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Contrary To Previous Lies, Greece May Not Be Able To Access Capital Markets After All; Likely To See 50% Creditor Haircuts

Tyler Durden's picture


Following the just completed teleprompted preaching of concentrated, yet inverse, truthiness, we find that yet another bankrupt country has in fact been lying about its economic prospects. Following the recent stunning disclosure out of Portugal that contrary to constat promises to the contrary the country was in fact, broke, now we get another admission, this time from a country already bankrupt. Per the FT: "Greece needs time to convince international investors about its reform programme and may not be able to return to financial markets next year as planned, its finance minister has admitted. Greece’s budget plans are fully funded this year but Athens will have to raise between €25bn-€30bn on financial markets in 2012 – a step that would mark the first stage of its international rehabilitation. But Mr Papaconstantinou suggested that goal was in doubt and the timetable would not become clearer until an EU-IMF agreement had been struck for Portugal, the latest victim in the eurozone debt crisis. “A judgment cannot be made before the summer and before Portugal closes its deal,” he said." So now it is trendy for one broke country to bash another broke country? In retrospect Greece should have a right of first refusal of bailout funding: after all it first (was forced to) disclose its bankruptcy. Surely there should be some brownie points for that. But all this may well be moot: Germany is now openly saying the need for a Greek restructuring is coming. Which means that senior creditor haircuts (supposedly up to 50%) are imminent.

From Reuters:

Germany  acknowledged for the first time on Wednesday that Greece may need to restructure its debt but said such a step could only be pursued before 2013 if it were done on a voluntary basis.

In an interview with Die Welt newspaper, German Finance Minister Wolfgang Schaeuble said on Wednesday "additional steps" would have to be taken to deal with Greece's huge debt burden if an analysis from the European Central Bank and European Commission in June showed it is unsustainable.

 When asked by the daily how Greece, or other countries like Portugal, would ever be able to eliminate their "mountains of debt", Schaeuble said:

"In June we will get a progress report. I'm expecting a detailed analysis on the debt sustainability of Greece, that will be done in consultation with the Commission and the ECB. If this report concludes that there are doubts about the debt sustainability of Greece, something must be done about it."

Uh, doubts?

Schaeuble made clear, however, that any restructuring would have to happen on a voluntary basis if done before 2013, when new rules go into effect that envision private creditors shouldering losses in the event debt relief is provided to stricken euro zone states

"Until then a restructuring could only take place on a voluntary basis," Schaeuble said.

Yes, bankers are just lining up to be forced to disclose that their holdings of Greek debt, market at par plus, need to be haircut by over half.

Earlier on Wednesday, German weekly Die Zeit reported that EU experts have estimated that Greece must wipe away 40-50 percent of its debt load through a restructuring in order to return to a sustainable economic path

The newspaper, citing EU sources, said no decision had been taken on whether to pursue a restructuring of Greek debt, but various options were under consideration, including "less radical" solutions like a voluntary extension of maturities.

Which means a viable "fresh start" position will require at least a 100% haircut. And so what - by now each European bank should have been able to access the Fed's discount window and buy enough Netflix to make up for any possible losses associated with a complete wipe out of not only Greece but every single other insolvent European country. Which would be pretty much all of them.


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Wed, 04/13/2011 - 14:48 | 1166262 slaughterer
slaughterer's picture


Wed, 04/13/2011 - 15:23 | 1166387 Id fight Gandhi
Id fight Gandhi's picture

Pig fight. Oink oink!

Wed, 04/13/2011 - 16:33 | 1166680 Fox Moulder
Fox Moulder's picture

Which fucking dip should I buy?

Thu, 04/14/2011 - 07:37 | 1168147 Harlequin001
Harlequin001's picture

all of 'em...

Wed, 04/13/2011 - 16:46 | 1166736 Ethics Gradient
Ethics Gradient's picture

I see this type of comment several times a day on ZH. It still makes me chuckle.

Thu, 04/14/2011 - 03:54 | 1168037 Michael
Michael's picture

I want those stupid Greeks to become debt slave aficionados for life. If Americans can put up with having their children molested at airports, those fucking Greeks can put up with being debt slaves forever.

Wed, 04/13/2011 - 14:51 | 1166265 Yield2Greatness
Yield2Greatness's picture

Billions and Billions in bailouts just doesn't buy what you would expect anymore.

