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After Pillaging Pensions, Greece Raids Utilities To Repay Troika; Bonds Plunge As Bank Run Accelerates

Tyler Durden's picture




 

Following yesterday's news that the ECB is now running simulations on what a Grexit would mean for Greek bond prices (spoiler alert:
"fundamentals" suggest a 95% loss), overnight we got more confirmation that Mario Draghi continues to tighten the screws on the Greek sovereign corpse, when Bloomberg reported that the ECB once again raised the maximum amount of emergency liquidity available to Greek lenders by €400 million, but less than the Greek central bank requested, people familiar with the decision said.

The increase was approved by the ECB’s Governing Council on Wednesday, the people said, asking not to be identified as the council meeting was private. Greece requested about 900 million euros, one of the people said. The increase should take ELA to about 70 billion euros. Policy makers raised the limit by 600 million euros on March 12, after a boost by 500 million euros to 68.8 billion euros on March 5. Greek banks haven’t used all their ELA and have a total of about 3 billion euros in liquidity available, one of the people said.

However, not a single penny from this additional emergency "liquidity" would enter the economy, as all of it was merely provided to offset the ever faster Greek bank run because as Reuters reported, on Wednesday Greek banks saw deposit outflows of €300 million, the highest in a single day since a February deal with the euro zone that staved off a banking collapse, two senior Greek bankers familiar with the matter said on Thursday.

"The uncertainty over the lack of progress in negotiations and the negative newsflow has affected sentiment," one banker told Reuters. "It's not a huge amount but the worry is whether this is the start of a trend that could get worse."

 

"Under the current climate, with worries of a 'Grexident', savers are unlikely to return cash to the banking system soon," said another banker. "Outflows may continue ahead of this weekend."

Congratulations to those who were among the Greeks who successfully withdrew the €300 million: this is probably one of the last batches of capital permitted to be pulled from Greek banks. For now the ECB has granted Greece a few more days (hours) in which deposit withdrawals are permitted. However, all that will cease and Greece will be "blueprinted" the moment the ECB announces that there will be no more ELA boosts and it's all over.

Meanwhile, the Greek government, instead of seriously contemplating a Plan B outside of the Eurozone, was busy thinking of new ways to raid its own population just to repay the "loathed" Troika.

 In the latest sad indication of just how truly insolvent Greece is, Reuters also reported that days after raiding its own Pension funds to repay the IMF (which in turn lent the cash to Ukraine so it could repay Ukraine's obligations to Gazprom and thus Putin), the Syriza government is now raiding the major state utility firms to lend the government cash through short-term repo transactions as it scrambles to avoid running out of cash.

Prime Minister Alexis Tsipras's government has already resorted to dipping into the cash reserves of pension funds through such transactions, officials told Reuters earlier this month.

 

Kathimerini, citing unnamed sources, said the government was calling on the main utilities, such as the Athens Water Co (EYDAP) and the Public Power Company, to undertake repo transactions in which state entities lend money to the Greek debt agency through a short-term repurchase agreement.

 

Kathimerini also named the telecoms company OTE as on of those that Athens could look to for cash, though the Greek state only holds a 10 percent stake in OTE. The company is 40 percent-owned and managed by the German telecoms giant Deutsche Telekom. PPC, EYDAP and OTE had no immediate comment.

This is how the market assessed the latest batch of Greek developments: Greek bond yields just soared to the highest in two years!

Needless to say, unless Greece is actively negotiating right now, not only how to implement the current bailout, but the terms of the third Greek bailout as well (which will likely demand a left kidney from every Greek citizen as collateral), it is all over.

 

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Thu, 03/19/2015 - 08:05 | 5905400 pachanguero
pachanguero's picture

"At this point what does it matter?

HRC

Thu, 03/19/2015 - 08:11 | 5905412 Smegley Wanxalot
Smegley Wanxalot's picture

HRC is our Mutti.  Germany's Mutti thinks this matters very much, as do the Über-mutti's banks.  Jaaaa!

Thu, 03/19/2015 - 08:16 | 5905425 negative rates
negative rates's picture

Do I smell burnt toast with that scramble?

Thu, 03/19/2015 - 08:56 | 5905562 Haus-Targaryen
Haus-Targaryen's picture

Germany will cough up the cash.  Yawn.  Move on. 

Thu, 03/19/2015 - 09:02 | 5905586 pods
pods's picture

6 months from now I would not be surprised if the government is coming for people's first born to sell to Brussels as house servants.

When this one blows, a LOT of people are going to die in very nasty ways.

pods

Thu, 03/19/2015 - 09:06 | 5905598 Creepy A. Cracker
Creepy A. Cracker's picture

Welcome to leftist/socialist government.  The U.S. is heading there full speed ahead and is already there in many instances.

spend, Spend, SPEND!!! 

buy votes, Buy Votes, BUY VOTES!!!! 

screw future generations, Screw Future Generations, SCREW FUTURE GENERATIONS!!!

Thu, 03/19/2015 - 09:25 | 5905664 Thirst Mutilator
Thirst Mutilator's picture

This is FARTA!

 

Note to Greeks: It does no good to fart in someones general direction if said direction stands in 180 degrees in contrast to the direction of the prevailing wind.

Thu, 03/19/2015 - 09:57 | 5905770 msamour
msamour's picture

Had to login to give you a +1 for the Monthy Python reference.

Thu, 03/19/2015 - 12:46 | 5906462 Nobody For President
Nobody For President's picture

AND 300!

