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Greeks Celebrate IMF/ECB Bailout By Blowing Up Athens HSBC Branch

Tyler Durden's picture


Zero Hedge will not report on any of today's so-called Greece bailout news, because a) this is not news and b) Greece will still go bankrupt. According to latest polls, 53% of Germans oppose the bailout, with just 39% approving it. Guess what - same thing in Greece: per Reuters, "Opinion polls show the public opposes the
measures and more than half of those asked in a recent survey said they
would join protests against them." In other news, Greece has just expressed its appreciation of bankers and the European Commission, who as of noon today run the country, by blowing up an Athens HSBC branch.

From Reuters:

A bomb exploded at a branch of HSBC bank in Athens on Sunday, damaging the entrance but causing no injuries, police said.

"It appears a home-made bomb comprised of gas canisters and fuel caused small damage to the bank's facade," a police official said.

Gas canister bomb attacks are common in Athens and are usually staged by leftist and anarchist groups against business and political targets.

Sunday's bombing against the U.K.-based banking group was the first since the Socialist government announced tough new austerity measures in exchange for international aid to cope with a debt crisis.

With Greek retirement age just raised from 53 to something like infinity +1, something tells us all foreign bank deposit branches are about to vamoose out of the bankrupt country.


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Sun, 05/02/2010 - 14:31 | 327993 aldousd
aldousd's picture

Infinity +1. Funny.

Tue, 05/04/2010 - 01:37 | 330286 Adam Neira
Adam Neira's picture

HSBC are one of the best run and most ethical of all the international banks. The senior managers are of the highest quality. There are far worse banking institutions to pick on. These bombers are a few olives short of a Greek Salad, so such behaviour is to be expected.

Sun, 05/02/2010 - 14:36 | 328004 SWRichmond
SWRichmond's picture

Gas cannisters and fuel, huh?  Isn't that convenient.  That certainly would seem to head off any speculation that the NYC "bombing attempt" was something other.  Maybe it's the same guys and they took a plane to Greece...

Sun, 05/02/2010 - 14:47 | 328020 chumbawamba
chumbawamba's picture

Yep, it's got all the hallmarks of the Taliban.  Those dirty diaper-headed bastards!  We need to go into Pakistan and wipe those ragheads off the face of the earth, salt the land, then turn it into glass with a nuke.  Send that missile right up the ass of...whoever the fuck is the new evil leader we're supposed to hate.  I don't care who it is, I just like to see shit get blowed the fuck up!


I am Chumbawamba.

Sun, 05/02/2010 - 14:52 | 328027 chumbawamba
chumbawamba's picture

And right on cue:

"According to The Long War Journal, Qari Hussain Meh, a member of the Pakistani Taliban is behind the scare."

OH! YEAH!  Let's get this mother fucking war ON!!

I am Chumbawamba.

Sun, 05/02/2010 - 14:59 | 328032 chumbawamba
chumbawamba's picture

BTW, "The Long War Journal" ("long war" = "war on terror" after some lipsuction and botox) is made up of a bunch of neocons and neocon-lite douchebags.  Exactly the kind of useful idiots you'd call upon to start the propaganda campaign for expanding the war into Pakistan to eradicate the evil Taliban terrorists.


I am Chumbawamba.

Sun, 05/02/2010 - 15:31 | 328066 chumbawamba
chumbawamba's picture

Bill Roggio is the Managing Editor of The Long War Journal; the president of Public Multimedia Inc., a nonprofit media organization with a mission to provide original and accurate reporting and analysis of the Long War; an Adjunct Fellow at the Foundation for the Defense of Democracies; a Hoover Institute Media Fellow; and a contributor to the The Weekly Standard.

Thomas Joscelyn is the Senior Editor of The Long War Journal. Thomas is a senior fellow at the Foundation for Defense of Democracies (FDD). He is also the executive director of the Center for Law and Counterterrorism at FDD. He is a terrorism analyst, economist, and writer living in New York. Most of Thomas's research and writing has focused on how al Qaeda and its affiliates operate around the world. He is a regular contributor to the Weekly Standard and its online publications, the Daily Standard and Worldwide Standard. His work has also been published by National Review Online, the New York Post, and other media outlets. Thomas is the author of Iran’s Proxy War Against America, a short book published by the Claremont Institute that details Iran’s decades-long sponsorship of America’s terrorist enemies.



