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After Hitting 1,100bps In Spread, Greece Finally Relents And Puts (Parts of) Itself Up For Sale

Tyler Durden's picture


Today, Greek CDS hit an all time wide in spread. For the first time, this unpleasant phenomenon seems to have registered in the minds of Greek oligarchs, as finally, after months of dithering, the country is taking serious steps to moderate its bankruptcy. The steps in question are asset sales, and the assets in question are islands including portions of Mykonos, and all of Nafsika. So if you work in Goldman and need a nice place (with a non extradition treaty in place very soon) to stash the several hundred gold bar collection amassed over the past two years of record bonuses, here is your chance for a nice, cheap offshore vault, ironically in the very country whose finances you overrepresetned for years.

Guardian reports:

Greece is making it easier for the rich and famous to fulfill their dreams by preparing to sell, or offering long-term leases on, some of its 6,000 sun-kissed islands in a desperate attempt to repay its mountainous debts.

The Guardian has learned that an area in Mykonos, one of Greece's top tourist destinations, is one of the sites for sale. The area is one-third owned by the government, which is looking for a buyer willing to inject capital and develop a luxury tourism complex, according to a source close to the negotiations.

Greece has embarked on the desperate measures after being pushed into a €110bn bailout by the European Union and the International Monetary Fund last month, following a decade of overspending and after jittery investors raised borrowing costs to unbearable levels.

The sale of an island – or convincing a member of the international executive jet-set to take on a long-term lease – would help to boost its coffers. The Private Islands website lists 1,235-acre Nafsika, in the Ionian sea, on the market for €15m. But others are up for grabs for less than €2m – less than a town house in Mayfair or Chelsea. Some of the country's numerous islands are tiny rocky islets which could barely fit a single sunbed.

Only 227 Greek islands are populated and the decision to press ahead with potential sales has also been driven by the inability of the state to find funds to develop basic utility infrastructure, or police most of its islands. The hope is that the sale or long-term lease of some islands will attract investment that will generate jobs and taxable income.

"I am sad – selling off your islands or areas that belong to the people of Greece should be used as the last resort," said Makis Perdikaris, director of Greek Island Properties. "But the first thing is to develop the economy and attract foreign domestic investment to create the necessary infrastructure. The point is to get money."

As strikes almost paralysed the country and hedge funds bet against the economy, German politicians called for Greece to start selling islands, historic buildings and artworks. It now appears that the Greek government has heeded their demands.

The City, where investors are increasingly shunning Greek investments, welcomed any island sales. "It's a shame if it has come to this but it does at least demonstrate that Greece is prepared to take all actions necessary to try and meet its obligations," said Gary Jenkins, a credit analyst at Evolution Securities.

At the end of the day, Germany once again gets its way. And since in 2-3 years America will be in the same sad state, we should already be sending out Goldman's crack asset disposition team (the same guys pitching BP's various holdings), to France, Spain and Russia: we hear the two countries may be interested in some nice (if slightly soiled) parts of the continental US. And, on an inflation-adjusted basis, the US may just come out on top of these particular trades.


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Thu, 06/24/2010 - 18:45 | 432556 Rusty_Shackleford
Rusty_Shackleford's picture

I call dibs on the national parks.

Thu, 06/24/2010 - 18:57 | 432588 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The women?

go ahead and junk me, that one was for Leo ;)

Thu, 06/24/2010 - 19:23 | 432639 nmewn
nmewn's picture

I'll take my chances with the Greek half of Cyprus.

Thu, 06/24/2010 - 19:16 | 432626 knukles
knukles's picture

Employing the old PanAM model.
Sell the Hotels and keep the Airline.
Worked just fine back then.  Repeat after me. 

Thu, 06/24/2010 - 19:41 | 432667 BlackBeard
BlackBeard's picture


Thu, 06/24/2010 - 18:46 | 432559 carbonmutant
carbonmutant's picture

It's probaby as overpriced as their hotel rooms...

Thu, 06/24/2010 - 19:17 | 432627 Freebird
Freebird's picture

Damn, that photo brings back some fond heterosexual memories. Another thing to thank TD for.

Thu, 06/24/2010 - 19:58 | 432690 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It must have been Paris Hilton who junked you.

Fri, 06/25/2010 - 12:54 | 433798 carbonmutant
carbonmutant's picture


Thu, 06/24/2010 - 18:46 | 432561 arnoldsimage
arnoldsimage's picture


Thu, 06/24/2010 - 19:04 | 432607 Careless Whisper
Careless Whisper's picture

oh bay bay, i think the men of mykonos aren't your idea of sparta.


Thu, 06/24/2010 - 20:04 | 432699 Hephasteus
Hephasteus's picture

Oracle of Delphi. The love of gold and nothing else will be your undoing.

