Greek Prime Minister: Greece Faces "Bankruptcy" Without Radical Action, Country Is In "Wartime Situation"

Tyler Durden's picture

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Fritz's picture

The ultimate "last" bullett in the gun is currently pointed directly at their head.

macfly's picture

Thank you for making me laugh out loud!

truont's picture

Greece and Germany are now getting a bit impatient, waiting for the IMF/FED/USGovt to save the day.

They don't know that the US wants the breakdown to actually start, so they have political cover here to take action (ie bailout).

 

Irrational Exuberance's picture

YOU JUST HIT THE NAIL...SMACK DAB ON THE HEAD!

Anonymous's picture

Would you please stop spreading bad news. All is good. "Markets" are up. And, you know, they know better.

Anonymous's picture

first time here? Welcome!

tenaciousj's picture

"if IT doesn't take radical extra measures to fix its finances"

And by IT I'm assuming they mean someone else giving them money.  Here is a hint, take whatever messures you need to fix your own fucking problems.  It's not that hard, well it is because now there is no easy way out.  All roads leads to pain.   Either it's gonna hurt a lot, or it is gonna hurt a lot more.

US is heading for the same shit.  Look at what is happening now.  WE NEED FISCAL RESPONSIBILITY!!!! Until you start taking away benefits that people have grown accustomed to.  Everyone is so used to a fucking handout, they've forgotten how to live for themselves.

Everyone wants to scream bloody murder at Bunning for blocking UE extensions.  How about the 25 million unemployed get off their fucking asses, drive to D.C. and show them that the dog and pony show isnt gonna cut it anymore and make something happen.

Will that happen no.  UE will get extended and people will continually line up at the trough for what little they can get as they clinge to the hope that things will get better.

 

 

jmc8888's picture

Not really.  These are MONETARY debts. 

Of course they're screwed because they are part of a monetary system. 

Fiscal responsibility is what got us here, not the other way around.  Huh? Yep.  Pennywise, pound foolish for 40 years.  We've been doling out less and less in handouts for 40 years, so why have we been put in constantly more trouble? Simple, the bankers are stealing through inflation and scams what we cut, every time we cut it.  You want to give the bankers a bigger pay day? Cut social spending.

 

We've been allowing everything to crumble and increase the cost of goods. Our educational system is so idiotic we spend 10-20 percent of the time teaching for the end of year test instead of actually teaching them something.  Then we get idiots who are 'experts' who instead of using good judgment, trial and error, and seeking out more experienced minds - we instead get, idiots who rely on statistical models.   Instead of having fusion now or soon (since we could of funded it the past 40 years) we still have another 40 years or so to go.  Now if you know how to make anything, your job is currently overseas in the name of corporate profits.  We've been hollowing out our economy for 40 years, not strengthing it.  I suspect a lot of republicans, supply side trickle downers still haven't realized that.  Few businessess can make money, because the system is broken.  If gov't isn't there to help with 'handouts' under this situation, it's only being cruel and unusual. 

I do agree with one point, 25 million people in D.C. showing the gov't how wrong they are would be a beautiful sight. You could almost make an argument that providing handouts keeps people from doing this.  But you're quite wrong.  People whether or not they are getting handouts are still pissed off, they just don't know what to think, just things are screwed up.  Besides the handouts they get aren't enough to drive cross country, stay in a hotel, buy fast food, etc. 

 

Fiscal responsibility starts with paying for what you need; healthcare, infrastructure, education, sciences, etc.  Therefore I've almost never seen a REAL fiscally responsible republican.  Because they are AGAINST all these things (generally). 

We stopped being fiscally responsible a long time ago.  We became paper pushers instead. Monetarist paper pushers.

Read my lips.  Handouts didn't get us here.

The banksters running their monetary system rigging everything to constantly, perpetually stealing a little bit more from us, did. We make a cut, they rig it more neccesitating a new cut because of the dogma that is balanced budgets.  Then we do, the bankers steal a little more, rinse, repeat for 40 years.

 

If you believe handouts got us here, or social spending, you got a rude awakening coming. 

 

Hurt a lot, or hurt a lot more? That's the idiocy of Ron Paul (which he has lots of good ideas, but that ain't one of them)

How about keeping our freedoms, and cancelling the fraudulent MONETARY debt.  That's doable.  You could cancel out 8-10 trillion of our debt no problem.  Of course people holding that debt would be screwed, but that's the game in monetarism.  Besides, anyone with a brain has known it's been fraudulent for decades.  Even if it paid out, it only did because the system hadn't yet crashed.  Now it has and every debt holder has been warned for years now.  Every debt holder can see the fraudulent nature of the debt.  Every debt holder should KNOW that their legitamate debt has been co-mingled with fraudulent debt.  Meaning congrats, most debt holders are the proud holder of something resembling chopped and screwed mortgages. Meaning all debt co-mingled is worthless.

