Latest new Greek Government selected .... Pasok gets nice deck chairs on the Titanic ......Cyprus to discuss maturing state bonds in the amount of 2.6 billion due to expire the end of July ( which they obviously want to have Troika rollovers to occur rather than actually paying these off ) ...... to date the Troika has not rolled over debt - ask Greece about that ! And will Italy need its own bailout in six months ? Mediobanca says probably yes as bond rout sends yield soaring once again ..... Irish people got rolled by Anglo - Irish banksters - so , now that this is in the open , what excuse will be offered for not throwing these clowns i jail ?

http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_24/06/2013_505617

New government is ushered in  Venizelos in role of foreign minister, deputy PM in PASOK-enriched coalition   PASOK leader Evangelos Venizelos leaves the Prime Minister's office after a meeting with Greek Prime Minister Antonis Samaras in Athens, on Monday. The government announced a broad reshuffle on Monday night, just a few days after the junior coalition partner pulled out of the administration, with PASOK leader Evangelos Venizelos assuming the dual role of deputy prime minister and foreign minister, conservative New Democracy’s Kyriakos Mitsotakis taking on the tough task of administrative reform, while Yannis Stournaras kept his post as finance minister, as expected. The new cabinet, which includes several members of PASOK in ministerial and deputy ministerial posts, is to be sworn in at 12.30 p.m. on Tuesday in a ceremony to be presided over by President Karolos Papoulias. Government spokesman Simos Kedikoglou, who also kept his post despite rumors he would be ousted, announced the names of the members of the new cabinet on Monday night, a few hours after a brief meeting between Prime Minister Antonis Samaras and Venizelos. Stournaras, a close aide to Samaras, kept his position as did several other key cabinet members, including Development Minister Costis Hatzidakis, Public Order Minister Nikos Dendias, Labor Minister Yiannis Vroutsis, Tourism Minister Olga Kefaloyianni and Education Minister Constantinos Arvanitopoulos. Pantelis Kapsis, a former government spokesman under the technocratic government of Lucas Papademos, was given the top post at a new ministry for the state broadcaster and is to be tasked with overhauling the defunct ERT. As anticipated, PASOK’s involvement in the new government was doubled with Yiannis Maniatis assuming the helm at the Environment Ministry and Michalis Chrysochoidis taking on a new autonomous Transport Ministry. Several other PASOK cadres were given key roles, including Evi Christofilopoulou, who is to be Mitsotakis’s deputy in the Administrative Reform Ministry hot seat. Unexpected appointments included the posting in the Health Ministry of conservative MP Adonis Georgiadis with his ND peer Yiannis Michelakis assuming the top spot at the Interior Ministry. Outgoing Foreign Minister Dimitris Avramopoulos was moved to the Defense Ministry, with the incumbent there, Panos Panagiotopoulos, taking the Culture portfolio. http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_24/06/2013_505596 Cyprus to discuss bonds with troika In the next few days Cyprus Finance Minister Haris Georgiades will hold talks with the island’s international creditors – comprising the European Central Bank, the European Commission and the International Monetary Fund – on the issue of state bonds which are set to mature at the end of July and whose amount comes to 2.6 billion euros. Discussions will center on the technical matters of bond management, with Georgiades preparing to discuss with the troika of lenders ways of overcoming the problem created by the 1.8 billion euros issued as state support to Cyprus Popular Bank last year, as well as the subject of bonds worth 800 million euros held by banks, cooperative lenders and semi-state corporations. Finance Ministry officials said that Nicosia will seek ways to renew the bond of 1.8 billion. The cash-strapped government’s total debt amounts to 5.1 billion euros. http://www.telegraph.co.uk/finance/economics/10139939/Italy-could-need-EU-rescue-within-six-months-warns-Mediobanca.html By Ambrose Evans-Pritchard 10:12PM BST 24 Jun 2013 100 Comments Mediobanca, Italy’s second biggest bank, said its “index of solvency risk” for Italy was already flashing warning signs as the worldwide bond rout continued into a second week, pushing up borrowing costs. “Time is running out fast,” said Mediobanca’s top analyst, Antonio Guglielmi, in a confidential client note. “The Italian macro situation has not improved over the last quarter, rather the contrary. Some 160 large corporates in Italy are now in special crisis administration.” The report warned that Italy will “inevitably end up in an EU bail-out request” over the next six months, unless it can count on low borrowing costs and a broader recovery. Emphasising the gravity of the situation, it compared the crisis with when the country was blown out of the Exchange Rate Mechanism in 1992 despite drastic austerity measures. Italy’s €2.1 trillion (£1.8 trillion) debt is the world’s third largest after the US and Japan. Any serious stress in its debt markets threatens to reignite the eurozone crisis. This may already have begun after the US Federal Reserve signalled last week that it will begin to drain dollar liquidity from the global system. Italian 10-year yields spiked to 4.8pc, up 100 basis points since the Fed began to toughen its language in May. But Mediobanca is particularly concerned about the gap that has emerged between yields on short-term bills (BOTs) and longer-term bonds (BTPs) near maturity that expire at the same time. BOTs retiring on July 31 are trading at a yield of 0.48, while the equivalent BTP is trading at 0.74pc. The reason is that BOTs are protected from debt restructuring. “The bills never get a haircut, so people are fleeing bonds instead as positions gets squeezed,” said one City trader. Sovereign