Norway Stops Aid Payments To Greece

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Fri, 05/20/2011 - 09:42 | 1295139 Badabing
Badabing's picture

No more suvloki for you!

Fri, 05/20/2011 - 10:09 | 1295230 Josh Randall
Josh Randall's picture

If Norway gets up, we'll all get'll be anarchy

Fri, 05/20/2011 - 10:24 | 1295278 kridkrid
kridkrid's picture

Screws fall out all of the time.  The world is an imperfect place.

Fri, 05/20/2011 - 10:37 | 1295316 Vincent Vega
Vincent Vega's picture

Impossible sir, it's in Johnson's pants.

Fri, 05/20/2011 - 10:43 | 1295322 SheepDog-One
SheepDog-One's picture

'Claaaiirre'? Thats a fat girls name.

Fri, 05/20/2011 - 10:55 | 1295406 kridkrid
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what am I???  What am I???  I am a walrus.

Fri, 05/20/2011 - 10:58 | 1295420 TheDriver
TheDriver's picture

Norway: Eat... My... Shorts.
: You just bought yourself another Saturday.
: Ooh, I'm crushed.
: You just bought one more.
: Well I'm free the Saturday after that. Beyond that, I'm going to have to check my calendar.

Fri, 05/20/2011 - 14:05 | 1296240 andybev01
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The Breakfast Club.

Fri, 05/20/2011 - 19:12 | 1296979 StychoKiller
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Anarchy != Chaos

Fri, 05/20/2011 - 09:43 | 1295141 oogs66
oogs66's picture

Default/Restructuring is the correct option for Greece

Fri, 05/20/2011 - 09:46 | 1295148 zen0
zen0's picture

Only after they can squeeze every last Euro out of the situation.

Fri, 05/20/2011 - 09:44 | 1295151 Ray1968
Ray1968's picture

The irony of the Greeks about to get it in the ass.

Fri, 05/20/2011 - 09:58 | 1295182 Oracle of Kypseli
Oracle of Kypseli's picture

That's wrong. After Greece got the EU to give them free money for their stupidity, they will default and start over clean just like Iceland. Now who is getting it in the derriere?

Fri, 05/20/2011 - 10:08 | 1295197 Ray1968
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I think there is a BIG difference between Greece and Iceland. The EU will never allow Greece to have a start over. They will pay and pay dearly!

Just look at how many attempts there have been to make Iceland's citizens pay for the failure of a private bank! Thankfully their people have told the EU to go pound some sand.

Fri, 05/20/2011 - 10:44 | 1295345 Rick64
Rick64's picture

 Iceland hasn't started over. They didn't default on the IMF loans and are presently recieving more. The only thing that they defaulted on was reimbursing European depositors of Icesave (Landsbanki) and Landsbanki's debts. 

Fri, 05/20/2011 - 12:13 | 1295745 Swain
Swain's picture

European depositors were reimbursed by their respective governments (UK, NL) which are in turn being paid for their outlays by the sales of the assets of the defunct Landsbanki. 

Fri, 05/20/2011 - 09:56 | 1295183 achmachat
achmachat's picture

This idiom doesn't apply to the Greek.

it's nothing unpleasant to them.

Fri, 05/20/2011 - 10:09 | 1295214 HamyWanger
HamyWanger's picture

I'm ready to bet 100,000 US dollars that Greece will never default.

Fri, 05/20/2011 - 10:15 | 1295255 topcallingtroll
topcallingtroll's picture

AS long as you include "voluntary" restructuring as a default you are on.

Fri, 05/20/2011 - 11:57 | 1295681 Clockwork Orange
Clockwork Orange's picture

and liability management exercises

Fri, 05/20/2011 - 10:16 | 1295258 topcallingtroll
topcallingtroll's picture

AS long as you include "voluntary" restructuring as a default you are on.

