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"Greece Is Rescued", Economy Minister Tells BBC

Tyler Durden's picture




 

While we have seen countless such reports in recent weeks and months, and take each and every one with a mine of salt, the reason ES algos just took out overnight highs was due to a BBC interview - which will be broadcast "shortly" - in which BBC economic editor Robert Peston was told by the Greek economic minister George Stathakis that "he believes Greece's new proposals to balance the government's books have broken the deadlock with its creditors."

He said he expects eurozone government heads to issue a communique later today that will say there is now a basis for a formal agreement with Athens to complete the current bailout programme and release €7.2bn of vital funds.

Peston also reports that according to the Greek minister, "technical work would need to be done in the coming days to formalise the agreement. But he was hopeful that Greece would be able to make its €1.5bn payment to the IMF on its due date of June 30 - and therefore avoid a devastating default."

According to the latest and greatest proposal to raise money, there will be:

  1. A new tax on businesses
  2. A new tax on the wealthy
  3. Some increases in the VAT rate on selected items.

Most importantly he said that his Syriza government, led by Alexis Tsipras, had avoided crossing its red lines.

Which is curious considering the IMF has repeatedly said no deal can be struck without a haircut of Greek pensions and wages, which comprise 75% of primary government spending according to Olivier Blanchard.

In any event, that's where the Greek proposal is right now: "there would be no further reductions in pensions or public-sector wages. And there would be no increase in VAT on electricity."

In other words, if this indeed holds and the Troika agrees, or perhaps Dvoika without the IMF, Greece can indeed claim victory.

More from the BBC:

He also said that the government had agreed with the IMF and eurozone governments that the targeted budget surplus would be 1% of GDP or national income this year, 2% next year and 3% the year after.

 

There will be no agreement with creditors to cut Greece's massive burden of debt, despite Syriza's earlier insistence on this. But Mr Stathakis told me the government heads' communique would say that debt relief will be on the agenda for negotiation in coming months.

 

He anticipates some criticism for the agreement from the left of his party. But believes his government can ride this out.

 

Crucially he believes Mr Tsipras has done enough to prevent the European Central Bank ending its emergency support for the Greek banking system.

 

Mr Stathakis also said that the government will be able to re-introduce collective bargaining by trade unions, which is of vital importance to his party.

How difficult would it be to get a party agreement on the latest proposal?

Will the Troika agree to this proposal which refutes earlier WSJ reports of a modest trim to pensions, remains to be seen. If there is one thing we have learned in the past 5 years it is that the Greek version of reality differs, often times vastly, from that of the Eurogroup but one thing everyone can agree on: leak, spread and distribute whatever news is sufficient and necessary to spike stocks to fresh highs; after all subsequent denials always fail to push them back lower.

 

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Mon, 06/22/2015 - 10:24 | 6221682 Latina Lover
Latina Lover's picture

BBC =BBS

Mon, 06/22/2015 - 10:26 | 6221698 unrulian
unrulian's picture

Oh thank god

/s

Mon, 06/22/2015 - 10:29 | 6221706 Haus-Targaryen
Haus-Targaryen's picture

Oh fuck me this shit again? 

Mon, 06/22/2015 - 10:48 | 6221769 Pinto Currency
Pinto Currency's picture

 

 

Poof! Money-from-nothing fairy dust solves the problem.

The Greeks had a chance and have voted to stay with a collapsing monetary system.

Mon, 06/22/2015 - 10:55 | 6221813 eclectic syncretist
eclectic syncretist's picture

The troika talks a good game but at the end of the day they need the bailouts a lot more than Greece, Portugal, Spain, ect.

Mon, 06/22/2015 - 11:18 | 6221838 tc06rtw
tc06rtw's picture

 
 … they don’t even
  talk a good game !

 

  [I’ll sit up & take notice when a Greek Economy Minster makes an announcement wearing a necktie !]

 

Mon, 06/22/2015 - 11:29 | 6221930 SickDollar
SickDollar's picture

Here we go again the same game over and over and over

Mon, 06/22/2015 - 11:35 | 6221943 tarsubil
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Can we have a moratorium on Greek articles?

Mon, 06/22/2015 - 11:51 | 6222001 Billy the Poet
Billy the Poet's picture

Hello, Danny. Come and play with us. Come and play with us, Danny. Forever... and ever... and ever.