Sparta. Iron currency bitches.

Sparta. Conquest bitches.

Sparta. Send the gold and silver money from those we conquer back home.

Sparta. Oh shit!!

Fri, 06/25/2010 - 04:47 | 433170 AnAnonymous
AnAnonymous's picture

Actually, the Spartan policy on slaves, how they wreaked terror on them to initiate their warriors and stuff, ensured they were never big conquerers.

You know, a bit like Southerners in the US who were busy preventing men from freeing themselves and didnt participate to the war against the British crown.

But hey, people love their myths, so let them keep them.

Fri, 06/25/2010 - 06:00 | 433196 Circumspice
Circumspice's picture

Are you stupid or something? Have you never seen a map of the campaigns in the Revolutionary War? The South did plenty to defend the US's independence, and certainly enough to push it to declare that independence (cf. the Halifax Resolves).

The British's initial strategy was to attack the North (they captured NYC easily, of course), but from 1778 onward the focus shifted to the South, because it was still largely rural and they figured they had more Tory support (which turned out to be true only for Georgia). The British defeated Georgia, the southernmost state at the time, but then got stuck in the Carolinas, where many of the last major battles were fought. Hell, after losing a quarter of his men in one battle in NC, Cornwallis had to retreat to Virginia for reinforcements, and there he was defeated. (Anything from Maryland and below should count if we're talking Civil War battlelines.)

Never mind that most Southerners weren't slaveowners.

Thu, 06/24/2010 - 23:39 | 432836 Quantum Noise
Quantum Noise's picture

We were Sparta! From now on we're Spartburg!

Thu, 06/24/2010 - 18:49 | 432566 Apostate
Apostate's picture

Can we sell Louisiana back to France? Nothing against it the people down there, but it's kind of a troubled asset these days. 

Thu, 06/24/2010 - 20:19 | 432724 DoChenRollingBearing
DoChenRollingBearing's picture

Can we have the Brits come back and burn down Washington, DC?

They did it once before.

But, DC is also a troubled asset.

Thu, 06/24/2010 - 23:05 | 432764 BobWatNorCal
BobWatNorCal's picture


That actually sounds pretty good.

Could they burn it down with the politicians inside?

Thu, 06/24/2010 - 23:23 | 432797 Nikki
Nikki's picture

I'll pay in gold for tickets to see that show.

Thu, 06/24/2010 - 18:50 | 432568 digalert
digalert's picture

Being a tax paying USA citizen, don't I already have a stake?

Thu, 06/24/2010 - 18:58 | 432590 Apostate
Apostate's picture

No, sorry, slaves have no stake. 

Thu, 06/24/2010 - 19:06 | 432611 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yep, no steak.

Thu, 06/24/2010 - 19:22 | 432638 Shameful
Shameful's picture

Sure you do.  We serfs will probably be packaged up with the land.

Thu, 06/24/2010 - 18:52 | 432573 tmosley
tmosley's picture

Governments should never be able to own property.

Thu, 06/24/2010 - 19:05 | 432610 Rainman
Rainman's picture

Governments should never have been allowed to be overrun by public sector unions either. And Congressional Ethnic Caucuses are discriminatory and against the law.

But you get my point I hope.

Thu, 06/24/2010 - 18:53 | 432580 Kurtieboy
Kurtieboy's picture

I'll take one of the Mykonos islands!

Thu, 06/24/2010 - 18:58 | 432591 Tartarus
Tartarus's picture

Can't wait tell they start breaking up the country and selling it off altogether at rock-bottom prices. I would like Thrace please!

Thu, 06/24/2010 - 18:59 | 432595 Apostate
Apostate's picture

Brief prediction:

Greece goes off the Euro.

Says "fuck you" to idiotic Euro-Fabians who demand an "efficient bureaucracy."

Sells off state assets.

Issues some lame third world currency.

Communists complain. Maybe burn something down.

Then they do pretty damn well. Shipping might suffer due to declines in global trade, but otherwise, they'll make out much better than the US.

Thu, 06/24/2010 - 19:52 | 432680 Fenrisulfr
Fenrisulfr's picture

I would bet on a debt default as they owe much of their debt to other European countries.  Load up the CDSs...

Thu, 06/24/2010 - 19:00 | 432597 cougar_w
cougar_w's picture

I just thought of a great movie script, of a guy who buys an island off Greece and rides out 10 years of global upheaval then goes to the mainland one day when he senses things are quiet to find the place a blasted war zone with nobody left except wild dogs.

Um ... gold bitches. Or something. I dunno.

Thu, 06/24/2010 - 19:01 | 432600 Apostate
Apostate's picture

Reminds me of World War Z. 

