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Greece: What Happened Today, And What Happens Next
After today's second in one week Eurogroup fiasco, things for Greece are getting perilously close to the endgame. Either that, or Yanis Varoufakis, who earlier said he is "not bluffing", is conducting a master class in just that. So for all those confused what happened earlier, and more importantly, what may happen next, here is Deutsche Bank's George Saravelos with a handy summary of the next steps.
From Deutsche Bank
Greece Update - Again no decision, but options are clear
Today's second Eurogroup meeting on Greece was cut short, again concluding in deadlock. The atmosphere remains tense, but through all the multiple and conflicting headlines, the subsequent Eurogroup press conference provides us with a clear framework on how the Greek crisis will progress over the next few days and weeks.
First, Eurogroup chair Dijsselbloem has formally confirmed that Europe's preferred path forward is a Greek request to legally extend the current program that expires on February 28th. Such a request needs to materialize by the end of the week, to give time to six national parliaments (inclusive of the Netherlands, Germany and Finland) to pass this extension through into legislation. Failing this deadline Dijsselbloem confirmed that the only option that would then be left to Greece would be a request for a fresh 3rd ESM program. All in all, the starting point therefore remains the same as the one we had outlined a few weeks ago: semantics aside, Greece can choose to either extend the program or apply for a new one.
Second, it is now also clear that either program extension, or a potential new program will require specific conditions. Eurogroup head Dijsselbloem specified three conditions, which are also apparent in the leaked Eurogroup draft statement that was rejected by the Greek side: a commitment to fulfill financial obligations (ie. repay debt), a commitment to not take unilateral actions (ie. to not reverse prior program policy) while negotiations are under way, and a commitment to conclude the program, or - implicitly in the case of a new program - to maintain the broad principles of current policies. In return, Greece will be granted "flexibility", potentially around both the fiscal path and the mix of structural reforms being implemented.
Third, the binding dates for Greece have now also become apparent. Program conclusion on February 28th is not the point of "no return", but instead the soonest of when Greek banks are no longer able to access additional ELA at the ECB window OR when the Greek government runs out of financing. The latter would make the government incapable of meeting ongoing commitments to the IMF and other obligations, in turn rendering GGB-based collateral inadmissible to the ECBs ELA that would then be suspended.
From this perspective, the next point of focus is not only the Greek government's position over the next few days but also Wednesday's ECB meeting, where Greek bank ELA usage is under bi-weekly review. A more explicit statement around when and how ELA usage would be capped by the ECB would be an additional means of raising the pressure on the Greek government.
Ultimately, then, we are still left with the same three-step process to reach a conclusion to the Greek crisis.
- Step 1 consists of a request for a new program or an application for a 3rd ESM program with Greece committing to some a prior conditionality.
- Step 2 consists of negotiating the substance around this conditionality, in particular the prior actions that would need to be fulfilled to disburse funding to Greece.
- Step 3 would consist of passing such prior actions through the Greek parliament and ultimately servicing Greece's loan obligations.
The more each of these steps is delayed, the shorter the timespans available and the greater the risks of failure.
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It's a relief when US markets are closed and there's no one on CNBC to spin and twist the truth
Limbaugh: I almost got tricked into SNL appearance:
http://tinyurl.com/op8xhgs
Diesselbloom is a tough negotiator ...
Dijsselbloem is a non-negotiator.
He wishes there to be no agreement and he will achieve his wish. All these meetings are just a waste of everyone's time.
It's one thing to beat a dead horse.
It's batshit crazy when you are negotiating with one.
He who pays or not rules the entire game.
"Eurogroup chair Dijsselbloem has formally confirmed that Europe's preferred path forward"
Dijsselbloem is an anagram of "shadowy tomb"
Your anagram is kinda fucked up.
The extra letters gave me a clue.
Sounds more like a rhyme.
Yes, it's off topic, but comical none the less:
https://www.linkedin.com/jobs2/view/13201023?dpfl=true&__utma=157191919....|utmccn=%28referral%29|utmcmd=referral
You would think that Dimon could have automatic use of any number of the hundreds of Academi or SF operators sent over to secure poppy fields over tha past decade. Linked in?
lol
"In a society where unjust exchange transactions dominate, eventually all exchanges will cease." Thomas Aquinas (c.1260)
Aquinas had it over 750 years ago
Let's simplify the process ... disenfranchise the Greek people.
Assign their votes by proxy to the EU finance mnisters and let them select the new Greek PM & FM from their own ranks.
