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Beggars Can't Be Choosers After All: G-Pap Comes Crawling Back To Europe Begging For Second Aid Program... Stat

Tyler Durden's picture




 

Remember insolvent Greece: the country that "was resolved" causing a 600 surge in the Dow in the last week of June (a ramp whose main purpose was to get pension fund performance up to snuff for the end of their fiscal year end). The same country whose PM sent out a blusterous letter full of sound and fury on Monday bashing Europe just after it had agreed to bail out the insolvent Mediterranean country for another month. Something tells us he won't be writing such letters any time soon. According to FT Deustchland, G-Pap said the country needs a decision soon on a second aid program. Papandreou said he’s “open” to the idea of a bond buyback program financed through the European Financial Stability Facility as it could reduce the debt burden and interest payments. In fact, G-Pap forgot to add that he is open to anything that will allow him to rule a hollow shell of a country which will probably soon be used a reverse merger shell by some Chinese company which is banned from listing anywhere in the free world, except for the Athens stock exchange of course.

Google translated highlights from the article:

Greek Prime Minister Giorgos Papandreou insists that the EU partners and the International Monetary Fund (IMF) make a quick decision on a second set of rescue loan for Greece. "The current atmosphere does not help us get out of the crisis," Papandreou said in Athens in an interview with the Financial Times Germany. "This uncertainty scared investors. If we do not soon have to decide that the second program to protect Greece and the country can make its far-reaching reforms, the program will undermine itself."

The expression of the socialist government is an expression of rising frustration. Papandreou was the end of June with an effort to reform and austerity package nearly brought by the Parliament, which demanded the Greeks further tax increases and benefit cuts. At the same time the government has announced plans to privatize state property in 2015 worth 50 billion euros. From a Greek point of view now, the euro partners and the IMF on the train to approve the second package.

Plans to the euro partners that the Greek government purchases with funds from the euro rescue fund some of their debt to the market value of 50 percent of the nominal value, the Premier expressed positively. "We stand against all these ideas openly," said Papandreou. "This idea would facilitate Greece's debt burden, but also the debt service." The Prime Minister stressed that one must look at the issue of partial-payment accuracy. "This can theoretically be two weeks or it can last much longer and so very very many cause more damage."

Papandreou declined to give a target date for the return of Greece to the financial markets. In this issue of Premier currently provides all the Europeans and the IMF with its decision to Greece for a second rescue package on the train. "The more resolute now the signal is given, that the problem has, the faster we can be back at the market," said the Premier.

 

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Wed, 07/13/2011 - 12:16 | 1452231 knukles
knukles's picture

Grecian Saga in One Act

 

Ok, drop your pants.

What?
I said drop your pants I gotta check your nuts.
Whatta you talkin’ about?.  You crazy?

Listen Greek, before we’re gonna lend you any more money we gotta know if everything’s OK.

Are you sure of this I mean, check my nuts?

Just drop ‘em.

Jesus…..   Ouch!  Stop!  That hurts!
Listen, just gonna stick my finger up here and I want you to cough.
Why?  You like this shit?

Ouch!
Cough.
What are you doing?
A little more, I’m just up one knuckle.
What the fuck are…. That’s not my nuts!
Two knuckles.
Stop!
I feel your prostate!  It’s swollen much more than you told us.
Ouwwwwww.  ;)  Rub it some more it feels good!

What?
Rub it some more.

It’s too swollen, it’ll never heal.

So rub it.  Feels great.

No, I’m pulling my finger …. Hey lemme go!

Nope  Nu uh.
Lemme go!

Nope you gotta rub me more.
I’m not rubbin’ you any more. (Popping sound on withdrawal.)
OK.  See if I’ll pay anything. Go fuck yourself.
Wait you can’t do that to me, I was rubbing your prostate and you said you’d pay me.

Well, I’m tired of being abused.  Fuck off.

But what are we gonna do if you don’t pay us?
Go rub your own prostate.

