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Greece Is Saved, Again, As Eurozone And IMF Reach Deal On Greek Debt/GDP of 124% By 2020

Tyler Durden's picture


No 4:00 AM morning session this time, as the general revulsion to even pretending to work on behalf of a totally destroyed country is tangible:


Phew - great, Greece is fixed or something. The only problem, of course, as we explained earlier, is that Greece has to magically grow its GDP by EUR 50 billion from EUR 184 billion to EUR235 billion by 2020 for this 124% debt/GDP to be hit (and another EUR 20 billion in the next two years). No, really.

Behold, Europe's magic stick, which puts every "hockey stick" ever conceived to shame.

And this is how previous IMF projections of Greek economic results have fared:

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Mon, 11/26/2012 - 18:15 | 3012555 InfinityZero
InfinityZero's picture

Cui Bono ?

Mon, 11/26/2012 - 18:24 | 3012597 lineskis
lineskis's picture

"Saved" with Debt/GDP of 124% by 2020 ?!?

Saved by being burried alive... Brilliant!


Mon, 11/26/2012 - 18:34 | 3012643 Looney
Looney's picture

One thing is missing in the 2-nd chart after the 2 Oops's - O-o-opa!!!

I think, it is time for Greece to declare war against China and, ten minutes later, sign an unconditional surrender.

It will be easier and faster for Greeks to learn Chinese than to change the direction of their GDP.

Oops! Oops! O-o-opa!


Mon, 11/26/2012 - 18:35 | 3012653 BraveSirRobin
BraveSirRobin's picture

Novel thinking. Good show!

Mon, 11/26/2012 - 18:52 | 3012709 CH1
CH1's picture

For how long can Wile E. Coyote hang over the canyon?

The wait is sickening.

Mon, 11/26/2012 - 18:54 | 3012726 Skateboarder
Skateboarder's picture

I like how no one ever publicly mentions how embarrassing a 124% debt/gdp ratio even is. Is there no more shame?

Mon, 11/26/2012 - 18:35 | 3012648 Enslavethechild...
EnslavethechildrenforBen's picture

Greece raped and sodomized again.

Wash, rinse, repeat.

Mon, 11/26/2012 - 18:54 | 3012725 Looney
Looney's picture

Well... They (the ordinary Greeks) haven't done anything to change things via either Elections or Pitchforks. So, they must be enjoying things ju-u-ust the way they are. I guess?  ;-)

Mon, 11/26/2012 - 18:53 | 3012716 EscapeKey
EscapeKey's picture

this is a realistic plan, and all important milestones will be executed well ahead of schedule, just like all the previous times.

and in the event this plan doesn't work out exactly as planned (hearsay!), this could in no way have been foreseen, and even so, no establishment economist will be fired as a result.

i should have become an establishment economist. even when you're completely, smashingly wrong, you can still rely on not getting sacked. ever. or admit any kind of error.

Mon, 11/26/2012 - 18:29 | 3012618 vast-dom
vast-dom's picture

OOOPS IN 2020 at -20

Thu, 11/29/2012 - 10:46 | 3012664 Looney
Looney's picture

.  Cui Bono?

Miso Soup!  ;-)

Mon, 11/26/2012 - 18:16 | 3012561 MsCreant
MsCreant's picture

Gold Flash crash? Holy crap!!

Mon, 11/26/2012 - 18:21 | 3012584 mademesmile
mademesmile's picture

whoa, had to open a kitco tab to see - well worth it. Wish I could crash prices like that before I go shopping...

Mon, 11/26/2012 - 18:26 | 3012605 Zer0head
Zer0head's picture

and the fiscal cliff will miraculously dissolve at the opportune moment  etc etc

Mon, 11/26/2012 - 19:55 | 3012892 Bay of Pigs
Bay of Pigs's picture

Good ole KITCO and another chart malfunction. 

That site really sucks sometimes.

Mon, 11/26/2012 - 18:22 | 3012589 fonzannoon
fonzannoon's picture

where is the flash crash?

Mon, 11/26/2012 - 18:27 | 3012607 fuu
fuu's picture

Data error? Shows up in silver as well.

Mon, 11/26/2012 - 18:35 | 3012649 TheCanadianAustrian
TheCanadianAustrian's picture

Clearly a Marianas Trench pattern is forming in the technicals.

Mon, 11/26/2012 - 18:49 | 3012691 XitSam
XitSam's picture

My Inverted Manta Ray pattern swamps your Marianas Trench pattern.

Mon, 11/26/2012 - 18:36 | 3012655 youngman
youngman's picture

Strange ..very strange....but they bounced right back up....must be some new Chinese servers getting warmed up...testing their potential..

Mon, 11/26/2012 - 18:46 | 3012678 spastic_colon
spastic_colon's picture

yeah...gotta like how they always wait until all markets are closed so there are no distractions for the algos and insiders

Mon, 11/26/2012 - 18:27 | 3012609 FoeHammer
FoeHammer's picture

I'll surely trade them less Federal Reserve Notes for the same oz of gold!

Mon, 11/26/2012 - 18:26 | 3012570 hedgeless_horseman
hedgeless_horseman's picture



Greece has to magically grow its GDP by EUR 50 billion from EUR 184 billion to EUR235 billion by 2020

Nothing magical about it.  Nominally, this is certainly possible, as Hyper Mario can just inflate the debt away with his Euro printing press.  EUR 50 billion may be the price of a gyros sandwich by then.

Of course, in real terms, it will never happen.


Mon, 11/26/2012 - 18:28 | 3012611 CrashisOptimistic
CrashisOptimistic's picture

Even nominal that's 4% per year, averaged.

The US can't even manage 2%.