They should be able to close the deal tomorrow ...
... and then they can just sit back and wait for the payments!
/s
While you are at it, why not give them first night priviliges too? /sarc
Prima Nocta should entice just the right kind of banking lords to run Greece...
All this means is more pent up relief rally.
"Program conclusion on February 28th is not the point of "no return", but instead the soonest of when Greek banks are no longer able to access additional ELA at the ECB window OR when the Greek government runs out of financing."
So, now we don't need to restart our hand-wringing and gnashing of teeth until after the 28th. Excellent. I love playing kick-the-deadline-can 2 weeks at a time. Pretty soon it will be 2 days at a time. Then 2 hours. Then 2 minutes.
A blowout default won't be as euro negative as anyone thinks
Entirely possible, and I hope you're dead on.
I wish I had a better beat on how much derrivative build-up there is around the matter- I have no clue how much collateral damage to anticipate.
Take your best guess on the derivative build-up...
Then multiply it by an order of magnitude.
At least an order of magnitude?
Kaboom!!!
It will however be a good beginning.
Deadbeats. Scumbags.
I especially like it when they bitch about World War II.
Greeks give wankers a bad name.
Euro bears put your money where your mouth is. Let's see them shorts.
Euro is bottoming. Rally to all time highs will start in weeks.
Or to put it another way: Greece, would you like it with or without Vaseline.
Vaseline won't help with their gag reflex.
Who cares. Greece is a tiny little country who's main "industry" is tourism and sex with goats. Their GDP is probably that of Paris, if that. Separate Greece from the EU and force them to make it on their own. Let them default then NEVER lend them any money again - period. Let their socialist policies, once again, crush their country. At some point the Greek people will then have to stand up to the corrupt socialists.
Update: Oops... I was wrong. Greece's GDP is about ONE EIGHTH that of Paris. Even smaller than I thought.
Yep, and the have $280 billion in debt and they can't pay it. Banks who hold that debt go bust when they default. Does that matter, fuckface?
When banks make bad decisions should it matter. It does if they are to big to fail and need a bailout. If they do not get bailed out they will no longer be a bank. Is that such a bad thing. Perhaps, some pain is in order. Those who support the current status, may learn a valuable lession. Do we have free markets or do we subscribe to something else. Perhaps, we should be more concerned about what will the markets look like in 10 years instead of 1 year. Some may want to live in the present and some may want a better future. Yes that would mean being more selfless and less selfish.
"Banks who hold that debt go bust when they default. Does that matter, fuckface?"
No, it doesn't matter. Greece has defaulted three times in the past 100 years. Any entity that made loans to Greece knew the risks.
As an aside, how did you know my nickname? You gave me a blowjob last year, didn't you? You weren't very good even though you said you give a lot of them.
That facile argument is in large part the reason for half our problems. Governments don't step in to restrict the rewards banks reap so why should they do anything to alleviate the risk they take in pursuit of said rewards. People would soon start giving a shit and research which Bank they are going trust once a few went to dust and millions lost their "digital ledger balance". A few Rambos might even take out a couple of thieving CEO's to drive home the point. At this point Banks would have to self regulate and not take risks if they wanted to build a reputation and attract depositors etc... Exactly how it is supposed to work.
Short answer: No!
"People would soon start giving a shit and research which Bank they are going trust..."
I've done enough research to know that I don't trust any of them.
Stack On
That's the point of free market capitalism and why it works. You don't have to use any of them. You can choose the best method for your situation. Of course that is changing in the U.S. where the government can now force you to buy what it deems good for you (Obamacare) or put you in jail.
Europe's biggest goldmine apparently is in Greece.
That's the target.
Everything that can be looted pretty much has been...not that the "looting machine" called "the euro" (with conditions) hasn't ceased to exist.
Ironically its going up in value actually.
That makes those interest rates in Greece...well, like I said..."give the ECB the gold mine and they'll restart the negotiations again."
The ECB looks like that dirt bag Carl Icahn "only with a badge."
The price of everything is going to go through the roof in Europe no matter what money it is priced in right now. How else to compete with Japan, China, the (former) CIS, etc?
112 tonnes worth of goldmine.
Ukraine had only 42.3 tonnes.
Before it was shipped out at 02:00.
Update: Oops... I was wrong. Greece's GDP is about ONE EIGHTH that of Paris. Even smaller than I thought.