That's the reality.

You can cancel the bailouts, the derivatives, the fraudulent debt.  You can switch to an American credit system and completely bypass the bankers and federal reserve in uttering credit.  We choose to let bankers and the fed use their monopoly against us.

Or we can have our gov't utter credit, AND have private banks.  Think of that, more competition.  Of course bankers would lose 90 percent of the time, but they still can exist, and if done right, profit.  If we don't do this, no one will profit long term.

The only pain we feel is if we either a) continue down this path, or b) crash the system and pretend like we need not do anything or should do anything like Ron Paul say

There's a better way, and his name is Lyndon LaRouche.  Where you can have your freedoms, AND have gov't do right and be 'bigger' but LESS intrusive.  It's only MONETARIST control of your gov't that you hate/fear.

Are you looking for an easy way out, or an optimal way out?

SO we can have a lot of pain, a lot more, or quite a bit less.  The way you describe only two options is just flat out wrong.

But the people need to stand up and demand action.  But if you're so concerned about handouts, you will put a republican in that claims he won't give out handouts, and will balance the budget, and keep us safe......but will still screw you over 1000x more through banker's and QoE monetarism. Then you'll probably blame liberals, or social spending, or deadbeats, or lazy people for our problems.  That thinking is so backwards it makes the monetarists almost sound plausible.

 

The system is screwed, and has been one by one taking down companies for 40 years.  It was managable up to 2007-2008 breaking point.  Now, only major changes can fix things.  Ron Paul's way doesn't change enough, and his outcome is let invisible hands rule.  Sorry, I'm done with the b.s.

 

Ron Paul can be a good leader who can help us in many ways get from here to where we want to be.  But if his complete vision is realized, it could actually be used by the monetarists to destroy us.  Meanwhile, TPTB have been using lots of Ron Paul type words.  Budget deficits and fiscal responsibility.  Debt commissions, and austerity.  These talking points are designed to fool republicans into following another red herring.

Republicans the last 40 years believed a higher number of dollars in your pocket was everything.

Not in a MONETARY system.

You got rid of everything for more federal reserve note in your pockets the last 40 years.

Those don't build wealth...actual STUFF does.

So now that the notes are becoming worthless, you have your tax cuts, you've gotten your extra money.  At the cost of everyone else.  Now we're screwed because we gave up everything for a few extra dollars that can be devalued overnight by the federal reserve or a thousand other things.  I'd rather still have a manufacturing base, because THAT value although sensitive to, will never become worthless like a federal reserve note can.

So chase another red herring.  Let the bankers screw us out of the some of the last bastion of wealth we have....the ones that were supposed to be the 'extra' now comprises a vast larger proportion of our wealth.  Those monies residing in social safety nets.  Pensions, social security....once those are gone, we have nothing but low taxes and a bunch of federal reserve notes.  Get it. 

It ain't about handouts, it's about always having the logistical capability of meeting the needs of our population.  We don't have that anymore, and lots of people have already wasted, spent, or lost the benefit from downgrading our economy.

 

 

wake the roach's picture

"If you believe handouts got us here, or social spending, you got a rude awakening coming."

 

Amen... The greatest mistake the citizens of the US (among almost all nations) made was to entrust people to leadership who are motivated by exactly the same thing we all are, money. Crazy huh? But I share a radically different view on the big picture, and feel free to call me crazy ;-)

Everyone moans and bitches about Goldman Sachs when 99/100 people would be doing the same shit. C'mon just admit it, they are following the natural evolution of capitalism, to use whatever means necessary to gain advantage over competitors who would love the chance to knock them from the top...

The ultimate endgame of capitalism is one single all powerful monopoly over everything and in that monopoly, one single all powerful being. Of course this is not possible but the system has existed and flourished in the United states for long enough to climb very high in the steps of the pyramid, is it therfore any wonder why the beginning and the end of this game was and will be played out in America? Do people really believe that if GS did not exist, we would not be whipping another bank? 

 "If we increase taxes we can invest it for your retirement, provide income when sick yada yada yada". We've all heard it before and in principle it sounds fair and logical to me...

There is no such thing as "benefits" or "entitlements", just choice words introduced into public debate with the sole intention of distracting the gullible from truely frightening reality. This form of hardworking, patriotic, taxpaying, "support our soldiers" propaganda vomit is a clear symptom of FASCISM... But please my fellow Americans, don't ever, ever, EVERRRR stop and ask yourself, "I wonder how many retirements could be funded if we retired one aircraft carrier or say, a few nuclear ICBM's?" or "How many citizens that died today could have been saved if we destroyed 10 less cruise missiles/year because their healthcare insurance did not cover brain tumors if you have had a migraine in the past 3 years?"... 