Fri, 05/20/2011 - 10:23 | 1295275 Ethics Gradient
Ethics Gradient's picture

That's not a bet! Greece defaults and shortly after the dominos stop falling 100,000 dollars becomes what you need to buy a beer. Put your money where your mouth is, man!

Fri, 05/20/2011 - 10:42 | 1295352 equity_momo
equity_momo's picture

I'll take that bet. Seems like i've got no downside , never is along time.

Fri, 05/20/2011 - 10:56 | 1295396 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

And by the time you can pay out, those $100,000 will buy a tank of diesel.

Fri, 05/20/2011 - 12:51 | 1295903 Rick64
Rick64's picture

I'm ready to bet 100,000 US dollars that Greece will never default.

 Would that be internet bucks bet under an anonymous name on a blog site?

Fri, 05/20/2011 - 10:12 | 1295229 EscapeKey
EscapeKey's picture

Might be the 'correct' option, but DSK was forced out for a reason.

Fri, 05/20/2011 - 10:38 | 1295330 downwiththebanks
downwiththebanks's picture

+1.  Not only that, but the Hit Men who pulled it off managed to take the heat off of Apartheid Israel on Nakba day.

A Two-fer.

Fri, 05/20/2011 - 11:36 | 1295578 ElvisDog
ElvisDog's picture

How can anyone blame Norway? The only reason to continue to keep lending money to Greece (although this story says it's aid) is if there was some reasonable expectation that Greece would get its act together and be able to pay back the debt. Lending money to a country that has a structural, long-term deficit is throwing money down a rat hole (and, yes, I'm aware of the analogies to the U.S.)

Fri, 05/20/2011 - 09:45 | 1295145 Sqworl
Sqworl's picture

Falafel Failure!!!


Fri, 05/20/2011 - 14:11 | 1296261 andybev01
andybev01's picture

+10, thanks for the chuckle.

Fri, 05/20/2011 - 09:42 | 1295146 Clockwork Orange
Clockwork Orange's picture

Poof, goes the illusion.

Fri, 05/20/2011 - 09:47 | 1295150 Charlie
Charlie's picture

Not sure this is such a big deal.

Norway is not part of the European Union.

Fri, 05/20/2011 - 09:50 | 1295158 mayhem_korner
mayhem_korner's picture

That makes it a bigger deal.

Fri, 05/20/2011 - 09:44 | 1295152 Jim in MN
Jim in MN's picture

Over on RAN Squawk it says: IMF says an Increase in Ireland's corporate tax rate is not consistent with goals of the EU/IMF program

I would call that bureaucratese for 'let them eat cake'....

Fri, 05/20/2011 - 09:50 | 1295167 Quintus
Quintus's picture

The IMF is aligning itself in this instance with the Irish and against the EU leadership, primarily France.  Most Irish people understand that the only reason Microsoft, Google, Oracle, Pfizer etc, etc, etc. have their European bases in Ireland is for the 12.5% Corporation Tax rate.

Raising that rate may make the French feel better, but it will not, in all likelihood, raise additional tax revenue for Ireland.

Fri, 05/20/2011 - 10:02 | 1295203 Jim in MN
Jim in MN's picture

Layers...Here is a snippet of debate from ZH back in March--Irish contributions on the topic:

by Ferg .
on Thu, 03/10/2011 - 13:33


As a citizen of the Emerald Isle I can tell you , unequivocally , that there is absolutely no chance in the darkest corner of hell that the government here will agree to raise the corporate tax rate . It was Labour who introduced it back in the 1990's and both coalition parties campaigned for the ratification of the Lisbon Treaty with assurances that the rate would not be changed . It's an issue that garners quite a bit of attention over here and any attempt to alter the status quo would likely create quite the political/media shit storm .

on Thu, 03/10/2011 - 13:41

It actually goes back to the 50s but Europe quite rightly forced us to tax global and local corporations at the same rate.

The Irish banks made huge profits from this rule change however (before the bust)

Never a fan of it myself given the huge distortions in the local economy it creates yet we have grown so dependent on this it would rip out all the industry in the country.