Yet through the majic of derivatives, That small insignificant country has the power to bring down the entire house of cards that is the worlds financial institutions.
Greece holds all the cards, if they fold the whole illusion is destroyed.
The EU will blink, There are no assets behind the loans.
Greece is like Monika Lewinsky, who is delighted to believe 'she won', because she has all the cum now!
In her mouth! Tee-hee!
CAC,
It is "whose" not "who's."
Yes, it is. Gold star for you!!! I'm proud of you for catching that typo. Excellent contribution to the discussion, Snowflake!
Fuck the bankers. Each and everyone of those pigshits can go to hell.
Bad news, friend. They've been declared persona non grata in Hell.
Satan has some standards ... bankers? Not so much,
Look. We're too far into this. Not just the US but the whole shebang.
Give them the 350 Bln of fiat with no repayment, a gift to the earliest of the Democratic civilizations. Have them exit the Euro... Grexit. Tell them they're on their own from that point. They think they have all the answers, they put down a red line. Cross the line you bozos! Let "them" show "us" how to do it. This doesn't have anything to do with negotiations anymore. This has to do with survival. Zero Hedge! Make it happen you cowards.
WTF does $350 bln matter anymore anyway. Use them as a test case. If Greece can do it so can the rest of the PIGS.
Fuck. Who the fuck runs this outfit? Is this a nightmare or what?
No, it's an insane asylum ...
... and you are one of the main attractions ... after all, it's not everyday hallucinating Finance Ministers get outdone by someone who makes them look sane.
Thats the entire problem with the European Counsel , the EU is not run by any elected officials, its just a bunch of connected nobodies pretending they run/own Europe. . . technocrats/oligarchs, call them what you will.... but these people are pretenders . . . re-writing the laws of nations by threatening financial Armageddon in response to non-compliance.
The EU put Greece into this situation Greece passed ALL the laws that were demanded of it in order to secure financing to operate... all the loans came with strings attached from the get-go....
Its like me lending you 100$ and telling you that in order for you to get 100$ 90$ of it has to go to social programs (which expand my liabilities and reduce my tax revenue)... and then surprise surprise when I go broke and need more financing, you offer me another 100$ with more strings attached . . . until the interest payments surpassed my revenue and then you get to come in like some cocky bastard making demands for free islands and mineral rights and god-knows what else.
This was a plot from the beginning to make Greece fail to steal from it, all the people writing the checks were writing the laws and policy. . . so who is really to blame?
In conventional economics when a bank makes a bad loan , it goes bust . . . not the borrowers next of kin.
"In conventional economics when a bank makes a bad loan , it goes bust . . . not the borrowers next of kin."
No, no. In conventional economics, the banks make a bunch of bad loans collectively, nearly blow up the global monetary system, and then burden tax-payers with the bill. TBTF. Which is, again, part of the reason why Euro Sov. Debt has increased so substantially post '07.
I really love how everyone is focused on Greece though.. convenient political misdirection from the larger and increasingly less sound economies in other parts of Europe.
We've been down this road in Europe before. Last time it culminated in two World Wars. I feel sorry for the Greeks, truly. They are running afoul of political agendas and their country is being made an example of in order to set a precedent for the others.
Why give them new money?
If you give them new money, they won't stop spending, and everyone else will line up for their new money.
Forgive the outstanding, and don't give them anything new; it's called 'Cold Turkey'.
I really don't like repeating myself. I said before, I'll say it again. Greece needs to find financing elsewhere e.g. Russia or China. They need to leave the Eurogroup, toss the IMF into the lake, & say, "shit happens" to everyone else.
In plainer terms, they should just come clean, and start behaving like the dirty, little euro-trash whores we all know they are!
OK: They get funding elseware, and they keep their government spending at the same level. Then, they can't pay back the new creditor either.
Russia is fucked, because they've managed to devise a foreign policy even worse than that of the US/UK (which lets face it is quite an achievement). Their economy is dependent entirely on gas exports, which their nearest neighbours are likely to diversify away from over the coming decades.
China has an increasingly agitated population as in equality grows, their environment becomes the worlds wasteland, and the male population can't find anyone to stick their dicks in. All the while they've built an economy dependent on their own and the Wests unsustainable addiction to debt.
The US led West has its own plethora of problems: welfare dependents, debt, ageing populations, workforce only suited to serving coffee and painting nails, etc..
Greece seeking financing elsewhere wouldn't solve the underlying problems and would be like jumping from the frying pan into the fire.