The reality is that instead of using TAXPAYERS MONEY, earned through the "real economy" to fund these social safetynets, these funds have been directed into the hands of banking and financial cartels, military, health, agricultural and pharmaceutical industrys and of course, the politicians own pockets and all of this so called "greed" is the result of the natural evolution of competitive, free market capitalism. Or we can just keep lying to ourselves and call it greed because its easier to believe other people are bad and we are good right? Bullshit...

Monetary systems like capitalism, along with its many and varied brothers, sisters, cousins and uncles, all unfortunately lead to the same violent end... We have all the resources, technology and knowledge required to provide every man, woman and child on the planet with first class food, clothing, housing, healthcare, education  TODAY... And all with a quality of life and a future of umlimited potential yet we fail to recognise that it is the monetary systems themselves, made obsolete by technology, that will never allow us to become civilized or reach even 1% of our collective potential when we are trapped in the spiral of individual competition for money that allocates us our slice of the limited resource pie. We cannot fix capitalism with regulation or deregulation, Paul or Obama , fiat or gold, democrat or republican...

Capitalism and all the other ism's time has relegated to the history books, has served its purpose well but one must be completely ignorant to believe it is the be all and end all of our economic and societal evolution... 

I can only hope that there are children alive today that will one day look back on us in the same way that we view cavemen, as primative savages... 

But I should apologise for another rant folks, I'm dreaming... We will repeat the same mistakes over and over again until the mass of human suffering becomes so widespread and unbearable that people are forced to ask " Is there anything better" and the answer is yes, there is... 

 

WaterWings's picture

Nope. Capitalism includes the rule of law. Without the corrupt going to jail you can't have capitalism - just corruption.

Spreading the fish and loaves around doesn't work. Teaching a man how to fish and bake bread does.

WaterWings's picture

@jmc8888

A lot of what LaRouchePAC puts out is quite interesting and thought provoking - but you should also actually read what Ron Paul advocates before you criticize it - it weakens your position when you expose yourself as not having done so.

BTW, a credit system will still be vulnerable to corruption. What we need is competing currencies:

http://www.lewrockwell.com/paul/paul434.html

hedgeless_horseman's picture

Greece in no rush to sell bonds, debt chief says (Bloomberg)

I thought they weren't in a hurry?  Oh, that was several hours ago.  My bad.

Anonymous's picture

Do I detect evidence of the always popular "fraud, waste and abuse" as the vehicle for cutting the budget? Maybe Eurostat will sign onto that approach.

GoldSilverDoc's picture

The weird thing about a "sovereign" bankruptcy is... there are no "assets" to go after by the creditors.  So, why don't they just do it, declare all GGB's void, screw all the creditors, and start over?  Is Germany going to invade them and take it out of their hides?  Or steal all their natural resources (which are?)?

Anonymous's picture

what do you think the US will do - WWIII then all foreign owned debt is void.

Anonymous's picture

We already have the Elgin Marbles

Anonymous's picture

"Or steal all their natural resources (which are?)?"

A lot more gold than you realize apparently. Per capita, Greece is a large holder. Probably stalling for time until the "fiat party" really gets started. Why play your hole card when the pot is small?

Anonymous's picture

Natural resources include Gyros meat and souvlaki. Greece needs to come up with a technology that will save the country. Sounds like they are already working on a revolutionary - "Five Fingered Yogurt Maker".

Mr Lennon Hendrix's picture

Jeesh just bail them out already!  we know how this story ends..."France and Germany realize they would rather buy bonds from Greece than buy US Treasuries."

john_connor's picture

Whatever happens, this ends badly.

This centuries old bubble is taking a little longer than expected, although today's price action doesn't impress me.

I know this is getting old, but my suspicion that we have a few more days of bs oscillation.  Next week is 10 and 30 year auction, plus the Merkel summit is coming up in a few days, so Monday could be interesting.

The view is still breathtaking (and promising) from up here on bear mountain.

Wynn's picture

Come on Greece, 300 Spartans held off a million Persians back in the day

Can't you beat back just a few bond vigilanties today, jeez

tenaciousj's picture

If the 300 spartans had been part of a labor union and demanded more benefits in the face of the approaching Persians or they would strike, I think the history lesson would have ended quite differently.

Anonymous's picture

Right on, Wynn. "Then we shall trade in the shade!!!"
-u4yeah4

Oso's picture

THIS_IS_A_BAILOUUUTTTTTTTTT.

 

hahaha + 100000000000

Gold...Bitches's picture

An Allied force of approximately 7,000 men thus marched north to block the pass in the summer of 480 BC. The Persian army, alleged by the ancient sources to have numbered in the millions, arrived at the pass in late August or early September. Vastly outnumbered, the Greeks held off the Persians for seven days in total (including three of battle), before the rear-guard was annihilated in one of history's most famous last stands. During two full days of battle, the small force led by King Leonidas I of Sparta blocked the only road by which the massive Persian army could pass. After the second day of battle, a local resident namedEphialtes betrayed the Greeks by revealing a small path that led behind the Greek lines. Aware that his force was being outflanked, Leonidas dismissed the bulk of the Greek army, and remained to guard the rear with 300 Spartans, 700 Thespians, 400 Thebans and perhaps a few hundred others, the vast majority of whom were killed.

