Official Greek Response To Der Spiegel Article

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Fri, 05/06/2011 - 17:01 | 1249236 SilverDoctors
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SilverDoctors has the inside dialogue on the negotiations between JP Morgue and the SEC over JPM's CDO settlement!

Fri, 05/06/2011 - 17:04 | 1249239 TheGreatPonzi
TheGreatPonzi's picture

Well, if they are panicking, there may be a tad of truth in all that... 

Fri, 05/06/2011 - 17:36 | 1249325 unky
unky's picture

i think the people from "Der Spiegel" leveraged themselfes with EUR/DOLLAR put options and made a shitload of money, thats all.  i bet my phyzz that greece will not leave the euro zone

Fri, 05/06/2011 - 17:58 | 1249371 edotabin
edotabin's picture

Don't know who is panicking and who is not.

All I know is that I wouldn't trust a SINGLE word from any official source. Do we really need any examples historically or otherwise?

1. The government itself has taken all the necessary steps to reduce Greece to a broken-down, decrepit, completely broke financial protectorate of Europe.

2. Since the very first days of the Greek crisis, Gpap kept using phrases such as "not a chance" and "no way" when asked about restructing etc. On one of those occasions he was on the floor at the NYSE. Now, from what I am told, restructuring is all they ever speak of on the news in Greece.

3. Then they try to pin it on speculators etc.

I have no way of knowing who, what, when, where, why and how Der Spiegel thought it correct to print what they did. Perhaps it was all bull or a stretch on their part, but for the Greek government to come out and deny or refute anything has about as much credibility as ....... (you fill in the blank).......

Always impersonal, faceless, nameless..... speculators..... who are these speculators exactly? If I am not mistaken, most were actually long the EUR. Isn't there a post here on ZH stating that massive numbers of people got screwed by the 600 pip drop in the EUR/USD? They were speculators too weren't they?

Just covering up trash with more trash.....

Fri, 05/06/2011 - 20:13 | 1249849 tom a taxpayer
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The sources, according to SPIEGEL, are "German government sources knowledgeable of the situation in Athens indicating that Papandreou's government is considering abandoning the euro and reintroducing its own currency." Link here:,1518,761201,00.html

The Spiegel article states "the European Commission has called a crisis meeting in Luxembourg on Friday night." The Greek Ministry of Finance letter does not deny this meeting will take place tonight.

Forbes report these clusterfook of lies: "Members of Luxembourg’s Information and Press Service with access to that nation’s Prime Minister and Finance Ministers denied the report, telling Forbes there was no meeting taking place and nothing scheduled in the foreseeable future.  Greek and German officials denied the reports as well.  Various sources have confirmed that a meeting is being held, though, with Reuters citing two senior EU sources who said there was definitely a meeting being held to discuss issues related to Greece and other of the so-called PIIGS."

Finally, Reuters reports: "Finance ministers from a handful of the largest euro zone member states were involved in a meeting in Luxembourg on Friday to discuss Greece, Portugal and related issues, two senior EU sources told Reuters."



Fri, 05/06/2011 - 17:02 | 1249241 truont
truont's picture

Trading on 100:1 leverage in the FX market is suicide. Way, way too volatile and manipulated. EURUSD today is a case-in-point.

Fri, 05/06/2011 - 18:56 | 1249597 Steaming_Wookie_Doo
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Indeed, very risky. That's a trade that you shouldn't even take a bathroom break on. But I guarantee you that someone (TBTF) was on the winning side of those trades.

Fri, 05/06/2011 - 17:15 | 1249243 truont
truont's picture

Dup gremlin got me...

Fri, 05/06/2011 - 17:06 | 1249245 traderjoe
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I hope it puts a "bee in the bonnet" of the Irish, Greek, and eventually US citizens. It's not our debt - it's the bankers' debt. Repudiate!

Sat, 05/07/2011 - 02:25 | 1250515 Nate H
Nate H's picture

Actually it IS our debt. Our entire money supply (in its broadest sense including cash, demand deposits, stocks, bonds, and anything requiring a 'return') is debt - as it is a claim on the future not backed by anything other than the productive capacity of an individual/nation/OECD.


