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Greece Capitulates: Tsipras Crosses "Red Line", Will Accept Bailout Extension

Tyler Durden's picture




 

We’ve long said that negotiations between Greece and its creditors are more a matter of politics than they are a matter of economics or finance.

From the troika’s perspective, breaking Greece and forcing PM Alexis Tsipras to concede to pension cuts and a VAT hike is paramount, and not necessarily because anyone believes these measures will put the perpetually indebted periphery country on a sustainable fiscal path, but because of the message such concessions would send to Syriza sympathizers in Spain and Portugal. In short, the troika cannot set a precedent of allowing debtor nations to obtain austerity concessions by threatening to expose the euro as dissoluble.

On the Greek side of the table, Tsipras must convince Syriza party hardliners that concessions are preferable to Grexit and the economic malaise that would come with redenomination. For some on the Left Platform, compromising the party’s electoral mandate is simply not an option and it’s these lawmakers (who just two weeks ago voted to leave the euro and default) that Tsipras will need to sway or else attempt to push an unpopular agreement through parliament a gambit which implicitly assumes that the ensuing political upheaval and voter backlash is preferable to economic collapse. The problem with the latter approach is that it effectively means the troika will have succeeded in using financial leverage to subvert the democratic process, an eventuality that die hard Syriza hardliners are in no mood to suffer.

After one final attempt to table a proposal that retains some semblance of Tsipras' defiant posturing, it appears he may have finally broken after a meeting with ECB chief Mario Draghi where is sounds as though the central bank warned the PM that without concessions, ELA to Greek banks would be cut off and that, of course, would mean game over as Greeks would take to the streets en masse. From Bloomberg: 

European Central Bank President Mario Draghi told Greek Prime Minister Alexis Tsipras in meeting on Monday in Brussels that the ECB will help secure the country’s banking system as long Greece is in an aid program, Greek government official tells reporters on the condition of anonymity.

And shortly thereafter (via AFP):

Greece has accepted the principle of extending its current bailout programme which expires at the end of the month so as to keep it afloat while a long-term debt solution is worked out, Greek government sources said Monday.

 

"For the first time, we accept the extension of the programme as the only way forward," one source said as eurozone leaders discussed Greece's future in the single currency ahead of the June 30 end of its current aid programme.

And so, we turn to politics or, more appropriately, Greek politics because the fate of Greece now looks to rest in the hands of Syriza's far left factions. Dow Jones has more:

To avert a default and possible exit from the eurozone, Greek Prime Minister Alexis Tsipras must sell Germany's chancellor, Angela Merkel, on his plan to fix Greece's finances.

 

Then he needs to persuade Vassilis Chatzilamprou.

 

But out at the Resistance Festival, an annual gathering of Greece's far left, the lawmaker from Mr. Tsipras's left- wing Syriza party said he was in no mood for submission.

 

"We cannot accept strict, recessionary measures," Mr. Chatzilamprou warned. It was after midnight Sunday, and the weekend festival was winding down. "People have now reached their limits."

 

Syriza isn't a traditional party but a coalition of left-wing groups with an intricate family tree formed out of doctrinal splinters and squabbles. It is those many, disparate factions that Mr. Tsipras must also satisfy with any potential bailout agreement with Greece's creditors.

 

Mr. Chatzilamprou, for instance, is a member of the Communist Organization of Greece, which is an outgrowth of the Organization of Marxist-Leninists of Greece. It is distinct from the Communist Tendency, which has a Trotskyite bent. (Neither should be confused with the Communist Party of Greece, which is outside Syrzia.)

 

That unusual composition has made it especially hard for Mr. Tspiras to strike a deal with eurozone and International Monetary Fund officials. "The people who are responsible for the negotiation move within a frame that is determined by the central committee of the party," says Alekos Kalyvis, a longtime union official who is on the committee and responsible for its economic-policy portfolio.

 

The negotiators have some latitude to make decisions, he said, "but this shouldn't be interpreted as if they have a blank check from the party--neither them nor Tspiras."

 

Many of Syriza's factions regard the party's rise as a epochal moment for the left--and any compromise on a bailout as a deep betrayal of its principles.

 

Stathis Leoutsakos, another Syriza member of Parliament, said Germany and the other creditor countries are determined to defeat Syriza. "In my opinion, their aim is to humiliate the Greek government," he says. "They want the message that no other politics are accepted in the eurozone."

 

It is also uncertain exactly what kind of deal would be acceptable to the left wing of Syriza. The party's argument that fiscal austerity--steep budget cuts and tax increases--has deepened Greece's economic slump has been central to its popular success.

 

Most on the party's left wing reject any additional pension and wage cuts outright, saying Greek workers have suffered enough in years of depression since Greece's first bailout.

 

Mr. Leoutsakos, like others on the far left, also insist that at least some of Greece's debt must be forgiven. "In order to service it, we'd need to execute the Greek people," he said. "And nobody in Syriza is willing to do it."

 

There is also the question of Mr. Tsipras's future as prime minister if he does compromise. No one here is unaware of the fates of former Greek premiers George Papandreou and Antonis Samaras. Both signed bailout agreements with Europe.

 

Both lost their jobs, and Mr. Papandreou's party has been all but destroyed.

 

Going back on his leftist principals "would be political suicide for Tsipras," Mr. Chatzilamprou said. "It would mean he is also recyclable: They could replace him with someone else."

And DB has more color on the political fight Tsipras faces in the coming weeks: 

Subject to further progress this week, focus is likely to shift very quickly to the Greek domestic political front. Disbursements for Greece ahead of the IMF tranche due at the end of the month will require domestic parliamentary approval. It is likely that the Greek PM would first attempt to obtain approval from the SYRIZA party's 200-strong Central Committee before bringing an agreement to parliament. In the event of failure at the party level, a referendum would likely be called. In the event of party approval, a vote would be likely taken to the parliamentary floor. Depending on the process adopted, such a vote may take between 2 days to a week. 

 

It will remain a major challenge for the Greek PM to successfully pass a potential agreement through parliament. Local press reports that 10-40 SYRIZA MPs are likely to dissent (the government has an 11 MP majority), while overnight the Independent Greeks junior coalition partner (12 MPs) has also raised the possibility of withdrawing from government. How the political process plays out largely depends on the number of MPs the current government loses. A loss of less than thirty parliamentarians may force a change in coalition to include the two small moderate parties in parliament (PASOK and the River) jointly controlling 30 MPs. More substantial losses requiring the support of major opposition party New Democracy would open up the possibility of broader changes to the government or a referendum.