We really have a elephant man type economy - global corporations yet no fishing industry.

This was one of the reasons why Iceland could go tell the bankers  fuck off as they still had internal capital to draw on - we have become too globalised to make independent waves.

by Ferg .
on Thu, 03/10/2011 - 16:06

Yes I was thinking that myself . We've become hugely dependent on it and if it was altered I don't think the large multinationals would be sticking around for the pleasant weather . It's lustre is fading as well now that we've got more competition from Eastern Europe , but in the current economic climate there's no chance it'll be hiked .

Agreed we're very dependent on exports right now . Export strength has been mentioned on countless occasions by analysts and politicians as a pillar of recovery but that's a very dangerous scenario to place your faith in . One in which we're at the mercy of exchange rate fluctuations and shifts in foreign demand patterns . I suppose that's the price everyone pays for globalization participation though . Great in the boom years , a disaster when it all hits the fan .

on Thu, 03/10/2011 - 16:36

A country with a extreme trade surplus is a colony pure and simple - we have nearly always had a surplus at least since the late 80s.

Since the mid 90s its gone crazy and therefore we are a jurisdiction of extreme profit for certain individuals and corporations.

There is nothing wrong with trade defecits if you can import physical capital and capital building structures that can sustain real long term wealth.

We imported decking.

Fri, 05/20/2011 - 09:46 | 1295157 A Man without Q...
A Man without Qualities's picture

Hey, Greece, I think Norway just called you a cunt....


Fri, 05/20/2011 - 09:52 | 1295162 TheTmfreak
TheTmfreak's picture

Also implicitly stating that the Euro bail out countries are fucking retards.

Fri, 05/20/2011 - 10:04 | 1295201 knowless
knowless's picture

sverige kommer inte betalar!

best google translate could give me.

any swedes have an on the ground perspective on this?

Fri, 05/20/2011 - 10:49 | 1295366 Jack Burton
Jack Burton's picture

Sverige kommer inte att betala!

Sweden is not going to pay!

Fri, 05/20/2011 - 09:52 | 1295174 eftian
eftian's picture

+better translation software

Fri, 05/20/2011 - 09:49 | 1295164 breezer1
breezer1's picture

the only spin that can be applied here will be in the google translation.

Fri, 05/20/2011 - 09:53 | 1295168 youngman
youngman's picture

Greece new they were going to default years ago....they just want to use the system and steal as much as they can until they do...I would too...if you are that stupid to give me money when I am broke...and have no way of paying you back...then give it to me baby

Fri, 05/20/2011 - 14:13 | 1296270 andybev01
andybev01's picture

Ah, I see. Your real name is America?

Fri, 05/20/2011 - 09:55 | 1295173 richard in norway
richard in norway's picture

this could be bigger than people think, the greeks are not the only ones getting this money from norway. easten europe also gets a lot of dosh and they are in a nasty place, the arab spring could easily become the easten block autum

Fri, 05/20/2011 - 10:51 | 1295374 Jack Burton
Jack Burton's picture

 richard, Seems like the whole world is approaching a nasty place. Let food prices continue to increase and a few more large natural disasters come our way and trouble will spread.

Fri, 05/20/2011 - 17:53 | 1296856 Zero Govt
Zero Govt's picture

the withdrawel of credit (aka Norways two fingers to Greece) ushers in deflation of prices, not inflation the prices of yoghurt from here!

Fri, 05/20/2011 - 09:55 | 1295175 Bleeping Fed
Bleeping Fed's picture


Fri, 05/20/2011 - 10:00 | 1295188 DaBernank
DaBernank's picture

NOK is only currency I would own willfully (as in I am forced to transact in EUR & USD). Bravo for them.

Fri, 05/20/2011 - 09:58 | 1295191 Use of Weapons
Use of Weapons's picture

Turns out the Grandma doesn't give you everything you want in life...



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