Thu, 03/19/2015 - 09:59 | 5905773 Greenskeeper_Carl
Greenskeeper_Carl's picture

between these shenanigans in greece, and the negative interest rates elsewhere, under the mattress has to be looking more and more attractive. Why people would leave large ammounts of money in any of these banks is a mystery to me. Better get that money out while you can, otherwise you will be lining up to withdraw your 100 euros a day like cyprus a while back

Thu, 03/19/2015 - 10:10 | 5905796 Haus-Targaryen
Haus-Targaryen's picture

Be careful with this in the United States.  Look up the crime of "structuring."  

Thu, 03/19/2015 - 12:18 | 5906332 Paveway IV
Paveway IV's picture

"...Be careful with this in the United States..."

There's few in the U.S. - in relative terms - that can even do this, HT. The U.S. baby-boom generation is approaching peak retirement. It began in 2011 and will end by 2029 assuming age 65 retirement. The peak will be sometime around 2020, meaning we're not even there yet. You're talking about the savings of 20% of the population of the U.S. here. The bulk of those 'savings' are already in restricted accounts, like tax-sheltered retirement accounts (IRAs, 401Ks or the few pensions left). The other smaller, but significant chunk is in their house. There is an astounding number of blue-collar and white-collar millionaires out there, dutifully saving their money for decades to provide what they assume will be a comfortable retirement. 

There is no simple way to 'be careful' with a 401K, and IRA or your house. You can't just withdraw three-quarters of a million in cash WHILE you're still working. You can't do it right after you retire without getting screwed with taxes. There's little protection from simply moving it because banks are going down the sewer, bonds are crashing or the stock market is imploding. Most retirement plans have some kind of money market option - you can temporarily isolate your money from stocks and bonds without draining your investments, but baby-boomers are all lined up for the most colossal screwing on earth. They have no concept of what happens when a money market fund breaks a buck. The vast majority just figure the money will be there and will be available when and as they need it. In other words, they might as well paint a huge target on their back and walk around with a sign that says "Screw me, PLEASE."

U.S. Baby-boomers will be competing with 64 million of their fellow baby-boomers to get at their cash in a financial collapse. If even a fraction of them panicked - say five million - and tired to pull their money out at the same time somehow, it would cause a financial collapse. Worst case they can sell their house, right? Except there will be twenty million other people with the same idea at the same time. I don't think they're going to find many eager Student Loan indentured servants or bartender/waitresses eligible for a mortgage or willing to buy. Second-ring suburbs will start to look like Detroit in a few years. So much for that 'investment'.

There are plenty of strategies for protecting those savings (creating your own IRA with phyz. gold, for example) but that's for ZH doom-and-gloomers or conspiracy theorists. Most of them won't bother, and will simply trust the system to protect their savings. Why? Because that's what people always do. They'll look at Greece and figure that could never happen here. CNN and the NYT will reinforce that notion. Nobody is ever going to steal your life savings - until they do.

Structuring won't be necessary - they'll be lucky to get much of anything out at some point. Most people are just going to be screwed out of the bulk of their retirement savings, deer-in-the-headlights style, in some future financial crisis. Then they can sit around co-miserating with other broke baby-boomer retirees how unfair everything was. Just like their crazy depression-era grandmas that saved old glass jars and used paper bags and never trusted banks again. 

Thu, 03/19/2015 - 14:42 | 5906995 Solar
Solar's picture

You nailed it.  The quandry is how to protect the money in a 401K.  Withdraw it all as cash?  Loose a 1/3 to taxes, then where do you store it (beyond the unfortunate boating accident).  Creating an IRA with phyz gold?  The feds will know about that too and come knocking.  A bank in another county?  They will send you a thank you card after they seize it.  Pay off the mortgage?  I think even fully owned property just may be confiscated if times get really bad.  And then of course the currency is probably doomed too.

You said "There are plenty of straregies for protecting those savings...".  Other suggestions please!!

Thu, 03/19/2015 - 19:41 | 5908062 Paveway IV
Paveway IV's picture

I got nothing for ya, Solar - I plan on dying broke. The only two that ever sounded good to me were non-gold PMs (less confiscation risk than gold but potentially illiquid in an emergency) or land/property (which can also be confiscated by the state if things get really bad). There's some way to move all or a portion of your 401K at retirement into a kind of a self-managed IRA trust you create that owns land or property instead of stocks or bonds.

Lawyerly types can chime in here - I have only the vaguest understanding of it. Farm land to lease out for income or timber land to harvest for cash - both minimal income and taxes but 'easy'. Rental property if you want to manage it and have a fair amount of income. Income to the trust, not to you. The trust also pays the property taxes. You still withdraw cash from the trust over time like you would from a 401K or IRA. Alternatively, just big chunks of decent, low-tax land for preserving your wealth for the kids (and potentially feeding you and yours when the SHTF). You have to get lawyers and accountants involved to make damn sure that it meets the IRA requirements for the gov., but I understand that it's really not that big of a deal. Probably not practical for someone with small 401Ks that will depend on the income to eat, but '401K millionaires' might find this far less risky than what passes for low-risk investments in mutual funds or - heaven forbid - banks.

Not for everybody of course, but you have the comfort of owning something physical for your life's work that's a little more difficult to take away from you than digital 1's and 0's at a financial institution. More difficult, of course, does not mean impossible

Thu, 03/19/2015 - 11:16 | 5906093 Kirk2NCC1701
Kirk2NCC1701's picture

Good one! What does a Greek shrubbery go for these days?