Thu, 06/24/2010 - 19:36 | 432661 resipsaloquacious
resipsaloquacious's picture

Yes.  If I remember correctly, Cuba comes out on top after a Zombie apoc.

Thu, 06/24/2010 - 19:38 | 432664 Arius
Arius's picture might be into something.  after all there just too many people.

Thu, 06/24/2010 - 19:42 | 432671 Shameful
Shameful's picture

To many people?  So when are you going to pull the trigger and do your part to save the Earth?  Save the planet, kill yourself.

Thu, 06/24/2010 - 20:10 | 432702 DosZap
DosZap's picture


I have posted this before, but your comment makes it neccessary for a repeat.

I am so sick of there are too many people.........Population control!!

The state of Texas,has enough land mass to build a 1200 sq ft house, w/a small yard for 6+ Billion people.

That would leave a hell of a lot of room for the animals,livestock, and food the left over land mass.

Spread them out to 50% of the USA, and the rest of the globe could be without any population..So, for all the Euthanists, Fku ......(that includes you Geo Bernard Shaw, and Ms.Sinclair).

And all you other self important genetic mutants..............bent on murdering innocents for the $.

And, using global enviromentalism for the reason/excuse  for Genocide.(it is what it is).

Thu, 06/24/2010 - 20:31 | 432738 DoChenRollingBearing
DoChenRollingBearing's picture

+ Texas DosZap

We have plenty of resources as long as we keep the .govs from getting their mitts on us.

The Hard Left sure does have a lot of weirdos with wildly totalitarian and genocidal views.

Thu, 06/24/2010 - 20:45 | 432752 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Ted Turner junked you.

Fri, 06/25/2010 - 04:55 | 433174 AnAnonymous
AnAnonymous's picture

Overpopulation is based on consumption.

People are still living in the past when gap between people were not as large as they are now.

They keep considering that pushing out people based on numbers would be a solution. It was a solution.

But this card is played now and cannot be played once again.

Fact is that at present times, if one billion of people kill the 5 others, it wont change big for the one billion (probably will degrade the situation actually) and if the 5 billion others killed the one billion, the five billion will get themselves a nice opportunity.

Issue: while the one billion can eliminate the 5 other billions, the 5 other billions can not. Hence a nice dead end.

Fri, 06/25/2010 - 00:00 | 432871 CD
CD's picture

Similar premise, from a historical writer: Robert Merle - Malevil

Thu, 06/24/2010 - 19:01 | 432599 Dr. Sandi
Dr. Sandi's picture

This really begs the question: "How soon before I can use some of my PM holdings to buy stuff I've always wanted that currently "belongs" to the U.S. government(s).

I realize I'd never be able to outbid Barrick Gold or the Chinese government for the national parks, but maybe a nice mountain top or two with choice communications sites?

Thu, 06/24/2010 - 19:03 | 432604 Apostate
Apostate's picture

Wait... wait a long time. Some are selling and leasing stuff quietly. There was even an article recently about how some public schools are being basically privatized.

I think most state assets will sell at over-valued rates... after those guys go bankrupt, and someone else buys them at a lower price, and they go bankrupt - then, you get in the game. 

Thu, 06/24/2010 - 19:14 | 432622 cougar_w
cougar_w's picture

Sure, but every time it changes hands it degrades. The last one in buys a junk heap.

We'll be buying and trading ashes, ere the end.

Thu, 06/24/2010 - 19:19 | 432630 Rainman
Rainman's picture

Excellent plan. I want to buy a busy SoCal toll road on the cheap. Cali sold the rights off long ago with an upgrade premium. Not everyone can brag that they own a half priced toll road.

Thu, 06/24/2010 - 19:30 | 432654 Apostate
Apostate's picture

I would be careful on that.

For example, if you buy a public school, you could end up with an asbestos-infested prison-like structure that might be completely uneconomical in the future.

Why would I send my kid to be taught by an alcoholic child molester in a recently privatized school when I could hand my kid a phonetic literacy app or allow her to be tutored by an out-of-work Rhodes Scholar remotely for $20 an hour?

What if your toll road has no traffic because a community formerly made up of majority government workers becomes a ghost town? Or if the expense of water rights in the area makes the entire region into a wildland ruled by coyotes, huge rats, and travelling war-bands from Mexico?

I studied the privatization of Russia extensively both independently and at the graduate level, so I'm a bit extra-sensitive to these issues. Many ended up with totally worthless factories and equipment that they assumed would be extremely profitable. 

Thu, 06/24/2010 - 20:15 | 432716 DosZap
DosZap's picture


Why would you want your children taught by a Communist educated, indoctrinated teacher/Prof?.

Thu, 06/24/2010 - 20:47 | 432755 Apostate
Apostate's picture

Hey, depends on the topic. Even the commies can be sensible on some isolated subjects. 