Greece is out. They just have to go through the motions, show due process.
They will strike out boldly on their own, reprint drachmas, and party like all hell at "winning", while inflating their way to Venezuelan chaos.
At the end of the day, nobody will really care.
It's inevitable anyway. Might as well do it your own way instead paying fealty to the banker scum.
Greeks are not afraid of financial pain.
All the representatives have to do is go on the news in Greece and explain why there will be pain ahead, and why that pain is necessary and why they have to leave the Euro in order to secure the sovereignty of Greece against foreign oppressors and the Greek people will support the decision to default and exit the Euro and in 5 years Greece will make more progress than it would in the next 100 years under a Euro debt slave system.
You are looking at a 70% probability that Greece is indeed leaving the Euro... and more than likely it is going to partner with Russia in one way or another to develop infrastructure to push its resources onto the open markets... resources that have remained untapped up until now because the banksters were waiting to bankrupt Greece and buy all the mineral rights for pennies on the dollar.. (a plan that is pretty much dead in the water as of now).
Greece has politically postured well and the international support for Greece to ditch the Euro free from repercussions is there. . . they will not be forced to re-pay the fraudulent loans that the Euro Trash Oligarchs forced upon them.
The primary goal for the new Greek government should be to secure the interests of Greece and to shield Greece from the blow-back of a Greek Exit, while maintaining good relations with potential allies (Like RUSSIA) who have the girth to backup the Greek Government and defend it against an inevitable invasion the bankers will plot (most likely using Turkey as an aggressor).
Because the general rule of thumb has usually been, that when the banksters can't get everything they want . . . they invade and bomb a country to make sure there is nothing left worth having for anyone else.
These are the headwinds Greece needs to survive.
What you are witnessing now is just "the motions" as it were , they have to show proper governmental procedure and due process in order to exit the Euro System, this could take weeks, they will go back and forth pretending to make compromises and such and will reach a final impasse and that will be the end of it, its just political procedure and theater and debate at this point, the math states that they will exit the Euro unless the OLIGARCHS of Europe are willing to make some serious concessions (we are talking 80%+ haircut and large no - strings attached concessions of large sums of operating cash)... this is simply not going to happen because of the way the monetary systems are structured as all currency to be used for off-set has to incur a debt on someones balance sheet in order to be counterfeited into existance, and Greece has already made it clear that it will no longer incur more Debt on its books in order to shackle itself with even thicker chains....
TLDR:
(when you are in a ditch you dont keep digging your own grave, you turn around and beat your oppressor to death with the shovel) Greece knows this.
You are completely wrong.. Greeks and their prime minister Tsipras are socialists, they have no idea how to run an economy. Greece after bankrupt will be a perpetual 3rd workd country.
and giving trillions of money to banks via QE is how Capitalism works, right?
Funny how Socialism works perfectly fine in Northern Europe: Sweden, Norway, Denmanrk are all Socialist.
1) Scandanavia was a very hetergenous culture with a relatively sparse population with a strong work ethic. Not so much anymore.
2) Also, NATO was there facing down the Bear. If they had to pick up the cost of a true deterent defense it would have put more pressure on that model.
NATO is still facing down the bear, but this time around, I'm not really sure why, and I think that it's adding a bit more strain to our debt riddled economy.
Sweden: Rape Capital of the West
http://www.gatestoneinstitute.org/5195/sweden-rape
Opposed to who running things? Communist Dictator Banker Oligarchs?
Its a step in the right direction.
Greece was presented with two choices...
1) Let the bankers burn Greece to do the ground in order to prop up the Euro.
2) Leave the Euro and deal with a few brush fires and rebuild.
Under EU rule, Greece would of never recovered..... but leaving the Euro . . . you break a few eggs to make an omelette.
There is no perfect solution to an imperfect problem.
I can't disagree much of what you said here.
I'm going to take an educated guess and say that the Troika is going to apply as much political pressure as they possibly can to maintain Greece in the debt enslavement trap, because that helps the banks the most and the most expedient of political of solutions for the EU.
Obviously, I hope Greece takes a major crapper and defaults, as hard as that might be for their economy.
Beware draining a swamp, lest you find yourself up to your ass in alligators.
Yes, just like the crazy new world order "normal' we inhabit; failure is good!
Greek solution?:
1) Forgive all external government debt - it's gone anyway.
2) The lending institutions take a 50% hit & the government take a 50% hit - better than the 100% hit the taxpayer usually takes.
