Live Webcast From Syntagma Square: Summer Solstice/Vote Of Confidence Edition

Tyler Durden's picture

Greek crowds which have already started to congregate at Syntagma square are probably not celebrating today's summer solstice. In fact, they are probably not celebrating anything, since after today's vote in which 155 ruling PASOK party members are expected to vote in favor of G-Pap's government reshuffle, all of them will end up far worse off than if they could merely devalue their currency and tell Europe's bankers and the ECB to shove it. Alas, courtesy of living in a quote unquote democracy, this vastly popular decision will likely never happen in a peaceful setting. So will today's latest protest session in front of the Parliament do anything to change an outcome which the market has already decided is certain and favorable? Below are is a live Greek webcast which may provide clues.


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Fidel Sarcastro's picture

The Banking Mafia has already decided the outcome.  Sadly, this won't matter.

JR's picture

Right. The bottom line is the bankers have decided that whatever it takes they’re going to continue with this.  If they have to buy a parliamentary election, they have to buy a parliamentary election.  Who are these parliament members voting for? They’re voting for themselves, for money.

The stakes just get bigger… and bigger…

Herd Redirection Committee's picture

The Oligarchy will soon begin in-fighting.  That is a certain sign that the erosion of their power is irreversible.

 Check out the latest from the Capital Research Institute "0% Interest Rates - Who Benefits?":

Although buying Greek debt seems like a terrible idea to a normal person, to a person who only looks at the bond market (or only the CDS market) the low price of Greek debt somehow convinced people that they were getting a good deal.  This should serve as a reminder to people, that investing in debt, AKA lending money to people you don’t know, is only a good idea if you are sure you will be paid back in full.  For those holding US debt, thinking this could never happen to you, well, you might want to reconsider.

The other day I was discussing money with someone, and I mentioned that as long as interest rates are at 0% the fundamentals remain the same: expect rising asset, food, and commodity prices, a continually devaluing currency, high unemployment, and basically, speculation will continue to be rewarded over savings and investment.

disabledvet's picture

"speculation" indeed.  that is not the job of Wall Street though somehow they got it in their head that it was.  how could that happen?

anywho "i see business decisions being made this time" since fundamentals always apply.  again "think of it as a professional courtesy."

Max Hunter's picture

Market Condition

News Announcement Notice

Please be advised that the Greek Parliament has scheduled a confidence vote for 5 PM EDT (10 PM London Time) today. This is typically the time of day with the lowest liquidity, as U.S. trading hours end at 5 PM EDT. You may witness increased market volatility before and after the scheduled event. As a result, you may see increased spreads and decreased market liquidity around this time.

Please note - it is important to manage your open positions accordingly. To learn more about this event, please visit

Ohhh yeah baby!!

Cassandra Syndrome's picture

If they keep striking and maintain power outages, they could bankrupt the country no matter what the Powers That Be do.

Ag1761's picture

Like throwing bad printed money down a massive hole.

Freddie's picture

I loathe the bankers but the leftists in Greece and a lot of the public want FREE govt money.  They want Germany's standard of living and Greece produces nothing.  Without manufacturing or high tech or energy - they cannot have Germany's standard of living.    It is not just the bankers.  It is scumbags who want free stuff too.

PY-129-20's picture

Yeah, Germany's standard of living - tell me about it. It actually sank over the past ten years - since...oh nevermind. Meanwhile I am getting used to SPIEGEL stories about rich Greek pensioners that get 2.000 EUR (net) monthly for having worked 30 years...something most Germans, even in the same profession and even when they work 15 years longer, would not get.

In a recent survey, a staggering 96 % voted for Greece to be kicked out of the EU. Still, we get our daily propaganda article why Greece is so fucking important for us and why we can't live without them and why we should send more money to them - oh, did I tell you that we are closing more and more public buildings here - schools, kindergarten, - in some areas they aren't even able to repair basic things in some schools. Something that would've been unimaginable twenty years ago, even after the reunification of our country... (we spent more than a trillion on that one - and it looks like we have to spent 2-3 trillions to rescue people from other countries that will hate us for that and we still have to excuse for being productive and having jobs...)

Let them default. This is just painful to watch. The EUR is a failed project - maybe it would have worked with France, Netherlands, Austria, Finland (I even would've taken Belgium in) - but this is a sick joke.

