Eurogroup Approves Fifth Greek Bailout Tranche - Complete Statement And Math Fail

Tyler Durden's picture

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johngaltfla's picture

Still doesn't create solvency nor solve the underlying problem about to hit the PIIGS with the second wave of truly major problems:

My Big Fat Greek Housing Crash

G-R-U-N-T's picture

Banks Sovereign toxic debt pour over on top of Greek clueless taxpayers heads. I would call this hard rain while the rainmaking deceptive Political elite throw the Greek taxpayers under the bus.

Hm.....Let the asset buying begin...debt slave bitchez....

Motorhead's picture

To the Greeks:  Yamas!

To Frau Bundeskanzlerin Merkel:  Here's to ya, toots!  And "auf Wiedersehen" to the CDU in the up-coming state elections.

snowball777's picture

Yep...last nail, meet coffin.

 

They are all well Capitalised's picture

Yep, they'll be dancing in the streets in Berlin tonight.

malek's picture

Well, the two upcoming state elections are in states where the CDU either never has been part of the ruling coalition, or not in a long time...
So who cares about those.

wandstrasse's picture

problem: too much debt

solution: more debt

problem: weak/absent real economy

solution: break-neck austerity

makes no sense, but good for bankers.

ISEEIT's picture

This is pure NWO folks. It is that simple. The sooner it collapses, the better off we will all eventually be. Chicoms can prop this up only so long. At some point reality WILL manifest itself. Keep in mind that ultimately it is human beings tasked with achieving the goals of this NWO design. Now imagine what their souls must look like?

Rot will fail.

Franken_Stein's picture

 

The first 2 near impossible events have taken place.

The 3rd will also happen. They will have to sell assets to raise the remaining 6.2 billion.

And the banks will waive part of their bond repayments.

They will take the haircut.

 

So where is the can now ?

A Man without Qualities's picture

Let's be honest, asset sales are not going to happen any time soon, so the answer seems to be that the banks must agree to a "voluntary" debt swap,  done in a way that does not  trigger an ISDA event of default, or a ratings agency declaration of default.

The fact that this "voluntary" decision is essential to prevent a real failure to pay is going to make it very hard for the ratings agencies to let this one past, especially given what has been said previously.

Long-John-Silver's picture

IMF = Ignorant Mother Fuc?ers

G-R-U-N-T's picture

"IMF = Ignorant Mother Fuc?ers"

Quite the contrary...The ignorant hat is being worn by the Greeks. My hope is they get their head out of their ass, however they are not in enough pain yet.


SloMoe's picture

I'll gladly pay you Tuesday for a gryo today...

Long-John-Silver's picture

Would you like cheese on it and how about a large order of French Fries?

snowball777's picture

Fuck it. Mix up a fat and MSG hotshot and slam it here; I'm late for my cardiac appointment.

williambanzai7's picture

"Precise modalities and scale"

Which PhD shithouse do I have to attend to get away with speaking badass mumbo jumbo like that.

Franken_Stein's picture

 

Princeton, Oxford, preferrably with a Rhodes scholarship attached to it.

Or here in Germany first a BWL/VWL diploma (comparable to an MBA in Anglo-Saxonia) and then Dr. oec. (PhD) with an internship at the EU parliament in Brussels attached to it.

 

Rainman's picture

Surely there is some type of pick-a-pay option Adjustable Rate product for a deadbeat sovereign. There must be more efficient ways to kick the can down the road forever without perpetual theater performed by bad actors who mix up their lies and their math. Put the whole damn country up for auction....Israel would jump right on it.

G-R-U-N-T's picture

Bansters will not waive squat, Euro bond will save the day.

 

snowball777's picture

If by 'Euro bond' you mean to say 'Chinese purchases of a Euro bond', perhaps.

Dick Darlington's picture

And here comes the lying sack of s*it, Jun(c)ker, waving the NWO flag, out in the open declaring war against the member states. The actions so far by these eurofanatic kleptocrats have been just what he says now out loud. Every member state will be brought to the slaughter if there's noone to stop these lunatics. People of Europe it's time to act and defend yourselves.

http://www.reuters.com/article/2011/07/03/us-greece-juncker-idUSTRE7620Z...

G-R-U-N-T's picture

The question remains...What melody will the Greek taxpayers play to capture the Devil?

http://www.youtube.com/watch?v=-5zELTa9Ris

Franken_Stein's picture

 

Here's a nice debate in the German Bundestag about Germany's exit from nuclear power generation.

 

http://www.youtube.com/watch?v=Sm4oLXJH8K8&feature=related

 

As you can see our parliament is pretty spartanically designed, not as pompous as in other countries.

Down to earth I might say.

 

lizzy36's picture

And for bending over, so that their creditors can be bailed out, Greek citizens get this statement from the man who lies when it is really really important:

"The sovereignty of Greece will be massively limited," he told Germany's Focus magazine in the interview released on Sunday, adding that teams of experts from around the euro zone would heading to Greece."

"One cannot be allowed to insult the Greeks. But one has to help them. They have said they are ready to accept expertise from the euro zone," Juncker said.

Looking forward to the BWIC on greek assets. Or will is just go directly to China?

http://uk.reuters.com/article/2011/07/03/uk-greece-juncker-idUKTRE76210120110703

 

 

Vampyroteuthis infernalis's picture

Assuming someone does not default by then.

Sudden Debt's picture

And next year there will be elections and a right wing government will be elected who will promise heaven again and promise to "fight the greedy banks and IMF" and Europe will lose it's money.

 

unless they ban elections... but that can't happen.

 

Any government promessing to "fix" it all back to the old will be elected. Why would the Greeks not believe that and vote for them?

 

 

G-R-U-N-T's picture

Greeks will soon be at the crossroads. They will have a choice: Take the debt slave devils road to hell or pull yourselves up by your boot straps and take care of business.

 

http://www.youtube.com/watch?v=7Qgc_PNpdx8&feature=related

 

 

G-R-U-N-T's picture

Bootstrapping or booting refers to a group of metaphors that share a common meaning: a self-sustaining process that proceeds without external help.

http://en.wikipedia.org/wiki/Bootstrapping

Vampyroteuthis infernalis's picture

The can kicking is endless. Go ahead and default now. Take your lumps. They are coming no matter what your gov't does.

JenkinsLane's picture

That's gold down a minimum of $20 tomorrow.

Joebloinvestor's picture

"precise modalities and scale"

 

That is boilerplate I get in all those Nigerian SCAMS.

swissinv's picture

why is the eur up? here some wise words from jim rogers:

I still own the euro, it`s one of the currencies I own. The euro is in a much better fundamental situation than the US Dollar, which I also own. Europe has a balance of trade surplus for the most part, it`s not a large debtor entity, it has some large debtor entities within it. But no, Europe is not such a disaster. -in Bloomberg

forget the tiny greece - in august it is really getting serious with the usd and the us eu propaganda won't work anymore - the problems of the eu are minor when compared to the us or japan

maxcody's picture

Meet your new Over Lord - China.

Herbert_guthrie's picture

"The sovereignty of Greece will be massively limited"

Got news for ya, as the debt war progresses, the sovereignty of the entire planet will be massively limited.....

time123's picture

Looks like it is about time to get bulish again.

 

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