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Goldman Warns Greeks Of "Cyprus-Style Prolonged Bank Holiday" If They "Vote Wrong"

Tyler Durden's picture




 

Funny what a difference two months make. Back on October 4, we wrote "Here We Go Again: Greece Will Be In Default Within 15 Months, S&P Warns" and... nobody cared as the Greek stock market meltup continued. Now, after the biggest three-day rout in Greek stock market history (or about 30% lower), and with the overhyped, oversold, oversusbcribed recent Greek 5 Year bond issue available in the open market some 16 points lower, and suddenly everyone cares. Including Goldman Sachs.

Overnight the bank with the $58 trillion in derivative exposure issued a note "From GRecovery to GRelapse" which is quite absent on the usual optimism, cheerfulness and happy-ending we have grown to expect from the bank whose former employee is in charge of the European printing press. Here is the punchline: "In the event of a severe Greek government clash with international lenders, interruption of liquidity provision to Greek banks by the ECB could potentially even lead to a Cyprus-style prolonged “bank holiday”. And market fears for potential Euro-exit risks could rise at that point."

Dear Greeks, "don't vote wrong" as EU's Juncker urges you - you have been warned.

Here is the full note.

Why Have Greek Assets Tumbled?

Over the last three months, Greek assets have come under intense selling pressure. The 10y Greek government bond trades at a yield of 9.1% compared to 5.5% in September and the Athens stock exchange is trading 32% lower over the same time-frame (and 40% below the post-crisis peak). As we have written extensively, this deterioration in market conditions has taken place despite an ongoing improvement in macroeconomic indicators. Markets have sold off on the back of election uncertainty ahead of a key year for Greece’s recovery process.

Greece needs official sector funding to pass the 2015 funding hump and ensure financial stability.

Indeed 2015 is a pivotal year for Greece. The most recent growth data prints suggest that the recovery may be gaining momentum. But financial risks still lurk, which could destabilize the Greek economy back into recession. More specifically, 2015 is the last year the government faces large financing needs, nearing €24bn (net of the established primary surplus). Part of those needs may be covered with domestic resources (see Box 1). However, additional funds will likely be required to ensure the government is able to meet its liabilities. As discussed in Box 1, the additional funds required may range between €6bn and €15bn depending on different economic assumptions.

It is important to note that from 2016 onwards, overall financing needs become a lot more manageable (compared to €24bn in 2015) - at or below €10bn until 2022 (lower primary surpluses or higher bond yields than the ones provisioned in the program could push these calculations up somewhat).

With government bond yields at prohibitively high levels, the Greek government will require official sector financing to provide the additional funds for 2015. €7.1bn of IMF funds are currently available as part of the Greek assistance program under relevant conditionality. In addition, the Eurogroup decided on Monday to grant Greece a precautionary credit line (ECCL) provided Greece completes the ongoing review by end of February. There are three main items to be agreed on for the current review to reach a conclusion: a) further reform in labor markets and in union legislation, b) further pension system reform, and c) further budget cuts. Greece is also likely stay under close economic supervision thereafter.

Political complications arise with the presidential vote.

According to the Greek constitution, the parliament needs to elect a President of the Hellenic Republic every five years. The presidential vote requires an extended majority. The term of the incumbent, President Karolos Papoulias, ends in early March 2015. The parliament would need to start the process of electing a new president at least one month in advance – by early February the latest. Should the parliament fail to elect a president, general elections would need to be held.

Due to a tight timeframe between the new deadline for completion of the program review and the deadline for the presidential election, the government decided to speed up the voting process. Three votes will take place – first two on the 17th and the 23rd of December respectively. The first two votes require a majority of 200 votes, which is unlikely to be achieved given the current parliamentary balances. The one that essentially matters is the third and final one on the 29th of December, where the Greek government would need to find 180 votes in the current parliament (of 300 members) to back their presidential candidate. As things stand, the government majority does not suffice to elect a president and avoid elections. 25 independent MPs and MPs from small parties would need to consent to meet the tally.

In the event that the parliament elects a president, the government and the troika will likely resume negotiations and an agreement is likely to be found. Financial risks would decline and Greek assets would likely rally.

