An MLEC In PIIGS' Clothing: The Latest Greek Bailout Proposal Picks Up Where the Super SIV Failed

Tyler Durden's picture

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Ancona's picture

Too funny!

The frogs are just as insolvent as Greece. A Greek default would expose their balance sheets for what tehy are......insolvent.

Bindar Dundat's picture

Collapse you dumb bastards...Collapse... end your drama and give us some great opportunities to steal , I mean invest.

I love the smell of financial suicide in the morning....

RobotTrader's picture

Heh, check out gold.

What a joke.  Margin calls rolling in.

plocequ1's picture

DXY, Gold and oil down. Stocks up. Damn, How did they do that? Must be that new and improved software

Boston's picture


Check out silver, 33 bucks and counting.  Bring on $30, and better yet $25, so I can back up the truck and buy, buy, buy (on this dip)!


T-NUTZ's picture

Clowns like you will be schooled.

hugovanderbubble's picture

Thanks Paolo,


I remember Societe Generale turning machines to sellers at dec 2007 with alevosy...

Robslob's picture

I have an idea!

Let's take all the PIIGS combined debt....load all of it into a rocketship...and shoot it into outerspace where it will never be seen again...!

I think this could work.


Cole Younger's picture

To much space junk as it is.

slewie the pi-rat's picture

We The People = The Ultimate Bad Bank BiCheZ, BiCheZ

orca's picture

I think it will work. You have to think 2.0 here, with a psychopatic mindset, but it could work.
Everybody and their sister has been focussing on ECB, EU and IMF. This is a global problem. If yuou can bring in the Arabs and Chinese and Russians, for whom these amounts are pocketchange, and you deposit the whole heap of shit in an SIV to be never looked at again (zero coupon to January 2888), you rape the CDS buyers and shorters, protect your "wealth" (suppose eacht side pays EUR 30bn in, that's less then 1% of Arab exposure to a market meltdown), and you do the same with Portugal, then there's no one left to attack Spain. That was the setup all along, especially Sarkozy, who hates CDS and shorters. Win-win: Arabs get to preserve wealth, China continues to export and gains international influence, and the Russians will cooperate if berlusconi asks them nicely.
Additional bonus is you kill off al semblance of normalcy in such a way, that abnormal will become the new normal.
So yes, I think it could work and they will try it.
Money is not a astore of value any more but a tool to a political mean. No escape possible, except for precious metals. Soooooo the next step is to ban them (force majeure Comex) and we will have gone full matrix.
By the way, in the open I have gone long NBG, the ultimate bankrupt bank from Greece, on the assumption this "solution" will work
Minsky here we come!

Catullus's picture

Sounds like a sterilized Brady bond vehicle. Put in SIV to prevent EOD while front loading the interest payments. It doesnt matter in a few years anyway.

glenlloyd's picture

garbage in garbage out

agrotera's picture

...ah yes, the super sieve (this siv, structured investment vehicle--SIV may be the acronym, but sieve is the meaning)--sorting out and relieving the people of their valuables--as the great unwashed and civilized alike flow right through relieved unwittingly, of their hard earned money and posessions..

chump666's picture


Greece is a c-hair away from giving the kiss of death to the EZ, this vote will be an almighty flop, protests, chaos and the major pain trade