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"Completely Absurd" To Think Greece Won't Default In May: Official

Tyler Durden's picture




 

Facing a pensioner rebellion and a looming €780 million payment due to the IMF on May 12, Greece’s back is now truly against the wall. Last Tuesday, Athens appears to have run out of cash, triggering an 8 hour delay in pension payments which left some pensioners walking away from ATMs empty-handed. This didn’t sit well with the country’s retirees who reportedly disrupted a state pension fund board meeting and demanded that cash reserves not be transferred to the central government as mandated by a decree that came down last month. 

Now, with a reshuffled negotiating team (characterized by less Varoufakis and more negotiating), PM Tsipras is racing to strike a deal on reforms that would allow the country’s creditors to disburse the bailout money Athens needs to pay… well, to pay its creditors (we’ll ignore the circular reasoning there for now). 

More from Bloomberg:

While talks have picked up pace in recent days, the two sides are still trying to bridge differences on stalled reforms. It isn’t yet clear that there will be enough progress to clinch a deal in time for the planned May 11 meeting of euro-area finance ministers, some officials warned.

 

“They’re working hard now and that’s what we’ve gained,” Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem told reporters in the Hague. “But in the end we only look at the results and we’re not that far yet.”

 

Greek Prime Minister Alexis Tsipras told his cabinet on Thursday he’s confident of closing a deal, even as his government sent conflicting signals on its willingness to agree on reforms required under the 240 billion-euro ($268 billion) bailout. Faced with debt payments totaling about 1 billion euros to the International Monetary Fund on May 6 and May 12, Greece hopes there will be enough progress in the talks by next week to allow the European Central Bank to restore liquidity access for the country’s cash-strapped banks…

 

Dijsselbloem said it was too early to say whether talks with Greece had reached a turning point. While there has been progress in terms of the process after Tsipras reshuffled the negotiating team, pushing aside Finance Minister Yanis Varoufakis, there is still a long way to go on the substance, a person familiar with the matter said, asking not to be named because the talks are private.

 

The official said that the Greek government’s economic assumptions are very optimistic, making it difficult to agree on the extent of fiscal adjustment measures the country must adopt to meet goals under its bailout.

Despite attempts by both sides to project an air of optimism, the stark reality seems to be that Greece will attempt, to the bitter end, to stick with its “red line” campaign promises as practicality, reality, and the economic suffering of the Greek populace seem to have taken a permanent back seat to Syriza’s desire to hold on to whatever political legitimacy the party has left. Meanwhile, some officials have now suggested that even if a deal were struck this weekend, there simply is no chance that Athens will make the payment due to the IMF on May 12.

Via Bloomberg:

Even if an agreement between Greece and international creditors reached, it would take weeks for the next aid tranche to be paid, Handelsblatt reports, citing people close to the government.

 

Greek government hoped to pay ~EU750m to IMF on May 12 with help of international creditors: Handelsblatt

 

It’s “completely absurd” to think money will be transferred by then, as “prior actions” by Greece would be required, approved by Greek parliament, even in the event of a deal: Handelsblatt

And here is Athens which appears to be re-adopting the now infamous “tax driver” approach:

  • GREECE NEEDS DEAL WITH CREDITORS AS SOON AS POSSIBLE: SPOKESMAN
  • GREECE RETAINS RED LINES IN NEGOTIATIONS: GOVT SPOKESMAN

So while things do not look particularly promising in terms of avoiding a Greek default in just 10 days' time, Athens can always (re)play the war reparations card. 

From Reuters:

German President Joachim Gauck expressed support on Friday for Athens' demands for reparations for the Nazi occupation of Greece in World War Two, even though the government in Berlin has repeatedly rejected the claims.

 

Gauck, who has little real power in Germany but a penchant for defying convention, said in an interview to be published in Saturday's Sueddeutsche Zeitung newspaper that Germanyshould consider its historical responsibility to Greece.

