Democracy Under Fire: Troika Looks To Force Greek Political "Reshuffle"

Tyler Durden's picture

The countdown to the June 5 IMF payment is about to go under two weeks and if there’s one thing that Greece and the IMF agree on, it’s that Athens can’t make that payment unless creditors disburse the last tranche of aid from the country’s current bailout program. European officials have done an admirable job of making life miserable for Syriza since the democratically elected government took over in January, as the “institutions” (and Germany) are keen on sending the following unequivocal message to any other 'leftist radicals' who may be thinking about using the "one move and the idea of EMU indissolubility gets it" routine as a way to negotiate for breathing room on austerity pledges: you will get exactly nowhere and will have a very unpleasant time on the way.

But time is running short and the Greeks have yet to cave on ‘red lines’, setting up the possibility that Germany’s Hellenic debt serfs may actually default next month, triggering instability in Europe and testing the ECB’s “whatever it takes” resolve in sovereign debt markets. That’s not ideal for EU officials who would much rather force PM Alexis Tsipras to abandon his campaign promises in exchange for aid or, perhaps better yet, make things so unbearable for Greeks that the populace begins to ask itself if a government of pandering technocrats is better than starving. This is perhaps why both Moody’s and Schaeuble stepped up their efforts to trigger a terminal bank run on Wednesday. 

Whatever the case, it is becoming increasingly clear that the Syriza show will ultimately have to be canceled in Greece (or at least recast) if the country intends to find a long-term solution that allows for stable relations with European creditors, but as we noted on Wednesday, it may be time for Greeks to ask themselves if binding their fate to Europe is in their best interests given that some EU creditors seem to be perfectly fine with inflicting untold economic pain upon everyday Greeks if it means usurping the ‘radical leftists.’ 

Given the above, it isn’t any wonder that everyone is now taking a hard look at the political ramifications of the June 5 deadline and implicitly asking if the troika will, in the final analysis, be successful in using financial leverage to undermine the democratic process. 

Via The Independent:

Were Greece an independent country it would all have been easy. There is a template. Countries often default…


What has changed now is that Greece is not financially independent. If you don’t control your own currency you become a sort of super-municipality. You can default on your debts, as Detroit has done, but then you will not be able to borrow any more money. So your ability to continue functioning depends on your ability to raise enough tax to pay wages and pensions, and buy the goods and services that any government needs. You are not paying any interest. You are not repaying any debts as they fall due. But as long as enough tax comes in to cover your day-to-day spending, you are still in business.


Until a few weeks ago that looked like being an option for Greece.  I suspect that was the reason behind the swagger of its finance minister.


Since then three things have happened, all of them negative. One is that people have been taking their money out of their bank accounts, in some cases literally stuffing it under the mattress…


This closes options. The banks may be unable to pay out deposits when they fall due. So there may be capital controls – indeed that seems extremely likely, though this in effect turns the euro into a two-tier currency, with “good” euros that can cross borders and “bad” ones in Greek banks that cannot do so. 


A number of Greek politicians have asserted that they would prioritise payroll over debt service, and that is understandable. But it may not be a question of that: Greece may be unable to meet payroll, even if it pays no interest on its debt – let alone makes any repayments.


So what will happen? My hunch is that there will be some sort of fudge, or at least this is the most likely outcome…


Greece will keep the euro for the time being, and there will be no further formal default. There may have to be a referendum to get popular approval for what will be an unpopular agreement. Then, at some stage in the future, there will be further political revolt.