Home > About Foundation for Defense of Democracies > Our Team

Leadership Council

...Newt Gingrich...Bill Kristol...Sen. Joseph Lieberman...Robert "Bud" MacFarlane...James Woolsey

Board of Advisors

...Gary Bauer...Charles Krauthammer...Richard  Perle...

In Memoriam

Jack Kemp, Jeane Kirkpatrick

Staff and Senior Fellows

...Reuel Marc Gerecht...Michael Ledeen...Clifford May...Walid Phares...


"Round up the usual suspects."

I am Chumbawamba.

Sun, 05/02/2010 - 16:09 | 328128 chumbawamba
chumbawamba's picture

<cough> <cough> ZIONISTS <cough> <cough>


Had some phlegm in my throat there.

I am Chumbawamba.

Sun, 05/02/2010 - 16:50 | 328159 Internet Tough Guy
Internet Tough Guy's picture

Put your white sheet on.

Sun, 05/02/2010 - 17:38 | 328206 chumbawamba
chumbawamba's picture

Yes, we know you're with the douchebags.  Noted.

Now get lost.

I am Chumbawamba.

Sun, 05/02/2010 - 17:48 | 328221 tmosley
tmosley's picture

I put on my robe and grand wizard hat.

Also, Israel has more mass murderers per capita than any other nation.  *HINT* most of them are Jewish.  Not that that matters.  Except when they form a nation based entirely on the concept of ethnic cleansing.

Sun, 05/02/2010 - 17:56 | 328228 Internet Tough Guy
Internet Tough Guy's picture

Grand wizard? I think you are grade inflating. You seem more like the pointy-headed foot soldier.

Sun, 05/02/2010 - 18:00 | 328233 chumbawamba
chumbawamba's picture

DUDE, I just plotted a road map from a false-flag bombing operation to those in league with the perps, and you pull the Jew-bashing card?

What a complete and utter tool you are.

I am Chumbawamba.

Sun, 05/02/2010 - 18:05 | 328238 Internet Tough Guy
Internet Tough Guy's picture

Dude, you are a racist fool, just accept it. The fact that you see jews with bombs behind every tree, without the slightest evidence, tells us who you are. Think you hurt my feelings by calling me names? I'll wear it like a badge of honor but you have to be a miserable racist your whole life.

Sun, 05/02/2010 - 22:20 | 328564 chumbawamba
chumbawamba's picture

Now you're projecting.  You want to talk about boogeymen?  Ask an entire nation that suffers from PTSD and imprisons the indigenous population they uprooted in ghettos to secure their own safety.  Too bad for them, retribution is inevitable.

By the way, my thesis is validated:

You're a braying jack-ass.

I am Chumbawamba.

Sun, 05/02/2010 - 20:50 | 328429 Seer
Seer's picture

You're spot-on Chewy!

Sun, 05/02/2010 - 15:05 | 328038 SWRichmond
SWRichmond's picture

This is all so predictable, and we have in fact predicted it here, haven't we?

Edit:  The gold and oil markets are going to be interesting this week.  Bailouts to infinity and oil wars; what a surprise!

Sun, 05/02/2010 - 15:04 | 328039 Cistercian
Cistercian's picture

 Chumba, you are correct as always.After serious reflection and meditation the answer came to my mind clearly.We must NUKE Greece...and everywhere else for that matter.Those damned reprobates deserve it.Their despicable culture and architecture sicken me and all good Americans.If they don't acknowledge the supremacy of the Big Mac and Disney they need to be killed.


 And steal their gold.

Sun, 05/02/2010 - 15:09 | 328047 chumbawamba
chumbawamba's picture

Definitely steal their gold.

I am Chumbawamba.