3) Greece gets no external money for 3 years - they start spending only what they collect internally.
The problem is the game of chicken to be played before an agreement occurs, and nobody truly represents the taxpayer.
Lending institutions and governments do not take "hits". Only tax paying slaves take hits.
If there were any actual justice in this world, Greece would be on the hook for about 50 million blowjobs, delivery upon request by their creditors.
Under conventional logic, when you make a bad bet at a casino, you lose your $.
When a bank makes a bad loan, the bank should lose its money/go bust.
But we live in a nazi statist utopia nowadays where a handful of people are allowed to counterfeit OUR currency and GAMBLE and Enrich themselves at our expense, and when their bad bets go bust . . . we bail them out.
This system is doomed to fail because it is propping up banks that operate poorly.... this kind of banking system will cause systemic failure that will shatter the entire planet into pieces.
The entire notion that somehow lenders are vindicated and deserve to be rewarded for making poor decisions is idiotic at best, all the loans made to Greece from the get-go came with strings attached. . . the monetary, political, legal, and spending policy of Greece was set by the lenders . . . the banks told Greece what laws they needed to place and what policy to enforce in order to recieve funding, and when those policies failed people somehow expect Greece to pay the price for the failed social engineering the banks tried to enforce on Greece, this argument is idiotic at best.
Greece owes nothing to these sadist pigs.
The Greeks should flip them all the bird!
The Greeks should give them some Trojan™ Brand Greek Yogurt.
I keep repeating this fact - Varoufakis wrote a popular book on game theory, and he knows what he is doing.
http://yanisvaroufakis.eu/books/game-theory-a-critical-text/
He has a reasonable hand, and he is playing it really well...
What do you call a Greek with money, a job, integrity, and a reason to live?
"German"!
Get it? It's funny because Greeks are such pathetic losers!
What do you call a greek that asked for and received a debt forgivness in 1953 after causeing a couple of world wars and killing tens of millions of people.
German
EXACTLY Golden Doughnut: The fucking Germans are being the biggest hipocrites in world (even more than the USSA) with their insistence that 'you must pay your debts, you slackers', when they got a 15 billion mark writedown (in 1953, when that was a lot of money) on their war debts (much owed to American banks, ahem). And the countries that agreed were mostly the same countries that Germany trashed in WWII. And now they are trying to squeeze Greece, that they trashed during the occupation of 1941 to 1943 - I mean really trashed.
Fuckers.
http://en.wikipedia.org/wiki/London_Agreement_on_German_External_Debts
And From the Aixis Occupation of Greece:
"The occupation brought about terrible hardships for the Greek civilian population. Over 40,000 civilians died in Athens alone from starvation, tens of thousands more died because of reprisals by Nazis and collaborators, and the country's economy was ruined.[1] At the same time the Greek Resistance, one of the most effective resistance movements in Occupied Europe,[citation needed] was formed. These resistance groups launched guerrilla attacks against the occupying powers, fought against the collaborationist Security Battalions, and set up large espionage networks. By late 1943 the resistance groups began to fight amongst themselves. When liberation of the mainland came in October 1944, Greece was in a state of extreme political polarization, which soon led to the outbreak of civil war. The subsequent civil war gave the opportunity to many prominent Nazi collaborators not only to escape punishment (because of their anti-communism), but to eventually become the ruling class of postwar Greece, after the communist defeat.[2][3]"
There is a LOT of history behind the current negotiations...
Hmmm, a lot of Communist involvement in the Resistance, the Resistance starts fighting amongst themselves, I.e. Commission try to take over, much post WW2 fighting, I.e. Commission keep trying to take over, and now the "Socialist" government "turns" to Russia.
Is this simply the Commie long game?
Nazi Germany stole TONS of Gold from Greece in WWII , Greece NEVER GOT THE GOLD BACK and NEVER GOT PAID WAR REPARATIONS.
Thats not counting the lives lost . . . the Germans were ruthless rounded up most of the men back then and killed them, my Grandmother lost two brothers in the war (they were taken out of the home at around 12~15 years old and put on a German Slave ship that was sunk at sea.
This is pretty much a stereotypical story in Greece..... almost every living Grandfather/mother in Greece has lost 2~4 siblings.... the Germans were ruthless going after young boys especially to make sure that future generations would be scarred beyond belief as a sort of premeditated genocide to thin out the Greek population. . . today Greece has one of the lowest populations in Europe because of this . . .