Wed, 04/13/2011 - 15:04 | 1166324 redpill
redpill's picture

At some point soon when the EU has come apart at the seams, when emerging market inflation gets entirely out of control, and reality really starts smacking people in the face, there will be a sudden awareness that the United States has yet to take any material austerity measures, that our central bank continues to feed the flames of global inflation, and our officials (elected and otherwise) continue to pretend it is not happening.  There will be a growing global anger directed at America that will make all this blowback from the terrorists look like elementary school recess.

Wed, 04/13/2011 - 15:18 | 1166372 LowProfile
LowProfile's picture

There will be a growing global anger directed at America that will make all this blowback from the terrorists look like elementary school recess.

USD repudiation would fit that bill

Wed, 04/13/2011 - 15:21 | 1166373 jus_lite_reading
jus_lite_reading's picture

I"m afraid you're right. That anger will also spread to Germany where their real unemploymnet has fallen from 10% to now just over 7% and getting better each day while our real unemployment goes up on a daily basis. Now well over 20% if count the 99weekers.

Wed, 04/13/2011 - 14:49 | 1166266 samseau
samseau's picture

So, if in the end, after all the bailouts, the result is that creditors still get haircuts as if Greek had defaulted years ago, why do bailouts in the first place?

Wed, 04/13/2011 - 14:53 | 1166277 LawsofPhysics
LawsofPhysics's picture

Exactly what many people have been saying for a long time.

Thu, 04/14/2011 - 07:43 | 1168148 Harlequin001
Harlequin001's picture

because it buys another two years of 'normality'...

Thu, 04/14/2011 - 07:45 | 1168152 Harlequin001
Harlequin001's picture

did I say two years, I meant a year, no I meant six months, or maybe two months, or maybe a week, 24 hours or even a few minutes...


Then Kabooom...

Wed, 04/13/2011 - 14:53 | 1166278 Yield2Greatness
Yield2Greatness's picture

Gives time for the rich to get out of town with the loot.

Wed, 04/13/2011 - 14:56 | 1166291 Sudden Debt
Sudden Debt's picture

It looked like a good idea at the time.


Wed, 04/13/2011 - 21:25 | 1167526 Bringin It
Bringin It's picture

Gives time for the rich to get out of town with the loot.

Once more with feeling.

Thu, 04/14/2011 - 01:08 | 1167950 Blank Reg
Blank Reg's picture

If the banks do take a haircut, this will be good news for Iceland (yea). The UK and Holland may stop huffing and puffing and trying to blow their house down. (Don't ya just love that pluckey little country?)

Wed, 04/13/2011 - 14:51 | 1166267 kaiserhoff
kaiserhoff's picture

50-60 percent hair cuts...

And this is where kick the can finally ends, and interest rates start to reflect risk.  Whatever markets you're in, lookout below.

Wed, 04/13/2011 - 17:04 | 1166796 JLee2027
JLee2027's picture


Wed, 04/13/2011 - 14:52 | 1166282 Sudden Debt
Sudden Debt's picture




Wed, 04/13/2011 - 14:54 | 1166284 MacedonianGlory
MacedonianGlory's picture

Socialists in Greece always lied.

Greeks suffer of the Socialist Regime.

Help us to restore Democracy

Wed, 04/13/2011 - 15:29 | 1166382 redpill
redpill's picture

Democracy is what got you Socialism.

What you need is a Republic with rule of law to limit government, protect personal property and stop the mob from binging on public coffers endlessly.  Of course even Republics are vulnerable to corruption, corporatism, and an eventual slide into oligarchy.  But it takes a lot longer than with Democracy, as it takes longer than one vote to undermine Constitutional law.  If America is any indication, it takes about 150 years before you really start to lose prosperity permanently to the oligarchy.  After that I'd say it'll wind up taking another 100 years before the people are awake and pissed off enough to overthrow the government and start over.

Of all people on earth, the Greeks should understand this process better than anyone.

Wed, 04/13/2011 - 15:39 | 1166448 magpie
magpie's picture

Queue fraudulent regime change /coup, excellent, as long as you stay in ze Eurozone.

Just give Deutsche Bank a head start before you default...