 

"We are not only people who are living in this day and age but we're also the descendants of those who left behind a trail of destruction in Europe during World War Two -- in Greece, among other places, where we shamefully knew little about it for so long," Gauck said.

 

"It's the right thing to do for a history-conscious country like ours to consider what possibilities there might be for reparations."

 

Greece's demand for 278.7 billion euros ($312 billion) in reparations for the brutal Nazi occupation have mostly fallen on deaf ears, but some legal experts say it may have a case.

 

Many in Greece blame Germany, their biggest creditor, for the tough austerity measures and record unemployment that have followed from two international bailouts totaling 240 billion euros.

And although German economy minister and vice-chancellor Sigmar Gabriel recently called Greece's reparations claims "stupid", Merkel is striking a concilliatory tone ahead of WWII's anniversary:

Germans “have a special responsibility to deal in an aware, sensitive and knowledgeable way with what we perpetrated under Nazism."

 

"[We can't draw a line in the past] we see that in the debate in Greece and in other European countries, too."

 

“I fully understand [the] long-lasting wounds and concerns that there are in other countries.”

As we noted last month, Greece is expected to bring up the issue again and again with whatever tools it has in its hands. Until it decides to solve the issue in the courts.

For the Germans, it appears this topic is not going away anytime soon.

 

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Sat, 05/02/2015 - 11:50 | 6053645 GMadScientist
GMadScientist's picture

Is it me, or do we have the makings of civil war developing in Greece as this prolongs?

(yeah, you thought "regime change" was only for Egypt and Libya)

Sat, 05/02/2015 - 11:51 | 6053658 agent default
agent default's picture

It is you.  There would be very strong telltale signs if something like that was going on.  The civiel war is brewing in the US.

Sat, 05/02/2015 - 12:05 | 6053692 winchester
winchester's picture

 

you elected a nigger twice in a row ... how the fuck can you make a civil war after this...

 

you already forsaken 7 years ago.

Sat, 05/02/2015 - 12:06 | 6053707 Stuck on Zero
Stuck on Zero's picture

I am a firm believer in reparations.  The bankers, their children, and their children's children owe us trillions.

Sat, 05/02/2015 - 12:09 | 6053713 Macchendra
Macchendra's picture

If the gov default, EU must assault.

Sat, 05/02/2015 - 12:18 | 6053733 kliguy38
kliguy38's picture

Its deadman walkin......everywhere

Sat, 05/02/2015 - 12:33 | 6053762 remain calm
remain calm's picture

Listen, GREECE WILL NOT DEFAULT. THE PONZI SCHEME CONTINUES. The SDR is not quite ready yet. China is not on board. The COORUPT, IMMORAL, ILLEGAL, GREEDY world leaders are not ready for PLAN B YET. HOLD ON THEY HAVE NOT YET EXTRACTED ALL THE WEALTH THEY WANT. 

Sat, 05/02/2015 - 12:35 | 6053766 Arius.
Arius.'s picture

china is not on board ... lol

china was built to be on board ... what do you think how come it was developed that quickly and you got all that manufacturing moving out of us for tax benefits among other matters ...

Sat, 05/02/2015 - 12:56 | 6053819 Haus-Targaryen
Haus-Targaryen's picture

Anything to destroy the EURO.  Anything.  Seriously.  Anything.  

Putin takes control of the continent?  
Aliens invade and probe Merkel?
Greece develops an atom bomb and nukes themselves?  

Don't care.  Someone just end it. Please.  

Sat, 05/02/2015 - 13:02 | 6053832 Manthong
Manthong's picture

Either that or a Chino-Russo-Brazillio-Indio co-op will bail out the Anglo-Germo-Belch bankers.

 

Sat, 05/02/2015 - 14:08 | 6053918 prefan4200
prefan4200's picture

"Greece’s back is now truly against the wall."

For what now, the 100th time?  Greece has been standing there with her back against the wall for what seems like forever.  Wake me up when something interesting happens.