In the event that the parliament fails to elect a president, general elections would be held and market uncertainty/pressures would extend. At this stage it is important to understand that market pressures are not linked to the democratic process of elections nor to a potential government change, whatever the ensuing government formation may be. They are linked to the risk of policy discontinuity and a severe clash between Greece and international lenders. More specifically, we think the room for Greece to meaningfully backtrack from the reforms that have already been implemented is very limited. Any such attempt would lead to an interruption of official financing to Greece.

Examining the downside scenario.

To be sure, even in the event of a government change, there is room for a cooperative solution between Greece and Europe. Greece has made significant reform progress between 2012 and the gap between what has already been implemented and what remains to be done is not insurmountable.

Also, the incentives for a clash are not there. For instance any Greek government would likely want to capitalize on the momentum that the economy is building on the activity front, rather than trigger a disruptive capital flight that would lead Greece to a double–dip recession. In addition, given that more than 80% of Greek debt is held by the official sector and given that any OSI would be feasible only as part of an agreement with the Euro-area, there is an incentive for a Greek government to pursue cooperative solutions.

However, the history of the Euro-area crisis has shown that the probability of an “accident” can never be dismissed, when it comes to intra-EMU politics. And it is important for markets to be able to understand and quantify the aspects of a potential downside scenario, where official financing to Greece is interrupted.
The Biggest Risk is an Interruption of the Funding of Greek Banks by The ECB.

Pressing as the government refinancing schedule may look on the surface, it is unlikely to become a real issue as long as the ECB stands behind the Greek banking system. In fact, refinancing became a lot more pressing between 2011 and 2012. But financing needs were met despite the impasse in negotiations between Greece and international lenders – partly via the issuance of T-bills repoable at the ECB by Greek banks. Such methods can always be revisited at times of extreme need.

But herein lies the main risk for Greece. The economy needs the only lender of last resort to the banking system to maintain ample provision of liquidity. And this is not just because banks may require resources to help reduce future refinancing risks for the sovereign. But also because banks are already reliant on government issued or government guaranteed securities to maintain the current levels of liquidity constant.

And this risk can become more pressing from a timing perspective. At the heat of the Greek crisis, there was evident deposit and broader capital flight, which Greek banks helped accommodate with ECB’s help via the ELA facility. In the event of a severe Greek government clash with international lenders, interruption of liquidity provision to Greek banks by the ECB could potentially even lead to a Cyprus-style prolonged “bank holiday”. And market fears for potential Euro-exit risks could rise at that point.

Will European assets be affected?

Outside the spectrum of Greek assets, the main question becomes whether Euro-area assets (such as peripheral bonds, the EUR etc) as well as global assets (equities) are likely to be affected by the Greek crisis. We think this is unlikely. Should financial pressures from a Greece related shock hit the peripheral countries formerly in a program (Ireland & Portugal), there may be special arrangements to avert the transmission of the shock locally. Moreover, in our view, the ECB is likely to engage in outright market purchases of sovereign debt securities as part of their monetary policy operations in H12015. We do not think that the volatility from Greece is likely to derail the QE decision.

There is of course the risk of broader contagion, should the participation of Greece in EMU once again be put in doubt. But we think this is a low probability event as the majority of the Greek population is still in favor of EMU participation and as all major political parties in Greece currently deem Euro-exit as undesirable.

 

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Fri, 12/12/2014 - 09:25 | 5543768 Haus-Targaryen
Haus-Targaryen's picture

Fuck Goldman Sachs. 

Fri, 12/12/2014 - 09:26 | 5543773 Arius
Arius's picture

Believe in GOD and leave this world to the goldmans ...

Fri, 12/12/2014 - 09:27 | 5543777 Stackers
Stackers's picture

Anyone moves and the nigger gets it

Fri, 12/12/2014 - 09:32 | 5543792 strannick
strannick's picture

Night of the living loansharks.

"Imagine there's no bankers, it's easy if you try,

No corrupt crony-tocracy, no helicopter money from the sky"

Fri, 12/12/2014 - 09:42 | 5543840 spastic_colon
spastic_colon's picture

now everyone knows why it was so important to ram the derivatives bailout into the bill.....it won't be a US bank that triggers it....we all will also be funding the IMF even more.....TPTB knows something is up

Fri, 12/12/2014 - 10:19 | 5543994 NotApplicable
NotApplicable's picture

This threat reminds me of the first TARP vote.

