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Done Deal: Reuters Reports New Greek 3 Year "Adjustment Plan" Has Been Agreed On, Can Kicked For Another 3 Years

Tyler Durden's picture


Just out from Reuters:

  • According to a source, programme will involve new international funding to mid-2014, apportionment yet to be agreed
  • According to a source senior Eurozone officials agree in principle on new 3-year adjustment plan for Greece
  • According to a source private sector will participate in new Greek rescue plan, details still being worked out
  • According to a source, private sector involvement will be limited to avoid a credit event

EUR jumps on the news. Congratulations Europe: you just screwed your taxpayers, but at least bought your insolvent banks 3 more years of bizarro world existence.

From Reuters:

Senior euro zone officials have agreed in principle on a new three-year adjustment program for Greece to run until mid-2014 and involve increased external funding, a source close to the negotiations said on Thursday.

The Economic and Financial
Committee (EFC) of deputy ministers and senior officials of the
17-nation currency zone approved the Greek program in principle in talks
in Vienna that ended after midnight, the source said.

second program for Greece, which will effectively supersede the 110
billion euro ($160 billion) bailout agreed in May 2010, will involve
some participation of private sector investors but limited to avoid
triggering a credit event, the source said.

of that involvement, and the apportionment of the additional official
international funding, remain to be worked out in time for a June 20
meeting of euro zone finance ministers, the source said.

declined to comment on figures but said the program would cover
Greece's funding needs on the assumption that it could not return to
private capital markets in 2011 or 2012. The original bailout envisaged
Athens raising 27 billion euros on the markets next year and 38 billion
in 2012.


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Thu, 06/02/2011 - 12:50 | 1332762 oogs66
oogs66's picture

hmm, is this priced in?  stocks barely budging

Thu, 06/02/2011 - 12:59 | 1332814 Fidel Sarcastro
Fidel Sarcastro's picture

What?  ES just insta-popped 5.50 handles.

Thu, 06/02/2011 - 13:13 | 1332893 slaughterer
slaughterer's picture

But NFP expectations were already revised yesterday for this explicit purpose.  I am wondering just what planet those guys in "the Pit" are living on.

Thu, 06/02/2011 - 15:36 | 1333635 waylon153
waylon153's picture

No more private sector involvement?  Is this so ze Germans can have the Parthenon if Greece defaults?  I'd like to repossess the Parthenon.  There would be something supremely ironic about sitting on the steps of that great monument to mankind, sipping a cold beverage......and watching the world burn.  On a completely unrelated note I've just found out through that I'm related to Nero.....

Thu, 06/02/2011 - 12:48 | 1332769 Stuck on Zero
Stuck on Zero's picture

All the governments are happy.  Does that make the people happy?

Thu, 06/02/2011 - 13:01 | 1332829 TruthInSunshine
TruthInSunshine's picture

In reality, or "according to a source?"

I just love "according to a source" planning.

Thu, 06/02/2011 - 22:40 | 1334687 trav7777
trav7777's picture

icanhaz risk on?

Thu, 06/02/2011 - 12:48 | 1332770 youngman
youngman's picture

They will be back in 6 months....wierd how its all good now....I guess they just hired all the protestors as government employees...and Spain sells debt....

Thu, 06/02/2011 - 13:13 | 1332894 Eternal Student
Eternal Student's picture

Indeed. Wasn't their deal last year supposed to carry them a few years as well? We all see how well that  turned out.

Next up, Ireland, Portugal and Spain. They are learning how to roll the Banksters.

Thu, 06/02/2011 - 12:52 | 1332772 Quinvarius
Quinvarius's picture

And so the eye of Sauron looks for a new thing to destroy.

Probably the USD.

Thu, 06/02/2011 - 13:40 | 1333061 Oh regional Indian
Oh regional Indian's picture

I saw a pretty big sign that August 15th this year was a big Dollar/US down, EU/ECB up day. A tipping point to bigger things but a key FRN marker.

What time, to be witness to such maya, deception of the highest order, hidden in plain sight.