Herd Redirection Committee's picture

Well, Greece has tourism... So... I mean, does tourism entail the population actually doing anything, other than being nice to the tourists, and taking some, but not all, of their money?

Greece and Germany are different cultures, and different geographically. Why do you think Germany wanted Mediterranean islands in turn for forgiving Greece's debt?  Because the real estate is valuable, thats why! 

Bottom line, our society is sick, and we have raised people to behave in this way, superficial (concerned only with their appearance), feeling entitled, money is all that matters, fame is more important than accomplishment, who you know is more important than what you know, I could go on, and on.

Check out the latest from the Capital Research Institute "0% Interest Rates - Who Benefits?":

"The inevitable default of Greece inches closer by the day, as does the eventual death of the US dollar, as world reserve currency.   For people not following the ongoing Greek bankruptcy saga, if you have briefly read the reports of a bailout for Greece you would be under the impression the Greek taxpayers are the ones being bailed out.  It couldn't be further from the truth.  The truth is, Greek taxpayers WANT to default on the debt, they know repaying the debt incurred on their behalf will be a lot more painful than simply refusing to pay the debt.  Debt foisted on the population by politicians, much the same as what has happened in America and Canada."

Ethics Gradient's picture

They will be told: "If you vote 'No', it will be the end for Greece. Vote 'yes'. There's another vote on austerity coming, after all!". For the vote on austerity they will be told "If you vote 'no', it will be the end for us all. Don't decide for your people. This is the birth place of democracy! There is going to be a referendum, vote 'yes' and give them the choice.".

Then they will be told there's no referendum.


Josh Randall's picture

Riot Dog! Riot Dog! Riot Dog!

Long-John-Silver's picture

When does NATO get involved?

Dreadker's picture

They don't have any oil... No need for NATO lol

Whalley World's picture

And Greece for the lube they will need for this one!

Mercury's picture

...all of them will end up far worse off than if they could merely devalue their currency and tell Europe's bankers and the ECB to shove it. Alas, courtesy of living in a quote unquote democracy, this vastly popular decision will likely never happen in a peaceful setting.

Think it's going to be any different when the Feds agree to sweep California's (or pick your favorite agency or muni) debts under the U.S. taxpayer rug?

Corduroy's picture

Sorry - Absolutely not the same thing and nobody in this case is sweeping any debt under the rug

Mercury's picture

Oh, really?

" A second Greek bail-out is almost certain to result in outright losses for taxpayers further down the road because, even with the help of additional money, Greece remains likely to default within the next few years. Another bailout will also increase the cost of a Greek default, transferring a far bigger chunk of the burden from private investors to taxpayers. "

Corduroy's picture

Hi mercury : Im not arguing about Greeces situation - I just have issue with your final paragraph

"Think it's going to be any different when the Feds agree to sweep California's (or pick your favorite agency or muni) debts under the U.S. taxpayer rug?"

I say absolutely not the same thing as there will be no direct austerity required as a result of sweeping such debts under such rugs. Plus I dont think the Fed will ever take the debt and it will be dealt with in a different way. Likely to be the mother of all loans to be paid back at .0000000000000001% interest :)

Dr. Richard Head's picture

The indirect austerity will still be in play though.  Actions such as sweeping the debts under the US taxpayer rug will require the creation of more credit at the expense of anyone who buys food or gas. 

Will anyone notice outside of the ZH walls when that happens?  Probably not.

Mercury's picture

Getting big brother to absorb bad debt doesn't mean it magically goes away.  It will likely -at the very least-beget more (U.S. taxpayer) debt and/or a further devalued dollar.  Forced austerity for the public sector may be politically difficult but the austerity for everyone else that results from paying higher taxes and watching your dollars buy less is a near certainty.

Oh regional Indian's picture

I wonder what syntagma means.

Nonetheless, this is just the beginning. When the real summer hits, I expect to see a few fires, literal and figurative.

July 16th and August 15th are key dates. July 16th is of course Doddering Frankenstein and trinity Test Memorial.

Greece will be a sideshow by August.,


DavidC's picture

The Square is named after the Constitution that King Otto was forced to grant the people after a popular and military uprising, on September 3, 1843.


GoinFawr's picture

Pedant alert!

(j/k. Query posed, question answered. I was going to deliberately mispell something or dangle a participle just to annoy you.)

DavidC's picture

Sorry, why? A question was posed, I answered it.


GoinFawr's picture

Like I said: just kidding. In fact I appreciate your appreciation of the English language, and your willingness to assist. A jape (weak, evidently); no offense intended.