"Give us $700B or the market gets it!"

 

Fri, 12/12/2014 - 10:52 | 5544125 yellowsub
yellowsub's picture

If it was really just $700 billion was all that demanded at that time...

Fri, 12/12/2014 - 11:05 | 5544169 wallstreetapost...
wallstreetaposteriori's picture

prolonged bank holiday.... the hellenic's don't have any money in the banks.... like anyone really trust Alpha bank...pff shut them down and watch the cheers!

Fri, 12/12/2014 - 12:16 | 5544518 gold-is-not-dead
gold-is-not-dead's picture

i wanna go on holidays, too...

Fri, 12/12/2014 - 22:11 | 5547138 mjcOH1
mjcOH1's picture

"Dear Greeks, "don't vote wrong" as EU's Juncker urges you - you have been warned."

They'll vote to ditch their debt.   They're 'entitled'.   Their creditors will shut off the taps.

Not so tough choices ensue (as previously) ..... spend within our means or STFU and borrow more money.
Apologies follow.   'Borrow more money' guy wins next election by overwhelming majority.    'Entitled' gauge how long they have to STFU to borrow another year of operating cash.

Rinse.   Repeat.

Fri, 12/12/2014 - 11:09 | 5544182 Ozy_mandias
Ozy_mandias's picture

If you are an average Greek how can you keep any significant money in the bank knowing this? Would you not want some insurance? Does anyone know of any numbers of physical sales in Greece? I sure as shit would have cashed it all in by now... Just sayin

Fri, 12/12/2014 - 11:28 | 5544274 Ghordius
Ghordius's picture

and this reminds me how much pressure was on europe to "do the same". and then of course the same on "printing"

anyway, back to the Squid and Greece (that they have the corporate courage of talking about Greece after what they have done there never ceases to amaze me):

"It is important to note that from 2016 onwards, overall financing needs become a lot more manageable (compared to €24bn in 2015) - at or below €10bn until 2022 (lower primary surpluses or higher bond yields than the ones provisioned in the program could push these calculations up somewhat)."

I have to admit The Vampire Squid Firmly Attached To The Face Of Humanity has a point there. But it's a difficult point to sell, politically. Compared to "balanced budgets", for example

a political discussion that should be on debt restructuring or not constantly shifts to the easier mantras of "spend more then you make" or "spend less then you make"

starring, on the left, the "spend more" and on the right "spend less". which one do you prefer, at home?

Fri, 12/12/2014 - 09:43 | 5543843 GetZeeGold
GetZeeGold's picture

 

 

They're just crazy enough to listen to Blankfein.......will someone help those poor people?

Fri, 12/12/2014 - 09:50 | 5543869 Jaspergers
Jaspergers's picture

Nobody in Greece keeps more money in the bank than they are willing to lose. Anyone with cash has either bought land or made it disappear. That said, a freeze will suck for businesses.

Fri, 12/12/2014 - 09:59 | 5543905 Payne
Payne's picture

Greece the Dawn of a New Golden Age, a place where every sentence is ended with the Phrase "Screw the Bankers "

Fri, 12/12/2014 - 10:07 | 5543935 XqWretch
XqWretch's picture

sort of like a "Golden Dawn" ?

Fri, 12/12/2014 - 13:01 | 5544747 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Golden Dawn are neo-fascists.

Fri, 12/12/2014 - 10:25 | 5544023 asteroids
asteroids's picture

Greece fell into the black hole with the second bailout. It became mathematically impossible to pay off the debt. A real default is inevitable. Do they leave the Euro and print Drachmas? I hope so. Do they do an Iceland and say fuck you to various banks? I hope so too.

Fri, 12/12/2014 - 09:46 | 5543852 TeamDepends
TeamDepends's picture

Do what he say, do what he say!!!!!

Fri, 12/12/2014 - 10:44 | 5544103 luckylongshot
luckylongshot's picture

The problem is that threats only work on people who have something to lose. 

Fri, 12/12/2014 - 12:18 | 5544529 gold-is-not-dead
gold-is-not-dead's picture

this line they'll get too late

Fri, 12/12/2014 - 09:26 | 5543774 Harrison
Harrison's picture

Beware of Goldmanites bearing gifts.