Fri, 05/06/2011 - 17:11 | 1249261 edmondantes
edmondantes's picture

Muppets.  Long live the speculators... hopefully they can break the euro and the tyranny of the European elite

Fri, 05/06/2011 - 17:29 | 1249310 Rynak
Rynak's picture

The bad part is, that the masses will not even understand what "speculator" means, and will think that it means the opposite of what it means.

Fri, 05/06/2011 - 17:46 | 1249360 Mallenet
Mallenet's picture

How sad, never mind, to-morrow to-morrow (Anny): today was big party, yesterday was bigger!

Fri, 05/06/2011 - 17:43 | 1249348 Mallenet
Mallenet's picture

Bye bye - not (buy buy) - but what fits you: profits me - thanks!

Fri, 05/06/2011 - 17:11 | 1249262 jtaskinen
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This is not about Greece, but I did send to US embassy as I am increasing scared...I wonder if they respond or if I will disappear into some secret prison as a potential terrorist :D


I was unable to find any better email, so maybe you can forward this to to the Mr Ambassador.

I was having a walk with my son the other day in front of US embassy in Helsinki. As I have been increasingly disgusted with anything I hear from the US, I made some hald signs in front of the guard. That was a joke from my need to understand there is a freedom of speech and expression (still) prevailing. A serious minded guard rushed out and asj what is the PROBLEM? Of course, there were no problems and I am not a member of any alleged terrorist group. Otherwise i might have been taken in a black helicopter to Guantamo for undefined period for undefined reason, right?

As you were so upset about my innocent joke, maybe you could answer the following questions:


1) What will you conduct a proper investigation on 911, notably WTC7?

2) Why do you tolerate pretty disgusting human rights violations in Saudi Arabia?

3) Whan will BHO tell us about his past, including Columbia University studies?

4) When will BHO explain why there are so many inconsistencies in his finally published birth certificate?

5) Why is the offical story about Osaman Bin Laden change so often?

6) Why did BHO stage the funny picture in the White House operation room?

7) In general, why are there some many open issues that conspiracy foilio hats mushroom, if you have a preper answer, there will be no room for folio hats?


I find it so scary when I cannot trust you or anything you say. I hope you provide a proper answer and any controversy regarding the legitimacy of your role in the world.


As a precaution, I have taken steps to make sure this message will not be lost in case I will disappear to Guantama or some other secret prison.


Kind regards




Fri, 05/06/2011 - 17:25 | 1249303 Yancey Ward
Yancey Ward's picture

Researchers are making amazing advances in the treatment of mental illness.  You should  check it out.

Fri, 05/06/2011 - 17:44 | 1249368 Canucklehead
Canucklehead's picture

Don't you need a permit, in Helstinki, to use hand jestures? 

I am shocked that you would be so insensitive to use unregistered hand jestures in a manner clearly meant in a maleviolent/administrative manner.  You are lucky you escaped without a citation requiring mandatory attendance at the next sensitivity training session related to the unregulated use of insolent hand jestures.

As you reside in Helsinki, you may want to wear a disguise so people do not point you out as the "rebel".

What were you thinking?

Fri, 05/06/2011 - 20:58 | 1249949 vocational tainee
vocational tainee's picture

Leningrad cowboys?...

Fri, 05/06/2011 - 17:09 | 1249263 JohnKing
JohnKing's picture

Sounds like something Herb Greenberg would do.

Fri, 05/06/2011 - 17:15 | 1249264 BKbroiler
BKbroiler's picture

ZH did it.  just for shits and giggles. and a killer trade.

Fri, 05/06/2011 - 17:15 | 1249283 Caviar Emptor
Caviar Emptor's picture

Tit for Tat central bank wars!

Last week Obama announced he was coming after "oil speculators" and Bernank publicly says oil prices are "transitory". They pull a few strings behind the curtain to strangle margin requirements and they make a few phone calls to some bankers and Voila! A commodities sell-off that allows them to continue devaluing the dollar without inflation. 