Thu, 06/02/2011 - 12:52 | 1332775 Robslob
Robslob's picture

Give them time...the market is going to need it when figuring out how to climb without free money...

Thu, 06/02/2011 - 12:52 | 1332776 Corduroy
Corduroy's picture

Not like ZH to proclaim fact on hearsay...

How many times in the last month have we had such a breaking news item only for it to be proven wrong shortly after

I dont belive this for a second... or is ZH the source ?

Thu, 06/02/2011 - 13:17 | 1332809 plocequ1
plocequ1's picture

Ok, There it is. Can we get back to our rally and stop the conservative analysis, Charts  and breaking news? QE is going to occur. Done. move on.

Thu, 06/02/2011 - 13:18 | 1332918 Hansel
Hansel's picture

From the article:

"agrees in principle"

"details... remain to be worked out"

"declined to comment on figures"

This is an article consisting of nothing.


Thu, 06/02/2011 - 13:15 | 1332922 Corduroy
Corduroy's picture

Yes but it is only from a "source" nobody is named so I dont believe it until I get a name

Thu, 06/02/2011 - 13:23 | 1332935 TruthInSunshine
TruthInSunshine's picture

Saganaki-San is the only reference thus far.

Thu, 06/02/2011 - 13:21 | 1332955 Corduroy
Corduroy's picture

Thought it was Kefalograviera Saganaki .. good call

Thu, 06/02/2011 - 12:53 | 1332779 slaughterer
slaughterer's picture

Bizarro European Zombie Banks, bitchez.  (BEZB)

Thu, 06/02/2011 - 12:53 | 1332783 centerline
centerline's picture

Details, details, need details.

The math is so unsustainable that I doubt anything can be kicked that far down the road.  Last time it bought less than 12 months - and turned out to be a joke.  Just like everything else that swinging with shorter and shorter cycles, I give this 6 to 9 months before it implodes again.  That is if the Greek people dont outright burn the place down before then.

Oh, and then there is the rest of the PIIGS that will be next in line.  

Fri, 06/03/2011 - 03:41 | 1334994 StychoKiller
StychoKiller's picture

Who keeps buying drinks for these lushes??

Thu, 06/02/2011 - 12:50 | 1332784 Josh Randall
Josh Randall's picture

Greek assets will still be served up on a platter in backdoor deals to international investors, just at not all at once now to shock anyone

Thu, 06/02/2011 - 13:00 | 1332826 jmac2013
jmac2013's picture

This would be my speculation too.  Perhaps the private participation revolves around Greek assets as collateral in case Greece fails to live up to certain conditions, a way of legalizing theft of Greece property and assets.  We'll see but this is my suspicion. 

Thu, 06/02/2011 - 13:39 | 1333053 Josh Randall
Josh Randall's picture

That approach coupled with quiet Gold shipmets being sent to the vampires, will be the quiet looting that takes place if this report does in fact appear to be the case

Thu, 06/02/2011 - 12:57 | 1332828 PaperBear
PaperBear's picture

ah so the looting will soon begin.

Thu, 06/02/2011 - 12:55 | 1332792 6 String
6 String's picture

And scene: stocks headed higher. Jesus. What a Circus Show.

Thu, 06/02/2011 - 12:55 | 1332795 Translational Lift
Translational Lift's picture

Was there ever any doubt that this would happen??

Thu, 06/02/2011 - 12:53 | 1332801 max2205
max2205's picture

GS can now up there SPX forecast to 1600...yeah baby

Thu, 06/02/2011 - 12:53 | 1332802 Seasmoke
Seasmoke's picture

you cannot ever kill Zombies

Thu, 06/02/2011 - 13:05 | 1332873 Translational Lift
Translational Lift's picture

Yea....but it would be fun watching them burn at the stake!!

Thu, 06/02/2011 - 12:54 | 1332807 PaperBear
PaperBear's picture

Any selling of real assets for 20% fair value ?

