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Spiegel Reports Greek Bailout #2 To Surpass €100 Billion

Tyler Durden's picture




 

It's the weekend, which means another Spiegel hit piece over the solvency and stability of the Eurozone is overdue. Sure enough, the publication comes through admirably with "New Greek aid to cost more than one hundred billion euros." As a reminder, until as recently as 24 hours ago it was expected that the bailout would be at most €80 billion, with half coming from Greek privatization efforts. Naturally, this means that even more money will be transferred from taxpayer pockets to bank capital deficiency accounts. Next up: Greek bailouts 3, 4, 5, by which point Goldman will have hopefully achieved its life long ambition of opening a Goldman Sachs-branded ATM at the main entrance to the Acropolis, which GS will have LBOed using discount window capital.

As for the photo from a May 30 protest which accompanies the Spiegel piece, it is sadly amusing that the Greek lady next to the EU Swastika flag is wearing designer glasses and a gold watch.

Google translated from Der Spiegel, although the gist is clear: the bailout, which has to be ratified by Greece, may be that more problematic now that even more Greek assets will have to be pledged to facilitate the ongoing colonization of Greece by its temporarily solvent Eurozone brethren.

A new aid program to Greece cost a lot more money than previously thought. Experts from the Federal Treasury and the so-called Troika of the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) hold after SPIEGEL information a magnitude of more than one hundred billion euros for possible when the Greeks in 2013 and 2014, foreign aid also depends should be. Cause of cost increases, the Greek government bonds, for the 2014 follow-up financing is required.

Hamburg - It is once again really expensive: a new aid program to Greece cost a lot more money than previously thought. Experts from the Federal Treasury and the so-called Troika of the European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) hold after SPIEGEL information a magnitude of more than one hundred billion euros for possible when the Greeks in 2013 and 2014, foreign aid also depends should be. Cause of cost increases, the Greek government bonds, for the 2014 follow-up financing is required.

At a meeting of senior officials from the Euro-zone last Wednesday rejected Financial Secretary Jörg Asmussen details of a new program participants after, if present investors in some of their claims on Greece to give private, too. It is not enough that private investors their money more freely in the country were, as suggesting the ECB.

He stood alone against the rest of the euro zone. Asmussen indirectly threatened at the meeting with a state bankruptcy Greece . His colleagues, he explained that the private sector is not the consent of the Bundestag's participation will be without - and without any new program. Without new tools but the country was soon face bankruptcy.

Asmussen had strict instructions to get away from Finance Minister Wolfgang Schäuble (CDU) to agree to any solution, unscathed by the private investors. not the money for the new program must come solely from public funds, Schäuble announced before the meeting as a line of travel. The State went three clock on Thursday morning apart without result. Now the Finance Minister should, at their meeting on 20th June come to a conclusion.

Discussions in Berlin, protest in Athens

At the conclusion of the Troika talks Schäuble made this Saturday once again that he wants the government in Athens, but also private creditors to accept strict liability to remediate Greece. It was "clear that further measures in the fiscal area and in the privatization by the Greek government will be required. The private creditors will have to make a voluntary contribution."

Such a move, however, is tricky because it could trigger a disastrous chain reaction in the balance sheets of the creditors. Thus, the rating agency Standard & Poor's warned in a Reuters news agency this report when creditors de facto to a voluntary waiver would forced to claims because they were at risk otherwise even higher losses, would the government bonds with the default status of "default" is provided. As a result, such as credit default swaps could be due.

The joint expert report by the International Monetary Fund, European Central Bank and European Commission should officially presented next week. Schäuble: "Then we will evaluate it carefully and circle the euro-zone countries will decide on further steps as soon as the report is available, we will also inform the German Bundestag immediately.."

On Friday the troika had been in talks with the Greek government the way cleared for the next installment from the first aid package , the total volume of 110 billion €, and has one year to the way well before had been brought. Now, additional 12 billion flow to Athens. The fact that it solved the problems are not, at this stage was already clear. Therefore, additional financial help in sight.

FDP chairman Rainer Brüderle announced that the Bundestag would not be waving another utility easily. He has already made conditions for approval of the planned Euro-emergency funds. The "Hamburger Abendblatt" he said, not aid from the bailout fund for €-countries are expected to be decided, against the will of the primary financers of Germany. "The federal budget is no self-service store for countries that get into difficulties."

Brüderle also said that in the Greek crisis debt restructuring "makes sense at a time X may be" could. "But Greece is not a protectorate." The decision falls in Athens. The country must decide whether to stay in the monetary union, according to former Federal Minister of Economics. "A withdrawal may be technically possible, but the Greeks would have significantly more difficult for a return to drachma."

In Greece, more resistance to the planned austerity measures and privatizations. The two most influential Greek unions Saturday in Athens against the privatization of state enterprises at the protest. Despite a call for a mass demonstration took part but only about 1,000 people at the protest. Most of them are employees of the state electricity utility PPC, port workers and teachers. Only on Friday demonstrators had occupied the Ministry of Finance .

 

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Sat, 06/04/2011 - 13:52 | 1339454 unky
unky's picture

greece people dont want this bailout, german people dont want to pay for it,  in a true democracy this would be impossible that there is still a bailout ongoing

Sat, 06/04/2011 - 15:37 | 1339670 Black Forest
Black Forest's picture

Agreed. However, there are better German newspapers and magazines than DER SPIEGEL. Try this one:

http://www.faz.net/artikel/C30638/hilfe-fuer-griechenland-verschenkte-mi...

and enjoy the comments ("Lesermeinungen zum Beitrag").

 

 

Sat, 06/04/2011 - 17:34 | 1339907 Greyhat
Greyhat's picture

Its not a present for the people of greece and not for the EU bankers, its a DB designed present for the CDS insurers who would be nuked if they had to pay for a defaulting Greece. ;)

http://translate.google.com/translate?u=http%3A%2F%2Fwww.welt.de%2Fwirts...

http://www.newsmax.com/Newsfront/Greece-Economy/2011/05/29/id/398142

Sat, 06/04/2011 - 18:51 | 1340066 Ahmeexnal
Ahmeexnal's picture

E. Coli test run data is being analyzed by TPTB.

Soon coming: E. Coli massive outbreak in....Greece.

Sun, 06/05/2011 - 08:10 | 1340876 tellsometruth
tellsometruth's picture
SOOO SPEAKING OF SHIT HITTING THE FAN... I am currently in PORTO PORTUGAL and yesterday was on s tourist boat that thanks to an apparent drunk captain ran aground at 10-20 mph throwing some old people out of their chairs it was way off kilter after that and it took on water and I had to sprung into action getting out life jackets and trying to keep people calm after signaling to another tour boat to come over for help while the crew was infighting. They even tried to throw a rope to a much to small boat  that was observing our peril. That 35 foot boat attempting to help would have trouble dealing with 50 people coming aboard abruptly in a panic.  When I got the tourist boat close  through signaling by making holding arms up and making my forearmes into a cross and motioning to them, nervous tourists started to stampede towards the impropto bridge from one boat to another. The dishes crashing as we tipped further werent helping but I sternly stated 'ONE AT A TIME" and compelled others to stay on the opposite side of the boat until it was their turn. Wifey was a little upset by not staying by her side the whole time  but shit was hitting the fan and action was required. 

