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Greek Response Is Swift And Brutal

Tyler Durden's picture




 

If Too Big To Fail was made into HBO namedropping comedy hour, this certainly deserves its own 90 minute, Bollywood produced, TheOnion directed, 3D motion picture:

  • GREEK FINANCE MINISTRY SAYS S&P CREDIBILITY IN QUESTION
  • GREECE SAYS S&P MOVE ISN'T JUSTIFIED

Pretty much says it all. Elsewhere, Greek prosecutors are "investigating" Der Spiegel. No Citigroup bond runs to be scapegoated this time...

 

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Mon, 05/09/2011 - 08:51 | 1255032 Mongo
Mongo's picture

What-a-farce

Mon, 05/09/2011 - 10:21 | 1255329 ambrosiac
ambrosiac's picture

 

Greek FinMin in throes of moody fits downgrades S&P to C--.  News at 11.

Mon, 05/09/2011 - 08:52 | 1255037 Cognitive Dissonance
Cognitive Dissonance's picture

Just opposite poles of the same insane world. Nothing to see here. Move along.

Mon, 05/09/2011 - 09:07 | 1255040 Nate H
Nate H's picture

In addition to the market moves, loss of freedoms and instability that will come from the events of our age, it seems an increase in Orwellian language from powers that be is in the cards.  Black is White. Ignorance is Strength....etc

 

At some point its almost that whatever governments say, the truth is actually the opposite.

Mon, 05/09/2011 - 10:06 | 1255279 Overflow-admin
Overflow-admin's picture

Yes, soon they will probably start burn-the-books campaign...

 

Farhenheit 451...

Mon, 05/09/2011 - 11:09 | 1255518 KinorSensase
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In Maine they don't burn books, they take down art that tells history.  Sometimes people put it back up though.

 

http://www.youtube.com/watch?v=JuxSEvFkPiQ

Mon, 05/09/2011 - 08:50 | 1255042 AUD
AUD's picture

S&P...credibility? Don't they rate UST's AAA?

Mon, 05/09/2011 - 08:53 | 1255060 LawsofPhysics
LawsofPhysics's picture

Exactly.  Most of us downgraded the U.S. four years (or more) ago.  Stay ahead of the herd people.

Mon, 05/09/2011 - 09:07 | 1255103 HoofHearted
HoofHearted's picture

What Greece didn't mention is that they think they need to be graded WAY lower than just B. Come on, give them junk status already, S&P. As a college prof, I see grade inflation everywhere...even in debt ratings.

Mon, 05/09/2011 - 09:22 | 1255149 CrankyOldCreditGuy
CrankyOldCreditGuy's picture

Come on, give them junk status already, S&P.

 

Double check the rating scale Mr. College Prof, single B is solidly in the middle of junk status.  Maybe grade inflation is a really reflection on college prof's knowledge (or lack thereof)....

Mon, 05/09/2011 - 10:17 | 1255305 mr_fro2000
mr_fro2000's picture

lol... priceless

Mon, 05/09/2011 - 08:56 | 1255044 Paralympic Equity
Paralympic Equity's picture

I agree with the Greece ministry of finance, S&P's credibility is in question, because if they think that a 50% haircut is to be expected, than B is too high.

Mon, 05/09/2011 - 08:52 | 1255051 Re-Discovery
Re-Discovery's picture

Risk on, risk off, risk on, risk off, . . .

The Greek Empire rises again to take the center of the world stage! 

(I mean, they have to milk this.  After they finally default and all the connected heads roll across Eurozone, who in the hell will care about Greece?)

Mon, 05/09/2011 - 08:58 | 1255076 plocequ1
plocequ1's picture

Look eye Danielson, Always look eye.

Mon, 05/09/2011 - 10:54 | 1255450 citta vritti
citta vritti's picture

ro, ro, ro your boat ...

Mon, 05/09/2011 - 08:52 | 1255054 The Axe
The Axe's picture

They speak....sov credit spain and greece hitting the shit...

Mon, 05/09/2011 - 08:57 | 1255061 lamont cranston
lamont cranston's picture

"Round up the usual suspects"

Mon, 05/09/2011 - 08:58 | 1255065 firstdivision
firstdivision's picture

S&P downgrade of Greece + Greece saying it is unjustified = ZZZZZzzzz....

Mon, 05/09/2011 - 08:58 | 1255066 Dick Darlington
Dick Darlington's picture

Periphery under a lot of pressure today. Spreads gapping wider and trading very poorly outright.

Mon, 05/09/2011 - 09:08 | 1255067 Cleanclog
Cleanclog's picture

Never mind.

Mon, 05/09/2011 - 09:00 | 1255081 SheepDog-One
SheepDog-One's picture

If S&P downgrades something, that means its already gone up in flames long ago.

Mon, 05/09/2011 - 09:04 | 1255084 Josh Randall
Josh Randall's picture

"what do you call it when the Assassins accuses the Assassin..."