We'll close with what we said last week about the tough choice the PM faces: "Tsipras must decide how he wants history to remember his tenure as Prime Minister. Either he will be the leader who allowed Greece to crash out of the euro on its way to a redomination-driven economic collapse, or he will go down as the fiery advocate for change who caved under pressure and allowed the troika to stamp out democracy in the place where it was born."

*  *  *

And because this is Europe after all, someone had to deny the "rumors":

  • MERKEL SAYS THERE WAS NO DISCUSSION OF EXTENSION SCENARIOS ON GREEK BAILOUT   
 

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Mon, 06/22/2015 - 17:50 | 6223435 cn13
cn13's picture

Did you really think they weren't going to kick the can?

Really? 

If the can is not kicked, the banksters get kicked.

And they will pull every single last trick possible before they go down.

Know your true Master.  The politicians are not it.  They are completely owned.

It is the Central Banksters.  There is no governmental control or rule of law that applies to them.

 

Mon, 06/22/2015 - 17:46 | 6223443 Black Warrior W...
Black Warrior Waterdog's picture

As if anything else was going to be the alternative.

This will continue, until it absolutely can't.

Mon, 06/22/2015 - 17:47 | 6223445 Joe Tierney
Joe Tierney's picture

Ping me when EUROBLIVION actually starts.....

 

In the meantime I haff to trim my toenails....

Mon, 06/22/2015 - 17:47 | 6223447 Seasmoke
Seasmoke's picture

Thank you ZeroHedge. I am getting much better at knowing the ending much before it happens. This one feels like a no brainer, but when I talked to others this weekend , they really thought the Grexit had arrived. Tsipras is a pussy. I knew it from the start (sure I posted it here just to prove it).....

Mon, 06/22/2015 - 18:16 | 6223530 WhyWait
WhyWait's picture

Sadly, y'all called it right about Tsipras.  I didn't want to believe it. Tthis analysis however leaves out what the Greek people are going to do, now that they now there will be no relief won through the ballot box.

Now too maybe we find out why the Communists stayed out of the Syriza government.

For Grexit to succeed in the face of the rabid hostility of the banksters may require an alliance with Russia and/or China, which they might not be willing to risk.  Stalin withdrew Soviet troops from Greece after Yalta and conceded it to the US Sphere of Influence - partly because it was indefensible. Not to compare Putin to Stalin, but he faces the same problem - he's concluded he can't risk war over Greece, it being reachable only through Turkish waters - so he may have had to tell Tsipras it's hands off.  

But that does not necessarily mean the Greek people will submit, however the deck is stacked.

Mon, 06/22/2015 - 17:48 | 6223448 pcrs
pcrs's picture

I capitulate and take more of your money

Mon, 06/22/2015 - 17:48 | 6223449 jldpc
jldpc's picture

Never has so much ink been wasted upon so little.

Mon, 06/22/2015 - 17:49 | 6223456 LawsofPhysics
LawsofPhysics's picture

Well, am shocked, just shocked I tell you....

Mon, 06/22/2015 - 17:50 | 6223457 JamesH
JamesH's picture

there is no spoon

 

Mon, 06/22/2015 - 17:52 | 6223459 Downtoolong
Downtoolong's picture

This all has the same MO of the Fed rate hike saga. To summarize, lets buy another month of time so we can pray to the Gods of economics to save us. It’s all fine until the negotiations to buy another month of time start taking three months to conclude.

Mon, 06/22/2015 - 17:52 | 6223463 TeethVillage88s
TeethVillage88s's picture

Negotiating with the Troika is about like Negotiating the End of the Greek Military Junta in 1967-1974.

It's all about Power. And the Power of others outside of Greece. And about Greece not being Left Wing or Communist.

And a Strategy of Tension to pull the political feelings toward NATO, EU/Troika, USA, and to keep the political feelings away from Russia/China.

But then I don't watch MSM News nor think we have had reforms or a recovery from 2008 or 1994

1994 - NAFTA, Deregulation of Trade, 3 Nations (W. Clinton)
1995 - Community Reinvestment Act, the Clinton Admin urged flexibility,
1995 - HUD advocated greater involvement of state and local organizations
1996 - Energy (W. Clinton, followed by ENRON Scandal)
1996 - Telecommunications Act (W. Clinton, cross ownership)
1996 - Start of a Period of Accounting Fraud in USA which continues today
1997 - M2 Money Velocity Top
1998 - Clinton's Kosovo War (over 60 Days)
1998 - Brooksly Born Rejected on her concerns on OTC Derivatives
1998 - Derivatives expanded and were not regulated
1998 - Citicorp & Travelers Insurance Merger
1999 - Gramm–Leach–Bliley Act (Phil Gramm, W. Clinton, followed by 2008 Financial Crisis)
1999 - bombing campaign in Kosovo (W. Clinton, over 60 days)
2000 - Commodity Futures Modernization Act of 2000 (P. Gramm, W. Clinton, derivatives)
2002 - McCain–Feingold Act (G.W. Bush, Campaign Finance, soft money unlimited)
2005 - Energy Policy Act (G.W. Bush, subsidies, excluded clean air Water acts)
2005 - Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
2005 - CAFTA-DR Ratified, 2006 El Salvador, Honduras, Nicaragua, Guatemala
2008 - 2014 QE & LIRP/ZIRP (B. Bernanke, J. Yellen, B Obama)
2009 - 2014 Continuing Resolutions in which Congress gives up Budget Powers
2010 - Citizens United v. Federal Election Commission (money is free speech for corps)
2011 - US combat in Libya (B Obama, over 60 days)
2014 - lift ban on crude oil exports (B Obama, Commodities Deregulation)

Mon, 06/22/2015 - 17:55 | 6223466 kchrisc
kchrisc's picture

S and V will be out of power by December under the cover of a "color revolution."

Easier to protect Zion's Greek fiefdom from the east when you have tanks on the streets.

Liberty is a demand. Tyranny is submission..

 

"Acts of war" can depreciate many promises and obligations, like the pension kind.

Mon, 06/22/2015 - 17:56 | 6223468 Hubbs
Hubbs's picture

It's all about control. The Bankers fry the small fish first. In time, we in the US will all be hooked and reeled in also.

Mon, 06/22/2015 - 18:02 | 6223470 PhiBetaZappa
PhiBetaZappa's picture

It's the Greek version of the movie "Groundhog Day" - again.

Mon, 06/22/2015 - 17:56 | 6223471 bid the soldier...
bid the soldiers shoot's picture

 

WHATEVER

The only reality is Nasdaq made an all time high

Mon, 06/22/2015 - 18:04 | 6223472 earleflorida
earleflorida's picture

stall, delay, defer,.. forbearance upon dawdling construct-ambiguity morphng-the-deliuescing hegemonical  Russo-Sino book`em, orders

Mon, 06/22/2015 - 17:57 | 6223473 Skargit
Skargit's picture

Wow... this one seemed a little bit closer to Europocalypse than the others... but, if it wasn't meant to be, of course the can will be kicked. Which raises the question, if it came this close... is it all just theatre, or did the impending Grexit just come a little bit sooner than expect and have to be rescheduled... and for what reasons?