Greece reminds me of a certain American city that's older now, but keeps running against the wind.

Thu, 03/19/2015 - 11:06 | 5906058 jakesdad
jakesdad's picture

Weird Al could do a Notoriuos B.I.G. parody:  "f--- savers, print money!  f--- savers, print money!"

Thu, 03/19/2015 - 11:48 | 5906213 Vullsain
Vullsain's picture

Agreed as long as you include in socialist our crony capitalisim including military industrial complex/wall street etc.

Thu, 03/19/2015 - 12:30 | 5906395 manich
manich's picture

@CreepyCracker says "Welcome to leftist/socialist government.  The U.S. is heading there full speed ahead and is already there in many instances."

No, when it is the biggest corporations buying the votes, it is closer to Fascism.

Thu, 03/19/2015 - 13:12 | 5906567 HowdyDoody
HowdyDoody's picture

It is amazing how deeply The Left has infiltrated the US government.

"You know, Paul, Reagan proved that deficits don't matter. We won the mid-term elections, this is our due." Dick Cheney (2004)

Both Cheney and Reagan are actually of The Left. Amazing.

 

Thu, 03/19/2015 - 09:09 | 5905610 Nussi34
Nussi34's picture

Screw the donkey riders!

Thu, 03/19/2015 - 08:32 | 5905476 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Derivatives exposure aside it is also about German pride. Someone will use that against the Germans to take down the whole EU sooner or later.

 

Thu, 03/19/2015 - 08:55 | 5905558 max2205
max2205's picture

Print motherfuckers 

Thu, 03/19/2015 - 11:50 | 5906218 lester1
lester1's picture

What's a mutti?

Thu, 03/19/2015 - 08:18 | 5905432 negative rates
negative rates's picture

I think the full quote was, At this point what difference does it make? I did not have sexual relations with that women Sarah.

Thu, 03/19/2015 - 08:31 | 5905457 Muddy1
Muddy1's picture

"I did not have an inappropriate relationship with that woman."

there, fixed it

Thu, 03/19/2015 - 08:48 | 5905529 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

I didn't not have a relationship with a woman is more like it for this day and age. It was a guy in drag Michelle.

Thu, 03/19/2015 - 10:25 | 5905858 negative rates
negative rates's picture

Might have fixed it for you, he used every phrase in the book, except " she had sexual relations with me"

Thu, 03/19/2015 - 09:27 | 5905675 orez65
orez65's picture

"At this point what does it matter?"

It matters if you have any deposits in Greek banks.

Thu, 03/19/2015 - 09:41 | 5905720 sessinpo
sessinpo's picture

And if you have deposits in Greek banks after years of this nonsense. aren't you asking for it?

Thu, 03/19/2015 - 11:32 | 5906146 HenryHall
HenryHall's picture

There is absolutely no benefit in imposing capital controls, none whatsoever.

Those who have any significant amount of money and want to remove it will find a way around the controls.

Meanwhile you only hurt those who would not have wanted to remove their money but for the imposition of capital controls.

Germany's motive in suggesting capital controls is to hurt Greece, no more and no less.

Thu, 03/19/2015 - 11:40 | 5906182 glenlloyd
glenlloyd's picture

The problem is that like all failed states they will do a tremendous amount of damage in the final stages of their predicament.

How they can believe that Brussels will continue on this path of endless bailouts or why Greece would even want this is beyond me.

Forget it and move on...it's over.

Thu, 03/19/2015 - 08:06 | 5905401 Seize Mars
Seize Mars's picture

LOL remember this the next time you think electing a certain "government" is a solution to "banking."

Thu, 03/19/2015 - 08:32 | 5905479 HenryHall
HenryHall's picture

I Lenin veliky nam put' ozaril, (a line from the Soviet Union national anthem)

Translates as Lenin cast light on the way forward

Thu, 03/19/2015 - 09:07 | 5905606 Creepy A. Cracker
Creepy A. Cracker's picture

FORWARD!!!! 

(over the cliff)

Thu, 03/19/2015 - 08:51 | 5905531 HardAssets
HardAssets's picture

Time to Vote the Bastards Out !

Heh . . . . wait a minute . . . .

WTF ?

Didn't they vote for a 'rebel' ?

After all, he didn't tuck in his shirt, didn't wear a tie, and rode a motorcycle

Thu, 03/19/2015 - 09:27 | 5905677 in4mayshun
in4mayshun's picture

And he probably thought that he was going to Govern like one until it occurred to him that they would kill him and/or his family if he did.

Thu, 03/19/2015 - 12:14 | 5906268 HardAssets
HardAssets's picture

" Political power grows out of the barrel of a gun. " - Mao, psychopath

That ole psychopath Mao was correct with that quote.

The Greeks may only have a chance if they ally themselves with someone who also has lotsa Big Guns (nukes) - Russia and China.
Pick an ally whose best interests are served by keeping you alive.

It seems that all the 'legality' and election talk is just a story for the masses. The world is ruled by raw violent power.

Sigh.

Thu, 03/19/2015 - 09:37 | 5905708 jarana
jarana's picture

lol!!

In Europe, there's no representation. State has the legislative, executive and judicial power.

The law is made, applied and executed by the same entity. Vote for the face of that entity.

THERE IS NO DEMOCRACY IN EUROPE.

Cheers from southern Europe.

Thu, 03/19/2015 - 10:09 | 5905793 Took Red Pill
Took Red Pill's picture

nor anywhere else!

