They also let the insolvent banks take the hit unlike Greece where the European taxpayers did. The first bailout of Greece was a bailout of German/French/Greek banks who lent far too much money to Greece for which they had already been rewarded by getting a high interest rate for. Privatize the profits, socialize the losses, thus it ever was ;-).
If you just fatalistically accept that Greece is already gone it will become a self-fulfilling prophecy. Once Greece goes, Spain, Portugal, Italy and eventually even France will follow as they are not too competitive with the Euro either.
There's another important geopolitical factor that most observers are also missing. If Greece is forced out of the EU it will also leave NATO and become a Russian Satellite country. Greeks have more in common with Russians than other Europeans and if they feel they are being bullied they will rush to their big bearish arms and turn their back on the rest of Europe. Putin would not need Syria then for his Mediterranean fleet.
It was a Pyrrhic victory with their bank liquidity still on life support afterwards with hard capital controls which is why Tsipras is genuinely worried now about the blind alley his flamboyant confrontational former FM drove him and his country towards. Greece now has only 2 weeks to get a new agreement signed and passed in all creditor parliaments because if they default on their 20 July ECB payment it will truly be game over then as the ECB will then withdraw all Greek bank support and they will then de-facto be in a new drachma currency. Just only two weeks for some serious talks and agreement. Personally I think a deal will be agreed this week and passed in parliaments next week to save Greece's position in the Euro. Varoufakis was prepared to take down his country for his academic ideals, his successor who is actually more formally economically educated than him will not be so flippant with his country's fortune.
The IMF/creditors must also share some blame in the impasse, WTH are they doing telling a sovereign govt exactly how to made their budgetary surplus if that sovereign govt has already agreed on the amount of budgetary surplus that is needed ?! Hell I would have voted No too just on those budget sovereignty grounds. Let the Greeks decide what to cut to suit the type of the govt the electorate voted for. Are they just a debt colony or still a sovereign govt when votes can actually decide the type of governance they get ? As long they hit their agreed budget numbers with their creditors let them decide how they do it otherwise the Greek electorate will just feel disenfranchised as they do now with Marie LaGarde Antoinette dictating their budgets line by line for them ! So much time has been wasted with this pointless budget micro-managing by the creditors.
One way I could see an orderly Grexit to a new drachma is this, all Euros that are currently owed to other Eurozone countries (the majority of the debt) be converted to drachma but other liabilities to banks/IMF remain in Euros and eventually paid back as such. For all potential losses that the Eurozone countries may suffer when being paid back interest and principal in drachma the ECB money-print the Euro difference and then reimburse the creditors, as part of its current anti-deflation QE program, and therefore top up the Greek drachma payments so no creditor Euro country is out of pocket on their original Euro loans to Greece. As peripheral countries like Greece are currently a major source of deflation in the euro-zone this makes logical economic sense too. This way Greece could remain in the EU but with a drachma, recover with its own new devalued currency but still maintain good relations with its European partners. This could become a model for other countries that choose to leave the Eurozone in the future ensuring fellow country creditors taxpayers don't take a fiscal hit when they do so.
Some Congress members tell IMF not to be so hard on Greece.
German industry has done well out of the Euro as being an export driven economy it has had a cheaper more competitive currency than the Deutschmark would have been due to its less efficient co-member Euro countries dragging the value of the Euro down. Those still in work or with capital in those other countries have co-benefited by having a stronger currency than their previous native ones. Monetary union is all about trade-offs. They now just have to make the Eurozone more robust and shock-proof so it works for more of its citizens and creates more jobs.
The problem with Greece is the straitjacket of the Euro of which it entered at too high an exchange rate same as Italy and Spain. Tourist destinations like those needed a cheap currency which they all had before. However the Greeks seem mad enough to still want to remain in the Euro despite their GDP now returning to 1998 pre-Euro levels only this time with 180% debt rather than the sub 100% they had then. Sure the Greek economy is inefficient but inflation and devaluation balanced these inefficiencies over time before but are no longer possible under the Euro. Also none of these Euro countries had any problems before 2008 until the US, UK, Japan exported deflation to them by using QE in order to save their economies from the credit crunch. No Lehmans, no sub-prime crisis and there would not have been a Greek crisis. Once the rich hedgies could no longer get margin from global mortgages they moved on to sovereign debt for countries foolish enough to borrow off them at exorbitant rates. The Euro was incredibly badly constructed and barely survived its first world crisis and still may not. If Greece leaves, Italy and Spain will not be far behind and their trillions of debts will make a much bigger crater than little old Greece when they too default by devaluation.