Mon, 06/22/2015 - 19:39 | 6223759 Crocodile
Crocodile's picture

It CANNOT happen; bribes and death threats are the "Central Banksters" MO....too much risk (exposure of the truth) is at stake; otherwise this would have ended in 2011.

Mon, 06/22/2015 - 17:57 | 6223474 jldpc
jldpc's picture

Does anyone remember, we did this in 2011-12? The Greeks signed a deal, their parliament voted it ok; and they failed to do any of it. That is the Greek Way. Thousands of years of bluffing and bullshit - not a single word you can count on. The clowns in Brussels will sell the EU down the river to keep their jobs - same for the politicians. This will go on and on and on and on. The Greeks have won again - scads of OPM to run their socialist paradise - nobody works for real; nobody pays taxes, every family has at leat one person on the gov't payroll with a fat pension who cannot be fired, and they get 14 months pay for 12 months work--  they are the best negotiators on Earth. Not one word of what they say (before, now, or later), agree to, or promise is real - but the Euro boys will go for it to keep their jobs.

Mon, 06/22/2015 - 17:59 | 6223479 Crocodile
Crocodile's picture

All this Greek garbage reveals the stupidity of Greeks since they are in the "catbirds"seat because the EU would fail by a Greek default and by a domino effect kill several European banks (major ones) and then cross the Atlantic and kill many American banks and expose MUCH of the fraud in the banking system.  So behind the scenes are bribery and death threats to all who get in the way...expect total chaos by the end of the summer in Greece...however there will be media blackouts...the reason for the "Net Neutrality" law, which is actually the "Net Preferentialality & Censor" law.

Mon, 06/22/2015 - 18:00 | 6223483 p00k1e
p00k1e's picture

Who won the pool? 

Mon, 06/22/2015 - 18:01 | 6223487 Bam_Man
Bam_Man's picture

"Once a whore, always a whore."

Mon, 06/22/2015 - 18:01 | 6223488 Ajax_USB_Port_R...
Ajax_USB_Port_Repair_Service_'s picture

Can't wait to see the "long term debt solution" they come up with.

Mon, 06/22/2015 - 18:04 | 6223502 Make_Mine_A_Double
Make_Mine_A_Double's picture

So in summary fuck all nothing really happened today yes?

Another huge build up of fake tension and 'do or die' ultimatums' and what? Another 'agreement in principle' for the .gov Greece to do what it hasn't done all alone - jack the VAT to the moon, cut existing pensions to the bone and tax the shit out anything left for the rest of internity?

And the Trioka pretends they will and the Greeks get some more table scraps for another 30 days?

Does that about sum it up for the today wrap?

 

 

Mon, 06/22/2015 - 18:07 | 6223507 p00k1e
p00k1e's picture

‘White Terror’ with love from Germany. 

Mon, 06/22/2015 - 18:21 | 6223550 TeethVillage88s
TeethVillage88s's picture

Yeah people get all emotional. What is it over a month of Bank Runs, Bank Terror, Troika Neglect.

But have to admit Tsiprias and Yanis and the Coalition might not have had the experience or confidence to leave their parents the Banking Union.

Mon, 06/22/2015 - 18:42 | 6223616 Arthur Schopenhauer
Arthur Schopenhauer's picture

25+% unemployment and skittishness about the future will give any country the runs.

Mon, 06/22/2015 - 19:21 | 6223707 TeethVillage88s
TeethVillage88s's picture

Plus they lost 40% of their Purchase power. 111,000 Business closed in 2011 a 27% increase.

"As a result, Greeks have lost about 40% of their purchasing power since the start of the crisis,[50] they spend 40% less on goods and services,[51] and the seasonal adjusted unemployment rate grew from 7.5% in September 2008 to a record high of 27.9% in June 2013,[52]"

Mon, 06/22/2015 - 18:06 | 6223505 PrimalScream
PrimalScream's picture

This only means that the Govt of Greece has AGREED to rob their own cities, pensioners, and bank account holders - for ANY MORE money than they can possibly lay their hands on.

Greeks are not STUPID.  They understand this immediately.  The system is screwed.  The people will keep withdrawing money now, so long as the EU provides it - or Greece prints more euros.  This is collapse time.

YES the Greek economy will be a lobster in a pot of boiling water.

YES, the country's government will CHANGE again - and become much more radical.

 

Mon, 06/22/2015 - 18:06 | 6223506 CHC
CHC's picture

I knew it...Tsipras DID diddle Merkel and she must have lovvvveeeeedddddd it! 

Mon, 06/22/2015 - 18:07 | 6223509 bshirley1968
bshirley1968's picture

Just like in this country, leadership lacks the character and moral fiber (balls) to do the right thing.  If you are waiting for one of these whores to quit taking the money and display some real leadership.........you'll be waiting a long, long time.

Mon, 06/22/2015 - 18:21 | 6223547 Mepaulus
Mepaulus's picture

They should have held a referendum and got a mandate from the people to tell the EU to F**K OFF.

Mon, 06/22/2015 - 18:39 | 6223557 BurningBetty
BurningBetty's picture

Make the damn exit already and be done with it! Might as well just leave everything to fate and just flip a god damn coin instead of prolonging this saga..

And if the Greek leadership and Tsipras already know that another bailout is only for the worse for Greece then why would you accept these terms for the 3rd time!? Does anyone, in the leadership, anywhere in the West have any balls at all to stand up for their people? Tsipras is in position to save Greece and start from scratch outside EUs claws...and he fucking bends over so Draghi can jam his d*** up his ass in the last minute. Un-F***ing-believable!

Mon, 06/22/2015 - 18:27 | 6223568 Raul44
Raul44's picture

To all those who expected something to actually happen: 

Shit almost exclusively happen when least expected and especially not when announced publicly as a deadline. This was nothing but a bait for traders and isnt the first one and not the last one. In fact since last ~5 years in case you havent noticed this kept rolling over and over, I have seen these "last chance" events with greece more times than I can count. Print this text and put it right above your screen.

Mon, 06/22/2015 - 18:35 | 6223578 Real Estate Geek
Real Estate Geek's picture

The Greeks shouldn't have even bothered voting.  Henceforth they may as well refer to this tool as Papademos II.