Wed, 04/13/2011 - 15:49 | 1166494 falak pema
falak pema's picture

Caramanlis was not a socialist. He was the prime scam starter, after the military fascist coup ended. He sold his country to the bankstas and demolished all State structures, due diligence. But that is an OLD story in Greece. It is the country of the house of the Atreus, Dukaks, Comnenos. The country always belonged to these Oligarchs since time immemorial. Pericles was just a small but remarkable  episode in this long Greek history of despots. Capito??

Wed, 04/13/2011 - 14:56 | 1166295 whisperin
whisperin's picture

The bigger question is will these haircuts hit some of our hallowed institutions (insert here) and what dominoes will follow?

Thu, 04/14/2011 - 07:55 | 1168175 Harlequin001
Harlequin001's picture

No, when you look at how your money is created it is created from nothing. When it is destroyed it is returned to nothing.

The Fed will now simply print up another shit load of dollars, buy up the defaulted debt and return it to the Treasury in exchange for dollars. The Treasury will shred the defaulted debt and the Fed will shred the currency thereby balancing the balance sheet, destroying the defaulted debt and a commensurate amount of dollars. The Treasury will immediately print up another T Bill and sell it to the Fed, which will create another shit load of dollars from nothing with which to buy it et voila, no losses for everyone. Fuckin magic that one...

That's why European banks go to the discount window, because only the Fed can do this...

of course to do this the entire sum of defaulted debt must be monetised and placed squarely in the hands of the banks...

work it out, a major, major increase in the real money supply and major, major increase in inflation...

stand by for more riots...

lots more riots.

Wed, 04/13/2011 - 14:58 | 1166303 ivana
ivana's picture

(hair)cut the crap!
Is this bankster response to chinese PIGS "help"?

Wed, 04/13/2011 - 14:59 | 1166305 QaplaSilver
QaplaSilver's picture

What a mess... how is this system even running day to day anymore? its completly lost touch with reality.  Wonder if Ireland etc will 'do an Iceland' ?

Wed, 04/13/2011 - 16:34 | 1166674 slewie the pi-rat
slewie the pi-rat's picture

i've been rootin 4 it 4 months!

Wed, 04/13/2011 - 14:59 | 1166306 The Hawk
The Hawk's picture

Why doesn't the US just give them a day or two of their treasury auctions... FIXED! and then repeat for all the other PIIGS... White House math at its best!

Wed, 04/13/2011 - 15:05 | 1166327 Cdad
Cdad's picture

Look everyone...another pretend rally!  The last rally, the criminal syndicate known as Wall Street simply does not care that they have destroyed the market's credibility.  Not good.  Does anyone really think people are going to trust paper equities again?  What...maybe three generations from now?

During the screaming and plunging act just ahead, I suspect the syndicate will say things like, "Wow...we couldn't see it coming" or "Well, you have to take a long term view."  However, I think the gig is up in this entire industry now.  All that remains is for J. Dimon to finally start putting out honest quarterly earnings reports and lay off about half of his employees.  Will anyone really even care when the news of those firings are announced?

I wonder if the poor sap that bought the earnings "beat" on JP Morgue this morning would argue what I am saying? It is such a sad state of affairs...a contagion whose source is a syndicate of bankers that continue to rip off the entire world.  What will be done?  Haircuts on US T Bills?

God help us. 


Wed, 04/13/2011 - 15:06 | 1166330 Ruffcut
Ruffcut's picture

Japans radiation from the west and greece austerity from the east. Get ready for the pinch of a lifetime.

Wed, 04/13/2011 - 15:07 | 1166332 AldoHux_IV
AldoHux_IV's picture

Greece's best option and any other country in the EU is to break apart from the union-- bailouts = continuation of a monetary slavery regime.

Wed, 04/13/2011 - 15:18 | 1166371 ivana
ivana's picture

Agree but next and true question is : who's greek gov really representing? citizen or EU (bankster & corporations) interests?

Wed, 04/13/2011 - 15:29 | 1166414 slewie the pi-rat
slewie the pi-rat's picture

slewie sees the greek goobermint as a bunch of cafe rider anarchist types who have been hanging out for millenia, enjoying the local and import/export sex...

Wed, 04/13/2011 - 15:36 | 1166445 topcallingtroll
topcallingtroll's picture

But the greeks love the euro subsidy.

They promise if you let them renege on their debts
and stay in the euro they wont ever do it again.