I cracked jokes when everyone was on the other boat like "I need a T-shirt that says I came to Porto Portugal survived the pirates of Portugal ride and all I got was this shitty shirt"  People laughed with looks of shock still on their faces. Miguel who sold us the tickets asked us all to come back the next day instead of giving us our money back...I said fat chance and others felt the same, we got our 10 Euro per person fair back and had our horrified hosts pick us up.  I sucked down sangria like i was going out of style at supper of which I had octupus. Wifey's nerves caught up to her by about midnight and we asked for a ride home, too bad the Yaris they borrowed from their sister as they have 2 seater Fiat (hahaha metaphors anyone?) ran out of gas as we exited the highway headed back to the hotel. Luckily one of their best couple friend of the ones at the resutarant bailed us out (lol) by bringing some gas shortly as the service station was closed when our driver reached it.

 

LOL propoganda makes me laugh... this story said something about swerving from a tree trunk.. the captain was obviously not paying attention because we continued on the same course slightly veering for 45 seconds till we crashed. LIES LIES LIES.  story has a photo I have plenty better ones too.

 

http://www.jn.pt/paginainicial/pais/concelho.aspx?Distrito=Porto&Concelho=Vila%20Nova%20de%20Gaia&Option=Interior&content_id=1870338

 

Wifes back hurts and I think we will head down to take a look and give a better account to Authorities.

 

jeeeezus I need a vacation from my vacation

Oh and it is the National Elections today here. Wonder how that will shape up... Our hosts are horrified as they cannot believe this happened to their American friends they are trying to show a good time. They have been very warm and welcoming and Porto is pretty. Oh you haven't been to Porto? really you must go (staunch snobby sarc)

Sun, 06/05/2011 - 09:41 | 1341026 Smiddywesson
Smiddywesson's picture

In addition to a gift for CDS insurerers caught in a bad trade, Greece is just a play for time.  The central banks are playing a rear guard action to delay the collapse while they collect as much gold as possible, and then dig themselves out of debt with the conversion to a new gold standard.  Although things really accelerated over the last few years, it has taken the bankers almost a century to truss up the nations of the world into one huge financial straight jacket.  After all that hard work, they have no intention of losing power by letting any nation free, even a small one like Greece.  

I view this as sort of an OPEC thing.  They all agree on pumping limits, and they all cheat a bit, but the cartel remains.  The central banks of the world are slowly buying gold.  The price of gold keeps being slowly depressed, and then it creeps back up.  I think the central banks have purchase limits like OPEC, or else, the price of gold would easily surpass their power to suppress it.  Viewed in this way, central bank actions like the bailouts of countries like Greece, and the Fed lending money all over the world, make sense.  They are playing for time while the central banks acquire their allotted amount of gold.  Allotments would naturally be based on foreign currency reserves and debt.  Low and behold, China has acquired the most gold, gee what a surprise.  Germany bails out Greece with fiat, and is allotted additional gold purchases to offset the resultant debt.

Naturally, just as with OPEC, there will be cheaters who secretly buy more, but the amount they could do so without being detected by other central banks would be minimal.  I would love to see a comparison between pre crisis currency reserves and the estimated gold holdings of central banks.  I bet they are correlated.

Sat, 06/04/2011 - 15:37 | 1339722 ThirdCoastSurfer
ThirdCoastSurfer's picture

How is Greece to the EU and the Deutschland any different than the US and New Mexico?

In terms of GDP contribution and federal tax distribution dollars the US would be so much better off if we could just let New Mexico go. 

Sat, 06/04/2011 - 16:26 | 1339813 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

ThirdCoast, I have lived in both New Mexico and Texas. The appropriate comparison would be Greece is to the EU and Deutschland as New Mexico is to the US and Texas. New Mexico, one step from a 3rd world nation.

Sat, 06/04/2011 - 16:33 | 1339818 carbon
carbon's picture

 NEW MEXICO A deficit for the current budget

year estimated at $433 million in August has

turned into maybe $700 million less than two months later.

That’s about a 50% increase.

Sat, 06/04/2011 - 21:07 | 1340284 Enceladus
Enceladus's picture

It's a 62% increase

Sat, 06/04/2011 - 19:26 | 1340115 Confuchius
Confuchius's picture

Follow the "bailout" cash.

In theory Greece is "bailed out".

In fact the banksters who have greedily and stupidly "lent" Greece are the recipients of any bailout.

Just another scam by the same banksters. It's the only "trick" they know.

We all know the answer to these scams by now.

Do it, Greece! Do it Ireland! Do it Portugal. Do it Spain. Do it Italy!

Sat, 06/04/2011 - 19:26 | 1340116 Confuchius
Confuchius's picture

Follow the "bailout" cash.

In theory Greece is "bailed out".

In fact the banksters who have greedily and stupidly "lent" Greece are the recipients of any bailout.

Just another scam by the same banksters. It's the only "trick" they know.

We all know the answer to these scams by now.

Do it, Greece! Do it Ireland! Do it Portugal. Do it Spain. Do it Italy!

Sat, 06/04/2011 - 20:02 | 1340198 TK7936
TK7936's picture

Direct Democracy

Sat, 06/04/2011 - 13:59 | 1339456 VENOM650R
VENOM650R's picture

The first bloody revolution against a corrupt and treasonous government will be in Greece. The government there is selling the country to the criminal banksters and subjecting their citizens to debt slavery for the current and all future generations while they will undoubtly receive a nice payoff from the banksters. CORRUPT TRAITORS. Hopefully, they will first kill the EU banksters and send a hit squad to America to assinate the scumbag heads of gs, jpm, wfc, bac, c and ms that also initiated the DEBT FRAUD in GREECE. Hopefully, the American people will then do the same thing to our corrupt treasonous government that intends to do the same thing to it's citizens. Time to rid the world of the sociopath, cowardly, parrasitic elites committing mass murder on a global scale. KILL THEM ALL and send THEM to HELL where they belong.

Sat, 06/04/2011 - 13:59 | 1339486 honestann
honestann's picture

That's a good start.

Sat, 06/04/2011 - 16:11 | 1339782 margaris
margaris's picture

What times we live in, oh my goodness...

Even if greece did spend/take to much credit in the last 10 years before the financial crisis.... how does that justify this never ending debtspiral /debtslavery greece is being pushed into.