Mon, 05/09/2011 - 09:17 | 1255125 centerline
centerline's picture

A Greek tragedy.

Mon, 05/09/2011 - 09:14 | 1255085 buzzsaw99
buzzsaw99's picture

GREEK FINANCE MINISTRY SAYS S&P CREDIBILITY IN QUESTION

 

They are wrong. There is no question whatsoever that S&P's credibility is CCCrap. They should all be doing time in federal pound me in the ass prison for conspiracy to defraud.

S&P - pretend the shit is good shit.
Moody's - pretend to insure the shit.
Squid - sell the shit then bet against the shit.

Mon, 05/09/2011 - 09:21 | 1255142 centerline
centerline's picture

That about sums it up.  Throw in some exponential math and we've got ourselves a shit storm.

Mon, 05/09/2011 - 12:26 | 1255875 stewie
stewie's picture

No shit!

Mon, 05/09/2011 - 11:05 | 1255500 citta vritti
citta vritti's picture

Old Firesign Theater call and response: TV Host: "Just look what you’ve won, Mrs. Kresge." Mrs. Kresge - "Why this, this is nothing but a piece of shit!” TV Host: “Yes, but it’s gerat shit, Mrs. Kresge.” 

Mon, 05/09/2011 - 09:04 | 1255094 Oh regional Indian
Oh regional Indian's picture

I think the anger is going to palpable where-ever this IMF noose snuggles comfortable around a nation's neck. 

First the banks lent easy money, but that too to the selected few (the rest were crumbtards as always). Then, the easy credit is sharply withdrawn.

And the crumbtards are left with the crumbs. definitely angry-making. Here in India as an example, I can walk into any money-shop (bank) and have them falling over themselves to give me a car/house/holiday/housing loan. But if I try to raise one for opening an honest business.... hooooops and bribes all the way.

It's the in-equitability in the system that is angry-making. It's obvious bias.

Stick it to the money-men. Leave the system. 

I have. feels great.

ORI

http://aadivaahan.wordpress.com/2011/05/06/movement-water-radioactivity-etc/

Mon, 05/09/2011 - 10:01 | 1255256 JimBowie1958
JimBowie1958's picture

Isnt it discouraging economically to see banks so reluctant to lend money to businesses, but willing to lend for purchases?

How good can our economic future be when the money-changers think lending money to buy a car is better risk than lending money to start a business?

Mon, 05/09/2011 - 10:04 | 1255272 Rynak
Rynak's picture

TAKE MY MONEY AND BUY MY WARES AND I'LL BECOME RICH!

Yes! What? Why are you looking at me so funny? The GDP goes up, so it must be good, no?

Alice's Wonderland was a lunatic asylum.

Mon, 05/09/2011 - 10:29 | 1255365 JimBowie1958
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lol, I'm sorry for being such a noob.

Tue, 05/10/2011 - 01:01 | 1258165 Oh regional Indian
Oh regional Indian's picture

Pre-cisely Jim. Egg-zactly!

ORi

Mon, 05/09/2011 - 09:07 | 1255104 Bubbles the cat (not verified)
Bubbles the cat's picture

Yeah. No credibility at all. 30-50% recovery? That ain't the Greece I know.

Mon, 05/09/2011 - 09:08 | 1255106 Tinfoil Hat
Tinfoil Hat's picture

This week should be fun to watch.  My bet is on something somewhere getting firebombed by friday.

Mon, 05/09/2011 - 10:02 | 1255258 augie
augie's picture

They don't even have to blow anything up. Some morons got arrested for mucking about in the subways in NYC and all of a sudden it's a terror threat. Someone could sneeze and the media would call it an attempt to cause a hurricane.

Mon, 05/09/2011 - 09:15 | 1255119 lizzy36
lizzy36's picture

Can't Citi always be scapegoated? Just its mere existence seems like enough ammo.

Mon, 05/09/2011 - 09:31 | 1255188 willien1derland
willien1derland's picture

And the GREEK government (not to be confused with the people of Greece) has the audacity to believe they have ANY CREDIBILITY WHATSOEVER? If S&P has no credibility let's see some action - Get the Greece FinMin to purchase a substantial amount of Greek sovereign debt - We'll leave the light on for you whilst the Greek government makes arrangements - who wants the under on this bet....God Bless the Greek people - They deserve better than this...

Mon, 05/09/2011 - 09:57 | 1255250 FunkyOldGeezer
FunkyOldGeezer's picture

S&P part of the problem that has lead Greece into its current situation?

Greece are being made the whipping boys by politicians and financiers.

in a better world, S&P would absolutely have no place, whereas Greece would still be there.

Mon, 05/09/2011 - 10:02 | 1255261 hangemhigh77
hangemhigh77's picture

The people of Greece HAVE GOT to realize that the banksters and the Greek government are ONE IN THE SAME.  So, all they're watching is a scripted play that will end, of course, in the favor of the banksters.

