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Greek Political Leaders Meet, Fail To Reach Consensus On Debt Crisis

Tyler Durden's picture




 

Reuters reports that following the anticipated meeting of Greek political leaders, absolutely nothing has been achieved, and, dramatic pause, no consensus was reached on the debt crisis. Expect more protests, more violence, more boosts to GDP expectations following Keynesian logic that the greater the destruction the higher the bounce, etc.

From Reuters:

Greek political leaders failed to reach consensus at an emergency meeting on Friday on how to exit the country's debt crisis, party sources said.

"Consensus was blocked," an official from one of the parties that participated in the meeting told Reuters on condition of anonymity.

Far right LAOS leader George Karatzaferis told reporters after the talks: "Unfortunately, some people put their chair above Greece."

An official in his party said he meant there was no agreement.

EU policymakers have warned Athens it must have broad political backing for debt-cutting measures, pressing for the kind of consensus achieved in Portugal, if they are to provide extra cash to plug a funding gap next year.

 

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Fri, 05/27/2011 - 09:32 | 1316190 Sudden Debt
Sudden Debt's picture

Meetings like that can only be solved in 1 way:

 

Step 1: place a loaded gun in the middle of the table

Step 2: tell the people inside only 1 can leave the room, the rest will get shot

Step 3: close the door.

 

Fri, 05/27/2011 - 09:40 | 1316221 topcallingtroll
topcallingtroll's picture

You often sound like a real American.

Move over here. Get yourself a nice ranch house and 50 acres for 100,000 euros, and buy all the weapons you could want.

American girls are pretty easy for.a European guy too. You will get more over here.

Fri, 05/27/2011 - 09:45 | 1316255 Johnny Lawrence
Johnny Lawrence's picture

But how do American girls feel about your excess foreskin?

Fri, 05/27/2011 - 09:46 | 1316275 idea_hamster
idea_hamster's picture

Step 4: shoot the dude who walks out.

Fri, 05/27/2011 - 09:32 | 1316191 youngman
youngman's picture

They need a JOE BIDEN...he can find a trillion to cut.....probably in ten years.....but what they hay......

Fri, 05/27/2011 - 09:35 | 1316194 Burnsy
Burnsy's picture

I am Jack's complete lack of surprise.

Fri, 05/27/2011 - 09:36 | 1316199 topcallingtroll
topcallingtroll's picture

The greeks will make a superficial meaningless gesture and the next tranche will be released by the ecb.

That is essentially what markets are telling us.

Fri, 05/27/2011 - 09:54 | 1316310 Gordon Freeman
Gordon Freeman's picture

Of course.  Actually, they'll probably just skip the gesture.

Fri, 05/27/2011 - 10:37 | 1316511 Arius
Arius's picture

"That is essentially what markets are telling us."

troll - which market? the gold market? me thinks thats a bubble...ehhhh...dont watch it...

Fri, 05/27/2011 - 09:38 | 1316201 Franken_Stein
Franken_Stein's picture

 

Off topic, but:

 

Dexia beschleunigt Abbau von Risikopositionen - Milliardenbelastung

(Dexia accelerates reduction in risk positions - at the loss of billions)

 

http://www.ariva.de/news/Dexia-beschleunigt-Abbau-von-Riskiopositionen-M...

 

 

Looks like Tyler's warning of the imminent closing of the window of opportunity regarding the sale of toxic assets like PIGS bonds has been heard and his advice been heeded.

 

Fri, 05/27/2011 - 10:42 | 1316552 Herman Strandsc...
Herman Strandschnecke's picture

Hi Franken-Stein, they say 'Better late than on the never-never' Snort, snort

Herman Strand-Schnecke

Fri, 05/27/2011 - 09:34 | 1316207 Iam Rich
Iam Rich's picture

Well, you're a political leader (nationality/party irrelevant) and your choices are (i) commit suicide via slashing of ones wrists, (ii) commit suicide via impaling oneself on a pike, or (iii) go on vacation.  This one is easier than the police brutality quiz.

Fri, 05/27/2011 - 10:26 | 1316456 slaughterer
slaughterer's picture

... there's always (iv) ass rape a maid and get your wife to buy you a $15 million Tribeca townhouse while you wait out your appeal, or (v) just play another game of golf.

Fri, 05/27/2011 - 09:37 | 1316209 SheepDog-One
SheepDog-One's picture

Should be great Im sure for equities markets, hell everythings great for 100+ P/E stocks.

Fri, 05/27/2011 - 09:38 | 1316211 6 String
6 String's picture

Oh, that's why the R2K keeps skyrocketing higher. It's the European plebs transferring as much stored wealth as possible into the most stable and safe asset the world has ever seen. I get it now.

Fri, 05/27/2011 - 09:38 | 1316228 SheepDog-One
SheepDog-One's picture

If they think the US is a 'safe' place being the worst-of-the-worst, wow the world really is finished. Plan accordingly.