Fri, 12/12/2014 - 09:49 | 5543864 SpanishInquisition
SpanishInquisition's picture

Dear Serfs,

You can vote for anyone you want, so long as you vote for my selected candidates.

Lord Goldman

Fri, 12/12/2014 - 10:13 | 5543964 williambanzai7
williambanzai7's picture

Fri, 12/12/2014 - 14:06 | 5545128 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

"Fuck Goldman Sachs" and the bus they rolled in on.

there, fixed it.

Fri, 12/12/2014 - 09:26 | 5543771 Space Animatoltipap
Space Animatoltipap's picture

The mafia has spoken.

Fri, 12/12/2014 - 09:43 | 5543846 XqWretch
XqWretch's picture

We Juncked some folks

Fri, 12/12/2014 - 09:28 | 5543775 Dre4dwolf
Dre4dwolf's picture

Lets just put it this way, no matter what way they vote, they are voting wrong and will be robbed.

The false presented choice is just laying the groundwork for the inevitable robbery.

Fri, 12/12/2014 - 09:30 | 5543788 AccreditedEYE
AccreditedEYE's picture

haha this is also true.

Fri, 12/12/2014 - 10:12 | 5543959 localizer
localizer's picture

Actually the robbery has already occurred... soon there will be nothing else to "rob"... some nice islands to be sold off yet...

Fri, 12/12/2014 - 10:55 | 5544141 skistroni
skistroni's picture

The islands and all the rest will be sold off sooner or later. We will soon be voting only to decide who will manage the sales.

Fri, 12/12/2014 - 09:29 | 5543782 AccreditedEYE
AccreditedEYE's picture

Will the Cradle of Democracy show these fuckers who's in charge? Stand up, Greece, and start pulling yourself out of the Abyss.

Fri, 12/12/2014 - 09:30 | 5543797 NoDebt
NoDebt's picture

I gave up on that after the first bailout.  The Squid's tentacles have completely enveloped them.  The illusion they have any choice in this is just that- an illusion.

Fri, 12/12/2014 - 09:38 | 5543812 Arius
Arius's picture

"We may have democracy, or we may have wealth concentrated in the hands of a few, but we cannot have both."

Supreme Court Justice Louis Brandeis

 

there you have it ... we do not have democracy .... the system we live in now is anything but democracy .... dont let the mirrors foul you... i know is hard being told the opposite daily.

 

 

They have to kill even the history .... thats what makes Greece the target unfortunately

Fri, 12/12/2014 - 18:41 | 5546438 edotabin
edotabin's picture

"They have to kill even the history .... thats what makes Greece the target unfortunately"

Very interesting as there is a bit of a disconnect there.  Today's Greeks have these fantasies about somehow being similar to Plato, Aristotle etc. They go on incessantly about their forefathers without ever stopping to look at their present day situation and how much they have devolved since those days. I know Squidman is trying very hard to kill all ties with history but they will have to try a lot harder simply because the link is no longer reality. It is a fantasy, a fetish if you will. 400 years of Turkish occupation couldn't kill it, world wars couldn't kill it, a civil war couldn't kill it  etc. 

So, ironically,  it may be this fantasy/fetish that eventually saves them from the tentacles of Squidman. In order for that to happen, however, the Greeks will have to eventually  re-establish some true links to their forefathers instead of constantly speaking of their greatness but not having any substance themselves. Talk is cheap and things are always easier said than done. You wanna kill Squidman? Stop talking about about the past and instead strive to once again create the greatness.

Fri, 12/12/2014 - 11:02 | 5544160 skistroni
skistroni's picture

I have a feeling that Democracy was never meant for nations of today's size and for social formations of more than a few hundred thousand. Ancient Athens was contained geographically and had at max 200K-300K people according to the historians. Whatever we have now is very hard to call Democracy. That's why I've given up on all high hopes of Greek people writing history again. We could however provide the rest of the workd a glimpse of what is coming their way too, Cyprus was the beginning. 

Fri, 12/12/2014 - 09:31 | 5543784 JustObserving
JustObserving's picture

Obey your Goldman Sachs masters,, Greeks, or poverty and war beckons.  After all, it was chicanery engineered by Goldman that allowed you to join the European Union.

One deal created by Goldman Sachs helped obscure billions in debt from the budget overseers in Brussels.

http://www.nytimes.com/2010/02/14/business/global/14debt.html?pagewanted...

