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.