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Merkel Hides Behind The Troika Report, The Greeks Seethe, And The Drachma Advances

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Wolf Richter   www.testosteronepit.com

The hoopla in the media about German Chancellor Angela Merkel’s 6-hour stay in Greece, and the Greeks’ visceral reaction to her, made it look as if her visit actually meant something—that it would change the world for the better, would tweak it in some manner, or at least would reveal a promise to keep Greece in the Eurozone. Every minute was examined at under the microscope. “The Germans,” it was noted, for example, as the plane landed at 1:20 p.m., “arrived ten minutes early.”

So when an acquaintance of mine, who lives in Southern Greece, had dinner with a ranking official at the Bank of Greece, the discussion inevitably came around to the Troika—the bailout and austerity gang from the EU, the ECB, and the IMF—and how Greece should send them packing. “Of course,” the central banker said, “it would help considerably if we actually had a functioning government these past 182 years.”

Athens was prepared for her. Both sides. Police had designated a “red zone” where demonstrating and loitering were prohibited. The Parliament, the prime minister’s mansion, and the presidential mansion were sealed off. Some metro stations were closed, some buses and trolleys were pulled out of service. Water cannons, 7,000 police in riot gear, crowd-control fences... it was all there.

As were 80,000 protesters—or 60,000—who’d been seething for days. It wasn’t just Merkel’s presence on their soil, but also the restrictions on their constitutional right of assembly. “FRAU MERKEL GET OUT,” a poster read. A group of school kids were taken into custody. Tear gas was used. Protestors were trying to tear down crowd-control fences. A melee broke out. Rocks flew. A Nazi flag was burned. But... “Strange thing about Greek demos is that they are part political protest, part village fete, small of meat on the BBQ everywhere,” ‏@teacherdude reported (screenshot).

So why the heck did Merkel dive into this? To express “her support for the difficult reforms,” government spokesman Steffen Seibert explained on Monday, and to “emphatically” point out “everything” that still needed to be done. It was the outline of her strategy. Accomplished politician, she’d try to satisfy both sides, those who want Germany to open the wallet even more, and those who don’t want to see their money disappear into a bottomless pit.

Prime Minister Antonis Samaras welcomed her at the airport. Then their motorcade took them to the Maximos Mansion, his official residence, where they chatted for an hour. They probably didn’t even try to resolve Greece’s complex problems, as the platitudes in their joint statement to the press showed.

“Europe is a common house for all of us,” said Samaras in kicking off the joint statement—he said Europe, not the Eurozone, perhaps a hint at what is to come. Though the Greeks were “bleeding,” he was “sticking to the plan.” Greece “has turned a page,” and Merkel, who’d “shown respect for the sacrifices,” had improved her “image in the international press.” So was this the goal of her visit? To improve her image?

Merkel was the epitome of understanding. Greece is in a “very difficult period,” she said, but should “finish what it has started,” otherwise “things will be even harder.” It’s about “our children and grandchildren.” Then, brutally, she pointed at the sword of Damocles hanging over Greece: “Of course, we are not the representatives from the Troika.”

The mighty Troika. It will come out with a report that had been delayed, rescheduled, and re-rescheduled. It will spell out whether or not Greece complied with the agreed-upon 89 “structural reforms.” It’s a huge report, worked on for months, a shield for politicians to hide behind, even for Merkel [Greece Prints Euros To Stay Afloat, The ECB Approves, The Bundesbank Nods, No One Wants To Get Blamed For Kicking Greece Out].

And what was the purpose of her visit, a reporter asked. “I came here to understand the situation on the ground,” she said. “Close contact leads to greater understanding. What the visit means to Greeks, I don’t know.”

So it went. No answers of any kind. They strolled to the Presidential Mansion and said hi to President Karolos Papoulias before heading to the Hilton for a meeting with business leaders from both countries. Chancellors have to bring home the bacon. They travel with a delegation of executives and meet local tycoons to do business. With privatizations on the docket in Greece, surely there’d be some sweetheart deals to be made. And by 7:18 p.m., she was waving goodbye from the door of the plane.