The point is, "home-schooling" is easier and cheaper than ever before. There's no reason to send your kid to a re-education gulag or to a $30,000/year private school.

If you're outside of the US, you can even have your kid working a serious job from an early age.

Hell, you can even have your kid freelance as a programmer or whatever now, with no issues. 

Fri, 06/25/2010 - 01:33 | 433045 GoinFawr
GoinFawr's picture

Effing nice Apostate. Hat's off.


Thu, 06/24/2010 - 19:02 | 432601 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I say the US Gov leases an island and pays for the gulf coast residents to move there temporarily.  What else should we do with our FIAT?  Pave roads endlessly?  Building expressways until the end of cheap oil is about to look very foolish.

Thu, 06/24/2010 - 19:12 | 432617 cougar_w
cougar_w's picture

Another great movie script. Sort of "Lost" meets "Swiss Family Robinson".

You know something is wrong when people say things that would not only make sense but would make a great movie.

Reality. Bitches.

Thu, 06/24/2010 - 19:20 | 432633 knukles
knukles's picture


Rebuild America by Employing Americans.
No moah shiftin' them jobs ovah-sees
We already got Detriot can be repop-a-lated n' re-bilt with all them Southern' folk.

Thu, 06/24/2010 - 19:54 | 432683 Fenrisulfr
Fenrisulfr's picture

Who can afford to employ Americans with all the red tape?

Thu, 06/24/2010 - 20:08 | 432708 Apostate
Apostate's picture

Bring them overseas and provoke capital flight.  It'll shove the government into liberalizing.

It's the only way to accomplish it peacefully and realistically. 

Thu, 06/24/2010 - 20:44 | 432747 DoChenRollingBearing
DoChenRollingBearing's picture

Apostate, no doubt you have seen comments here at ZH about people leaving the USA for friendlier lands.

I myself have mentioned that if TSHTF that I would have to decide whether to leave (with my capital) or stay and fight (with my AK-47 if it comes down to that).

I hope that things do not get that bad.  But, if I decide to leave (for Peru), that would be OK.  Peru is cheap, their food is good.  I am lucky to have some "infrastructure" (in-laws and a business) there.

Yes, I know the arguments that the "peripheral" countries would suffer more than the "core" countries in a REALLY REALLY BAD worldwide financial disaster, and so might be more violent.  But a Peru in kind-of chaos (Peru is used to being poor) might beat a 1984 or Mad Max USA.

Who knows what will happen?

Thu, 06/24/2010 - 23:08 | 432766 Apostate
Apostate's picture

You're damn right about the food in Peru being amazing. I'm torn myself. If I had the means, I'd move back to Switzerland. More realistically, I may go to either China or Russia.

I've an open job offer in the UK, but I'm not sure that really confers any advantage over my current situation. 

There's no reason as to why you can't return after everything blows over in the US. Often, successor regimes create incentive programs to lure back people and businesses that flee a temporary reign of terror. 

Fri, 06/25/2010 - 00:01 | 432873 TuesdayBen
TuesdayBen's picture

Japan for me.  You can make ends meet teaching English.  Like the women.  Good healthcare.  Good food.  Safe.  Civilized.

Fri, 06/25/2010 - 00:11 | 432899 PaperWillBurn
PaperWillBurn's picture


   I live in Bangkok and just went through the chaos here about a month ago and I prefer to live in the middle of a chaotic Thailand than the current socialist U.S

Fri, 06/25/2010 - 04:35 | 433162 williambanzai7
williambanzai7's picture

That's ok because they will never give you a VISA

Fri, 06/25/2010 - 04:45 | 433167 PaperWillBurn
PaperWillBurn's picture

:scratches head:


I'm an American living in Bangkok

Thu, 06/24/2010 - 20:17 | 432720 DosZap
DosZap's picture


After the coolapse, no more Red Tape.............

Fri, 06/25/2010 - 04:12 | 433151 sethstorm
sethstorm's picture

While some would gladly head off to countries of dubious stability (and less freedom - e.g. China, most of South America, Russia, and about anywhere else US jobs are going), I'd rather double down on the US.

Sweeping 15-30million under the rug in in the name of globalization (and the excuse of competiveness) is not the way you make friends and influence people.  It just makes your value go up(in a bad way) when things go badly. 

Too many people value US citizens a bit highly for me to want to move.

Thu, 06/24/2010 - 19:11 | 432616 MacedonianGlory
MacedonianGlory's picture

Myconos is such a b-place to have a vacation.

Tottaly destroyed by overbuilding. The old glamour is lost.