 

Fin

(Curtain on Euro and EU)

Wed, 07/13/2011 - 12:40 | 1452443 hedgeless_horseman
hedgeless_horseman's picture

Comic in that Greece is playing hard to get at the start, and then changes, and then changes back.  Tragic in that the Euro dies in the end.

Wed, 07/13/2011 - 13:04 | 1452569 Ahmeexnal
Ahmeexnal's picture

And meanwhile, the EURCHF is about to turn the eurozone (stronzone) into a bloodbath.

Wed, 07/13/2011 - 12:51 | 1452505 Sudden Debt
Sudden Debt's picture

+1000 :)

Hilarious :)

Wed, 07/13/2011 - 14:08 | 1452799 monkeyshine
monkeyshine's picture

Reverse merger of the country sounds like a great idea for any number of peoples/nations.  With a reverse merger the people get:

- An ancient civilization complete with ruins and landmarks
- Historical figures of pride
- A world renown school of philosophy
- Great islands full of topless women (new owner can kick out foreign men)
- Fishing industry and maybe even perpetual energy machine
- Nice weather year-round
- NATO membership
- Free trade agreement with scores of rich countries
- A solid, stable currency backed by the Chinese government.
- And more...

Heck, the Chinese and Russkies might bid it up for the NATO membership alone.  Or the Turks for the currency and trade. Saudis might like the weather but would doubtless have internal strife over the topless women thing. But heck, lots of potential buyers out there! Even the good old USA could use it as a forward base for running air raids all over Europe and the middle east.  Maybe we can make it the 51st state?

Wed, 07/13/2011 - 14:31 | 1452918 JohnG
JohnG's picture

The women.  How much for the women?

Wed, 07/13/2011 - 12:07 | 1452242 Dick Darlington
Dick Darlington's picture
07-13 11:59: Greek PM says if no decision soon, aid program risks failure Yeah, and what a success it has been so far... I hope this europonzi comes crumbling down sooner than later. It's gonna fail anyway so i hate to see these eurofanatics showeling hundreads of billions of euros they don't have into this ponzi scheme.
Wed, 07/13/2011 - 12:26 | 1452371 max2205
max2205's picture

Divide 1000 by 2 as many times as you want but you'll never get to zero.... (WTF>?))

Wed, 07/13/2011 - 12:08 | 1452254 Jim in MN
Jim in MN's picture

This is the new SPARTA:

Spurious

Projections

Abusing

Reality

To

Apocalypse

Wed, 07/13/2011 - 12:11 | 1452277 Jim in MN
Jim in MN's picture

Maybe GPap can get some sponsorship arrangement to use this:

Disneyland Paris promo: It's a Small World After All

http://www.youtube.com/watch?v=7jiaU0xbOKs&feature=related

 

Wed, 07/13/2011 - 12:11 | 1452280 Cassandra Syndrome
Cassandra Syndrome's picture

Do they have the money to give to Greece?

Wed, 07/13/2011 - 12:14 | 1452296 equity_momo
equity_momo's picture

Ben can "create reserves in the federal banking system" for them . But he isnt printing those reserves so its ok.

Wed, 07/13/2011 - 12:12 | 1452283 aint no fortuna...
aint no fortunate son's picture

Oh, I'm sure the NYSE will list it too

Wed, 07/13/2011 - 12:19 | 1452325 knukles
knukles's picture

Anybody interested in the interest-only zero coupon perpetual equity tranche on the defaulted debt?
I can arrange a placement within a moment's notice on the oversubscribed remainder.   Quick, before it disappears. 

Wed, 07/13/2011 - 12:13 | 1452291 Everybodys All ...
Everybodys All American's picture

No money yet. Soon as the IMF gets Bernanke's cash after the debt ceiling is raised they will miraculously save Greece.

Wed, 07/13/2011 - 12:50 | 1452465 hedgeless_horseman
hedgeless_horseman's picture

Yes We Canstantopoulos!