Thu, 06/02/2011 - 12:56 | 1332815 Mr. Poon
Mr. Poon's picture

Quick question, how many times have we heard about an "agreement being reached" among "senior officials", only to have German or Finnish officials express surprise at being told of it, and declaring in fairly clear terms that they are not on board?

Thu, 06/02/2011 - 13:04 | 1332867 slaughterer
slaughterer's picture

The program has to be passed in Greek congress.  No sweat.  / sarc

Thu, 06/02/2011 - 13:11 | 1332900 Problem Is
Problem Is's picture

Answer: Infinitely many times...

x -> BS, as n -> infinity...

Thu, 06/02/2011 - 12:59 | 1332816 The Fonz
The Fonz's picture

If greece is brains and the banks are zombies I'd say starvation is imminent.

Thu, 06/02/2011 - 13:13 | 1332895 oogs66
oogs66's picture


Thu, 06/02/2011 - 13:55 | 1333126 nobita
nobita's picture

nice one Fonz!

Thu, 06/02/2011 - 12:58 | 1332818 ebworthen
ebworthen's picture


So the five year deal of last year is now a three year deal with "details to be worked out" like the details of last year's deal that were not yet worked out and scheduled payments that were not made or delayed so that now we have a new schedule of payments delayed that will be delayed and "worked out" with "assurances" while the money still flows from the IMF via taxpayers worldwide instead of from the banks and governments that gambled and gamboled their way into this manure pit?


Thu, 06/02/2011 - 12:56 | 1332820 A_MacLaren
A_MacLaren's picture

And cut to Talking Head Spin on Debt Limit and Budget Deficit in 3, 2, 1...

Thu, 06/02/2011 - 13:34 | 1333030 A_MacLaren
A_MacLaren's picture

Ding, Ding, Ding - Winner

Moody's says if is no progress on increasing debt limit in coming weeks, it expects to place US rating under review for downgrade

Thu, 06/02/2011 - 12:56 | 1332821 oogs66
oogs66's picture

unless this involves real debt forgiveness and significant maturity extensions and dropping criteria for any additional money it will largely be a 'yawn' for the market

Thu, 06/02/2011 - 13:11 | 1332897 slaughterer
slaughterer's picture

Better yet, it involves tax reform in Greece.  No talk of enforcement however.  Hum... 

Thu, 06/02/2011 - 12:57 | 1332825 Overflow-admin
Overflow-admin's picture

How are they going to implement that program? I bet on more riots soon.

Thu, 06/02/2011 - 13:08 | 1332854 mayhem_korner
mayhem_korner's picture

Cue riot-control agent extraordinnaire:

Thu, 06/02/2011 - 13:24 | 1332969 slaughterer
slaughterer's picture

I can see an army of German tax accountants from the Finanzamt moving to Greece and ads for European rent-a-thugs appearing on Monster soon: "No Greek language ability necessary, just good door breaking technique and the ability to use a work in association with our new European collect-taxes-from-the-unwilling-Greeks office"

Thu, 06/02/2011 - 12:58 | 1332832 The Axe
The Axe's picture

Tune into into your nearest riot channel

Thu, 06/02/2011 - 13:03 | 1332837 mayhem_korner
mayhem_korner's picture

DXY should take a shot to the jowls.  Makes the QE3 skid-greasing effort a little dicier...


Thu, 06/02/2011 - 13:01 | 1332851 scratch_and_sniff
scratch_and_sniff's picture

You short the Euro, and you short political stupidity. Can kicked, Ireland & Portugal up next.

Thu, 06/02/2011 - 13:03 | 1332853 TruthInSunshine
TruthInSunshine's picture

Bernank:  Hey, Jean-Claude, I need a weaker dollar here, because there's little else to support equity markets, and it has been a workable solution for me in the past. Can you help?


Trichet:  I will do my best, Ben. I might be able to muster up an "according to a source" on Greek restructuring. Can we start with that and see how much it yields?


Bernank: Sure. Anything. Beggars can't be choosers.


