There Goes The Greekborhood: German Europe Minister Says Would Back Greek Restructuring

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Fri, 04/15/2011 - 08:31 | 1171830 Dick Darlington
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Expecting vicious denial from G-Pap and the European ponzimaster Rehn any minute now. Lol, what a tragedy the whole European Shangri La aka EMU is.

Fri, 04/15/2011 - 09:17 | 1172006 knukles
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I like that.... Shangri La
Check out the flick "Lost Horizions" about the inability to achieve the ideal, the illusion of perfection.

Fri, 04/15/2011 - 10:48 | 1172398 Popo
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"restructuring".  LOL.   

They'll gladly pay you Tuesday for a hamburger today.

Fri, 04/15/2011 - 08:34 | 1171835 RobotTrader
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Like I said, any and all problems will be papered over with paper.

Futures traders are ebullient.

Fri, 04/15/2011 - 08:37 | 1171845 SheepDog-One
SheepDog-One's picture

At this point, you really should just go away.

Fri, 04/15/2011 - 09:09 | 1171979 curbyourrisk
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Bring back the chick shots or get off the boards.

Fri, 04/15/2011 - 11:18 | 1172055 RichyRoo
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And an hour later, its down to 1315.48. If the S&P tanks AS WELL as the euro zone imploding, then QE3 just gotta happen, bullish!

Fri, 04/15/2011 - 11:58 | 1172707 Fidel Sarcastro
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Robot, I'm not ebullient but I did help it go from 12.50 to 16.00.  ;)

Fri, 04/15/2011 - 08:37 | 1171843 jus_lite_reading
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What a fooking circus! So wishy-washy they change their minds more than they change their underwear.... its all a lie anyways. The only thing to do is sell your euros and buy gold. Fuk 'em

Fri, 04/15/2011 - 08:38 | 1171850 SheepDog-One
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Thats what Ive been doing since Hank Paulson threatened martial law unless we hand over the damn money.

Fri, 04/15/2011 - 09:17 | 1171996 knukles
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Izzabout fuckin' time.  See, without a devaluation, the Greek populace had it "sthuck" to them for these austerity measures. More paid in, less paid out, right?

So not to service the additional bail out funds aka "usurious vig money" to "the lenders" that they had to take on because they couldn't devalue, they'll just go ahead and settle with the lenders for a nice haircut.

So now, gentle follow the money reader, I ask you, where goes this new,  and additional pool of enhanced cash flows within the system since it's not paying the overinflated newly minted now to be haircut vig rate notional amountof loans which were stuffed down their throats because they couldn't devalue?

Ah hah, says I to myself, in the pockets of the politicians and their cronies!

Well fuck me, the final result is that the people paid numerous times over for the right to now get less, continue paying more, enriching the powerful and already wealthy.

(Humming the Marsielles as I don't know the EU "national" anthem)

Fri, 04/15/2011 - 09:18 | 1172004 Quintus
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The Anthem of the EU is Beethoven's 'Ode to Joy'.  Ironic n'est-ce pas?

Fri, 04/15/2011 - 08:37 | 1171846 francis_sawyer
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They're going HOG WILD... (Lean Hogs) that is...

Fri, 04/15/2011 - 08:40 | 1171849 Josephine29
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I guess the sort of thing that Hoyer is worried about is this...

The Greek Finance Ministry has this week produced figures for the state deficit which are worrying. These figures do not include local or social security spending but I will quote from the press release below and omit the hyperbole.

The deficit amounts to  4,710 million Euros……… During the same period in 2010, the State Budget deficit amounted to 4,371 million Euros………Net revenues of the ordinary budget amounted to 11,114 million Euros, declining by 8.1% compared to the first quarter of 2010, mainly due to the larger than projected recession.

In case you are wondering the hyperbole proclaimed that these figures were only just above target. I have to confess that I see some very concerning factors in these numbers of which the most basic is that Greece is supposed to be in the middle of a severe austerity programme and yet the deficit level is higher than last years......

Fri, 04/15/2011 - 08:44 | 1171860 SheepDog-One
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Severe austerity measures on the peasantry, however the gubment is still as irresponsible and crooked as ever.

Fri, 04/15/2011 - 08:43 | 1171858 M.B. Drapier
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What does 'voluntary' mean in this case? Voluntary on Greece's part? Voluntary on the creditors' part?

Fri, 04/15/2011 - 08:58 | 1171920 THE DORK OF CORK
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What does the "authorties"  mean when BOI executives exceeded the guberment bank wage/bonus/capital extraction decree ?

Is BOI now seen as a superior institution to the Irish executive as seen by the authorties.

I love it when the chain of command is exposed for all to see - pass the popcorn would you.

Fri, 04/15/2011 - 08:46 | 1171870 ivars
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Finnish politics rarely drive international financial markets, but the rise of the anti-bailout True Finns party means Sunday’s national elections can’t be ignored by investors wary of another adverse turn in the euro zone’s long-running debt crisis.

The True Finns are backed by nearly 17% of the electorate, according to a TNS Gallup poll conducted between April 5 and 10. The True Finns received just 4.1% of the vote in 2007.

And since Finland is the only euro-zone country that requires bailouts to be approved by parliament, strong gains by the True Finns could derail a planned rescue for Portugal.

A stronger-than-expected showing by the True Finns, “or if some members from other parties take a similar line, could make things very touch and go,” said Steven Barrow, currency and fixed-income strategist at Standard Bank. “And clearly if there’s any possibility at all that Portugal might not get its money, it could hit bonds and the euro hard.”