Then there’s FT, who fears both the leftist ‘germ’ and the dreaded ‘Russian pivot’:

Forget debt ratios, fiscal balances, liquidity crunches and the rest. The EU and International Monetary Fund technicians negotiating with Athens are going through the motions. The Greek crisis was always as much about politics as economics. Now it is all about politics…


Two political impulses are at work. Most obviously, the rest of the eurozone has concluded that Athens is unable or un­willing — probably both — to implement an economic reform programme. The problem is not so much the debt, nor even the pace of deficit reduction, but Syriza’s refusal to embark on reform of the state. The words most often spoken to describe governance in Greece are clientelism, corruption, rent-seeking, special interests and favouritism. Without radical overhaul of the nation’s political and administrative capacity, no economic programme can work…


Greece’s partners also have their own politics to tend. High quality global journalism requires investment. Their political leaders do not see why Greece should be let off the hook. To concede now to Syriza, they say, would be to legitimise the populists in their own countries…


Greece sits in the strategically vital southeast corner of the European continent. It provides an entry for migrants and asylum seekers fleeing the fires of the Middle East, and a potential stepping off point for Islamist jihadis seeking to bring their war to Europe. The Balkans are an area of intense focus in Russian president Vladimir Putin’s efforts to destabilise the western alliance. Greece is a member of Nato. Can Europe really allow the government in Athens to fall into the arms of Moscow?

And finally, Barclays is out with an in depth look at the political upheaval which the bank says is now the base case scenario for Greece:

In spite of recent reported progress, significant disagreements between Greece and the institutions remain. Further, even if an agreement was negotiated last minute on a technical level, the implied U-turn on election promises would likely push the Greek government into crisis, in our view, forcing a change in the current set up. 


Such political change could emerge through: 1) a government re-shuffle with more radical members exiting; 2) a referendum; or 3) snap elections. We think that the first scenario is the most likely, which would seem the least disruptive, allowing Greece to ‘return’ to a programme agreement before end-June. Importantly, we think that the Eurogroup could find ways to bridge temporary funding gaps (eg, by disbursing SMP profits or raising the T-bill ceiling), if it deemed the prospects for successfully finalising programme negotiations were good.


In contrast, scenarios two and three would be more disruptive and face timing issues towards the 20 July bond repayment. These would then likely entail full-fledged bank runs and capital controls, and increase the risk of missing the crucial 20 July bond payments. The risk of not ‘returning’ from such a path, ie, stumbling into an ‘accidental’ exit with permanent capital controls and widespread defaults would increase.

Here’s a look at possible scenarios both political and financial...

...and here’s more on a possible government “reshuffle”...

This combination of growing liquidity pressures and remaining disagreement in the programme negotiations suggests that an eventual agreement would lead to some form of political disruption. Even if the government negotiators were to agree on a technical level at the last minute – which we think is likely – this would imply such a U-turn on Syrizas’ election promises that the government in all likelihood would experience some form of political crisis. We believe the consequence could be either: 1) a ‘soft’ political resolution, possibly involving a government reshuffle and the loss of some radical-left MPs; 2) a referendum; or 3) a call for snap elections. 


As you can see, the consensus seems to be that in the end, the troika will succeed in using its financial leverage to force political change in Athens in what is perhaps a validation of Varoufakis’ lament about “relative power” trumping sound “arguments” in his conversations with German FinMin Wolfgang Schaeuble. Speaking of those conversations, we’ll close with what Varoufakis says he would tell his daughter about the incorrigible German paymaster.

From Varoufakis’ blog, excerpted from an interview with Die Zeit:

1. If you would explain to a teenager, maybe your own daughter, what your relationship to the German Finance Minister Wolfgang Schäuble looks like – what would you tell her?


I would tell my daughter that it is, from my perspective, a multi-layered relationship. There is a sense of awe that I feel from meeting with a legendary figure whose work I have been following critically for decades. Then there is a strong urge to counter his overarching approach to common problems regarding Europe. Additionally, there is some frustration at not having the opportunity to discuss in a different setting; to stage these meetings in a proper federal, democratic context in which arguments, rather than relative power, would play a more prominent role.


2. What are the European topics you probably could agree on with Mr Schäuble?


That Europe needs a political union and that, without it, our monetary union is problematic.