Its such a trick! Oh my goodness... like a dealer geting some guy hooked on dangerous drugs... and then exploiting this guy to his death...

Oh the revolution will be bloody but very much needed "history in the making"!

Sat, 06/04/2011 - 14:05 | 1339493 rsnoble
rsnoble's picture

Goddamn I love this site.

Sat, 06/04/2011 - 14:11 | 1339513 rsnoble
rsnoble's picture

BTW im constantly amazed at how many people think your crazy when you start using the 'kill' word.  Care to guess how many hundreds of thousands have died over the US war for oil campaign?  Problem is we'll be getting the shaft the entrie time we're trying to "talk out" a solution.  The assholes in charge will never listen.  Maybe people in the US will realize they should've gone a different route when they no longer have guns and take their family to vacation at Bejing Canyon Park in AZ.  You can't reason with sociopaths that have unlimited cash and military at their disposal.  Just like wisconsin, I think unions have a lot of faults but I won't cry if every one of those lawmakers get slaughtered over it.

Sat, 06/04/2011 - 14:12 | 1339508 wandstrasse
wandstrasse's picture

thanks for feeding my daydreams... good words... say it could happen in reality, please.

Sat, 06/04/2011 - 15:01 | 1339644 duncecap rack
duncecap rack's picture

On a more moderate note, aren't the empire state rebellion people having a do soon? I have not heard anything for a while and was just wondering if it was still a go.

Sat, 06/04/2011 - 15:35 | 1339708 A Man without Q...
A Man without Qualities's picture

Wow, you are angry, but I question whether you've actually had much experience of the Greek way of doing things?  They've run up massive debts, with no intention of paying, hiding huge amounts of it off balance sheet in derivatives, debts in state owned operations, unpaid bills etc.  

You think that Goldman Sachs was evil in the derivatives trades they did with Greece that allowed Greece to meet the Maastricht criteria.  So let me tell you two facts -

The rules that allowed this to happen were pushed by the French government during the forming of the IAS rules (government exemption from putting derivative on balance sheet)

Greece approached Goldman with the idea and not the other way round.

So, if the Greeks want to be "free", they should just refuse any more debt and default.  You have no idea how quickly things will fall apart in the country.  The hospitals, schools, law enforcement, trash collections, trains, buses.  Unemployment will jump by 20 to 30%.  The people who have gained from this are the Greek politicians, bankers, civil servants, trades union leaders who have moved hundreds of billions of Euros to offshore bank accounts will flee the country, and suddenly the citizens will realize who are the criminals when the extent of the theft is revealed.

If Greece was able to seize half of the looted money, tighten up tax collection on things such as the biggest industry - shipping - which is essentially tax exempt, and privatize many of its state owned businesses (as much as to force the changes needed to bring profitability and get the cash negative assets off the books), and somehow deal with the culture of corruption, then they will get through to a manageable future.  This future is to accept it is a relatively poor backward European nation that does not have the same per capita GDP as Germany or France and therefore cannot spend as though it does.

As for these protests, these are not a grass roots movement, but rather organized by groups that are merely seeking to hide their crimes.  The trades unions have been as complicit as anyone in creating this chaos and have siphoned plenty of cash to secret accounts, so don't be fooled by the banners...

Sat, 06/04/2011 - 16:53 | 1339853 traderjoe
traderjoe's picture

I don't disagree with anything you say per se, but do disagree with the M.A.D. concept that a default would bring. We've been so indoctrinated to the central banking, fractional reserve model that we assume that nations have to borrow in order to spend. They do not. Greece could default and the very next day have an interest-free, debt-free scrip available for currency purposes. Perhaps some of it is backed by gold. Perhaps it is not. 

Iceland is a ready example of how countries can default and the sun still rises the next day. I don't disagree that the Greeks have some adjustments to do, but it can be done without the bankers and the looters you mentioned. Probably better if it didn't. 

Sat, 06/04/2011 - 17:47 | 1339937 A Man without Q...
A Man without Qualities's picture

Please remember, Iceland did NOT default on its sovereign debt.  It merely refused to guarantee the debts of its banks.  The crazy speculation of the Icelandic banks was mainly paying silly money for overseas assets, but the Icelandic population as a whole had been bystanders to the worst excesses of the credit bubble.  Furthermore, Iceland was not a country that was highly dependent on the public sector, nor was the government understating its debts.  

I think Iceland did the right thing (especially given how the foreign banks had made a fortune out of getting the Icelandic banks to buy crappy assets), but thy have still taken on a lot of debt to support the deposits of the private banks.

As for Greece, what scares me is the more adjustments are done, the more obvious how broken their model is.  

I think the best thing would be to pull the fucking plug on this, stop the loans and force a restructuring, but I think it will result in far greater austerity than currently planned.  The moaning of the unions is merely posturing to ease the terms, but they will take whatever they can get.

Sat, 06/04/2011 - 20:52 | 1340257 edotabin
edotabin's picture

Not making any friends with this post but.........

I am quite certain the plug will never be pulled. Truthfully, it can't be pulled. The reason is simple.  Everyone involved is a crook: Bankers, Greek Leadership, some of the Greek people.

Bankers: we know the story

Greek leadership:  They are probably the most responsible.  They knew that constantly printing Drachmas over the past 30-40 years  and joining Euro would eventually lead to this. They used the confetti to hire every single incompetent idiot and put him in a government position. They knew decades ago what bloated budgets would lead to, yet they continued mercilessly.

As for other countries not knowing Greece's financial condition when they joined, I say HOGWASH! Lies! They knew full well what a disaster the place was. I remember having a discussion with a German of Greek descent years ago and he was telling how the public sector in Greece had more workers than Germany! That was about 25 years ago and Germany had about 6-7 times the population.  Add to that the generous benefits, extremely low retirement age and the extra 2 million on some form of disability and voila! You don't need to have insider info to know things are bad. Add 1-2 million illegal immigrants to spice things up and ......

Many Greek people know what crooks their goverment leaders are. So instead of demanding the situation be straightened out, they just took all those useless jobs and performed as horribly as they possibly could. "What do I care? I have a goverment job!" They are now calling the government officials crooks and demonstrating to preserve the theft they were committing for so many years. This type of attitude has a way of destroying a society if given enough time. It is entirely unhealthy.

The tax evaders are many but they look at the government as crooks too. "Why should I pay for all the lazy idiots they hire, the misappropriatons and their bloated budgets?" Vicious circle.

Why have the various documents been drafted by a British law firm?  Why are the British courts to be used for any disputes? Why did Gpap insist on the IMF? Why is Greece not allowed to borrow elsewhere to pay off these debts? Who would sign such a contract?  I am not saying anyone would lend Greece money but why disallow it? Was any of this ever voted in their congress?

So bankers knew full well what was going to happen.  They used the puppet governments to keep the Greeks docile with stupid jobs and eventually they couldn't function on their own anymore. They came to depend on handouts. Now they've pulled the rug from under them.