Fri, 04/15/2011 - 08:55 | 1171913 Dick Darlington
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Social Democrats are not backing up the increase in EFSF either. Social Democrats demand immediate burden sharing which the EU-kleptocracy has overruled. The Left Alliance has announced that they are against supporting Portuguese bail out. So it's not just The True Finns who have had enough of the europonzi in Finland.

Fri, 04/15/2011 - 15:50 | 1173765 benburnyanki
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Oh my God Finns Party please heeeeeeeeelp us get these bastardos to can the bailout by the IMF mofos of Greece? and of Ireland, and etc. etc. That Nazi Hoyer is a wasteoid workin for Rothschildzoids. Unfortunately, Germany has been infultrated by Rusky Mafia who coincidently are all Jewish. Gee what the fuked up shit could be worse for a German but to wake up one morning and have the bloody Jew Mob running the country?

Not much eh?

Fri, 04/15/2011 - 08:47 | 1171873 Cdad
Cdad's picture

And there goes little Miss Euro.  If the Euro/USD cross actually reverses and can expect an epic unwind in the equity market.  I think this is it.  After all, how many European countries have to crumble and fall through the cracks in the German floor before someone starts wondering...where the end of that really is?

Seems to me that one of the catalysts of the Great Depression was the collapse of  In know these are inflationary times, but do three nations [and possibly four] equal one Euro bank from the '30s?

Good grief [and by that I mean who can even keep up with the BS and the computerized repricing of things every five freakin minutes?]

Fri, 04/15/2011 - 08:48 | 1171884 cowpieflapjack
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Now, if the BLS were supplying the Greek numbers, we'd be getting somwhere

Fri, 04/15/2011 - 08:55 | 1171904 Flounder
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I guess after 70 yrs the Germans finally got their wish to be calling the shots in Europa.  1 Euro = 1 DM

Fri, 04/15/2011 - 08:58 | 1171933 magpie
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"1 Euro = 1 DM"

Guess that is where it's all heading, from 1.95 DM.

Fri, 04/15/2011 - 09:22 | 1172017 franzpick
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Greece is supposed to be in the middle of a severe austerity programme and yet the deficit level is higher than last years.

Their austerity program includes cutting back on the paying of taxes, resulting in a historic new low in their taxpayer-participation-rate.

Fri, 04/15/2011 - 09:31 | 1172051 PulauHantu29
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I'm sure the German worker does not mind working a few extra hours a day to pay for Greek Bailouts...

As they say, "The horse that works the hardest gets whipped the most."

Fri, 04/15/2011 - 09:33 | 1172057 oogs66
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Amazing that stocks just shrug this off.

Fri, 04/15/2011 - 10:18 | 1172242 adonisdemilo
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when a banker says he here to help you need to exit stage left at full speed

Greece need to tell them all to get stuffed NOW

it's a club they can't afford

get back to where you were before you joined at least everybody knew who was screwing who and they were quite happy as long as they could fiddle their taxes and live the life they wanted

Groucho Marx said he would never join a club that would let HIM in, Greece should have thought about that.

the ECB, IMF WORLD BANK whatever just want to control every fucking thing

Fri, 04/15/2011 - 14:33 | 1173434 FIAT_FixItAgainTony
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agreed.  sure seems to me 99% of the countries and their people need to tell these bastards to stuff it NOW!

Fri, 04/15/2011 - 10:43 | 1172374 boiltherich
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Not one mention of contagion in all the comments above.  If Greece is permitted to stick it to bond holders then so are the others who are being bailed out at gunpoint.  Oh I forgot, the Irish corporate tax which they refuse to raise for the benefit of Berlin means they will not be allowed to impose restructuring on their creditors, most of whom speak German and French. 

Fri, 04/15/2011 - 10:54 | 1172413 CrashisOptimistic
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What has been camouflaged is the words.  Here are the words that matter:


This has been camouflaged with words like contagion or chain reaction.  Fuck that.  It's about the swaps, and if this German said this it means one and ONLY one thing -- the German banks finally divested themselves, probably at Merkel gunpoint, of Greek swaps.  The French banks?  Maybe not.


Fri, 04/15/2011 - 12:17 | 1172797 boiltherich
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I keep waiting for Ireland to grow a pair and leave the Eurozone, return to the punt and default on all foreign debt.  Now even the new government which was elected by a pissed off population is backtracking on it's promise to seek fair resolution to the idiotic bank depositor assurances.  Maybe it is because of all the German speaking suits in Irish government offices watching over the shoulders of the ministers and the Taoiseach issuing commands and "correcting" all government decisions so to fit with Eurozone priorities.  I know they can be scary, I have a German landlady, she could invite you in for strudel and tea but in her Westphalian accent it sounds more like an order to board a boxcar for the east.

Fri, 04/15/2011 - 14:00 | 1173291 Hephasteus
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I'm in your restructuring. Forcing you to volunteer.

Fri, 04/15/2011 - 19:07 | 1174637 Buck Johnson
Buck Johnson's picture

Steve Liesman said today that Germany will go through with this because they are in to deep.  And I would like to say to that, hmmmph.  Yea Germany is in deep, but they have to be considering that all they are doing is delaying the inevitable.  Sooner or later (they picked later) they will default, and it will be more expensive to Germany then than now.  If I was them, I would say let them default and take my lumps right now.

Fri, 04/15/2011 - 20:39 | 1174827 vainamoinen
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nuthin' worse than a "cranky" Finn!

They won't move an inch!

Sat, 04/16/2011 - 06:31 | 1175511 benburnyanki
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dang the Finns Ruuuuuuuuuuule!!!

they gave us Linux and the finger to the Banksphincters!!!!!!!

Sun, 04/17/2011 - 06:20 | 1177510 Hephasteus
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Linus loves windows!!!

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