This page has been archived and commenting is disabled.

As G-Pap Survives Another Day, Here Are The Next Steps: SocGen's Take

Tyler Durden's picture


Following a rather anticlimatic day in which Greece did precisely as the conventional wisdom expected it to, leading to a modest sell the news drop in the EURUSD (down to 1.4370 as of this writing), Greece is a long way from being out of the woods. Summarizing the immediate next steps is SocGen's Vladimir Pilonca.

George Papandreou’s PASOK government survived the confidence vote on Tuesday night. As expected, Papandreou obtained a relatively narrow majority, with 155 votes to 143 in the 300 seat Parliament (and two abstentions). The focus now shifts to next Tuesday’s Parliamentary vote of the Medium-Term Fiscal Plan (MTFS). The MTFS includes €28bn of additional austerity measures for 2011-2012 as well as an accelerated privatisation plan.

The formal Parliamentary approval of the MTFS is a necessary condition for the IMF’s quarterly disbursements, with the next €12bn tranche due in July.

The IMF will only disburse if the EU does

The IMF made it clear that the July tranche to Greece can only be disbursed if the EU provides concrete assurances that it will continue to provide funding to Greece as stipulated under the EU/IMF adjustment program.

Because of this conditionality, next Tuesday's Parliamentary passage of the MTFS remains a critical roadblock to provide Greece with a medium-term funding solution from the EU/IMF. Although not the most likely outcome, a failure to approve the MTFS could pave the way to anticipated elections.

Only the approval of the MTFS will remove the policy deadlock

Only after the MTFS is approved can the EU officially put forward a medium-term funding plan for Greece, through to 2014. And only once Greece is funded for at least the next twelve months will the IMF give its official consent to its share of the quarterly disbursement (€3.3bn).

Assuming a parliamentary majority is reached on the MTFS, a decision from the EU on Greece’s medium-term funding – at least in principle -- could be reached at the EU Meeting on 3 July, rather than 11 July as initially suggested by EU Commissioner Olli Rehn. That would then clear the way for the IMF to authorise its share of the quarterly disbursements, too.


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 06/21/2011 - 19:04 | 1390667 EscapeKey
EscapeKey's picture

...meanwhile, here in the UK, the BoE is starting the ground work for more QE:


Speaking a day ahead of the release of minutes from the Bank of England Monetary Policy Committee’s June meeting, Mr Fisher said, "If we get stuck in a deflationary rut it's not clear we have sufficient ability to get out of that quickly.

"I've said in the past it [QE] is still very much on the table as one of our potential policy actions, and it's certainly not ruled out and people need to be aware of that."

Of course, running a 4.5% CPI rate doesn't mean you can't talk of the bogeyman, "deflation".

It's also worth considering that the BoE currently sit on a third of all British gilts, so hey, why not increase it to 100%? What could possible happen?

Tue, 06/21/2011 - 20:42 | 1390811 WonderDawg
WonderDawg's picture

I've been thinking that we, the citizens, are being conditioned to get used to more QE. The TPTB are normalizing QE in the psyche of the populace. The MSM is the PR machine, as everyone that reads ZH knows, and they are effectively preparing the citizens for the new normal. I do my best to educate those within my realm of influence as to what is actually going on, but the ol' deer in the headlights look has grown tiresome.

I know the banksters want to keep the bubble inflated, and I think they'll pretty much try anything to do so, but I think the deflationary pressures will prove to be too strong. How this whole thing plays out, I don't know for sure, I don't think anyone really knows. But I lean toward deflation first, 2008 but worse, and then inflation/hyperinflation after deflation has done it's job of clearing the market of toxic debt and the inflationary policies finally gain traction. But what the fuck do I know? I'm just a country boy trying to find my way through the swamp of bankster fraud.

Tue, 06/21/2011 - 21:59 | 1390865 Herd Redirectio...
Herd Redirection Committee's picture

I don't know about deflation 'clearing the market of toxic debt',  the banks will pull a  Japan and sit on the debts for eternity sooner than recognize a loss.

So there will be deflationary pressures, for sure, the level of income disparity means the current system is untenable.  But it will result in loss of confidence in the US Dollar sooner than anyone can anticipate.  Once the ball starts rolling, any way.

Check out the latest from the Capital Research Institute "0% Interest Rates - Who Benefits?":

" If the Central Banks refuse to act (by exchanging US dollar reserves for physical gold) then eventually they will become obsolete, their fiat holdings worthless.

Now, if we see that we are on this road to currency destruction, then why is nothing done about it?  The solution is to raise interest rates, not to 1 or 2%, but to atleast 6%, the CRI’s rough estimate for inflation over the last 3 years.  Although the rationale can not be fully covered right here, right now, it is a human one.   The richest, most powerful people on the planet are also among the most highly leveraged.  Raising interest rates would significantly weaken the dollar value of their assets, as well as increase the ‘operating costs’ (interest on their debt) of their speculative activity.   To take it a step further, our analysis indicates that the crucial consideration may in fact be not the wealth of those at the very top of the pyramid, but the wealth of those immediately beneath them, the bureaucracy of the oligarchy, as it were.  The hands and feet of the ruling class, the ones who administer, supervise, and direct day-to-day operations at the world’s largest financial firms, energy companies, media firms, think tanks, military industrial complex, intelligence agencies and so on.  Their overlords promised them vast riches, and basically guaranteed them investment success by lending them money and telling them how to spend it (in a more honest time this was referred to as insider trading and was even considered a crime).  The overlords promised more than they could deliver  (that is, after all, what they are good at, and what keeps them in power) and now find themselves between a rock and a hard place.

