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True Finns Leader: "Greece Will Default As Efforts To Keep Country Afloat Have Failed"

Tyler Durden's picture





 

This does not sound like the sound of European consensus: "The leader of Finland’s euro-skeptic True Finns party, Timo Soini, said Europe’s crisis-handling mechanism “doesn’t work” and Greece will default on its debts as efforts to keep the country afloat have failed. He spoke today in a phone interview with Bloomberg Television." More like the sound of inevitability... We wonder how this will be spun by Trichet. In the meantime, things in carry land are getting worse and worse, as the USDJPY hit 79.60 overnight, a level at which the Japanese economy joins Europe and the US in full contraction mode. The summer of central bankers' discontent is coming fast and furious.

And below is a just released interview with Soiniwho makes it all too clear: European bailouts are "not working."

 

h/t RK

 


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Thu, 05/05/2011 - 09:30 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

CB Summer of Discontent Bitchez!!!

Thu, 05/05/2011 - 09:45 | Link to Comment Popo
Popo's picture

For all the supposedly brilliant Eurozone economists and policy makers, there are apparently only two mechanisms for handling debt crises:

One: if it involves private debt, make it public, and call your pillage of the populace a "bailout"

Two: if it involves public debt -- push it into the future, and call your head-in-the-sand solution "restructuring"

Thu, 05/05/2011 - 11:16 | Link to Comment island
island's picture

Precisely

Thu, 05/05/2011 - 11:44 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Three: if it involves public and private debt, blame an ethnic group, go to war, and call your tried and true method "World War III"

Thu, 05/05/2011 - 09:32 | Link to Comment willien1derland
willien1derland's picture

<sarcasm on/> Someone better give Timo Soini the heads up that having integrity is not a best practice amongst Western Government currently </sarcasm off>

Cannot wait for the next set of lies, ummm, I mean announcements from the Greeks -

Thu, 05/05/2011 - 09:39 | Link to Comment snowball777
snowball777's picture

The True Finn party isn't part of the government yet...coalitions of 3 are the rule in Finland and although they pulled in 39 seats to the leaders 44, they have to agree on compromises for a government to be formed with them included.

Mouthing off (however spot on) about the PIIGS isn't helping their chances, but kudos to them for speaking the truth anyway.

Thu, 05/05/2011 - 09:46 | Link to Comment Azannoth
Azannoth's picture

It is better for them to be the opposition that to compromise their core values, at least the people will see who's responsible for all the shit

Thu, 05/05/2011 - 10:27 | Link to Comment breezer1
breezer1's picture

no bailouts was a big part of their platform when they ran.

Thu, 05/05/2011 - 09:46 | Link to Comment Azannoth
Azannoth's picture

Hope he does not end up like Jorg Heider

Thu, 05/05/2011 - 10:13 | Link to Comment kreso
kreso's picture

Do you mean being homosexual?

Thu, 05/05/2011 - 11:49 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Don't forget Pim Fortuyn...it's getting to be a pattern.

Thu, 05/05/2011 - 09:31 | Link to Comment bob_dabolina
bob_dabolina's picture

Don't forget to tip the pizza delivery guy.

"The Obama administration has floated a transportation authorization bill that would require the study and implementation of a plan to tax automobile drivers based on how many miles they drive."

http://thehill.com/blogs/floor-action/house/159397-obama-floats-plan-to-tax-cars-by-the-mile

 

Thu, 05/05/2011 - 09:37 | Link to Comment RunningMan
RunningMan's picture

Really? Isn't this easier to accomplish via gas taxes? Can we be finished with the Obama administration already? The straw grasping is getting absurd.

Thu, 05/05/2011 - 09:44 | Link to Comment SheepDog-One
SheepDog-One's picture

Why mess with all the paperwork? They can just raise gas tax $1 and reduce everyones driving quite a bit.

Thu, 05/05/2011 - 09:56 | Link to Comment citizens_of_the...
citizens_of_the_world's picture

More paperwork = more jobs = higher employement!!!