Mon, 06/22/2015 - 13:00 | 6222278 Wolferl
Wolferl's picture

Throw those pathetic Greek deadbeats out of Europe already.

Mon, 06/22/2015 - 15:22 | 6222857 MonetaryApostate
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I can just see them collapsing the Euro leaving all of those bank runners left "holding the bag"  (Of cash, e.g. trash)..

Mon, 06/22/2015 - 10:48 | 6221784 KnuckleDragger-X
KnuckleDragger-X's picture

Crap, how many times is this? I've lost count......

Mon, 06/22/2015 - 10:59 | 6221831 Bush Baby
Bush Baby's picture

Did anyone really expect a different outcome?

Mon, 06/22/2015 - 11:06 | 6221860 Handful of Dust
Handful of Dust's picture

I feel better now. No Banker will be left out in the cold.

Mon, 06/22/2015 - 11:18 | 6221892 graneros
graneros's picture

Nope.

Mon, 06/22/2015 - 11:06 | 6221855 Kotzbomber747
Kotzbomber747's picture

See? All that panic and scaremongering for nothing.

Mon, 06/22/2015 - 11:19 | 6221895 Eyeroller
Eyeroller's picture

NO! Not for nothing!

The panic and scaremongering were intentional so the 'markets' could soar on the 'surprise' announcement of another deal.

Mon, 06/22/2015 - 12:12 | 6222058 Bokkenrijder
Bokkenrijder's picture

Exactly eyeroller, and didn't ZH do their part with all the scaremongering, and stirring up all the panic short selling?

If you bought puts on Friday assuming a "Lehman weekend" or a "capital control Monday," wouldn't you feel quite like one of Tom Stolper's Muppets today?

Mon, 06/22/2015 - 10:29 | 6221709 Latina Lover
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Even if Greece gets bailed out again, they will never repay their debt.  The end game is clear: sovereign default, capital controls, bail in of banking deposits.  Rinse, wash, repeat for Italy, Spain, Portugal, France etc.

Mon, 06/22/2015 - 10:35 | 6221736 asteroids
asteroids's picture

It was impossible to repay after the second bailout. Any more makes things worse down the road. This is basic math and physics. So yah, go ahead, bail out Greece and the rest of the PIIGS again and add on another QE and ZIRP, gold will start looking REAL interesting.

Mon, 06/22/2015 - 10:42 | 6221759 NoDecaf
NoDecaf's picture

Que the Greek can-can girls.

Mon, 06/22/2015 - 10:45 | 6221767 Truthseeker2
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Greece crisis: Emergency summit could be called off as Athens criticised after proposals fail to make grade

 

"Greece deal in turmoil as emergency summit will not lead to agreement tonight"
Mon, 06/22/2015 - 11:37 | 6221950 Son of Loki
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Why even consider repaying anything these days, whether it's a student loan or a mortgage or gubmint debt when you know there's a better then 90% chance OPM will bail you out.

Mon, 06/22/2015 - 10:50 | 6221791 hawkeye39
hawkeye39's picture

No. What you said would happen if Greece WOULD HAVE split from Europe.

But instead, Europe will now take the burden upon itself and will pay Greece's debts.

 

Mon, 06/22/2015 - 10:29 | 6221711 El Oregonian
El Oregonian's picture

WHIPSAWED!!! THE NEW AMUSEMENT RIDE!

Mon, 06/22/2015 - 11:08 | 6221870 Bush Baby
Bush Baby's picture

It's the truck you don't see coming that runs you over.

The Greece truck has been bearing down on the EU at 2 MPH for years.. no surprises here

Mon, 06/22/2015 - 13:07 | 6222300 robertocarlos
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Watched a movie about an accountant forced by the mafia to be their bookkeeper. When the time came to end his employment he was run over by a garbage truck. The mafia listed that expense under "vacation".

Mon, 06/22/2015 - 10:29 | 6221712 greenskeeper carl
greenskeeper carl's picture

"Don't worry everyone, the can has been kicked!! you are officially safe from default (for another few months)"

 

All time highs here we come. Dow 20000! Yes we can, FOARWARD!

Mon, 06/22/2015 - 10:34 | 6221732 SHEEPFUKKER
SHEEPFUKKER's picture

I can't tell who the creditor and who the debtor is anymore.....and apparently it no longer matters. 