Mon, 06/22/2015 - 18:37 | 6223598 The Delicate Genius
The Delicate Genius's picture

when 2 splc laywers in the ny times today castigated UKIP by hint, and Golden Dawn by name...

http://www.nytimes.com/2015/06/22/opinion/white-supremacists-without-bor...

I have begun to suspect Golden Dawn may be the best thing for the people of Greece, the US, EU, and Russia all aside.

I am not a rush limbaugh fan really, but he may be right.

The splc is a hate group.

They just hate european cultures, and nations, and I think are mostly about an anglo-zionist/globalist agenda.

Mon, 06/22/2015 - 18:40 | 6223605 Moccasin
Moccasin's picture

The Greek gov is weak. They entire society will crawl on their knees for decades to come. The only reason the 'rich Greeks' bitched and cried for bailout welfare is because they are obviously the ones who will enslave the rest of the nation. The people of Greece lost their chance for sovereignty.

Mon, 06/22/2015 - 19:04 | 6223622 scatha
scatha's picture

So after five months of denial finally they admit what actually happened in January namely betrayal of electoral promises embedded in their manifesto none of which was ever implemented. What we witness planned and deliberate betrayal of the Greeks poor and working people by controlled opposition sponsored by Brookings Institution and likes of Soros.

In reality Syriza have nothing to do with the left or God forbid Communists hence calling them leftist party is misleading. What they actually are, are segments of courtier/servant class that have been downgraded and discarded by ruling elites as no more needed to control population rendered already defenseless.

While tightening deaths grip, EU oligarchs squeeze life out of Greek nation in fanatical, suicidal lust for imperial power and opulence. The mid to upper middle class i.e. courtier/servant class has therefore no revolutionary ideas but rather focus on begging the rulers to give them a second chance and once more accept them back onto their protection. That explains Syriza irrational stand to stop austerity and in the same time stay in eurozone.

In similar ways exploited servants in England opposed factory workers movements promoting instead submission as a way to improve living conditions and pay. This observed phenomenon of the same extreme radicalism of recalcitrant irrational capitalist class is coming to forefront today. But today's moguls are not even true capitalists; they rejected capitalism and went beyond into abyss of genocidal madness of economic hallucinations leaving their former worshipers behind to face Armageddon alone.

So what’s happened to true left?  I am hearing nice euphemisms of true left supposedly "disappearing” from political landscape all over the world. That's not true. True left has been exterminated with extreme prejudice with latest wave started in mid 1960-ties till today, spurring last battles for true leftist identity, fought by tragic heroes of radical left, such as BR, RAF, ETA, AD, FLQ and many others. They lost their battle due to betrayal of organized leftist trade unions and their political wings, and abandoned by traitors of the revolution in Soviet Union that deteriorated into no more than oligarchic regime back then.

All those worthless promises, enticements, deals with workers in the west over decades of sixties and seventies dissolved into thin air while rulers proceed dismantling political base of left movements and organization by means of dissolving whole national industries, and using GESTAPO tactics in politics, academia and in society in large to destroy those intransigent holding on to their moral stands. Almost no one survived.

Try to be true leftist now, Working Class Hero, as John Lennon sang, you gonna be pursued, ostracized among pears and family, expelled, fired, your life and career destroyed, you will be rejected and alienated, suspected of mental illness etc., and ultimately killed if you do not completely surrender and betray the others. Shockingly, true right wing activists and politicians shared similar faith.

Stalin once said:  if you destroyed your opposition you must recreated it because otherwise somebody will do it for you. That's what actually is going on in Greece.

 A fake opposition parties left or right, no matter, and all corporate and many so-called independent media are being created through oligarch run think tanks for purpose to identify politically threatening individuals and focus people’s justified grievances and then to betray them causing politically induced depression and desperation rendering people confused, helpless zombies accepting their horrible faith with resignation or force them to turn into violence preferred choice of rulers’ well equipped to deal with, instead holding on to continuous political dissidence.

Now, even neo-fascist Golden dawn “accepts” Troika enslavement under personal harm or death threats and intimidation from Brussels’s gangsters, forgetting about the nationalism thing.

The new left or right regardless, should be a disease for the system not a cure, not a fixer of current imperial system as motto of Anarchism a respectable and mainstream XIX political thought.

The message of true opposition to power elite should be as follows: resign and go home we want you to disappear from political landscape, nothing more and nothing less. No negotiations no compromise.

Mon, 06/22/2015 - 18:47 | 6223634 Berspankme
Berspankme's picture

Of course they folded. Surprise surprise. The ZWO must go on . Forward

Mon, 06/22/2015 - 18:49 | 6223639 smacker
smacker's picture

I'm fed up with this Greek Drama. Let's forget about them and switch on some nice music.

I recommend this excellent album from 1972. It reminds me of what Greece could have been before it adopted parasitic socialism:

               "Démis Roussos - Forever And Ever"

Mon, 06/22/2015 - 18:52 | 6223649 Rentier88
Rentier88's picture

Of course those pussies gave in what other choice do they have....cowards.

Mon, 06/22/2015 - 18:56 | 6223658 troutback
troutback's picture

Greece should take their medicine and exit the Euro now.  They are fucked if they do a deal or don't do a deal.  Pull a Cyprus and bail. 

Look, I wan't Greece to leave.  The BRICS set up an Asian Infrastructure Investment Bank to circumvent the 2010 code of reforms.  US doesn't want to lose power and play ball after they agreed to.

 

We have a Global Currency Reset coming and Greece was the closest trigger imo.  Currencies are going to revaluate after this bubble pops.  Rather see it sooner than later.

 

tb

Mon, 06/22/2015 - 19:02 | 6223660 Rhal
Rhal's picture

Let me get this straight:

Greece's' debt is a small problem, but Greek bond are collateral that, in the event of default will cause a massive margin call for capitol/collateral(and liquidity is now gone). They saw this coming and interconnected all the bank with CDS derivatives, so they all stand together and demand the bonds stay solvent (successful austerity maintains this illusion). 

  Is it just me, or does this violate the basics of capitalism? They can't even admit the existence of a default, let alone use it to clean the market!

 Collectivism in all its disguises always implodes. Period. I was only 10 when I learned my lesson about ripping the bandaid off.

Mon, 06/22/2015 - 21:26 | 6224101 Atomizer
Atomizer's picture

If someone tears off the derivatives band-aid, the system goes south in 48 hours. Not a joke. 

Tue, 06/23/2015 - 00:08 | 6224440 Rhal
Rhal's picture

It will anyway. It has been inevitable since the loss of Glass-Steagle. It's been inevitable since the elite trump rule of law. Some said it became inevitable on Aug 15 1971 (loss of gold standard).

There should have been a partial collapse in 2008 and the market should have been allowed to pick up the pieces; wiser for it.

Deflation commeth for those who count paper as gold.

