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Next Greek Premier Says Economic Data "Shamefully Embellished" To Look Better
The Greek general election is just around the corner, and as expectations for a Greek overhaul, if not outright Grexit, rise so does the rhetoric by the man who, barring an act of god or Diebold, will be the next Greek premier: Alexis Tsipras, who some see as the catalyst for a Grexit, while others describe as merely yet another apparatchik of the Troika. Overnight Tsipras wrote an op-ed article in Germany’s Handelsblatt newspaper, summarized by Bloomberg, in which he said the notion that Greece’s economy has stabilized is an “arbitrary distortion of the facts.” He said that while the economy grew 0.7 percent in the third quarter, the recession isn’t over because of 1.8% deflation.
Psst: whatever you do, don't call it deflation. "Negative Inflation" is the preferred nomenclature, or better yet: "Joyflation."
Some of his other pearls: "We’re facing a shameful embellishment of the statistics to justify the effectiveness of troika policies."
Clearly writing to a German audience, Tsipras said that "German taxpayers have nothing to fear from a Syriza government. Our goal is not to seek confrontation with our partners, more credits or a blank check for new deficits."
So what exactly is his goal, aside from promising lower taxes and other things which the Greek government will be unable to achieve absent a surge in external funding, especially now, as we explained before, the Greeks have stopped paying their taxes entirely in advance of the elections?
"The truth is that Greece’s debt cannot be repaid as long as our economy is subjected to constant fiscal waterboarding,” Tsipras said in Handelsblatt.
Sorry, the truth is that Greek debt cannot be repaid, period.
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Background noise. As long as the DOW doesn't decline more than 99pts/day, everything's fine.
A new kind of Greek tragedy. More entertaining...
next thing you know he'll tell me that's not lamb in my gyro.....watta world
Well no shit. Now quit talking with us and go win an election!
“Shamefully Embellished”, “arbitrary distortion of the facts”. . . banking as usual.
That which cannot be repaid, will not be repaid..
The only question is whether one chooses to remain in debt bondage.
Sorry, the truth is that Greek debt cannot be repaid, period.
Sure it can, Tyler; the ECB can print and give the money to the Greeks so they can hand it back to the commercial banks holding Greek paper. Easy peasy!
Shame the German citizens are a bit anti, but I'm sure Draghi will find a way. If not, the rest of Europe can put pressure on US-quisling Merkel to fire/bribe the Bundesbank holdouts.
Where there's a printer, there's a way...
somehow the whole concept of sovereign debt seems to be too much for most people, and at least Tyler should be educated (financial history wise) enough to know that...
...sovereign debt is not meant to be repaid
stop for a moment thinking like the little man on the street that has to pay back, at least in theory, and remember that most sovereign debt is what the banking systems use as fundament
the whole concept of repaying the whole sovereign debt is preposterous. take Britain's debt. it was funded on war debt against France. the whole thing about the Bank of England was about managing that debt, four hundred years ago
no sovereign debt, no national banking fundation - or at least something else would have to take it's place (Romania under the last dictator did pay back... and it was a disaster)
the question is not sov debt or not, the question is how much. and the real question is how much of the national budget is devoted to "debt service". less then 20%-25% is deemed as sustainable, in historic terms
again as example, the UK did pay back from the 180% of GDP of the Napoleonic Wars to something like 40% during the apogee of the empire... and then found that some debt has to stay, or you have to find new fundaments for the banks, which opens a completely different can of worms
At any given point, yes, the debt's interest has to be paid, but these bonds have maturities; so they do have to be paid back, even if the State does so by immediately borrowing more.
This is why there have been plenty of sovereign defaults throughout history, despite governments being able to meet interest payments on existing debt; because the tranches of the principle are continually coming due. And there's no guarantee investors will want to continue paying low rates to lend the new money required to roll it over.
Of course you can argue that the government can always demand that banks hold increasingly large amounts of their sovereign's debt, thus creating a (unnatural) market for it; but ultimately, if the yields are lower than inflation, the banks will need rescuing and that in itself is inflationary and puts a strain on the currency as a whole.
You're right that the current setup was put in place to enable banks (or their owners) to make easy money; but there are still limits to how much they can skim before the whole system collapses.
"Shamefully Embellished"? Seriously Tsipras?
More like
"Shamelessly Embellished"
That's more like it...
You're my man!!! BigJim for Premier!!!
Deus ex machina...
http://en.wikipedia.org/wiki/Deus_ex_machina
God from the machine...
;-D
Like Japan, the Federal Reserve will continue controlling markets and asset prices.
The Federals, always wrong, but never in doubt.
Alexis Tsipras just doesn't get it: Everything Is Lies. On CNN News with Carol Costello just now, she was on with two talking heads, one a Georgetown associate professor, the other a token black. All three downplayed the ISIS (or IS or al-Qaeda) computer attack of Centcom's twitter account. The professor, the worst of the lot, said the important thing is who monitors Americans when they are abroad. Huh? These demented comments passed muster at CNN. Homicidal maniacs created by the CIA hack into CENTCOM's supposedly secure Internet communications and CNN chuckles about it. One said the hack was minor compared to the Sony computer hack. The last I looked, the U.S. was not at war with Sony. Tsipras is late to the game if he thinks he is dealing with anything but thieves, liars and murderers in business suits.