Wed, 04/13/2011 - 16:12 | 1166587 Big Ben
Big Ben's picture

Kind of reminds me of those old Peanuts cartoons where Lucy would offer to hold the football for Charlie Brown to kick. He never seemed to learn.

Wed, 04/13/2011 - 15:08 | 1166337 unky
unky's picture

what is this bullshit? cant they pay of the debt with new debt (given by ECB) ? problem solved

Wed, 04/13/2011 - 15:09 | 1166342 ivars
ivars's picture

Just not to forget important things:

Spent fuel pool at Fukushima reactor 4 has become open air reactor as spent fuel rods are admitted to be damaged and undergoing nuclear fission since March 13th:

Wed, 04/13/2011 - 15:15 | 1166352 CheapKUNGFU
CheapKUNGFU's picture

All your haircuts, are belong to us... make your time

Wed, 04/13/2011 - 15:17 | 1166360 AldousHuxley
AldousHuxley's picture

Best remedy against banksters is bankruptcy.

Wed, 04/13/2011 - 15:35 | 1166434 topcallingtroll
topcallingtroll's picture

Best remedy against the euro too.

We americans are just too uneducated to maintain
a currency.

Wed, 04/13/2011 - 15:21 | 1166375 nah
nah's picture

they all going to die YOU HEAR ME



Wed, 04/13/2011 - 15:32 | 1166386 slewie the pi-rat
slewie the pi-rat's picture

lol!  brussels and the euro fuks, under IMF "reasoning"  will just hafta lash these debtors a bit more tightly to the wheel, is all, and beat them just a bit more severely and often.  no biggie.

have the irish got even one of their styooopid little bloodshot eyes open, here, yet?

Wed, 04/13/2011 - 15:24 | 1166388 pendragon
pendragon's picture

how does that leave the ecb holdings of gtreek debt? better raise some more capital trichet

Wed, 04/13/2011 - 15:30 | 1166418 topcallingtroll
topcallingtroll's picture

If you allow greek haircuts then the irish will demand one as well as the portuguese.

Then spain, belgium italy and france.

Those smartypants eurosnobs are in a pickle.

Long live king dollar.

Wed, 04/13/2011 - 15:59 | 1166541 ivana
ivana's picture

possible game change. USD goes high, chinese are still pegged and than less competitive, some real trade wars start btw USA-China-EU (check Trump), good for local economies in EU & USA, interest rates higher, FED "somehow" continue printing, USA bond buybacks ... bla bla

other opinons?

Wed, 04/13/2011 - 16:11 | 1166585 magpie
magpie's picture

China buys EU junk bonds for a reason, to "uplift" the Euro.

Wed, 04/13/2011 - 18:16 | 1166954 slewie the pi-rat
slewie the pi-rat's picture

ok, but china doesn't just buy the junk, does it? 

and, other reasons (not all unrelated to your correct one) may involve diversification into non-US currencies and instruments, spreading chinese currency around for new trade deals with the EU, for supply side and raw materials reasons, and to project a presence in stark variance to the criminal fraudsters from the USA to the USA's very victims. 

these are all fiat meisters, ya know!  trading colored paper is really huge, isn't it? 

got PMs? got food?  got cash?


Wed, 04/13/2011 - 18:29 | 1166989 New_Meat
New_Meat's picture

3.1415926535-Four Legs Good!

Watched PRC go in to dip up Spain bonds and wonderin' where the next btfd/Buffett moment comes with Spain bonds?

What happens when Moors and Conquistadores and Mao come all into the same space?

- Ned

Wed, 04/13/2011 - 16:18 | 1166599 carbonmutant
carbonmutant's picture


Wed, 04/13/2011 - 15:53 | 1166519 falak pema
falak pema's picture

Haircuts are normal. They should sack the whole Greek  government and install the Khadafis in their place as iron fisted dictators to bring law and order. That way we will have plutocrats in Greece where we need sheeple and democrats in oil rich Libya where we don't need anything except efficient access to oil. Thats western efficiency and problem solving for you!

Wed, 04/13/2011 - 16:12 | 1166581 Geoff-UK
Geoff-UK's picture

How is this news?


Too much content being posted at ZH.

Wed, 04/13/2011 - 16:17 | 1166608 carbonmutant
carbonmutant's picture

New versions of the "truth" are always news.

