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Europe "Baffled" By Bizarre Varoufakis "Blueprint"
As Greek PM Alexis Tsipras implores EU officials to help him give Greece a happy ending, and as Germany goes into Monday’s eleventh hour bailout discussions with characteristically “low expectations,” Athens’ freewheeling FinMin has blessed us with several amusingly contradictory soundbites over the last 24 hours. To wit:
- VAROUFAKIS: ‘PLENTY OF COMMON GROUND’ IN TALKS ON GREEK PROGRAM
- VAROUFAKIS SEES ‘SEEDS OF FRAGMENTATION’ IN THE EU
- VAROUFAKIS: GREECE PREPARED TO 'GO TO THE WIRE' IN AID TALKS
- VAROUFAKIS SAYS WE WILL CERTAINLY HAVE AGREEMENT IN NEXT 2 WKS
Fortunately for Greek pensioners (whose payments were recently delayed when Athens briefly ran out of money experienced a “technical glitch”) and for Greeks in general (who, while averse to the adoption of further austerity measures, still support euro membership presumably because they now understand that an exit will lead, in short order, to a deep depression), Varoufakis was recently removed from Tsipras’ bailout team starting lineup and relegated to the role of smug sixth man after the embattled FinMin did more lecturing than negotiating in Riga last month, sending his EU counterparts into a rage.
However, if the last three months have proven anything, it’s that since Syriza’s ascendancy, negotiations with Athens generally adhere to the following variation of Murphy’s Law: “If Varoufakis can mess it up, Varoufakis will mess it up.” As such, we weren’t surprised to learn that while the Greek PM has been hard at work in a desperate attempt to appease creditors and avert a catastrophic default, Varoufakis has been busy distributing a 36-page “blueprint” for Greece’s economic future which one EU official described as having “no connection” to the negotiations and reads like a “program for a country that does not have any financing problems, but just wants to catch up and be a nice tourist destination.”
Here’s WSJ with more:
Documents containing overhaul plans and growth estimates distributed by Greek Finance Minister Yanis Varoufakis to some of his eurozone counterparts have baffled officials involved in the talks between Greece and its international creditors.
Officials say that the files differ greatly from what has been discussed in technical talks in Brussels in recent days and underline how Mr. Varoufakis continues to complicate progress toward a financing deal.
The 36-page document, entitled “Greece’s recovery: A blueprint” and seen by The Wall Street Journal, was presented by Mr. Varoufakis to his counterparts in Paris and Rome, as well as senior officials in Brussels while touring European capitals over the last week, according to four European officials…
The contents of the paper focus on the future of the Greek economy, and how it can return to growth. “Perhaps it is time to visualize a recovering Greece before we unlock the present impasse,” the document says, before going into the various areas where the country plans to reform...
“There is hardly any connection between his blueprint and the ongoing ‘negotiations’,” an EU official said. “It seems like a fine program for a country that does not have any financing problems, but just wants to catch up and be a nice tourist destination,” he added...
An area where officials identify as significantly different to what is currently discussed between experts from both sides is the creation of a “bad bank”—an entity that would house and wind down Greek lenders’ bad loans. “Conveniently, the financing of the bad bank is not treated—he said he would send us the check” the official said.
Mr. Varoufakis’s document also predicts Greece’s economy will grow just 0.1% this year, below the 0.5% forecast this week by the European Commission. In the talks in Brussels, Greek officials have been pushing for a higher growth estimate than the one published by the commission. For 2016, Mr. Varoufakis’ files expect 2% growth, also below the 2.9% forecast by the commission.
“The problem is that Varoufakis doesn’t seem totally in line with [Greek Prime Minister Alexis] Tsipras,” another official said, adding that it isn’t clear to what extent the files represent the government’s position.
Varoufakis it seems, has not entirely resigned himself to his new role as second fiddle in talks with EU creditors. One is certainly left to wonder just how long Tspiras will allow the FinMin to persist in distracting negotiators ahead of a payment schedule that is set to be more unforgiving by the week starting next Tuesday.
We suspect it's likely just a matter of time before the FinMin finds himself with quite a bit of free time to spend philosophizing at his island villa.
For reference, here is the most recent data on Greece's debt:
- EU130.9b of EFSF loans
- EU52.9b of loans from euro-area member states
- EU39.4b of privately-held bonds
- EU21.2b of IMF loans
- EU19.8b of bonds held by ECB under SMP program
- EU14.9b of treasury bills
- EU9.8b of short-term repo lending
- EU7.3b of bonds held in euro area central bank investment portfolios, known as ANFAs
- EU7.1b special multilateral loans from abroad (EIB)
- EU5b of other lending from abroad
- EU4.3b of Bank of Greece loans
- EU0.1b of other domestic lending
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Grecian formula for men. Greece er' up baby!