Thu, 03/19/2015 - 12:55 | 5906505 Nobody For President
Nobody For President's picture

Iceland may be a contender...

Thu, 03/19/2015 - 09:19 | 5905646 ThirteenthFloor
ThirteenthFloor's picture

Only solution to banking cartel is through international financial markets as the BRICS are attempting. Only time will tell.

Thu, 03/19/2015 - 09:45 | 5905726 sessinpo
sessinpo's picture

Government is NEVER the solution to anything, which has been my point for years now. Government is most often the problem.

However, we cannot elect bankers, we can elect people that want to reduced government.

So what is your solution?

Thu, 03/19/2015 - 11:34 | 5906153 lunaticfringe
lunaticfringe's picture

Are you delusonal? Hitting the chiva early?

Who are these nefarious people that want to "reduce" government- will they be presented by the two headed hydra at the next election?

It is because sheep, precisely such as you, still believe that "voting" matters. It's a scam, an illusion. I don't care how many tricks David Copperfield does, I'll be damned f the majorty of dumb mf ers don't in fact believe just as you do. That the trick is real.

Show me your vast army of "reductionists" outside the two headed hydra and I'l be the first in line to kiss your ass. 

Thu, 03/19/2015 - 12:08 | 5906297 2handband
2handband's picture

Dumb ass. You can't elect anyone. Unless you really think the elections aren't rigged... in that case excuse me while I laugh in your face.

Thu, 03/19/2015 - 08:06 | 5905402 _SILENCER
_SILENCER's picture

You're insane if you let your money out of your sight.

Thu, 03/19/2015 - 08:12 | 5905416 Smegley Wanxalot
Smegley Wanxalot's picture

Money? .... ohhhh, you mean EBT card.

Thu, 03/19/2015 - 08:28 | 5905461 BandGap
BandGap's picture

Insane or just plain stupid? Why would you "loan" money when there is virtually no chance of getting it back?

Stop the bullshit.

Thu, 03/19/2015 - 09:46 | 5905729 agstacks
agstacks's picture

nevermind a rate of return on it..

Fri, 03/20/2015 - 10:33 | 5909644 juantrades
juantrades's picture

They enjoy giving $$$ away of course

Thu, 03/19/2015 - 09:23 | 5905658 Kaiser Wilhelm II
Kaiser Wilhelm II's picture

This is the real money - and it will always be : http://www.achat-or-et-argent.fr/ressources/images/pieces/Maple-Leaf-arg...

 

This is ... absolutely worthless and useless in case of any kind of crisis : http://peopleactmagazine.fr/site/wp-content/uploads/2014/07/2PBRiWOx906k...

And of course : http://i.telegraph.co.uk/multimedia/archive/02222/cards_2222752a.jpg

 

Gold - or Silver, Gun and Food

Thu, 03/19/2015 - 08:06 | 5905404 Chuck Knoblauch
Chuck Knoblauch's picture

Let's shift attention overseas today.

 

Thu, 03/19/2015 - 08:09 | 5905408 Which is worse ...
Which is worse - bankers or terrorists's picture

Titanic....deck chairs....re-arranging....

Thu, 03/19/2015 - 08:53 | 5905545 serotonindumptruck
serotonindumptruck's picture

And the band is playing the PT Barnum circus theme.

Thu, 03/19/2015 - 09:52 | 5905750 Snoopy the Economist
Snoopy the Economist's picture

I was think more like the Benny Hill theme song

Thu, 03/19/2015 - 10:19 | 5905841 Sweet Chicken
Sweet Chicken's picture

We're consumers. We are by-products of a lifestyle obsession. Murder, crime, poverty, these things don't concern me. What concerns me are celebrity magazines, television with 500 channels, some guy's name on my underwear. Rogaine, Viagra, Olestra. 
 Martha Stewart. 
 Fuck Martha Stewart. Martha's polishing the brass on the Titanic. It's all going down, man. So fuck off with your sofa units and Strinne green stripe patterns. 

Thu, 03/19/2015 - 13:37 | 5906647 HardAssets
HardAssets's picture

@SweetChicken - I don't even know what half the stuff you listed is -

which is probably a good sign.

Thomas Jefferson warned that 'consumerism' would lead to Americans allowing their Liberty to be stolen. (Though he didn't refer to it using the current term, of course. He talked about them focusing on only making money and improving their material lot in life.)

Thu, 03/19/2015 - 08:09 | 5905410 Philo Beddoe
Philo Beddoe's picture

Anybody else noticing Oil tiptoeing to the woodshed? She wants a beating I know she does.  

Thu, 03/19/2015 - 08:24 | 5905450 Augustus
Augustus's picture

Yesterday's pop seems pretty silly.  Avoiding a 0.25% rate increase makes oil worth 5% more for next month?  While supply is still looking for storage? 

It may take a week or two but it will get below $40 pretty easily.

Thu, 03/19/2015 - 08:30 | 5905466 Philo Beddoe
Philo Beddoe's picture

It needs follow through to the downside on heavy volume soon or it will just bounce around like a cork until the fall. Just a gut feel. Charts are useless these days. 

 

Thu, 03/19/2015 - 08:50 | 5905536 Augustus
Augustus's picture

Just put a dipstick in the storage tanks to tell if there is more in there.

Thu, 03/19/2015 - 08:52 | 5905541 quasimodo
quasimodo's picture

Gonna take some rather lengthy dipsticks, and a lot of them if we are to believe the numbers re: build up of supply.