She’d given nothing away. Other than platitudes. No assurances that Greece would remain in the Eurozone, though it was her “hope and wish” that Greece should try. A broken record. There was no promise that the next bailout tranche of €31.5 billion would be disbursed, ever. Greece, which has been paying its bills only selectively, will run out of money entirely by the end of November, and barring a miracle, would have to revert to the drachma.

But Merkel, the quintessential political animal with an election next year, had her reasons for going to Greece. Perhaps it was a show of support for a post-euro Greece—a show she put on for her own electorate—when Germany, along with other countries, would unleash a flood development aid to get Greece back on its feet. And that would look good at home.

Awful as Greece’s GDP has been, it doesn’t do justice to the economic fiasco. Take new vehicle sales: in August, they plunged 80% from August 2008. People have stopped buying cars. And not just cars. Read.... Greece, “Tell Brussels To Take A Hike” And Let The Troika Bail Out The ECB Instead.

And in Spain, another fiasco: 84% of the people have “little” or “no” confidence in Prime Minister Rajoy. The fate of opposition leader Rubalcaba is even worse: 90% distrust him! Those are the two top political figures of the two major political parties; and the utterly disillusioned Spaniards are defenestrating them both. Read... Punishment Of The Spanish Political Class By The People.

 


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Wed, 10/10/2012 - 08:47 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

A car yee Americans are familiar with - The Ford Focus

en.wikipedia.org/wiki/Ford_Focus_(third_generation)

Irish car sales

Y2012 (jan sep) : Diesel 3,526 units    /      petrol : 65 units.

Y2007 (jan -sep) : Diesel :1,214 units    /   petrol  : 8,550 units

Reduced numbers of cars but much much more higher priced diesel units bought.

People who don't drive much or have little credit /money power in Ireland simply buy second hand petrol cars.

Wed, 10/10/2012 - 07:25 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

@Wolf

Try to figure out what the few remaining Greek buyers of cars are actually buying.

The Irish car market seems to be mainly 20,000 - 35/40,000 Euro diesel cars now.

Not the 1 litre 10,000 euro petrol market of the early 1980s depression.

With perhaps less then 80,000 new cars sold by the end of the year.

During the "good times" this was 150 -200 thousand cars a year.

This means the entire car fleet ages so that a few can buy the top end frugal diesel units.

Wed, 10/10/2012 - 05:34 | Link to Comment PhilipAtticus
PhilipAtticus's picture

Merkel's visit was absolutely meaningless. In the meantime, the new austerity and tax changes that will be past in Greece later this month will probably result in a collapse of whatever is left of the economy and society. 

This tax code is a mistake for any number of reasons: ·    It is the third major change in as many years. This contributes to instability, higher bureaucracy, and higher corruption, and will constitute a major driver of companies and individuals either relocating their head offices from Greece (such as FAGE’s relocation to Luxembourg) or to not declare their income.  ·    It is inconsistent and illogical. The new tax brackets on independent professionals, for example, are entirely different from the taxation on salaries employees, and do not include a progressive scale. The 35% rate is higher than the rate of both shareholding corporations and limited liability companies, which is levied at 20%. ·    It is extremely regressive, punishing taxpayers honest enough to declare taxes, while doing nothing to control capital flight and tax evasion by larger firms or well-connected individuals.  ·    It is being implemented in the middle of an inflationary depression, where real GDP will have declined by over 20% in 5 years, and real unemployment is over 25%. Inflation remains above 2%. ·    It is typically heavy-handed, being introduced without any real public consultation, and without any regard for either pre-election promises or economic sanity.

http://www.philip-atticus.com/2012/10/the-greek-collapse.html

Wed, 10/10/2012 - 05:34 | Link to Comment PhilipAtticus
PhilipAtticus's picture

Merkel's visit was absolutely meaningless. In the meantime, the new austerity and tax changes that will be past in Greece later this month will probably result in a collapse of whatever is left of the economy and society. 