Wed, 04/13/2011 - 16:16 | 1166600 Verstehen
Verstehen's picture

All the debt will be restructured sooner or later. There is no way out. Its a design flaw. Insiders know that it is coming! Different cultures and geographic zones can not put together. The EUdssr will go down like the Holy Roman Empire of the German Nation. It may survive the debt bomb but not the underlying socio-economic trends. As long as this monster is alive the Islamization of Europe will go on.

Wed, 04/13/2011 - 16:55 | 1166762 falak pema
falak pema's picture

Islamisation is a pipe dream of sterile horse shit bred on obscurantist fear mongering. A backwardation nightmare that haunts people lost in translation of globalization. Europe is torn by decadence born from inward looking, stultified remnants of nationalistic prejudice. The 'shit scared of foreigner' culture. The return to ethnic/national tribalism, as knee jerk reaction as the civil society splits its social fabric, like in USA, under the devastating effects of the Oligarchical takeover of western civilization. Those same 'islamic' nations neighbors to EU with their young populations are the most economically and socially backward nations on earth in-spite of their oil bonanza. So in the next thirty years we will see the internal demise of muslim dogma fed historically by Western power play when it suited them. The only justification to the fall back on Islam is defensive Saladin type play against western hegemony. Like communist Vietnam used contrarian communism to solidify the retarded, agrarian people against colonial, advanced nations like France and USA. When the patriotic war was over and won the communist creed's shortcomings are now evident to all : its not a key to progress. The same is true for Islam. It coagulates the people against the threat of colonial crusader. But it throws them subsequently into totalitarian obscurantism. If the US hegemony dies in MENA, the Islamist creed will also die as identity safe haven, then become sterile prison. Only the US/French colonial surrogate partners have strong Islamic presence as expressions of 'national, patriotic' resistance : Saudi, Egypt (fast changing), Pakistan, Afghan, Algeria. Birds of the same feather...Imperial masters and surrogate totalitarian slaves...for perpetuating oil hegemony. May the times be now a changing.

Wed, 04/13/2011 - 17:33 | 1166862 Verstehen
Verstehen's picture

What a bullshit.

The Muslim population is now several million in France and Germany. That is up from a few thousand in 1960´s. The Netherlands has 400,000 Turks and several hundreds of thousands of Moroccans. Great Britain has 900,000 Somalians and several hundreds of thousands of Pakistanis, Afghans ect.. This is a socio-economic super trend. The numbers are only going up. In 50 years the Muslims rose from a few thousand to several millions. If you can not see where Europe is heading than you are stupid, blind or in denial.

Wed, 04/13/2011 - 17:50 | 1166902 magpie
magpie's picture

Geert Wilders shall be the first person to be both EU-Commissar and Prime Minister.

btw might his grandfathers name be Soetero ? Dynastic relevance, you know...

Wed, 04/13/2011 - 18:09 | 1166942 Verstehen
Verstehen's picture

Wilders can do nothing. What should he do? Screaming them out? Europe must rearm and drive this cancer out or we all go down. America will be next after Europe. Fuck i dont pay hundreds of years World War I and World War II debt for my own extermination. Population deflation is not good but better than this slow march to death. We can recover without Balkanization. The day will come when we will drive all the traitor leftists, greens, liberals and Muslims out. America can you hear me? Your plan will fail!

Wed, 04/13/2011 - 17:57 | 1166921 falak pema
falak pema's picture

Eighty percent + of that population is non dogma inclined like their christian born counter parts. Living in the west should be made a melting pot experience not a community enclave experience. Why they parked their cheap imported labor and then pretended it would not be a social problem later is the negligent crime of previous administrations. But these new generation of islamic nation origin citizens will integrate truly if society admits them. Religion is not the issue. Social integration is. Its time to start being integrative. From day one in primary school.

Wed, 04/13/2011 - 18:14 | 1166949 Verstehen
Verstehen's picture

Muslims outgrow every other "race". That is the problem. It must be eradicated at the root. Who cares about integration today when you are a minority in 150 years? Thats why people do not want children because they can see what´s in store for them.

Europe is our ancestors homeland. We are living here for several thousand of years. The Muslims are aliens and do not belong here. I do not expect an understanding of Americans because your country is just 200+ years old.