The decision to sacrifice the US dollar was made, rather than financially ruining the ruling class’ bureaucracy.  Sorry America, and sorry savers!"

Wed, 06/22/2011 - 01:04 | 1391010 qussl3
qussl3's picture

We will certainly have a devaluation of the USD to a level where the US can export and practice merchantilist policy, but its very unlikely the USD will die.

The reason is simple, the most powerful military force backs the USD, if the currency experiences a disorderly breakdown, no one wins.

It may not even be the Americans threatening force to keep the USD as the reserve, the Japs Germans and Chinese may be its proponents, at least till the Chinese can sufficiently hoodwink the ROW that the yuan should be the reserve.


Wed, 06/22/2011 - 01:40 | 1391049 Cole Younger
Cole Younger's picture

At the rate that China is buying and producing gold, it would not surprise me if in the near future they don't move to a fractional based gold standard. That would pretty much sink most fiat currencies and surpress rising inflation in China. They are getting out of U.S. treasuries. When that is done, look out.

Tue, 06/21/2011 - 20:47 | 1390814 wanklord
wanklord's picture

Accept the New World Order and enjoy a successful life. Patriotism and nationalism are obsolete doctrines and the ignorant masses living in the United States and Western Europe must realize once and for alll that the upcoming changes are irreversible. Ordo ab Chao.

Tue, 06/21/2011 - 22:33 | 1390883 Akrunner907
Akrunner907's picture

Very true.  This evolution has been a long time coming, and its formation goes back to after the first world war.  It's always been the plan!  A catalyst, or in this case contagion, was needed to create an event that would bring everyone into the same lifeboat.   The only obstacle will be controlling the masses so they will full give up their right of independence.   Just accept it and let the energy take over.

Tue, 06/21/2011 - 21:23 | 1390845 AbbeBrel
AbbeBrel's picture

But of course, deflation, especially of housing assets, gums up the Banksters ability to generate profits by lending:

Indeed, the U.K. property bubble was more akin to that seen in Japan in the late 1980s. This is a comparison to chill British homeowners' blood, because Japanese property prices have slid for the best part of 20 years.


Australia house mortgage holders appear to need more clues about what is coming up.   As for the on-topic conversation - Greece - well they are toast.   This exercise is all about the Banksters and other bond-holders of the debt.   Greece never recovered from the Parthenon getting blown up by the Turks + Venetians in 1687, and it is likely that this round will be another chapter in their history book from which they will not recover.   They haven't even been able to secure the return of something that was stolen from them, with the approval of the Turks, in 200 years or so.   What makes you think that the Greeks will be able to recover any other stolen property???

In 1806, Thomas Bruce, 7th Earl of Elgin removed some of the surviving sculptures, with the Ottoman Turks' permission. These sculptures, now known as the Elgin Marbles or the Parthenon Marbles, were sold in 1816 to the British Museum in London, where they are now displayed. The Greek government is committed to the return of the sculptures to Greece, so far with no success. [wikipedia]

Wed, 06/22/2011 - 01:28 | 1391035 dcb
dcb's picture

yeah, unreal. they have missed their inflation target for so long. But more cheap money. I don't know how they get away with it. But, it's just as bad as the US. No idea why your comment was junked. it is accurate to say the least. It looks like the corproate stooges/ trolls are very active tonight. I am 100 percent certain. government or corporations are paying people to junk/ monitor comments on this site.

Tue, 06/21/2011 - 19:04 | 1390668 Caviar Emptor
Caviar Emptor's picture


Like all Ponzis, it's a Confidence Game 

Tue, 06/21/2011 - 19:08 | 1390672 InconvenientCou...
InconvenientCounterParty's picture

...and normalcy bias is often misinterpreted as confidence.

In any case, recognition occurs suddenly.

Tue, 06/21/2011 - 19:10 | 1390693 NotApplicable
NotApplicable's picture

Well, it works until it doesn't.

Tue, 06/21/2011 - 20:45 | 1390816 WonderDawg
WonderDawg's picture

That's it, right there. A "confidence crisis" brings the whole system down. That's what leads me to believe we'll crash before we have inflation. When confidence is lost, it happens without warning, and then the SHTF.

Tue, 06/21/2011 - 19:11 | 1390683 NotApplicable
NotApplicable's picture

So, two of the Parliamentarians either couldn't figure out who was holding the gun, or noticed there was now more than one?

Indecision will win you no friends in this space.

Tue, 06/21/2011 - 19:09 | 1390688 chump666
chump666's picture

Greece is gone. Short sell the EUR...indexes should play catch up on the meltup hysteria.

