbornness. This is about democracy,” said Tsipras.
His comments were echoed by spokesman Gavriil Sakellaridis in his regular press briefing. “We have largely reached our limits,” he said, adding that the country’s lenders would have to show a willingness to compromise before Athens could offer any more concessions.
Despite the breakdown of the Brussels discussions, the Greek proposals leaked by Kathimerini showed that Athens has now accepted the lenders’ primary surplus targets of 1 percent of GDP for this year and 2 percent of GDP in 2016. Where there are still major differences is in the adjustments needed to value-added tax and cuts to pensions in order to hit those targets.
The Greek delegation left Brussels on Sunday with a difference of 1.2 billion euros in the amount of measures needed for this year alone. However, Greece’s lenders insist that they have backed down on fiscal targets to help secure a deal.
“It’s not a one-way street,” European Commission spokesperson Annika Breidthardt told a press conference. “The concessions... made and the flexibility that has been shown are already quite substantial.”
Breidthardt said the institutions are seeking savings of 1.8 billion euros per year from pension reform, whereas the Greek proposals for phasing out early retirement would lead to savings of just 71 million euros.
The distance between the Athens and its creditors following the weekend, and ahead of a Eurogroup meeting on Thursday, has led to further speculation about what might happen if Greece fails to secure an agreement by the end of the month and defaults.
“We should work out an emergency plan because Greece would fall into a state of emergency,” German EU commissioner Guenther Oettinger said. “Energy supplies, pay for police officials, medical supplies and pharmaceutical products and much more” needed to be ensured, he added.
ekathimerini.com , Monday June 15, 2015 (22:45)
Ended at $1.12US in Greece
Banks will be nationalized....just like fnna fmcc in the states were... and they went down to $.17..
at $1.05 US in Greece... low .97
I've read that if Greece leaves the Euro they won't have to pay back the money that was lent to them. Is there any truth to this.... If there is that's why they're not sealing the deal. Plus there is humiliation and pride involved for Greece.... seems highly unlikely that Greece will except any deal that they're going to be humiliated by
Punch in "Greek News" and you will see all kinds of news.
I found that particular news under "Ekathimerini ...English Edition official site".
Greece and lenders discuss new way to reach agreement
Greek officials were locked in talks with the country’s lenders over the weekend, with both sides having proposals on how a deal to unlock further bailout funding could be reached.
Deputy Prime Minister Yiannis Dragasakis, State Minister Nikos Pappas and Alternate Minister for International Economic Relations Euclid Tsakalotos traveled to Brussels, where they met with a representative of European Commission President Jean-Claude Juncker on Saturday.
Greece is thought to be proposing a nine-month extension of its program and for the European Stability Mechanism to provide up to 27 billion euros for Athens to buy back the Greek bonds held by the European Central Bank so it could withdraw them and reduce its short-term funding needs.
However, the institutions do not appear interested in such a deal. Instead, they are believed to favor an extension of the bailout program until September, with money Greece has already borrowed for bank recapitalization being used to cover its funding needs over the summer. Athens had some 11 billion euros left over for this purpose but had to return it in February, when it signed the agreement for the current extension, which runs until the end of the month.
Creditors see some of this 11 billion euros (but not all, as banks could need further recapitalization) being used to cover its immediate needs, which include paying the International Monetary Fund 1.6 billion euros by the end of the month and covering two bonds worth 6.7 billion euros, which are held by the ECB and mature in July and August.
Government sources told Kathimerini that the delegation sent to Brussels was prepared to commit to cuts to higher pensions and public sector salaries, to introduce debt and deficit “brakes” through legislation and to create escrow accounts into which it will pay funds that can only be used to pay off public debt so there can be no doubts in the future about whether Greece has the money to pay its creditors.
Sources said the Greek government was also close to agreeing with its lenders on the primary surplus targets for the next years. The institutions are asking for 1 percent of GDP this year, 2 percent in 2016, 3 percent in 2017 and 3.5 percent from 2018 onwards. Athens is also said to be prepared to increase revenue from value-added tax to the lenders’ target of 1 percent of GDP.