Fri, 12/12/2014 - 09:44 | 5543851 Kaiser Sousa
Kaiser Sousa's picture

u know i would love to get together a bunch of crackheads and pay them $20 each to hang out in front of Goldmans headquarters and punch in the face as many employees as possible...

death to the MoneyChangers.

Fri, 12/12/2014 - 10:29 | 5544042 RaceToTheBottom
RaceToTheBottom's picture

20$ per.  Goldman already has the police in pocket.  Gonna need a lot of them punchers....

I'm in, whose gathering the dough?

Fri, 12/12/2014 - 12:12 | 5544497 LawsofPhysics
LawsofPhysics's picture

When they cut the pensions of those police, your "problem" is solved.  They are fighting the laws of Nature and physics now...

You know who I am betting on.

Fri, 12/12/2014 - 12:24 | 5544566 gold-is-not-dead
gold-is-not-dead's picture

Crackheads for Justice, punch your favourite thief and recieve $20. Kreatin free of charge.

Fri, 12/12/2014 - 09:30 | 5543789 papaswamp
papaswamp's picture

Vote the way we say or no more free vacations provided by the German worker!!

Fri, 12/12/2014 - 09:30 | 5543793 CaptainObvious
CaptainObvious's picture

Like Cyprus is going to work in Greece.  They took all their fiat out of the bank ages ago and are now actively engaged in the barter system.  Go ahead, Goldman.  You can't get blood from a stone.

Fri, 12/12/2014 - 09:33 | 5543803 SmallerGovNow2
SmallerGovNow2's picture

If it ain't out then this "threat" will ensure that there's a run on whatever is left...

Fri, 12/12/2014 - 10:27 | 5544036 NotApplicable
NotApplicable's picture

Any idea how much foreign trade they're reliant upon? I see that as the only real threat from the banksters, at this point.

Fri, 12/12/2014 - 09:32 | 5543801 Brazen Heist
Brazen Heist's picture

We want certain outcomes, and if we don't get them, we will throw a tantrum and make them vote the way we want to. Because freedom.

Yours truly, the Bilderbergs

Fri, 12/12/2014 - 09:34 | 5543805 jmcadg
jmcadg's picture

Scotland scared, Switzerland Scared, now Greece.

Muthafuckers.

I salute the Catalonians, true people.

Fri, 12/12/2014 - 09:34 | 5543809 Fix-ItSilly
Fix-ItSilly's picture

Study President Jackson's success vs. US Bank II.  Short term pain, a century of gain.

Fri, 12/12/2014 - 09:48 | 5543866 unplugged
unplugged's picture

also,

“Whoever controls the volume of money in our country is absolute master of all industry and commerce…and when you realize that the entire system is very easily controlled, one way or another, by few powerful men at the top, you will not have to be told how periods of inflation and depression originate.

 – President James Garfield, 2 weeks before his assassination.

Fri, 12/12/2014 - 09:36 | 5543816 Seasmoke
Seasmoke's picture

Yes. Vote for the status quo. 

Fri, 12/12/2014 - 09:38 | 5543823 10mm
10mm's picture

Coming to a country near YOU.

Fri, 12/12/2014 - 09:40 | 5543833 youngman
youngman's picture

I wonder what Goldman Sachs gives out for Christmas...I would bet nothing but their bonuses...its all about money for the tribe...

Fri, 12/12/2014 - 09:43 | 5543847 venturen
venturen's picture

I heard they collect soul as they have none themselves.

Fri, 12/12/2014 - 09:47 | 5543860 negative rates
negative rates's picture

If they are worth their salt, they will give a birthday present.

Fri, 12/12/2014 - 09:43 | 5543845 venturen
venturen's picture

Mega luxury yacht are so last year every Goldman Partner and Senior Alumni...gets a Greek Island. Mykonos will be renamed Blankfein Island, we will also have Corzine Island and Dudley Island....Paulson will rename the Parthenon....Paulsonthon! Of course these will all become private and the residents will be herded into TARP camps in north Greece!

Fri, 12/12/2014 - 09:47 | 5543856 unplugged
unplugged's picture

vote wrong?  like that matters

Fri, 12/12/2014 - 09:47 | 5543861 runswithscissors
runswithscissors's picture

We Greeced some folks...