...and then there is a China

Tue, 06/21/2011 - 19:11 | 1390697 Lord Welligton
Lord Welligton's picture

 Short sell the EUR

Against what?

Tue, 06/21/2011 - 19:23 | 1390719 10044
10044's picture


Tue, 06/21/2011 - 21:08 | 1390838 chump666
chump666's picture

bring up your EUR chart (USD) look at the 15min, or less.  we got a 1.43 below the 100ma.  That's it.  There is mostly likey bids on the 1.43 1.42 and below. 


Tue, 06/21/2011 - 21:15 | 1390844 IBelieveInMagic
IBelieveInMagic's picture

G-Pap is going to be successful with pushing thru the bankers program -- they announce a severe austerity measure and then G-Pap will be allowed to succeed in "negotiating" a less austere program and the deal will get done. Folks betting on Greece to turn back the bankers are going to lose their shirts.


Wed, 06/22/2011 - 01:42 | 1391052 Cole Younger
Cole Younger's picture

I don't think its the politicians to be concerned about, they are puppets and pawns of the banks. It's the people that will take out the bankers by either voting out the politicians or over throw the current government. Nothing will prevent a Greek default. Going deeper in debt is not going to help and neither is pissing off the people further with austerity.

Tue, 06/21/2011 - 19:48 | 1390690 Lord Welligton
Lord Welligton's picture

This is as it always has been a binary bet.

Will the ECB monetize to the tune of €1,500,000,000,000?

Or will it not.

I think it will.

But not before all those in the know, know that they know.

Tue, 06/21/2011 - 20:47 | 1390818 topcallingtroll
topcallingtroll's picture

My lord,

The germans had this thingy called hyperinflation and it led to jewish confetti and a crazy vegetarian with an odd mustache. I dont think they will allow it.

Tue, 06/21/2011 - 20:49 | 1390819 topcallingtroll
topcallingtroll's picture


Tue, 06/21/2011 - 19:18 | 1390691 disabledvet
disabledvet's picture

now you're reporting the news.  what is "Soc Gen"?  I've never heard of it?  Does it have a "President" or "CEO" thingy?  What is their relationship to the President of France?  Would you call it close?  Far?  "In-bed together"?  Let me guess:  "they all went to the same school."  Is this true in Germany?  In Spain?  In Russia?  Is there a military angle we should be considering other than "Greek attacks it own"?  Always felt like there was an actual reporter lurking around these parts...

Tue, 06/21/2011 - 20:44 | 1390813 topcallingtroll
topcallingtroll's picture

This is sarcasm right?

Cuz if you are serious there is this wonderful new invention called a search engine.

Type in socgen or soc gen and walla! Your answer appears by magic!

Tue, 06/21/2011 - 19:15 | 1390696 IdioTsincracY
IdioTsincracY's picture

Privatization is the key word ....

Here come the Banksters!!

Tue, 06/21/2011 - 19:13 | 1390699 kennard
kennard's picture

This is actually bad news.

Markets only think of the next year, however.

Tue, 06/21/2011 - 19:18 | 1390702 cougar_w
cougar_w's picture

accelerated privatisation plan

All your acropolis are belong to us

Tue, 06/21/2011 - 23:25 | 1390911 GoinFawr
GoinFawr's picture

Due to lack of funds for public transit the disrepair of diesel engines will soon facilitate the privatization of breathable air. Win-Win.

Wed, 06/22/2011 - 06:31 | 1391152 Yen Cross
Yen Cross's picture

  +1 Yen . I watch! Grin-Smirk.

Tue, 06/21/2011 - 19:16 | 1390704 CrashisOptimistic
CrashisOptimistic's picture

The votes will all proceed to get money flowing from Germans to Greeks.  Why is this surprising?

Nothing is going to change until bullet holes appear in skulls.

Wed, 06/22/2011 - 01:38 | 1391046 Assetman
Assetman's picture

The bigger perception problem is the flow of money from German taxpayers to the French banks that would benefit from unlimited Greek debt backstops.  That probably isn't going settle too well in much of Deutcheland...  especially when the ECB printing presses get fired up full bore.

The Greeks got approved EU membership on a series of appalling misrepresentations from the Greek goverment and Goldman Sachs.  To this day, it appears the Greece really hasn't come close to meeting debt to GDP requirements for legitimate EU membership.  But somehow, the ECB and the IMF are bending over backwards to add more debt to the kitty.  Whatever it takes to get the banksters paid, I gather.

The open issue is... who's going to provide the bullet holes, when one of the affected parties is already tied down and being skull-f%cked???

Tue, 06/21/2011 - 19:23 | 1390707 GeorgeHayduke
GeorgeHayduke's picture

Looks like the Bankers are going to have a little metaphorical Greek style sex with the Greeks.

Have no fear, this new craze will "spread" far and "wide" before it's all done.

Getting Greeked coming soon to YOUR part of the world.