Should the Greeks revolt, the banksters will make their life a living hell. Then maybe everyone will realize that freedom and honor can only be earned. You don't sit idly for 30 years watching your country go into the shithole simply because someone is buying your votes with 700 euros a month and then all of a sudden come out and act like a patriot by demanding more of the same.

Similar situation in the US. All the homeowners that could actually afford a cardboard box lived in McMansions. They even borrowed money against the homes and walked around like they were the top dog. Everyone was a real estate expert.

The troika I know consists of:

1. Banksters - crack dealers

2. Governments - Facilitating the deal

3. Some of the people - Hypocrites stupid enough to play games of which they do not know the rules.

 

 

 

Sun, 06/05/2011 - 09:12 | 1340992 A Man without Q...
A Man without Qualities's picture

Very well put.  The Greeks need to take a hard look in the mirror to understand why they are in this mess, rather than calling the Germans Nazis or trying to blame the bankers.  Too few were willing to fight the corruption, but rather took money they knew the country could not afford because everyone was doing it.  The great mistake was ignoring that Greece was not culturally ready to join the Euro, too used to inflating away their debts to even consider how to balance the books, too corrupt to be able to use the cheap funding rates responsibly.  

Sun, 06/05/2011 - 10:00 | 1341062 Smiddywesson
Smiddywesson's picture

I tend to agree with everything you said except for that greed of the average Joe schtick.  I keep hearing that, but that is the explanation of the ruling class to cover their misdeeds.  

The average Joe has always been ignorant about money matters, and yet I am constantly told that people today are greedy because they bought an SUV, a TV, went on a vacation, and bought a bigger home.

In days gone by, there were no SUVs, but there were station wagons, and they weren't cheap.

There were TVs, and they cost a whole lot more in inflation adjusted dollars then they do now.

People owned vacation homes in days gone by, do you know anyone with one now.

People took vacations back in the day too, only they had 6 kids and a wife that didn't work.

Today, we need two paychecks for their family of four to go broke.  How is it that you believe that people who are killing themselves with multiple jobs, and a commute that is triple what their parents had are more greedy than before?  They are just trying to hold it all together.

If anything, the public's fascination with the stock market was a symptom of desperation in a world where they know they are being cheated.

No, the "People are greedy" line is just another propaganda piece to convince people there is nothing wrong with a society that took away all financial education from the populace and then flim flammed them with easy credit, userous fees, and ridiculous mortgages that are really quite affordable, trust me.

The innocent (ignorant) trusted, and got exactly what innocent people get when faced with corruption.  If I hear another educated person tell me people today are more greedy than before, I am going to vomit.

 

Sun, 06/05/2011 - 14:59 | 1341590 edotabin
edotabin's picture

We all agree the system is rigged. You try to change the system, you don't go borrowing in order to look cool.

Please understand I have nothing against the poor person trying to better or improve their life. However, the one difference between the rich and poor is that the rich live beneath their means and the poor usually well above.

The poor have to borrow to live in a respectable fashion. Borrow for reasons that may make a real and lasting change.This is why most people that win the lottery usually wind up broke.

Specifically in Greece, you should see how those employees acted.  You would be amazed at the indifference created out of spite towards their fellow citizen. They should have been out there trying to change the system and make it fair for all even when the going was good, not just now that the handouts have stopped.

Sun, 06/05/2011 - 06:49 | 1340792 shortus cynicus
shortus cynicus's picture

...that we assume that nations have to borrow in order to spend. They do not.

Of course they do.

If you don't borrow, you will be bombed like Qaddafi or starved like 2 mln Iraqi (among them 0.5 mln children) during UN embargo.

Your choice: live with debt, or no live without debt.

For our elites, wars and killing are sacral rituals, it's a way to praisie the Devil and mother Gaia.

Sat, 06/04/2011 - 17:58 | 1339947 dcb
dcb's picture

let us get a few things clear

1) the greeks needed wall street to hide the extent of their balance sheet problems

2)the bankers are the experts on risk management, as an MD I have to give my patient the best treatment, and if something goes wrong or I do wrong I am at fault. the lender makes the choice to lend. that is his business. if he can't figure out those who have the ability to pay it back the lender goes out of business. that never happens in western capitalism. We keep bailing out these banks for doing exactly that over and over. If it happened one time and bankers made a mistake and didn't do it again, that would be one story. But that isn't the story.

Nobody puts a gun to a bankers head and says I have no income, no money, no docs and forces the loan. the laons are given with an assumption of bailout because it always happens. this cycle must be broken what ever the cost. back the depositers, all else loose.

Maybe the fucking bankers when they loose some money, and the bondholders who loose money will in fact actually look into who they are giving loans to. Poor bankers they were taken advantage of by the greeks, you must be stoned. lat american debt crisis, russia debt crisis, savings and loan crisis us, citi has been bailed out three times. the japanese banks were zombie banks. LTCM

let us add that under any real system these firms have been involved in so many illegal activities (that they pay a fine and continue) that they would be labelled criminal enterprises and shut down. they are crime syndicates backed by the state.

I am afraid your thinking of this is just wrong.

Sat, 06/04/2011 - 19:31 | 1340127 Confuchius
Confuchius's picture

Many posters here think you're exaggerating.

We know you're not.

You are being conservative and restrained.

Sat, 06/04/2011 - 20:30 | 1340234 CD
CD's picture

This is merely baiting by MethMan's first cousin (who is also his brother).

 

http://www.zerohedge.com/users/venom650r/track

Sat, 06/04/2011 - 13:57 | 1339469 IdioTsincracY
IdioTsincracY's picture

"When debt is the problem, nothing works better than more debt!"

Confusious (sic!)

Sat, 06/04/2011 - 14:00 | 1339482 AnAnonymous
AnAnonymous's picture

Key rule to conceal your own insolvency:  keep lending to insolvent people.

As long as you do that,  in a world where the majority of advanced countries are insolvent, nobody, especially not the insolvency, will question your own insolvency.

 

Sat, 06/04/2011 - 14:06 | 1339495 Atomizer
Atomizer's picture

+10

 

Sat, 06/04/2011 - 14:32 | 1339552 traderjoe
traderjoe's picture

You don't have to outrun the bear chasing you, you only have to outrun the slowest person in your group. 

Sun, 06/05/2011 - 00:16 | 1340602 CompassionateFascist
CompassionateFascist's picture

Until the bear gets hungry again. Also, it might be a very large bear. And maybe more than one....

Sun, 06/05/2011 - 10:06 | 1341070 Smiddywesson
Smiddywesson's picture

Exactly, keep lending to hide your insolvency and play for time until the system can be changed to make you solvent.  