Mon, 06/22/2015 - 18:59 | 6223662 Daize
Daize's picture

Well I for one am disapointed.

Mon, 06/22/2015 - 21:02 | 6223669 foodstampbarry
foodstampbarry's picture

The enemy is democracy. Democracy must be destroyed.

Signed,

Troika

Mon, 06/22/2015 - 19:10 | 6223680 BurningBetty
BurningBetty's picture

This whole setting reminds me of a movie I saw some 10 years ago about Jews during WWII. Disregarding my own beliefs about what I believe happened during WWII I will just focus on a scene from the movie.

I can't remember the title of the movie but the main character playing is actually a teenager girl who lives in the US. During a sequence in the movie she faints. Obviously dreaming the movie suddenly takes us back to the Jewish concentration camps during WWII where she is re-living the days of either her grandmother or her aunt. One of the scenes takes us to where Jewish women and children are being ordered onto several truckloads. As the trucks are filled no one says a word. No one objects! Everyone obeys what they are told. Once the trucks were loaded and the engines started the realization of what was to come obviously kicked in and you could hear most dreadful screams coming from the trucks. But by then it was too late to even make a run for it or fight.

And this is exactly where Greece is heading. Blind hope is dangerous because it robs you of the ability to even attempt to fight for your survival. Hopefully, Tsipras's bending over in the last minute will not pass through parliamentary approval.

Mon, 06/22/2015 - 19:12 | 6223687 ramgold2206
ramgold2206's picture

I'm so fed up with all this EU bullshit...Ireland took the opposite direction to Greece yet the problems remain (just under the surface). The euro project is doomed but it will limp on for years crisis after crisis.

Reading ZH convinced me to own gold to try remove myself from this madness as best I could but like nearly everybody I had F..K all extra cash to convert into bullion.

6 months ago I had no cash and no gold and a shed load of credit card debt.. Now I have some of cash,,, a few ounces  of gold... and I'm rid of the credit card debt..all from reading Zero Hedge and its commentators and using that knowledge to find a way!!! thanks guys I owe you.

If you find yourself in the same position as me and you're willing to try your hand at network marketing, you could use the commissions earned to acquire gold bullion from Karatbars. May not be for everybody and I not pushing it on anyone but it's another option for you and its working for me.

if you're interested in what is a Genuine opportunity visit  www.teamramgold.com my own site - email me for full training.  

Mon, 06/22/2015 - 19:26 | 6223710 Aleedsfella
Aleedsfella's picture

Wow what a shocker! Can you believe a bunch of overpaid lying treasonous, cock sucking (banker cock only) politicians, just sold out every one who elected them to the bankers! The world is just full of surprises! Do not despair Greece, no matter how bad the economy gets there will always be enough lamp posts and rope for the state and all its whores! KILL THEM!

Mon, 06/22/2015 - 19:29 | 6223725 SmittyinLA
SmittyinLA's picture

"Allright, I'll  agree to accept the check, keep spending, and loot our own neighbors to fund growth"

Mon, 06/22/2015 - 19:30 | 6223730 DOGGONE
DOGGONE's picture

BE AN EXAMPLE TO ALL, show these hidden USA histories!

"Stop whoring for Wall Street"
http://www.showrealhist.com/yTRIAL.html
http://patrick.net/?p=1223928

Mon, 06/22/2015 - 19:32 | 6223734 Catullus
Catullus's picture

Socialist caves to raising taxes to preserve transnational Union created by socialists. If thrown out, promised job as a technocrat in Brussels.

Color me surprised.

Mon, 06/22/2015 - 19:33 | 6223735 Shed Boy
Shed Boy's picture

So....thats it?? Years of hyping and it's over with barely a wimper? No Grexit doom....no contagion....no market moves.... BAH...just another dog and pony show.

Mon, 06/22/2015 - 19:36 | 6223750 SmittyinLA
SmittyinLA's picture

Greece didn't agree to anything except cashing a check, austerity will come after medicare is fixed.

Mon, 06/22/2015 - 19:37 | 6223754 InvalidID
InvalidID's picture

Is anyone really surprised? I'm not... :/

Mon, 06/22/2015 - 19:44 | 6223778 Lordflin
Lordflin's picture

Amnesty... TPP... Obamacare... Grexit... Brexit... nothing but theater... The fix is in long before the ink is dry on the headlines...

Mon, 06/22/2015 - 19:48 | 6223789 Atomizer
Atomizer's picture

Color me shocked. 

/LOL

Mon, 06/22/2015 - 19:50 | 6223798 Able Ape
Able Ape's picture

Piece of pathetic dog shit!...

Mon, 06/22/2015 - 19:52 | 6223803 fallin_knife
fallin_knife's picture

If the Greek Parliment approves this travesty, I'm permanently canceling my plans for a vacation there. I refuse to do anything to help a bunch of spineless losers. When they knuckle under, once again, they will be just like the Jews who willingly walked into the "showers" for the Nazis. The woes of the Greek people will NEVER end and they will trade a proud history for a future of servitude and humiliation. What a pitiful joke of a country.

Mon, 06/22/2015 - 19:56 | 6223814 Atomizer
Atomizer's picture

Everything will be disclosed on Tuesday, after the Fast track bill is passed. This is a socially engineered plan. I cannot wait to watch the next episode of liberalism ass rape. Have my popcorn ready. 

;)

Mon, 06/22/2015 - 20:00 | 6223825 JLM
JLM's picture

Wonder what they bribed him with.   Couple of million Euro's in a swiss account? 40 virgins - that works for most. lol

He needs to rethink just how badly he will be perceived by the regular people if he caves.

Mon, 06/22/2015 - 20:02 | 6223833 Atomizer
Atomizer's picture

We warned you. 

Mon, 06/22/2015 - 20:09 | 6223851 honestann
honestann's picture

MORONS.
MORONS.
MORONS.

Mon, 06/22/2015 - 20:18 | 6223877 grunk
grunk's picture

Hey Greeks...

Bend over and say BAAAAAAAAAA!!!!!!!!!!!!!!!!!!!

Who's you're sheep herder, baby?

         - The Germans

Mon, 06/22/2015 - 20:20 | 6223887 Jack Burton
Jack Burton's picture

Folded! Yep, it was all bullshit theater for the masses. In the end. you do what bankers demand. The pressure put on Greece was probably something under the table as a real threat, and believe you me, the West carrier through with it's threats. You really think Brussels and the USA can be turned down when they make demands? Cave In, we all knew it was coming, or at least 90% were sure.

Mon, 06/22/2015 - 21:03 | 6224018 Atomizer
Atomizer's picture

Surprised on your caps. Just let it happen. The sniper rifles cannot protect this class of stupidity. Just wait for Tuesday. The ball will begin rolling. 