This tax code is a mistake for any number of reasons: ·    It is the third major change in as many years. This contributes to instability, higher bureaucracy, and higher corruption, and will constitute a major driver of companies and individuals either relocating their head offices from Greece (such as FAGE’s relocation to Luxembourg) or to not declare their income.  ·    It is inconsistent and illogical. The new tax brackets on independent professionals, for example, are entirely different from the taxation on salaries employees, and do not include a progressive scale. The 35% rate is higher than the rate of both shareholding corporations and limited liability companies, which is levied at 20%. ·    It is extremely regressive, punishing taxpayers honest enough to declare taxes, while doing nothing to control capital flight and tax evasion by larger firms or well-connected individuals.  ·    It is being implemented in the middle of an inflationary depression, where real GDP will have declined by over 20% in 5 years, and real unemployment is over 25%. Inflation remains above 2%. ·    It is typically heavy-handed, being introduced without any real public consultation, and without any regard for either pre-election promises or economic sanity.

http://www.philip-atticus.com/2012/10/the-greek-collapse.html

Wed, 10/10/2012 - 06:14 | Link to Comment Element
Element's picture

Iranian news Agency PressTV reports a US Drone Crashed in Southern Afghanistan.

TALIBAN captured the wreckage and took it away!

--

US-led drone crashes in southern Afghanistan: Locals
 
Tue Oct 9, 2012 7:26PM GMT
 
"... Taliban spokesman Qari Yusof Ahmadi also confirmed the incident, saying that the militant group has collected the wreckage of the "large" aircraft.  US officials have not yet made any comments regarding the incident. ..."
 
http://www.presstv.ir/detail/2012/10/09/265817/usled-drone-crashes-in-af...

--

EDIT:  The photo within this PressTV report is actually from a crash in 2009, see link here:

http://deepbluehorizon.blogspot.com.au/2009/04/no-one-dies-in-unmanned-u...

EDIT#2: I found an even earlier image of this same crash from a different angle claiming to be from April 25th 2006:

http://www.americanpatrol.com/ABP/NEWS/060425-UAV-CRASH/UAVCrash.html

Wed, 10/10/2012 - 06:33 | Link to Comment Seize Mars
Seize Mars's picture

Element: amazing. Good work.

1) Somebody wants us to believe that drones are crashing and are in "enemy hands."

2) Why, we don't know. Who wants us to think this, we don't know. But whoever they are, they're shitty at their job.

 

Wed, 10/10/2012 - 10:05 | Link to Comment Element
Element's picture

Looks too me as though PressTV have simply embellished an unconfirmed report to make it seem as though US Reaper drone tech had been captured.  The falsehood of the image doesn't mean that it hasn't been captured, but at least part of the report, the image, is BS.

It looks more like the usual practice of 'Journos' either just making up shit, creating state propaganda, or else just being very sloppy and unprofessional, and grabbing any old image of a UAV crash site, and hoping no one notices it's bullshit.  Either way, Iranian PressTV looks like dishonest idiots for putting out stuff like that, do they really think people aren't going to check such a claim?  Well, I guess they do--which is pretty dumb.

There is however a great deal of evidence and also many official accident reports of advanced UAVs falling out of the sky, and at an alarming rate for tha past 6 years or so.  One of the main selling points of UAVs has been that these aircraft were supposed to be cheap (the MQ-9 in the picture costs >$10 million), and are supposed to be very reliable.

http://usaf.aib.law.af.mil/index.html

The stats and reports of loss rates show that this is not the case, as they are very failure and accident prone. Going by the surprising number of crash reports, if large numbers of these aircraft are going to be flying around in the US airspace, over coming years, then it seems there are going to be a lot of crashes, and accidents, involving them.  Which on it's own seems like a bad idea. 

Wed, 10/10/2012 - 05:13 | Link to Comment Jack Sheet
Jack Sheet's picture

The Bankster Elite will not allow the Eurozone to break up.

"The Euro is a a grand experiment by the Banksters to weed out the bugs for the grand experiment of a NWO currency. First the US dollar falls from its global reserve currency status. Then regional reserve currencies are put in place to compete equally with the Euro. These currencies would then meld into one electronic currency that no one can buy or sell lest they have the mark to activate an account.

The Euro is a system devised to determine how a single currency can work for many different and diverse countries. As such, failure of the Euro model experiment would make a difficult case for the idea of a single world currency project. A single world currency may be a proposed reset solution after the current fiat currency system defaults or is printed into oblivion. The Euro will not fail. It is in the interests of all Central Banks that it not fail."