Sat, 05/02/2015 - 15:02 | 6054015 daveO
daveO's picture

Bunch'a squatters. Get outta Greece. Go to FLA. 

http://abcnews.go.com/Business/bank-america-takes-florida-man-court-squa...

Sat, 05/02/2015 - 17:58 | 6054434 MonetaryApostate
MonetaryApostate's picture

At this point I believe it's safe to assume it's all going down the toilet soon & nations will soon be back where iwe were in 2009 -2011 (Rioting Everywhere Worldwide), because let's face it, the greed will never end, and you know it's true...  (The war on currencies & therefore the sovereignty of nations has just begun...)

http://galeinnes.blogspot.com/2015/05/engineered-dependencies.html

Sat, 05/02/2015 - 15:25 | 6054056 pgroup
pgroup's picture

It'll be interesting when she turns around and bends over while leaning on the wall.

Sun, 05/03/2015 - 05:39 | 6055731 Michail Barmpas
Michail Barmpas's picture

May I wake you up then? To your big surprise Greece has found better friends in Germany than among you people. How much you bet Greece will never default? This is more than interesting, and it comes at the right time: http://www.dw.de/german-president-gauck-raises-prospect-of-world-war-two...

Sat, 05/02/2015 - 12:33 | 6053735 Arius.
Arius.'s picture

here is a summary of the drama which has been played through the last decade all over tv and newspapers, for starters greece is just 1-2% of EU economy.

 

initial Goldman loan to Greece to enter to EU in the amount of 2.5 billion, to make the numbers so to speak (see the video below ... even BBC had to say it, it was that obvious....)

 

2010 bailout - loan amount total of 50 billion (quite an increase from 2.5 but still more to go...)

2012 bailout - loan amount increase to 130 billion

August 2014 - total loan amount has reached 500 billion ... quite a jump from the initial few billions, all the game is about attacking bonds, raising the interest (because mr. market thinks so)... then VOILA by magic the loan increase couple of hunderds billions more, but no worries ... we will give you another loan so you can pay us back all these number with interest ... magic isnt it? 

 

These are not REAL loans to the economy ... it is just trading fake MONOPOLY MONEY

 

since August 2014 there have been NO MORE  "fake loans" to pay back the previous "fake loans" at a higher number, money from ECB, IMF or whoever ....

 

It has been squezing the stone to get REAL money .... turning greece upside down to get whatever pennies are left ... scrapping the barrel from cutting pensions, salaries, moving money in accounts from hospitals, state enterprises to Central Bank to pay IMF and ECB ... this until NOW .... after 7-8 months of scrapping there is nothing left ...

 

here is how all started ...

 

https://www.youtube.com/watch?v=07-hA9DW-Po

 

ps just in case there is any confusion to the cause of the problems ... DIESSELBLOOM is blaming Varoufakis' personality ... that is the real problem ... never mind none had heard of him until the last couple of months...

Sat, 05/02/2015 - 14:15 | 6053933 Kirk2NCC1701
Kirk2NCC1701's picture

Didn't they teach you in Sabbath or Sunday School that the best kind of slavery is financial slavery?

Replace those awkward iron chains with fashionable Invisible chains.  Note that Predators are sharp & sly, Prey are not.  Nothing new.

Sat, 05/02/2015 - 14:37 | 6053963 Arius.
Arius.'s picture

true ... until the prey is you .... then is different i suppose

Sat, 05/02/2015 - 15:56 | 6054111 Mr. Lucky
Mr. Lucky's picture

So, in short they have run out of other people's money.

Sat, 05/02/2015 - 12:12 | 6053720 Skateboarder
Skateboarder's picture

We don't want their fake, shitty trillions. To be left alone without violent imposition of force is good enough.

Sat, 05/02/2015 - 22:36 | 6055201 StychoKiller
StychoKiller's picture

Without being able to force cooperation at the point of a gun, WHO is gonna feed these parasites?

Sat, 05/02/2015 - 12:19 | 6053729 Arius.
Arius.'s picture

.