Fri, 12/12/2014 - 09:48 | 5543862 101 years and c...
101 years and counting's picture

As a general rule, do the opposite of what the bankers tell you to do and you'd lead a much happier life.  Being a poor peasant because the depression finally arrives is better than being a debt-ridden slave for the rest of your life.

Fri, 12/12/2014 - 09:49 | 5543865 LawsofPhysics
LawsofPhysics's picture

Fuck GS.  How the fuck are these CEOs still escaping death?

Fri, 12/12/2014 - 10:09 | 5543931 GetZeeGold
GetZeeGold's picture

 

 

Soon my pretty.......soon.

 

We're working in from a big circle.....you wouldn't want any of them to escape would you?

 

Some call it the Bureau.....some call them the Gardeners.....just be glad they're out there.

Fri, 12/12/2014 - 10:11 | 5543952 LawsofPhysics
LawsofPhysics's picture

Sure, where is that fuck ekm1?  No doubt in my mind that he is a banker now.

Fri, 12/12/2014 - 09:50 | 5543872 escapeefromOZ
escapeefromOZ's picture

Fuck the systen . Greek People I hope you vote to Fuck the system that is destroyng your nation . You should offer a bounty for members of the Troika dead or alive . They are economic terrorists . 

Fri, 12/12/2014 - 09:51 | 5543873 alexmark2013
alexmark2013's picture
CRASH2 BREAKING…..SMART MONEY NOW ON TSIPRAS TO BE GREEK PM BY END JANUARY http://investmentwatchblog.com/crash2-breaking-smart-money-now-on-tsipras-to-be-greek-pm-by-end-january/
Fri, 12/12/2014 - 10:00 | 5543902 sudzee
sudzee's picture

Greek/Russia economic summit in 3-2-1.

Fri, 12/12/2014 - 09:58 | 5543904 sudzee
sudzee's picture

Greek/Russia economic summit in 3-2-1.

Fri, 12/12/2014 - 09:54 | 5543880 unplugged
unplugged's picture

goldman is relying on the stupidity of the greek voter - to believe that voting matters

Fri, 12/12/2014 - 10:04 | 5543920 Arius
Arius's picture

they are not relying on anything ... as you rightly said above it does not matter how people vote ....this is all part of the show

Fri, 12/12/2014 - 09:55 | 5543887 SheepDog-One
SheepDog-One's picture

Goldman- 'hey don't get any funny ideas and 'vote wrong' or else we'll have to overturn the election and put in a Goldman guy anyway!'

Fri, 12/12/2014 - 09:57 | 5543889 Brazen Heist
Brazen Heist's picture

All it will take is a small player like Greece to throw a wrench in their plans. Please for the sake of humanity Greece vote in Syriza and bring this thing down that is relying on outright manipulation and deception to keep the status quo. So far the psychopaths have been winning the battles and crushing humanity with their web of lies. Enough is enough.

We need more people to become resistant to the FEAR MONGERING that is all around us and leaking out of the assholes of the elites.

Fri, 12/12/2014 - 10:07 | 5543909 trader1
trader1's picture

it is clear that the establishment fears Syriza, hence the threats.

 

http://www.syriza.gr/page/who-we-are.html

The Founding Congress of the new party defined itself as a party of the democratic and radical Left, which has its roots in popular struggles for Greek independence, democracy and labour and anti-fascist movements in Greece. The party comprises many different ideological currents and left cultures,   building its identity on a synthesis of the values of the labour movement with those of the ecological, feminist and other new social movements. This is why there are three flags on the SYRIZA logo: red, green and purple.

...

Today, SYRIZA's main goal is to bring down the government and force it to call a general election in order to end the modern Greek tragedy that the Greek people are living through, with an unprecedented unemployment rate of almost 30% (among young people the unemployment rate is more than 60%!), widespread poverty, over-indebtedness of households, closures of many small shops and businesses and an economic recession that has exceeded 20% of GDP in the past five years.


SYRIZA insists strongly on its position that it will abolish the memoranda signed with the Troika of lenders when it assumes office and will re-negotiate the loans. At the same time it will promote a programme of social and economical reconstruction, aiming at development that promotes human needs and well-being and respects nature.