Expression on girl in background sums this up perfectly.
Tsipras promised to do "whatever it takes in order to reach... an honest and mutually beneficial agreement with our partners"
Get Out Of That Fecking EU While You Can! Fucking RUN, ESCAPE, FLEE...
They won't. They're not done having their cake and eating it too. They seem to be confused finding the door.
Not done yet.
EDIT: They are waiting for someone to do the dishes and then get more cake.
Everybody is waiting for the unicorn to show up with the fairy dust to magically fix all the problems.....
Keynesian Soap Opera, Episode 99...
Episode 100. Moar Debt!
Episode 101. Print!
You done uglyed up the stooges. THAT is talent.
The stooge's lawyers will be calling, I think this constitutes some kind of defamation.
WB even got Varoufakis mug on the fiat. My wife saw that and she thought it was real! Good job, WB.
You mean Dewey, Cheatum, and Howe? The stooges, of the same tribe as their lawyers and bankers.
your getting alot better at this, the cut ins don't look so.. cut in, which in a way adds in flavor... style. if remember when some msm used your style, hilarous.
great work as always, thumbs up man.
I don't understand the long game here. is he just messing with them?
he's delaying because he knows he will have to cave into the troika, unless he wants to usher in the greece currency.
like i've been saying, no way germany and france are left as the bag man. once (IF!) they can unwind all that exposure to greece, only then will they be allowed to leave.
until then, short of a revolution, it's all theater.
I read Ballet discussions. Not only on the first pass but the second pass too.
When I tend to wrong read wor(l)ds like that, I pay attention. Oftentimes, entire sentences will play in opposite tempo/timbre while reading.
And a ballet is exactly what thsi is: You read it heare first
BLACK SWAN LAKE
It's all theater. And guess what? The greatest Play Writes? Greeks.
And what did they write really well?
Tragedies.
Get ready to cry, people.
Clear your mind...Sonic Drones:
Sequence 17
https://www.youtube.com/watch?v=5BrvoWEw2J8
Wait. What?
Really? Reads crystal clear to me.
I read bailout as ballet...
We are watching the BLACK SWAN LAKE.
And the Greeks were great at writing tragedies.
Which is unfolding?
Straightforward dot-connecting.....
The duck die nasty lines right up....
No? Wait, it's early morning there, right?
Perhaps the above is then for Real Men who wake and bake ;-)
Wavelengths...
Beautiful. Maybe there will be poetic justice after all?
i feel ya.
That's some sweet psychotic rambling.
3 ways to become a Frustrated Investor https://www.youtube.com/watch?v=e6fZYR8_j5I
Baffle 'em with bullshit.
I wish I could travel back in time and sit in on one of his classes when he was here at UT. Did he ever actually teach any classes?
Any posturing regarding a mutually acceptable path forward is sheer idiocy. Default is inevitable. The mendacity of all parties is beyond belief. It's simple, Greece defaults and exits. Or, Europe takes the hit for all Greek debt and preserves their ill-fated union for awhile longer. It is exhausting watching this charade.
"Default is inevitable". Numbers, please?
I note a definite lack of numbers, in this discussion. Particularly from Varoufakis.
I only calculated three times on a small spreadsheet the whole thing, and everytime I came to a different solution, but everytime that it's feasible
why, you ask me? well, the biggest item is that three quarters of the Greek debt does not pay interest until 2023. so even if we want to exxagerate the burden to GDP to let's say 210%... until 2023 it is as if Greece had a debt/GDP ratio of (exxagerated) 70%. Or, in reality, lower
balanced budgets, bitchez
Christ Ghordo? Greece, with a smaller economy than fucking Boston has to repay 380€ Billion.
Default is inevitable unless the Greeks want to eat their children.
380 billion is your number. fine. the Greek GDP, now shrunk to the bare bones of reality (unlike other countries) is around 238 billion
when has Greece to repay 380 billion? this year? the next... 50 years? sovereign debt is usually rolled over, isn't it?
GDP per capita is around € 22'000. this "average" Greek has a sovereign debt of let's say € 40'000, to keep it round
now imagine you make 22k per year, and you have 40k of debt... of which three quarters does not pay interest until 2023, and most of it will be rolled over and over as long as you pay interest
a bitch, yes. impossible... no. add to the equation the willingness of the creditors - and you do hear Germany's Greens and Reds - to cut often that debt
in short, there are many US Student Loans victims that are worse off then Greece
Ghordy, the real issue is that One Bank Central Bank-produced "money" is a sham to begin with. It's an instrument of control. Only when that realization is any part of offered "solutions" can true progress be made.
this is a completely different approach and argumentation, different from "it's impossible to pay"
btw I am not arguing that Greece should do this or that. it's their negotiation. I'm just sick of reading tired tropes without numbers, particularly from who should be Greece's "CFO"
What a pathetic euro troll... really disgusting. You people did your best to make Europe the cesspit of failures that it is now. You made it into the history books, be proud of it...
thank you, very kind of you. and your argument regarding... what was it we were discussing? that I'm not arguing what Greece ought to do or not?
