Guest Post: Greek Debt Rollover - Who Is Getting Rolled Over?

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Cognitive Dissonance's picture

Greek Debt Rollover - Who Is Getting Rolled Over?

I have this crazy urge to recite that joke about fat Greeks, rolling around in flour and finding wet spots.....but I can't remember the damn punch line.

Amish Hacker's picture

I'm sure someone will remember. This is Zerohedge, after all.

TheFourthStooge-ing's picture

Bollo: "I've got a bad feeling about this."

 

Ahmeexnal's picture

http://www.prisonplanet.com/greek-pm-austerity-is-patriotic-duty.html

As former Wall Street economist Michael Hudson notes, the so-called bailout will not help the Greek people, it will enrich the banks at the expense of the people.

“The Greek economy will not end up with the proceeds of any ECB ’bailout.’ The banks will get the money. They would like to turn around and lend it out afresh to the buyers of the land, monopolies and other properties that Greece is being told to privatize,” he writes. “Is this not like military tribute? … The bankers are trying to get a windfall by using the debt hammer to achieve what warfare did in times past.”

 

hardcleareye's picture

I heard it this way "How do you have sex with a fat Greek, roll them around in flour and look for the wet spots."

monkeyshine's picture

Jesus I truly cannot believe how many times I hear this joke told so poorly. 

The punchline is "Roll her in flour and go for the dough".

Get it? 

falak pema's picture

roll her good into dough, then go for her flower?

monkeyshine's picture

Nah, it is the one about how if you owe a bank $1,000,000 you are in big trouble, but if you owe the bank $100,000,000,000 the bank is in big trouble.  Greece is in the power position, though, I'm sure playing their power cards will hurt a lot it is gonna hurt either way they go.

Caviar Emptor's picture

It's not 'Kicking the Can" anymore.

It's full on corporate welfare for banks, channeled through sovereign coffers. All the rest is meaningless theater.  

knukles's picture

And all of it! 
The whole bloody ball of wax literally centers around that magical mystery machine of financial forbearance and sacred insanity, the SPV/CDO/CLO/ whateverthefucksomebodywntstocallitrealniceandprettythistime.

Guarantee the principle by buying high quality bonds. 
(Plehhhhhsssss phhft snigger choke)
Like the high quality Greek debt that the ECB bought from the Greeks, or that the French wanted to be the first to sell over the weekend.
Right.

And Get This!
That those "evil fucks" (loosely, literally translated from the EU's description of the ratings agencies as "evil fucks") that the EU wants to outlaw and replace with their own ratings agency (independent, fair minded, impartial, etc.) are going to have to rate this piece of shit.

Which they will. 
Nicely, too. 
So that everybody who puts shit in gets better rated shit out, meaning (and I have seen this done first hand a bazillion times) an overall higher rating on the out than on the in so capital requirements against the new shit which is same as the old shit is... ta dah... less!

Victory laps all around..... for everybody!
Except the Greek people.  Ah, and throw in the rest of the European population just for good measure.

But the sad facts remain,
1.)  Greece is still gonna belly
2.)  The rest of Europe is now into this a la tar baby time... too deep to ever get out. 
3.)  The whole rape and pillage by the banksters with the approval of their political puppets rolls along, just fucking fine.

Great.  Just fucking great.

island's picture

You've really gotta wonder what the hell is going to bring this shit to an end.

High Plains Drifter's picture

Cracks Beneath: China, Greece, US and Derivatives

http://www.businessinsider.com/cracks-beneath-china-greece-us-and-deriva...

Again with those wascally derivatives......

BORT's picture

What did you suspect?  It's the banks after all; doing God's work

Caviar Emptor's picture

There's a movement to convert the US to a constitutional monarchy. Would send markets higher. 

oogs66's picture

With the bush's kennedy's and clinton's aren't we already one? And with the attempt to let only legacies and insanely rich and politically connected into the ivy leagues and then into the halls of power and government we are certainly headed there

PY-129-20's picture

I hope there won't be a BUSH III. Two of them were already enough for the rest of the world. And I am not speaking against Reps here.

Re-Discovery's picture

In a couple of hours, Greece will no longer be the word.

But now . . .  the pain in Spain will send Euro down the drain!

 

vegas's picture

Private gains, socialist losses. Nothing new here really.