Mon, 06/22/2015 - 20:24 | 6223901 QQQBall
QQQBall's picture

I wonder what kind of covenants are in the bonds? They are in technical default anyway?

Tue, 06/23/2015 - 03:28 | 6224673 hardcleareye
hardcleareye's picture

 My take is they have been in technical default for some time now but the notice is issued by the IMF and is at the IMF's desecration......  the IMF can look the other way until everyone is laughing that the emperor has no clothes on...  the consensus is the "missed payment at the end of the month.... of June" but they still don't have to issue a default notice if they choose not to at that time...  this can go on for some time...

Mon, 06/22/2015 - 20:27 | 6223911 shovelhead
shovelhead's picture

Haha.

Germans paying for Greek banks for the rest of their lives.

Dummies.

Mon, 06/22/2015 - 20:27 | 6223912 Meremortal
Meremortal's picture

A "Bailout Extension" doesn't sound like a permanent solution.

But it's happening...

 

"Unexpectedly!!!!"

Mon, 06/22/2015 - 20:28 | 6223914 newworldorder
newworldorder's picture

The triple, triple dog dare got to Tsipras. The Greeks and their politicians will cave, because they like being Europeans. They have no other options. The can will be kicked forever, or as long as Draghi and Merkel are willing to refill the can when needed.

Mon, 06/22/2015 - 20:36 | 6223919 Dre4dwolf
Dre4dwolf's picture

Any deal with the Euro scum will inevitably push Greece into collapse anyway.

Better sooner than later this way you can get it over with and start healing.

 

There is nothing for Greece to gain from staying in the Euro. . . . its simple math and the math says leave the euro, ditch the debt, start the Drachma and let your country develop itself into what it wants to be instead of developing itself into slavery for Germany.

 

If Greece stays in the Euro, you are looking at a shooting war between Greece and Europe within a year, the current Greek govt will crumble , Turkey will try and invade, Russia will intervene to "rescue their orthodox brothers" Germany will try and take a bite. . .  WWIII.

Its inevitable.

https://s-media-cache-ak0.pinimg.com/736x/55/2e/fb/552efb0575ca5025d14ec...

 

 

I call bullshit on any deals.... just noise in the wind. .  .

 

Mon, 06/22/2015 - 20:30 | 6223921 sudzee
sudzee's picture

"Greece looks to have capitulated". Western propaganda at work.

 

Mon, 06/22/2015 - 21:11 | 6224041 Meremortal
Meremortal's picture

More like reality at work.

If Greece doesn't take the bailout, the austerity becomes MUCH worse, and quickly. The citizens may think it's bad now, but they've seen nothing.

 

Tue, 06/23/2015 - 01:35 | 6224579 Victor999
Victor999's picture

So the answer is to let them live another day by increasing their debt obligations again?  Kinda like increasing their credit card limits, yes?  They will have to pay at some point.  The questions is, Who will do the paying and what will it cost?

Mon, 06/22/2015 - 20:39 | 6223951 nathan1234
nathan1234's picture

Goodbye Tsipras

Hello the forthcoming Greek Revolution

Mon, 06/22/2015 - 20:45 | 6223965 NoWayJose
NoWayJose's picture

What - politicians ignoring the will (and votes) of the people? Unheard of!

Mon, 06/22/2015 - 20:41 | 6223954 Aleedsfella
Mon, 06/22/2015 - 20:42 | 6223959 GRDguy
GRDguy's picture

Gives new meaning to the phrase:

"My dad owns your dad!"

Mon, 06/22/2015 - 20:44 | 6223963 NoWayJose
NoWayJose's picture

Give me control of their money and I care not about their laws or elections.... something Mario Draghi would think in his fondest dreams

Mon, 06/22/2015 - 21:00 | 6224007 mijev
mijev's picture

Why does this feel like watching a rerun of the scottish independence vote or the swiss gold referendum.

Mon, 06/22/2015 - 21:15 | 6224055 Atomizer
Atomizer's picture

United States of America has installed a nonpartisan despotism as the new normal democracy path. Ask yourself, how many people are passing the new international laws?

3 million US people will beg to differ. Lock and load. 

Mon, 06/22/2015 - 21:23 | 6224091 44_shooter
44_shooter's picture

Every man has his price.

This just goes to show how easy it is to be bought out.

 

How long do you think it would take (chuckle) Rand Pand if (chuckle chuckle) he some how made it to the White House (ROTFLOL) befoer he would sell out..

 

Biggest question yet is - who could blame them?

Tue, 06/23/2015 - 01:04 | 6224553 tarabel
tarabel's picture

 

 

I'm all in favor of giving him a chance to prove you wrong.

"If we lose faith in ourselves, in our own capacity to guide and govern, then indeed our story is told."

Mon, 06/22/2015 - 21:28 | 6224108 Death By Cold S...
Death By Cold Steel Report's picture

Have we gotten too this moment yet? https://youtu.be/DegHehO_nfc?t=3m32s  In The End! THERE CAN ONLY BE ONE! 

Mon, 06/22/2015 - 21:29 | 6224113 Paracelsus
Paracelsus's picture

    Iceland Iceland Iceland

Iceland Iceland Iceland

Iceland Iceland Iceland

Iceland Iceland Iceland

 

Trigger them derivatives and grab your popcorn

Mon, 06/22/2015 - 21:39 | 6224135 Atomizer
Atomizer's picture

Too bad Apple (Tim Cockring) doesn't have his new iWatch upgraded version to roll out Goebbels news reports. 

Mon, 06/22/2015 - 21:49 | 6224165 BlackSwanOil
BlackSwanOil's picture

It is unlikely there will be a bailout this time, because it is not in the interest of banks.  If there is a bailout it will just put off the collapse a little longer.  Is Goldman Sachs right?  The establishment order is not interested in the best interest of Greeks, the Spanish, the Porgtuese or the Italians.  They care more for banks and the New World Order rather than the small man on the streets.

Mon, 06/22/2015 - 21:55 | 6224176 Atomizer
Atomizer's picture

I love browser crashes on BlackBerry. It means you should shut down your server before we fuck it up. You can't touch me. 

Ask the 1998 guys that hacked on Drudge report. Most of us turned into Internet security white hat's. 

We can switch baseball hats during any inning. ;)

Mon, 06/22/2015 - 22:10 | 6224212 TNTARG
TNTARG's picture

The Eurozone is like Dante's Inferno:

"Abandon all hope, you who enter here".

 

Tue, 06/23/2015 - 01:01 | 6224550 tarabel
tarabel's picture

 

 

You mean to tell me that DutchBoy2015 is lying to us?