Thu, 03/19/2015 - 08:31 | 5905475 silverer
silverer's picture

Maybe all the Molotov cocktails that are sure to come will help increase consumption.

Thu, 03/19/2015 - 08:12 | 5905415 saints51
saints51's picture

Where is all the Syriza supporters? Love to read their comments.

Thu, 03/19/2015 - 08:27 | 5905452 globozart
globozart's picture

Well pravda reports, that ... (sorry it was reuters)

Last time I checked the Greeks did not control them, rather someone else. Anyone here started to believe mass media?

Thu, 03/19/2015 - 08:28 | 5905462 saints51
saints51's picture

Oh yeah some here started believing in the hype. The kool-aid was apparently sweet.

Thu, 03/19/2015 - 08:26 | 5905453 globozart
globozart's picture

double post. no idea how it happend.

Thu, 03/19/2015 - 08:27 | 5905454 agent default
agent default's picture

They are being briefed by the Party on how to blame this on the evil capitalist pig conspiracy and will be right with you.

Thu, 03/19/2015 - 08:33 | 5905482 saints51
saints51's picture

It is hard for me to have any sympathy for the Greeks. I wish them well but they fucked themselves. When America falls there is no reason anyone should have sympathy for us. We fucked ourselves. Nobody wants to grow up. Keep on partying like a 17 year old or with today's kids taking selfies on friday nights.

Thu, 03/19/2015 - 15:02 | 5907079 agent default
agent default's picture

"Nobody wants to grow up. " 

Man, people lately are seeking to regress back to infancy.  Grow up is a huge demand from them.

Thu, 03/19/2015 - 09:40 | 5905717 JRobby
JRobby's picture

Blame Goldman

Sue to claw back fees

Thu, 03/19/2015 - 12:15 | 5906319 Which is worse ...
Which is worse - bankers or terrorists's picture

"Blame Goldman" that would be like Arbenz and the United Fruit Company

Thu, 03/19/2015 - 08:37 | 5905493 silverer
silverer's picture

Which goes to show, when you are out of gas it doesn't matter who you slip into the driver's seat.

Thu, 03/19/2015 - 10:30 | 5905878 Niall Of The Ni...
Niall Of The Nine Hostages's picture

Forgive them, they're a bit busy.

The top brass are busy moving any liquid assets offshore and making discreet inquiries to relatives abroad about job opportunities in family businesses, cash under the table, because they'll be fleeing whatever replaces Syriza with not much more than the clothes on their backs.

The rank and file are busy closing their bank accounts, stocking up on food, and wishing they'd voted Golden Dawn.

Thu, 03/19/2015 - 08:15 | 5905419 j0nx
j0nx's picture

HAHA 'game theory' expert my ass. Just another bankster bitch.

Thu, 03/19/2015 - 08:28 | 5905464 agent default
agent default's picture

Doesn't playing with yourself qualify as a game too? At least in theory?

Thu, 03/19/2015 - 08:13 | 5905420 darteaus
darteaus's picture

How's that 2004 summer Olympic venue working out now?

Thu, 03/19/2015 - 08:16 | 5905424 Philo Beddoe
Philo Beddoe's picture

 No shit, There are several slideshows on the net. Fucking sad. 

Thu, 03/19/2015 - 08:19 | 5905437 saints51
saints51's picture

Thats how the .01% run this world. Use and abuse it until its gone. Then move on to the next piece of land and start the process again. The perfect parasite.

Thu, 03/19/2015 - 08:22 | 5905444 Philo Beddoe
Philo Beddoe's picture

Indeed.

Nothing but a bunch of sad sack bagholders left in the wake. 

Thu, 03/19/2015 - 08:33 | 5905477 COSMOS
COSMOS's picture

Those Olympic venues would be great right about now for some PUBLIC EXECUTIONS of some EU banker scum and a few ECB Krauts, Dutch, and some Goldman Sachs vipers.

Thu, 03/19/2015 - 08:35 | 5905487 saints51
saints51's picture

Greeks could use it for the Syriza party.

Thu, 03/19/2015 - 09:56 | 5905767 Snoopy the Economist
Snoopy the Economist's picture

Or better yet, return to the gladiator games using banksters. That would be awesome! Think of the fees they could generate on pay-per-view or ringside tickets...

Thu, 03/19/2015 - 10:56 | 5906008 Anunnaki
Anunnaki's picture

Syria goes on the gallows for robbing pensions to pay the Troika
Definition of treason

Thu, 03/19/2015 - 12:35 | 5906414 Which is worse ...
Which is worse - bankers or terrorists's picture

And is treason punished?

Thu, 03/19/2015 - 09:07 | 5905603 LasVegasDave
LasVegasDave's picture

So the Greeks who want 20 hour work weeks and lots and lots of govt. services bear no responsability?

They elect politiicans who promise them goodies out of thin air, then whine when they have to repay the loans that funded all their free shit.

 

Blame the bankers (code word) all you want, but human nature is the culprit.  not the evil "bankers".

Thu, 03/19/2015 - 09:38 | 5905687 COSMOS
COSMOS's picture

Sorry to inform you but the Greeks work more hours than the Germans.