Trichet: Will you sacrifice a couple of goats for me at next week's ceremony? I need some help, also, from below.


Bernank: Consider it done, blood brother.

Thu, 06/02/2011 - 13:02 | 1332857 glenlloyd
glenlloyd's picture

nothing like throwing good money after bad

Thu, 06/02/2011 - 13:04 | 1332860 monopoly
monopoly's picture

Ah good, this solves everything. Buy PCLN. What a crock.

Thu, 06/02/2011 - 13:03 | 1332861 John Law Lives
John Law Lives's picture

This should be good for a green close...

Ponzi FUBAR market.

Thu, 06/02/2011 - 13:07 | 1332879 slaughterer
slaughterer's picture

Looks like we are going green soon...  Bears rushing to cover...

Thu, 06/02/2011 - 13:08 | 1332863 agent default
Thu, 06/02/2011 - 13:08 | 1332868 The Axe
The Axe's picture

Dollar now trades like a pink sheet stock....fucking nuts....

Thu, 06/02/2011 - 13:05 | 1332870 sjradeljic
sjradeljic's picture

Anyone know the translation for "where's ours?" in Gaelic, Portuguese and Spanish.....

Thu, 06/02/2011 - 13:05 | 1332874 TumblingDice
TumblingDice's picture

Yea of course they did that. Didn't yall hear that Greece is crucial to the whole system? Greece going bankrupt would have meant robots controlling out financial system, extreme FX instability, constant war, shitty music catching on and KIDS SMOKING MIRIJUANNA! We can't have that!

On a more serious note, of course they did that. They want to avoid any kind of default for as long as possible and now it is, apparently, still possible.

Thu, 06/02/2011 - 13:10 | 1332878 Threeggg
Threeggg's picture

I totally underestimated the power of the printing press !

Switched to Long WD-40.........................................

Thu, 06/02/2011 - 13:11 | 1332882 r101958
r101958's picture

Stocks recovering and Euro up. Jeez! now we can't blame our situation on the Eurozone any more.....oh, wait....the MSM will now start highlighting Spain's problems and Ireland's problems. And around and around we go.

Thu, 06/02/2011 - 13:11 | 1332885 TruthInSunshine
TruthInSunshine's picture

According to a source, I will soon shit golden bricks.

According to a source, the U.S. will have a budget surplus of 202 trillion USd by 2013.


I feel so much better about the future, now.

Thu, 06/02/2011 - 13:13 | 1332906 Cdad
Cdad's picture

Going long TruthInSunshine rectal futures.  

Thu, 06/02/2011 - 13:20 | 1332929 TruthInSunshine
TruthInSunshine's picture

Soon to be traded alongside Unicorns, Pixie Dust & Rainbow futures.

Thu, 06/02/2011 - 13:27 | 1332970 Cdad
Cdad's picture

Already long Greek unicorns, against short Zimbabwe Pixie Dust.

Thu, 06/02/2011 - 13:31 | 1332993 TruthInSunshine
TruthInSunshine's picture

Excellent pair trade.

May I suggest going long and/or short some Hopium-151 futures?

Thu, 06/02/2011 - 13:38 | 1333045 Cdad
Cdad's picture

I'd be pretty late to that trade [in either direction], I think.  

But man, do I wish I had a baggie of Hopium-151 right now.  I hear that stuff is soooooo good that a fellow on it can actually convince himself gay fashion is the key to "Global Growth" while simultaneously using S&P 2012 earnings projections to make current valuations seem "historically cheap" so that EVERYTHINIG, EVERYDAY, represents a "buying opportunity."

Me and my reality based hang ups.


Thu, 06/02/2011 - 13:49 | 1333105 TruthInSunshine
TruthInSunshine's picture

Well, there are always those highly valuable, highly undervalued and in no way manipulated commercial/retail-intense REITs - or hotels and motels!.

RoboMomoComo loves them, and I hear Bernankincide even is sitting on quite a few of them in his legendary and legendarily toxic Maiden Lane I through Maiden Lane XXVIII funds.