All shorts in this stock are future toast after AF's employer has to fork over $100+m for his libelous article. Also why is anyone bothering to short a stock in the first place that has many years of cash reserves and where any surprises will only be on the upside ? Did you all have to pass a test in inane stupidity ?
and then all the lawsuits will be then be re-directed at AF/Street/CNBC and then they will have to pay hundreds of millions in damages after they lose too ! Get you popcorn ready, it's going to be a fun long ride to lots of extra free capital injections from these lying manipulators ;-)
AF would not know a good drug if it bit him on the #$%$. I was mocking shorts on the Avnr yahoo board when it was only around $2 as it was obvious to me then that they had a good unique drug with many good potential uses. AF and his dumb manipulator shorts got proved wrong there as they will here but this time his company CNBC will have to provide hundreds of millions of damages after ISR's hotshot lawyers are thru with him after chasing off his ambulance chasing comedians first !
link (remove spaces) provided (click view) in other post for $1m NGCD MSID brassboard prototype option activation in Jan 2015 for Chemring.
https:// www . fpds . gov/ezsearch/fpdsportal?q=+msid+ngcd+PIID%3A%22W911SR14C0038%22&indexName=awardfull&y=13&x=18&templateName=1.4.4
If the company does not defend 2.87 this is what happens. The stock was floating quite easily above that level for a long time but I suspect the company took that for granted, it should not, those high volume moving averages need to be defended if they are to provide good support.
In 2015 only Chemring Detection Systems have had a follow-on development option (brassboard prototype) activated out of the three initial 2014 contenders (Bruker/Battelle/Chemring). This may not mean nothing in the final evaluation or it may mean everything but on first viewing it does not encourage me.
Rosen either won't have the balls to go thru with it now ISR has called their bluff or the judge will take one look at the 100% factual ISR PR and laughingly dismiss the case and tell all these ambulance-chasers to stop wasting his time lol. The real court case is ISR vs AF, these ones are just the comedy warm-up ;-).
One step at a time. Any costs ISR take defending will then be added to the defamation/libel lawsuit against AF as extra damages. Babcock has hired good lawyers unlike the ambulance chasing comedians filing these frivolous lawsuits and they will turn their firepower onto AF afterwards. This will rumble on and on but he will not escape this time, he will get sacked eventually after he costs CNBC millions in damages. He thinks it's funny regularly destroying shareholder value of drug companies with his lies, let's see how funny he thinks it is when he loses his livelihood and reputation and it could not happen to a more deserving weasel snake and pathetic excuse for a human being.
Part 1. Part 2 will be the $100m+ defamation/libel lawsuit against The Street which unlike the others is a lawsuit WITH MERIT and AF and his fellow lying manipulators will go down for this, hard !
This is already a Nasdaq (Capital Market) stock. The notice was only to confirm that this was to continue as both the minimum cap ($35m) and minimum price bid (1.00) had been validated for 10 trading days.
Another good analysis, you are tracking these Short SoBs well. I will have to disagree with you though in that a lawsuit against AF is still essential IMO. He clearly defamed and libeled this company like he has done so many others but this time he tripped up by including clear lies in his piece which makes the case not losable on ISR's side. He said the study did not endorse Cs-131 when it clearly did for the most difficult cases. That is a clear lie that can not be argued against by saying it's just AF's opinion. This is a case ISR cannot lose and the only question in my mind is how much CNBC via The Street have to end up paying in millions for AF's big loud uneducated mouth. CNBC will also have to end up paying for ISR's legal costs in the end too on losing the case. So ISR will benefit by not only having its reputation restored but also by having many millions donated it to by The Street/CNBC. The pps will jump back up to $3+ in no time probably initially on the lawsuit issue PR.