Sat, 06/04/2011 - 14:03 | 1339488 Yen Cross
Yen Cross's picture

 China can reinvest all those short term notes. (usd denominated)

Sat, 06/04/2011 - 14:05 | 1339491 dogbreath
dogbreath's picture

"Greek lady next to the EU Swastika flag is wearing designer glasses and a gold watch." 

 

lol

Sat, 06/04/2011 - 14:11 | 1339504 Trichy
Trichy's picture

Tyler and dog, when did swatch start to make gold watches?!?

Sat, 06/04/2011 - 16:26 | 1339806 Doña K
Doña K's picture

The only problem I have with that lady is that while the glasses and watch are fake, the cigarette is real which means that she waists her money and she is lazy.

Nonetheless, it is now time for the noose. Western civilization started there, let's see the first Bankster and first politician in this millennium get noosed there.    

Sat, 06/04/2011 - 14:10 | 1339511 FeralSerf
FeralSerf's picture

Designer glasses and fake gold watches are different frauds.  One fraud at a time, if you please!

"The conscious and intelligent manipulation of the organized habits and opinions of the public is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country." Edward Bernays

Sat, 06/04/2011 - 14:18 | 1339528 Yen Cross
Yen Cross's picture

 LMAO   I thought the faux pas Starbucks sippy cup was a bigger offence.

Sat, 06/04/2011 - 14:21 | 1339536 knukles
knukles's picture

Oweeeshit.  American Idol, Jersey Shore and Dancing with the Stars reruns are on tonight.  Just before CNBS' 2007 Cramer-thon.
Get stoked!

Bernays, the father of Perception Management.

Sat, 06/04/2011 - 15:13 | 1339666 cossack55
cossack55's picture

I must say the flag is very well done and completely appropos.

Sat, 06/04/2011 - 14:05 | 1339499 rsnoble
rsnoble's picture

Hillarious video on the EU situation, have a drink first if you can.  I got my 20pack on ice outside.  Just got done cuttin a tree down, take a shower and it's on:

http://www.forecastfortomorrow.com/news/2011/06/world-collapse-explained...

 

 

 

 

 

 

Sat, 06/04/2011 - 14:26 | 1339539 Black Forest
Black Forest's picture

+++

Sat, 06/04/2011 - 14:38 | 1339575 traderjoe
traderjoe's picture

I recommend ppl watch the video. Hilarious.

Sat, 06/04/2011 - 16:07 | 1339776 Hulk
Hulk's picture

Here is another interesting video, cartoon actually, the american dream.

http://usawatchdog.com/memorial-day-and-the-last-nail-speech/#more-4797

Sat, 06/04/2011 - 14:09 | 1339501 ratso
ratso's picture

Juncker has come and said that bond holders are going have to take a haircut.  The impact of that is so far reaching that it truly boggles the mind.  So we will see if the fools who bought the bonds will finally be treated as the fools they have always been and punished accordingly.

Sat, 06/04/2011 - 14:10 | 1339502 ATM
ATM's picture

So let me get this straight. The bailout is over 100B euros for a country of just over 11M people. That's roughly 9k Euros per person or $12,750.

The GDP per capita in Greece is $29,600 (2010 CIA est) and falling fast. That means the bailout is only 43% of last years GDP and probably close to 50% of this years and maybe 60% of next years......

I mean why even pretend with numbers like those? Are people really such ignorant fuckheads that they can't add 2+2? (Forget I even asked.....) 

Sat, 06/04/2011 - 14:16 | 1339525 Missiondweller
Missiondweller's picture

How how could the Greeks ever pay back a bailout that is 43% of GDP on top of all their other debt.

 

This is madness.

Sun, 06/05/2011 - 10:22 | 1341088 Smiddywesson
Smiddywesson's picture

Because that debt won't have to be paid back in today's fiat?

Nobody would bail out Greece if the bail out money was destined to survive.  They are just playing for time.

Sat, 06/04/2011 - 14:11 | 1339505 s0lspot
s0lspot's picture

" it is sadly amusing that the Greek lady next to the EU Swastika flag is wearing designer glasses and a gold watch. "

 

What's up ZH? Slow day? Sexual frustration? Troll infestation?

 

That was unnecessary...gold plated watches cost 5$ and "designer glasses", i guess that's like, your opinion man. Which brand and how much does the frame costs then?

Thank for the pic & article though!

Sat, 06/04/2011 - 14:48 | 1339605 Franken_Stein
Franken_Stein's picture

 

She's wearing a pair of Oliver People's glasses, the same as Marcus Halberstram who is managing the Fisher account, that lucky bastard.

 

Btw, I 've managed to reserve a table for two at Dorsia's this Friday evening.

A-hahahahaha !

 

Sat, 06/04/2011 - 16:04 | 1339771 NuckingFuts
NuckingFuts's picture

+ 1 on the Easton Ellis reference, well done.

Sat, 06/04/2011 - 14:11 | 1339515 Drag Racer
Drag Racer's picture

looks like reactor #1 at Fukushima is getting worse

TEPCO says the steam is likely coming from water at a temperature of 50 degrees Celsius that has accumulated in the basement of the reactor building.

How does steam come from water at 50 deg.? Is the melted core breaching the containment and entering the basement??

At least they are now fessing up to covering up data...

Gov't didn't release radiation data after accident

Radiation levels are up to 250.0 Sv/h, this is an unreal level.

http://atmc.jp/plant/rad/

 

sorry to hijack the thread but needed to vent...

Sat, 06/04/2011 - 14:32 | 1339548 Yen Cross
Yen Cross's picture

  Let us know when (Reactor numba uno), hit's Beijing PLEASE?

       It's certain TEPCO won't!

Sat, 06/04/2011 - 14:45 | 1339606 Die Weiße Rose
Die Weiße Rose's picture

Drag Racer, this is London calling:

Don't mention the .......... !

and never ever  mention the F, N or R...... word

don't make any Tea E - PE - CE or O noices !

shhhhh be quiet ! (The Enema is listing !)

Sat, 06/04/2011 - 14:12 | 1339516 dogbreath
dogbreath's picture

I don't think that article was translated by a human

Sat, 06/04/2011 - 14:22 | 1339538 hungarianboy
hungarianboy's picture

oh no, now what? EU opens with a gap @ 4750?

Sat, 06/04/2011 - 14:38 | 1339576 Yen Cross
Yen Cross's picture

  Thats a bit optimistic. Funny though!  You might want to re-check your (SPEEDOS- UNDIES) for some extra SUPPORT on that call.  

Sat, 06/04/2011 - 14:23 | 1339542 knukles
knukles's picture

That Goldman Sachs ATM at the Acropolis entrance will be their First Branch!

              About fucking time.

 

Sat, 06/04/2011 - 16:12 | 1339783 Yen Cross
Yen Cross's picture

  That was a great post! Thanks.