Federal Reserve Owns Red Roof Inn
Thu, 06/02/2011 - 13:56 | 1333150 Cdad
Cdad's picture

Good grief.

Someone...anyone...clap him irons...please?

Thu, 06/02/2011 - 13:11 | 1332888 jal
jal's picture

Are they going to void and nullify all CDS.


Thu, 06/02/2011 - 13:14 | 1332896 oogs66
oogs66's picture

voluntary restructuring does not trigger cds.  all the talk about the complexity of structuring a restructuring to avoid triggering is just BS!

Thu, 06/02/2011 - 13:14 | 1332899 Rusty Shorts
Rusty Shorts's picture

 - listen to this , you'll feel better! spectacular!

Thu, 06/02/2011 - 13:14 | 1332915 TumblingDice
TumblingDice's picture

Sick song but I prefer this one:

Thu, 06/02/2011 - 13:13 | 1332904 PaperBear
PaperBear's picture

Does this set up silver for it's next leg up to begin after Friday's NFP ?

Watch it take out $50/oz this time.

Thu, 06/02/2011 - 13:16 | 1332925 Threeggg
Threeggg's picture

Big Banks Cash In on Commodities

Thursday, June 2, 2011

J.P. Morgan has emerged as one of the biggest beneficiaries of the commodities boom sweeping Wall Street. The bank's commodities unit—which employs about 1,800 people, more than any of its rivals—made more money during the first quarter than through all of last year, according to people familiar with the matter. So far this year, the unit has earned roughly $750 million and is on course to beat its 2011 internal target of $1.2 billion, these people added. The J.P. Morgan unit earned just $514 million for all of 2010, falling far short of its goals.


Thu, 06/02/2011 - 13:19 | 1332941 kumquatsunite
kumquatsunite's picture

I, for one, am extremely (!!!) grateful; three years means three years of prep work before the real storm. I'm learning lots of self-sufficiency stuff and don't eat any fast food, period. See: "pink slime", as in meats that are reconstituted into something that looks like meat via the magic of chemistry. As Dr. Oz says, if it is not recognizable, don't eat it. 

Meanwhile, back at the ranch, er, that is, meanwhile, Oboma is out playing golf again, and Michelle is flying Air Force One out to pick up a new purse. Tee hee. Ah the nouveau riche (via taxpayer money). That was one of the good things about George and Laura, been there done that, didn't need to do it on the taxpayer dime. So those of you who (probably not here, but you see it posted all over the web) wanna play class warfare, it is a good thing to have elected people who are successful before they arrive; they are less inclined to use the taxpayer money to "play" at being rich. This is classic communism, of course. The higher up the ladder in communism you go, the more you steal of the "people's" money/goods/industry.

Can anyone explain why young people have ONE-THIRD of their income taken so it can be redistributed to the trash who have children with no intent to support them? That is the crime of child abuse. 

So anyways, a big thanks to Greece/Three years and I'm bunkered in. But did need that extra time.

Thu, 06/02/2011 - 13:23 | 1332947 nathan1234
nathan1234's picture

So who is going to bail out the US now?



Thu, 06/02/2011 - 13:32 | 1333003 TruthInSunshine
TruthInSunshine's picture



Thu, 06/02/2011 - 13:23 | 1332948 Scisco
Scisco's picture

Anyone have a read on what the Greek CDS are doing?

Thu, 06/02/2011 - 13:24 | 1332951 Lord Welligton
Lord Welligton's picture

So they couldn't stick to the original plan.

Now they have a plan that is more austere and lasts longer.

Thu, 06/02/2011 - 13:24 | 1332954 LongBalls
LongBalls's picture

People have NO SAY period. The people of the world merely have the illusion of input. There is only one answer left. 

Thu, 06/02/2011 - 13:23 | 1332961 TruthInSunshine
TruthInSunshine's picture

According to a source, a discovery of 200 million metric tons of rare earth minerals alongside an oil deposit containing what would amount to 200% of the current known global oil reserves have been discovered in Greece.