Wed, 04/13/2011 - 18:28 | 1166972 falak pema
falak pema's picture

Eradication is a word I don't like as a human being. You are not talking about cock roaches. Muslims are not a race. In Islam there is no priest. There are as many ways to be a muslim as there are people and it is up to the individual. It is his personal spiritual quest. As for race this is a non issue. As in the constitution of most civilized european countries. What's in store for people is to have neighbors with a skin pigment which is different. No big deal. Wake up, in every civilized nation today, there is only one humanity. You don't look at a man's dick to know how he is. You look at his work, his attitude, his place in society as individual. Erasmus would shit on your ideas. And that was 500 years ago...So, wake up.

And make more children.

Wed, 04/13/2011 - 19:06 | 1167013 slewie the pi-rat
slewie the pi-rat's picture

falak_p sez:  Religion is not the issue. Social integration is. Its time to start being integrative. From day one in primary school. 

i'm not sure if falak is an american, maybe naturalized,  or not, but you seem to know who falak is.  ok. 

i live in california and was born american, as were my parents and grandparents. just what happened, really.  so, i understand you each and both from my own experience.  i'm sure i don't understand either of you exactly, but i'm reading your posts, and giving it some time and thought.

i don't know what a person does when he feels as you do, Verstehen.  perhaps some small part of you might be willing to smile and say hi to these strange neighbors and their children.  maybe they will pretend you don't exist.  been there, done that.  still doing it, too.  i've been able to get to know and bullshit with a few aliens, here, and we kinda enjoy each other, now.

not many, really.  5.  in almost 35 years.  and with at least 4 of the five, i've spent time literally trying to keep from screaming at them and wringing their damned necks!  successfully once, too!  somehow, just like with people exactly like myself, or them, we ended up accepting each other.  just like with anybody else.  no difference whatsoever. 

racially/nationally, my children and i could be said to be in the same or similar situation, historically, as you describe for yourself.  but none of us mind.  we're not gonna be here, forever, and neither are they and their kids, either.  we're all human, no matter how different we seem, culturally.  accept the differences?  show younger people, no matter who, that it's not forbidden to smile and say hello, even to alien BEings?

c'mon V!  go for it!  dare to laugh about it, about yerself, and about the horrid, dreadful future.  doesn't cost a penny more, ya know!

Thu, 04/14/2011 - 04:49 | 1168062 falak pema
falak pema's picture

Slewie : you deserve to be referee in the upcoming Barcelona- Real Madrid matches!

Wed, 04/13/2011 - 19:55 | 1167243 knowless
knowless's picture

the fbi set up some dumbshit somalli kid in oregon, got him to press a button that would "detonate a bomb at a tree lighting".. the kid didn't do anything but hit the button(hint, there was never any real danger) .. just because they wanted to scare oregon into finally (legally) joining the JTTF.


I see race and religeon as an avenue for control of the masses..

Wed, 04/13/2011 - 18:56 | 1167061 RockyRacoon
RockyRacoon's picture

Thanks for your comment.   This particularly got my attention:

So in the next thirty years we will see the internal demise of muslim dogma fed historically by Western power play when it suited them.

So, when the oil runs out and they begin to lapse into obscurity....

Again, thanks for your comment.


Thu, 04/14/2011 - 05:13 | 1168069 falak pema
falak pema's picture

Rocky : The first victims of any totalitarian system are its OWN people. Not the foreign powers that the despots conveniently target to affirm their internal stranglehold. The MENA countries will have to build new economies based on market dynamics after the oil depletion. They won't just decline into oblivion as you imply. There is a lot of local dynamism that will now surface. Its inevitable. The Ayatollahs got Iran out of the imperial hold. Fine. Now they are in a regressive internal system. Their oil cushion feeds this anomaly of modern times : a theocratic state disguised as Saladin's son in the region. The Internet has now totally destroyed the notion of people being cut-off from world wide trends and human aspirations. Yes, today the oil cushion is being used by local despots to bolster their roles as traditional guardians of dead ideologies (theocracy in Iran /Saudi, Populist despotic, statist regime in Syria/libya) to prevent a modern market/democratic economy to emerge. It will, as it is the road to future. But it will have to integrate the RM peaking constraints in its development, like every where else. The world enters a new socio economic paradigm,  undefined today. There is no fatality about people staying backward for ever. Right now the Oligarchy is the monkey on their backs since fifty years. But this is now beginning to change. Let's hope it keeps moving in the right direction...