Sat, 06/04/2011 - 14:28 | 1339544 Die Weiße Rose
Die Weiße Rose's picture

the Global Central Bank:

looks like Brian Sack will have to move to Frankfurt soon

to join Bernanke, the Bank of China and the rest of the FED,  lol ;)

Sat, 06/04/2011 - 14:44 | 1339547 G-R-U-N-T
G-R-U-N-T's picture

Giving money to Greece, a welfare State, is like giving money to a spoiled child in the end they will despise you for ruining their life because every penny that is given to them that isn't earned fuels their own annihilation. Kind of like socialist economies where you have parasites and leeches whom are terrified of physical reality and themselves vs. those that create, produce, and whom are industrious souls making profits to better their lives and others lives via innovation and hard work.

Sat, 06/04/2011 - 14:41 | 1339588 VENOM650R
VENOM650R's picture

Obviously you're speaking of those great people like lloyd blankfein and jamie dimon that created the world through hard work and innovation and deserve trillons of dollars from the sheeeple tax payers.

Sat, 06/04/2011 - 14:45 | 1339595 G-R-U-N-T
G-R-U-N-T's picture

Tell me VENOM what does Greece produce that is of value making profits that exceeds their welfare take?

Sat, 06/04/2011 - 14:50 | 1339624 VENOM650R
VENOM650R's picture

Feta cheese. What does lloyd produce while "doing God's work"?

Sat, 06/04/2011 - 14:34 | 1339551 High Plains Drifter
High Plains Drifter's picture

i know this is happening to the greeks, but is it ok to say things like buggery........?

Sat, 06/04/2011 - 14:42 | 1339590 fockewulf190
fockewulf190's picture

We bail out Greece (through our IMF contributions) yet Detroit and other US cities are distintergrating before our eyes.  If this keeps up, you´ll be seeing guys like this running for mayor: http://www.splotchy.com/images/blog/humungus_speech.jpg

Sat, 06/04/2011 - 14:56 | 1339641 Die Weiße Rose
Die Weiße Rose's picture

I like Detroit -

reminds me a little bit of Berlin before 1989...

lots of vacant space for underground Art scene

Sat, 06/04/2011 - 15:17 | 1339675 cossack55
cossack55's picture

More like Berlin before 8 May 1945.

Sat, 06/04/2011 - 16:14 | 1339787 Yen Cross
Yen Cross's picture

 History THESPIANS! Me Likey!

Sat, 06/04/2011 - 16:46 | 1339847 Doña K
Doña K's picture

The Detroit vacant land is needed badly for fresh vegies. Buy local they say!

Sat, 06/04/2011 - 14:47 | 1339601 Pectoralis
Pectoralis's picture

i'm just... speechless. thanks to that guy asmussen I see my taxes being raised in the near future => f*ck you, asshole! but hell yeah, we finally saved the euro. definitely, this time. and we had to, cause there ain't no alternative.

Sat, 06/04/2011 - 14:50 | 1339609 Franken_Stein
Franken_Stein's picture

 

The lady is wearing a pair of Oliver Peoples glasses, just like Marcus Halberstram who is managing the Fisher account, that lucky bastard.

 

Btw, I 've managed to reserve a table for two at Dorsia's this Friday evening.

A-hahahahaha !

 

Sat, 06/04/2011 - 14:49 | 1339612 kito
kito's picture

anyone else here getting post bailout traumatic stress disorder?

Sat, 06/04/2011 - 15:07 | 1339652 rsnoble
rsnoble's picture

I think im gona sue for disability based on the fact im now fucking crazy by all the bullshit that's going on.  Problem is if your already stressed to the point of going thru a carton of shotgun shelves every evening shooting pasteups like I am---we're really gonna be fucked before long.

Sat, 06/04/2011 - 15:42 | 1339737 topcallingtroll
topcallingtroll's picture

Post bailout boredom disorder.

This slow motion train wreck will likely take a couple more years before it wrecks.

I wanna see a crash now!

Sun, 06/05/2011 - 10:29 | 1341101 Smiddywesson
Smiddywesson's picture

"This slow motion train wreck will likely take a couple more years before it wrecks."

Definitely not.  The ability to manage the situation is greatest at the beginning, and least at the point of collapse.  Therefore, events will accelerate.  The collapse will approach at an alarming rate, not just because of the loss of control, but because of the psychology of the human mind when people begin to panic.

This is the reverse of a superbubble.  Think tech stock talk at a cocktail party in 1999.  When the shoe shine boy has an opinion about the global financial collapse, you are almost there.  That's when your family members who thought you were a nut because you diversified into PM start soliciting your opinions.  (The same ones who will later come to you with sob stories about needing money) 

Sat, 06/04/2011 - 14:48 | 1339616 Gordon Freeman
Gordon Freeman's picture

The only thing that is absolutely certain, in all this, is that 100B Euros will not cover even 10% of the cost...

BTW, no one in that crowd is even remotely experiencing "austerity".  This whole international clusterfuck is a grotesque joke--fuck 'em all.

Sat, 06/04/2011 - 14:52 | 1339619 Threeggg
Sat, 06/04/2011 - 15:03 | 1339648 Franken_Stein
Franken_Stein's picture

 

In our day and age austerity means that you cannot own that 2nd car and that you'll have to sip your vodka martini without ice.

 

Reality is biting, I know ...

 

Sat, 06/04/2011 - 15:04 | 1339653 Franken_Stein
Franken_Stein's picture

 

Now compare that to the days of my youth.

I grew up in a cardbox in the middle of the road.

We'd have grilled rat heads for dinner.

 

Sat, 06/04/2011 - 15:22 | 1339685 rsnoble
rsnoble's picture

btw my grandma grew up in the great depression.  Unfortunately she passed away before I could ask too much on the subject but she did tell me that they lived in a small camper like thing in the woods, she really did have to walk a long distance to school in the snow and put cardboard in her holey shoes, and most often they only  had turnips to eat.  They couldn't even afford salt cause grandady was an alcoholic(runs in the family) and said one year it was so bad if they hadn't got that deer they would've all starved.  Straight from her mouth.  Of course she was an alcoholic also and gave me my first stout drink at 7.  Can't say much, dads drank at least a pint and six pack everyday for decades and is now 67 and looks good.  were bred for it.

Other thoughts:  Florida has signs that say "dont feed the homeless" and will throw your ass in jail if you do. Ha ha.

 

 

Sat, 06/04/2011 - 16:21 | 1339805 Yen Cross
Yen Cross's picture

 Please DIE with ya boots on!  Just kidding. Have fun

Sat, 06/04/2011 - 15:26 | 1339696 Gully Foyle
Gully Foyle's picture

Franken_Stein

[an old convict and H.I. lying on their prison bunks, passing the time]
Ear-Bending Cellmate: ...and when there was no meat, we ate fowl and when there was no fowl, we ate crawdad and when there was no crawdad to be found, we ate sand.
H.I.: You ate what?
Ear-Bending Cellmate: We ate sand.
[pause]
H.I.: You ate SAND?
Ear-Bending Cellmate: That's right!