Source: http://www.jsmineset.com/2012/10/03/jims-mailbox-1057/

At the risk of invoking ridicule, this latest radio interview by Lindsey Williams is actually quite good and worth sitting through:

http://www.blogtalkradio.com/richfitradio/2012/10/03/richfit-radio-live-...

Summary: The Federal Reserve will buy toxic mortgage backed securities at the rate of $40 Billion a month indefinitely. These toxic assets will be used to buy derivatives that multiplied by fractional methodology will see trillions of dollars created from nothing. The banks that the Federal Reserve will buy these securities from will use the money to buy US treasuries and not be used to help the economy. The same is happening in other western countries including Europe. The estimated $600 Trillion to $1.5 Quadrillion derivatives market will be used to bring down every currency in the World simultaneously so that the humanity will be begging the elite to give them a new world electronic currency. However, this will not happen until the elite, via their corporate interests own all the real estate in the US. Furthermore, margin requirements will be raised again on gold and silver in order to control another price spike, however Pastor Williams’ source was not sure it would work next time.

Apologies for the long post.

 

Wed, 10/10/2012 - 07:26 | Link to Comment Ghordius
Ghordius's picture

I'm actually very pleased that you made a long post. I would agree with you if there weren't a few pesky details:

 

1. the Greeks themselves are in the range between 70% and 80% against leaving the EUR for the Drachma. Why?

2. there is a word for a NWO currency: global reserve currency. And since 1971 there is a fiat GR/NWO Currency: the US Dollar. Before, any globally dominant currency had to be gold backed.

3. you utterly disregard all the previous attempts by the Continentals to find a way through currency pegs to shelter their production chains and markets from what they regard as the ravages of currency wars.

4. you utterly disregard the question of how those attempts by fancy multilateral pegs in their first form, the ERM, got such a bad name in Britain. There the BoE tried to defend the peg, Soros et al attacked it and Britons where shocked by a jump in mortgage rates from 10% to 12%.

5. you also utterly disregard the Continental position on derivatives and a Tobin Tax, and the Continental cries of reigning in the MegaBanks vs the position taken by the City of London. Ergo I think you misunderstand the Continental political stance versus what you call the Bankster Elites. And this has a mighty influence on UK politics, for example.

6. you seem to forget that China is apparently not interested in regional currencies. They are asking for a bancor or a broadened scope of the Special Drawing Rights (SDR). Why?

7. you seem to forget all the countries that have been dollarized. What happens when your country is dollarized? Look at Argentina and their history of pegging to the dollar, as an example.

Wed, 10/10/2012 - 08:06 | Link to Comment falak pema
falak pema's picture

Ghordius, all your points are very valid.

But basically the Eurozone, if it has created a common currency as a long term hedge against dollar hegemony to protect its own markets, money, economy, it did a botched job when they created the Euro without fiscal discipline.

Having their own banks now as part of the global scam has made it even more difficult for euro zone. Botched job became grand canyon divide! 

That the core countries of Eurozone benefit from negative bond rates and the peripherals are milked dry is NOT a logical solution in a UNION. The banksta cabal has destroyed the economies of Club MEd and the core has been totally impotent since 2010; having done NOTHING in 2009! To stop the bankstas from carrying on their mega pilfering, through stiff regulation. 

Now its 12th hour quaterbacking, in the hope that the US economy tanks before Eurozone does; or whatever.

Its every man for himself and  nobody has a clue where we are heading.

Do you think that Draghi/Merkel have a solution that will fly?

I see them hanging on to FED coat-tails if the markets go rogue against the ESM pseudo-firewall. Or I see them breaking up the Euro in two.

And, you can bet the Oligarchs will continue to attack what little fat is left in EUrozone to burn up as "lebensraum" for their ephemeral, legendary thirst of Foreign legion predators. These guys are true Mongols of old.