Thu, 06/24/2010 - 23:19 | 432789 Freebird
Freebird's picture

Yeh, the old la,lah

Thu, 06/24/2010 - 19:17 | 432620 Ruth
Ruth's picture


Thu, 06/24/2010 - 19:13 | 432621 CD
CD's picture

This is not strictly related, but a curious development:

Blast at Greek police ministry kills top aide

Thu, 06/24/2010 - 19:18 | 432628 zero intelligence
zero intelligence's picture

This is so idiotic. If Greece just defaulted, they wouldn't have to sell anything at all. Sovereign debt is essentially "unsecured."

Thu, 06/24/2010 - 19:21 | 432636 Apostate
Apostate's picture

They'll default.

This is just a sham to allow the elite to loot as much money as possible and earn oligarch allies before the "restructuring" and eventual collapse.

So, it's not idiotic - it's just good gangster-sense. 

Thu, 06/24/2010 - 19:26 | 432645 trav7777
trav7777's picture

See Operation Reinhard for how that turned out.

Allies only go so far.

Thu, 06/24/2010 - 19:33 | 432659 molecool
molecool's picture

I like the way you think...

Thu, 06/24/2010 - 19:22 | 432637 knukles
knukles's picture

+10  Collateral's the paper its printed upon.

Thu, 06/24/2010 - 19:21 | 432634 Apophis
Apophis's picture

Seriously?  Sounds like they're pissing in the wind to me.  Better to just default already and tell everyone else to fuck off than to start selling off national assets at stupid prices all to make a tiny dent in your debt.  Reminds me of people who raid their 401k's to make a few credit card or mortgage payments only to find themselves even worse off down the line...

Thu, 06/24/2010 - 20:46 | 432754 Bohica
Bohica's picture

Take the money (euros), then default.  And of course selling an island or part of one doesn't grant sovereignty - those places will still be subject to Greek law, and Greek taxes.

Thu, 06/24/2010 - 19:21 | 432635 JohnG
JohnG's picture

Hmmmm, anything near the hippie colony on Rhodes available?

It's a great place!

Thu, 06/24/2010 - 19:25 | 432642 trav7777
trav7777's picture

Grotesque.  Will lead DIRECTLY to another war and another holocaust.

When will the usury clan ever learn from the mistakes of the past?  The self-deception is bordering on fatal.

Thu, 06/24/2010 - 19:40 | 432665 Shameful
Shameful's picture

Oh I think they have learned from the past.  They harp on how there are too many of us "useless eaters".  So how does another war and mass killing hurt them again?  Seems like the big boys did just fine in the last couple of world wars.

Thu, 06/24/2010 - 20:07 | 432706 Apostate
Apostate's picture

Hmm... it's possible. I'm not sure I could peg the odds. But I think it's less likely than you claim.

The world is just not the same as it was back then. Communications technology and culture have altered the structure of society and government. It's not even the same as it was in 2005.

If ZH existed in 1999 - and it could've - it would have almost no influence. No magazine or newspaper would notice it.


Thu, 06/24/2010 - 20:19 | 432723 DosZap
DosZap's picture


Thu, 06/24/2010 - 19:28 | 432644 John McCloy
John McCloy's picture

Tyler let's get some coverage for William Black on Dylan Ratigan today calling out the reform bill as a reform bill in name only and a complete political capture perpetuated by the Summers, Rubin White House.


Thu, 06/24/2010 - 20:31 | 432737 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Dylan, we have you penciled in as the fifth starter.  Warm up, you're in the rotation.

Thu, 06/24/2010 - 19:44 | 432674 DosZap
DosZap's picture

Surprise, surprise, read what Jim Willie has unearthed...........

Have the Gangsta Banksta's been out flanked?.


Thu, 06/24/2010 - 20:14 | 432713 nmewn
nmewn's picture

In my humble opinion, the author is engaging in the classic retreat without thinking it through.

The problem IS a unified currency where the bad habits of one or? are borne by the virtuousness of the many.

In my view, EACH country should have their own currency and it would be valued on that country's debt to "real" GDP.

Yes, I'm American, and I think OURS should be vaued by the same criteria as well...which would be around $2500 in gold ;-)


Thu, 06/24/2010 - 19:55 | 432685 Fenrisulfr
Fenrisulfr's picture

Are they sellig property on Lesbos?  I happen to be very fond of lesbians...

Fri, 06/25/2010 - 04:18 | 433155 sethstorm
sethstorm's picture

I'd think you'd get something a bit different than what you wanted.

Didn't they raise some legal issue about Lesbos (and the meaning they want vs some people's perception)?

Thu, 06/24/2010 - 20:00 | 432694 Groucho
Groucho's picture

This is the stupidest move ever. So the Greeks sell their country off to the oligarchy that helped put them in the spot they are in. And all this to develop tourist infrastructure??? Give me a break. They should bail out of the Euro, default on their debt and rebuild internally. At least then they will be in control of their own destiny. This is pressure from the Germans and French to save their banks holding bales of Greek debt. I say fuck the banks, let them go broke.