3. Do you think Mr Schäuble makes mistakes in his analysis of the Greek situation? If yes, which ones? 


Yes I do (as I am sure he thinks that I err in my analysis). Primarily, he associates past Greek governments with the Greek people; as if the former reflect the character of the latter. And he does not appreciate how helpful it would be for mainstream Northern Europe to find a modus vivendi with a movement (like SYRIZA in Greece) which may be very critical of European institutions but which is profoundly pro-European and eager to help bring Europe closer together.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Latina Lover's picture

Occasionally, the curtain is pulled back, and we see who is REALLY controlling humanity.

Democracy is an illusion created by Banksters,  to fool us into slaving ourselves on their behalf.

The Greeks should read their Plato, and understand the analogy of the Cave.  Perhaps then, they might begin to understand how to free themselves from the deathgrip of the EU/IMF/USSA.

Bro of the Sorrowful Figure's picture

undboutedly. seems to always be the case. how democratic does that headline sound? good grief.

seems like varoufakis has lost his fire and been totally casterated. that excerpt is sickening, sounds like he has wolfgang's cock in his mouth. he knows what needs to be done: big fuck you to the EU and its debt slavery, default default default youre not getting a dime. hey putin hows about a loan.

unfortuantely never going to happen.

ACP's picture

Or to put it simply, are the Greeks going to take it in the ass, or do they just want it in the ass? I just can't tell at this point.

Looney's picture

Greece should pay off their debt with a single Zimbabwe banknote and tell’em to keep the change.  ;-)


Usurious's picture
Usurious (not verified) Looney May 21, 2015 7:19 AM

instant classic!!

bigkahuna's picture

well, the people of the ussa are busy getting cornholed by our fed. Now the greeks can get cornholed by theirs. no one anywhere is going to get their pitch forks and torches and prong some banksters, so what difference does it make anyway? we came we saw he died right? whatever. 

HowdyDoody's picture

<-- Shamocracy

<== Democracy


The voting will continue until the right result is obtained.


Wolferl's picture

Let them keep their clowns government and throw those pathetic Greeks out of Europe already.

Oh regional Indian's picture

Syzria (any surprise that it's SYRIA with a Z???) was a plant, espacially once you understand Where The Fuck is (my money) and his Soros, CFR connections.

Golden Dawn is like a desparate nation saying, hey, okay, even a party that idolizes Mussolini will do.

From freedom to fascism, in the very home of demoncrazy, it's metastasized form comes to bite it's creator in the ass.

Bye bye Aristotle, hello Sophocles.

The Truth is that Truth is a's that far gone...

VinceFostersGhost's picture



Greece is the word

They think our love is just a growing pain
Why don't they understand, It's just a crying shame
Their lips are lying only real is real
We stop the fight right now, we got to be what feel
Greece is the word
Is the word that you heard
It's got groove it's got meaning
Greece is the time, is the place, is the motion
Greece is the way we are feeling

We take the pressure and we throw away
Conventionality belongs to yesterday
There is a chance that we can make it so far
We start believing now but we can be who we are

Greece is the word
Is the word that you heard
It's got groove it's got meaning
Greece is the time, is the place is the motion
Greece is the way we are feeling

Kirk2NCC1701's picture


Greece and Veryfukis are caught between a rock* and a hard place.

* Or whatever rhymes with 'rock'.

p.s. Hoping or Praying won't help, and are not what you'd call an "Actionable Strategy".  In fact, it's the EXACT thing that Oligarchs of any nation hope that their minions will do: turn into Sheep, so that being poor and servile are warped into Virtues, and the milking, shagging, shearing and fleecing can continue. 

Radical Marijuana's picture

Yes, Latina Lover.

The ONLY thing that is different about Greece is the RATE at which they were able to move from debt slavery into debt insanity, due to joining the EU and adopting the Euro.

Scroll over the Greek line in this full interactive graphic from The Economist here. That can be found in about in the middle of that collection of plots. It is a classic example of the "hammerhead stall" flight path.