Say bye-bye to Greek banks in a few days.....Rift would raise debt by 100 bln euros
Virtually all performing loans in Greek lenders’ portfolios have been submitted to the ECB as collateral
By Yiannis Papadoyiannis
June 13,2015
A possible rift between Greece’s SYRIZA-led government and the country’s creditors would lead to the immediate increase of the state debt by some 100 billion euros, as the cash flow supplied to Greek banks via the emergency liquidity assistance (ELA) mechanism burdens the Bank of Greece and not the European Central Bank. Therefore, should banks be unable to return the money borrowed, this would hurt the Bank of Greece, and therefore the Greek state.
Furthermore, some 100 billion euros of corporate and household loans have already been submitted to the Eurosystem as collateral for the drawing of liquidity through the ELA, which means that about 55 percent all loans in local lenders’ portfolios have already been used as collateral. “This practically accounts for the entire sum of performing loans – i.e. the loans that households and enterprises service properly,” a senior bank official told Kathimerini.
Greek banks have already drawn some 80 billion euros from the ELA, but have submitted collateral of about 100 billion euros, as the ECB imposes a haircut on the collateral’s nominal value for security purposes. Bank officials estimate that this collateral could constitute the basis for future legal claims and demands against Greece in case of a rift.
Bankers, however, stress that this is all in theory as an agreement with the country’s creditors is imperative. They note that the consequences of a Greek default or eurozone exit would be unfathomable, not only for the country today but also for future generations, underlining that it is not within the spectrum of options. The question, they add, is how quickly a deal can be completed so as to avoid capital controls, as that would have profound consequences on enterprises and economic activity in general, causing a shock to the already fragile economy.
On Friday Reuters reported that the ECB is already preparing to halt the liquidity supply to Greek banks in case the country forfeits on its obligations. It added that the end of June would constitute a key date for the country.
Also on Friday Standard & Poor’s downgraded the credit rating of the local systemic banks one notch to CCC.
Deposits in the Greek credit system have dropped from 164 billion euros at end-November to just 128 billion euros today.
I'm not trying to warn daytraders.....
I was in NBG before.... that's when the negotiating was going well.
Now there's a 50-50 chance that Greece will not get the money and I don't want to wake up one morning and find nbg at .25 and hearing talk of nationalism and then losing it all
Many of you are being manipulated by day traders....
They hype the stock and then sell. Stay out of this stock until you know whether Greece got the money or not.
It ended at $1.18 US in Greece today and you people are buying it at $1.30 US,are you people nuts...
My boat can't sink... this one can sink any minute and take everything from you...
NBG could be taken over by the government any day now and you will lose every cent
When are the thousand years up
You guys keep talking the ask up. Somebody's going to get hurt
Down 11% in Greece
Saudis boosting all production. Hero has rigs working for them now and hopefully one or two more will be added
$1.24US in Greece.down 7%...... Nothings changed just like I said.
Don't know why you keep buying on what people think. Why you people keep ignoring the actual news is beyond me. I know exactly what's going on here but I can't post it....
President Kennedy tried and look what happened to him
Same old thing...."It merely looks like talks have 'intensified' which ultimately leaves us exactly where we were and makes one wonder whether Greece will manage to fudge a deal at this point at all. There is no deal just an agreement that a viable solution needs to be found," said London Capital Group head analyst Brenda Kelly. ($1 = 0.8874 euros) (Editing by Alison Williams)
No meetings set up....nbg will drop
LONDON (Reuters) - Oil prices steadied on Thursday as a bullish report came out from International En(IEA).
IEA, which coordinates energy policy for industrial nations, raised its projection for global oil demand growth in 2015 by 280,000 barrels per day (bpd) to 1.40 million bpd, bringing demand this year to almost 94 million bpd.
The agency said "unexpectedly strong global oil demand growth" had been supporting oil prices and raised its estimate for world demand for crude from OPEC this year.
His Party will never back him...they will not let the people down...that's why they were elected
Nothing's changed...ended $1.14US in Greece....
Somebody's going to get hurt
Good News....LONDON (Reuters) - Oil prices rose on Wednesday after a report of falling U.S. inventories and signs that U.S. oil production growth was leveling off after several years of very sharp increases.
A report by industry body the American Petroleum Institute (API) on Tuesday showed a much sharper weekly fall in U.S. crude stocks than expected.
The API report followed a prediction by the U.S. government that domestic oil production would fall more strongly and for longer than expected.
"It would be madness to try and talk bearish," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.
Brent crude prices rose $1.48 to a two-week high of $66.36 a barrel and was trading around $66.08, up $1.20 cents, by 6.30 a.m. EDT. U.S. light crude was up $1.36 at $61.50.
