Comedy Hour: Full Letter From A Pissy G-Pap Blasting His Rescuers And Confirming Beggars Can Be Choosers

Tyler Durden's picture

Yep. G-Pap, up until a week ago completely reliant on the good will of Europe to prevent a revolution in Athens, has now turned the tables on his saviors and has dispatched a scathing letter blasting his rescuers: ""Crunch time" has arrived and there is no room for indecisiveness and errors such as: (1) taking decisions that in the end prove 'too little, too late' to convince the markets we are serious; (2) making compromises that satisfy our internal political 'red lines' that in the end substitute tactical politics for sound management of the crisis (although I do recognize the problems some governments have and the democratic demand for a greater say of Parliaments in trying to deal with this crisis); (3) failing to use in-depth technical analysis and consultation before decisions are made; (4) allowing a cacophony of voices and views to substitute for a shared agenda, thereby creating more panic than security; (5) nd I would add more global issues such as doing nothing substantive about the destabilizing role of the rating agencies, credit default swaps, tax havens or about plausible new revenues such as a financial transaction tax....The above have in one way or another had profound effects on my country and others facing similar challenges." Yeah, it's all Europe's fault Greece is broke. And the vile, evil speculators of course.

Full Letter

PRIME MINISTER’SPRESS OFFICE

Athens, 11th July 2011

LETTER BY PRIME MINISTER

GEORGE A. PAPANDREOU

TO THE PRESIDENT OF THE EUROGROUP

AND PRIME MINISTER OF LUXEMBOURG

JEAN CLAUDE JUNCKER

Dear Jean Claude,

Let me again express my appreciation for your continued engagement
and help in dealing with our crisis. You have stood by Greece in these
difficult moments.

At the same time we have all become aware that this crisis has become a crisis of our shared European home.

It has highlighted deep problems in the architecture of our currency, our governance structures, and our financial system.

And no one member state can alone effectively deal with these questions.

Again in seeking to solve problems in the Eurozone, you have tabled
important and visionary proposals on behalf of Europe. Such as for
example the idea of the eurobond.

Fourteen months after commencing our reform program, Greece has
achieved an impressive fiscal consolidation and launched numerous
far-reaching structural reforms.

In recent months, our government and the members of the Troika have
worked tirelessly to produce a credible medium-term fiscal strategy,
including an ambitious privatization plan, that will continue to drive
our reform process and stimulate growth.

We have also pinpointed key impediments to reform, particularly our
difficulties in stopping tax evasion and in building the capacity of our
civil service to implement change. We have initiated a process whereby
implementation deficits of the past are being remedied.

Furthermore the President of the Commission, Jose Manuel Baroso has
strongly supported a program that will insure transfer of know-how and
technical assistance for best practices from other member states to
assist us in the implementation of major reforms in our country. This we
welcome as this is our government's basic agenda.

Had major reforms been implemented years ago we would have avoided the current crisis.

The Commission has also been forthcoming on proposals and help to stimulate growth and job creation through community funds.

These remain priorities for our government and preconditions to reach a viable economy.

From our side, as you know, the Greek Parliament has approved the
country's promised medium-term financial strategy and implementing
legislation-approvals that were required for release of the fifth
disbursement of the initial program and for approval of additional
funding until 2014.

Our recent Parliamentary votes signal a renewed bold effort and strong political will to reach our goals.

Yet in no sense is our crisis over. Indeed, we together stand today
at a fateful juncture in Greece's and Europe's ongoing economic
adjustment program.

The markets and rating agencies have not responded as we had all
expected. They continue to doubt (and therefore punish) our shared Greek
and European reform program, and in so doing, are threatening Greece's
and Europe's common recovery from the recession that began three years
ago.

I am now convinced, after fourteen months, that no matter what Greece
does-and we have proven ready to live up to our responsibilities-if
Europe does not make the right, collective, forceful decisions now, we
risk new, and possibly global, market calamities due to a contagion of
doubt that will could engulf our common union. Strong and visionary
European leadership is needed.