Sun, 05/02/2010 - 15:29 | 328069 Gussiefink-nottle
Gussiefink-nottle's picture

What gold?

Sun, 05/02/2010 - 17:11 | 328183 David449420
David449420's picture

OH, this is getting way beyond surreal.  Zero Hedge.  And the hits just keep on coming.

Sun, 05/02/2010 - 15:10 | 328041 Cognitive Dissonance
Cognitive Dissonance's picture


I'm just a little surprised they didn't roll out Bin Laden's look alike double and whip us some new video assuming blame that is quickly confirmed as real by an unnamed "security big shit" as being as authentic as apple pie, Chevrolet and Grandma Taibbi.

Sun, 05/02/2010 - 15:18 | 328057 RockyRacoon
RockyRacoon's picture

It's too early yet CD.  Too soon after the fact and there would be some suspicion.  Credibility is vital to the conspiracy.

Sun, 05/02/2010 - 15:26 | 328062 Cognitive Dissonance
Cognitive Dissonance's picture

You're right of course.

But after you've seen the cult classic movie a couple dozen times and know the entire dialogue by heart, sometimes you can't help but shout out the lines before they're actually spoken. :>)

Sun, 05/02/2010 - 17:29 | 328199 Amsterdammer
Amsterdammer's picture

Spot on, tomorrow we will get another

Obama Bin Laden video on CNBC, shot somewhere

in a part of Pakistan that has not yet been

droned out, claiming responsibility for the

car, the sabotaging of the oil platform.

The warheads have come to the conclusion

that they cannot nuke Iran right now, but

the shipping of all this nuclear warheads to

the Diego Garcia basis will promptly enabling

the nuclear attack on those bloody Pakis

Sun, 05/02/2010 - 19:24 | 328336 Pure Evil
Pure Evil's picture

Speaking of twofers,

Oil rig explosion result of North Korean sabatoge.

Let the disinformation campaign begin.

(will need to scroll down for the latest conspiracy theory.)

Let WWW III begin!

Sun, 05/02/2010 - 21:01 | 328446 Seer
Seer's picture


NYC’s Kelly Says No Evidence Mossad Taliban Behind Incident

Gosh, it was just a simple guffaw!

This is how the game is played.  Subtle propaganda programming.  al Qaeda isn't the enemy anymore (the bin Laden story has run past its shelf life), now the focus is on the Taliban, those evil-doers who just never did accept the oil pipeline contract prsented to them (despite threats to do so else they'd be bombed back to the stone age- funny, even being stone-agers they're still able to repel our empire's army!).  Destination (as some have suggested), Pakistan (actually, it's Cashmere).  The work of Edward Bernays carries forward...

Sun, 05/02/2010 - 17:51 | 328225 dark pools of soros
dark pools of soros's picture

it was Dick Fuld in a turbin

Sun, 05/02/2010 - 18:26 | 328264 Cognitive Dissonance
Cognitive Dissonance's picture

"it was Dick Fuld in a turbin"

with the candlestick.

Sun, 05/02/2010 - 22:14 | 328553 Artful Dodger
Artful Dodger's picture

Ha. Funny on two levels.

Mon, 05/03/2010 - 11:20 | 328403 Marvin_M
Marvin_M's picture

oh Dear! Ms Napolitano's face says random check points and anal probes ...I must remember to freshen up after every bowel movement...yes, note to self...

Sun, 05/02/2010 - 15:36 | 328077 ZackAttack
ZackAttack's picture

Emmanuel Goldstein is the true enemy.

Oceania has always been at war with Eurasia.

Sun, 05/02/2010 - 15:51 | 328099 Fazzie
Fazzie's picture

" Team America!.. FUCK YEAH!!!"

Sun, 05/02/2010 - 15:09 | 328048 BlackBeard
BlackBeard's picture

Amateurs.  They need to learn how to soak fertilizer with gasoline first....

Mon, 05/03/2010 - 00:42 | 328705 TBT or not TBT
TBT or not TBT's picture

Half heavy fuel oil, half gasoline, a great high speed detonator and sufficient compression.