As you pointed out, Latina Lover, everything that was supposed to be "democracy operating through the rule of law" has actually become "Democracy is an illusion created by Banksters, to fool us into slaving ourselves on their behalf."

That pattern applies pretty well EVERYWHERE, and I recently reviewed the history of how that happened in the USA in my comment under this article: The Illusion Of Democracy

After taking an objective look at the basic social facts regarding how the monetary and taxation systems really work, which are due to the ways that the political processes are really funded, it is OBVIOUS THAT THE "DEMOCRATIC RULE OF LAW" IS ALREADY MORE THAN 99% DEAD!

The only thing that is relatively novel about the Greek example is the RATE at which they were able to join the EU, adopt the Euro, and then, access the potential of those fundamentally fraudulent financial accounting systems, in order to follow their graphic line of straight up debt slavery, until that flopped over on its back, and fell back down ... However, in my view, Latina Lover, you are grossly understating the potential for "solutions" based upon that "they might begin to understand how to free themselves from the death grip ..."

OF COURSE, there is the death grip of the established systems of governments enforcing the frauds of privately controlled banks, HOWEVER, it is totally typical in content published on Zero Hedge to grossly understate that death grip, and so, to grossly exaggerate whatever might some more idealized "solutions" to the situation that there IS that death grip! By and large, nobody wants to face the deeper reasons for how and why money is necessarily measurement backed by murder, because the debt controls are necessarily based upon the death controls. The production of destruction necessarily controls production. However, almost everyone doing that have developed various ways to operate as professional liars and immaculate hypocrites, so that they can discuss the debt control issues without directly addressing the death control issues. Overall, human civilizations have developed due to the history of successful warfare based upon backing up deceits with destruction, morphing to become economic systems based upon enforced frauds.

Greece is merely a leading example of the tragic trajectory of those processes playing themselves through faster than usual, making Greece an extreme example of the general pattern. However, virtually all of the content on Zero Hedge that discusses that continues to rely upon what are still relatively old-fashioned, superficial notions of the degree to which we are living in Plato's Cave. The degree to which we are living in a Bizarro Mirror World, or Wonderland Matrix, where everything appears proportionately backward and absurd is far greater than the notions regarding Plato's Cave begins to recognize.

We have ended up with governments being the biggest form of organized crime, controlled by the best organized gangs of criminals, which are currently the biggest gangsters, for much deeper reasons than most people are able and willing to consider coherently enough to face what the real resolutions must necessarily be ... Greece is merely leading the way towards debt slavery systems generating numbers which have become debt insanities, which are trending towards provoking death insanities, because the debt controls were always based upon those being backed by the death controls.

The ONLY way that a better democratic rule of law could actually work and survive is by operating better death control systems. However, the existing systems are based upon the central core of organized crime being surrounded by controlled opposition groups, which all continue to operate within the same fundamental fraudulent frame of reference, with respect to operating the death controls through the maximum possible deceits. For sure, Greece is a salient symbol of debt slavery being driven to become debt insanity. However, after that happens, the public spaces where those problems are discussed continue to be dominated by the same old-fashioned religions and ideologies, based upon false fundamental dichotomies, which promote various impossible ideals as their bogus "solutions."

Actually, there are NO genuine solutions which do not develop the ways that the debt controls depend upon the death controls. Of course, that is why the real problems are so intractable, and continue to automatically get worse, faster, everywhere! Beyond "who is REALLY controlling humanity" is WHAT is controlling humanity, namely the basic laws of nature, which drive natural selection, which drove the development of artificial selection systems. The GRAND PARADOX of human history has been social success based upon being able to back up lies with violence, despite that never making those lies stop being false. The deeper levels of that GRAND PARADOX are that there always were, and must necessarily be, death control systems, which are central to everything else. However, human history has been driven by natural selection pressures to develop artificial selection systems which are based upon the maximum possible deceits and frauds about themselves, and those sorts of dishonesty are found just as much throughout the controlled opposition groups as in the banksters.