My pleasure ! Anytime... You know perfectly well that EU gave Greece a healthy hand in the process of ballooning their debt to such hilarious levels, with the only purpose of saving its own banks from keeling over. That is the the only reason of the initial EU magnanimity toward Greece. Of course, their own corrupt bureaucrats helped in the process (in order to preserve their privileges as long as possible). To come now and claim the high moral ground for a process nothing short of baiting & extorting, is a pinnacle of hypocrisy for the entire EU institution (you included)
I think Ghordus has more than one valid point here.
#1. Mathematically it is posible for Greece to dig its way out of this mountain of debt.
#2. Greece would have to run a surplus budget every year to make that happen.
#3. Greece is not in debt because people outside of Greece forced them to take loans and recklessly spend the proceeds. That is pretty much all their fault.
#4. (Not Ghordous Point but mine ) The EU was deceived and has been continuously deceived by the Greek government probably at the direction and orchestration of Goldman Sacks into buy a gigantic wad of the shittiest ZZZ---- paper they could have ever bought from a lying and bankrupt seller ( that would be the German and French banks. )
The reality here is the Greek people and their government have no desire to fix the situation, and the balance of the world has knows it and wont lend them moar money, so it will implode sooner or later. unless the Greeks start selling islands the SWHTF.
The EU acted disingenuously both when they accepted Greece as part of the euro zone (it could have been part of the EU without the chain ball attached...) AND when it kept flushing good money after bad into the toilet of corrupt Greek politics. The common excuse "we truly wanted to help them" was a fat lie then, it's even a bigger lie now, and an insult to the intelligence of any person who doesn't have his/her IQ in shoes size range...
@freemoney "The EU was deceived and has been continuously deceived by the Greek government"
now that tops the cake as an insult to the intellegence of common readers here .... even BBC acknowledges that much:
https://www.youtube.com/watch?v=07-hA9DW-Po
several billions in interest and principal payments due in short order
what is your solution to that?
which have been paid, so far, this year. how was the solution to that? it all goes back that we are using lots of feelings and very little numbers, in this discussion. problem is, math is heavely involved. and roll-overs too
Greece cannot pay its debt. Loaning them more and kicking the can down the road is crazy. Greeks still ahve to live and pay their private, corporate and municiapl debt. They lied to get into the Euro and now due to all the banks buying sovereign debt with zero loss reserves you have like two dozen countries playing musical chairs with 1/2 dozen seats. Your answer is not to stop the music.
to me this looks as if they're just playing this out until the timing is right for a credit event
ECB has used facilities to give Greece money to make sure Greece could pay IMF 2x recently
now ECB is holding off on giving more and IMF may have to step in themselves with money to get money
none of it makes any sense anymore, probably never did
Greece is a fiscal, economical and political basket case. Period. Full Stop.
"to me this looks as if they're just playing this out until the timing is right for a credit event"
They're just buying time. Everything is going to end, eventually. This, however, will end sooner than most other things. And this really IS the problem, as there's enough attention being paid that there's going to be a lot of backlash directed at TPTB. The "event" might not be so controllable as some would like to think, but it'll happen just the same.
"The secret plan is that we're going to go on this way, no matter what, for as long as we can." -- Daniel Quinn
"this is a completely different approach and argumentation, different from 'it's impossible to pay'"
It's the only argument. Everything else is counting angels dancing on a pin.
Do you not comprehend what Varoufakis is really trying to lay out here? Numbers, you want numbers? He's telling you!
The Greek puppets and the EU are giving larger growth numbers while Varoufakisis giving smaller ones. Who you going to bet is going to be more correct here?
Look at the continued downward adjustment in global growth. The PATH is clear. You are arguing, along with the EU, that we're going to see higher growth numbers. If they/you are wrong? How's it going to hold up if that growth doesn't happen?
"sovereign debt is usually rolled over, isn't it?"
"usually?" You mean you are not able to say it with certainty? Does this imply that you have a sense of doubt? Hm... Again, assumptions based on the past aren't guarantees of future performance. As global growth continues to decline that can ONLY make rolling over debt harder.
Varoufakisis is also correct in injecting the notion of "tourism" here, as Greece has little else that it can really look to leverage. You mention "there are many US Student Loans victims that are worse off then Greece," this is apples to oranges! Greece doesn't have a $1 trillion annual military budget: read "huge fucking military to intimidate potential bill collectors." Greece also doesn't have a currency that's the world's reserve currency. Greece also doesn't have LOTS of, still, natural resources.