Thu, 05/05/2011 - 10:23 | Link to Comment Royal Wulff
Royal Wulff's picture

Because they want to know where you are and where you have been.

 

Thu, 05/05/2011 - 11:47 | Link to Comment FeralSerf
FeralSerf's picture

What about the poor SUV driving soccer mom?  She's buried in her new GM Escalade and she needs help.  This plan will equalize the pain somewhat by making those scumbag-cheapskates with their Prius' contribute some more.  And the corn/ethanol farmer and dear BP also get some "much deserved help" from the cash rich, free-riding econo-car owners.  How wonderful is that?  Maybe they'll even be able to spare a few bucks for some campaign contributions, eh?

With computers and GPS monitoring systems (BTW, it helps those guys too), there doesn't need to be any paperwork.  Plus the road use fees can be automatically charged to our ATM cards (with substantial fees going to the poor deserving banks).

Talk about win-win. . . !

Thu, 05/05/2011 - 12:39 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Can't have all those hybrid and electric car drivers evading their fair share of taxes.  Taxes are the price of civilization, you know.

Thu, 05/05/2011 - 09:32 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

If there's gonna be a bonfire......I'll bring the marshmellos......mmmmm.....smores.

 

 

 

Thu, 05/05/2011 - 09:35 | Link to Comment augie
augie's picture

yeah there's gonna be a bonfire at 33 Liberty Street... i'll bring the gasoline everyone else bring the pitchforks.

Thu, 05/05/2011 - 09:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Sounds like a good time.......better bring some beer then.

 

 

Thu, 05/05/2011 - 09:41 | Link to Comment SheepDog-One
SheepDog-One's picture

I'll bring my 'pitchfork' my AR 15.

Thu, 05/05/2011 - 09:47 | Link to Comment Popo
Popo's picture

I suspect it will begin with scopes and silencers before that...

Thu, 05/05/2011 - 10:02 | Link to Comment PlausibleDenial
PlausibleDenial's picture

You are correct sir.....

Thu, 05/05/2011 - 11:55 | Link to Comment Ahmeexnal
Ahmeexnal's picture

SEAL team number 6 appreciates your invitation, they have scheduled a visit to your compound and will drop by as soon as possible.

Thu, 05/05/2011 - 09:38 | Link to Comment Atomizer
Atomizer's picture

More of...throw shit at a wall and see what sticks.

Thu, 05/05/2011 - 09:39 | Link to Comment SheepDog-One
SheepDog-One's picture

Pretty much wall 100% covered in gobs of shit already.

Thu, 05/05/2011 - 11:52 | Link to Comment FeralSerf
FeralSerf's picture

Wall can always use another coat.  Old shit is drying out.  New shit is nice and moist -- aromatic too.

 

Thu, 05/05/2011 - 09:39 | Link to Comment Buyemall
Buyemall's picture

What's the point of this comment anyway?

It doesn't have anything to do with Greece, that's for sure.

Thu, 05/05/2011 - 09:42 | Link to Comment lsbumblebee
lsbumblebee's picture

Of course what would prop-the-dollar-up day be without old reliable "Greece worries"?

Thu, 05/05/2011 - 09:43 | Link to Comment SheepDog-One
SheepDog-One's picture

Prop the dollar, tank the stocks in the face of QE3 all over The Blowhorn. The USD will resume its downward march as no one really wants anything to do with it at all, just a side effect of another fiat worthless currency the Euro tanking. Basket of world worthless crap.

Thu, 05/05/2011 - 09:58 | Link to Comment lsbumblebee
lsbumblebee's picture

Basket of world worthless crap. That just about says it all.

Thu, 05/05/2011 - 09:48 | Link to Comment Central Wanker
Central Wanker's picture

It looks right now highly improbable that Finland is supporting the Portugal aid package. Time is running out and the political disorder is only increasing. Even some of those parties who were supporting the package before elections, are now turning against it as they lost big in the elections. Only the right-wing coalition party with a couple of small parties are still openly and unconditionally supporting the package.