The new government of Greece was always controlled opposition. It could not be any other way, since the vast majority of Greeks, like almost everyone else, have adapted to live inside of social pyramid systems based on being able to back up lies with violence for thousands of years, so that the overwhelming vast majority of Greeks, the same as almost everyone else everywhere, have been brainwashed to believe in the biggest bullies' bullshit social stories.

The "death grip of the EU/IMF/USSA" exists because of the ways that human civilizations operate as entropic pumps of energy flow, which necessarily match the principles and methods of organized crime, which is why governments are the biggest form of organized crime, controlled by the best organized gang of criminals, which are currently the banksters. However, behind that "death grip" of some human beings upon other human beings are the basic laws of nature, such as the conservation of energy.

Privately controlled banks making the public "money" supply out of nothing as debts, while governments enforce that fraud, are the symbolic expression of the ways that there are combined money/murder systems, where the debt controls are backed by the death controls. Any real, radical change in the debt controls that dominate Greece, as well as pretty well everywhere else, must necessarily depend upon developing different death control systems ... However, the social success of the currently existing systems are based upon their history of being able to get away with being deceitful and fraudulent, and those attitudes are just as ubiquitous and pervasive throughout the controlled opposition groups, as those attitudes are manifested by the mainline of the banksters and their buddies.

Indeed, nothing is going to change until the runaway debt insanities finally provoke sufficient death insanities. Ideally, the better ways to cope with those events would be to go through series of intellectual scientific revolutions, in order to change the paradigms regarding how we think about the death control issues, and therefore, may be able to catalyze the transformations that will finally happen when the globalized systems of debt slavery, driving debt insanities, finally change gears to become death insanities, which then amount to real changes in the combined money/murder systems that exist now ...

Since what exists NOW are globalized systems of electronic monkey money frauds, backed by the threat of force from apes with atomic bombs, Greece is such a tiny, peripheral component of that overall system of MAD Money As Debt, backed by MAD Mutual Assured Destruction, that Greeks have no real options other than to try to resolve their impossible debt insanities, by somehow staying within the same frame of reference of overall debt slavery that created those conditions in the first place.

"Democracy" should be based on the view that EVERYONE has some power to rob, and power to kill to back up that power to rob. Governments assembled and channeled those powers, while the best organized were able to dominate and control what was done with those powers. Hence, governments became the biggest forms of organized crime, controlled by the best organized gangs of criminals. HOWEVER, at the same time, the vast majority of people were reduced to being Zombie Sheeple, or incompetent political idiots, who were brainwashed to believe in bullshit, and so, to bleat the moralities taught to them by the wolves in sheep's clothing.

The degree to which we are living inside of Plato's Cave predicament is far greater than most people begin to imagine. There has never yet been any good answers to Plato's question regarding "Who will guard the guardians?" The de facto situation is that artificial selection is inside of natural selection, and that drove the "guardians" to actually become those who were the best at understanding the principles of organized crime, and applying those methods to the political processes. That de facto situation is one where governments enforce the frauds of privately controlled banks, which are allowed to make the public "money" supply out of nothing, which necessarily and automatically drives the development of numbers which become debt insanities, due to the inherent structure of that system.

The ONLY thing that is RELATIVELY UNIQUE about Greece is the way in which it was so suddenly able to do that, after joining the EU and adopting the Euro. Otherwise, it is the same general pattern of facts everywhere else ...

kliguy38's picture

blah blah blah.......... they aren't gonna make the hard choice PERIOD!

VinceFostersGhost's picture



OK fine, we'll take care of it tomorrow.


Does that work for you?

Oh regional Indian's picture

Only if you'll accept long-term deferred payments in rapidly dying ponzi does 2025 sound?

VinceFostersGhost's picture



Works for me, have the bubble headed bleach blonde comp your parking on the way out.


