• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Greek Austerity Vote Begins

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 06/29/2011 - 08:39 | 1411221 misterc
misterc's picture

It will pass, I bet.

Wed, 06/29/2011 - 08:39 | 1411235 eigenvalue
eigenvalue's picture

+1. If it fails, I will eat my shirt up. The banking cartel always wins. The only solution is a revolution!

Wed, 06/29/2011 - 08:45 | 1411268 firstdivision
firstdivision's picture

If it fails, I'll track down Harry Wanger and make out with him.

Wed, 06/29/2011 - 08:50 | 1411286 idea_hamster
idea_hamster's picture

Maybe you can hunt down Kouroumplis Panagiotis -- first Pasok defector?!?

Wed, 06/29/2011 - 08:52 | 1411293 Mr. Poon
Mr. Poon's picture

Agreed, it is very likely it will pass.

This is, fundamentally, a demographic question.  Greece is overwhelmingly composed of people who are in their later years of life.  They are not going to go through the severe pain of defying the monetary authorities in order to restructure their country and their economy for the benefit of future years, because, by and large, they will not live long enough to realize that benefit (and since so many do not have children, they have no motivation to do so for the next generation).

Instead, they will suffer whatever they have to suffer, as long as their pensions and their government jobs remain more or less intact.  Even pay cuts and pension cuts will be tolerable, as long as the guarantee of a job or a retirement is still there.  They will not risk their job security or pension security by defying the powers that be, which would have unknown ramifications.  They will do whatever they have to in order to preserve some semblance of the status quo; even if that includes gutting what is left of the private sector, selling off the coastline, and allowing the Disney corporation to turn the Acropolis into a theme park.  As long as their pensions and their government jobs remain more or less intact, they will agree to anything.

Likewise, the revolution will not be televised, because there will be no revolution.  How do you have a revolution in a country of old people?  You don't.  Now, Spain or Ireland may be a different story.  But Greece is not where it will happen.

Wed, 06/29/2011 - 10:23 | 1411682 White.Star.Line
White.Star.Line's picture

Bankers pay for campaigns for their politicians.
Politicians pay back bankers with their legislation.


Wed, 06/29/2011 - 08:40 | 1411224 Robslob
Robslob's picture

Bankers Bankers Win...Bankers Win...Bankers Win  The 2011 Insolvency World Series...!

Says Harry Cary from his grave...

Wed, 06/29/2011 - 08:42 | 1411250 GetZeeGold
GetZeeGold's picture


Sooooooo basically they're voting on whether or not to spend the money they don't have?

Do I have that right?


Wed, 06/29/2011 - 08:44 | 1411243 JimBobOMG
JimBobOMG's picture


Wed, 06/29/2011 - 08:40 | 1411244 Judge Holden
Judge Holden's picture

Everyone ready to see some austerity get rammed down poor, innocent, young Greece's throat?

Wed, 06/29/2011 - 08:44 | 1411264 GetZeeGold
GetZeeGold's picture


We in America shove the austerity up our youth's backside.....that way we don't have to look them in the face.


Wed, 06/29/2011 - 08:57 | 1411303 Mr. Poon
Mr. Poon's picture

Not poor, not innocent, and definitely not young.  Maybe soon to be poor, but Greece has never been innocent, and lo these last few decades, it certainly has not been young.  If you want "poor, innocent, young", you will have to go to Syria or Egypt.

Wed, 06/29/2011 - 08:41 | 1411245 sunny
sunny's picture

I'm convinced it doesn't matter how they vote.  The world is just knows they will vote for the austerity issue and yet more unmanageable debt.  But even if they DO NOT vote in favor of this bill, somehow TPTB will make sure they get the money somehow.  That's what can kicking is all about.


Wed, 06/29/2011 - 08:46 | 1411254 Judge Holden
Judge Holden's picture

I'm pretty sure Iceland had a successful revolt against somewhat similar plans.