Greek default is already a certainty and the probability of Portuguese default is increasing day by day. The end game for Euro may well be starting.

Dominoes, bitches!!!

Thu, 05/05/2011 - 10:16 | Link to Comment jtaskinen
jtaskinen's picture

The issue for Portugal is

National coalition yes

Social democrats: yes but only with investor responsibility

Center: Each MP free to choose, hence likely to majority NO

True Finns: No

Greens: Yes, but seems more like no

Christians: Yes but only with investor responsibility

Now, the whole thing hinges on a concept of "investor responsibility". A haircut? Bail-out debt seniority? Something else? No-one knows.

The Social democrats are now decisive as the True Finns already said they would stick to their election promise. Social democrats were spared of election disaster as they changed their election rethoric the last minute to include investor responsibility. Again, whatever that means.

The situation is getting increasingly confusing, but have to say politics has become interesting. It does not really help that papers cover everyday some Portuguese politicial reming us of some "obligation" or EU treatening to make life hard in the future. So EU is after all a monster sucking away national sovereignty and any resources left to support aging population. So much for the love and peace in Europe.

It really seems that Euro really is the rotten hearth of Europe. I hope this monster falls, and kills any federalist intent by plunging the decision making into a complete paralysis as nations start exchanging "favours".

Thu, 05/05/2011 - 12:06 | Link to Comment M.B. Drapier
M.B. Drapier's picture

I really hope the Finnish electorate has noticed that that pustule Rehn joined up with the ECB to block "investor responsibility" in the case of Ireland. Oh, and your prime minister too.

Of course it's still not too late: the incoming Finnish government can prove its sincerity about "investor responsibility" by demanding that senior debt in the Irish banks which has not been guaranteed by the Irish government be subjected to a haircut. If they continue to support the ECB in demanding that these creditors be bailed out in full, then you'll know that they're lying, and you can look forward to being stuck with your share of the bill when the added public debt helps to drive the Irish government into sovereign default.

Thu, 05/05/2011 - 09:49 | Link to Comment vincentmulleman
vincentmulleman's picture

I was with a Greek friend in a moderately fancy Greek restaurant in Manhattan a few years ago, and the waiter pointed out that they don't take credit cards. (This was before we ordered. I guess he was just making sure.) I asked my friend why they wouldn't take credit cards, and he said "Taxes. Every Greek evades taxes; it is his duty." At the time I had no idea that he was not exaggerating.

Thu, 05/05/2011 - 10:08 | Link to Comment falak pema
falak pema's picture

This is a greek in Manhattan...not in Glifada...

Thu, 05/05/2011 - 11:30 | Link to Comment Things that go bump
Things that go bump's picture

Where he is still evading taxes like a true patriot.

Thu, 05/05/2011 - 10:05 | Link to Comment bobert
bobert's picture

I've discontinued silver sales from my portfolio.

Thu, 05/05/2011 - 10:13 | Link to Comment falak pema
falak pema's picture

What will hurt europe is Spain...that's the one to watch. If they can isolate Spain from Portugal, Ireland, Greece dominoes they can survive. If not, the euro as it is is toast...

Thu, 05/05/2011 - 10:17 | Link to Comment Central Wanker
Central Wanker's picture

This "isolation" thing is beyond me. If four of my neighbors have too much debt and are in the brink of a bankruptcy, will one of them be saved if I bail out the other three? If so, why?

Thu, 05/05/2011 - 10:26 | Link to Comment falak pema
falak pema's picture

Its a question of size of risk...the sovereign/bank downside in the three smaller countries is manageable with the existing EU credit lines. Germany/France main creditors can handle that. They along with China/Jap/Brazil can buy into the sovereign debt via direct or indirect ECB mechanisms. So if three of your neighbors owe 10$ each and the fourth owes 1000$ you could bail out three and say "no skin there" but not the fourth...The forth has to go out and renegotiate with the banks on his OWN...the same banks who have to be "subsidised/bailed" for the other three by govt./ECB subsidies. Its this equation which is uncertain as spain must be able to handle its own debts based on Future economic growth scenarios, like a big boy...Mama mia! what growth and when???