Mon, 06/22/2015 - 22:12 | 6224217 Hohum
Hohum's picture

Look, if the Greeks stay in the Euro, it's permanent austerity.  If the Greeks leave, it's goodbye industrial civilization.  Moaning about politics is pretty useless, fellas.

Mon, 06/22/2015 - 22:19 | 6224235 SirBarksAlot
SirBarksAlot's picture

So, I just got a bottle of ouzo and some Greek olives to show my support for the Greek people.

Fuck the ECB, the IMF and the rest of the alphabet gangstas.

Tue, 06/23/2015 - 00:59 | 6224548 tarabel
tarabel's picture

 

 

I started growing my own grape leaves. Does that make me a bad person?

On the other hand, most of the 30.06 I get from the CMP is Greek surplus. All the new batch of  M-1s are returns from the Turkish Navy, however.

Now I feel better.

Not because Greece will live or die on the export of surplus ammo or grape leaves, but because I am one tiny step closer to the Jeffersonian ideal upon which a new society may be erected upon the ruins of the old.

Sauve qui peut.

Mon, 06/22/2015 - 22:23 | 6224244 Atomizer
Atomizer's picture

The IMF has already propped a new debt walking wind up toy within McDonald's happy meal purchases. 

Dave Chappelle - Super Size Me http://m.youtube.com/watch?v=fCXzEyVdFl0

/sarc

Mon, 06/22/2015 - 22:34 | 6224274 fromthinair
fromthinair's picture

it does not seem like it is done yet until it is really done. There has to be more drama than what has been reported. The drama is ofcourse not for citizens of the affected countries but on those who are in charge.

 

http://just-a-thought-from-thinair.blogspot.com/

Mon, 06/22/2015 - 22:59 | 6224329 tonystarks
Mon, 06/22/2015 - 23:06 | 6224333 andrewp111
andrewp111's picture

It could be just a big head fake to suck another 20 billion or so in ELA out of the ECB before Grexit. Nothing has been agreed to, and nobody should panic in either direction.

But if you have big deposits in a Greek bank, by all means keep withdrawing.

Mon, 06/22/2015 - 23:04 | 6224339 Argentumentum
Argentumentum's picture

A comment from henrymakow.com 

Debra said (June 22, 2015):

Here is what I have been reading:

“The father of Alexis Cipra, Pavlos Cipra, died in 2012. He was a billionaire with a direct link with the Mossad, he was the father of a slave BHL entrepreneur in Africa where he was trafficking in Africans. He sent dozens of Africans in Greece in order to exploit them, giving them just enough to survive in its construction companies and public travux.
The family business “SKAPANEA” was responsible for all major public works in Greece since the junta until today, construction / restoration of Orthodox churches through broadcasting. Like the Italian Mafia, the other companies have to pay a percentage to the “family” if they want to survive. “ [6] – source

Yes, you read that correctly. I have been finding people in Greece saying that Tsipras is actually “Cipra” and is of Jewish blood.

- See more at: http://henrymakow.com/2015/06/crisis-report-from-a-greek-island.html#sth...

Tue, 06/23/2015 - 00:55 | 6224542 tarabel
tarabel's picture

 

 

I can't wait for EMP to come.

People will have to start looking after themselves rather than propounding weird theories about how everything is a sinister plot by some other socio-economic grouping.

 

Mon, 06/22/2015 - 23:10 | 6224351 wisefool
wisefool's picture

Looks like it is my shift to watch "the next attorney general of the united states" Jon Corzine and his IMF Global server boys.

Don't get any ideas space monkeys. Tuesday is my day. if they push this out 24 hours I can not control the outcome. 

Mon, 06/22/2015 - 23:24 | 6224385 TeethVillage88s
TeethVillage88s's picture

Red-line at Night! Hoho! Hohoho-hohoho-hoho!

Hm an old song. What can it mean.

Two girls with Green Eyes! And a Red-line in Securities/Bonds/Equities/Treasuries.

We will have two weddings.

Very Auspicious. USD Collapse and World War! (National Draft included, all rights reversed, any resemblance to living persons or dead persons in purely coincidental and unintended, copy rights are held by MGM Big Trouble in Little Tokyo)

Mon, 06/22/2015 - 23:26 | 6224388 f16hoser
f16hoser's picture

I told you Tsipras was an "Empty Suit!" If I was Putin, I would tell Greece they Fucked-Up and walk away.

Tue, 06/23/2015 - 01:14 | 6224560 Yperkeimenos
Yperkeimenos's picture

Well,like i said in other posts,in the end you know that nothing's gonna happen when the media advertise a potential Grexit and bank holidays, weeks in advance.Always be contrarians and believe exactly the opposite of what the Mass Media tell you and of what the mass of people believe.The day the Euro will collapse,and it will do so at some point , the Media will be telling everyone how strong,safe and stable it is.

Tue, 06/23/2015 - 01:33 | 6224578 22winmag
22winmag's picture

Does this mean the handshakes and photo ops can commence?

Tue, 06/23/2015 - 01:55 | 6224600 GoldenDonuts
GoldenDonuts's picture

The Greeks appear to be a country populated by delusional idiots.  So they want to default on their debt but retain their membership inside the euro.  They like the way that inflation is controlled but want money printed to give to them so that they can retire earlier than any German would dream of retiring.  They want to have a large government but nobody pays any taxes.

Don't get me wrong I think that the Greeks have to default because there is no other choice but at the same time they have to live in a world with limits because they do.  If you default you are free of past debts but you have no Euro and you are beginning again from scratch.  Thats it there is no magic fairy to save your pension at age 45.

The older I get the more delusional the general population of the world appears.

Tue, 06/23/2015 - 01:58 | 6224606 Moribundus
Moribundus's picture

The Greek parliament has installed a committee of experts to establish the constitutionality of the Greek debt. On June 17-18, Eric Toussaint, head of this committee, presented preliminary findings. The hypocrisy is astounding .

 

Here is what the inquiry found (in a nutshell). The Greek financial situation in 2009 was bad enough, but not much worse than other countries.

 

The situation of the Greek public debt was purposely dramatized for entirely different reasons. The private banks in Greece were on the verge of collapse and were going to take down several French, German and Dutch banks with them.

 

The committee found reports and documents to corroborate the conclusion that the EU decided to sacrifice the Greek state budget to save these European banks.

 

The IMF in an internal report of March 2010 knew already that the conditions of the 2010 memorandum for the loans to Greece would lead to a social blood bath, and to a collapse of the economy.

 

They knew that the loans were unsustainable, as confirmed by the facts five years later.

 

Then head of the IMF Dominique Strauss-Kahn – hoping to become president of France – hoodwinked his own board of directors to accept the loans to Greece.