No offense to the Greeks, I'm just pointing out realiity. And I'm pretty sure that Varoufakisisis is really the only one in this big bag of clowns that is even close to being grounded in realiity.
Ghordius is desperately grasping for straws here. He's always come across as someone on the inside. If his suggestions and comments are really a reflection of what goes on inside Bruxelles, then it's about time to panic.... Also the bullshit peddled constantly by Varoufakis who IS definitely on the inside.
Might be prudent to get the black suit ready for Monday...
I feel like I'm having a stroke or something. There's a lot of European people in here writing English words but none of it is making any sense to me.
Gordo, if they were to knock the interest down to zero and stretch the payments over 50 or 100 years... maybe. Short of that, no effing way.
Remember, many see the EU & EUR as a religion. Defending it is compulsory.
do I really have to bring comparable numbers of countries that did pay back huge debt? this has nothing to do with "religion". I see bullshit, I call bullshit
my favourite example is, btw, Romania. it bled the country, but the dictator decided he wanted no debt whatsoever, and he repaid all of it in quite a short time
there is a damn reason why the EuroGroup is arguing their numbers. you are making a religion out of the belief that they are complete lunatics. fine for me
The slobbering EUR love affair I have to deal with daily is a mental disorder. Period.
I have never before seen a group of people so personally dedicated to an ideology/dogma -- really ever.
The problem is they normally try to back up their beliefs with facts, which are either cherry picked or just flat wrong. (E.g., the EUR has been good for German economy). If they would just come out and say "I really like the way the EU makes me feel, and I cannot back it up" that would be fine.
Instead you have people attempting to backup a belief system intellectually.
"slobbering" "mental disorder" aren't arguments, Haus. as much as the belief that the German economy would have fared better without the EUR
did you make the calculation for Greece? YES OR NO? or are you just arguing "from the belly"?
sorry, but getting out of debt is a kind of amateur speciality of mine. I have helped many to get out of debts they thought were impossible to get out of. it's a "handcraft", really. simple rules, a bit of math, some tricks and will
Greece could get out of it... I am only arguing this, nothing else
It's not about the numbers. With a 70% tax non-compliance rate and expectations of generous social programs, you will never convince them to voluntarily adopt the measures necessary to get out of debt. An individual doesn't suffer from the free-rider problem.
Jawohl! This man speaks truth!
he is just pissed off that a big chunk of the German Bundestag is willing to scrap a huge portion of that debt. he wants to see fireworks, and defaults, and Great Balls Of Fire
Yeup. MAF. Why are my tax EUROs going to the Greeks & not into roads, education, healthcare and paying down German debt in Germany?
Bundestag better understand that Portuguese, Spaniards and Italians are next in line...
German hardcore fiscal prudence works only in Germany. It doesn't work in either Greece, Italy, Spain or Portugal.
Germany's economy has always been 80% export orientated. With or without EUR, the rest of Europe was buying "made in Germany" and now the Chinese are huge buyers.
The EUR wasn't necessary and in fact, Germany itself suffered massively early on at the start of the millenium with 12% unemployment under Schroeder. Hartz IV and other measures lowered the wages in Germany and the economy jump started.
The EUR hurt Germany before it helped Germany but at what cost to Germany and all others? Where are the long term benefits?
It's a utopia, always has been!
"German hardcore fiscal prudence"
Yeah, that's it!
Post WWII saw the economic rise of Japan and Germany. Why was that?
Germany is no more than the best looking horse at the glue factory in Europe. As global growth continues to decline Germany's exports will decline. It'll STILL require importing energy. Watch Germany's trade balance crap out. Oh, and demographics! (and how about those German Bunds?) I'm not picking on Germany here, as this applies to MANY other countries as well.
"The EUR hurt Germany before it helped Germany" The EU "opened up markets" for Germany to export to. You see, allowing countries such as Spain and Greece access to really cheap money also allowed them to spend like crazy importing shit, which helped pump up German exports. No, we're ALL in the same bed, and we royally shat in it!
Can't disagree with anything you say. My point was however that Germany can take fiscal medicine if need be. Greece can't collect taxes and that is why Greece is not a functioning state.
Yes, Germany still has meat on the bones.
Ghordy, the debt was not being payed in short time but long time (20+ years) with PAINFUL adjustments ending with an uprising. Now, 20+ years our debt to GDP ratio goes around 101 - 103 thank you`s going to our politicians, IMF and EU.
And 70% of what is produced in my country goes in the EU while the wages are "local" the price for the products are EU like. Corps pocket the diff. They forced our nat gas prices up to "align" them with what the rest of the EU pays but we used our own natty and imported some 11% from Russia. Prices went up for our local natgas while russian gas stood the same. New "alignment" order comes so imports from Russia go to 23% of our normal use.