Mon, 06/22/2015 - 10:42 | 6221762 XAU XAG
XAU XAG's picture

Many sides to this GREEK problem....................untill the other sides confirm.............all bets are off!

Mon, 06/22/2015 - 10:42 | 6221764 BLOTTO
BLOTTO's picture

Greece is 'rescued' as in the Rothschild Empire OWNS them - then yes, they are 'rescued.'

.

They got OWNED.

Mon, 06/22/2015 - 10:45 | 6221765 BLOTTO
BLOTTO's picture

DP (glitch in the matrix).

.

Anyway yes - Greece got owned, err, rescued.          

Mon, 06/22/2015 - 10:31 | 6221719 fromthinair
fromthinair's picture

Do not worry, I will assist zerohedge by explaning the math in "The Plan B" (In the coming days and weeks). Looks like no one has gotten that math yet! I am not blaming Ms. Merkel. It's not her fault either.

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

Mon, 06/22/2015 - 10:45 | 6221770 Wile-E-Coyote
Wile-E-Coyote's picture

The Greeks are trying to stem capital outflows. This is BS.

Mon, 06/22/2015 - 10:48 | 6221786 slaughterer
slaughterer's picture

All clear for another all time high on ES.  Hope nobody went short last Friday on the bearish visions of a Greek "Lehman weekend 2.0" "contagion is coming" "systematic breakdown" from zero edge.

Mon, 06/22/2015 - 11:11 | 6221871 Soul Glow
Soul Glow's picture

So Greece is fine?!  Yeah right.  Printing fiat currency to hold up the global debt bubble is idiotic at best.  The evil that is usary will not last much longer.  Fiat currency is an illusion, money is real.

Buy silver

Mon, 06/22/2015 - 12:54 | 6222243 stewie
stewie's picture

I do not wish to sound patronizing but your statement about fiat currencies not lasting much longer is naive and totally wrong.  Quite the opposite, you will never see non-fiat currencies again.  There is no turning back now, the power grab has gone too far now.  Baring a full-blown revolution, we're all stuck with it and the propaganda is still way too effective for that to happen.  Heck the Greeks can't even see the opportunity ofered by Grexit!

Mon, 06/22/2015 - 13:18 | 6222350 Soul Glow
Soul Glow's picture

Fiat will never last.  Krugman ain't that smart.

Mon, 06/22/2015 - 10:55 | 6221809 Renewable Life
Renewable Life's picture

What's NOT surprising is this Kabuki Theatre just completed ANOTHER act in this Ponzi scheme, economic charade, with Governments!!!!

What IS starting to become interesting, is just how many of the oligarch class of non bankers, are starting to go public with calling this what it is!! Their obviously getting very scared about what they are seeing, and they know it will be the bankers and politicians against the rest of us, in the end!!

Facism and Socialism always ends with the complete consumption and destruction of the entitled and productive class, that mostly "stood by" and allowed them to gain power in the first place, out of greed and ignorance!! It appears to me, we are entering the "awakening phase" of those elites!!

What remains to be seen is, as so many times in history, is this awakening much too late!!!

Mon, 06/22/2015 - 12:58 | 6222265 stewie
stewie's picture

Sheeples will revolt when and only when the feeders are empty.  So it's not too late, it's inevitable.  Information or lack thereof is not the issue, human nature is.

Mon, 06/22/2015 - 11:03 | 6221835 ZH Snob
ZH Snob's picture

they can forestall the inevitable if they want.  politicians have never been known to swallow the bitter pill.  the greeks appear to have gotten the better of the deal, while allowing troika to save face.  it is only a better deal because the austere aspect is not as severe.  but they, of course, have still sold out to the invaders.

everyone wins and everyone loses, like usual.

Mon, 06/22/2015 - 11:07 | 6221861 Puncher75
Puncher75's picture

Sheeeeew!!!!! And here I thought there was a Greek "problem". Glad to see it's all worked out. Nothing to see here........move along!!!

Mon, 06/22/2015 - 10:38 | 6221686 XAU XAG
XAU XAG's picture

Rescued....................as in plucked from the MED sea by the coast guard.....................good luck

 

 

With your new found freedom in Europe!.........................Just need to get those papers sorted 

Mon, 06/22/2015 - 10:25 | 6221688 Soul Glow
Soul Glow's picture

So Greece caved.  

I am Socrates' lack of surprise.

Mon, 06/22/2015 - 10:27 | 6221701 Dave Thomas
Dave Thomas's picture

Told ya!