Tue, 06/21/2011 - 19:44 | 1390765 cougar_w
cougar_w's picture


Tue, 06/21/2011 - 19:22 | 1390717 Caviar Emptor
Caviar Emptor's picture

The privatization issue is pure political play acting and totally irrelevant. It was done to make the new money printing appear sound, rational, austere.

It's only an attempt to keep up appearances, like many of the so called debates going on in the US, Japan, UK and elsewhere. 

You need everybody to open up their wallets big and wide to keep a Ponzi going. You don't encourage them to save, be smart, plan for the future. They're ultimately mutually exclusive, as we'll see shortly.The banksters got what they wanted. They want more but the demonstrators are pushing back.  

Wed, 06/22/2011 - 06:37 | 1391153 Yen Cross
Yen Cross's picture

 Break it down. Yen.

     The fact that you took the time is the BEST step! Thank You!

Tue, 06/21/2011 - 19:31 | 1390721 Pure Evil
Pure Evil's picture

So will those IMF dispersements consist of that brand spanking new, wang dang doodle, SDR?

What's the use of getting Euros if you can get SDR's?

SDR's, better than gold, accepted everywhere the IMF wants to be!

Tue, 06/21/2011 - 19:51 | 1390768 Lord Welligton
Lord Welligton's picture

Today the people died in Greece.

Today "Democracy" lives.

Shame about the "people" really.

But then they never really understood "Democracy".


Wed, 06/22/2011 - 06:39 | 1391156 Yen Cross
Yen Cross's picture

 Rabbits chew through Plastic. Loonies everywhere!

Tue, 06/21/2011 - 19:23 | 1390722 tradebot
tradebot's picture

Can't they just rinse and repeat over and over...everyone keeps writing on how the end is near...They just tak a vote...print more money or both...I wonder If I'll live to see the last currency standing...

Tue, 06/21/2011 - 19:43 | 1390754 cougar_w
cougar_w's picture

Can't they just rinse and repeat over and over

Good question. Maybe not. But if they can then I think it means the "market forces" of yore are toast.

If they can then we really do have a centrally-run economy. On a global scale, no less.

And the problem with that is ... well the USSR worked out really well. "Central planning" is a euphemism for "central plundering" and then you end up with Feudalism for the masses. For example, Putin and his heirs will rule Russia for a thousand years. Totally in the cards, starting in 1917.

And someone is going to get to rule the whole world too, same play book, making all others their retainer and vassal.

Imagine the day some smarmy fucker you never heard of comes on the TeeVee and says "Well folks I win, now let me tell you what all that was about back then. Oh and something about how you all dance going forward."

That is going to be some interesting shit, right there, when it happens. Reference my collected works.

Tue, 06/21/2011 - 23:06 | 1390898 GeorgeHayduke
GeorgeHayduke's picture

I'm astounded this entire economic Ponzi scheme has gone on this far, and the game is still grinding along. Each week, then month, year I keep expecting the wheels to fall off the cart, yet this turd still rolls along....

Maybe all of us who keep anticipating this collapse are the ones who are crazy in this bassackward, makes no sense at all anymore, world.

Tue, 06/21/2011 - 19:35 | 1390744 JR
JR's picture

The main point: today Parliament had to decide whether it wanted to vote against Papandreou or not.

Tuesday, it has to decide whether it wants to vote against the Greek people or not.

And that’s a little different for Parliament members.  It doesn’t look as if G-Pap has votes to spare.

It’s my personal opinion he won’t get approval for the MTFS.

Tue, 06/21/2011 - 19:45 | 1390759 agrotera
agrotera's picture

I hope you are right JR!!!


Tue, 06/21/2011 - 21:22 | 1390847 riley martini
riley martini's picture

 The close vote was all for show just like the TARP vote . Pap and his fascist leaches aren't going to pass up a chance to skim more money . If the austerity was for the Fascict bankers and politicians it would fail . If Pap and the Banksters were investigated for financial fraud and they were forced to open up their books it would fail 300-0.

Wed, 06/22/2011 - 06:39 | 1391158 Yen Cross
Yen Cross's picture

  Back from Vacation?

Tue, 06/21/2011 - 19:33 | 1390747 SheepDog-One
SheepDog-One's picture

E28 billion in austerity cuts for the peasantry, thats the real vote.

Tue, 06/21/2011 - 19:44 | 1390756 Caviar Emptor
Caviar Emptor's picture

We may not seem very austere today, but read our lips: next time we're bailed out,  we're gonna be grim! We're gonna be like the angel of death!

Tue, 06/21/2011 - 19:47 | 1390764 The Profit Prophet
The Profit Prophet's picture that Greece will be officially annexed by the Banksters through "accelerated privatization", I think it only appropriate that we come up with a new name for the birthplace of democracy formally known as Greece...

Vive la "Cleptonia"!

T.E.I.N. everyone!

Tue, 06/21/2011 - 20:26 | 1390798 The Limerick King
The Limerick King's picture

Some words for the country of Greece

Whom Banksters decided to fleece

Don't let them own ya!

Don't be Cleptonia!

Rise up...this corruption must cease!