Sun, 05/02/2010 - 14:36 | 328005 whatsinaname
whatsinaname's picture

Now shrimpers / oyster farmers foreclosing and handing over boats from Louisiana Bayou to Florida panhandle ?

Sun, 05/02/2010 - 15:35 | 328074 chumbawamba
chumbawamba's picture

Why stop at the panhandle?  I heard-say speculation today that the amount of oil being shat out into the gulf might be on the order of 25,000-50,000 barrels per day.  If that's the case and they don't put a cork in it soon, say bye-bye to the east coast, Greenland, and possibly most of northern Eurpope as well.

I am Chumbawamba.

Sun, 05/02/2010 - 15:59 | 328111 Fazzie
Fazzie's picture

 So hypothetically speaking, A "peak oil" fanatic could be enjoying the day swimming at the beach and get covered in oil from one accidentally unplugged well, out of tens of thousads, a continent away?


 Too funny.


  I know, I know it only underscores their case since all that precious resource was just lost.

Sun, 05/02/2010 - 21:03 | 328451 Seer
Seer's picture

Funnier yet would be a peak oil denier getting bitten by a shark while swimming, and find himself in an ambulance that's run out of fuel.

Sun, 05/02/2010 - 21:37 | 328492 Fazzie
Fazzie's picture

  My scenario more likely and much funnier.


  Take all those tankers full of oil, line em up and you could walk to Saudi Arabia.

Sun, 05/02/2010 - 16:14 | 328123 chumbawamba
chumbawamba's picture

Those familiar with the Web Bots might recall reading that Clif High explained the Web Bot results can sometimes yield the correct coordinates of a future event but on the wrong side of the planet.

The Bushehr nuclear research reactor in Iran is at about the same latitude (very close in fact), and almost directly opposite the oil spill in terms of the globe (ok, it's off my about 30 degrees).  The Shape of Things to Come report mentioned that, as a result of the Israeli attack on Bushehr, the airstreams would be polluted with nuclear fallout that would carry through the atmosphere twice.  What if the correct interpretation was an oil spill in the gulf stream?

This is all just alarmist speculation, and random coincidence, but it is interesting.

I am Chumbawamba.

Sun, 05/02/2010 - 16:57 | 328169 A_MacLaren
A_MacLaren's picture

In a recent interview, , Clif attributed the bad airstreams with the volcanic activity in Iceland.

This weekend, George Ure in his subscriber update, indicated the oil spill meets more of the parameters of the "Blue Flue" from The Shape of Things to Come, when the methane aspects are discounted.

Sun, 05/02/2010 - 17:39 | 328182 chumbawamba
chumbawamba's picture

Oh yes, the volcano.  Duh.  I haven't been keeping up with the Web Bots.  I already live in the mire of my own bad omens.

I am Chumbawamba.

Sun, 05/02/2010 - 16:26 | 328138 dcb
dcb's picture

by killing off all life forms you make the enviroment safe for drilling. since you no longer have to pay for costly environmental controls anymore (it's already dead) it's good for profits

Sun, 05/02/2010 - 14:38 | 328007 Bay Trader
Bay Trader's picture

Looks like tomorrow will be a great opportunity to snatch up more puts on the FXE at great prices.

Sun, 05/02/2010 - 14:41 | 328013 daz
daz's picture

Germany could borrow some billions at their rate and give the money to Greece to help... Europe is Europe... There should not be spreads between Germany and Greece.... oh wait... LOL


Sun, 05/02/2010 - 14:56 | 328030 Lndmvr
Lndmvr's picture

Expect to see " national guard" on the streets this week. I personally am working on renting 10 acres in N Florida to store boats on so they don't get full of oil. I'm thinking BP stations will be burning soon. It will be a disaster.