Mon, 05/09/2011 - 13:26 | 1256058 edotabin
edotabin's picture

That's about it.  That's why the whole "prosecutor" thing is so irritating.

Next time my credit card gets denied I'll call my lawyer to sue the 3 credit rating agencies.

Mon, 05/09/2011 - 10:35 | 1255375 topcallingtroll
topcallingtroll's picture

S and P is just a joke. They are too politically sensitive.

They are the classic lagging indicator.

I am more inclined to trust Dagong.

Mon, 05/09/2011 - 11:05 | 1255512 max2205
max2205's picture

Somebody tell Greece no one cares or pays attention to what S&P says

Mon, 05/09/2011 - 11:06 | 1255514 slewie the pi-rat
slewie the pi-rat's picture

jeeez!  the Onion shld have the greeks issuing arrest warrants and start closing banks, temporarily, for investigation into conspiracy with the IMF to impinge sovereignty and other crimes under greek, EU, and int'l laws.  while grabbing the rest of the bailout money, of course.

Mon, 05/09/2011 - 12:21 | 1255846 nauagos020
nauagos020's picture

 

hello i am Greek.

I am a real estate developer (with no loan obligation) and even now in the so called greek-crisis i am building 5 apartment buildings, 1 office building and 2 holiday-residence complexes.

PLEASE listen carefully what i have to say about Greece.

Greece is one of the poorest countries but the Greeks (as an average) are very wealthy.

I am not talking about wealth being happy, healthy and so on.

Greeks (as an average) own more real estate that any other,

They do not rely on lending as much as other eauropeans or americans

They have gold (especially english gold pounds) that no average european or american has

I am not saying they are good people or that they have a lot of exports i am just saying they are wealthy.

However the wealth they have you cannot find it anywhere because it is no declared anywhere.

My friend that works for 850 euros per month has 4 acres of land outside the city near the sea, 24 gold coins (worth 6000 euros) he got as a gift from his family on the day he was born 25 years ago, and his own apartment he bought with no loan for 230000 euros (i am not talking about what his family owns but what he owns). How can this happen? he gets his 850 euros, he has a second job (as a plumber-not declared) that gets him another 850 euros (where he pays no taxes-poor Greece), he has a farm in the 4 acres that gets him minimum 1000 euros (from selling produce) also not declared anywhere (so he pays no taxes-poor Greece) and some times (3 or 4 times per year) he earns another 2000 to 2500 euros doing part time jobs  (like waiting or plumbing in hotels in summer-not declared and tax-free ofcourse). So he gets 10200 from his day job thatbecause in Greece until 12000 income you pay no tax he is tax free and 25000 euros from the rest that are tax free. so with a clean income of 35000 spending less that 9000 per year (no rent or mortgage) say 10000 with his vacations (health insurance and so on have been discounted from his 1050 euros pay giving him 850 euros) he gets 25000 euros in his bank each year.

That is why greek people are rich but Greece as a country is poor. The example i gave you can happen in smaller numbers (however not vry often) but at the most of time can be really magnified in case we talk about doctors, lawyers and so on that make  with the same method (these are real - calculated numbers) 200000 euros at least but they declare 12000 geting away tax free.

sure there are poor people and rich people like any country, sure there are people loosing their homes to the banks like every country.

But as an average believe me

Greeks are wealthy.

So whether Greece leaves Eurozone or not, whether drachma comes back it doesnt really matter.

All that matters is that the Banksters (Rothchilds and the gang -imf fed central bank of Greece...all properties of the same families...Rothchilds and the gang) come and get Greece for a  fraction of what it really costs. It is happening and it will continue to happen and the Greeks will beg for it to happen so that they continue to have theur 25000 at their bank accounts each year because they do not care what happens to the railway stations, the ports, the energy/water companies. They may even give them free like we did with Meganisi Island that the Rothcilds bought to build homes for the super rich just a cople of months ago(they bought land with value 60 mil euros for 6 mil euros).

To sum up...

do not worry about the Greeks just worry about Greece (but why should you-Greeks don't) and wahtever you do always remember it does not matter what you feel or what you do you are not in control no one except a few, very very few people are and what they want will happen and you DO NOT  know what will hapen NOONE does. You just guess.

Mon, 05/09/2011 - 12:37 | 1255913 stewie
stewie's picture

Wow lucky Greeks!  In Canada you go to jail if you do this.

 

Mon, 05/09/2011 - 21:14 | 1257631 zippy_uk
zippy_uk's picture

The Greek socialists are outing all the "scabs". Where is Marx when you need him ?

Tue, 05/10/2011 - 05:26 | 1258357 Bubbles the cat (not verified)
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Last sighting: Sunseeker Predator, Rhodes yacht marina.

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