Thu, 06/02/2011 - 13:26 | 1332962 Catullus
Catullus's picture


But maybe the rest of Europe picked up on this: they won't use private financing because no one in their right mind would risk their own money. Only someone as idiotic with a printing press would pull a stunt like this.


Thu, 06/02/2011 - 13:23 | 1332965 Deacon Frost
Deacon Frost's picture

As the old saying goes,

“Borrow a little money, you are a creditor. Borrow a lot of money, and you have a partner.” 

Thu, 06/02/2011 - 13:24 | 1332973 AldoHux_IV
AldoHux_IV's picture

Kleptocrats only good for one thing and one thing only.

Thu, 06/02/2011 - 13:26 | 1332986 slewie the pi-rat
slewie the pi-rat's picture

everything is to be determined by 6.20.11, when eurozone finance ministers meet. 

According to a source, private sector involvement will be limited to avoid a credit event

this seems to mean investors who will roll the debt when it matures.  like the banksters will.  reuters also reports "inspectors" from the EU, EUCB, & IMF  who have been working for weeks to help the greeks get everything ready for the financing & privatizations: 

The source said the programme would involve detailed commitments by Greece on the governance of a new national wealth agency and the timing of specific privatisations, but it would stop short of intrusive international supervision of the agency. (END Paste from reuters, my emphasis)

OT, but related to tyler's piece abt the al jazeera film showing armed anglo-type civilians in libya:  morgan strong in The Tripoli Post:  Summary of the American and International Press on the Libyan Revolution - <i>Morgan Strong</i>

Report: Ex-SAS forces help NATO in Libya

(UPI) - Ex-British special-forces soldiers and other Western private security firm recruits are helping NATO spot Libyan targets, military sources told The Guardian.

The Special Air Service veterans - reported to be paid by Arab countries, notably Qatar - are in and around the Libyan port city of Misurata, Libya's third-largest city and the scene of heavy fighting between Libyan leader Muammar Al Qathafi's forces and pro-democracy rebels, the newspaper said.

The former soldiers - once part of elite military tactical teams trained to perform high-risk dangerous missions that conventional units cannot perform - are passing details of the locations and movements of Al Qathafi forces to the Naples, Italy, headquarters of Lt. Gen. Charles Bouchard, Canadian commander of NATO forces, the sources told the newspaper.

The recruits are in Libya with the blessing of Britain, France and other NATO countries, which have supplied them with communications equipment, The Guardian said.

It was not clear whether Americans are among the recruits.

Thu, 06/02/2011 - 13:30 | 1332992 TomGa
TomGa's picture

Just a reminder...


Thu, 06/02/2011 - 13:33 | 1333007 Cone of Uncertainty
Cone of Uncertainty's picture


Thu, 06/02/2011 - 13:33 | 1333010 JR
JR's picture

The IMF is going down to the wire.  What’s going to happen in the future, two or three countries are going to go to the brink all at once. That's when a $60 trillion world economy facing a $600 trillion debt hits the fan.  And it's game over. The banks are extracting hard-earned money from European and American taxpayers to make good their debt losses. Without the US, the IMF would be powerless to provide this kind of money.

As a result, Americans, the same as Europeans, will have to continue to give up their standard of living for the bankers’ standard of living.  And that is not likely to happen. Already public service unions in America are hoping to bring all union people together for general strikes to get their story out. Result: the American people are going to force politicians to cut spending to the bone and that includes the bankers. “The only security men can have for their political liberty consists in keeping the value of their money in their own pockets.”

As Sheldon Richman of The Freeman puts it: The IMF is funded by force—all IMF money comes from the taxpayers and central bank printing presses… IMF loans rescue the failing country’s creditors – Wall Street banks typically – from a government default on its debts."

It's past time to end the IMF.

Thu, 06/02/2011 - 13:32 | 1333023 cpzimmon
cpzimmon's picture

Meanwhile, keep an eye on how much of Greece's gold (what they have left of it) is transferred out to a vault of the EU's choosing. Nothing is free...not even fiat.