Mon, 06/22/2015 - 10:34 | 6221731 ANestIOS
ANestIOS's picture

has it? how exactly? - lets see how the "creditors" will "manage" the press and who'll fall for it

Mon, 06/22/2015 - 10:48 | 6221780 Soul Glow
Soul Glow's picture

Accepting the IMF to continue to tax them is like inviting a vampire into a house.  

Why does Greece need the loan in the first place?  Because the system of debt is in [place to control from the top down.

What is the IMF?  It is a criminal syndicate that was put in place by the bankers to tax controls to keep them from getting rich.  First it was to tax 3rd World Nation-States to keep them broke.  Now it is to tax 1st WOrld Nation-States to keep them from rebelling.

Fuck the IMF!

Mon, 06/22/2015 - 10:25 | 6221691 101 years and c...
101 years and counting's picture

and, since stocks never sold any of greek default chances, they should soar on another "bailout".  afterall, US consumers can finally open their wallets (creating huge profits for corps) again now that Greece is fixed for 3 more months.  whew!!!

Mon, 06/22/2015 - 10:41 | 6221751 nightwish
nightwish's picture

Game Theory! Who blinked?

Mon, 06/22/2015 - 10:25 | 6221695 wildbad
wildbad's picture

well, good that's solved..next!

Mon, 06/22/2015 - 10:27 | 6221700 JustObserving
JustObserving's picture

That was an easy, predictable decision:

There is too much at stake to take the risk of Greece leaving the EU.  First, there is a risk of a global bond bubble bursting.  Then there is the chance of a derivative bust including Deutsche Bank's $54 trillion in derivatives.  Then there is the risk that Greece will align with Russia and China.

All those risks for a measly $1 billion a year? There is not a chance of Grexit despite all the posturing.

Mon, 06/22/2015 - 10:34 | 6221727 Soul Glow
Soul Glow's picture

Well let Bob Pisani get his "Dow Jones 20k" hat ready.

HYPERINFLATION OR BUST!

Jeesh.

Mon, 06/22/2015 - 10:55 | 6221815 JustObserving
JustObserving's picture

Thr seeds of hyperinflation have already been sowed.  Real inflation from 2011 to 2014 was 9.9%, 10.2%, 10.7% and 9.7% resp. per the Chapwood Index.  The official US inflation was 3%, 1.7%, 1.5% and 0.8% resp.

So real US GDP fell 21.4% from 2011 to 2014 per the Chapwood Index

http://www.zerohedge.com/news/2015-05-29/inaccurate-statistics-and-threa...

Mon, 06/22/2015 - 11:08 | 6221862 Soul Glow
Soul Glow's picture

A group of swans are refered to as a "whiteness".  Me thinks there will be a whiteness of black swans soon.  I'm smiling.

 

:)

Mon, 06/22/2015 - 11:47 | 6221956 Son of Loki
Son of Loki's picture

"The real seeds of inflation..."

 

Even my financial analyst neighbor says he's expecting serious inflation in a year or two in the 20-30% range.

Mon, 06/22/2015 - 10:27 | 6221702 shovelhead
shovelhead's picture

pensions and wages, which comprise 75% of primary government spending according to Olivier Blanchard.

 

Yup. No problem.

That's do-able. No changes needed there.

Mon, 06/22/2015 - 10:29 | 6221710 O Tempora O Morons
O Tempora O Morons's picture

And now for something completely different..

 

https://twitter.com/ScouseView/status/612985689853005824/photo/1

Mon, 06/22/2015 - 10:31 | 6221716 Yancey Ward
Yancey Ward's picture

The debts Greece will never pay are never going to be officially recognized as unpayable by the creditors.  The EU will, if necessary, loan the money to pay to itself any debts coming due (and interest payments).  The IMF will likely do the same thing so that all the debt on the books is still good in the book-keeping sense.  People expecting some end-date to the Greek drama are going to be in for a big disappointment.

This method of kick-the-can will spread, during the next financial crisis, to all manner of debt- state/local and corporate, and then, finally to equities themselves.  The CBS/governments will print to buy whatever quantity is needed.

Mon, 06/22/2015 - 10:31 | 6221718 Mike Masr
Mike Masr's picture

So no Grexit and Greece is still a vassal state of the US?