Thu, 03/19/2015 - 11:19 | 5906051 edotabin
edotabin's picture

Yeah and I'm sure the employees in NYC put in a full day as well.  Have you been to the DMV or interacted with any of them? Takes you a full day to accomplish something that should take an hour. It's no wonder people are leaving in droves. Ultra expensive, grey, taxes everywhere, employees with a huge chip on their shoulder, you know the thoroughly indoctrinated types...... 75% of .gov needs ot be disbanded. Keep shit simple and straightforward. It's in that purposeful confusion and obfuscation that all the scams and subversions thrive.

Thu, 03/19/2015 - 11:38 | 5906172 darteaus
darteaus's picture

According to the BBC, the Greeks work the most hours, but are among the least productive:

http://www.bbc.co.uk/news/magazine-17155304

Thu, 03/19/2015 - 11:49 | 5906217 nicxios
nicxios's picture

Which means what, they don't work hard? Or maybe is reflection of different economies?

Thu, 03/19/2015 - 13:06 | 5906540 TNTARG
TNTARG's picture

Let your brain be washed up. Then don't complain for what's coming to you too, sooner or later.

 

Fri, 03/20/2015 - 10:40 | 5909672 juantrades
juantrades's picture

Just when you thought the Germans were hardcore already

Thu, 03/19/2015 - 13:12 | 5906570 2handband
2handband's picture

Comments like this indicate a poster foolish enough to believe in the validity of the wage-slave system... and therefore not worth listening to.

Thu, 03/19/2015 - 19:31 | 5908024 edotabin
edotabin's picture

Are you sure you aren't using that as an excuse to sit on your ass all day? I will be the first to criticize the system as it stands and yes, it is very unfair for working people.

My beef is with people that have good-paying jobs with health benefits that are supposed to help and provide services to their fellow citizens yet they choose to slack off, be very unappreciative of what they have and look upon the rest of us in a condescending manner.

Thu, 03/19/2015 - 20:39 | 5908270 2handband
2handband's picture

I pride myself on sitting on my ass a lot... and keeping my kids sheltered and well-fed at the same time. I don't need an excuse; I believe that touting hard work as a moral virtue is one of the most evil things about our culture. I value free time way more than money.

Thu, 03/19/2015 - 09:35 | 5905705 nicxios
nicxios's picture

Truer words were never spoken.

Thu, 03/19/2015 - 10:18 | 5905837 Niall Of The Ni...
Niall Of The Nine Hostages's picture

For the people who built that white elephant and are now watching the chaos in Athens from their Alpine chalets? Swimmingly.

Thu, 03/19/2015 - 08:13 | 5905421 SofaPapa
SofaPapa's picture

Next up... Spain?... Portugal?... Austria?!

More popcorn, please...!

Thu, 03/19/2015 - 08:41 | 5905508 silverer
silverer's picture

US?

Fri, 03/20/2015 - 10:48 | 5909699 juantrades
juantrades's picture

and mexico

Thu, 03/19/2015 - 08:16 | 5905423 JustObserving
JustObserving's picture
After Pillaging Pensions, Greece Raids Utilities To Repay Troika

But current payments are not even 1% of total debt.  How will Greece ever pay off its debt in the current deflationary environment which makes debts more onerous every day even as GDP contracts and Greeks leave the country and demographics turn negative?

There is no chance that Greece ever pays off its debts - and Portugal, Spain, and Italy are next.

 

Thu, 03/19/2015 - 08:28 | 5905463 Joe A
Joe A's picture

Next step: organ harvesting ans selling their children.

Thu, 03/19/2015 - 08:58 | 5905570 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Ukraine playbook, compromised Golden Dawn starts Maidan style protests, you know the rest. Happens once Syriza steals everything not nailed down to pay off their crack dealer. They the Greeks are in denial they have a free shit addiction problem. Can't help the junkie till they can honestly admit to themselves they have a problem in the first place.

Thu, 03/19/2015 - 10:54 | 5905996 Anunnaki
Anunnaki's picture

1. Army coup
2. Default
3. Appeal to Russia for bailout from BRIcS bank
4. New Drachma backed by gold

Thu, 03/19/2015 - 08:41 | 5905507 silverer
silverer's picture

Time for the money people to get ever more creative.  Hmm... must be something you can do with a hole that deep...

Thu, 03/19/2015 - 09:44 | 5905724 JRobby
JRobby's picture

You state very nicely what they want to keep concealed. This game has been over for some time. This is all Kabuki.

Thu, 03/19/2015 - 11:48 | 5906211 Stumpy4516
Stumpy4516's picture

Tsipras was always the bankers "Wolf" in "Rebel" clothing.  The Greeks believed he was their rebel representative but failed to notice how the true rebels (Golden Dawn) was demonized and prosecuted. 

Now Tsipras is rapidly raiding all the money pools and handing it over to the bankers (instead of default) to put Greece in as vulnerable a position as possible.  It appears the plan is to cripple Greece to the point that the people of Greece will sit while Tsipras sells for pennies all the public assets of Greece.  The water systems, electrical systems, natural resources and even the land of Greece.  Once Tsipras has the greek people unsure if they can eat tomorrow he can execute the final plans.

When default is unavoidable (cannot print money due to EU membership) you do not exhaust and give away all the money you have for no reason.  Tsipras is smart (not polished) and is effecting the plan much more quickly than people realize.

Thu, 03/19/2015 - 08:16 | 5905427 ZeroPoint
ZeroPoint's picture

Next: Snitch programs to turn in your neighbor who might have some gold.

Thu, 03/19/2015 - 08:37 | 5905494 COSMOS
COSMOS's picture

LOL, no the neighbor wont turn you in, he will do a home invasion and steal your gold.