But Japan and Euro were not to just sit by and watch their economic "recovery" just melt away. As more and more negative macro data poured in they had to act in kind and Voila! A Friday afternoon rumor aimed at tanking the Euro (after an earlier about face from hawkish to dovish tone).

It's a psy-ops race to the bottom. 

Sat, 05/07/2011 - 08:11 | 1250670 Urban Redneck
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It only looks like a horse race, since it was rigged before the starting gun went off.  The recipients of the wealth the US has exported seek to end dollar hegemony, so the Euro is a useful idiot and show horse on the road to the future, but neither horse will have the strength to gallop across the finish line.  

Fri, 05/06/2011 - 17:19 | 1249284 Yancey Ward
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Hilarious.  Did anyone really expect Greece to default before they spent all the EU and IMF bailout money?  The Greeks are not morons.

Fri, 05/06/2011 - 17:21 | 1249292 BKbroiler
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The Greeks are not morons.

not at spending other people's money, anyway.  Sure had enough practice.

Fri, 05/06/2011 - 17:37 | 1249339 Mallenet
Mallenet's picture

Do you want to buy my horse - wooden and loaded!

Fri, 05/06/2011 - 17:39 | 1249334 MolotovCockhead
MolotovCockhead's picture

The money go direct to the bankers, the politicians get a little share the rest of the population get higher taxes, higher VAT, higher every imaginable expenses and more austerity. You are the real moron here!

Fri, 05/06/2011 - 17:41 | 1249350 Yancey Ward
Yancey Ward's picture

LOL!  Money is fungible, dude.  Without the bailouts, the austerity would be complete for the Greeks.  This way they can minimize the pain for another 2 years before they face the exact same inevitable choice.

Fri, 05/06/2011 - 17:23 | 1249304 LookingWithAmazement
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the Greek Ministry of Finance:

"possible exit of Greece from the Eurozone is not only completely untrue"



Fri, 05/06/2011 - 17:34 | 1249320 unky
unky's picture

of course this is untrue,  they want to establish a world currency in the future so how they could even let the euro fail

Fri, 05/06/2011 - 18:01 | 1249429 edotabin
edotabin's picture

Then how could it be the "speculators' " fault? Maybe the ones spewing the garbage are the speculators?

Fri, 05/06/2011 - 18:44 | 1249572 oogs66
oogs66's picture

of course its untrue.  they like the free movement of people and no import/export costs.  the currency, well that's another thing.  if any country has shown an ability to have its cake and eat it to, it has to be Greece.

Fri, 05/06/2011 - 17:30 | 1249311 Caviar Emptor
Caviar Emptor's picture

Sic Transitory Gloria Mundi !


THe Bernank choses his code words well...

Fri, 05/06/2011 - 17:35 | 1249328 Mallenet
Mallenet's picture

The last time my family believed a Greek, we ended up moving to Jersey and we have suffered the horror of being off-shore ever since!  And we had things with 4 legs: hecktor and paris (no caps, they are animals): the most unrully was jason - but zeus was a pain - ye gods!

Fri, 05/06/2011 - 17:42 | 1249355 MacedonianGlory
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50 billions more debt.


Fri, 05/06/2011 - 21:49 | 1250097 AbbeBrel
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My Big Fat Greek Debting!

Fri, 05/06/2011 - 17:57 | 1249408 Mallenet
Mallenet's picture

There are more idiots on here than MarketWatch: not one who can give a reasoned comment - but looads who just watch - (no money at risk, no idea of what a market is).

Question: why will oil not hit its likely bottom (35) this year: dont give me charts, tell me why?

Fri, 05/06/2011 - 18:53 | 1249588 oogs66
oogs66's picture

An interesting challenge.  So why is 35 a 'likely' bottom?  We get there because the economy is doing so poorly that there is no demand?  I'm curious why you think we get to $35?  I'm assuming USD, though maybe 35 means ounces of silver to buy a barrell of gold?