Tue, 06/21/2011 - 22:23 | 1390877 Beatscape
Beatscape's picture

I can hear it now as the IMF/EU try to monetize their new Greek assets.

"Lease the jewels from the country formerly known as Greece for only dollars per day!  Choose from beautiful islands, historic monuments settings, lush hidden countryside getaways near ancient Sparti and Kalamata.  All yours--just call 1-800-IMF-THIEF."


When making your reservation, please make all references to the country formerly known as Greece as "Europlunderland."




Tue, 06/21/2011 - 19:45 | 1390766 carbonmutant
carbonmutant's picture

"We Must Shrink the State" -GP

Tue, 06/21/2011 - 19:54 | 1390770 Cheesy Bastard
Cheesy Bastard's picture

How much to ship the Parthenon to the top of an Austrian mountain, ya think?

Tue, 06/21/2011 - 19:54 | 1390777 The Profit Prophet
The Profit Prophet's picture

Only 10 billion Benny Bucks or one once of take your pick sir, just do it fast - oops, make that 11 billion!

Tue, 06/21/2011 - 19:53 | 1390775 Seasmoke
Seasmoke's picture

how many more anticlimatic days can we expect.....i am getting tired of them

Tue, 06/21/2011 - 19:56 | 1390779 Youri Carma
Youri Carma's picture

Pusherman destroying Spain next, Greek has been destroyed now so skip to the next victim SPAIN!

Spain can’t let up on reforms, IMF says

IMF Same Exact Four-Step Program

1.0 Privatization 'Briberization.'

2.0 IMF/World Bank capital market deregulation allows investment capital to flow in and out the "Hot Money" cycle.

3.0 Market-Based Pricing, a fancy term for raising prices on food, water and cooking gas.

3.5 IMF and World Bank call their "poverty reduction strategy": Free Trade- "The IMF riot."

Tue, 06/21/2011 - 20:29 | 1390801 XRAYD
XRAYD's picture

So Ignore Greece for another week, along with Ireland, Spain, Portugal.


Focus on Ben and his blah blah blah tomorrow ... and then what?



Tue, 06/21/2011 - 20:33 | 1390807 Ned Zeppelin
Ned Zeppelin's picture

S.O.P.: kick can down road by liberal application of additional mind-dumbing quantities of even more created-from-thin-air-but-collected-as-if-real-money fiat.  This Greek "vote of confidence," as stupid as it is, is not the end of the Euro saga, only the beginning of a period of profound collapse as the PIIGS being to fall one by one, succumbing to excessive debt. There is no cure but overwhelming austerity and that will not stand for long in Europe.  Wait until it crosses the pond to America. 

Tue, 06/21/2011 - 20:56 | 1390822 williambanzai7
williambanzai7's picture

The Asians were lucky enough to have the Chinese economic engine to pull them out of the IMF morass.

Sadly, the periphery of Europe are lacking in a similar engine to pull them out.

I hear no mention of the detailed pipe dream that will repay all of this bailout borrowing. What are the Greeks goin to do, get jobs as investment bankers?

Tue, 06/21/2011 - 21:00 | 1390824 allenaki
allenaki's picture

Gpap spoke last night about the Greek Flag, about the Nation (Ethnos), about Patriotism.

He, a declared and dedicated globalist, a fan of the open borders, of the Global Government and the NWO and against the National State, a statesman of the Open Society, a dedicated "antiauthoritarian". A humanist.

Well, I say, he sensed the odds and the odds tell him that Patriotism sells nowadays.

[Nobody believes him, of course...]

But, there is a tense situation in Athens tonight, in front of the Parliament.
The Police has blocked yesterday all routes guiding to the American Embassy (far away from Syntagma Sq.)
Why? Are they expecting the "very well known Known-Unknown dressed in black and hoodied dynamic rioters..." to proceed with violence and riot?

The last two or three nights the turbulence in the City of Athens was more intense than before.

The Police tore down the GREEK FLAG yesterday evening. Some protesters tried to put the Flag on the wire and plexiglass fence that protects the Parliament.

There is a kind of crystal clear "ideological" division in Syntagma Sq, upper Syntagma and down Syntagma.

In upper Syntagma lots of greek flags, patriotic, national vibes and atmosphere.
In down Syntagma blow internationalist winds, anarchists against all national and ethnic symbols, commies, leftists, dynamic rioters, illegal immigrants selling their smuggled and fake products (smuggled, fake and cheap bliblikia, toys and all kind of deco stuff from Taiwan, China etc.)

Smuggled, imported fake products worth 100 million euros were discovered last month βυ the greek authorities in hidden warehouses.
These products are distributed in the whole country, sold by the thousands illegal immigrants, who are free to circulate everywhere, who pay no tax, no vat to the state.

They occupy the squares of all Athens neighbourhoods in front of the shops, and sell these products on "carpets" just in front of them.
Thus obstructing the passengers, the clients, the shops, the entrances. Most times they choose to lay their "carpets" in front of shops which sell similar products.
For example, they sell fake Chanel bags in front of a bag shop etc.

Just for you to know, Tyler...