 

Regarding foreign policy, SYRIZA fights for a multidimensional, pro-peace foreign policy for Greece, with no involvement in wars or military plans, a policy of independence and friendly peaceful cooperation with all countries, especially our neighbours.


Together with the European Left Party, of which it is a very active member, SYRIZA is fighting for the re-foundation of Europe away from artificial divisions and cold-war alliance such as NATO.  As for the E.U., SYRIZA denounces the dominant extreme neoliberal and euro-atlantic policies and believes that they must and can be transformed radically in the direction of a democratic, social, peaceful, ecological and feminist Europe, open to a socialist and democratic future. This is why SYRIZA is in favour of cooperation and coordinated action of left forces and social movements on a pan-European scale.  However, it does not hold euro-centric views and rejects the idea of an insulate "fortress Europe".

 

At the same time, SYRIZA is in favour of regional cooperation, especially in the Balkans and the Mediterranean. It attaches particular significance to confronting the crucial problems of peace within our broader region (Balkans, Mediterranean, Middle East). It is in favour of a diplomatic process of dialogue based on international law and of resolving the problems in Greek-Turkish relations to the benefit of both peoples and towards establishing peace in our region; it is in favour of the Cyprus issue being resolved on the basis of relevant UN Resolutions, so that the island be reunified within the framework of a bi-zonal, bi-community federation with a single citizenship, sovereignty, and international personality.

Fri, 12/12/2014 - 10:18 | 5543985 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

The Founding Congress of the new party defined itself as a party of the democratic and radical Left, which has its roots in popular struggles for Greek independence, democracy and labour and anti-fascist movements in Greece. The party comprises many different ideological currents and left cultures,   building its identity on a synthesis of the values of the labour movement with those of the ecological, feminist and other new social movements. This is why there are three flags on the SYRIZA logo: red, green and purple.

In short: replace shitty leaders and bankers by other shitty ones, good, giv'me popcorn !

Now, if they can break up the Euro I'm for it.

Fri, 12/12/2014 - 10:41 | 5544091 Teknopagan
Teknopagan's picture

Golden Dawn has 24% of the vote

Fri, 12/12/2014 - 13:14 | 5544832 NihilistZero
NihilistZero's picture

 

I think I read about them in Time Magazine...

Fri, 12/12/2014 - 10:54 | 5544133 skistroni
skistroni's picture

Yes, of course, if someone says this is "who we are" they are definitely genuine and well-intended. Read up on Goldman's version here:

http://www.goldmansachs.com/who-we-are/index.html

 

Fri, 12/12/2014 - 12:02 | 5544437 disgruntled hou...
disgruntled housewife's picture

Your linking the two makes no sense. Look at the source of information. Do you really give any credence to Goldman Sachs publications? They engage in double speak and trickery every hour on the hour. Wasn't it GS that sent Greece down this road? Weren't they the ones who hid things allowing Greece to fall under the control of the Troika? Didn't GS recently hide things for an Italian bank to keep it out of view of their regulators. My point is GS does not have a good track record and therefore anything they utter should be discounted. In their eyes we are all muppets to be used.

Fri, 12/12/2014 - 12:06 | 5544456 disgruntled hou...
disgruntled housewife's picture

So this group you are attempting to discredit is trying to save the Greek people from the Troika while GS delivered them to the Troika. I need to work on being more succinct- sorry.

Fri, 12/12/2014 - 11:27 | 5544269 red1chief
red1chief's picture

I think Diebold will disagree with you.

Fri, 12/12/2014 - 10:03 | 5543915 holdbuysell
holdbuysell's picture

Don't worry, GS. The U.S. Taxpayers have you covered 303 trillion times over. /s

Fri, 12/12/2014 - 10:06 | 5543929 Navymugsy
Navymugsy's picture

Dear Greek friends,

 

As someone who lived through the Cyprus debacle without cash for three weeks my recommendation is: HIT THE ATM BEFORE EVERYONE ELSE DOES!

Fri, 12/12/2014 - 10:07 | 5543934 HowdyDoody
HowdyDoody's picture

Greece, nice country you got there. Shame if something ... was to happen to it. Capiche.

Fri, 12/12/2014 - 10:08 | 5543936 localizer
localizer's picture
Goldman Warns Greeks

LMAO, - GoldMan fucking with the wrong people! Go SYRIZA, put a dent into that GoldMan!