I'm very bearish for the economy.  Clearly bad for the price of oil.  I'm also concerned about value of the dollar which may impact your (35) number.  I think there is a decent chance we see full blown war in the mid east.  That clearly would take us away from $35.  If we hit $35, what got us there?  Under most scenarios of the top of my head, I would wish the town had let me have my massive oil container, because physical silver or gold might be interesting, but in a world of $35 a barrell of oil (I'm assuming that's what you meant), I would like to be long the physical of that, because if we hit that in a year, all hell has broken loose.


Or you discovered cold fusion, in which case I apologize if I sound belligerent, because I would want to invest in your company :)

Sat, 05/07/2011 - 08:17 | 1250675 Urban Redneck
Urban Redneck's picture

Why is USD35 per barrel a likely bottom unless you are looking at a chart?

To answer your question though- because I know a bunch of people who aren't willing to trade one barrel of crude oil for 35 pieces of green cotton-linen blend with a picture of George Washington, much less the tankers of oil they actually have the ability to fill.

Fri, 05/06/2011 - 18:06 | 1249459 Mallenet
Mallenet's picture

Why DID Greece go to the dumper?

And Portugal?

Why is Spain going the SAME WAY?

Is UK going same way? (if not - why not)?

Will USA go before or after Spain?

Will Mexico buy USA for a kilo of weed, or just an open border?

Will China put up the price of Opium?

Will Japan tax 'Black Belts' in potato peeling?

Will Homer admit to being man made Pa of Bart - (or even a Greek author)?

These are all big questions - if only we knew the answers!

We could all invest safely in ... Homer or Bart!

Bye Bye USA Bye Bye!


Fri, 05/06/2011 - 18:34 | 1249539 oogs66
oogs66's picture

Greek Finance Minister warned the investors betting on a default of Greece that “they will lose their shirts.”

Quote from last april.  Seems those betting against them didn't lose their shirts, they threw them out because they could afford more expensive ones.

Fri, 05/06/2011 - 18:36 | 1249543 oogs66
oogs66's picture

isn't minfin a term from 1984? if so, nice email address :)

Fri, 05/06/2011 - 19:15 | 1249664 Hedgetard55
Hedgetard55's picture

The Greeks are fucking morons.


Think Leo K. times a hundred.

Fri, 05/06/2011 - 19:26 | 1249685 Farmer Brown
Farmer Brown's picture

And what is Der Spiegel's response to the Greek response?  You'd think they'd be all over this defending their journalistic integrity (or so to speak, if those things still mean anything, at least the appearance of integrity should).

Fri, 05/06/2011 - 19:51 | 1249787 Farmer Brown
Farmer Brown's picture

It would be way cooler if this had been issued by the Ministry of Truth rather than the Ministry of Finance.  Of course, the fact they even have a so called "Ministry of Finance" is hilarious.  I'd be embarrassed to say I had a Ministry of Finance given their financial condition.  Better to say you don't have such a ministry so as to somewhat explain you horrendous 3,00 year history of financial stupidity.   By saying they have such a ministry they not only admit they're broke, but also mind-numbingly stupid.  Of course, Timmy and Benny are waiting in line, salivating at the prospect of not only matching, but exceeding the levels of broke-a-popolous.

Sat, 05/07/2011 - 03:59 | 1250561 nauagos020
nauagos020's picture

the following has been posted again as a comment on another article however i think it would benefit the forum to have it posed again here



hello i am Greek.

I am a real estate developer and even now in the so called greek-crisis i am building 5 apartment buildings, 1 office building and 2 holiday-residence complexes.

PLEASE listen carefully what i have to say about Greece.

Greece is one of the poorest countries but the Greeks (as an average) are very wealthy.

I am not talking about wealth being happy, healthy and so on.

Greeks (as an average) own more real estate that any other,

They do not rely on lending as much as other eauropeans or americans

They have gold (especially english gold pounds) that no average european or american has

I am not saying they are good people or that they have a lot of exports i am just saying they are wealthy.

However the wealth they have you cannot find it anywhere because it is no declared anywhere.