I say this to you because now there is a greater need to avoid
mistakes of the past. "Crunch time" has arrived and there is no room for
indecisiveness and errors such as:

  • taking decisions that in the end prove 'too little, too late' to convince the markets we are serious;
  • making compromises that satisfy our internal political 'red lines'
    that in the end substitute tactical politics for sound management of the
    crisis (although I do recognize the problems some governments have and
    the democratic demand for a greater say of Parliaments in trying to deal
    with this crisis);
  • failing to use in-depth technical analysis and consultation before decisions are made;
  • allowing a cacophony of voices and views to substitute for a shared agenda, thereby creating more panic than security;
  • and I would add more global issues such as doing nothing substantive
    about the destabilizing role of the rating agencies, credit default
    swaps, tax havens or about plausible new revenues such as a financial
    transaction tax.

The above have in one way or another had profound effects on my country and others facing similar challenges.

As for Greece specifically, the attempt over the past ten days to
structure private participation in our recovery program, for example,
has led to public warnings that the rating agencies would declare a
selective default.

While we are not against PSI in principle the proposal that was
tabled seems to be flawed. It could prove to be too expensive, too
little and too dangerous.

Too expensive for Greece and too little or inadequate to effectively
deal with the management of Greek debt. And with these meager results
one may still not avoid a selective default.

We all also know that, because there is still a deep distrust about
the financial health of the banking system in Europe, that the new
"stress test" results to be announced in a few days may fuel yet more
market insecurity.

All these debates-around the new Greek program, private sector
involvement, the amount of funding necessary, the talk of 'selective
default'-- and the continued cacophony in the media only make the
problems in front of us more difficult to solve.

Going from crisis to crisis at such a weak stage of recovery, with
such a cacophonous press and frightened public, is not any longer an
option Greece can sustain.

Greece is responsible for her past inaction. However over the past
year Greece has taken the pain, made unprecedented decisions, and yet we
have paid for too much experimentation and confusion.

The climate of uncertainty and distrust from markets and analysts is a
climate that has undermined and will continue to block the efforts and
sacrifices of the greek people towards a sustainable economy.

Concerning Greece, it is necessary that this time we reach an effective solution to ensure three basic goals:

debt sustainability, access to markets and means to restart growth of the Greek economy.

Liquidity provided by the new program is essential but it may only serve as relief and not as a cure.

I thus believe it is time now to address our fundamental problems
head-on-and produce a comprehensive package of solutions that clearly
signals our determination not to see the European project further
damaged or destroyed.

I believe that we must begin, as soon as possible, convening a series
of closed working meetings-of leaders, advisors, and technical
experts-that can offer up effective, possibly even far-reaching
solutions in place of one-off and ad hoc responses.

The purpose of this letter is not to get into details of possible
solutions as many ideas have already been put on the table: rollovers,
reprofiling, buybacks, bond exchanges, eurobonds, extension of
maturities, lower interest rates, EFSF flexibility, etc.

What I do believe is that we need a comprehensive and new assessment
of both the problems ahead of us, and careful weighing-first and
foremost, on a sophisticated technical level-of our options.

This technical assessment will in turn be the basis on which we will
all have a better, solid understanding of the impact of the political
decisions we collectively and soon must take.

At the same time today's Eurogroup meeting needs to send a strong
message that there is a strong political will to support Greece's
ambitious program of change, provide the necessary liquidity for the new
program, and decisively deal with the issue of debt sustainability in a
manner that does not negatively affect the greek economy, banking
system and future access to markets.

Dear Jean Claude,

Europe's and the world's economies are fragile at best, and could
quite easily now begin the sort of "second recession" that would add
years to our recovery.

The developments ahead will also be crucial for the fate of our nation and the greek people.