Sat, 05/02/2015 - 12:22 | 6053731 winchester
winchester's picture

they own you nothing because 1st of all a child is not responsible for his parents act.

then,  until today it is  vastly accepted that a son of XXX will do XXX as job, just like yyy's son will do yyy job as well.

 

thinking a poor XXXX man from poor XXX family can become what HE WANTS, just because he wants to, what we call in europ the equality of chance, is total bullshit.

 

chance = money, you have no money -> no aganda -> no help from outside.

 

a person who believe that electing a black in a white country would change the situation for the whole country is someone totally idiot who have serious lack of knowledge in human being behaviors.

 

when a poor/low person gain acces to higher levels, society stage/condition, the 1st thing he does is cutting the links with the under/where he comes from. it is a security move. it is true whitout any distinction of race/color basically, so i let you imagine with no educated blacks barbarians who grew without any male modele ( jailed/killed ) and concentrate in blocks like tribes.

 

after 7 years you still do not get that obama was pseudo elected  for blacks coz of the " yes we can" can what, put black in WH...? yes you did... did he make ANYTHING FOR BLACK CONDITION ?

 

LOL.

 

he is the best weapon seller of the whole presidencies.

 

the worst amercian president ever.

 

after 2008 he kept lying to the country.

 

in your country, " recovery" mean take people for dumbass. which, is...obviously, somehow so sadly true.

Sat, 05/02/2015 - 15:08 | 6054026 daveO
daveO's picture

"a person who believe that electing a black in a white country would change the situation for the whole country is someone totally idiot who have serious lack of knowledge in human being behaviors." So, you've met my relatives?/sarc/

Yes, the American population has been dumbed down to that point, by design. It took TPTB decades to get here. 
Sat, 05/02/2015 - 22:37 | 6055207 StychoKiller
StychoKiller's picture

Meh, to achieve "peace in our time" is gonna take a "Woman's touch!" (is the /sarc really necessary here?)  :>D

Sat, 05/02/2015 - 16:25 | 6054181 German
German's picture

Mr. Winchester

I am absolutly with you.

 

 

 

 

Sat, 05/02/2015 - 12:23 | 6053745 oudinot
oudinot's picture

Winchester-you are an ignorant, racist, stupid cunt.

Sat, 05/02/2015 - 17:52 | 6054412 winchester
winchester's picture

no, i lived in africa more than a decade, i own my subject.

 

now i'm back i my own country, also from couple of years, i understand that some stuff cannot be politically "improved", instead, any political act decrease social interaction between humans.

 

you  are the ignorant that do not open you eyes and your mind enough to get the global picture, you stay focus because i  talk of blacks as niggers, nigger = negro = spanish word for black, nothing so serious until you are the black here, or... the scared whitey, the ear stick...list is long too. they also have their own vocabulary.

 

anyway, keep nourrishing piegons with bred sat on a bench waiting death to take you. prolly the best thing you can do for your country.

do not forget, hitlarry 2k16 ...

Sun, 05/03/2015 - 06:56 | 6055793 Calmyourself
Calmyourself's picture

Some of his questions have merit.  American blacks voted 80+% for this President has he helped them cut their underclass chains of unemployment, fatherless households and welfare dependance?  No, he has not if anything he has made them more dependant, its not up for debate.  BO is thw worst thing since Lyndon Johnson for American blacks.

Sat, 05/02/2015 - 20:39 | 6053702 813kml
813kml's picture

Default in May and go away.

Sat, 05/02/2015 - 17:52 | 6054414 j reuter
j reuter's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.jobs-review.com

Sat, 05/02/2015 - 17:53 | 6054416 j reuter
j reuter's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.jobs-review.com

Sun, 05/03/2015 - 12:34 | 6056431 Sailorgirl
Sailorgirl's picture

Home Profit System is a scam, beware! You will not get a product. It's a scam at the best.