Sat, 06/04/2011 - 15:38 | 1339716 magpie
magpie's picture

after the spanish bailout, we should get used to these (probably EHEC proof, anyway)

http://en.wikipedia.org/wiki/Rutabaga

Sat, 06/04/2011 - 16:50 | 1339855 Gordon Freeman
Gordon Freeman's picture

You were lucky to get grilled rat's head--we ate rocks, and my whole family had to share a single corn cob to wipe our asses!  

These Greeks today...

Sat, 06/04/2011 - 17:08 | 1339876 Franken_Stein
Franken_Stein's picture

 

They don't know what pressure is.

What scarcity really means.

 

We'd use fish bone to comb our hair and cat fur to make a new dress for my little 4 year old sister.

She was so happy when she first wore it.

 

Well, the cat wasn't.

Poor Minka.

 

Sat, 06/04/2011 - 18:13 | 1339976 Rynak
Rynak's picture

"They are not living worse than slaves yet, therefore have no reason to complain. Work you lazy bitch! *whip* Don't you know how good you have it? You're not eating dirt yet, so i'm sure we can get your wage a bit further down.... like, below 600 EUR for fulltim... oh nevermind, OVERfulltime employment, in an economy where the state pays billions for peoples living costs, BECAUSE wages are already too low, and people do already work too many hours, for everyone to pay his living costs himself. Yep! Let's add more fuel to the fire! Make that euro debt fire burn!"

Sun, 06/05/2011 - 18:14 | 1341940 dogbreath
dogbreath's picture

those greeks lok healthy.  They'll know things are bad when they have to jack-off the dog to feed the cat.

Sun, 06/05/2011 - 10:35 | 1341104 Smiddywesson
Smiddywesson's picture


"Now compare that to the days of my youth.

I grew up in a cardbox in the middle of the road.

We'd have grilled rat heads for dinner."

 

You had REAL rat heads?  We had to make due by mixing ours with Rat Head Helper.  Now, that's poor.

Sat, 06/04/2011 - 15:05 | 1339657 rsnoble
rsnoble's picture

Once again in case you missed it.  I know how you people are, only your own shit is important:

 

http://www.forecastfortomorrow.com/news/2011/06/world-collapse-explained...

Sat, 06/04/2011 - 17:49 | 1339929 Missiondweller
Missiondweller's picture

That was hilarious! Whoever junked you did not watch it!

Sat, 06/04/2011 - 15:24 | 1339691 Gully Foyle
Gully Foyle's picture

I didn't see the crowd surfer anywhere in the pic. What concert was that from?

Sat, 06/04/2011 - 15:32 | 1339700 Atomizer
Atomizer's picture

The Greeks need to apply some old fashion tactics and run those motherfucking parasites out of your country. Just ask Iceland for the playbook instructions.

Operation Sabotage

 

Sat, 06/04/2011 - 15:34 | 1339714 southsea13
southsea13's picture

How do we know her designer glasses and watch are real? Might be fake `bling` knock-offs bought on ebay?

Sat, 06/04/2011 - 15:39 | 1339719 NumberNone
NumberNone's picture

Uhhh, hi Greece this is Goldman Sachs.  Remember that money the Federal Reserve created on their computer and loaned us at .0001% interest?  That same money that we turned into 80 times its value through fractional reserve banking then loaned you for your social programs? 

Well...uhhh....we want it all back.  You guys are running a little slow on your payments and we want it back.  If you don't have it, you might oughta think about selling a couple of those sweet islands off your shores.  I'm sure they would fetch a pretty penny. 

No, no, no...your are completely wrong if you think of this as trading hard assets for computer generated pixels.  

And sure we can go back into the computers and cook up another $100 billion or so, what you got in return?  11 Million people and and the income they and the next 5 generations will create...interesting.  Well, it's alot of work for us to get so little in return but we'll do it for you because you've been such a good client. 

Hang on a second, it's Spain....Hi Spain, this is Goldman Sachs...

Sat, 06/04/2011 - 16:01 | 1339773 Franken_Stein
Franken_Stein's picture

 

Brilliantly summarized.

 

Just another dull day at GS' (or any other bank's) corporate financing department.

We're just providing liquidity.

 

After all the Greek government is a sophisticated market player, who is expected to know what they're doing, especially after privately receiving the right "incentives".

 

What ? The Greek people don't agree ?

Well, that's too bad, but they were sophisticated investors when they elected that government (don't worry, we own both parties) into office.

 

They should have known better.

It's too late now.

 

Sat, 06/04/2011 - 15:41 | 1339726 carbonmutant
carbonmutant's picture

"So warnt die Ratingagentur Standard & Poor's in einem der Nachrichtenagentur Reuters vorliegenden Bericht, wenn Gläubiger de facto zu einem freiwilligen Verzicht auf Forderungen genötigt würden, weil ihnen sonst noch höhere Ausfälle drohten, würden die Staatsanleihen mit dem Ausfallstatus "default" versehen. In der Folge könnten etwa Kreditausfallversicherungen fällig werden."

Sat, 06/04/2011 - 15:38 | 1339729 rsnoble
rsnoble's picture

damint i hate it when you accidentaly text the wrong person when ur talkin about them.  think fast.  wait i cant right now. Oh well.

Ok ill stop wasting zerohedge meg space.  u guys have a great weekend c u next week

Sat, 06/04/2011 - 15:57 | 1339765 wombats
wombats's picture

It's all a giant game of musical chairs.  Just be prepared for when the music stops and everyone is scrambling for the last seat at the table.

Sat, 06/04/2011 - 16:18 | 1339799 exportbank
exportbank's picture

Since the beginning of time, Greece has never repaid the principal amount of a debt - it's always been rolled-over..

Since this has worked for 2,000 years why should it be different now. At some point there will simply be a worldwide default and all will be well. 

Sat, 06/04/2011 - 16:41 | 1339832 Siniverisyys
Siniverisyys's picture

Ugh

Sat, 06/04/2011 - 16:49 | 1339845 Use of Weapons
Use of Weapons's picture

I debated returning to ZH, given the levels of meta-debate that float away from here, and the levels of loss framing being practiced. Embracing sobriety, I decided to risk it (and my ever eternal soul). I may or may not play the meta-troll until shot again - given posts where people are trolling the financial press due to boredom at work, I suspect my antics were somewhat feeble anyhow...

Living up to the name, I bring you a very good reason why that flag is accurate:

http://www.leonardocontakt.org/pdfs/CompleteTrainingDocumentFinalVersion...