Then new Brussels directive kicks in (with IMF blessings) new natgas hikes! The consumption drops to the level that we no longer import russian gas because we can`t afford to burn ANY gas at the mandated price.
I told you this story as I lived it. Back then there were almost nothing on the store shelves but a decent amount of money. Now the shelves are full, but no money to buy even locally produced goods sometimes.
So there,
Peace.
At least Varoufakis didn't sell out with the pussy Tspiras.
Greek pensioners disagree.
Maybe he is not trying to fool, mislead, baffle, bullshit, deceive, distract or game theory any of the EU bankers - maybe this is aimed at the Greek people. By pretending there is a solid path to follow to recovery if they just "stay the course" he helps lead the greek people further towards their end. And I would assume his plan does not concentrate with definitive actions against the largest tax cheats over the last 20 years.
If the common Greek pays attention to the negotiations and proposals they will see the only option is to default on the debt. (In whatever way.) The people who pay attention will ask Why give all our pensions, pools of money and eventually all of the assets (infrastructure, land, natural resources) to the bankers and be left with nothing?
Better to distract them from reality or they might conclude the best option is to default yesterday and for extra measure to declare an official default to activate the derivatives. Even the new loans are intended to make Greece pledge it's public assets as collateral against a future default.
If you get past the front line operatives of the bankers you find you are dealing with a certain group of people, I think.
If you ask me about who the "cheats"are, I would say that it is every Greek who recieves payments in Euros.
And that goes for the Spanish, Italians, Portugese, French and Irish as well.
I believe that there's plenty of truth to what he's putting out there. I concentrate more on the message than the messenger...
"I would assume his plan does not concentrate with definitive actions against the largest tax cheats over the last 20 years."
Perhaps because history tells us that the biggest thieves never are prosecuted? I don't think that the guy is screaming out for a nailgun. Always keep in mind that it's the big thieves that have their hands on all the controls (and those controls can snuff most anyone out who might threaten their position).
The lurking reality of EVERYTHING is that everyone has been operating in nothing but one huge Ponzi. Without growth, which ain't happening, it's OVER.
Sure, we can pick out these "early" failings, but w/o understanding that they're necessarily tied to a BAD PREMISE (perpetual growth on a finite planet) we're destined to fall back on wars and then to cycle this Ponzi once again.
"Even the new loans are intended to make Greece pledge it's public assets as collateral against a future default."
Have to wonder who is fooling whom here. As stated earlier, it's all just activity to keep doing what we've been doing for as long as we can. There's no plan for when it stops working, and it WILL. Really, Greece has an opportunity to get on with "adjusting" to a more realistic future. It's got nothing to do with "austerity" as imposed by the circus, it's got to do with physics, with nature and settling into a more sustainable pattern of life: clearly, neither the creditors nor the Greeks really understand this, but that don't matter as nature dictates in the end.
Still not playing game theory....?
lolz
can we stop with the fucking Greek coverage until SOMETHING SUBSTANTIVE HAPPENS!!!!!!
"Varoufakis Farts..."
just sayin...
So until May 12th then? And you're sure you don't want Greek foreplay?
https://www.youtube.com/watch?v=-_xFazqIzLg
The Greeks
- Hate austerity, .. but want to keep the Euro
- Hate the Troika, .. but want to keep the Euro
- Hate the Germans, .. but want to keep the Euro and keep driving their BMWs
- Hate mass immigration from 3rd world nations, .. but do nothing to stop it
- Protest against a conservative government for tryint to pay off the Creditors, .. do nothing while a Socialist government does the same
- Live under a bridge, don't get their retirenment money, can't use ATMs, cant transfer money abroad, live hand-to-mount, .. do nothing
How much more Schizophrenic can a Nation get?! Excuse my sensibilities but I have nothing but contempt for them.
Az, all countries look schizofrenic if judged superficially from the outside
do you have any idea how schizofrenic the back and forth between US Republicans and US Democrats looks from the outside?
from the Miss America contestant wishing "World Peace" to Ms. Victoria Nuland's "Fuck the EU" to... well, don't get me into some Presidents?
---------
most Greeks don't hate Germans, they offer them vacations. most Greeks were sick of hearing the word Troika. an incredible amount of Greeks shelters 3rd worid immigrants. and so on
How do you honestly have a vacation in Greece and trust that Greeks won't spit in your soup or on the feta at every "Poseidon" or "Golden Minotaur" anywhere on the various resort islands.
I'm German and I won't take that chance.
The Turks love Germans. That's where I'm putting my money.
what was the number of Germans that disagreed with you last year? something between two and three... million, if I remember correctly. but Turkey is also very nice
now try to convince some of our ZH collegues that you like to make vacations among... the horror! millions of Muslims! and that you feel safe in a Muslim country
G, you are a racist fuck!
Who did the muslims ever hurt?
Dude?