Sun, 05/03/2015 - 12:35 | 6056434 Sailorgirl
Sailorgirl's picture

Home Profit System is a scam, beware! You will not get a product. It's a scam at the best.

Sat, 05/02/2015 - 11:49 | 6053649 Mister Delicious
Mister Delicious's picture

don't default - repudiate, then leave the EU and get closer to the BRICS.

Sat, 05/02/2015 - 11:56 | 6053675 Soul Glow
Soul Glow's picture

Which would start a banking crisis....

Sat, 05/02/2015 - 12:39 | 6053778 Mister Delicious
Mister Delicious's picture

yeah.

kinda the point, man.

Sat, 05/02/2015 - 11:55 | 6053673 Soul Glow
Soul Glow's picture

Roll 'em up, move 'em out!  Raw Hide!

They will roll the debt until the Greek Treasury has not but one euro left in it.  UNless they take what the Trioka has to offer which is worms and grit.

Sat, 05/02/2015 - 11:56 | 6053674 One And Only
One And Only's picture

This is still going on? Greece being bankrupt. Has anything changed in 3 years?

Sat, 05/02/2015 - 11:57 | 6053678 Soul Glow
Soul Glow's picture

Yeah the newly elected government ran on the premise they wouldn't cave to the Trioka's demands.  They have of course since they looted the shit out of pensions so NO nothing is different this time.

Sat, 05/02/2015 - 15:16 | 6054041 daveO
daveO's picture

Tsipras is a Communist, big C;

http://en.wikipedia.org/wiki/Alexis_Tsipras

Did they really believe that? Or, did they think he'd just take extortion to a whole new level? 

Sat, 05/02/2015 - 11:58 | 6053679 SilverDOG
SilverDOG's picture

Tell creditors you will pay, when the banks show from where currency was derived.

 

Still waiting...

Sat, 05/02/2015 - 12:09 | 6053712 Blopper
Blopper's picture

Greece will NEVER EVER default.

Sat, 05/02/2015 - 12:18 | 6053736 Its_the_economy...
Its_the_economy_stupid's picture

Missing a payment is one thing. But as we all know, defaulting is a totally different beast.

Sat, 05/02/2015 - 12:18 | 6053737 adonisdemilo
adonisdemilo's picture

There is absolutely no way that the Greek's will not be slaves until the end of time unless they tell the Troika fuck off.

Moving Varoufakis was a big mistake.

He appears to be an honest man, which is why TPTB don't like him.

Is the new guy working for TPTB, to negotiate with them until they bury Greece or is he working for the Greeks?

Sat, 05/02/2015 - 12:29 | 6053740 HenryHall
HenryHall's picture

Sadly, it looks increasingly likely that Greece is headed for an American-backed  military coup d'etat in the near future.

1967 all over again.

Sat, 05/02/2015 - 14:29 | 6053953 Kirk2NCC1701
Kirk2NCC1701's picture

Maidan II, you Greek malakas!

You're screwed.  How do you take it... SF (Sodom) or LA (Gomorrah) style?

Sat, 05/02/2015 - 12:24 | 6053747 M.B. Drapier
M.B. Drapier's picture

Meh, more brinksmanship. Missing a payment on May 12 would put Greece at the beginning of the one-month grace period before the IMF starts to treat Greece as being in really-for-serious default, right? Presumably Unnamed Source is hoping that a deal will be signed on the 11th and then will be rammed through the Greek parliament with the IMF countdown ticking away to encourage swift compliance.

Sat, 05/02/2015 - 12:25 | 6053748 B2u
B2u's picture

let's find Zorba...

Sat, 05/02/2015 - 12:25 | 6053750 Joebloinvestor
Joebloinvestor's picture

Greece will promise the moon and sky and then NOT IMPLEMENT A FUCKING THING.

Sat, 05/02/2015 - 12:49 | 6053800 crashguru
crashguru's picture

Lets hope you are right.