Sun, 05/02/2010 - 15:08 | 328046 geminiRX
geminiRX's picture

The 10 acre thing sounds like a good idea. I wouldn't bet the farm that BP stations will be burning anytime soon....nor national guard. The sheeple of America will bend over and accept their new reality......unfortunately

Sun, 05/02/2010 - 15:11 | 328049 sangell
sangell's picture

Hey you don't want to burn BP stations. Those are assets to be seized to pay claims. BP paying $1200/day for small fishing boats to help with cleanup. NOAA has closed Federal waters to fishing from the Mississippi to Pensacola so your oyster boat is now a VSCC or Very small crude carrier.

Sun, 05/02/2010 - 15:48 | 328094 Double down
Double down's picture

My understanding is that some sort of promise has to be signed as a part of the contract.  Little suspicious about that. 

Sun, 05/02/2010 - 15:53 | 328103 knukles
knukles's picture

Promise as in Margarine?
Golly, I prefer Kentucky jelly myself.

Sun, 05/02/2010 - 16:01 | 328116 Cognitive Dissonance
Cognitive Dissonance's picture


That's just too funny.

Sun, 05/02/2010 - 14:58 | 328031 w a l k - a w a y
w a l k - a w a y's picture

ooooowwwwwwooooooo !

Sun, 05/02/2010 - 15:05 | 328037 kaiten
kaiten's picture

My view about this Greek issue still is that Greece will eventually default and leave the eurozone anyway. I doubt greeks will withstand more than few months of austerity. Otherwise the needed reforms would have been done long ago. Greek economy operates on this borrow-default cycle for two centuries already and I cant see any fundamental changes in the structure of the economy.

Sun, 05/02/2010 - 15:06 | 328042 st louie mo
st louie mo's picture

Now that brings back memories.  There used to be a little old widow down the street whose husband was killed years back by an explosion at an Athens Citibank office.

Sun, 05/02/2010 - 15:06 | 328044 mchandler@ameri...'s picture

It's hard to believe the bombs in Greece and in NY are connected because the one in Greece - you know, uh, WORKED.

What idiot would claim to have anything to do with the one in New York? Would you advertise your total incompetence?

Sun, 05/02/2010 - 15:23 | 328060 RockyRacoon
RockyRacoon's picture

Who says it was designed to actually work?  The gov't can get the same bang for the buck (I know, bad pun) without actually destroying anything in the process.  Troops on the streets of New York, here we come.  We need them to be an everyday scene when TSHTF.

Sun, 05/02/2010 - 15:24 | 328064 Mojo
Mojo's picture

Why are they Bombing an english bank? May be they took the wrong turn going to Deutsche bank?

Sun, 05/02/2010 - 15:28 | 328068 john_connor
john_connor's picture

Sounds like an explosive situation.

Sun, 05/02/2010 - 15:30 | 328070 nicktd
nicktd's picture

Greek civil war is not far behind!

Sun, 05/02/2010 - 17:24 | 328195 Oracle of Kypseli
Oracle of Kypseli's picture

The reds have been waiting since 1948 to fundamentally transform the country.

It may be very bloody. UN and the US will interfere for sure. 

However, the protests are left wing-right wing coolition against the socialists.

Strage symbiotic arrangement 

Sun, 05/02/2010 - 21:09 | 328461 Seer
Seer's picture

So, populist?

Mon, 05/03/2010 - 04:55 | 328812 AnAnonymous
AnAnonymous's picture

Or showing that these labels mean nothing?

Sun, 05/02/2010 - 15:35 | 328075 virgilcaine
virgilcaine's picture

The Imf banksters are really sticking it to the Greeks. They should get ready for Riots in the streets.  Let IMF pick up the garbage too.

Sun, 05/02/2010 - 16:55 | 328167 Thunder44
Thunder44's picture

Always have to have to find a way to get our $ printing presses involved.

Sun, 05/02/2010 - 21:11 | 328465 Seer
Seer's picture

Not a fan of the IMF, but...  Seems that Simon Johnson claimed that the failings were almost always the wealthy players, friends of govt officials, and that govt officials never can seem to force their friends to chip in and help fix things; the result being that the small-fry gets stuck with the bill.