At least I won't get harrassed by muslims for "reparations". I doubt a majority of ZH has a problem with real muslims. Just the fake ones who are in fact trainees or operatives for the CIA, MI5 and Mossad. Are 3 million Germans vacationing in Greece because it's cheap and they don't care or is it some sort of collective guilt they're trying to overcome? I was done with that decades ago. Distance lends perspective as they say.
I am glad YOU THINK there are NOT any Greeks in Turkey.
All of them though do speak turkish as well as.....
Nicely wrapped up. Painted into a corner, looking for more free hand outs.
The Greeks... are just like us.
The Mericans
- Hate austerity, .. but want to keep the dollar
- Hate Wall Street, .. but want to keep the dollar
- Bailed out GM, .. but want to keep the dollar and keep driving their pickup trucks
- Hate mass immigration from 3rd world nations, .. but do nothing to stop it
- Reject a conservative government for faking to pay off the Creditors, .. do nothing while a Socialist government does the same
- Live under a bridge, will not get their retirement money, will not be able to use ATMs, nor transfer money abroad, live hand-to-mouth, .. do nothing
How much more Schizophrenic can a Nation get?!
Well, fixed it for you.
Thank you for demonstrating that this isn't anything unique to Greece. This is just how the entire world really is. And it's no wonder when our global economic system is predicated on the impossible premise of perpetual growth! Of course, the "leaders" want us to believe that it's possible because it is THEY that live off our efforts to produce growth (that excess is pooled in their hands).
" a fine program for a country that doesn't have any financing problems"...if they default then they definitely will not have any financing problems.
Greek pensioners: "Malaka! That Varoufakis will Veryfuckus. But so will the Troika. Malaka!"
The labour cunts were dragged to the side street for pickup. Get over it. Brussels is a fucking disaster. Own up to your mistakes.
George Orwell - A Life in Pictureshttp://m.youtube.com/watch?v=V4s9pdL7tpA
The greatest game of cat and mouse ever since Gordiano Bruno defied the Papal Inquisition to prove that he was in the right and they in the wrong about God's theory of geocentric model of the Scriptures.
Bruno got burned for his pains but he did defy the Popes by saying : You are even more scared of being proven wrong than I am of death.
Yanis says the same thing to those Troika Popes of financial trinity.
Varoufakis is using the old "baffle them with bullshit" ploy. Either that or he is suffering from dimentia.
3rd option. Varoufakis is BEGGING them to kick them out.
So Varoufakis proposes a "bad bank" to house Greek loans and EU response is that they are "baffled" since it doesn't address the financing of the bad bank. They are either dumb or they have not read the Bank of International Settlement's Paper on "Weekend Bank Recapitalizations" published in 2013, which I highly doubt? ITS REAL EASY TO UNDERSTAND. THOSE LOANS GET MARKED TO MARKET AND THEY AIN'T WORTH SHIT!! The "bad bank" is where the "bad loans" go to die. And the creditors become the new equity holders of the "bad bank". Noone should be "baffled" at this proposal, nor should we be when capital controls and bank recaps find their way here. Black Swans are circling like Vultures and we're saying "Look at the pretty birdies!!".
Looks like Varoufakis found a new word for 'haircut'!
Tonight, on the Douche v. Douche European Soap Opera
MERKEL: *Slap!* I hear you are cheating at me with Putin!
GREECE: No baby no! You know I left my experimental stage behind in college!
MERKEL: Then how are you... PREGNANT WITH HIZ BABY?!
I find it funny, Obama opens Cuba. Same collective shit, different day.
You never fail to inject a Party Pussy remark!
Re Greece: What this country needs is some crazy motherfuckers in charge.
I saw the blueprint and it is a bit disconcerting:
Phase 1. Default.
Phase 2. ???
Phase 3. Profit
Gnomes.
Rebuying debt book values and artificially claiming a future value. Old banking game.
Mercel and her BlackBerry is just a side show. If the dumb cunt didn't use enterprise. Shame on her for hacked emails.
It's obvious Varoufakis got his inspiration from Jerry Maguire's "mission statement" while he was tripping on LSD
What a fucking shyster.
Greece is at point "A" and wants to get to point "B".
The inbetween does not matter (?) and what Greece does affter getting to point "B" does.
Meanwhile, give Greece money for nothing.
Well, duh. No recovery plan for the country will connect with the pass-through of cash to Greek creditors (aka bailout #xxx) providing no benefit to the country other than the temporary reduction in a very large debt instrument accounting total. Greece just happens to be in the middle of the funds transfer, an extra step taken for appearance's sake. Meanwhile the Greek decline will continue because, as intended, nothing at all is happening to improve the situation on the ground.
“If Varoufakis can mess it up, Varoufakis will mess it up.” As such, we weren’t surprised to learn that while the Greek PM has been hard at work in a desperate attempt to appease creditors and avert a catastrophic default,"
So who has the best intentions for the people of Greece i wonder.