Sat, 05/02/2015 - 12:42 | 6053784 blackhand
blackhand's picture

Really...the Captain Obvious commercials are getting really old.

Sat, 05/02/2015 - 12:47 | 6053797 Kaiser Sousa
Kaiser Sousa's picture

if i were greek i would never admit to being a greek...

fucking pathetic.

Sat, 05/02/2015 - 13:09 | 6053843 Arius.
Arius.'s picture

i hope to be wrong, and really never wish it ... but i have a sense, the same will be true for you in no longer that few years ... and to a much larger extent since the fall will be harder ... i hope to be wrong.

Sat, 05/02/2015 - 15:07 | 6054025 Kaiser Sousa
Kaiser Sousa's picture

"i hope to be wrong..."

u r ...

but thank u for wishing me well...

and the same to u...

Sat, 05/02/2015 - 13:12 | 6053854 Peter Pan
Peter Pan's picture

Not one of your better comments unless you acknowledge that just about every freaking government on this planet is in much the same position.

Or perhaps we should remember the words of Telly Savalas who said that there are only two groups of people in this world, Greeks and those who wish they were Greek.

The situation is of course pathetic but let usnot forget who extended the credit in the first place without conducting due diligence.

The Greeks will face great hardship but it won't be the first time. Nor the last.

Sat, 05/02/2015 - 14:54 | 6053994 Kirk2NCC1701
Kirk2NCC1701's picture

Savalas reworded what he heard on the Set: "There are 2 kinds of people... those who are Overlords and those who wish they were."

Sat, 05/02/2015 - 15:19 | 6054020 Kaiser Sousa
Kaiser Sousa's picture

the comment speaks to the refusal of the Greek people to free themselves from the grip of the MoneyChangers...

the power is in their hands not the bankers or the politicians who r pussyfooting around side to side...

take away the power of the MoneyChangers to control their worthless currency and their death grip on humanity vanishes...repudiate the onerous debt suffocating them and the MoneyChangers power is no more...

im not antii Greek or anyone else...

Im anti being bitches and layin down to who is oppressing u...take it  however u guys wish to though...

Sat, 05/02/2015 - 15:21 | 6054051 daveO
Sat, 05/02/2015 - 22:42 | 6055217 StychoKiller
StychoKiller's picture

"Kojak," what kinda Greek name is that?

Sat, 05/02/2015 - 12:57 | 6053822 q99x2
q99x2's picture

Uh oh there is a question of whether or not Greece is going to default. This could be serious.

Sat, 05/02/2015 - 19:42 | 6054707 Monty Burns
Monty Burns's picture

Of course they'll default but the agencies will find some formula not to class it as a default.  End of problem.

Sat, 05/02/2015 - 13:04 | 6053834 Peter Pan
Peter Pan's picture

Greece cannot even cover her interest payments and yet the puppet masters demand capital repayments.

Then again the USA has only been able to pay the interest on her debt since the 1980's by increasing her debt.

So pray do tell why is the US not as bad if it were not for her great privilege of being able to print and her haughty military?

Sat, 05/02/2015 - 22:43 | 6055219 StychoKiller
StychoKiller's picture

"ALL things MUST pass!"

Sat, 05/02/2015 - 13:07 | 6053838 geno-econ
geno-econ's picture

What is more important? Repayment of $400 billion in Greek debt or preservation of Western financial monetary system including capital based  military empire structure.   Hint---US spent over a Trillion in Middle East and still spending like fools on Homeland sacurity, military and bailout of various bubbles.  Greece is just a diversion to justify EU bureacracy. In the end it will find a benefactor via military control

Sat, 05/02/2015 - 14:14 | 6053931 Arius.
Arius.'s picture

if that was the case, greece would have already received money from IMF or ECB.  Instead since August last year there has been no money  and Greece is the only country out of the debt game,monopoly money so to speak ....