Whatever decisions are made need to be taken in close cooperation which I look forward to.

My Finance Minister Vangelis Venizelos and I will be in close contact with you to help ensure our common success.

Sincerely yours,

George A. Papandreou

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DNB-sore's picture

Who's the beggar now?

knukles's picture

Bingo....
The official reminder that Greece owes the EU a Pissloadbazillionhumongoliod euros and as such is the one now in the drivers set, not the other way around.

G-PAP, you shoulda waited to have at least recieved the next trache before squeeing their balls so tight.

Gotta love the "We'll be in touch" closing, aka "Fuck You"

TheFourthStooge-ing's picture

G-Pap: "Dear Jean Claude, if you can't even handle a little carpet, what are you going to do when we come to the crunch?"

http://www.youtube.com/watch?v=6RqWkZvjzLA

 

Ahmeexnal's picture

G-Pap to the Troika: "Don't call us, we'll call you."

IQ 145's picture

 funny shit, man. Nobody minded the rating Agency as long as everything was AAA, eh? Now, all of a sudden, they're part of the problem. Reality is the problem. not the ratings.

treemagnet's picture

This is why I don't lend my sister money.  Anymore.

TruthInSunshine's picture

OT, ZH, but can you post this in Comedy Late Night? (Thanks)

On Topic - This letter is remarkable in many ways, not the least of which is that it literally reads like something a teenager involved in puppy love episode gone wrong would have written.
They broke G-Pap's heart. Maybe G-Pap decided he wished to remain in Greece, if that's still possible, rather than flee into exile, after all.
*This section is particularly hilarious:

The markets and rating agencies have not responded as we had all expected. They continue to doubt (and therefore punish) our shared Greek and European reform program, and in so doing, are threatening Greece's and Europe's common recovery from the recession that began three years ago.

IQ 145's picture

 Yeah, it's too much, really. Austrian Economics makes the whole thing immediately understandable; there's no remedy and no fix for the "crack-up bust' that comes after the "boom". Or as Maggie Thatcher anounced, "The problem with Socialism is you run out of other peoples money to spend."

carbonmutant's picture

Someone must have emailed him about the change in sentiment...

Seasmoke's picture

kind of like the windshield cleaner on the corner who cleans your window before you say yes and then demands $5

Mae Kadoodie's picture

Better eat your peas Greece.

Cleanclog's picture

"Why didn't we act when we had the time?"   -signed the Western Powers of Europe and the USA

Highrev's picture

Perhaps somewhat OT. ;-)

To follow up on my previous comments on the subject (which you can trace starting here: http://www.zerohedge.com/article/friday-afternoon-humor-birinyis-ruler-back#comment-1420331 ):

Just a chart with a couple of annotations: http://img694.imageshack.us/img694/6657/nyadaily110711.jpg

 

kito's picture

why do greeks keep cash in their greek bank accounts? really? its been a slow drip but...i just dont get it. there has been no stampede and it just defies logic...

Cursive's picture

@kito

Why do bulltards continue to buy stocks? Bonds? Why do Americans keep money in US accounts?

kito's picture

fair enough, but greece is clearly at its end game. this country is not there yet. 

The Fonz's picture

Saw something about this in a documentary on Argentina, from what I saw is it takes about 4 years for deposits to be drained, first two years are slow, perhaps 20% of deposits. The third year about twice as fast, then deposit withdrawls are limited by the banks sporadic for the last 6 months or so.  It becomes impossible to move any large sum of money out of the banks once that happens. The entire time the system will be lying about the state of the system, so you'll hear little or nothing about the withdrawls until it is actually too late to get the money.

Here is the documentary, it has a good segment speaking with an economist that goes over in some detail the pacework of the bank run there.  I remember watching it but I cannot find it for free atm for some reason. The procuders site is at the link below.

 

http://www.bullfrogfilms.com/catalog/arg.html

 

Cult_of_Reason's picture

G-Pap almost made me spit soda out of my nose. This is hilarious... very funny.