Yo Spain? Ya'll next?
Soy holandés junto a salir EU por favor.
I wonder if Varufaukus knows that he is at home depot buying a nail gun today?
How far does Wile E. Coyote fall before he discovers the ledge is not under him? And does he go into denial, hoping that if he does not acknowledge it, that somehow he will not go splat on the ground? At what point MUST he own what is happening? Could be the answer is never. Splat still happens.
My own belief (I can think of nothing else to explain the Greek performance) is that as a self-professed master of Game Theory he somehow felt he could out-game the Europeans.
This is unbelievable bullshit. I have no idea what is in the minds of the Greeks, but why they continue to play this game just astounds me.
The EU, and the banks, are completely batshit insane. Totally divorced from any sense of reality. In their dresperation to keep their little Ponzi scheme run ning, they have chosen to ignore the facts in front of their faces.
Fine, then that's THEIR problem. What Greece should do now is tell their creditors that any future payments will be out of any surplus they manage to generate AFTER all of their domestic obligations to their people have been taken care of. If there's anything left, they can get a payment. If not, go pound sand.
We'll pay you what we CAN, out of what we can AFFORD. And you'll take it and like it.
There. How's that? Clear? Concise? Get it? Got it?
Good.
In the above post, Mr. V is made out to be some sort of crazy, wide-eyed lunatic that is completely detached from reality. But nowhere is it mentioned that he in fact has Obama and pope Francis on his side. So the question then becomes, if Obama and Francis are onboard, how hard could it possibly be to get the creditors to come along?
My suggestion therefore, let's leave this up to the game theory experts to sort out.
Perhaps the currency war has already evolved into a banker's war? IMF is not playing along. ECB is not playing along. If they wanted to stop the idiocy, they could have agreed long ago. But there doesn't seem agreement despite the BIS giving them all marching orders. What's the BIS up to?
"But nowhere is it mentioned that he in fact has Obama and pope Francis on his side."
I can be in agreement with someone but that don't mean I'm "on their side."
Once can interject all sort of these little distractions they want but it won't change the outcome. The EU collapses with or without Greece. THAT is what we're talking about: Greece is being used as a distraction from this reality, they will be made a scapegoat (always happens to the hapless, downtrodden).
After reading here for almost five years, I more recently find it continously amazing to observe how staunchly ZeroHedge defends the status quo of bankster-imposed debt, and so jouranalistically incapable of seeing that Greece's problem was entirely created by high-level corruption and criminality of the EU's unelected and dictatorial banking lackeys, and is fundamentally nothing more than an artifical construct to serve a political control system.
As a blog, ZH frequently provides the impression that it's an almost rabidly anti-statist, anti-fascist publication. But this barely extends beyond its expressions of contempt for Obama (whom, don't get me wrong, I also despise) but is himself, really only a low-level puppet of the regime.
In short, regardless of the truth, ZH increasingly appears to be following a template suspiciously similar to some kind of psy-ops propaganda service being employed to muddy the waters even for the better informed...
More likely though, the Tylers are themselves merely sleep-walking denizens of the matrix, dreaming they're awake.
I'd shake your hand if you were in front of me!
Yeah, the hypocracy is pretty thick. Finger-pointing (no connection to finger-pulling!) is just thick here. No one can look in the mirror and spot the problem: we're ALL operating under the fallacy of perpetual growth on a finite planet, and as we start to hit the wall of reality we start lashing out at everyone else for not carrying their weight, for doing what is "supposed to" be done (some ideological grounds) etc.. Meanwhile TPTB, who are quite aware of the larger game, make off unscathed (a few will be offered up as sacrifice, but these are the ones that failed to uphold the larger order as per their agreement of command on the global stage).
I consider it shook by one of the best...
and with a secular amen to all that.
Parenthetically though, as per your last remark, I sense that the pinnacle command structure at large appears to be fragmenting in ways they did not of course anticipate. After all, who's really in change any more: the intelligence establishment, or those who initially bankrolled them for their own purposes? I think the tale is wagging the dog now, although the agendas are still similar. (the gingham dog and the calico cat, side by side...)
Of course, ZH will be the last to know, but the first to claim credit.
Addendum: but take a listen to todays video here: https://www.corbettreport.com
"I sense that the pinnacle command structure at large appears to be fragmenting in ways they did not of course anticipate. After all, who's really in change any more: the intelligence establishment, or those who initially bankrolled them for their own purposes?"