Wed, 07/13/2011 - 12:14 | 1452295 wandstrasse
wandstrasse's picture

when debt equals drug addiction, what would be the mortal overdose?

Wed, 07/13/2011 - 12:35 | 1452417 carbonmutant
carbonmutant's picture

When you start selling off parts of your country for more...

Wed, 07/13/2011 - 12:14 | 1452301 Byte Me
Byte Me's picture

Seriously???

Wed, 07/13/2011 - 12:16 | 1452310 Cognitive Dissonance
Cognitive Dissonance's picture

Proud Greeks do not crawl. They do, however, bend over.

Wed, 07/13/2011 - 12:26 | 1452369 coppertop
coppertop's picture

Your Greek fixation will end some day. why dont yopu pork another goat? 

Wed, 07/13/2011 - 20:25 | 1454341 StychoKiller
StychoKiller's picture

Brother Silas drew a wife, Judas drew his pruning knife!

Wed, 07/13/2011 - 18:22 | 1453900 MS7
MS7's picture

Ψ for ψωλιας

Wed, 07/13/2011 - 12:31 | 1452402 carbonmutant
carbonmutant's picture

Can the Bondholders demand a change in management?

Wed, 07/13/2011 - 12:37 | 1452434 knukles
knukles's picture

Nope. 
Not in the Indenture.

'Cause there ain't no indentures accompanying sovereign debt.

Shazzzam!

 

Now there's an idea.....
No more purchases of sovereign debt without indentures detailing rights, responsibilities, events of default, cure periods and remedies.  Just like private paper.
With Gold as the Collateral.

Hmmmmmmmm.

Wed, 07/13/2011 - 12:46 | 1452476 hedgeless_horseman
hedgeless_horseman's picture

Didn't some old English sovereign debentures have indentures?  Or was it that old English Sovereigns had dentures?  I can't remember.

Wed, 07/13/2011 - 13:20 | 1452621 carbonmutant
carbonmutant's picture

Hmmmmmmmm...

Wed, 07/13/2011 - 12:40 | 1452446 Version 7
Version 7's picture

The more resolute now the signal is given, that the problem has, the faster we can be back at the market,

That's the problem. Always going back to the market.

Wed, 07/13/2011 - 12:47 | 1452481 hedgeless_horseman
hedgeless_horseman's picture

Just one more hit man...come on...I will do anything...anything.

Wed, 07/13/2011 - 18:22 | 1453899 morkov
morkov's picture

+1000  Market Is Not Economy!!!

Wed, 07/13/2011 - 12:59 | 1452548 Gromit
Gromit's picture

Papandreou's holding some good cards.

He's trying to force austerity on an angry electorate......either ECB helps P to look good or he can't deliver.

Wed, 07/13/2011 - 13:08 | 1452587 NotApplicable
NotApplicable's picture

Or G-Pap does deliver, and the electorate burns the place to the ground, with him in it.

Not the hand I'd want to be holding.

Wed, 07/13/2011 - 13:50 | 1452745 Gromit
Gromit's picture

He's playing the hand that he and his family have been dealt. 

And if the electorate won't stand for it then the tanks will roll out - IMHO they'll have to sacrifice democracy to

effectively default.

 

 

 

 

Wed, 07/13/2011 - 14:12 | 1452832 Big Ben
Big Ben's picture

I think the Europeans are only bailing out Greece in hopes of preventing "contagion", which in this case means a collapse in confidence in the debt of Italy or Spain or some other large Euro country that is too big to bail out.

Once contagion spreads, Greece will become a minor side issue and there will be no more money to bail it out. So if I were GPap I would try for one last round of bailout funding ASAP, since contagion seems just around the corner. Greece can always default later.

Wed, 07/13/2011 - 18:28 | 1453910 morkov
morkov's picture

the most depressing part is that Yours is an "reasonable" advice  LOL

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