So now these filthy Germans are asking for money . . . meanwhile its Greek Gold in German vaults . . .the irony of the situation is ridiculous.... but o/c its not politically correct to talk about the truth . . . no no instead we should all sit around and pretend Greeks are lazy. . . being robbed off all your wealth in a war, surviving genocide, and being taken over by banking interests that completely ransacked your country from 2001~2015 is no excuse . . . no no its the Greeks fault.
Greece has been under attack from Germany Since WWII started... just now is Greece starting to muster a defense. . . wwII may have ended for most of the world, but in Greece they are still fighting it apparently.
In a righteous world Greece's debts should not only be forgiven, Germany should send all the gold they stole back to Greece and beg for forgiveness.
An ally.
Nazi Germans spent their entire time destroying the planet, murdering, pillaging, and then they get a bailout.
Germany didn't even pay its own war reparations . . . the USA stepped in and payed it for them. . . lazy fucking Germans . . . blow up half the planet and don't even pay their own weight back . . . then they have the nerve to call other people lazy . . . Germany has been sucking at the tit of the USA for decades . . .
Greek politicans are the losers, actually the posers, but not the Greek citizenry. The citizens gave up on their Government, stopped paying, and simply disregard them. Its actually kinda interesting. A governments worse nightmare is when the citizenry simply ignore them. Interesting.
AMericans pay attention
AMericans pay attention
All the old politicians from the previous administration of Greece were jewish ex-goldman people. . . what people don't understand was, in 2001 Greece was taken over by foreign banking interests . . . they just got back control of their government and everyone is ready to jump on the bandwagon to call Greeks lazy.
Greeks are not lazy, they are just smarter and have more reasonable values.... they dont delude themselves into thinking that working a 9 to 5 job and digging and early grave just to pay taxes to some asshole is going to somehow benefit them.
Greeks do not make compromises they do what they want to do.
IN Greece you work 6am ~11AM, take a 2 hour break (because its fucking hot as hell outside and the sun is toooo strong to do any practical work anyway) then you wake up around 2~3PM have a coffee and a cigy . . . hop on your motorcycle , drive to the sheep to make sure no one stole them while you were on break, gather the dumb fucks back to the barn after a day of grazing , kill a sheep and make dinner . . . rinse/repeat.
This is the program/schedule Greeks have been on for thousands of years, and these nazi germans are trying to go and re-program greeks to work like nazi robot debt slaves.
NEWSFLASH TO REST OF PLANET:
Just because YOU work like a slave and pay taxes, does not give you the right to go demand other civilizations go and do the same! whos being stupid? the guy drinking coffee and taking a shit at 12pm and breathing in some air, or the idiot paying 50% of his income in taxes, working 9~5 with no breaks and getting progressively sicker every day from a permanent state of stress induced constipation!?
Greeks are not lazy, they just dont put up with bullshit, they understand that no matter how many hours you spend at work, you still accomplish more or less the same shit you accomplish in 3 hours of work a day... no need to file meaningless paper work and hold your shit in all day just to squeeze more productivity out of the day . . . no one in Greece works for less than 20euro an hour, because the intention is to work for 3 ~ 4 hours and end your day.... instead of sitting around for 10 hours pretending to work filling meaningless paper work no one reads. . . like Americans/Germans.
Everyone should copy the Greek work ethic... bust your ass for 3 hours, finish, go home drink coffee and take a shit, skip the paper work because no one reads it anyway.
If you got rid of taxes, people would work half the hours, make twice as much and twice as many people would be working to fill the gap in hours, if you have 50% taxes, 50% of the population wont have a job because the people that do work have to work twice the hours just to keep up with inflation.
Taxes and Debt are the primary causes of high unemployment.
WHO NEEDS BLOOD SUCKING USERS GREEDY FRIENDS ? MEMBERS? CROOKS?LIKE EUROPE. INNOCENT , NAIVE NEW MEMBER GREECE HAD A DREAM TO BE IN EUROPE ,AND THEY ABUSE , BRIBE, TRICKED FOR THEIR OWN GAIN ON THE POOR GREEKS. IF YOU PRETEND YOU DONT KNOW...SEE WHAT PUT GREECE IN TROUBLE ..THE BALOON GAVE TO CHILD GREECE BY ...GOLDMAN SACHES....SIEMENS..ALL THE OTHER * LIZARDS TO IMPORT BY BRIBES....GOT SO BIG SUCK WHOLE GREECE INSIDE IT. WOULD YOU GIVE A CREDIT CARD TO A CHILD ? YOU DID. SO GREECE DO NOT PAY NOTHING BACK!!!! CROOKS. USERS!!!