Thu, 03/19/2015 - 09:30 | 5905688 ZeroPoint
ZeroPoint's picture

Lol, I didn't say it would be effective, but that's what desperate governments do. Anybody who bought anything from a retail precious metal retailer in the last 10 years I am sure is on a list.

 

 

Thu, 03/19/2015 - 08:17 | 5905430 Jonesy
Jonesy's picture

Syriza to the Greeks, "Fock U!"

Thu, 03/19/2015 - 08:27 | 5905455 NoDebt
NoDebt's picture

More like "You fucked up.  You trusted us."

 

Thu, 03/19/2015 - 08:31 | 5905472 Buck O Five
Buck O Five's picture

More like "Apo Piso"

Thu, 03/19/2015 - 08:18 | 5905433 wmbz
wmbz's picture

Everyone should be watching this unwind. It should be the number one topic in the MSM and in economics classes. An excellent example of who controls the/your "money".

The citzens of Greece are screwed. Banksters Inc. It just warming up!

 

Thu, 03/19/2015 - 08:20 | 5905438 Augustus
Augustus's picture

If Greeks like their Socialists, they can keep their Socialists.

 

It seems that the money is about to run out.

Thu, 03/19/2015 - 08:35 | 5905486 yogibear
yogibear's picture

The "other people's money" has run out.

Thu, 03/19/2015 - 09:06 | 5905599 p00k1e
p00k1e's picture

Baby Boomers are almost out of our money.   What happens in Greece, doesn’t stay in Greece. 

Thu, 03/19/2015 - 09:21 | 5905654 fiftybagger
fiftybagger's picture

That's why we been stackin' for years friend :-)

Silver For The People

Thu, 03/19/2015 - 08:20 | 5905439 Dr. Engali
Dr. Engali's picture

Change you can believe in. Now where have I heard that before?

Thu, 03/19/2015 - 08:21 | 5905440 Renegade0031
Renegade0031's picture

Why does this not effect the Euro? strange because you write off Greece and let Spain,Portugal,Ireland and Italy in.

So Draghi start the Money Press again and the MSM will report how great life is within the EU.....

Thu, 03/19/2015 - 09:11 | 5905611 yogibear
yogibear's picture

"So Draghi start the Money Press again and the MSM will report how great life is within the EU....."

The banksters have to spin that making your currency worthless and them stealing from ya is a good thing.

It's how twisted and dishonest the central banks have become.

 


Thu, 03/19/2015 - 08:33 | 5905441 sudzee
sudzee's picture

Unlike 1's and 0's it takes time to print up physical currency. Sourcing the paper required also takes time as Germany is the largest supplier. 100b euro or dollars  is waiting outside the country for conversion into the new currency. With no outside debt Greece should be able to get a good start . 

Also you must understand that default as in bankruptsy is accepted when no assets are left. Why default and loose assets. 

Thu, 03/19/2015 - 08:28 | 5905456 Dutch
Dutch's picture

There is a big difference between "screw you", walking away, and taking your lumps (what Greece should have done), and "screw you", but holding your hand out for more free stuff (what Greece is actually doing).

Thu, 03/19/2015 - 08:34 | 5905483 yogibear
yogibear's picture

After Greece goes there is a long line of larger Ponzi players.

Thu, 03/19/2015 - 08:37 | 5905491 Jonesy
Jonesy's picture

If a Greek still has money in a Greek bank, he deserves what's coming.

Thu, 03/19/2015 - 08:39 | 5905497 Kina
Kina's picture

Bank holiday this weekend.

Greece - Friday last day to get your money out before long bank holiday and bail-in.

Thu, 03/19/2015 - 11:34 | 5906157 Haus-Targaryen
Haus-Targaryen's picture

If there was a bank-holiday it would be really stupid to do it this weekend.  

I can tell you that most large employers, including the firm I work for are withholding payroll OUTSIDE of Greece right now, and only transferring it in at the last possible moment.  Payroll in Greece is no shit -- next Friday.  

If there was to be a bank Holiday, I would be on next weekend, not this one. Why? There will be a ton more money in the banks post payday than the weekend before.  Just say'in.  

Thu, 03/19/2015 - 08:40 | 5905505 Silversinner
Silversinner's picture

I see Greece as a perfect look in to the future of so many of us.

Prepare accordingly and try to protect as much

wealth as you can.

Gold is the perfect tool to achive this goal for me.

Gold has saved my ass many times in the past and

will do so in the future.

Thu, 03/19/2015 - 08:46 | 5905518 silverer
silverer's picture

No government can resist printing wealth for themselves from virtually limitless paper.  Paper currency could be bitcoin if they didn't run the printing presses except to replace what wears out.  But you'll never see that happen.  That's why gold and silver work.  It's automatically self limiting.

Thu, 03/19/2015 - 09:04 | 5905592 SnatchnGrab
SnatchnGrab's picture

Actually there's been a modicum of common sense when it comes to runaway printing.  Not recently, but the example of 1930s Germany was a warning bell for those who read history books or don't deem themselves above the mistakes of others.

Thu, 03/19/2015 - 08:47 | 5905523 RadioactiveRant
RadioactiveRant's picture

Given you can't get much better than 1% on retail cash in Europe and North America why does anyone on average income have anything in the bank? Even the Germans should be looking across the border at Austra and realising how fragile the house of cards is looking.

The Greeks should have pulled every last cent out years ago.