Everybody wants to be on the team.
Even if it's JV.
Theres always something to steal.
Spot on. They want to be the ones that will manage the firesale of what's left of the countries assets and wealth, as do their opponents. Each one promises to do it "better", hoping that they will be rewarded with some "left-overs" and supported to stay in power. Tsipras and Syriza are deep statists like all the governments we've had.
Even the Patriots become bloodsuckers when opportunity knocks.
Character matters in affairs of govt. and those kind of men are in short supply among those who seek positions of power.
I'm sure a random lottery for leadership positions would produce a better outcome. You might even find someone who knows how to balance a checkbook.
You might be surpirsed to hear that in Ancient Athens, being a member of the parliament actually was a result of a random yearly lottery, where every citizen could be selected. The parliament was tasked to prepare laws as proposals, and the larger general assembly of the citizens would vote for or against these proposals. Funny how we still call the current cheap imitation "democracy"?
And regarding character, I could not agree more. I know there are people (not politicians, btw) that will keep their principles and standards at any cost, I've met them. I would gladly sponsor an educational program that could guarantee such an outcome.
"Tsipras and Syriza are deep statists like all the governments we've had."
Therein lies Greece's problem. And the same for many Western nations nowadays.
"Says Economic Data "Shamefully Embellished" To Look Better"
Ah, no kidding. It was obvious years ago.
The master money changers in the US do it as well. Just nobody comes out and states the obvious.
"Sorry, the truth is that Greek debt cannot be repaid, period".
Correct and they should throw in the towel. I doubt they will though. Power junkies just can't let go.
We here in the USSA can not repay our debt either, but that's another story long in the making.
FUBAR
It's more that some Euro countries (Italy, Spain, maybe France) simply cannot take the budget hit that forgiving the debt would mean: the last round of Greek financing came directly or indirectly from fellow euro countries budgets.
It's overly hard to find who and how much did lend to Greece, but, for instance, I think Italy, a country which basically never had a recovery from 2008 and whose GDP is at the 1990s level, is currently on the hook for 20 B€ and, besides the principal, interests on that debt has been introduced in the plus column of the 2015 budget...
Tyler, apparently an AIG bigwig is"missing". They found his ID on the golf course....
An asshole in one...
Face down in a dyke with his wood in his hand.
Troika policies = Destruction
Why is the DOW up 230 points? What did I miss?
It's Tuesday. Markets most always rally on Tuesdays.
Except on black ones but that will probably never happen again.
because this time is different.
The new definition for a fool in Webster's dictionary should read:
Person who believes government statistics
Pefect!
Look at this market open. The ole vetical 230 point rip your short face off combined with the ole silver waterwall. Let's see how we end today.
That would never happen here. Our system is pure and our leaders are noble men and women who work tirelessly for their fellow citizens.
I think I just threw up in my mouth a little.
It's not easy being MDB.
Sorry, the truth is that Greek debt cannot be repaid, period.
Yeah, well...
We can't have reality stand in the way of the GREAT EURO-DREAM.
They'll just have to buy some more Greek bonds collateralized with dead goats.
Tsipras makes a correct diagnosis of the situation but he is reluctant to talk about a new currecy, which is the only solution for Greece.
I'll put up odds that he wants to live long enough to actually be elected.
He's opting for a game of "chicken" first before facing the inevitable.
Which makes sense because it's a few less bills to pay if it works.
Truthflation?
the man hedges his bets all the while sounding ominous about the incumbent mismanagement.
Remember his NOT YET ELECTED, so he is POLITICKING.
If he is elected, we'll know the exent of the haircut he will require and what terms of sovereign bond buying the Troika will offer new Greece, with no fleece to be re-fleeced.
True, but Greece NEEDS to EXIT the concentration camp and he should say ' whatever it takes ' to achieve that GOAL.
How many BALLS can Soros & Affiliates juggle before the SHTF?
' These Devil Worshipers ' still have the ' great unwashed ' at each others throats.
Let's get our act together as it appears they're on the back foot or i swear i'll kill myself, everybody stand back. i'm not joking.
It's official then as ONLY Goldman has the wherewithal to ' embellish ' DATA SHAMELESSLY.
Way beyond other Mortals and the Greeks in particular.
Are you sure he wasn't talking about the United States when he said that?
And the day will come when they'll be saying the same thing about US debt also! That day is coming much sooner than most people think!
"shameful embellishment" lol, nobody could have seen this coming.
That's also how they got into the Euro...
Germany defaulted on its debts in 1933, six years later it was ready to take on the world.
Default can work in ways years of austerity just doesn't.
Greece invades Turkey is 6 years ?
Zorba would dance to that!
Everyone believed that the Greek legislature, led by Prime Minister Antonis Samaras, would be able to elect a new President. But opposition to his party’s austerity policies is strong and the legislature failed in three attempts, forcing Samaras to call for a “Snap” Presidential election on Jan. 25, 2015. If the opposition party wins, a Greek exit from the European Union, or Grexit, could actually happen.
http://www.globaldeflationnews.com/grexit-looms-possible-as-snap-electio...
No shit!
why don't greeks have freckles?
cuz they just slip off their face!
that's what happened to the economic data. it was sooooooooooooooo greasy it just slid off the books onto the floor never to be found again