debt strategist Nicolas Spiro said “taper terror” is jolting eurozone investors out of their complacency, though safe-haven Swiss and German bonds have also sold off sharply in the rout. Yields on 10-year UK Gilts closed at a two-year high of 2.53pc. Yields punched to 5.1pc in Spain, and 6.7pc in Portugal. This is sending a secondary shock wave through their corporate debt markets, choking recovery. “The European Central Bank needs to take very aggressive steps to offset this,” said Marchel Alexandrovich from Jefferies Fixed Income. “We have a sell-off across the board. If the ECB doesn’t act, it could see all the gains of the past nine months vanish in two weeks, taking the eurozone back to square one.” The ECB has already backed away from earlier plans to steer credit to small businesses in the Club Med bloc. The Italian banking association said it was bitterly disappointed by the latest break down in eurozone talks on a banking union, warning that it leaves Italy’s lenders at the mercy of a confidence crisis. Andrew Roberts from RBS said the world has become “a dangerous place” as Fed tightening marks an inflexion point in global liquidity. “Central bank stimulus has fed a lovely carry trade and a rising tide has lifted all boats, but unfortunately the opposite is also true,” he said. “We have clear signs in global finance of a generalised meltdown in assets right now.” Julian Callow from Barclays said the Fed, the Bank of Japan, China’s central bank and others have bought almost the entire $2 trillion issuance of AAA bonds over the past year. The effect of this has been to drive banks, insurers, and pension funds into riskier assets such as the eurozone periphery. This has helped prop up the eurozone, and camouflaged festering problems. “The Fed’s shift towards tightening is highly significant, and it is causing a very dramatic rise in real yields,” he said. Borrowing costs of 5pc could prove crippling for Spain and Italy, both suffering from contraction of nominal GDP. Mediobanca said the trigger for a blow-up in Italy could be a bail-out crisis for Slovenia or an ugly turn of events in Argentina, which has close links to Italian business. “Argentina in particular worries us, as a new default seems likely.” Mr Guglielmi said Italy’s industrial output has slumped 25pc from its peak in the past decade, while disposable income has dropped 9pc and house sales have dropped to 1985 levels. The 1992 crisis was defused by a large devaluation, allowing Italy to restore trade competitiveness at a stroke. Mediobanca said: “The euro straitjacket is clearly not providing a similar currency flexibility today. With the lira devaluation Italy managed to inflate debt away, which it cannot do today. It could take more than 10 years to revert to pre-crisis output levels. http://www.zerohedge.com/news/2013-06-24/anglo-irish-picked-bailout-number-out-my-arse-force-shared-taxpayer-sacrifice Anglo-Irish Picked Bailout Number "Out Of My Arse" To Force Shared Taxpayer Sacrifice Submitted by Tyler Durden on 06/24/2013 09:23 -0400 Anglo Irish   Ireland   Meltdown The Irish people, who sacrificed their sovereignty and billions of Euros, are waking this morning to a stunning revelation that the bailout to save Anglo-Irish was engineered by the Bank's leadership to game as much money as possible from the central bank. The Irish Independent has secret recordings from the period in 2008 - below - that show senior management luring the State into giving it billions as they admit the EUR 7 billion number was "picked out of my arse." The bottom-line is that the bank knew they were in trouble and so decided to game the Central Bank and their regulators knowing that once the State began the flow of money, it would be unable to stop: "If they (Central Bank) saw the enormity of it up front, they might decide they have a choice. You know what I mean? They might say the cost to the taxpayer is too high . . . if it doesn't look too big at the outset... if it looks big, big enough to be important, but not too big that it kind of spoils everything, then, then I think you have a chance. So I think it can creep up... [once] they have skin in the game." Will there be an Irish Spring as the conspiracy theory of the banking bailout now become conspiracy fact? Via The Irish Independent, Taped telephone recordings (from the bank's own systems) from inside doomed Anglo Irish Bankreveal for the first time how the bank's top executives lied to the Government about the true extent of losses at the institution. ... Anglo itself was within days of complete meltdown – and in the years ahead would eat up €30bn of taxpayer money. Mr Bowe speaks about how the State had been asked for €7bn to bail out Anglo – but Anglo's negotiators knew all along this was not enough to save the bank. ... The plan was that once the State began the flow of money, it would be unable to stop. Mr Bowe is asked by Mr Fitzgeraldhow they had come up with the figure of €7bn. He laughs as he is taped saying: "Just, as Drummer (then-CEO David Drumm) would say, 'picked it out of my arse'." ... Mr Bowe's comments in the audio recording reveal that Anglo's strategy was to lure the State in, leaving taxpayers with no choice but to continue to provide loans to "support their money". ... "If they (Central Bank) saw the enormity of it up front, they might decide they have a choice. You know what I mean? "They might say the cost to the taxpayer is too high . . . if it doesn't look too big at the outset . . . if it looks big, big enough to be important, but not too big that it kind of spoils everything, then, then I think you have a chance. So I think it can creep up." Mr Fitzgerald, the Director of Retail Banking, is heard saying: "Yeah. They've got skin in the game and that is the key." ... The recording also shows Mr Bowe and Mr Fitzgerald laughing as they say how there is no realistic chance of ever repaying the loans. For the first time, taxpayers get an exclusive insight into the banking shenanigans that cost Ireland our sovereignty.