Thu, 06/24/2010 - 20:06 | 432705 Shameful
Shameful's picture

Wow you mean a government is acting against the best interest of it's citizens?!?!  Wow what a surprise!  I would have never thought a government would act in the best interest of oligarchs and not the people!


The truth is governments are nothing more then looting mechanisms.  It's just a gang that holds the monopoly of violence over us.  They act no more in our interest then the Crypts or the Bloods.

Thu, 06/24/2010 - 20:19 | 432722 Apostate
Apostate's picture

It's not the Greeks. It's the people in the Greek government: G-Pap and his special friends.

And G-Pap could care less about what's right or distributing state assets equitably. 

Thu, 06/24/2010 - 20:29 | 432735 Common_Cents22
Common_Cents22's picture

 defaul?  but, but, but what about their credit rating?  LOL  

Thu, 06/24/2010 - 20:07 | 432707 frog
frog's picture

The Greeks should sell these islands to billionnaires, and then, after, invade them with their army ! so the banksters ? done ala Greek !

Thu, 06/24/2010 - 20:14 | 432715 fearsomepirate
fearsomepirate's picture

Buying land from Greek politicians is like keeping a cobra as a pet.  Even if you're a vampire squid, you don't pet a cobra like it was a kitten.

Thu, 06/24/2010 - 20:16 | 432718 Schwantz
Schwantz's picture

When it happens to the US, Canada has to start the ball rolling by picking up the following properties:

The Northwest Angle (disconnected from), Minnesota:

Point Roberts (disconnected from), Washington:


From there we can buy back everything north of the Columbia River (to reverse the idiot appeasement consessions of the British after the war of 1812), and also buy the Alaska Panhandle (which is just plain in the way)



Thu, 06/24/2010 - 20:21 | 432731 Schwantz
Schwantz's picture

Ooops...links fucked up for some they are again:

Northwest Angle Minnesota:

Point Roberts Washington:


Thu, 06/24/2010 - 20:20 | 432726 Leo Kolivakis
Leo Kolivakis's picture

I am getting the itch to visit the most beautiful place on earth:

Thu, 06/24/2010 - 20:33 | 432740 Common_Cents22
Common_Cents22's picture

You can find that in vegas on sundays at ReHab at the hard rock pool. 

Thu, 06/24/2010 - 20:20 | 432728 anarchitect
anarchitect's picture

They would raise a bundle if they sold some islands with sovereignty. They could even create a revenue stream for their off-balance-sheet military by offering defense services for buyers.

Thu, 06/24/2010 - 20:37 | 432744 twippers
twippers's picture

I'm calling for the run down Sambuca factory but only if it's the one on Mykonos.

Thu, 06/24/2010 - 20:43 | 432746 michaelduff
michaelduff's picture

Reality is starting to look like a prequel to Snow Crash.

When can I join Nova Sicilia?

Thu, 06/24/2010 - 23:13 | 432772 Apostate
Apostate's picture

Yeah... shit's looking more like a Stephenson book than something from Gibson. That, or Diamond Age.

Thu, 06/24/2010 - 23:20 | 432792 williambanzai7
williambanzai7's picture

You are all invited to Mr Lee's Greater Hong Kong

Thu, 06/24/2010 - 23:27 | 432804 Jim in MN
Jim in MN's picture

Interesting to wonder what booby traps might be laid for the ultrarich buyers.

OOooohhhh, careful of sunbathing by the urn full of ONE YEAR TIME RELEASE SCORPIONS BAY_BEEE!

Thu, 06/24/2010 - 23:29 | 432809 JR
JR's picture

When the fire started in Greece, Goldman was there with the matches.  And now of the three parties in this cirisis, the politicians, the bankers and the citizens of Greece, the politicians walk away with no more than tears in their eyes and Goldman recovers every single solitary Euro and as usual, the one innocent party, the people of Greece, are the losers.  How can the people be blamed for this tissue of lies and larceny?

And just as guilty as Goldman are the central bankers and George Papandreou whose policy is to “save the economy” … by destroying it, according to James Petras in Greece: The Curse of Three Generations of Papandreou’s.

This shifting of pieces of paper and who signed what and lost what becomes rather inmaterial when the fog lifts and the winners and losers can be identified. I don’t have to hear all that noise about shorting and swapping, I know what happened.  Goldman went in there and helped itself with these loans so Greek politicians could fool the Eurozone authorities. Are we now asked to believe Goldman did this as a public service, that it's a worldwide Robin Hood that rides in and helps to do the best it can to keep things running smoothly and then goes home broke…and buys another section of South America or something? Pfui!