Wed, 04/13/2011 - 16:32 | 1166666 jdm1313
jdm1313's picture

As Gomer says - Surprise! Surprise!

Wed, 04/13/2011 - 16:33 | 1166678 savagegoose
savagegoose's picture

fuck it, just print up some green backs , and send em over. not like anyone thinks theyre actually worth anything anymore., and hey if it keeps the greeks serving cold drinks another year while on holiday on your new island, its all good.

Wed, 04/13/2011 - 16:40 | 1166714 Josephine29
Josephine29's picture

I was reading an update on this earlier today. Apparently the Greek budget deficit is not going so well in 2011 either...

The Greek Finance Ministry has this week produced figures for the state deficit which are worrying. These figures do not include local or social security spending but I will quote from the press release below and omit the hyperbole.

The deficit amounts to  4,710 million Euros……… During the same period in 2010, the State Budget deficit amounted to 4,371 million Euros………Net revenues of the ordinary budget amounted to 11,114 million Euros, declining by 8.1% compared to the first quarter of 2010, mainly due to the larger than projected recession.

In case you are wondering the hyperbole proclaimed that these figures were only just above target. I have to confess that I see some very concerning factors in these numbers of which the most basic is that Greece is supposed to be in the middle of a severe austerity programme and yet the deficit level is higher than last years.


I don't know what you guys think but isnt the Greek fiscal deficit supposed to be falling?

Wed, 04/13/2011 - 16:42 | 1166717 slewie the pi-rat
slewie the pi-rat's picture

"Germany is now openly saying the need for a Greek restructuring is coming. Which means that senior creditor haircuts (supposedly up to 50-60%) are imminent."

goofy:  garsh, mickey!  that doesn't sound good for the risk-taking rate seekers who bought greek bonds for the really nice interest rates!

mickey:  no shit, you styooopid moron!

goofy:  i mean, they might lose a big chunk of their "principal" right?

mickey:  well, only if they are small fry and required to mark to market for some antiquated reason.   nobody would trust them, if they didn't square up to the real prices.

goofy:  i own a whole portfolio of banksters who don't hafta mark to market!  it's doing great, mick!

mickey:  Ghaaaaaaahhhhhhahhhhhunhhhhahhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1 


Wed, 04/13/2011 - 16:46 | 1166737 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Zeus, thunderbolts, you know the story ...

Wed, 04/13/2011 - 17:02 | 1166780 AldousHuxley
AldousHuxley's picture

ACTION PLAN for Greece:

  1. Borrow all you can eat
  2. Spend half on partying
  3. Spend the other half on commodities and weapons
  4. When you can't borrow anymore, tell the Euro you are bankrupted
  5. Enjoy banksters forcing austerity on non-Greek savers


Wed, 04/13/2011 - 19:14 | 1167117 gall batter
gall batter's picture

And love your family.  Love your friends.  Humanity. Live your life.  Be honest.  Work for peace.  Self evolve.  Nothing matters more.  

Wed, 04/13/2011 - 17:19 | 1166834 Problem Is
Problem Is's picture

Haircut? Scalp'em...

Wed, 04/13/2011 - 17:49 | 1166898 magpie
magpie's picture


Wed, 04/13/2011 - 19:44 | 1167199 Silver Surfer 1985
Silver Surfer 1985's picture

BTFD baby; that's the ticket.............

Wed, 04/13/2011 - 20:59 | 1167427 Element
Element's picture

Nay, Van Rompoy said yesterday that "haircuts are completely out of the question for Greece".


And the proles all nodded their agreement ... NOT!

Wed, 04/13/2011 - 21:49 | 1167592 Youri Carma
Youri Carma's picture

Markets rightly concerned by Greece: analysts
13 April 2011
, (AFP)


Although Athens has repeatedly ruled out the prospect, most analysts agree that the government will eventually have to restructure its debt load.

"Why do the markets believe there is a major chance of debt restructuring? Because they see a debt that keeps growing and doubt the progress," said Paul Mylonas, chief economist at leading Greek lender National Bank.

Thu, 04/14/2011 - 06:46 | 1168103 paulypaul
paulypaul's picture

Such a nice place too... the old Hellenic republic.

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