Among The Smoke, The True Goal Of This Weekend's Greek Drama Emerges: Lower Interest Rates For Everyone

Tyler Durden's picture

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hugovanderbubble's picture

Short Spanish Banco Popular till 1.65 euros per share.



_ Santander and BBVA Too..---


The big issue is save or not Spanish banks and government + sub government debt.--...


? The answer next weeks...= my bet _-----------SPAIN IS a huge black hole

ZeroPower's picture

New York Fed's Santorini Lane I programme


Haha! But for serious, Mykonos FTW

Mr Sir's picture

When you are broke any interest rate above 0% is too high.

Sudden Debt's picture









Overflow-admin's picture

Your avatar fits so good that kind of days...


Free money for everybody, from everybody (except richest few, corporations, etc.)

Mr Sir's picture

Greece had never been able to borrow long term money for a rate below 8%. Then when they joined the Euro their borrowing rates fell more than 5% despite their government statistics being falsified. Over the following 10 years they bought a socialist economy they could not afford. Then in 2010 when their short term and long term rates spiked they could no longer afford the payments nor could they afford to keep their beautiful socialist utopia because they could not refinance. Now they are foreclosing, along with the other pigs in the neighborhood. This story sounds familiar.

Urban Redneck's picture

Doesn't bode well for the US

DogSlime's picture

It wasn't a socialist utopia.

Socialism requires that the population contribute to society - typically by taxation.  Paying tax isn't popular in Greece.  It was Socialism, but with no-one actually paying for it properly.  That isn't really Socialism.

Bubbles the cat's picture
Bubbles the cat (not verified) DogSlime May 9, 2011 10:11 AM

Semantics. Just a tiny detail in the fineprint of human existence. Politics 101: "It's what you say that's important. Not what you do."

orca's picture

Please note that today is Europe Day, so rejoice for the common good of mankind

This shitty project will go down like Osama in his compound, but not today my friends, today we celebrate.

Gold 36000's picture

Europe isn't all bad.  Even if they are socialists they are majority white, the natural ruling race.  Holding strong for 500 years and counting.  We real Americans salute you real Europeans.

orca's picture

I flagged you asshole, this is not the place to spout your racist tendencies.

Josephine29's picture

Whilst we see all sorts of talk and hyperbole so much is hidden and not understood. I wonder how many are aware of what is something of a scandal and is explained below.

As to debt restructuring the Euro zone has by a combination of incompetence and dithering got itself into a position where a lot of the restructuring would take place on the books of the European Central Bank! They are fortunate that the vast majority of their taxpayers and voters do not understand what has taken place here. In fact it is worse than that as the accountancy used is that of the madhouse which declares the interest-rate profits but assumes that capital losses cannot happen! Yes a position which can only have large losses as we stand is declaring a profit…

Gold 36000's picture

The Greeks are crazy like a fox.  They staged this whole thing for 50 basis points.

three chord sloth's picture

Well, they could lower the interest rates by fiat. Of course, then no sane person would lend them money, so they'll have to force lending from captured deep-pocket organizations, like pension funds. Then when the still inevitable restructuring happens, their own seniors will take the kick-in-the-teeth.

Gold 36000's picture

I forgot I was supposed to cover for Village Idiot while he was on vacation.  Sorry.  Anyway mom is calling.  Village idiot should be back soon anyway.

Al Gorerhythm's picture

You've done a "stand up" job. You've both made a fine replacement. Now, your villiage is calling.

agent default's picture

In the end, haircuts for everyone.

Catullus's picture

These governments are only going to accept "market-defined" rates so long as they can define the market.

Al Gorerhythm's picture

They want to make the Irish debt "more sustainable". You couldn't make this shit up!

shushup's picture

Once again only "too big to fail" gets enormous amounts of help while everyone else gets "See ya-wouldn't want to be ya!". And record bonuses all around for banksters.

NOTW777's picture

lower rates for "everyone" except the average person.  jamie gets zero, joe sixpack gets 20%. maybe it should read lower rates for bankers

slewie the pi-rat's picture

the IMF is quite the silent party these daze.

politicians, everywhere!

nauagos020's picture


hello i am Greek.

I am a real estate developer (with no loan obligation) and even now in the so called greek-crisis i am building 5 apartment buildings, 1 office building and 2 holiday-residence complexes.

PLEASE listen carefully what i have to say about Greece.

Greece is one of the poorest countries but the Greeks (as an average) are very wealthy.

I am not talking about wealth being happy, healthy and so on.

Greeks (as an average) own more real estate that any other,

They do not rely on lending as much as other eauropeans or americans

They have gold (especially english gold pounds) that no average european or american has

I am not saying they are good people or that they have a lot of exports i am just saying they are wealthy.

However the wealth they have you cannot find it anywhere because it is no declared anywhere.

My friend that works for 850 euros per month has 4 acres of land outside the city near the sea, 24 gold coins (worth 6000 euros) he got as a gift from his family on the day he was born 25 years ago, and his own apartment he bought with no loan for 230000 euros (i am not talking about what his family owns but what he owns). How can this happen? he gets his 850 euros, he has a second job (as a plumber-not declared) that gets him another 850 euros (where he pays no taxes-poor Greece), he has a farm in the 4 acres that gets him minimum 1000 euros (from selling produce) also not declared anywhere (so he pays no taxes-poor Greece) and some times (3 or 4 times per year) he earns another 2000 to 2500 euros doing part time jobs  (like waiting or plumbing in hotels in summer-not declared and tax-free ofcourse). So he gets 10200 from his day job thatbecause in Greece until 12000 income you pay no tax he is tax free and 25000 euros from the rest that are tax free. so with a clean income of 35000 spending less that 9000 per year (no rent or mortgage) say 10000 with his vacations (health insurance and so on have been discounted from his 1050 euros pay giving him 850 euros) he gets 25000 euros in his bank each year.

That is why greek people are rich but Greece as a country is poor. The example i gave you can happen in smaller numbers (however not vry often) but at the most of time can be really magnified in case we talk about doctors, lawyers and so on that make  with the same method (these are real - calculated numbers) 200000 euros at least but they declare 12000 geting away tax free.

sure there are poor people and rich people like any country, sure there are people loosing their homes to the banks like every country.

But as an average believe me

Greeks are wealthy.

So whether Greece leaves Eurozone or not, whether drachma comes back it doesnt really matter.

All that matters is that the Banksters (Rothchilds and the gang -imf fed central bank of Greece...all properties of the same families...Rothchilds and the gang) come and get Greece for a  fraction of what it really costs. It is happening and it will continue to happen and the Greeks will beg for it to happen so that they continue to have theur 25000 at their bank accounts each year because they do not care what happens to the railway stations, the ports, the energy/water companies. They may even give them free like we did with Meganisi Island that the Rothcilds bought to build homes for the super rich just a cople of months ago(they bought land with value 60 mil euros for 6 mil euros).

To sum up...

do not worry about the Greeks just worry about Greece (but why should you-Greeks don't) and wahtever you do always remember it does not matter what you feel or what you do you are not in control no one except a few, very very few people are and what they want will happen and you DO NOT  know what will hapen NOONE does. You just guess.