Fri, 05/27/2011 - 10:18 | 1316431 youngman
youngman's picture

No Europe is...they have more old castles to surive in....

Fri, 05/27/2011 - 09:42 | 1316235 Racer
Racer's picture

So on the back of indecision the euro soars!  Along with everything else in theis crazy 'market'

Fri, 05/27/2011 - 09:49 | 1316269 SheepDog-One
SheepDog-One's picture

Wild nonsensical gyrations just like before the last crash as everyone makes mad dashes from one side of the boat to the other in blind panic.

Fri, 05/27/2011 - 10:36 | 1316518 hamurobby
hamurobby's picture

Which paper will burn first.

Fri, 05/27/2011 - 09:51 | 1316282 topcallingtroll
topcallingtroll's picture

The market expects the next tranche from the ecb to be released.

Fri, 05/27/2011 - 09:49 | 1316291 wake up America
wake up America's picture

Political leaders meet and fail to come to a consensus.  I am shocked and horrified.. How could this happen?

Fri, 05/27/2011 - 10:01 | 1316347 Mountainview
Mountainview's picture

It's really beyond them...the street is talking now!!!

Fri, 05/27/2011 - 09:57 | 1316312 bugs_
bugs_'s picture

Acario I say we fuck the french...

Nooo Baco....I say we fuck ze germans....

I..Demetrios say we fuck the chinese....

Fri, 05/27/2011 - 09:55 | 1316317 Gordon Freeman
Gordon Freeman's picture

This is all very, very bullish...

Fri, 05/27/2011 - 09:56 | 1316323 wandstrasse
wandstrasse's picture

I am really surprised! I thought the outcome of the meeting would be a new Glass-Steagall law for the entire Eurozone, the release of some goblins who are able to eat away sovereign debt, some well-measured laws to take manufacturing (and work and wealth etc) back from China to Europe, a general prohibition of any politician to make Keynesian spending promises...

 

I was so certain all of my expectations will be met!!! Now I am so shocked!!!

Fri, 05/27/2011 - 19:17 | 1318426 vocational tainee
vocational tainee's picture

As far as I remember, a camel is a horse, that was designed by a committee. 

Fri, 05/27/2011 - 09:59 | 1316333 RobotTrader
RobotTrader's picture

As usual, restaurant stocks with outlandish PE ratios like Chipolte could care less about Europe.  New record highs as we speak.

Fri, 05/27/2011 - 10:06 | 1316352 6 String
6 String's picture

You bet, Robo. I love Chipolte--so I went way long short term calls. I use Netflix and bought that stock too--as $20 a share. It's totally awesome. Just buy what you love. That's how to make a killing in the stock market. Everything else is noise.

Fri, 05/27/2011 - 10:20 | 1316423 Boston
Boston's picture

Are you 16 years old?  Seriously.

Fri, 05/27/2011 - 10:09 | 1316372 lieutenantjohnchard
lieutenantjohnchard's picture

no drive time in to work today today to "... deal daily with guys who approach my bank, seeking bank lines in the millions to invest in property flipping schemes, distressed debt, you name it ... " (faber thread)

you sure are an organized man. posting (on another thread) at zh 5:40 am pct. get cleaned up. then shoot into work for your day job.

and we all thought you were a successful, wealthy, retired trader. those were your words.

btw: do you use mifi at work when you post at zh? or use the bank's system?

Fri, 05/27/2011 - 10:32 | 1316506 buzzsaw99
buzzsaw99's picture

The next thing you know robo will be touting WTW along with Crammer. lulz

Fri, 05/27/2011 - 10:13 | 1316375 oogs66
oogs66's picture

Maybe they could hold a referendum and let the people vote?  It seems important enough?  But that would probably ensure default which none of the elite want.

Fri, 05/27/2011 - 10:47 | 1316569 Herman Strandsc...
Herman Strandschnecke's picture

Maybe they could hold a referendum and let the people vote?  It seems important enough?'

It's nothing to do with the people (demos),

they only live there.

Fri, 05/27/2011 - 10:49 | 1316563 huggy_in_london
huggy_in_london's picture

This market is not allowed to go down... the feds just won't let it.

Its a total fraud.

As for the euro... it should 1.20 something, not 1.40 something... but what can you do when the stupid chinese need to prop up the other dogshit currency they bought?!

Fri, 05/27/2011 - 15:30 | 1317914 youngandhealthy
youngandhealthy's picture

Right. Greece is at pos 37 of 182 just a tad higher than Ukraine in absolute GDP number. Whats the big deal? Tyler is talking someones book...Greece banks are in possession of 50% of the gov bonds. It seems Tyler is in the short CDS camp....Time to buy back Tyler.

Mon, 05/30/2011 - 22:49 | 1324268 joiceca
joiceca's picture

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