 

The EU blackmailed the Greek parliament to vote an 800-page memorandum within 24 hours of receiving it or the ECB would terminate liquidity assistance.

 

Toussaint’s conclusion: the Greek debt is illegal, illegitimate and odious. More details will follow in the coming weeks.


There is near complete media silence about this.

http://thebricspost.com/a-humanitarian-tragedy-imposed-on-greece/#.VYjzd... over the EU.

 

 

Tue, 06/23/2015 - 02:30 | 6224634 Iam Yue2
Iam Yue2's picture

"Each generation must discover its mission, fulfill it or betray it, in relative opacity.” ? Frantz Fanon.

Tue, 06/23/2015 - 02:57 | 6224655 Zero Point
Zero Point's picture

Take it Greek style.

Tue, 06/23/2015 - 03:21 | 6224663 wow thats crazy
wow thats crazy's picture

This is about money like everything else that's going on in this world

No news about sending bankers to jail even after all these years, tell me if that isn't a little odd!

All the shit HSBC, Bank of Scotland etc etc its a fucking long list.

Everyday people on this Earth are nothing more but Dog meat at a Korea BBQ

Tue, 06/23/2015 - 04:02 | 6224691 Condor96
Tue, 06/23/2015 - 04:05 | 6224693 Farqued Up
Farqued Up's picture

Melt down? I think differently. This is all bluster, as long as Uncle Sammy the Robber has the electronic $ keyboard plugged in, there will be no melt down. The only way it can melt down is for an org such as the BRICS to offer something in the way of money backed by something more valued than stored electrons.

The Greeks had a golden opportunity to throw a crowbar in the gears of the banksters and pissed it away. It's probably best for the Greeks, they now join the underclass Americans in making Greece now officially Free Shit Greece. In actuallity, they have always been leaches as a society.

I ask ZHers: Are the Greeks worse off than the industrous, maybe they have found the nirvana briar patch. We're the fools for playing the slave game. I admit I want the collapse of the existing power structure enslaving us but I can't bring myself to even slightly pull seriously for a bunch of Marxists, Leninists, and Trotskyites.

The Greek turnip has no blood and will be tragic to watch the world standard of living crater under the grand wars staged between world fascism vs communism. Fuck 'em both, we've seen this bad movie before. Now sit back for the oligarch controlled puppets, Hillary and Bush, to put on Punch and Judy 2016 for us kiddies. Greece will eventually move out of center ring at the circus but they'll remain under the tent until absolute collapse. The chips on the table are growing exponentially.

Tue, 06/23/2015 - 05:14 | 6224728 Bopper09
Bopper09's picture

https://www.youtube.com/watch?v=1ytCEuuW2_A

Not much more to say, other than I wish I wouldn't have wasted how many hrs reading about this Greece shit.

Tue, 06/23/2015 - 05:26 | 6224736 Farqued Up
Farqued Up's picture

+1

But, I don't think it's a real worthless waste, we were able to observe closely a slow motion unravelling, bully posturing, then the eventual collape of testerone that we knew was coming. We watch the can kicking and psychopath teeth gnashing and since it dragged on as it did, rule by committee, we saw through the pussy weasels for what they truly are. Both sides.

We on the sidelines learned a lot.

Tue, 06/23/2015 - 05:43 | 6224740 thurstjo63
thurstjo63's picture

Cowardice reigns in Athens! Why am I not surprised.

Tue, 06/23/2015 - 06:12 | 6224757 European on my ...
European on my shoe Jimmy's picture

Germany have managed a win, in their third attempt at conquering Europe. After two previous failed attempts they took a different approach at
skinning the cat!.

Akin to the 'Roman Empire' Greece will be run from Emperor Merkels Senate. We will at some stage be cheering her "Hail Merkel"
NOTHING CHANGES only the actors.

Tue, 06/23/2015 - 06:36 | 6224782 MATA HAIRY
MATA HAIRY's picture

this capitulation and sell-out by Tsipras was foretold by his extensive visits to european corporate honchos shortly before his election...remember that?

Tue, 06/23/2015 - 06:42 | 6224787 Last of the Mid...
Last of the Middle Class's picture

I'm thinking there was a wired money transfer somewhere.

 

Tue, 06/23/2015 - 06:48 | 6224796 European on my ...
European on my shoe Jimmy's picture

For our own safety and welfare!. We are so very far along that 'Road to Serfdom'
I feel it a previlige to quote that title.

We are SOooo well along 'that road' that the elites are now laying new Tarmacaddem extensions. The elites couldn't believe their luck (or maybe 'Intelligent Design' God Wills it) opportunity to once again play Emperor.
NOTHING CHANGES only the actors !.

Tue, 06/23/2015 - 07:05 | 6224813 y.detor
y.detor's picture

Welcome to the Greek reality:

All political parties agree to stay in the Eurozone AT ANY COST FOR THE COUNTRY AND ITS CITIZENS.

The bank - dictatorship in Greece controls the parliament and all political parties.

Total and uncontrolled economic collapse is now the last hope for us in Greece...and it is coming very soon...

Tue, 06/23/2015 - 07:36 | 6224851 ross81
ross81's picture

Fuck this Chinese water torture. If i see a Hellas-related headline that isnt "Greece leaves Euro, joins BRICS", I'll just assume it once again involves kicking a metallic cylindrical object down the road.

Tue, 06/23/2015 - 07:38 | 6224855 nixy
nixy's picture

balanced said this ....... and it needs to be repeated, understood and accepted.

 

"Are you with us or with the others?"

There is no "us". Countries don't do anything. The people of a given country don't do anything. There are only generalizations, perceptions, and tendencies - but it's all aggregate. Neither countries nor organizations are lending money, borrowing money, or spending money. It is people - people in positions of power. The idea that these people give a shit about their country, or their countrymen is a fairytale. Anyone in a position of power didn't get there by acting in their own country's best interest. They act in THEIR OWN self interest. They use their positions and power to leverage PERSONAL GAIN. Anything talking about how a given country is doing this or that is BULLSHIT - it's specific people in positions of power doing something that benefits THEM, not the country, and certainly not the people.

Tue, 06/23/2015 - 08:01 | 6224898 pc_babe
pc_babe's picture

Thank you to whomever.  Yesterday I was reading ZH and was soooo sick of the damn poppy, flashy, in-out grey to transparant ads that seem to have multiplied by 10x in the last couple months.  I read on ZH that someone said to switch to mozilla with flashblock and adblock.   OMG!!.  I did this morning and I am a happy camper. 

I know you need to make a few buck Tyler, but jezzz it has become insane navigating all the crap.

Do NOT follow this link or you will be banned from the site!