Greece Unable To Repay Debt In Full, Claims Lars Feld, Designated German Government Adviser

Tyler Durden's picture

Just headlines for now, citing a Handelsblatt article. Per Feld's recommendation, Germany would need to set aside funds for the inevitable Greek default. This dovetails nicely on the German forecast that the EFSF will have no choice but to buy sovereign debt in the secondary market, in essence removing sovereign debt purchases from the SMP program, and through a CDO conduit. This will not end in tears.

More as we see it.

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BobPaulson's picture

This will end in tears? 

Stuart's picture

shocked I say I am, just shocked!    Retards.

uno's picture

what were the odds, guess it's time for some more Athens riots, makes for good youtube videos

TumblingDice's picture

And they seemed like pretty trustworthy folk, being a government and all.

Ragnarok's picture

Please let reality finally shine through.

SheepDog-One's picture

Seems lately a lot more reality is shining thru. the 2 year honeymoon of Mr Suspension and Miss Disbelief is over.

Rodent Freikorps's picture

That's a nice country you have there, Greece.

Be a shame if something were to happen to it.

Stuart's picture

we're just as bad, just better at diverting attention and obfuscation. 

Sudden Debt's picture
The Kübler-Ross grief cycle


We just left the bargaining cycle and now greece will enter THE DEPRESSION CYCLE!!!

Rodent Freikorps's picture

I'm in acceptance with brief periods of rage.

Sudden Debt's picture



SwingForce's picture

The Debt?

Or The Debt + The Interest? 

And how do they know that today?  They just don't want to.

stewie's picture

Yeah that's what I was asking myself. I don't get the point of this post.  Every country in in the same position, unable to repay their debts?!  They must mean service their debts?  

EDIT:  Dooh. Sarcasm :o)

johngaltfla's picture

Wait until Ireland, Portugal, Italy, Spain, Hungary, Belgium, Ukraine, Romania, and Bulgaria tell them the same thing.

Caviar Emptor's picture

This morning's flurry of headlines are test-marketing to gauge response and prepare to fend of criticism. 

They want to know: is it better to cut our losses now or kick the can and risk a bigger blow out later? 

Either way it's an ominous and humiliating defeat for global central banksters. They have proven that deficits do matter. A very dark day for TPTB

Sophist Economicus's picture

Agreed.   But since we know what they are doing, they must know that some of us know what they are doing too.   So, since they know that we know, and we know that they know we know - they must be doing this to see what the people that don't know what we know, they know we know, would do -- them people being the sheeple.   And if the sheeple don't baaah, then it is a green light for all those that know to exploit this situation further....


I hope I was clear here

Caviar Emptor's picture

hehe. I appreciate the 'hall of mirrors' of the paranoia game. 

But the plain fact is that to even make ANY admission that their plans to run deficits forever and to the stars are failing is a humiliating defeat. 

It's the first chink in the armor. It's the first brick to fall out of the dam wall. Like with any conspiracy something goes wrong somewhere along the line. In this case it makes perfect sense that Germany would be the one to get cold feet and be the first to break down. That's because of the experience of Weimar hyperinflation and the subsequent disintegration of the economy, then politics and then the whole society going down in flames, which still haunts to thi day

Sophist Economicus's picture

Agreed.   This time i'm ending it here.   Because you know that I agree with you, and I know you know that I agree with you.   But, if I know that you know that I know that I agree with you, there really would be no reason for me to write much past Agreed.

M.B. Drapier's picture

But Trichet doesn't want public deficits; he's one of the biggest zealots for austerity in power anywhere.

Caviar Emptor's picture

He's the biggest talker. Watch what he actually does. 

johngaltfla's picture

SE, today is a non-event. As long as they promote the "big earnings surprises" and the fact that Obama wore the purple lipstick for our ChiCom banksters, everything is fine.

Besides, isn't their something we could all be doing with our PS3 or putting an "i" in front of something to promote economic growth?

topcallingtroll's picture

Did I miss something? I was taking a porn break. Ive been curious about tranny porn ever since tyler started obsessing about it. Man that is so. Wierd! The most beautiful chicks you would just jump in an all over them except for one tiny detail....that huge manly schlong. My whole world view is now in question. Everything i thought i believed in is gone....gone

topcallingtroll's picture

A tiny schlong on a cute chic maybe i would consider, but a huge.schlong? Never.

Rodent Freikorps's picture

I don't believe there is a size limit on drawing the gay flag.

"You suck one dick..."

ColonelCooper's picture

"You suck one dick..."

There is one exception: If you do it to keep your job, AND you don't enjoy it.  Some bosses will let you give them a handy.  In that case, you just look the other way and pet the nice kitty.  Try not to cringe too hard, it's only skin.

Ancona's picture

Anyone for a game of dominoes?

Sudden Debt's picture

US style or EU style?


Ancona's picture

If we do US style first, we'll be too busy fighting off zombies to watch the EU game.

Zero Debt's picture

Do it Japanese style. Invite the housewives. They will never stop playing.

Gunpowder Plotter_Jr.'s picture

euro target 1.344.

does this mean shitty dollars gonna spike?

trav7777's picture

Greece can't repay?  Wow, no fucking way

One_Eyed_Pony's picture

International Margin Call? No Problem, just call Uncle Ben's "Printing Presses of the Potomac". AND... If you act now, you'll receive a RONCO Popel's Rotisserie... "Set It and Forget It" money machine!

So call The Benak NOW (202) 452-3000

knukles's picture


Buncha clowns trying to act serious. 
Three Stooges redux. 

Buck Johnson's picture

We said they couldn't be able to repay last year and now they are seeing the light.  That 150 billion dollars and can't repay and they are thinking of buying back that debt and trying to sell it as a CDO or whatever, it won't work.  They are running out of time and their are no more schnooks to schooker.  You and me and anybody on this board don't have 150 billion dollars or billions to buy CDO's.  The people and institutions that have this type of money are their very own bankers, and they aren't buying anything that is associated with Greece.  This is another game of shifting things around.  After reading further on a Reuters article, they are wanting Greece to buy back the Greek bonds (that German banks have and investors have) with ECB money.  In an attempt to bailout private banks and essentially the German economy via the rest of the EU.  Of course they put money into the EU money to Greece also, but they know that it at least saves their banks from imploding and they can keep playing games with the world or Europe by moving the debt around and/or trying to soak it up with the other countries.

If Germany is smart, they would get out of the Euro and back to their currency.