Mon, 11/26/2012 - 18:41 | 3012624 hedgeless_horseman
hedgeless_horseman's picture





Nominal GDP Growth vs. Real GDP Growth
GDP, or Gross Domestic Product is the value of all the goods and services produced in a country. The Nominal Gross Domestic Product measures the value of all the goods and services produced expressed in current prices. On the other hand, Real Gross Domestic Product measures the value of all the goods and services produced expressed in the prices of some base year. An example:
Suppose in the year 2000, the economy of a country produced $100 billion worth of goods and services based on year 2000 prices. Since we're using 2000 as a basis year, the nominal and real GDP are the same. In the year 2001, the economy produced $110B worth of goods and services based on year 2001 prices. Those same goods and services are instead valued at $105B if year 2000 prices are used.


Year 2000 Nominal GDP = $100B, Real GDP = $100B
Year 2001 Nominal GDP = $110B, Real GDP = $105B
Nominal GDP Growth Rate = 10%
Real GDP Growth Rate = 5%

Once again, if inflation is positive, then the Nominal GDP and Nominal GDP Growth Rate will be less than their nominal counterparts. The difference between Nominal GDP and Real GDP is used to measure inflation in a statistic called The GDP Deflator.




Mon, 11/26/2012 - 21:24 | 3013111 Bunga Bunga
Bunga Bunga's picture


Mon, 11/26/2012 - 18:48 | 3012686 darteaus
darteaus's picture

Yes, but the Greeks have many more government planners and chartists!

Mon, 11/26/2012 - 18:19 | 3012574 magpie
magpie's picture


Mon, 11/26/2012 - 18:35 | 3012642 Central Bankster
Central Bankster's picture

In centrally planned economies, central bankers "short" you!

Mon, 11/26/2012 - 18:41 | 3012666 magpie
magpie's picture

At least there is no HFT intervention. And it can't be halted.

Mon, 11/26/2012 - 18:37 | 3012657 alangreedspank
alangreedspank's picture


Mon, 11/26/2012 - 19:43 | 3012850 Its_the_economy...
Its_the_economy_stupid's picture

juist sitting here cracking walnuts, drinking a beer and chuckling at your avatar

Mon, 11/26/2012 - 18:20 | 3012575 Quintus
Quintus's picture

Gold crash? Eh? Where?

Mon, 11/26/2012 - 18:24 | 3012599 MsCreant
MsCreant's picture

Looks like it visited 1717 or so for a second then back up.


Mon, 11/26/2012 - 18:28 | 3012610 Quintus
Quintus's picture

Not seeing it anywhere else. Kitco on the fritz again maybe.

Mon, 11/26/2012 - 18:19 | 3012576 samcontrol
samcontrol's picture

bullish svxy

Mon, 11/26/2012 - 18:22 | 3012580 Zero Govt
Zero Govt's picture

"..As Eurozone And IMF Reach Deal On Greek Debt/GDP of 124% By 2020."

...and pigs might fly by 2020 too.

Hell if we're going to live in LaLa Land let's go the whole hog

Mon, 11/26/2012 - 18:29 | 3012617 BraveSirRobin
BraveSirRobin's picture

"...and pigs might fly by 2020 too."

Pigs already do fly. Have you flown recently?

Mon, 11/26/2012 - 18:37 | 3012656 BraveSirRobin
BraveSirRobin's picture

Also, if the A380 is not a "pig," nothing is.

Mon, 11/26/2012 - 18:21 | 3012581 fonzannoon
fonzannoon's picture

See how easy that was? They kicked that shit right to 2020. Next up, fiscal Cliff. The US will not be outdone. I say we kick that shit to 2030 at least.

Mon, 11/26/2012 - 18:23 | 3012593 FL_Conservative
FL_Conservative's picture

That's about when the spending reductions kick in.  Of course tax increases, well those will kick in next year.....of course.

Mon, 11/26/2012 - 18:31 | 3012628 BraveSirRobin
BraveSirRobin's picture

Falling off the cliff will be painless. The Ben Bernank will cushion the fall with a nice big fluffy bed of fresh cash.

Mon, 11/26/2012 - 18:38 | 3012659 youngman
youngman's picture

I can hear the politicians now..." we have cut spending ten trilllion by 2060...."

Mon, 11/26/2012 - 18:21 | 3012585 Fidel Sarcastro
Fidel Sarcastro's picture


...doesn't sound like anyone asked, umm, Greece(!) about this.  Will it go along or continue to ignore 70% of "planned" austerity?

Mon, 11/26/2012 - 18:22 | 3012587 Mr Fix You Up Good
Mr Fix You Up Good's picture

Live your myth ON Greece. Cant they add?

Mon, 11/26/2012 - 18:26 | 3012604 Dareconomics
Dareconomics's picture

Greece will default, but this event will be based on politics, which are impossible to predict. How long can the north prop before there is voter backlash?




Mon, 11/26/2012 - 18:26 | 3012606 BraveSirRobin
BraveSirRobin's picture

Come on! Do you ever fix your house just once? Of course not. It's a continuous program of maintenance. That's all that's going on here with Greece, the IMF and EU. Just maintenance. And perhaps a little ledgersheet renovation thrown in to boot. Nothing to worry about at all, really.

Mon, 11/26/2012 - 18:30 | 3012621 MsCreant
MsCreant's picture

You use fix as in repair. I think fix here is more like a drug addict. They are engaged in a continuous program of "fixing" their house alright.

Mon, 11/26/2012 - 18:33 | 3012637 BraveSirRobin
BraveSirRobin's picture

I think the "fix" should really be used as in the "fix is in." And guess who's on the loser's side?

Mon, 11/26/2012 - 18:34 | 3012644 MsCreant
MsCreant's picture

And since you went there, really, they are in quite a fix, aren't they?

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