“The historic mission of the Papandreou regimes is to embrace the empire to save the rich,” says Petras,  “no matter how many dead anti-fascists, how many disenchanted workers, how many immiserated pensioners have to pay the price.”

Once in office, just like Obama and true to the Papandreou tradition, George did an about face. Says Petras of this leader in the world Socialist International movement, “Striking an indignant posture he claimed to 'discover' that the Greek treasury was empty and the country was over indebted and that the only solution was to slash living standards by reducing salaries, and savaging wages, social programs and pensions in order to pay the foreign bankers. Like his familial predecessors no effort was made to collect back taxes from the rich or embargo the secret foreign accounts of the bankers, corporate executives, ship owners, stock speculators, consultants, investment brokers who swindled Greek taxpayers and pensioners of billions of Euros. No effort was made to recover the debts owned by the private sector to the state financial institutions. On the contrary Papandreou turned to the Wall Street swindlers – Goldman Sachs (who, in 2001, facilitated the pillage of public loans for private gain) – for advice and support.”

Don’t laugh.  America's turn is next; somebody’s got to pay for Goldman’s bailouts and bonuses:

Middle-Class Tax Boost is Broached | WSJ | June 23, 2010

A top Democrat signaled for the first time that the party might scale back plans to permanently extend Bush-era tax cuts for the middle class, as deficit worries grow in Congress.

House Majority Leader Steny Hoyer said in a speech Tuesday that Democrats would have to consider passing only a short-term extension of the middle-class tax breaks, which expire at the end of this year. In the longer term, taxes likely will be going up, at least for some people, he suggested. …


Marriage and Taxes: Typical tax liability for various taxpayers in 2011

                                                                 If Bush tax cuts expire/ if cuts are extended

Married, two earners, two children, earning $85,000/yr  -- $7,235/$5,383

Single, no children, $60,000/yr.-----------------------------------$8,236/$7,484

Single, no children, $150,000/yr.-------------------------------$29,962/$26,996

Married, two earners, two children $150,000/yr. ----------$22,776/$19,268

Married, two earners, two children $300,000/yr.-----------$64,181/$61,292

Married, two earners, no children $500,000/yr.---------$130,210/$123,900

Source: Tax Foundation

Fri, 06/25/2010 - 00:53 | 432972 fearsomepirate
fearsomepirate's picture

The "innocent people of Greece" consistently voted for governments that promised them goodies on someone else's dime--no socialist government retains power in a democratic society without a pervasive looter mentality in the populace.  And now that the government's out of cash, what are the Greeks out demanding?  The end of central banks, honest money, and the chance to create prosperity without interference?  No, they're out rioting for even MORE free money--to the point of murdering people in the streets.

I have zero sympathy for the Greeks.  "You made your bed, now lie in it."

Fri, 06/25/2010 - 13:49 | 433932 GoinFawr
GoinFawr's picture

No, the Greeks trusted their politicians and were lied to. IE they unwittingly had their beds made for them, and are now being forced to lie in them while the oligarchs don strap-ons and dive straight in, sans lube.


Also,  Norway, along with several other nation states possessing some of the world's highest standards of living (countries which I am certain some types would dub 'socialist') directly contradict your claim that,

" socialist government retains power in a democratic society without a pervasive looter mentality in the populace."

In case you're confused: stop looking up ideological definitions in 'Webster's'.



Thu, 06/24/2010 - 23:35 | 432818 Robert J Moran
Robert J Moran's picture

"...The point is to get money."

I think this is the operative phrase in the piece.  Hasn't this been the 'Greek motto' all along?!

Fri, 06/25/2010 - 00:05 | 432884 buzzsaw99
buzzsaw99's picture

Sell the islands to rich greeks but retain the mineral rights. Then, when youy= have all their money, send in bp and da boyz. bwa ah ah!

Fri, 06/25/2010 - 00:07 | 432888 JR
JR's picture


The journalistic prowess of Tyler Durden has to be rated as perhaps the most poignant and powerful of the written word on the web or in the MSM. Not to mention ZH’s talent for the best headlines in the business.

What a miracle that this associates with America’s financial sector, now both the fulcrum of worldwide crisis and America’s most important current affairs topic.


Fri, 06/25/2010 - 03:10 | 433118 AVP
AVP's picture


Fri, 06/25/2010 - 06:47 | 433219 hurr durr
hurr durr's picture

this is the best page i stumbled upon in 2010.

Fri, 06/25/2010 - 00:30 | 432889 themosmitsos
themosmitsos's picture

As a Hellene, I'm both saddened and incensed at this. On our National Liberation day MAR 25th, PM Papandreou was out begging for money like a bitch. Now this. I'd rather we defaulted than run around begging for money, but ESPECIALLY not this. Funny thing is they're doing this crap to win elections (instead of default), and that's the one thing it won't accomplish. If he tries to sell any of our national treasures, he'll be dead on the street the next morning. So I hope he does.