Wed, 10/10/2012 - 12:21 | Link to Comment Ghordius
Ghordius's picture

falak, let me hopefully astonish me with a completely different tack: botched because of lack of fiscal discipline? Now it's all in the past, but it might come out that it would have been botched if we insisted too much.

yes, the banksta cabal is a sickness that is ailing us all, granted. and it's systemic while punctuated by a few uberscandalous smartasses

but being too successful in keeping the books in order (for which you need a political will anyway) would have had it's price, too. just note the gigantic change in the imperial "load" that was shifted from the shoulders of Europe to those of China, best expressed by the amounts of US Treasuries that we were buying previously for decades and now China is going to do until 2016. You could see the EUR as a gigantic "we too, thanks" move.

the core countries are benefiting form negative bond rates? won't last, and it will hurt them, too. but as the Germans say: "Papier is geduldig" - paper is patient. there are promises and there are Promises, and I believe you understand that the biggest one here is "no more war in Europe". what has to be kept intact is the key and critical industrial and supply chains inside the zone - the main difference to the dollarzone.

I know a lot of people will disagree with me here, but it is a conflict- and disinformation is a huge part of it. For this moment it pays to look lame (and stupid catches votes anyway) if your time horizon is longer than a couple of years. Remember that the whole "those Oligarchs" meme is a simplification.

btw, one possibility that I wanted to write to you since long: remember how the Roman Empire initially "broke up" in East and West?

Wed, 10/10/2012 - 08:08 | Link to Comment Jack Sheet
Jack Sheet's picture

Many thanks for the comments. Regarding 1, to be honest I don't care what the Greeks think when the most likely outcome in my view is that they will be forced to stay in the € so that their debts stay denominated in that currency and not in drs. For 2, according to Jim Rickards this will be the SDR when the Fed balance sheet is so gorged that the USD really gets trashed (which is what the Fed and US Government wants.) For 3, 4, 5, I'm not quite sure what you mean by Continentals (I presume not the American Currency during the revolutionary war). Your points of analysis are well taken, but I am more interested in outcomes - if you would care to outline what these would be according to your analysis. Best regards.

 

Wed, 10/10/2012 - 12:28 | Link to Comment Ghordius
Ghordius's picture

please allow me to care very much what the Greeks think. their options are between the very soft Drachma and the currently stable Euro. what would your choice be? The Drachma would be - on the long run after the initial morphine of debt destruction - a question of pegging to the Dollar, the EUR or the Russian Ruble.

Wed, 10/10/2012 - 12:19 | Link to Comment Ghordius
Ghordius's picture

on the possible outcomes we - according to what I've read until now from you - probably agree. Jim Rickards, for all his faults, has written the best book yet on the possibilities of the current international competition he aptly calls "Currency Wars". but they are only possibilities (as in probabilities). whoever claims otherwise is peddling some product or agenda, IMO.

Wed, 10/10/2012 - 12:19 | Link to Comment Ghordius
Ghordius's picture

with "continentals" I mean Continental Europeans, with a focus on Germany, France, Italy & the three BeNeLux as the core europhile/eurozone countries and an eye on the "natural & included" countries like Austria, Spain & Portugal, the "natural & only pegged" countries like Switzerland and Danemark. I often leave mentally the "less natural though included" countries like Greece, Finnland and Ireland out which frankly I'd never let in the eurozone so soon, due to their different cultures. But all three had their reasons to join.

Wed, 10/10/2012 - 03:45 | Link to Comment Peter Pan
Peter Pan's picture

The bread is running out and it is only the circus act of the politicians that is continuing.

 

 

Wed, 10/10/2012 - 03:37 | Link to Comment No Euros please...
No Euros please we're British's picture

I think Samaras' time would be better spent on a fact find tour of Iceland.

Wed, 10/10/2012 - 03:47 | Link to Comment Peter Pan
Peter Pan's picture

Yes indeed and he should take the Italians, the Irish, the Spaniards and the Portugese with him.

Wed, 10/10/2012 - 02:30 | Link to Comment Joe A
Joe A's picture

Merkel: Nein, nein, nein.

Greek government: Ne, ne, ne. That sounds like a 'no' but 'ne' in Greek means 'yes'.

Wed, 10/10/2012 - 01:10 | Link to Comment Nobody For President
Nobody For President's picture

I had to look it up - 'defenestration' is SUCH a cool word! I kind of thought it ment disembowel, but glad to learn I was wrong.