See you next year, looking forward to it.

overmedicatedundersexed's picture

reminds me of  Italy a few years ago..who & how the eu leader was put in place there when bunga bunga got kick out?

Ghordius's picture

"The Balkans are an area of intense focus in Russian president Vladimir Putin’s efforts to destabilise the western alliance. Greece is a member of Nato. Can Europe really allow the government in Athens to fall into the arms of Moscow? "

is that a trick question? yes, it is. the allegiance of Greece to one military defence alliance or another is Athen's choice to make

Washington (and London) are just witnessing the results from their relentless push for NATO enlargements, including their use of EU memberships as sweeteners

and frankly, I'm not the only continental that is sick of this game. we carefully divide the matters in different clubs, i.e. defence alliances, monetary alliances and trade/regulatory alliances and all the Victoria Nulands try to blenderize everything coupled with a "Fuck them" on top of it

falak pema's picture

Given the polarization of the world in new GIANT alliances, something that some of us saw way back then; when the Reaganomics rage became evident and WS started taking over the world, the Mitterrand-Kohl handshake at Verdun was the sign of a new realization--albeit in a divided Germany-- that European federalism had to be a realistic option.

NOT ONLY to face the winds of USD hegemony but also to EFFACE the sins of past European Nationalistic infamy. Jean Monnet's vision had to supercede that of de Gaulle's as history pointed at that inevitability as the world got smaller and more populated.

It was a twin pincer effect dictated by the new US Empire and the old continent's past legacy; as the ruins of WW1 and WW2 should have taught all those still living in the "old continent".

Now thirty years down the road with Asia rising thanks to NWO's hubristic gamble of making China its world factory and India its software base, all to please its own lords of Oligarchy living off the $ debt spigot and cheap labour availability from off shored locations, we see the havoc that this has provoked in a world drowning in debt with fossil fuel pollution spiking piercing like a missile an asymptoted ceiling of economic stagnation.

Peak fossil, sharding pollution and ageing population with an immigration problem from ideological and ethnic regions who are not prima facie compatible with the mores of western democracy concomitant with the West's rampant desire to eviscerate the RMs on all continents.

All the good news rolled up in one in this new century. Not saying its not do-able but saying it will create much pain and adjustment as we see unfurling today, alas on all continents. The winds of greedy profit-making in the West have spawned their own Nemesis.

So how in hell is the old continent gonna make its voice heard, as home of democracy, if it cannot even speak in the UNIFIED name of its people and common heritage? 

Do we go back to the dark ages 'cos we are incapable of reading the writing on the wall?

Or do we bury our heads in the sand as we feel our small countries can survive like the city states of Italy during the Renaissance?

History has proven they were eaten up by bigger empires and that explains why Italy went from a mosaic to Mussolini's badly baked cake! 

The Europeans have to decide and it looks very eleventh hourish ! 

Usurious's picture
Usurious (not verified) May 21, 2015 7:01 AM

everyboody nose that to solve a DEBT problem you gotta give the country more debt.......they taugt us that in hihg schol eCON 101

Ghordius's picture

2. What are the European topics you probably could agree on with Mr Schäuble?

(Varoufakis:) That Europe needs a political union and that, without it, our monetary union is problematic.

Well, isn't it nice when a conservative German EU-Federalist and a marxist Greek EU-Federalist can agree on something? which, of course, is a federal EU?

to Schaeuble and Varufakis: thanks, but no, thanks. and btw, you are both not serious: you know that there is no political will for any treaty change

you are both playing a Kabuki Theather for your domestic core audiences

ANestIOS's picture

theatre aside do you disagree with the position?