Tue, 06/21/2011 - 21:32 | 1390850 JR
JR's picture

Thanks for a very moving description of a sad, manmade crisis.  It’s the struggle between people who would live their lives as they choose, willingly paying their way, and sinister criminals who would take everything they own and, if necessary, eliminate them.  Never before have the motives of the oligarchs been so exposed.  Resistance by the Greeks is the beginning of the West’s fight to restore the progress of its civilization and prosperity.

The true Greeks need our strong support; we need to hit the IMF with everything we’ve got. As Patrick Henry said: Our brethren already are in the field, why stand we here idle?”

David Rockfeller: “This present window of opportunity, during which a truly peaceful and interdependent world order might be built, will not be open for too long - We are on the verge of a global transformation. All we need is the right major crisis and the nations will accept the New World Order.”

Tue, 06/21/2011 - 21:54 | 1390861 allenaki
allenaki's picture

It is important for you to know all facts in order to understand the situation.





Because these people come from all over the world and Greece is not able any more to manage this burden. NOBODY COUNTS THEM, NOBODY KNOWS THEIR NUMBERS.

The Turkish PM Turgut Ozal sait in the nineties:

"There is no need to invade Greece with army, just send millions of immigrants there... and the dirty job is done".

We are NOT racists, we support the freedom for ALL people in THEIR countries, BUT they should RESPECT OUR country when they come here.





The Left Wing Parties should not be proud and happy for their supporting the illegal immigrants - poor people yes, but where do they find the 10.000 dollars the Slavery masters demand to come here?

I feel sad when I see GREEK Anarchists and Leftist BURN THE GREEK FLAG WITH HATE.



Tue, 06/21/2011 - 22:45 | 1390889 JR
JR's picture

Thank you, allenaki, for the additional insight.  I have been reading about the serious illegal immigration problem in Greece.  Clearly, it has become a useful weapon for the international bankers to use in creating divisions among a people by erasing their cultural traditions, common language and national loyalties, i.e., by lowering civilized standards in order that the population can more easily be controlled under a centralized world government.

The reasons the globalists pushed for a European Union was so the populations would mingle and aid in the destruction of nationalism within Europe.  It’s to knock down standards, such as the church, the flag, the traditions, the songs, the language, the family - the strengths of a people -  which are considered trouble in a soviet like superstate.

And they claim to support “diversity.”

Wed, 06/22/2011 - 02:20 | 1391084 Hook Line and S...
Hook Line and Sphincter's picture

Go to Athens and you'll be fortunate to see a Greek. Albanians swarming like locust. The Greeks despise them. 

Watch them feed!

'Kali Nichta Ellada' (phonetic sp. as spoken in English)

Tue, 06/21/2011 - 21:14 | 1390841 allenaki
allenaki's picture

Syntagma Sq, "downhill"... Ιινe now

Tue, 06/21/2011 - 21:15 | 1390843 MS7
MS7's picture

I speak Greek fairly well. I didn't hear the latest debate in Parliament, but in the one I heard, about a week or so ago, there was no one who challenged G-Pap's assertion that a default would be a "disastrous". In fact at one point he said if you (members of Parliament) want me to refuse the bailout money, I'll do it. I Some economists say that default is the least bad option. You'd think there would be someone in Parliament echoing that. Without challenging that assumption, I don't think any of them have a real basis for an argument against him. Any random set of protesters (and I include Riot Dog here) could probably do a better job than the members of Parliament.

Tue, 06/21/2011 - 21:45 | 1390855 allenaki
allenaki's picture

You are right.
Only the left wing parties have expressed in the past their pro Drachma and against Euro preference, loud and clear.


For the moment, they are a little bit "afraid" in saying that loud, because then, they get attacked "as traitors", who wish to destroy Greece and the Eurozone, put
the country under the Plutocracy, Cleptocracy and the "USA umbrella" and give the country as a lamb to the markets, which have shorted-ΒΕΤ billions on its default.

And this is so strange, accusing a left wing communist party, with roots in the USSR, of wishing to pull Greece "under the US umbrella".

Only a bunch of left finance experts (Kazakis, Lapavitsas, Viliardos with scepticism the latter) propose Drachma.

The only one who is absolutely - on purpose or not- destroying euro, eurozone and european union is GPapster, for sure.
About betting, I don't know.
I read as everyone else, Mr. Noulas of CoveringDelta.

We read also Greg Palast's book about the IMF methods, where Mr. Stiglitz says "provision 10% for every MEGA-LOAN"...

I do believe though, that a default plus introducing Drachma is the best for the country, even if foreign entities come then and buy cheap, at least Greece with Drachma can print its money to off some debt, to pay salaries and wages, to attract tourism, to produce and export 

Tue, 06/21/2011 - 21:45 | 1390857 JR
JR's picture

Members of Parliament may not be talking about it in public, but in private it is very much on their minds. And they're talking about it. 

Deutsche Bank’s Chief Josef Ackermann argument against restructuring the Greek debt because “it would force investors — and banks — to share Greece’s pain,” is not popular with the people.