ZH - adult education for the masses.

Wed, 10/10/2012 - 04:47 | Link to Comment falak pema
falak pema's picture

You have to go back in history to Prague to truly get a feeling for "defenestration"... 

Defenestrations of Prague - Wikipedia, the free encyclopedia

As you can see it started the 30 years war! 

And Jan Masaryk got thrown out of the window in 1948 by the Commies.

Nice city Prague, but stay away from the windows! 

Wed, 10/10/2012 - 02:27 | Link to Comment Joe A
Joe A's picture

There is even an actual word for such an act. Unbelieveble and very cool indeed.

Nex time someone bothers you, you can say: "I am going to defenestrate you".

Wed, 10/10/2012 - 09:22 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

Fenster is Merkel speak for window.

Wed, 10/10/2012 - 00:52 | Link to Comment hannah
hannah's picture

the bailout of usa banks turned into a print-fest for the gov as it realized the printing presses were on and th epublic didnt care. same for greece. we started bailing out th ebanks but the gov jumped on it and increased spending (graft). now the central banks are having to bail out the banks and the politicians.

 

this can go on much longer....really..it cant.

Wed, 10/10/2012 - 00:12 | Link to Comment jonjon831983
jonjon831983's picture

Trip was for official diplomacy: Rock, paper, scissors.

"I win, we quit the EUR first."

Tue, 10/09/2012 - 23:47 | Link to Comment Dareconomics
Dareconomics's picture

The visit is a prelude to a 3rd Greek bailout. It won't be called a bailout, but there will be some adjustment of terms and backdoor shenanigans by the ECB:

http://dareconomics.wordpress.com/2012/10/07/merkel-stumps-for-a-3rd-gre...

Greece, Spain and the rest of the periphery should just exit the eurozone be done with it:

http://dareconomics.wordpress.com/2012/10/08/austerity-is-not-the-answer/

Tue, 10/09/2012 - 23:31 | Link to Comment disabledvet
disabledvet's picture

The Pope went to Beirut...Frau Merkel must go to Athens. Move along...

Wed, 10/10/2012 - 00:17 | Link to Comment drunkenlout
drunkenlout's picture

"The Pope went to Beirut"

Yeah.  His butler said he won a cruise for opening a large number of checking accounts.


Tue, 10/09/2012 - 23:04 | Link to Comment Riquin
Riquin's picture

Cicerón (año 55 a.C.), presupuesto equilibrado

 

"El presupuesto debe equilibrarse, el Tesoro debe ser reaprovisionado, la deuda pública debe ser disminuida, la arrogancia de los funcionarios públicos debe ser moderada y controlada, y la ayuda a otros países debe eliminarse para que Roma no vaya a la bancarrota. La gente debe aprender nuevamente a trabajar, en lugar de vivir a costa del Estado."

 

John F. Kennedy:

My fellow Americans: ask not what your country can do for you - ask what you can do for your country.

Y decir : no pregunten qué puede hacer el país por mí – pregúntense que puedo yo hacer por el país.

Wed, 10/10/2012 - 03:55 | Link to Comment Peter Pan
Peter Pan's picture

Kennedy's words were actually "taken" from the writings of Khalil Gibran who said the following 36 years before Kennedy:

“Are you a politician asking what your country can do for you or a zealous one asking what you can do for your country?”

Tue, 10/09/2012 - 22:57 | Link to Comment mendigo
mendigo's picture

I don't understand the villianization of Germany or merkle.
The Greeks want a bailout and Germany is reluctant to consent to funding it. The Greeks should focus on what they can do to help themselves - defaulting is the only way out, but the wealthy and influential will resist it of course.

Tue, 10/09/2012 - 23:39 | Link to Comment Renewable Life
Renewable Life's picture

"I don't understand the villianization of Germany or merkle?"

Let me break it down for you, when your teenage son wants to through a party at your house when he is 16. So he can "hook up" with a senior girl who's "hot as hell" and he's had a crush on for two years, and after he discloses that he'll need a couple thousand for booze and condoms, along with you leaving the "crib" for at least 24 hours, and you politely tell him............"HELL NO" at which time he spins off into an uncontroled rage and screams, "he hates you and will never speak to you again and that you've runied his life" as he stomps up to his room to play xbox 360 online and text everyone on his iphone 5, that there wont be party after all!!!