 

the reason provided by Diesselbloom and company is the list of reforms and Varoufakis personality ... okay, yes there is a need for reform etc. but you tell me one country where there is everything perfect... besides greece is only few percent of EU economy,

 

why greece has been cut out of the debt fake money system is anybody guess ... but since everybody and his uncle is talking about October, may be just may be they might start the game a little earlier on ...

WHY?  because thats how it works ... wash, rinse, repeat ...

 

Sat, 05/02/2015 - 15:45 | 6054091 geno-econ
geno-econ's picture

Greece is only a few percent of EU but Spain Italy and Portugal are next to sucumb to debt mismanagement so it matters. Now that Varoufakis has been sidelined, money will flow on false promises or the military will step in like in 1967 which would represent forced austerity and possibility of civil disorder  Options are not attractive so Germany in the end will act as Devils Savior for their own benefit as primary benefactors of EU currency for bolstering German exports to EU. Varoufakis understands the chess game but has a rough edge and habit of poking the Germans in the eye. 

Sun, 05/03/2015 - 01:28 | 6055510 Arius.
Arius.'s picture

the fake loans have stopped last August, varoufakis came in February ... Varoufakis is irrelevant.

Sat, 05/02/2015 - 13:10 | 6053846 youngman
youngman's picture

70 years ago today.Hitler was confirmed dead....timing is perfect..

Sat, 05/02/2015 - 15:33 | 6054074 daveO
daveO's picture

Yea, and his dead body was disposed of surreptitiously, just like Osama's. The puppet show never ends. Yay! More puppet show!

http://www.youtube.com/watch?v=Hlbu6SsjlSE

 

Sat, 05/02/2015 - 14:28 | 6053951 Chris88
Chris88's picture

To all the morons who supported this group of Statist pigs I just wanna know how your foot tastes.

Sat, 05/02/2015 - 15:03 | 6054019 JenkinsLane
JenkinsLane's picture

Fuck the Greeks.

Sat, 05/02/2015 - 15:16 | 6054036 FrankDieter
FrankDieter's picture

They need min $1B Euros to make May payments. But they are out of money, like zilch

So they therefore need to borrow $1B euros so they can make the payments.

 

Not that complicated.

Sat, 05/02/2015 - 22:46 | 6055230 StychoKiller
StychoKiller's picture

Well, let me check my wallet:  Sorry, alls I got is $42! (excluding the 1/10 Toz AGE and the 1 Toz ASE)

Sat, 05/02/2015 - 16:17 | 6054160 cwsuisse
cwsuisse's picture

War reparation is a nice game that could be played almost to infinity. I would love to see Renzi's face reading a letter from Schäuble requesting reparations for the roman occupations of Germania at around 50 b.c.. Loss of live and damage to wildlife and forrest would certainly produce a sizeable sum and image the accrued interest. Renzi would need to look for another aggressor that foots the bill and the big looser at the end of the day would be USA that unfortunately has never been attacked on its own soil if you disregard it's efforts of selfdestruction - so far. 

Sun, 05/03/2015 - 05:01 | 6055716 Michail Barmpas
Michail Barmpas's picture

You compare two different situations. NAZI Germany has destroyed the Greek economy altogther in WWII. 20% of the Greek population was assassinated, people's properties were stolen, the SS Forces loomed all the gold from the Bank of Greece, and most of the country's antiquities were stolen and never returned. The NAZI exteminated whole cities and killed all the inhabitants in Greece, just to mention the towns of Kalavrita and Distomon. In Kalavrita the NAZI executed all the male population of the city inside the churches !!!  When the NAZI left there was not a single building standing in Greece. The Genocide and the massacres are acknowledged even by German Chancellor Dr. Angela Merkel: http://www.bloomberg.com/news/articles/2015-05-02/merkel-says-germany-ca... -