Wed, 06/29/2011 - 09:12 | 1411378 pazmaker
pazmaker's picture

Yes and Now Iceland pushing hard to become part of the EU



Wed, 06/29/2011 - 08:42 | 1411251 Everybodys All ...
Everybodys All American's picture

Vote is meaningless ... try enforcing the result.

Wed, 06/29/2011 - 08:45 | 1411267 qussl3
qussl3's picture


Failed State.

Black hole.


Wed, 06/29/2011 - 08:42 | 1411255 Cdad
Cdad's picture

The only question seems to be...how long before the first building goes up in flames somewhere along the edge of the square.

Personally, I'm giving it one hour.

Wed, 06/29/2011 - 08:44 | 1411263 qussl3
qussl3's picture


Wed, 06/29/2011 - 08:46 | 1411273 Cdad
Cdad's picture

I'm super optimistic...for the next 45 minutes or so.  After that, boy I'm bearish.  Somewhere near the close, I'll be bullish again, until the end of after hours, when I'll be bearish.

It's called "investing."  

Wed, 06/29/2011 - 08:52 | 1411281 qussl3
qussl3's picture

You're one of em long term "buy and hold" types i see.

Rare breed.

Wed, 06/29/2011 - 08:52 | 1411297 Cdad
Cdad's picture

Yep...but...there is the first building fire.  No one could have seen an public uprising coming.  Impossible.

Wed, 06/29/2011 - 08:52 | 1411299 qussl3
qussl3's picture

Shit on fire already, just in time for the NY open.


Wed, 06/29/2011 - 08:44 | 1411261 firstdivision
firstdivision's picture

It will pass like the previous one, then Greece will not meet a single obligation as before.  Rinse, wash, repeat.

Wed, 06/29/2011 - 09:00 | 1411317 topcallingtroll
topcallingtroll's picture

Well said.

Wed, 06/29/2011 - 09:01 | 1411321 6 String
6 String's picture

Exactly. Human nature is to do something, even if it is futile, over doing nothing. It's an occam razor that one must never forget (ahem, Bernanke).

Wed, 06/29/2011 - 08:49 | 1411269 scratch_and_sniff
scratch_and_sniff's picture


Wed, 06/29/2011 - 08:48 | 1411280 A Man without Q...
A Man without Qualities's picture

A computer somewhere didn't realize it was only one vote....

Wed, 06/29/2011 - 08:50 | 1411289 scratch_and_sniff
scratch_and_sniff's picture

Yeah it was in the ruling party though, so all the pricing that went on this morning, factoring in the socialist vote, went out the window! Hardcore.

Wed, 06/29/2011 - 08:50 | 1411274 qussl3
qussl3's picture

The fuck?

90 pip swing cos some dick pol said no?

Damn this shit is tightly wound.

Wed, 06/29/2011 - 08:53 | 1411288 GetZeeGold
GetZeeGold's picture


Tight is good.



Wed, 06/29/2011 - 08:54 | 1411290 10044
10044's picture

holy shit... lots of NOs

Wed, 06/29/2011 - 09:00 | 1411315 6 String
6 String's picture

The vote won't mean shit. The R2K is going higher anyway; all news is good for small cap U.S. based companies. It's the most stable and secure asset the world has today.

Wed, 06/29/2011 - 09:05 | 1411330 Atomizer
Atomizer's picture

More Pasok defectors vote no.

Edit, it must of been a blip. nevermind.

Wed, 06/29/2011 - 09:07 | 1411336 tallen
tallen's picture


Wed, 06/29/2011 - 09:04 | 1411345 sbenard
sbenard's picture

It just passed!

Wed, 06/29/2011 - 11:05 | 1411779 Mr Kurtz
Mr Kurtz's picture

Well there you have it. Stay thirsty my friends and go long on KY, cuz the ass pounding is just beginning. Meanwhile, back in Bernanke-burg and Tim-town,"And of course, the federal debt ceiling should be raised expeditiously to avoid a severe shock to the economy and world financial markets," the IMF said in a statement.

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