What's really at stake here is getting by the corrupt ratings agencies. A "wink-wink" here, a "nod-nod" there, wrapped up in financial technical jargon your average money-honey at CNBC couldn't decipher if her life depended on it, and you have the financial equivalent of Neville Chamberlain's "peace in our time". WTF.

nmewn's picture

"While lawmakers have taken a 25 percent pay cut, they still have drivers, leased cars, bodyguards and immunity from prosecution."

http://www.bloomberg.com/news/2011-06-28/greece-s-indignants-confront-politicians-they-blame-for-financial-plight.html

Its good to be king.

nmewn's picture

Mmm, depends on "the laws" staying current, they never seem to think that far a "head" ;-) 

carbonmutant's picture

 This is one of the reasons the Founders of this country wrote the 2nd Amendment...

 

Reptil's picture

Did that help sofar? This doesn't look encouraging: http://www.youtube.com/watch?v=qEF7bvO0Yvc

We got a Constitution too. They've "replaced" it without bothering to tell us. (Treaty of Lisbon) Laws don't help, if the people are not willing to stand up and have a revolution.

XenoFrog's picture

Maybe this is one of those things that Democrats are talking about when they suggest we be more like Europe.

topcallingtroll's picture

Ok I will have to admit that is one difference between the parties. Republicans fear european socialism coming to our shores. But you probably got junked by someone who doesnt believe there is a difference between the two major parties.

Rynak's picture

Fuck immunity....... just hang them right there.

This is how stuff will at least metaphorically ultimately be sorted out.... this is the "default" that they're steering towards: Raw collective force, that doesn't give a shit about "immunity" and "laws". It may be years off, but it is unavoidable if the current course continues.

nmewn's picture

I believe you're correct Rynak, long term.

But of course they brought it on themselves...as long as the gravy train was rollin they were all good with it, workers/pols...human nature.

The Bloomie article reads like the way major metro American cities are run today (drilling down to a local level)...as long as the gravy train is runnin its all good...sad people can't see it before it gets this far.

GeneMarchbanks's picture

"While lawmakers have taken a 25 percent pay cut, they still have drivers, leased cars, bodyguards and immunity from prosecution."

Did it mention anything about immunity from execution?

Henry Hub's picture

"...immunity from prosecution."

Mussolini had immunity from prosecution, he still ended up hanging from a lamp post.

Caviar Emptor's picture

2011-12 will be another Bailfest like 2008. On a grand scale

High Plains Drifter's picture

Greeks should learn Slick's 3 rules of wrestling dynamics.

 

 

http://www.youtube.com/watch?v=MwuCS_WI-w4

Smiley's picture

Rolled over?  More like bent over!

agrotera's picture

the Greeks are the Greeks, and THAT is the Greek heritage,  period... --didn't you all learn about Marathon and Thermopylae? 

LAUGH AT YOUR OWN EXPENSE.

topcallingtroll's picture

Yeah back then greeks were real men.

High Plains Drifter's picture

Ah yes, the good old days when greek men buggered boys.....

lynnybee's picture

please .... honest question .... who makes up the "troika" ?   I know that the word troika is a russian word for 'three of a kind' , but don't understand who they are referring to ..... the government ?  the bankers ?  ........ thank you !  

oogs66's picture

IMF. ECB. EU governments. It has all become so confusing that I think people use troika so they don't have to say which articular entity is doing what. Especially since they have secret meetings amongst themselves. Though maybe there is a better answer

Ahmeexnal's picture

How about calling them the Molochian Trinity from now on so as to avoid further confusion?

nmewn's picture

IMF, EU & Greek officials I believe...could be wrong...I'll be corrected if so.

knukles's picture

Butchaknow....
They all sit on all of each other's decision making bodies, committees, whatever's... so it's dynamic social democratic justice for all in action. 
The ultimate confusion.

Can't wait to see what the creditor group looks like after all this.

Cognitive Dissonance's picture

First paragraph. I somehow missed it as well.

Working through the details as best possible shows it strengthens the positions of the banks and weakens the IMF/EU/ECB (“Troika”) and is expensive for Greece.

lynnybee's picture

o.m.g. .... i feel like such a dumb shit on this website sometimes.   yes, now i see it & now i understand ...... thank you !    Troika = the International Monetary Fund, the European Union & the European Central Bank !   (i'm getting good !)

High Plains Drifter's picture

don't worry about it lynnybee. its a jewish thing.