Yes, it IS about control, but control has always been tenuous, based on that "confidence" metric that is bandied about all so much, and, well, it really IS that isn't it? Kind of shows our fragility. Kind of tips us to the fact that it's really all nothing more than smoke and mirrors. There's that saying about the way to combat the towering figures is to get off one's knees... stand up, take the Red Pill etc. etc. and pretty soon the "man/men behind the curtain" no longer have power over us. Most don't want to acknowledge this because it'll be like that Wile E. Coyote moment in which the defiance of gravity gives way only upon the realization of where he is at (as though if he never looked down it would be OK).
The various elements of the "establishment" more so worked collaboratively in that it is understood that it's a long dance and that the "lead" needs to be cycled.
Haven't watched the Corbett Report for some time. Thanks for that. I would tend to temper the language of "destruction" as pertains to the USD (and which would likely also translate to "The American Way of Life" [where is Dick Cheney now that we need him?]) to more of it being a matter of "closing down the books." No surprise that all fiat money dies and that the USD had no special powers to escape the gravitational pull of this historical, and mathematical, fact. Shuffling energies and power to say China is no surprise; all in keeping with the notion of perpetuating growth: I don't, however, think that any such "new world order" is going to hold for very long at all, not given the population sizes and resource scarcity that exists in today's world. Pretty interesting on the that PSA. Like, WOW! And then on Predictive Programming. Long ago I'd held the notion that things would more or less play out as in the movie Brazil: was this Predictive Programming? sigh, no way to ever know.
Yeah, it all gives me the heebee-jeebees; but worse, step by step, the rabbit hole will suck you down even deeper than the vision of just some power-crazed dream of a few psychotic, ultra wealthy banker bloodlines. The 'Declaration of Human Sovereignty' makes as good an appropriate iceberg tip as I can think of: http://humansovereignty.org
No point in saying more at this juncture; but the tarbaby of conspiracy becomes breathtakingly panoramic in its potential sweep and scope.
As you can see --although dictated by personal experience-- I wear a tinfoil hat with more lights and bells than robby the robot : )
I prepped long ago, thanks to this site:
http://zapatopi.net/afdb/
Well, I bought the Deluxe model; it came with a propeller.
I guess the reason is it is just sad to see a country so backward you can't really do business with, and the fact that the Greek willingly wasted all those euros without admitting any share in responsibility, as a matter of fact, they would primarily prefer to keep doing just that.
The Greek people had very little to do with the present outcome. If you're an American however --as I am-- I find your remarks to be especially ironic, since these are precisely the very sorts of things you will soon hear said about the U.S. itself, who is about to experience the life-changing illumination generated by a global currency-reset.
So, if you can't really do business with "them" then how the fuck did they achieve such heavy levels of debt, which is now being sought after by external entities (read "it's not merely an internal debt, such as with Japan")?
The "business" itself is corrupt. You see, that's the irony in all of this. The bigger thieves calling the less thieves, thieves!
To understand how the game went one is encouraged to watch the Adam Curtis documentary on Spain's financial collapse.
Hey buddy, you're crap if you don't <take out a loan for college|take out a mortgage|take out this loan for that SUV>! No, no need to put anything down! You can afford it! And the ignorant people who don't really understand all of this, who aren't TBTF, take it hook, line and sinker! Then it turns into: "Man! how can you do 'business' with these people?"
What part of "broke" don't you understand?
From four years ago!
https://www.youtube.com/watch?v=rK0De210TBQ
And here's how it ties together:
https://www.youtube.com/watch?v=I5QwKEwo4Bc
Perfect! : )
Interesting how the perception that Tsipras is a step up from Varoufakis clouds the fact that both are incompetent.
oops! 13 week 6 day troll alert.
And competency is on display from whom?
Seems like a good time for Greece to declare war on Germany.
So evidence that Varofakis' blueprint is bizarre is he is forecasting lower 2015 and 2016 GDP for Greece than the EU Commission, the latter of course having a wonderful record of GDP forcasting with no bias to the upside.
As an aside, politically Varoufakis may be positioning himself for future leadership. Tsipras has now clearly taken over the negotiations and no likely agreement with the EU can be good for Greece, so when that becomes apparent soon after any agreement, Varoufakis is able to show clean hands and that he had pushed much more strongly for Greece than Tsipras but been sidelined for his efforts. That's not a bad position for a politician to be in.
It is very difficult when you are the only sane person amongst a multitude of lunatics.
This is where Varoufakis finds himself. The financial experts in the alternative media mostly agree with him, but their voices do not get heard in the mainstream who only represent the vested interests of the ruling elite.
Personnally I hope Greece tells the TROIKA to stuff it where the sun don't shine, and default.
The EU robber barons will not be satisfied until they own Greece, lock, stock and barrel.
Cheap Greek Currency would draw millions of tourists and stimulate new buildings for Resorts, Side Tours... maybe new food products, maybe concessions like Ziplines, mountain bike tours, Eco Tourism.
I've never gone to Greece since they are known to be expensive, and not to have cheap accommodations and meals.