Sat, 05/02/2015 - 16:18 | 6054164 speculair
speculair's picture

Many people misinterpret the situation. Those new guys in Greek government they come not to save but to accomplish very sophisticated and complex gameplay. As Varoufakis always says Greece is already bankrupt, even if there is no formal default event, and it can not be undone with some magical tricks like "austerity policy" or something kinda that. It's just a fact Germany does not want to admin - it _already_ happened, no way to fix. Varoufakis tries to show the real choice: there is no way to fix the Greece, accept the reality and the hard truth, and then there are generally two options: give them a chance to build a brand new economy with some type of new "Marshall plan", or blow-up whole EZ thing if forcing them to formal default action (no doubts it will be Iceland-creditors-get-nothing style, moreover, it is possible "Grexit" would be actually the exit from the NATO in this case). So, the real choice is "brand new Greece" or "brand new world" if blow everything up then see how EZ and then NATO bursting at the seams making mr Putin happy. 

 

Sun, 05/03/2015 - 04:42 | 6055709 Michail Barmpas
Michail Barmpas's picture

Exactly. This is what happens and people out of ignorance (many of the guys who write here do not even know ehere is Greece in the map) misinterpet the situation. Even more, the only thing that the European Union leaders achieved with the vulgar attack against Prof. Dr. Yannis Varoufakis and his dictatorial replacement, was to make Yannis Varoufakis a hero in Greece. If elections were to be held at this present moment Yannis Varoufakis would have taken at least 70% of the votes. Not even President Obama when he was elected as President of the United States for the first time was so popular among the people like Yannis Varoufakis is in Greece today ! Just show me one of your politicians that can walk through an angry demonstration without any police or secutiry "protection" and be adored by the masses like Yannis is doing here:https://www.youtube.com/watch?t=32&v=JWVl-MPLl-M

Sun, 05/03/2015 - 12:52 | 6056479 speculair
speculair's picture

I believe Yannis one day will be the one of the most influential European policy makers of new generation. He is very smart and he has a courage. Really, great guy )

Sat, 05/02/2015 - 20:32 | 6054862 Youri Carma
Youri Carma's picture

GREECE - WE CAN DO THE MATH NOW, GREEK DEFAULT BY EARLY JUNE/LATE JULY! http://forum.prisonplanet.com/index.php?topic=210616.msg1513335#msg1513335

Sat, 05/02/2015 - 20:37 | 6054873 nicxios
nicxios's picture

Ahh the pensioners. The same fucks that voted for 3 decades the same 2 corrupt parties. When the shit hit the fan...they continued voting the same corrupt parties. Even 3 months ago the geezers were voting ND-PASOK near 70% even though they ran the country into the ground and put all the reforms and austerity on the shoulders of the poor and working folks with children to feed.

Now they storm board meeting....only after their pensions were a few hours late on the evening before they were actually due(!!!) 

Fuck them.

Sat, 05/02/2015 - 21:52 | 6055095 Anunnaki
Anunnaki's picture

Yeah pay up you Greek dipshits so the Eurotards can give your money over to Ukraine

Sat, 05/02/2015 - 22:55 | 6055247 JoWazzoo
JoWazzoo's picture

When Grexit is announced, Dow will drop 150, reverse and close up 200.  More $$ from IMF, BIS, WB and GS to save the EU.  Yippee.  Buy the effing DIP.

Sun, 05/03/2015 - 02:59 | 6055606 XXL66
XXL66's picture

GREECE DEFAULT is NEVER going to happen. They will do ANYTHING to prevent this.

Sun, 05/03/2015 - 04:26 | 6055704 Michail Barmpas
Michail Barmpas's picture

The only thing that the European Union leaders achieved with the vulgar attack against Prof. Dr. Yannis Varoufakis and his dictatorial replacement, was to make Yannis Varoufakis a hero in Greece. If elections were to be held at this present moment Yannis Varoufakis would have taken at least 70% of the votes. Not even President Obama when he was elected as President of the United States for the first time was so popular among the people like Yannis Varoufakis is in Greece today ! Just show me one of your politicians that can walk through an angry demonstration like Yannis is doing here:https://www.youtube.com/watch?t=32&v=JWVl-MPLl-M

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