Cognitive Dissonance's picture

Yeah but what have the Greeks done lately?

ElvisDog's picture

The Persian army didn't number in the millions. That is a silly exaggeration promulgated by Herotodus. You couldn't possibly have fed that many people. The real number was something like 200,000, but still 7000 fending off 200,000 was quite a feat.

Get_to_the_choppa's picture

This...time it's...DIFFERENT!!!!!!!

Anonymous's picture

Wake up! Greece will 100% default on their sovereign debt. There will not be any bailout!

Bigdaddydvo's picture

I hereby request a significant uptick in the use of "Greek Drama" and "Greek Tragedy" puns in the course of ZH's excellent coverage of their impending sovereign debt implosion.

WaterWings's picture

IMF bailout = "Lucifer Ex Machina"

A deus ex machina (pronounced /?de?.?s ?ks ?m??kin?/ or /?di?.?s ?ks ?mæk?n?/,[1] literally, in Latin, "god from the machine") is a plot device whereby a previously intractable problem is suddenly and abruptly solved with a contrived introduction of a new character, ability, or object. It is generally considered to be a poor storytelling technique because it undermines the story's internal logic.

 

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

hedgeless_horseman's picture

Well the great Greek poet Homer said:

"If I was President Obama for a day, I'd order the Treasury to stop printing money and start brewing beer. That would end this depression pretty damn fast!"

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/4426289/Homer-Simpsons-solution-to-the-global-downturn-beer.html

Anonymous's picture

Do I detect evidence of the always popular "fraud, waste and abuse" as the vehicle for cutting the budget? Maybe Eurostat will sign onto that approach.

Anonymous's picture

Bankruptcy is the best alternative for Greece and it's people. Much better than debt slavery, the fate of American's.

masterinchancery's picture

The creditors' expeditionary force will seize all the ouzo and pretty girls--much to the delight of the girls.

Fritz's picture

Benny B. sez:

"No problemo, I'll crank up the mint, rub out a truckload of dollars and ramp the market".

 

Problem solved...

Anonymous's picture

The most bizarre thing of them all for me is how the market manipulators are so shameless in their manipulating... I mean, accepting the manipulation, why don't they at least make the market go up say 0.1% every day, instead of 0.5%-2.0% every day. It is just a way too absurd. At the same time it is quite telling. The best way to prevent a plunge is not to create conditions that make it most likely and most likely larger than otherwise. The fact they are doing what they are doing tells me the end game is a crash that guarantees that for a whole generation no one wants to own stocks... so that there is demand for sovereign debt.

chunkylover42's picture

I am starting to think this is by design.  Change the message every 15 minutes so they can hide the real situation and plans from market participants.  Try to block any assault by evil "speculators" and buy as much time as possible.

bingaling's picture

WOW. I think Papandreou just realised his country is about to go circa Argentina . He actually sounds honest , I guess having a countries population looking to hang you will do that . What he needs to do is get some balls , pull out of the ESCrew and bring back tourists .The economy will be fine it is all cash anyway . The gov't and will have to shrink though .

Anonymous's picture

Life aint bad in argentina these days inspite of what your media tells you. Sometimes default is better. When will BB learn ?

lizzy36's picture

Citizen response:

Greece's civil servants union ADEDY said that it would stage a
24-hour strike Mar. 16 to protest against the new measures. 
"The civil servants, which are the lowest paid in
Greece
, are paying the
price for this crisis. Enough in enough," ADEDY President Spyros Papaspyros

Oracle of Kypseli's picture

This is nonsense.

Greece has the highest percentage of people working for the government and they get paid 14 months per year, plus retirement at 55, plus one time end of work payment, plus lifetime medical benefits. don't feel sorry for them.

Pity the young college graduates who have the knowledge but have no work. 

The country needs catharsis.

Break-away from the EU roll out the drachma and start over.

 

 

 

Aductor's picture

The Germans want a stable Euro. But that does not necessarily mean a strong or overvalued Euro relative to the dollar, given that Germany is so dependent on export. So "managing" the message/rumour mill from Berlin via Athens in order to create that slight downward slope on the USD/EUR curve is just perfect for them. True European co-operation...

 

peaceful's picture

the greek press is speculating about this also but the euro has to drop by a lot more in order for german exports to be more attractive

Aductor's picture

Or EUR/USD curve rather.

glenlloyd's picture

Why don't I swing by and cut your credit cards in half....that ought to help.