Greece,
It is time to tell the IMF and the other influences to back off. You are insolvent! Period! You know this. This is why the people of Greece have entrusted you to lead the country. The people of your country deserve a better life. You have a beautiful country. At the same time the people of your country mustt be taught to be more entrepreneural. "Give a man a fish and he will eventually starve. Teach a man to fish and he will thrive in life. Debt default is not the end of the world. Somebody has to make the (so called) bad decision to save the rest of the world. Study the history of defaults please. God has spoken and I know you have heard the message. Don't be another Ireland! Just call that smuc of a leader and then poll a few of his citizens.
God Speed!
Greeks have been fishing and farming for thousands of years.
The problem is that foreign powers are coming in and trying to change things.... to make people stop fishing and farming and to get them to sell their fish and farm goods for worthless euros to buy shit they dont want or need on credit they dont need and cant afford.
Greeks are rich for the most part.... the rest of europe is in flames because Greeks wont bend over and pay taxes as tribute to foreign governments. . . .
Let me explain to you how it works in greece.
Farmer gets up in morning, goes tends to the flock. . . goes to sleep around 11~12 . . . wakes up tends to flock/rounds them up, goes home eats dinner.
Whats on the dinner table?
-Cheese from the farm
-Lamb from the farm
-Chicken from the farm
-Milk from the farm
-Potatoes and string beans from the farm
If you lived in Greece for even a month you would understand that the people there dont need a lot of cash . . . everyone produces what they need locally, this is why the threat of "economic destruction" if Greece leaves the euro is an empty threat, because for the most part, the lives of MOST greeks will not change much during the transition, only the mega rich oligarchs who have profited from the scam have anything to lose. . . 80% of Greece probably doesn't even have 100$ in the bank.... Greeks dont trust banks. . . never have never will. . . so if ALL the banks in Greece shut-down tomorrow . . . for the most part it would only have a negative impact in the cities/Athens.... and the people of Athens would simply go back to their islands/grandparents houses and help run the farm during the transition and everyone will be fine.
Then someone knocks on the door, o its a tax collector, farmer slams door on tax collectors face and tells him to fuck off, someone who did not do the work wants a cut of the cheese.... farmer kindly tells him to fuck off.
All these foreigners want Greece to sell itself for paper so that they can entrap them and force them to sell their country for notes that cost nothing to print.
Then everyone thinks Greeks are lazy...
Its not Greece that should be taught how to fish . . . its the rest of the world.
Europe is trying to steal the proverbial fish of Greece for cheap.
Everyone knows Greece has the best of everything
-Best Olive Oil
-Best fish
-Best meat
-Best produce
-Best bread
-Best Beaches
-Best water
-Best land
Quite frankly, the rest of the world is jealous of Greece, the fact that people in Greece can make a living, pay no taxes, no tribute and that they OWN WHAT THEY EARN, best thing Greece can do is form a fixed govt that stays small by law and keep taxes capped by law.... so people contribute just enough to fund a military to keep Greece safe from nazi invasions in the future, Greece had a functioning socilist democratic government with drachmas that was working GREAT... then the Euro debt system came in and tried to fuck everyone...
In Greece government performed simple deficit spending with no accounting , no one in the Greek central bank cared if the Drachmas came home to roost so it was essentially a debt-free monetary system . . . govt prints money, spends it into circulation , people use currency to perform day to day transactions, everyone was happy, there was no loan frenzy blowing bubbles. . . because in Greece people only spent money on the following
-Feed for livestock
-Water
-Electricity
-Housing
-Fuel for car/truck
Its only 10~13 million people at any given time. . . fuel and food for 10 million people costs nothing . . . the country was running great and even had a surplus under drachma system.
Haters gona hate.
Why is it they talk about "Failure" on he talks.
I think as far as Greece is concerned its a rearing success. Everything is going perfectly for them and exactly and precisely they are doing what they decide and not what some shit for brains thinks he can tell them to do.
The useless fucking idiots in Brussels remind me of some fucking moronic teachers I had at school.
So convinced were they of their righteousness and that they would be obeyed to the last letter of whatever diktat they came up with that it was simply inconceivable in their sclerotic fucking shriveled brains that anyone could possibly make a fool of them.