Just default within the EU structure. It won’t be the end of the world. Just the opposite. EU membership and the ECB could both smooth and ameliorate the process, and also ensure it’s done in a rather orderly fashion. It would also GREATLY strengthen and empower EU structure by demonstrating EU unity and fiscal prudence and sterness, within and among members. That the EU is both the carrot, and the paternal stick. That was the entire point of membership to begin with. To have the German and French fiscal model imposed on the other European members, NOT to facilitate a debt explosion. Do we really want to encourage this direction? Forget Spain, Italy won’t be a €100bill pittance like the Greek bailout!

Leave the defense budgets alone, and fire 30% of the federal government, liberalize the economy. Greeks are very highly educated and industrious, but you can't fucking sell toilet paper without a mountain of paperwork. Budget will be balanced, and huge growth achieved almost instantaneously. It'll even attract Greeks from abroad back to Greece. Selling ALL the islands WON’T EVEN GARNER €1bill!!! What debt paydown!!!

But you can't win elections with the policies I just suggested, or at least not maintain the same level of control and political patronage with them. Same problem US is now just beggining to experience, and yet your fiscal position is already worst than ours!

Seems funny to you all now, you all make fun of it, let's see how funny it'll all be after 2-3yrs of your monkey's presidency and his "$1.5" trill(really 2.5) communist budget deficits. What the hell were you guys thinking voting him in? US is already more broke than we are.


Fri, 06/25/2010 - 00:38 | 432946 JoeStealth
JoeStealth's picture

I don't believe anyone here is truely making fun of Greece --- You are correct, we (the U.S.A) are in this Hell Hole with Greece and just about every other country out there.  And yes, we are in worse shape than most (or all!).  For the record, I didn't vote for the seasoned socialist, Obama.  Still, we are stuck with with him and the rest of the progressive liberals...for now.

Things are bad.  Real bad.  But the humor helps us to get through these tough times. :)

I wish you and Greece the very best.



Fri, 06/25/2010 - 01:02 | 432991 fearsomepirate
fearsomepirate's picture

"What the hell were you guys thinking voting him in? US is already more broke than we are."

He was more Not-Bush than the other guy.  Or, at least, he talked a better Not-Bush game.  And he promised a "net spending cut."  And to end warrantless wiretaps.  And not to hire lobbyists.  And to veto pork-laden spending packages.  And to put bills online.  And a new era of transparency.  And to not haul whistleblowers into court.  And to close Club Gitmo.  And to read people their rights. And...

...ah, fuck it.  Short answer:  "Nothing at all."


Fri, 06/25/2010 - 00:22 | 432920 MGA_1
MGA_1's picture

Good lord, are they really going to pay down any of the debt by selling islands ?

Fri, 06/25/2010 - 01:47 | 433062 Ahmeexnal
Ahmeexnal's picture

This ain't no surprise really.
This was the plan from the start.
The EU is nothing more than the fourth reich in disguise.

The day after Greece defaults there will be 10 Panzer divisions taking control of the country.

You want freedom?
Strike first, strike hard, strike the head.


Fri, 06/25/2010 - 04:38 | 433165 kaiten
kaiten's picture

And China will buy California. Or Alaska.

Fri, 06/25/2010 - 05:01 | 433177 AnAnonymous
AnAnonymous's picture

Tourism is one source of laughters.

Several ways to unfold in my book: wont mention all

who are going to be the tourists? Travel is that expected to get cheaper?

where are the tourists going to draw their own value to spend while on the Islands?

The plan might end as a farce or a total acknowledgement that some will inherit the world and all its splendors.

Fri, 06/25/2010 - 05:05 | 433178 MrTrader
MrTrader's picture

Too funny how 95 % of ZH members are commenting on happenings in Greece, but not one single trading recommendation. Besides the world is going under and S&P 900 traget, I am not reading one comprehensive trading idea. Obviously everybody here is short for months and weeks and I ask myself : how do you guys survive holding all these short positions ????

Fri, 06/25/2010 - 06:41 | 433212 zhandax
zhandax's picture

Headline earlier today: the ES/ EUR/JPY spread has now switched to the ES/ AUD/JPY spread.  You can't execute that and you want a comprehensive trading idea?  Buy Gold.

Fri, 06/25/2010 - 08:53 | 433381 ToNYC
ToNYC's picture

How much extra cost for the army you'll need in perpetuity to defend "your property"? Greek Law, Real Estate taxes, and popular support/politics will surely cloud your Title as long as you can fog a mirror.


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