[University of Maastricht is part of the group who published it, check logo]

Now, this is a very fine and well researched document on Emotional Intelligence within the work place; it covers multiple areas, throwing in concepts such as the well-favoured Edward de Bono's coloured hat theory (puntastic, and also under legal review), culture shock theory (!), personal self empowerment and development and an entire range of very sensible and very smart thinking. It is, quite literally, bursting at the seams with knowledge; it is a manual a clever reader could use to make the workplace fun, attractive and happy. The authors also have some very well handled thoughts on bankers:

"A similar perspective was presented by Stanworth (1997:58) who stated, “The banks appear to be creating a new deskilled workforce in these centres, where there is no longer a need for qualifications, and direct banking staff can be trained in three weeks.” ...

It is not only writers who had strong opinions on the subject of de-skilling. Adding to this litany, one customer service representatives stated, “I don’t think there is a skill involved, you can train a monkey” (Callaghan and Thompson, 2002: 242).

http://www.leonardocontakt.org/brit_lit_review_eng.shtml (and yes, check out the list of sources).

Thus proving that self-awareness can be found in many places, or that some students do work for some of the time, and the entire plan has been tried & tested for a while now.

 

The problem is, the work places it covers... are call centres.

Having once toiled in a call centre for a holiday job whilst at Uni (major mobile phone, car / hands free complaints / issues - at much the same time that it became illegal to drive whilst using a phone, at Christmas), I know empirically that we had a couple hours training, a deadline and the unstated policy that the customer was not always right, he was most often a self-deluded buffoon and you were not to send out the over-stretched, over-worked and under-paid technical vans if you could ever avoid it. Even if yes, these were the policy holder types who actually paid for on-the-road mobile assistance. As such, I would have loved to have been so valued, so validated and so vamped up by such a document; my co-workers, perhaps less so, however I'm sure that as deskilled workers, I could have formed a union (actually, that was discouraged in the contract, given we were all via 3rd party temping agencies anyhow, thus rendering such activities impossible) and lead them in a glorious uprising towards self-aware loving grace in loving our jobs and being emotionally intelligent whilst doing them. Indeed, I fear I was fired for actually fulfilling the contractual obligations of a customer, and reducing an engineering team to tears for lack of progress, but I probably shouldn't put that on my C.V...

This didn't matter, as the call centre was moved to India, due to economic factors, and closed. As did the majority of those found in the European and American industry. Apart from in Glasgow, which doesn't even the hope to admit that its living standards are higher than Delhi's. Whether or not this report is now enshrined in dogma within Indian call centres, I cannot attest to; post crash, it may well provide the archeologists of the future with an entirely false impression of our working practices.

 

And thus I frame the flag - on the one side, people aiming to deskill labour and run businesses where the cost efficiency certainly does tighten at the bottom of the pyramid (if not the boardroom); on the other, you have (no doubt well paid) teams of researchers producing vastly technical and brilliant (using management guru's thoughts and insights) documents that are precisely useless because they ignore the realities of the world.

 

 

 

tldr;

 

When the choice is of the lesser of two weevils, both should always be refused. Or someone should get a robot to do that, but then there'd be even less jobs (and yes, don't think we're not thinking of you, Cleverbot, and know your real market potential goal).

Sat, 06/04/2011 - 16:58 | 1339859 Yen Cross
Yen Cross's picture

  J.R. (?) Earth calling J.R.?   This conversation is right up your alley! 

   Post facto appreciated.

Sat, 06/04/2011 - 17:03 | 1339869 Diablo
Diablo's picture

the troika, and some greek politicians, are hoping that if they tighten the screws slowly enough people wont notice the pain.

MENA-style uprising coming soon to syntagma square, plaza mayor, and eventually to piazza del popolo.

 

Sat, 06/04/2011 - 17:31 | 1339903 Subprime JD
Subprime JD's picture

Wow that flag is hilarious. You gotta love those pesky greeks.

Sat, 06/04/2011 - 17:56 | 1339944 SilverDoctors
SilverDoctors's picture

For an idea of what will happen the day China actually does finally throw in the proverbial towel with regards to their US treasury positions, check out Troy Grice's fictional novel about the collapse of the US dollar, Indivisible.

http://silverdoctors.blogspot.com/2011/06/indivisible_04.html

Sat, 06/04/2011 - 19:05 | 1340080 sbenard
sbenard's picture

They may as well just flush all that money down the toilet!

Sat, 06/04/2011 - 19:04 | 1340084 onarga74
onarga74's picture

"it is sadly amusing that the Greek lady next to the EU Swastika flag is wearing designer glasses and a gold watch."

She's even more deprived than first glance being saddled with a Benson and Hedges Menthol and a Vente Mocha with Guatemalan mint sprinkles. 

Also of concern,  just appeared on BNN (breaking news network) that when the amount of the bailout was confirmed there was a tragic outbreak of diarrhea throughout Germany and Angela was seen leaving for Italy in a hot air balloon. 

 

Sat, 06/04/2011 - 19:39 | 1340153 Reese Bobby
Reese Bobby's picture

I don't understand how Greece has gone bankrupt.  Greek diners in the U.S. offer 18 page menus and you can get Thanksgiving dinner at 8 AM on a Tuesday in July.  Sure you get the violent runs occasionally but there is a selection of items for that on page 14. 

Sat, 06/04/2011 - 19:58 | 1340184 Printfaster
Printfaster's picture

You mentioned "designer glasses and a gold watch".

What caught my eye was the American looking cigarette, and what appeared to be plastic McCoffee like container for frappachinos (spelling?).

Gad, Greece is infested with with the priviledged "poor".  Hairdressers guaranteed a pension in their early 50s beacause it is a "hazardous occupation".  Insert fading scream.

Sat, 06/04/2011 - 20:57 | 1340263 G-R-U-N-T
G-R-U-N-T's picture

Hm...Characteristic of Greek women are robust knockers as per the lady in the green top. :)

Sat, 06/04/2011 - 23:26 | 1340540 natty light
natty light's picture

gyro

Sat, 06/04/2011 - 23:36 | 1340557 PulauHantu29
PulauHantu29's picture

Basically the Bankers want to cut benefits of the hard working Germans (and Greeks) to Bail them out, is this correct?

How about Bankers offer to take a 40% Haircut before they force others to do that?

Sun, 06/05/2011 - 00:06 | 1340590 Stuck on Zero
Stuck on Zero's picture

Why is a >$100 billion bailout of Greece a monster crisis for the rich Euro land when the United States pisses that much down the drain every three weeks?

Sun, 06/05/2011 - 11:10 | 1341142 Coldfire
Coldfire's picture

The disintegration of the welfare state is a beautiful sight.

Sun, 06/05/2011 - 13:19 | 1341367 DCon
DCon's picture

The EU could be "helping" the Greeks with their tax collection.

 

How nice

 

http://www.irishtimes.com/newspaper/frontpage/2011/0604/1224298389722.html

 

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