According to the NY Times: Ackermann has called on European governments to devise a ‘Marshall Plan’ for Greece that would offer more aid, while forcing the country to sell billions of euros’ worth of state assets, and provide a framework for rebuilding its economy.

“Any restructuring, Mr. Ackermann cautions, could be even worse than the crisis brought on by Lehman’s collapse. It could threaten the stability of major financial institutions, as well as the European Central Bank, which hold huge amounts of Greek debt, he says.”

Ackermann claims the biggest challenge now is to “convince people of any country to help Greece even more.”

Tue, 06/21/2011 - 21:50 | 1390859 jackbooted gauleiter
jackbooted gauleiter's picture

Let's face it, Corfu is really a British possession... and should be given back to the Brits, then instead of going bankrupt along with the rest of Greece, it can go bankrupt along with the rest of the UK.

Tue, 06/21/2011 - 22:10 | 1390869 allenaki
allenaki's picture

The Brits hate the Greeks.

That is a fact.

Tue, 06/21/2011 - 23:45 | 1390944 Islandcarl
Islandcarl's picture

Having lived in the British Isles most of my life, I can't remember anyone commenting on the "Greeks"!

Tue, 06/21/2011 - 21:52 | 1390860 jackbooted gauleiter
jackbooted gauleiter's picture

Just accept that Maggie Thatcher was right, the Euro should have been created as a common currency not as a single currency.

Tue, 06/21/2011 - 21:56 | 1390862 Beatscape
Beatscape's picture

Fascinating. After the IMF forecloses on the Acropolis, the theatre of Epidaurus, a few choice Greek isles and perhaps takes possession of part of their gold holdings, then the hatred of bankers, the IMF and the EU will reach a feverish pitch.  The Greek people have been placated for years with cushy government jobs and benefits, no enforcement of taxation and decent public services--an easy life.  Now, IF the austerity vote passes, the fury will be unleashed.

I predict a full violent assault on the embassies of Germany, France, Austria, Denmark, etc. The protesters in Greece are just getting warmed up. Further, other than an armed conflict, what is stopping the people of Greece from voting in a pure socialist who doesn't honor the contracts of the IMF and EU and the privatization of Greek assets?  The people will figure that out and I see a genuine war brewing--old school European tribal style.  Does the IMF have Blackwater on retainer?  Seriously, where is the enforcement arm of the IMF and the EU?  If the Greek police and army refuse to quell the riots and join in, who will fill their shoes to enforce the austerity measures and keep the people in check?  This is Pandora's box, and it's just opening now.

Tue, 06/21/2011 - 22:32 | 1390884 allenaki
allenaki's picture

Nobody knows where the greek gold is.

After entering the Eurozone, the gold is "vanished".

The Bank of Greece (the Central Bank) does not allow an audit.

Even the Parlamentarians are not allowed to demand an Audit.

Some say the half of the Gold is at FED, in Fort Nox, some portion is at the Bank of England for sure.

After the WW II Germans put all the greek gold on a ship and transported it to Germany (stolen it).

" If the Greek police and army refuse to quell the riots and join in!

Not realistic.

This police and army was constituted during these 30 years of PASOK REGIME.



"Blackwater": YES plus EUROGENDFOR

Tue, 06/21/2011 - 22:04 | 1390867 Eagle Keeper
Eagle Keeper's picture

I Guess this is the official G-Pap-smear....

Tue, 06/21/2011 - 22:26 | 1390874 slewie the pi-rat
slewie the pi-rat's picture

now ain't that some MuThuFukinShit?

Tue, 06/21/2011 - 22:27 | 1390880 No Bid
No Bid's picture

Keep in mind they're still draining their balances to keep the govt running.  They could run out of cash at any moment.


They need an unconditional bridge loan to stave off near term default.  Even if they pass austerity measures, which they won't, they've proven that they're unable to enact it. 


Check, Bernanke.

Tue, 06/21/2011 - 22:35 | 1390885 BORT
BORT's picture

Are you referring to Greece or the USA.  Sounds like a perfect description of Washington

Tue, 06/21/2011 - 23:29 | 1390892 scratch_and_sniff
scratch_and_sniff's picture


Tue, 06/21/2011 - 23:01 | 1390895 Atomizer
Atomizer's picture

Food for thought ZH Posters:

Building China Information Technology - I didn't have sex or inhale. When you hear about security threats, go back to the basics.

Clinton to sign China trade bill Tuesday

President Clinton will close years of political and economic debate Tuesday and seal a major achievement of his administration by signing off on normalized trade with China.Clinton will sign the measure, approved by Congress this year, in a White House ceremony Tuesday afternoon. The president has invited key lawmakers to the South Lawn to witness his signing of the U.S.-China Relations Act of 2000.The bill's passage by the Senate on September 19 capped years of negotiations with Beijing and intense lobbying by the Clinton administration, business and labor interests. The move is designed to open China's mammoth market to U.S. businesses and pave the way for China's entry into the World Trade Organization, ending a 20-year-old U.S. ritual of annually reviewing China's trade status.The bill survived a bruising battle in the House of Representatives in May, and Clinton has hailed the measure as a turning point in relations between the world's richest and most populous nations.Granting permanent, normal trade relations to China is considered the most important U.S. trade legislation since passage of the North American Free Trade Agreement in 1993. But it faced a long campaign of opposition from labor, human rights and conservative groups who wanted to retain the annual review of trade relations with China.