Fri, 12/12/2014 - 10:10 | 5543943 TideFighter
TideFighter's picture

Ah, so going Greek means keeping your money out of the bank. 

Does it still imply anal sex, or has that been changed to going Barry?

Fri, 12/12/2014 - 12:00 | 5544433 Caleb Abell
Caleb Abell's picture

You haven't been keeping up with events.  Doing business with banks is the new form of anal sex.  I read it on the internet, so it is true.

Fri, 12/12/2014 - 18:16 | 5546343 edotabin
edotabin's picture

Yeah it all started with bankporn.com  Then it branched out into specific fetishes:

1. Interest rate sex

2. Loan sex

3. Credit card sex

4. Deposit confiscation sex

 

Fri, 12/12/2014 - 10:10 | 5543949 medium giraffe
medium giraffe's picture

Squidocracy.

Fri, 12/12/2014 - 10:23 | 5544013 JohnGaltUk
JohnGaltUk's picture

Listen to Uncle Juncker, he knows what's best for the Greeks. The Greeks are not smart enough to know the right person to vote for.

Fri, 12/12/2014 - 10:31 | 5544044 vegas
vegas's picture

Oh yes, Vampire Squid and the various Apparatchiks at the EU have "always" had the Greek people's best interests at heart. WTF.

 

www.traderzoo.mobi

Fri, 12/12/2014 - 10:32 | 5544059 RagnarRedux
RagnarRedux's picture

Vote Golden Dawn and deport these ethno-banker parasites and vipers.

Fri, 12/12/2014 - 10:50 | 5544123 bullchit
bullchit's picture

Deport??

Pussy cunt.

 

Fri, 12/12/2014 - 11:33 | 5544298 torak
torak's picture

...could potentially even lead to a Cyprus-style prolonged “bank holiday”

 

As long as it's followed by an Icelandic-like response by the new government followed by the incarceration of bankers, then what's the problem. 

Fri, 12/12/2014 - 11:40 | 5544334 Toxx
Toxx's picture

interruption of liquidity provision to Greek banks by the ECB could potentially even lead to a Cyprus-style prolonged “bank holiday”.

 

Translation:

 if you vote the wrong way, we will take all your money.

Fri, 12/12/2014 - 11:55 | 5544415 firefightergr
firefightergr's picture

In a conversation i had with my mother in law i said to her "if you had your tv set shut you would not know whom to vote for" and she did not believe me.

Vote for the party that is never mentioned on tv.

Fri, 12/12/2014 - 11:58 | 5544423 Vooter
Vooter's picture

DON'T VOTE.

Fri, 12/12/2014 - 14:14 | 5545182 firefightergr
firefightergr's picture

Ancient Greeks had a word for a no voter:IDIOT

Sat, 12/13/2014 - 14:53 | 5548457 Vooter
Vooter's picture

Einstein had a word for people who keep doing the same thing over and over again and expecting a different result: INSANE.

Fri, 12/12/2014 - 13:04 | 5544690 Fíréan
Fíréan's picture

 

?? ???????! to goldman sachs.

edit : It would seem that this zerohedge website does not accept , or recognise. Greek language symbols ( it comes out as ?????)  so here it is tranlsated in a pictoral setting. choose your own language . I'm sure that there are many other contries whose regular citizenry have been rolled over by Goldman Sachs and would voice that same sentiment.

http://data3.whicdn.com/images/16748091/large.jpg

 

Sat, 12/13/2014 - 04:06 | 5547649 Joe A
Joe A's picture

Whatever the outcome of the elections, you can bet on it that GS will stand to take money from taking positions against the Greek. And GS will bet on that too.

Edit: Juncker actually warns Greek against voting for 'extreme forces' into power.. He did not elaborate if he meant Syriza by that but it sounds to me that he equates them with Golden Dawn.

Sat, 12/13/2014 - 15:10 | 5548491 HenryHall
HenryHall's picture

It's about time for Greece to join with Turkey and Russia in a new relationship then.

No sovereign debt too big to default on.

No currency so widely held it cannot be rupdiated.

No asset too large for government to nationalise without compensation.

Russia and Turkey will be very happy to take all the food and wine Greece can produce once it has declared itself out of the EU.

Do NOT follow this link or you will be banned from the site!