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

Tyler Durden's picture

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DNB-sore's picture

Who's the beggar now?

knukles's picture

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?"


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: ):

Just a chart with a couple of annotations:


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


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.


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."


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


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.