Thu, 06/02/2011 - 13:34 | 1333031 monkeyshine
monkeyshine's picture

The last deal would have seen them default. No way they could come up with that kind of cash ($50-$80 billion in debt payments each year for 3 years). So they get a new deal. It avoids default for 3 years, after which they can get another deal. Ultimately the piper will be paid (or not since the ECB and the Eurozone economies seem to be heading in different directions.

Thu, 06/02/2011 - 13:46 | 1333070 DontShootTheMes...
DontShootTheMessenger's picture

This whole European fiasco reminds me of the way that soccer is played on the international stage.  You know what I'm talking about.  Player 1 is running down the field with the ball without a care in the world.  Player 2 sticks his leg out (maybe, maybe not) and "trips" Player 1 who (naturally) falls and then proceeds to flail about on the turf as if he's just had his leg shot off.  The ref runs over and gives them both a yellow card at which point Player 2 starts jumping up and down like a toddler whose favorite bankie has just been taken from him by a mean big brother.  Meanwhile, not to be outdone, Player 1 miraculously gets up and starts doing his little dance in the ref's face protesting the mistreatment he suffered at the hands (er, feet) of Player 2.  It's Europe's version of a night at WWE after someone has been wronged with a folding chair.  I'll let you figure out who's Player 1 (PIIGS, sorry, couldn't resist) and who's Player 2 (ECB, IMF, Germany, France, Chairsatan, the American taxpayer, etc.; sorry, my bad again).

Thu, 06/02/2011 - 13:50 | 1333090 Miles Kendig
Miles Kendig's picture

Kick the can three years down the road?  Hardly.  The half life of intervention is measured, not in years, months or weeks, but days, hours or minutes.  It doesn't matter how many times one scrapes burnt toast since it remains burnt toast and all the oleo in the world ain't gonna change that fact.

Thu, 06/02/2011 - 13:49 | 1333095 Cassandra Syndrome
Cassandra Syndrome's picture

Ireland next up. 50% of firms in trouble, over 10% of mortgages in arrears with many more paying interest only. 700%+ total debt to GNP, mathematically impossible to service.

Then Spain and Italy. Critical mass is fast approaching.


Thu, 06/02/2011 - 14:09 | 1333201 hvol4
hvol4's picture  EU official denise Reuters report.

Thu, 06/02/2011 - 16:00 | 1333717 squexx
squexx's picture

So who is this Denise Reuters, anyway? Is she hot?!?

Thu, 06/02/2011 - 16:12 | 1333780 skepticCarl
skepticCarl's picture

Nice catch, squexx.

Thu, 06/02/2011 - 14:42 | 1333378 slewie the pi-rat
slewie the pi-rat's picture

EU agrees in principle on new Greek plan-source | Reuters

reuters claims a "source close to the negotiations" so here's the paste:

The Economic and Financial Committee (EFC) of deputy ministers and senior officials of the 17-nation currency zone approved the Greek programme in principle in talks in Vienna that ended after midnight, the source said.

line 1.  angela merkel? (?)

Fri, 06/03/2011 - 00:45 | 1334880 Element
Element's picture

Plus this dramatically undermines the financial cred of any of the core EU 'donor' States )who have enough of their own issues building) ... as this money does not exist ... it's only a pledge ... so it has to be raised in the market every time ... so when a loan is sheduled, the rate premium will rise each time for the donors ... because everyone knows that ANY money given to Greece like this will NEVER be repaid ... quantitative impossibility ... and after the revolution you can also forget aout swooping in to scam-up the assets.


Talkabout pissing tax-payer money up against the wall!

Fri, 06/03/2011 - 02:08 | 1334954 cranky-old-geezer
cranky-old-geezer's picture

This is bankers giving more ground hoping to avoid civil war.

Civil war in Greece would be game over for the EU. Greek govt collapses, bondholders wiped out, Euro collapses, ECB wiped out, EU falls apart.


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