DavidC's picture

My apologies for misinterpreting.


GoinFawr's picture


But give him a hand anyway folks!

DavidC was obviously too polite to say anything. You, OTOH, can't use that excuse, so: my condolences.

Spastica Rex's picture

You probably think I don't like you, which isn't true at all, but I'm a westerner, and a cynical, tired westerner at that so I probably come off as a dick. But anyway, I'm very curious about your TEOTWAWKI ideas and if you think it's still on schedule. What is the schedule?

equity_momo's picture

T minus when youre exhausted thinking about it.


I reckon this clusterfuck can continue until late next year , just long enough for everyone to get tired of worrying , especially all the 2012 Mayanites. Then BANG.

So thats 18 months , 24 at a push ,  to get your shit in order. Alot longer than many people think. But still a nice IN YOUR FACE to 95% of the cabbages going about their American Idol lives.

Youre welcome.

Joeman34's picture

Contributors all over this site have been predicting another, more severe meltdown for 2+ years now.  Keep waiting/wishing...  TPTB will not relinquish their hold easily.  If we ever see a repeat like 2008/2009 again, I'm not sure it will happen anytime soon.  For illustrative purposes, I've heard for nearly 10 years now that U.S. interest rates have to rise.  Empirically, how has that call worked out???

MonsterZero's picture

So will today's latest protest session in front of the Parliament do anything to change an outcome which the market has already decided is certain and favorable?


Robslob's picture

Well QE 2 has clearly funded the EU banks to kick the can so you can almost feel the need to dump our dollars on Greece in the form of Euros?

carbonmutant's picture

The trick is getting out of the Parliament building...

pepperspray's picture

Plenty of space available

DavidC's picture

If it gets through, the Greeks, to a man and woman, will strike and bring Greece to a standstill.


disabledvet's picture

You forgot to add the requisite "i am become death destroyer of worlds!" moniker.

optimator's picture

Waiting for the dawn, which will be much earlier and quicker than usual!

Cognitive Dissonance's picture

Didn't they believe in cable ties back then?

Or did they just not care since they were going to instantly vaporize the cables and everything else within 400 yards?

disabledvet's picture

that's of course why our bombs explode better these days.  "we have Cable Ties."

Bagbalm's picture

The cables have to be the same length because propagation time is critical for an implosion device. But if you roll them up neatly you create inductive delays.

disabledvet's picture

apparently a few deductive delays as well

hedgeless_horseman's picture

I am intrigued that a poster with a moniker that is an udder ointment knows such a thing as this.

disabledvet's picture

he's just a puppy.... with a large imagination.  now you have to bring "udders" into it.

JR's picture

"We are observing the birth of global governance." -- George Papandreou

George Papandreou, international socialist and  scion of a Socialist dynasty whose father helped erect the sprawling Greek welfare state when he was prime minister in the 1980s, now presides over the culmination of his father’s policies - "a sinking ship.'' Today he’s delivering up his country’s infrastructure to the bankers.

As well as being prime minister of Greece and leader of the Panhellenic Socialist Movement (PASOK) party, he is president of The Socialist International (SI). Papandreou stressed at the UN summit in Copenhagen on December 18, 2009:  "At this time, we are observing the birth of global governance. We must, however, agree to an obligation and be committed to carrying this out.”

PASOK was founded in 1974 as a radical Marxist-inspired party that called for the dissolution of the country’s military alliances and for tighter government regulation of the economy... for the planned excesses of socialism...

The New American reported in June 2009 in the UN's Marxist Plan for Global Government "that one of the most important Socialist International-Sandinista ties comes in the person of former Sandinista junta member Miguel D'Escoto, who now sits as president of the United Nations General Assembly.” Writes The New American: “D'Escoto's UN Commission of Experts on Reforms of the International Monetary and Financial System is chaired by Joseph Stiglitz, who is also simultaneously chairman of the SI's Commission on Global Financial Issues...

 “Stiglitz's 2003 book The Roaring Nineties was described by Bloomberg News as "a cornerstone of President Barack Obama's blueprint to reshape the U.S. economy." Stiglitz, a Nobel Prize-winning economist, "mentored several members of Obama's economic team, including budget director Peter Orszag, 40, and Jason Furman, 38, deputy director of the National Economic Council," according to the Bloomberg story. -- The New, 16 February 2010