If I were G-Pap, I would be very uncomfortable living in that multimillion dollars mansion on the hills in Athens. Sooner or later people will respond to the harsh economic situations they face and march on G-Pap’s Versailles on the hills.

macholatte's picture

If I were G-Pap, I would be very uncomfortable living in that multimillion dollars mansion on the hills in Athens.

Yup! That's why he wrote the letter..... pass the buck time. Can't you hear him saying what so many before him have already said, "It's not my fault. I'm the good guy. I did everything I could given the circumsances. I didn't have all the details. Nobody could have forseen this."

wash-rinse-repeat

equity_momo's picture

The markets and rating agencies have not responded as we had all expected. They continue to doubt (and therefore punish) our shared Greek and European reform program,

Theres so much horseshit in this letter but i thought it worth highlighting how these megalomaniacs think. There it is , just goose the markets.

Theyre officially losing control though and i dont see anything Europe can do to prevent all out collapse of the EZ.  Soon to be followed by the UK and then the US.

Put another packet of popcorn in the microwave sports fans.

jbc77's picture

Fucking classic. Thanks man.

Janice's picture

I heard a lovely little suggestion for Greece today.  Take all the bailout money that they can get, default in one year and re-introduce the Drachma, and then devalue the Drachma by 50%.  Greece would become an inexpensive tourist destination, the tourist would flock there and the Greek economy would be back in full swing in two years.

NotApplicable's picture

But what of the poor starving bankers? What about them?

equity_momo's picture

Nice idea but we arent far from peak air-travel for the plebs. Budget airlines will go to wall in the next leg of this depression. And make tourism very colloquial.

The bucket and spade brigade will be priced out of air travel in a few years and it will return to how it was in the 60s.

IQ 145's picture

 Railroads. Europe has railroads. It's already the way it was in the 60's; Greece was broke then too, and they have been devaluing their currency regularly during the twentieth century. The Euro scam was an irressitable temptation to do it up big time; and the basic idea is that Germany and Holland and Denmark pay the bills; not exactly a practical plan.

equity_momo's picture

Good point re railroads. Very impressive they are too.

AbandonShip's picture

"leaders, advisors, and technical experts"  <--ROFLMAO

Good 1 G-Pap. 

NotApplicable's picture

Buyer's remorse, G-Pap?

Cursive's picture

So this is what it was like inside the Oakland Raiders locker room in the '70's.

agent default's picture

What does he mean convince the markets we are serious?  You are broke and that's serious. And the markets already know that.  Seriously.

BTW G-Pap, what about those Greek CDSs your brother trades?  The shit is about hit the fan over that one in Greece pretty soon, apparently opposition MPs are all over this and about to make a big stink.

lizzy36's picture

Oddly nothing in there about Greece missing its Public deficit Target for the first half of 2011.

Greece’s public budget deficit widened to E12.78billion in the first half of this year, putting it 23.2% above the governments target of E10.374 billion, according to preliminary data released by the Greek Finance Ministry.

But then again accountability isn't a defined word for Politicians.

Joebloinvestor's picture

HAHAHA

It is just like the cartoon about US foreign aid.

They have one hand out and the other hand giving the finger.

The EU deserves the grief they give themselves because they don't have the guts to do the right thing and cave to fear mongering.

Franken_Stein's picture

 

That G-Pap smear went right into the face of the Eurocrats.

 

scratch_and_sniff's picture

Ha ha, Tax Havens, thats just taking the piss.

He says;

"The purpose of this letter is not to get into details of possible solutions as many ideas have already been put on the table: rollovers, reprofiling, buybacks, bond exchanges, eurobonds, extension of maturities, lower interest rates, EFSF flexibility, etc."