Thu, 05/05/2011 - 11:39 | Link to Comment fajensen
fajensen's picture

The third one owes his money to a foreign bank (or pensioners and widows) hence it is irelevant if he goes tits-up or not?

Thu, 05/05/2011 - 11:56 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Time to dig up el generalisimo and bring him back from the dead.

Thu, 05/05/2011 - 10:18 | Link to Comment Dick Darlington
Dick Darlington's picture

The Green Party which has been in a short leash of the pro-bailout National Coalition started playing hardball yday when they announced that if there will be no unanimous agreement on the Poruguese bailout they will vote against it. They lost big in the elections and this move was quite a surprise.

Thu, 05/05/2011 - 10:21 | Link to Comment jtaskinen
jtaskinen's picture

Yes, they said they would vote no, but then the story changed later, it is no longer clear. The red-greens are just spineless misguided youths, mostly.

The issue is what willthe social democratic party do. They lust for power, but realise that price could be a bigger defeat in next years local elections or even in four years in parlament. The electorate does not seem to be as oblivious as politicians liked to believe, the greens were trashed partly because they were in government which approved two nuclear plants though this was something they had promised to oppose.

Maybe this is the beginnig of EU dis-integration. Thumbs up.

Thu, 05/05/2011 - 10:28 | Link to Comment Central Wanker
Central Wanker's picture

Maybe this is the beginnig of EU dis-integration. Thumbs up.

 

Let's hope for the best :-)

 

Thu, 05/05/2011 - 10:18 | Link to Comment Pappa
Pappa's picture

I will post this one again, thought it may have your face smiling after reading. So cartoons, in english.

 

http://www.riemurasia.net/jylppy/media.php?id=80584&c=5

Thu, 05/05/2011 - 10:39 | Link to Comment magpie
magpie's picture

lol

the big Blarg-sound was only the first hiccup

Thu, 05/05/2011 - 10:36 | Link to Comment DogSlime
DogSlime's picture

I wish the UK didn't charge 20% VAT on physical silver, but whatever - I'm going to buy physical anyway.

Greece is the first domino, of course, but I'm wondering at what point the UK will fall.  Can't imagine anyone running to Sterling as a "safe haven".  All the UK "austerity" shite in the world can't balance this mess.  My guess is that the UK government is just trying to make sure we're not the first domino to fall.

Greece first... looks like we might be domino five or six.

Race you to the bottom, USA! - last one there's a rotten egg.

Thu, 05/05/2011 - 12:02 | Link to Comment FeralSerf
FeralSerf's picture

Why don't you take a little trip to Canada or the US or Singapore?  Maybe contract with Brinks or Via Mat to store it if you don't want to chance smuggling it back?

I'd stay away from American bank though.  Most bank robberies in America are inside jobs.  The banks do the robbing.

Thu, 05/05/2011 - 21:48 | Link to Comment s0lspot
s0lspot's picture

Nobody says you have to buy your silver in shops mate! You should be ashamed of paying VAT on PM's, it is immoral! Don't be lazy and look on the interwebs, forums, ads, ebay e tutti quanti.

 

I only bought my very first gold coin in a shop, then saw the premiums + tax and sourced other sellers. Individuals will sell at spot. You just have to find them.

 

I'm living in Spain now but when i was in France i learned that there, when you buy gold in dealer shops you get choose wether to buy anonymously or not (as long as you buy less than 15 000€). If you do, whenever you sell back the coin through an official tax-validated channel (shops & banx basically) you have to pay an 8% tax on total resell value.

 

On the other hand, if you accept to give up your identity when buying, the dealer will seal the products with an official bag and put inside a receipt with the financial transaction data : dealer, date, prices etc...

 

When you choose to sell it, the state will "only" take 31% of the added-value generated by the lot since the date of purchase instead of the 8% calculated on both value+added-value since purchase when you go all-in ninja.

 

Very efficient way to turn people to the black market. Worked for me !

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