YOU are Germany in this little analogy and your son is GREECE, make more sense now????

Wed, 10/10/2012 - 05:18 | Link to Comment Jack Sheet
Jack Sheet's picture

through /throw ?

Wed, 10/10/2012 - 03:51 | Link to Comment Peter Pan
Peter Pan's picture

I am afraid you are not making sense because Germany and others gave Greece booze and condoms on credit and without Greece even kicking up a storm. It's after the shit has hit the fan that the Germans and others are now demanding a clean up as well as payment for the booze and condoms.

Wed, 10/10/2012 - 06:28 | Link to Comment mendigo
mendigo's picture

Though no doubt Germany is striving to get repaid (and that is the motivation for considering a bailout) - that is to be expected and does not make them the bad guy. The bad actors are those in Greece and the Troika that would arrange and accept a bailout which has the affect of bailing out the bankers who knew or should have known better. As a practical matter I imagine the Greeks will need to help those who stand to lose thier retirement savings but that is a seperate matter.
My point is I suspect the rioting is being orchestrated by some and amplified by the media.

Wed, 10/10/2012 - 04:53 | Link to Comment falak pema
falak pema's picture

its worse than that, their banks, as part of the international banksta cabal, sold so much junk pumped on fiat to all of the Club Med world, as to US consumerista world, that its collapse can bring down the REAL economy of Eurozone and First world.

Now that is playing with condom/booze on an epic scale.

Even Pablo Escobar would be impresssed in his grave!

Tue, 10/09/2012 - 22:03 | Link to Comment Curt W
Curt W's picture

Greeks missed an oppourtunity to change history

Wed, 10/10/2012 - 00:43 | Link to Comment Simon Endean
Simon Endean's picture

Changing history is over-rated.

- Leonidas

Tue, 10/09/2012 - 21:55 | Link to Comment knukles
knukles's picture

So everything's all right, right?

 

Is it just me or has anybody else noticed the further down the rabbit hole we go, the more and more imaginary institutions and organizations with 3, 4 and 5 letter acronyms have been established to so called solve the problem.
I cannot (for there is no longer any rational reason to even try) remember what all of them mean, represent, propose or care about.
Imagine if they'd all been named in German, like the widely acclaimed:

Hypergazillionschietfiatprintzgergizelleshaftundtripenshitolestuffenuberdenarsenhalt

Wed, 10/10/2012 - 09:18 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

I had forgotten about the HGSFPGUTSSUDA.  They really are the answer here.

Wed, 10/10/2012 - 06:12 | Link to Comment Offthebeach
Offthebeach's picture

Problems arise, bureaucracy is formed to address problem.
Bureaucrats like job. Bureaucrats like office, like coffee machine, vacation..
If bureaucrats solve problem, mo need for bureaucrats. No free coffee, no vacation, no job.
Bureaucrats be Berry Berry sad.
So, bureaucrats put on thinking cap. Problem exist, bureaucrats exist.
Bureaucrats think more. Problem grows, even more need for more bureaucrats. More friends, more coffee, more vacations.

Tue, 10/09/2012 - 22:08 | Link to Comment mjcOH1
mjcOH1's picture

"So everything's all right, right?"

Imagine having the police show up at your door at 3am, after you've engaged in a night of drunken revelry with your teenage son and his friends, eventually sending them off in your car with a a bottle of whisky and some molatov cocktails.

But yes, the Greek 'leadership' probably did ask that.

Tue, 10/09/2012 - 22:36 | Link to Comment knukles
knukles's picture

To which Angie's mouth dropped, her most senior aide in attendance screamed "We'll sue you!" to which the Greeks laughed uproariously, the German asked "What's so fucking funny?" and the Greeks said that they No Comprende speaking only ancient Albanian and opened another bottle of Ouzo after giving Angie a 1988 Fodor's Abridged Visitor's Guide and a box of stale Baklava. 

Opah!

Ess all right, right?
(burp)

 

(maniacal laughter)

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