China and the WTO

How does this come full circle? Planned economies under a few unwise individuals.

PIGS are broke. I repeat, the PIGS are broke. However, they need you to help the planned economy move forward.

Codex Alimentarius Commission

Today's Chinese fire drill will commence tomorrow with Ben and end just before August 2, 2011.

Wed, 06/22/2011 - 00:10 | 1390960 JR
JR's picture

+100 Atomizer. And note this :

Trade Newswire | 4/28/2011 - 40,000 U.S. Manufacturing Outfits Closed; 50,000 jobs lost per  month since China joined the WTO in 2001

The United States has lost an average of 50,000 manufacturing jobs per month since China joined the World Trade Organization in 2001.

In addition, over 40,000 manufacturing facilities in the United States have been closed permanently during the past decade. (46,000 factories were transferred from the US to Asia over the same 10 year period, says Gordon T. Long).

According to the U.S. Commerce Department, U.S. multinational corporations added 2.4 million new jobs overseas during the first decade of this century.  But during that same time frame U.S. multinational corporations cut a total of 2.9 million jobs inside the United States…

Ten years ago, the U.S. economy was three times as large as the Chinese economy.  At the turn of the century the United States accounted for well over 20 per cent of global GDP and China accounted for significantly less than 10 per cent of global GDP.  But since that time our share of global GDP has been steadily declining and China’s share has been steadily rising…

See full article from DailyFinance:

Tue, 06/21/2011 - 23:13 | 1390905 ZimbabweTrillionaire
ZimbabweTrillionaire's picture

Is it a coincidence that ZH stopped posting new stories and tweets around the same time the FBI raided servers in NY?

Tue, 06/21/2011 - 23:28 | 1390916 Atomizer
Atomizer's picture

Fuck off cunt.

Is it a coincidence that ZH stopped posting new stories and tweets around the same time the FBI raided servers in NY?

Things That Make You Go Hmmm.... Such As The 10 Steps To Realizing You, Or Your Country, Is A Debt Addict

Tue, 06/21/2011 - 23:39 | 1390927 Beatscape
Beatscape's picture

Not a problem here--ZH is still up. Interesting how the FBI took down Curbed Network and other servers...

Wed, 06/22/2011 - 00:57 | 1390998 slewie the pi-rat
slewie the pi-rat's picture

i had some probs, earlier.  slowness, failure of pages to load, different page formats;  for hours.

right about the time i became convinced that zH is a FBI training site and we were training over 100 tylerz a month, i woke up...

Tue, 06/21/2011 - 23:29 | 1390921 ZimbabweTrillionaire
ZimbabweTrillionaire's picture

Atomizer: it wasn't a derogatory comment, it was a concern.

Tue, 06/21/2011 - 23:32 | 1390923 Atomizer
Atomizer's picture

Sorry, please accept my apologies.

Tue, 06/21/2011 - 23:44 | 1390936 ZimbabweTrillionaire
ZimbabweTrillionaire's picture

A, it's all good.

Tue, 06/21/2011 - 23:59 | 1390952 cfigueir
cfigueir's picture


I wonder what the deposit outflow picture is starting to look like... hm.


Wed, 06/22/2011 - 00:20 | 1390962 chump666
chump666's picture

The FX market is spot on with this 'vote', stocks have gone into la la land via the ridicules dow meltup.

Euro open eveything gets dumped...anytakers?

Wed, 06/22/2011 - 00:16 | 1390967 zeusman
zeusman's picture

I am not sure what SocGen has against the study of long term weather trends..  First sentence in piece claims another "anticlimatic" day... Hmmm

Wed, 06/22/2011 - 01:23 | 1391034 Bansters-in-my-...
Bansters-in-my- feces's picture


Wed, 06/22/2011 - 01:28 | 1391040 dcb
dcb's picture

I think the big selling is done. until we are at the top of the trend line, down for sure. this is at most a day drop with the next up. as we have seen on almost all days the algos ramp up like yesterday, there is a bit of a sell off. we have to go back to the lower portion of the speed line in order to ramp it it up again. we have seen the big sell off, and now the algos are in charge again. so watch the trend lines. the market has higher to go. it's ordained.

Wed, 06/22/2011 - 02:04 | 1391079 Hook Line and S...
Hook Line and Sphincter's picture

Everyone's got to stop with these G Pap smears.


Wed, 06/22/2011 - 03:18 | 1391111 thetrader
thetrader's picture

european stocks selling the news, let's see if some support levels from yday hold

Initial Sell the News Action in Europe

Wed, 06/22/2011 - 05:46 | 1391142 Yen Cross
Yen Cross's picture

 LUBE those ECB contracts. E-POP goes the Weasel!  (EXTRA VIRGIN olive oil style(

Do NOT follow this link or you will be banned from the site!