Ghordius's picture

yes, I do disagree. a federal europe is against what most europeans want

I do not mind our EU federalists, even while I oppose them. it's ok, but it's way too early. two centuries, perhaps

further, a federal state the size of the EU would be a huge headache. the only countries comparable to that would be India and China, and they often suffer from their size

take Greece. a federal EU would have to put the whole country in a kind of federal "trusteeship" and send in for example French, German and Spanish tax collectors to reform just their Finance Ministry

now, if Varoufakis and the rest of the Tsipras Cabinet would really have external help... well, they would ask for it

you are Greek, aren't you? tell me if it would not be true that half of the country would applaud an external reform while the other half would be deeply wounded

I believe in the sovereignty of the members of the EU. the parts are more important then the whole. and no, I do not think that Greece would be better served by a federal EU

ANestIOS's picture

I actually agree with you re european federalism. My view is that the EU undermined itself when it expanded to the east and that from that point on it has entered into a period of political/cultural and financial decline - from a force of cohesion to an institution of polarisation (see, for example, how the UK's current EU debate is playing out)

(My ancestors were greek, so I'm of greek heritage:-)

elvy's picture
elvy (not verified) Ghordius May 21, 2015 9:35 AM

Hey Ghordius, there is a difference between 'need' and 'want' as you should well know. Varoufakis knows that a monetary union cannot be successfull in the longterm without a political union, thus the need. This is straightforward enough. However, all his argumentation for the past several years, culminating in his published 'modest proposal' specifically AVOIDS the federalization scenario because he understands perfectly well that this is impossible in the current political climate and contrary to the will of most Europeans (again, in the here and now).

The modest proposal would pave the way for a prosperous solution to the current crisis and, in the longterm (and because of that hypothetical shared prosperity) the shift in public opinion making federalization possible.

And federalization is a worthwhile goal because you avoid all those pesky issues nationalism brings, such as world wars.

Ghordius's picture

yes, there is a difference. though I disagree on the need part, too, and on the "a monetary union cannot be successfull in the longterm without a political union, thus the need"

Sanity Bear's picture

Political path of least resistance is

a) no agreement ->

     b) lack of political support/government crisis ->

           c) government reshuffle ->

                      d) new program funds (presumably based on promises that will be laughable in foresight as well as hindsight).



Although this chain of events makes no sense whatsoever from a stable/sustainable/long-term solutions point of view, it is the most straightforward way to leverage political power into actual monies transferred to banks.


Dr. Engali's picture

For Pete's sake, nothing is going to happen. When June rolls around, after we have been kept on our feet with the suspense, they will have found a way to kick the can down the road another six months. And we will be talking about this again six months down the road. Fucking Groundhog Day. Wash rinse and repeat.

SheepDog-One's picture

Right, no point in even paying attention to any of it really. On another article, everyone now is supposedly on pins and needles over a 'rate hike' again....yea sure.

shovelhead's picture

That's about it.

Greeks will resist any reforms imposed on them from outside, even if they know they are necessary to be a functional state, as would most countries.

They only way it will happen voluntarily is if far more lose than benefit from the existing structure and take action to change it. The Syriza vote was a halfway hope that they could keep the patronage handouts but still get the money to pay for it.

The reality is that a corrupt welfare state is an expensive proposition, so either sales or credit has to be very good to muddle by.

Greece has neither.


falak pema's picture

China, who having bailed out Paki, just bailed out Brazil, opening up a project to a port in the Pacific, and can now take on Greece whose ports they own. China if it doesn't implode before the $ circus does has the power to make the Asian pivot into the new silk road even across oceans.

WIth Russian gas and China's toe hold Greece should play poker boldly and Varis should continue to mystify the already bemused EU bureaucrats until hell freezes over Troika's head! 

Hail Marco Polo ! Varis, you could become his latter day son !

Panic Mode's picture

Greek is broke and has to default, there is no other way round. These troika need to mind their own bloody business and stop extending beyond their roles and powers. 

Prober's picture
Prober (not verified) May 21, 2015 7:29 AM

greek "democracy" ALSO sold the bonds and borrowed the money that greek "democracy"SQUANDERED on socialist entitlement programs


greek "democracy"must now REPAY EVERYTHING that greek "democracy" borrowed

Stop with the socialist parasite propaganda already !!!!!!!!