Which is what I took huge and gratifying delight in doing, by simply agreeing with them on every single point, expressing my admiration on their clarity of though and direction, agree with every request, then I simply fucked off and did exactly what I was going to do anyway.
They screamed at me, they howled and I just told them I did my best and put on the best appearance of a village idiot I could muster.
The point was, what had transpired was now history. Nothing can change the reality of history, and in every single case I got MY way, and not what they thought was going to happen their way.
I now take that to new levels, The IRS thinks that I will complete tax returns, They think I will pay taxes too, They have same fucking mentality, Cannot conceive that anyone would bin every fucking tax return they send for over 20 years to the point where they couldn't even begin to conceive of what to do about it as it cannot happen in their fantasy world.
These morons actually believe that Greece is still going to fucking hand the money over twice, The first time when 92% was returned directly to the corrupt fuckers the same day the last bailout was made and and now again all over with interest.
They simply cant understand that some people are more than capable of agreeing to everything clowns ask and then walking away laughing their head off at the sheer gullibility of civil servant mindset.
Fuck em Greece, Sitting at the table whilst they blather on about fairies dancing on pins, I know that you know that Greece is leaving the ponzi shite eurocrap coupon area, and that you will not put capital controls in place because you actually want everyone to shift their cash abroad if they are smart enough, just so that can bring it back and buy the new drachma at deep discounts in the future, when they use for living expenses at home.
Keep taking the piss Greece, because I love watching the motherfuckers squirming as chinks of light from reality invade their fantasy's and how they try keep the blinds firmly in place.
Greece is insolvent, but their women sure aren't.
I'll be looking into taking a trip there and tapping some of that fine feminine ass.
Read the comments from Richard Murphy who is extremely worried:
http://www.taxresearch.org.uk/Blog/2015/02/17/the-end-of-democracy/#stha...
While just across the Mediteranean 21 Coptic Christians are executed by ISIS on the beach in Libya.
Heard nothing about it here in New Zealand - if it had been Jews the outrage would have been global and culpable.
http://www.infobae.com/2015/02/15/1627000-el-estado-islamico-difundio-la...
The video of their group execution by sawing off their heads is at the link above.
BE WARNED this video is sickening.
Unlike the Jordanian pilot who screamed not one of those killed tried to escape or cried out as their executioners started killing them.
Its almost Biblican and fucking scary
MY GOD! ISIS must get funding from Mossad...a professional Cinemascope epic! it was arty, professional Dolby 6.1 sound and DTS, 16:9 2.35 anamorphic widescreen, intertitles......and probably a greenscreen for certain shots
Deutsche Bank - clueless as usual
Greek cards that can be played and they are quiet strong:
– We leave the monetary union
– Default on the debts to European banks
– Support the Russian pipeline trough Turkey and Greece
– Give Russia a port
– Make a free tax haven with full anonymity to everyone and every company on the globe
Step 4: Deus ex machina
Deus ex machina - which may appear a deus ex ma-China.
Dijsselbloem is Dutch like me, and i feel a shamed to be dutch at the moment. If i ever meet this person i'll punch his ratty face to break his nose.
Rather print Drachma, than grasp the short end of a Euro-sh*tstick.
Austerity and Necessity are the mothers and fathers of all great imaginative inventions !
Greece could ask China or Russia for some free Oil and Gas -
to sell on to the rest of Europe...or make some other strategic deals...
Greece has plenty of options !
Austerity creates resilience - and creative imagination.
(Große Not macht erfinderisch.)
WR;)
Greece is just the start. Cyprus next, then Spain, Portugal, Italy and maybe France and some of the Baltic countries. The EU cannot keep it to Greece alone, isolated, otherwise they would just remain intransigent and expell the Greeks anyway. The EU are the ones bluffing, hoping that the anti-EU parties in several other European countries can be frightened and intimidated. The Greeks are doing it for the rest of the debtors in Europe. They (the Eurozone countries) are as usual thinking compromise, appeasement and stickng ther heads in the sand. Led and Governed by a cowardly and charlatan 'elite', still living the good life on taxpayers money. Limiting democratic, economic and social accountablity by kicking the can down the road.
V for Varoufakis' game is not about convincing the "institutions".. it's about convincing the Greek people that the grass is greener outside the europen.
Support for EZ is about 80% in Greece right now, watch how the country radically changes in the next two weeks. Next Sunday, enter stage left, referendum.
SYRIZA game all along was to quit the Euro.