My friend that works for 850 euros per month has 4 acres of land outside the city near the sea, 24 gold coins (worth 6000 euros) he got as a gift from his family on the day he was born 25 years ago, and his own apartment he bought with no loan for 230000 euros (i am not talking about what his family owns but what he owns). How can this happen? he gets his 850 euros, he has a second job (as a plumber-not declared) that gets him another 850 euros (where he pays no taxes-poor Greece), he has a farm in the 4 acres that gets him minimum 1000 euros (from selling produce) also not declared anywhere (so he pays no taxes-poor Greece) and some times (3 or 4 times per year) he earns another 2000 to 2500 euros doing part time jobs  (like waiting or plumbing in hotels in summer-not declared and tax-free ofcourse). So he gets 10200 from his day job thatbecause in Greece until 12000 income you pay no tax he is tax free and 25000 euros from the rest that are tax free. so with a clean income of 35000 spending less that 9000 per year (no rent or mortgage) say 10000 with his vacations (health insurance and so on have been discounted from his 1050 euros pay giving him 850 euros) he gets 25000 euros in his bank each year.

That is why greek people are rich but Greece as a country is poor. The example i gave you can happen in smaller numbers (however not vry often) but at the most of time can be really magnified in case we talk about doctors, lawyers and so on that make  with the same method (these are real - calculated numbers) 200000 euros at least but they declare 12000 geting away tax free.

sure there are poor people and rich people like any country, sure there are people loosing their homes to the banks like every country.

But as an average believe me

Greeks are wealthy.

So whether Greece leaves Eurozone or not, whether drachma comes back it doesnt really matter.

All that matters is that the Banksters (Rothchilds and the gang -imf fed central bank of Greece...all properties of the same families...Rothchilds and the gang) come and get Greece for a  fraction of what it really costs. It is happening and it will continue to happen and the Greeks will beg for it to happen so that they continue to have theur 25000 at their bank accounts each year because they do not care what happens to the railway stations, the ports, the energy/water companies. They may even give them free like we did with Meganisi Island that the Rothcilds bought to build homes for the super rich just a cople of months ago(they bought land with value 60 mil euros for 6 mil euros).

To sum up...

do not worry about the Greeks just worry about Greece (but why should you-Greeks don't) and wahtever you do always remember it does not matter what you feel or what you do you are not in control no one except a few, very very few people are and what they want will happen and you DO NOT  know what will hapen NOONE does. You just guess.

Sat, 05/07/2011 - 10:21 | 1250788 Bubbles the cat (not verified)
Bubbles the cat's picture

Wothu!?! So yer really just a buncha big fat rich loadsamunny Greeks. Just wait til the bond market hears about this...

Sat, 05/07/2011 - 11:48 | 1250934 cocoablini
cocoablini's picture

So theyre running a barter society-it works better than official government.
The banks are trying to heist private property by getting the greek government up to its greek tits in debt. Then they come in and take it- private ownership is not a right. Its a convenience allowed by government- and they can take it anytime they want. Like gold, or money when push comes to shove you have no rights and the government class and bankster class will wrestle out of your hands. The only way out for the Greeks is to default, tell their lame government to tell Germany to fuck off and let Germany try invading and collecting the land and assets. It didn't go well for them last time...
Nobody wants to pay taxes in Greece( or anywhere) because the money goes into a pit and is malinvested in useless things like the Olympics, paying public worker pensions and lavish living by government aristoklepts. Greece is a fine example of how tax payer money is wasted -

Sat, 05/07/2011 - 11:36 | 1250907 cocoablini
cocoablini's picture

Somebody knew this dollar reversal was coming 1.5 weeks ago. It was played like a symphony.
Dollar is crashing, dollar is crashing run to silver and gold!
Yen carrytrade implosion turbocharged the dollar collapse.
Meanwhile, start loading up on euro puts and UUP calls.
Then start frontrunning all the hawk talk from the FED suddenly-
Then frontrun employment "surprise" numbers
Then have some Der Schpieler write in Der Speigel about Greece leaving.
Blow up DX carrytrade, have dx carry begin unwinding as dollar shoots higher and collect currencies from margined out dollar buyers( who stupidly bought gold and silver paper on dollar leverage)
Rinse and repeat,

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