Sun, 05/02/2010 - 15:38 | 328080 DaisyMae
DaisyMae's picture

What a misnomer...How can cutting the deficit to 3% by 2014 be considered austerity?  Austerity should be a surplus to compensate for deficits...It means after binging on donuts and twinkies you start eating carrots and celery...not chocolate chip cookies.

Sun, 05/02/2010 - 15:43 | 328089 anony
anony's picture

No one likes us-I don't know why
We may not be perfect, but heaven knows we try
But all around, even our old friends put us down
Let's drop the big one and see what happens

We give them money-but are they grateful?
No, they're spiteful and they're hateful
They don't respect us-so let's surprise them
We'll drop the big one and pulverize them

Asia's crowded and Europe's too old
Africa is far too hot
And Canada's too cold
And South America stole our name
Let's drop the big one
There'll be no one left to blame us

We'll save Australia
Don't wanna hurt no kangaroo
We'll build an All American amusement park there
They got surfin', too

Boom goes London and boom Paris
More room for you and more room for me
And every city the whole world round
Will just be another American town
Oh, how peaceful it will be
We'll set everybody free
You'll wear a Japanese kimono babe
And there'll be Italian shoes for me

They all hate us anyhow
So let's drop the big one now
Let's drop the big one now

r. newman

Sun, 05/02/2010 - 15:47 | 328093 LeBalance
LeBalance's picture

but that's so sudden Anony.  The owners are doing it through the back door with the IMF.

Sun, 05/02/2010 - 16:21 | 328136 SilverIsKing
SilverIsKing's picture

Greeks?  Back door?

Nahhhh, I won't go there.

Sun, 05/02/2010 - 16:02 | 328118 Spaceman Spiff
Spaceman Spiff's picture

How much time did this bailout buy Greece?   

Sun, 05/02/2010 - 16:59 | 328172 lucky 81
lucky 81's picture

the real ? is how much time did greece buy the us $. 

when is the next treasury auction? the next treasury auction time will be bought by portugal.

Sun, 05/02/2010 - 17:30 | 328201 David449420
David449420's picture

About 7 minutes.

Sun, 05/02/2010 - 20:10 | 328385 cougar_w
cougar_w's picture

Didn't buy them any time at all, in terms of their ultimate default, which depends more on the maturity dates of important debts, and elections. This is kicking the social unrest can down the road, but that's all can be hoped for.

Greece will be allowed to implode shortly after Portugal and/or Spain enter the bailout pipeline, and the money pledge to Greece to keep the populace under control will then be moved over to the next problem child. Rinse and repeat until the world is uniformly ablaze.

It's called "an unpowered controlled descent". Get used to it.

Mon, 05/03/2010 - 00:49 | 328713 TBT or not TBT
TBT or not TBT's picture

As a practical matter, I wonder if EUO can fail at some point, as things continue to get ineluctably worse in euroland.

Sun, 05/02/2010 - 16:03 | 328119 virgilcaine
virgilcaine's picture

At what point are the Greeks classified as a puppet state ?  Now or when they sign the papers.

Sun, 05/02/2010 - 16:19 | 328134 Rider
Rider's picture


WAR!! WAR!!!!

US will fight and win this NEW WAR for sure..

BTW.. Who is the enemy today?


Sun, 05/02/2010 - 17:30 | 328198 Oracle of Kypseli
Oracle of Kypseli's picture

The enemy has been identified for sure.

International banksters and arrogant governments.

Start with "Idyll Bank Felon" which is an anagram for GS CEO

Withdraw all your money and buy gold and silver.

Sun, 05/02/2010 - 17:39 | 328209 A_MacLaren
A_MacLaren's picture

"We've always been at war with Eastasia."

Sun, 05/02/2010 - 16:27 | 328140 dcb
dcb's picture

Juat like iceland, you don't get the choice. eventually in iceland they decided to take a national referendum. you really don't think the banking cartel is going to let democracy get in the way. at all costs the Ponzi system must be maintained.

Sun, 05/02/2010 - 16:41 | 328155 buzzsaw99
buzzsaw99's picture

The Greeks are going to take that bailout whether they want it or not. Officials will be bribed/coerced by the usual bankster despots and if necessary the IMF will personally cram that bailout down Greece's throat, or up its...