Then says;

"What I do believe is that we need a comprehensive and new assessment of both the problems ahead of us, and careful weighing-first and foremost, on a sophisticated technical level-of our options." What I believe is that Greece has had a very “comprehensive assessment” of both the problems ahead of them, and careful weighing, first and foremost on a sophisticated technical level-of they’re options…it can all be summed up eloquently in very un-technical language - YOURE FUCKED.

JR's picture

It is impossible to steal from a country such as the IMF has from Greece without the full cooperation of its political leader.  For example, if Papandreou didn’t want his country to be sold and given to the bankers, he only had to a) tell the bankers their arrangements were fraud and he’s not going to pay, and b) tell the people the truth and start walking the road back to honest nationhood.

The people would have stuck with him…

There are two sides to a cheating arrangement. Both the politicians and the bankers have been a party to fraud… that now threatens the breakup of the Eurozone.

A Man without Qualities's picture

Hey, bitch

Stop cheating on your taxes, stealing money and moving it offshore and stop offering shit to voters that you cannot afford.

We all know what Greece represents to the origins of Western culture, but we're sick of being told it by some Gucci-loafered sweaty, hairy twat propping up the bar on the French riviera. I'm fed up with this evil bankers this, Nazi Germans that, loss of sovereignty bullshit. The elites of Greece have siphoned cash off, avoided taxes and generally run their country into the ground. Now, they are hoping to bankrupt the country, at which point they'll get the $300 billion plus of funds stored in Switzerland and buy everything up on the cheap. The average worker in Greece needs to wise up and see who the enemy is.

IQ 145's picture

 As Pogo, the cartoon character said; "we have met the enemy, and he is us".

Big Ben's picture

This famous Keynes quote comes to mind:

"If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours."

 

cosmictrainwreck's picture

aha! I wondered where that came from; I'd always heard "if you owe the bank a lttle, you're in trouble....owe a lot, the bank's in trouble"

cosmictrainwreck's picture

well, Ben, somebody doesn't like our take - or us, maybe. must be one of those longs, in a bad mood. narrows it down pretty tight. or that douche "coppertop". OR one of them right-wing capitalist nazis that think the scum-bag "bailee" should have no rights & STFU. I smell even more junks coming Ha!

FlyPaper's picture

On the other hand, the Europeans have been dragging their feet and dragging their feet and dragging their feet (France/Germany)... to keep pretend and extend going.  The bottom line is Greece is insolvent.  

He's got a point there... 

bigwavedave's picture

probably just pissed at being upstaged by the italians the last few days. 

Piranhanoia's picture

Pappy speaks directly to mighty Tim Bernankadrino.  Here you go, that's right, down on your knees now.  No, no,  lookie straight ahead and you will see it wiggling,  see!  see it!  It's my gyro and you gonna take a nice long drag.  

SwingForce's picture

Take the Money and RUN!  €€€€

THE DORK OF CORK's picture

I am disappointed with Zero Hedge analysis - this is all theatre - the end game is the destruction of the nation state.

The speculators could have been liquidated in 2008 but were given the blessing of the CBs

Money is a goverment function - goverment has left the building.

The ECB is their handmaiden - their Bible is Hayeks "denationalisation of money"

This is the end of people and the rise of the machines.

Tyler Durden's picture

The nation state disappeared about 20 years ago when the corporations took over and globalization became the norm.

It's not about machines and never has been. It is all about boardrooms and the harvesting of profits while socializing losses.

THE DORK OF CORK's picture

The machines I was referring to are indeed those soulless bastards inside those boardrooms harvesting profits & socialising loses.

What libertarians fail to realise is that endeavours to free themselves from the old nation state makes them easier prey for various non state actors.

And I am aware the process accelerated 20 years ago but the powers that be want to normalise that arrangement using new official power structures - see ECB , EU etc.

The nation state was really a product of bankers but the synthesis of power did not suit their all consuming greed - they have ejected the Princes from postions of power using their vanity to propel the ejection sequence.