Hannibal Barca's picture

You still reproduce what the Marxist lunatics in Athens have in their sick minds?

I tell ya, they are those who keep begging banksters to keep them in power and not the opposite.


Awe for their zionist masters as the faggot acting finance minister admits.

Bazza McKenzie's picture

I think some banksters are kidding themselves.

Why would Syriza call snap elections as long as its party stays together?  They know they'd have a good chance of losing power.  Politicians don't voluntarily give up power.

Only reason for elections is if they take Barclay's preferred option of a "soft reshuffle" i.e. split their party.  So why would they do that?

And a referendum at this stage takes too long when they're going over the precipice and could leave them with an unplayable hand.

Only rationale position for Syriza is to keep playing chicken with Germany.  Either Germany caves and they get funding on their conditions or Germany forces them out of the EZ, they default on all the external loans, and they can start printing their own money again while getting most of their people to accept that Germany is the culprit.  And they'll be telling all the countries they stiffed in default to take it up with Germany.

Of course the banksters don't like that option and are trying to pretend it doesn't exist.

ANestIOS's picture

this greek government will not back down it is up to the fragmented EU power brokers to get their act together

SheepDog-One's picture

1 world govt already here.

Reaper's picture

Reality. Politicians are bought. What's a few bribes' cost for a huge benefit to the bankers and the EU? Business as usual.

Lady Jessica's picture

Is it right for a non-Greek to dictate the composition of the Greek parliament or government?

SpanishGoop's picture

The stupidity is that 27 other member states are seeing this happen and think "this is all good, this will never happen to us".

How stupid can you be, get out while you can.



Brazen Heist's picture

The sociopaths in overseeing the creeping corporate fascism that we see around us do not care about "democracy", "freedom" or "transparency". Only fools think we are free when in actual fact the freedom we once had is slipping away, - it is under a relentless assault by fascist forces dressed up in suits and ties pretending to be the "good guys".

MrBoompi's picture

As long as you make your interest payment in full and on time, you are otherwise as free as you want.

MrBoompi's picture

So the entire population will be made to suffer because of the debts ran up by its so-called leaders, debts which the population had no say in and recieved little to no benefit from.  Wait, are we talking about Greece or the US?

Judge Dread's picture

Another misleading article which carefully avoids a simple truth. It suggests that democracy is under fire from Greece's creditors, who may be successful in bringing about a change of government in Greece. But that change will only come about if the Greeks decide to vote for it. And to suggest that democracy is undermined by the refusal of a country's creditors to accept a change to agreed terms, is to suggest that the voice of a nation not only should determine the actions of its own government, but also the actions of others; may I tentatively suggest that the citizens of other European nations should determine their own government's course of action, and where their money is to be spent?

RealityCheque's picture

Wherever i read it today, it was true: Modern "Democracy" is soft Communism.

Omen IV's picture

Greece is controlled by IMF decisions not EU for NATO objectives and stability - USA doesnt want it to fall to Russia and Chinese

so the debt cancellatiion becomes bait to hang on with the shit show indefinitely - until another color revolution of Fascists can be arranged by Victoria

probably post Macedonia outcome


Arthur's picture
Democracy Under Fire?  More like Democracy's flaws revealed.

What is the surprise here?  Our founding fathers got this 200+ years ago, which is why we are a Republic.  

Most functioning democracies are modified versions limiting true democracy through representative government.

The stronger democratic countries have strong judicla branches and limited corruption in their administravive branches both of which serve to limit the excesses and foibles of that purer forms of democracy can create.

What is best for everyone on an idivual level can often be bad for the colective good.   I don't wanr to pay taxes but I benefit from roads, police, military fire service, etc.

Absent restrcitions/imitations on baser democratic impulses, chaos lurks.

The original democrac in Greece, Athens, was hardely a true democracy.  All could not vote,