Sun, 05/02/2010 - 16:59 | 328173 gratefultraveller
gratefultraveller's picture

Is Greece just a writing on the wall?

Sun, 05/02/2010 - 17:05 | 328177 hedgeless_horseman
hedgeless_horseman's picture

Six degrees of separation from Greece to Kevin Bacon.

  1. Greece is bailed out by EU and IMF...
  2. IMF is headquartered in Washington...
  3. Washington D.C. is the headquarters of U.S. Congress...
  4. U.S. Congress passed Obama's huge stimulus package...
  5. Huge stimulus package contains billions of dollars of pork...
  6. Pork is the meat from which we get (Kevin) Bacon!


Sun, 05/02/2010 - 17:10 | 328181 Mitchman
Mitchman's picture

Why can't they use fireworks just like everyone else?

Sun, 05/02/2010 - 17:19 | 328193 DoctoRx
DoctoRx's picture

Chumba 14:35  -- best typo yet:  "Eurpope"!  

Sun, 05/02/2010 - 17:38 | 328207 Amsterdammer
Amsterdammer's picture

A view from Europe: the IMF has stated

it intended to stay 10 fuckin' years in

Greece to fix the mess....

As the Huffpo is reporting than a change of

CEO is in the work at GS, why not make him the Prime

Minister of Greece ? After all he did for them,

he must already have the Greek passport,

and for once, be on the receiving end..






Mon, 05/03/2010 - 00:53 | 328717 TBT or not TBT
TBT or not TBT's picture

At that point, why not parachute one of those "turnaround" CEO's that courts and/or debtholders appoint to restructure failing companies?   Rhetorical question of course.  The Greeks are of a marxist persuasion mostly and resistant to outside dictates.

Mon, 05/03/2010 - 04:57 | 328813 AnAnonymous
AnAnonymous's picture

The ten years target made me laugh.


Boom and burst unexplained.


Cook some recipes in decline times. Ten years later, tell the recipes are causes for pick up.


Looks like medicine pre 1600

Mon, 05/03/2010 - 08:32 | 328892 kujiranoai
kujiranoai's picture

The reason the bomb did not go off outside Goldman Sachs office is that they don't have an office in Greece. But Goldman Sachs sold the Greek government swaps to hid its budget deficits. How did it do this without having a Greek office?

Could it be that Goldman Sachs is part of the Greek tax evasion problems we have been reading about?

The negotiation and conclusion of contracts in Greece by a foreign company (e.g by the sales or trading employees of the subsidiary of an investment bank acting on behalf of the subsidiary that was a counterparty to the Greek entities in the off market swap contracts FOR EXAMPLE) would normally give rise to a tax filing obligation in Greece for the foreign company and the profit attributable to the activities of the employees when they were in Greece negotiating the contracts would be subject to tax in Greece.

Put more simply, if a foreign company has been sending its employees running around Greece singing multi billion dollar derivatives contracts with the Greek government it might well find itself having a Greek tax liability for the contrubution to its profits of the staff who were in Greece.

I hope Goldman Sachs properly registered its office in Greece and paid its taxes - perhaps they accidently left their Greek office off their contacts section of their home page.

I hope Goldman Sachs properly registered itself for derivative sales in Greece (and didnt think because it was selling to the Greek Govt it was somehow OK).

When you think of Goldman Sachs think of gangsters. More specifically, think of Al Capone.

For specialists who can help solve Greece's fiscal crisis see the below.

US/Greek tax treaty -,,id=169479,00.html

Local law taxable presence definition taken from the web:

For the purposes of Greek income tax law (L. 2238.1994), permanent establishment of a foreign business or corporation in Greece is deemed to exist provided that the latter:... "3. Conducts business in Greece or provides services through a representative, who is authorised to and can negotiate and conclude contracts on behalf of the foreign legal entity, and also when the business or services are offered without a representative, provided that they are related to the drawing up of studies or projects or the conduct of research in general or provided that these works and services are technical or scientific in general...

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