Thu, 03/19/2015 - 08:51 | 5905538 shovelhead
shovelhead's picture

The one thing you can count on when you swim with loansharks:

There's always gonna be only one fish swimming away.

Thu, 03/19/2015 - 08:54 | 5905551 Prober
Prober's picture

Most of the money in the pension funds is the loot that the Greek thieves and parasites acquired by defrauding lenders, so returning the loot to lenders is JUSTICE.

Proletariat needs to get hard fucked so they learn to NOT vote for politicians offering freebies from gummint.

Thu, 03/19/2015 - 09:01 | 5905582 Wild E Coyote
Wild E Coyote's picture

Wow, where did you learn that? 

As far as I know,  People get pension funds when they work.

Lenders get profits by doing exactly what? 

Maybe Lenders need to be hard fucked to learn not to be greedy and not to lend out money in the first place.

And most importantly not lend to people who cannot afford to payback.

If you assumed someone can payback, try to face it with dignity. stop running to Government for help. 

Afterall you dont like people going to government for handouts right?

Thu, 03/19/2015 - 09:12 | 5905621 p00k1e
p00k1e's picture

Technically, the recipients of pension funds are those who pooled their money and lent it out. 

Thu, 03/19/2015 - 09:41 | 5905721 orez65
orez65's picture

"Maybe Lenders need to be hard fucked to learn not to be greedy and not to lend out money in the first place."

It was a scam, just like in the US with Moody rating subprime mortgages AAA.

The EU rated Greece AAA.

Thu, 03/19/2015 - 11:15 | 5906081 Prober
Prober's picture

The pension funds are government-funded with one of the largest government employee payrolls in the world relative to population, one of the most HORRIBLE environments for entrepreneurs due to the communist labor unions allied with the hyper-bloated socialist government crushing businesses, absurdly high government employee wages, absurdly early retirements with absurdly high pensions and benefits.

These freebies to the proletariat are what the successive Greek regimes used to buy votes to get elected and stay in power so they could defraud more and more lenders out of their money to pay for more and more vote-buying freebie programs.

 

Thu, 03/19/2015 - 08:54 | 5905552 Wild E Coyote
Wild E Coyote's picture

I don't understand, Greece is asking for money to live a decent life promised as part of EU deal.

But EU is willing to give money only to pay the creditors of Greece.

The end point seems simple, the needs of the many must get priority over the needs of the smaller group of Creditors.

So, creditors get hair cut, or Greece gets debt forgiveness. :-) 

So, why all the confusion? Why so much negotiations?

 

Thu, 03/19/2015 - 11:07 | 5905589 Prober
Prober's picture

Socialist parasite corrupt lieing defrauding thieving entitlement-tit-sucking hyper-militant-labor-unionized proletariat, dominant in Greece, must be made to serve as example to same everywhere that socialism, gummint entitlements, confiscating & redistributing earnings, etc, etc are PURE IMMORAL EVIL, and everyone who promotes and supports it MUST suffer, ONLY then will the lesson be learned.

CRUSH GREECE !!!!!!!!

Thu, 03/19/2015 - 12:25 | 5906373 Oracle of Kypseli
Oracle of Kypseli's picture

That did not happen lately. It's been going on since 1948 with governments of all colors, as it's happening with the US lately. Unions, fat pensions of .gov employees and fat salaries higher than productive employees. 

Thu, 03/19/2015 - 08:58 | 5905566 mastersnark
mastersnark's picture

Paging Golden Dawn....

Thu, 03/19/2015 - 09:01 | 5905583 Falconsixone
Falconsixone's picture

Squeeze every last drop then burn the dress. or don't

Thu, 03/19/2015 - 09:05 | 5905594 p00k1e
p00k1e's picture

Alms.  Alms for the poor.

 

LOL

Thu, 03/19/2015 - 09:07 | 5905605 semperfi
semperfi's picture

so much for voting - lotta good that did

Thu, 03/19/2015 - 09:12 | 5905622 Financial Paparazzi
Financial Paparazzi's picture

GERMANY TO LEAVE THE EURO AND REINTRODUCE THE DEUTSCH MARK, REBRANDED AS DEUTSCH MERKEL

 

Problems with Greece being staged to allow Germany to kick itself out of the Euro.

 

 Source: www.financialpaparazzi.com

Thu, 03/19/2015 - 09:16 | 5905635 Spungo
Spungo's picture

Leave Euro, print dracula. Why is this so difficult?

Thu, 03/19/2015 - 10:17 | 5905831 Anunnaki
Anunnaki's picture

Print Dracula? Is that an auto correct typo or a comment on how Syriza is bleeding the Greeks to make their nut to the Troika?

Thu, 03/19/2015 - 09:17 | 5905639 Pullmyfinger
Pullmyfinger's picture

Another shallow, snide, anti-Greek, pro-EU op-ed from ZH. Journalistic mediocrity at its finest.

zzzzzzz.......

Thu, 03/19/2015 - 09:20 | 5905650 Peter K
Peter K's picture

At 320b with 10m residents, that's 32,000 per kidney.

Assuming that all 10m have healthy kidney's.

Now if they could cut out the middlemen, I think that they could jussssst squeeze by.

Thu, 03/19/2015 - 09:27 | 5905674 SpanishGoop
SpanishGoop's picture

A good kidney goes for about 60,000 on the black market.

That is a "healthy" profit.

 

Thu, 03/19/2015 - 09:29 | 5905686 Monty Burns
Monty Burns's picture

The Albanians and Israelis will give you a better deal than that.

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