U.S. crude stocks fell 6.7 million barrels to 473.1 million last week, API data showed, compared with analysts' expectations for a 1.72 million barrel drop.
Weekly government oil stocks data to be published later on Wednesday were expected to add to the bearish momentum, traders said.
The U.S. Energy Information Administration on Tuesday revised its forecast for domestic oil production, saying it now expected a drop of 160,000 barrels per day (bpd) in U.S. oil output next year, compared with a previous forecast of a rise.
The EIA said U.S. oil production growth would only resume later next year.
The U.S. government agency also raised its global 2015 oil demand forecast by 20,000 bpd to 1.25 million bpd, adding to bullish fundamentals.
$1.18US now.... bouncing like a yoyo
Oil over $60 due to slow down in US production and global demand
Trading at $1.13 US in Greece
Getting worse by the minute. Read this...
http://finance.yahoo.com/news/greek-rehash-proposal-nixed-irked-182500064.html?soc_src=mediacontentsharebuttons&soc_trk=ma
Trading at $1.17 US in Greece
PROPOSAL REJECTED AGAIN::::“The proposals submitted by lenders are unrealistic,” said the premier. “The Greek government cannot consent to absurd proposals,” he added in reference to the plan presented to him earlier this week by European Commission President Jean-Claude Juncker.
“I would like to believe that this proposal was an unfortunate moment for Europe, or at least a bad negotiating trick, and will very soon be withdrawn by the same people who thought it up,” said the prime minister.
Tsipras insisted that plans for debt relief and economic stimulus had to be included in the agreement in order to provide a long-term answer to Greece’s economic problems.
“We don’t just need an agreement, we need a definitive solution, both for Greece and for Europe, that will finally end the talk of a Greek exit from the eurozone,” he told MPs.
The institutions’ proposal, Tsipras said, insisted on the austerity which has accompanied Greece’s bailout since it first began five years ago.
“The fiscal strangulation of a country is a moral issue that conflicts with Europe’s founding principles – which raises well-founded questions on Europe’s future,” he said.
Ended at $1.20US in Greece
Pickens: Saudis bluffing on oil production
Oilman T. Boone Pickens said Thursday that Saudi production is topping out at about 10 million barrels per day and oil prices will return to $70 per barrel by the end of the year.
OPEC is "all in at 31 million barrels a day. That's about all they can do," Pickens said on CNBC's "Squawk Box." "They talk a lot about it, what they can do, and the Saudis say 12 and half. Well show me. I'm ready to see 12 and a half.They're making 10.3, and they struggle at 10, I think. I think 10 is about all the Saudis can do."
Oil Minister Ali al-Naimi said Saudi Arabia produced some 10.3 million bpd of crude in March, eclipsing a previous high of 10.2 million in August 2013.
The Organization of the Petroleum Exporting Countries is expected at a meeting on Friday to keep a group output target of 30 million bpd, a ceiling it has been exceeding for most of the last two years, weakening prices. Less
Trading at $1.23US in Greece
It gets worse ::::Prime Minister Alexis Tsipras is due to address Parliament at 6 p.m. on Friday with the aim of briefing MPs on the course of negotiations with Greece’s lenders.
His speech will find SYRIZA in a state of anxiety after the details of the proposals made by lenders were made public, underlining that the leftist party will have to cross many of the “red lines” it had drawn.
Interior Minister Nikos Voutsis admitted that the measures the previous government was asked to adopt were “much less painful.” Labor Minister Panos Skourletis said the government would not accept a deal that “adds new burdens without changing the memorandum regime.”
Alternate Social Security Minister Dimitris Stratoulis said that the package of measures is not acceptable to the coalition. He suggested that the government could seek a fresh mandate. SYRIZA’s parliamentary spokesman also suggested that elections could be an option for Tsipras to consider.
Tsipras’s address will be followed by a debate between party leaders, which promises to be a fiery affair. New Democracy leader Antonis Samaras launched an attack on the prime minister on Thursday, accusing him of “deceit” and of being offered terms by lenders that were much more onerous than the ones his government was poised to sign up to if snap elections had not been triggered by the failure to elect a president in December.
Samaras pitted himself firmly against the idea of snap elections, saying such proposals by SYRIZA officials were “nonsense.”
ekathimerini.com , Thursday June 4, 2015 (22:21)
Didn't flip flop. I am in hero an oil company