Mon, 06/22/2015 - 10:39 | 6221743 e_goldstein
e_goldstein's picture

Greece a vassel state of the US, no. Greece a vassel state of Goldman Sachs, yes.

Mon, 06/22/2015 - 10:33 | 6221724 saints51
saints51's picture

Gotta love the commies. That's some hope and change for ya.

Mon, 06/22/2015 - 10:33 | 6221725 Peter Pan
Peter Pan's picture

I am not sure who is being rescued with any deal struck. Me thinks perhaps it is Europe that is being rescued and not Greece.

Be that as it may, I suspect that only time can judge the present arrangements as being sustainable and viable.

But let's face it. A 23% VAT rate is going to be the poster child for tax evasion.

In the meantime we will be served up countless images of these political slime balls hugging and patting each other on the back and the face.

The more they rescue Greece, the deeper she seems to sink.

Mon, 06/22/2015 - 10:54 | 6221807 ebworthen
ebworthen's picture

U.S. plantation owners "rescued" a lot of Africans in the 1700 and 1800's.

And now they are "rescuing" a lot of Americans from Big Pharma, Corporate Care, and the Corporatocracy.

Mon, 06/22/2015 - 10:38 | 6221728 ebworthen
ebworthen's picture

Someone is bending over and getting ass raped; Greek Pensioners, German Pensioners - certainly not the bankers.

Satan doesn't like his servants to suffer on Earth, only when they are in his realm, so it's milk and honey for Schauble, Le Garde, and their ilk until they cross over.

Mon, 06/22/2015 - 10:36 | 6221730 aliki
aliki's picture

this is what i‘ve learned from greece (as well as lehman, U.S. debt/deficits, etc.):  Nobody wants to deal with reality/making tough decisions. Volcker was interviewed last week basically calling U.S. local/municipalities living in bizarro world in-terms of the debts they are racking-up relative to potential to pay it back. Greece/Europe is no different; nobody wants to tell the kid “no”. rather, its more of the same – politicians wanting to be popular over setting their economies on sound financial footing & viable tracks forward. Social media compounds this IMO because I feel like whether its merkel, tsipars, hollande, obama – whoever – all they care about is getting more likes, retweets, and positive posts about them rather than dealing with the math of the situation and not making our kids & grandkids deal with debt blow-ups in the future. Detroit, Chicago, and multiple local municipalities all over California are mere microcosms of what we’re going to be dealing with as we march forward with this strategy of “extend & pretend”. so-long as central bankers are willing to monetize the debt, there is zero accountability to pay back creditors of these insane promises which can never be kept (which boris scholossberg, king kenysian, on CNBC this morning actually came out & admitted was the strategy) but always ensure the party who makes the promises the best (and unfair) shot of being elected/re-elected.

 

Mon, 06/22/2015 - 10:56 | 6221817 khakuda
khakuda's picture

You got it.  They have gotten away with it so far because extend and pretend has worked in the short run.  Governments get further credit, business keeps getting financed to keep running, stock markets hit new highs every year and bond markets are priced for no credit risk and no inflation risk.  Each and every time, the fast money dominated markets celebrate with a huge rally and go to new highs.  Six months later, another bailout is needed and another bailout is received.  Markets never fall at all because they know another bailout is coming, then they spike to ever new highs on the 'resolution'.  Basically, markets are not pricing in the long term negatives at all.  The danger, of course, is that one day super overvalued markets collide with the reality that debts cannot and will not be paid.  That day will come, but then who knows what the response will be.  Maybe governments decide to step in and prop up the stock and bond markets and print money to hand out to everyone.

Once the rule of law has been undermined, anything can happen.  As you point out, there are no adults in the room.  Politicians and central bankers have shown zero leadership in terms of doing the right thing and have just been saying, "Sure, kids keep spending beyond your means.  Mom and dad overpromised, too, but will take care of you and won't let anything bad happen."

Mon, 06/22/2015 - 12:10 | 6222057 aliki
aliki's picture

BINGO – and for that reason, nobody will take care of the problem while the problem is in its current form (meaning, while its still developing). none of this shit will be “dealt with” until it blows. Japan is case-in-point; they address/fix nothing structurally yet keep pulling every trick out of the book & rabbit out of the hat on their way to their end-game: “light a match”. This “hope” that growth will “eventually show up” is so upside down because growth is generated by doing/allowing THE EXACT OPPOSITE of what these economies (ie. europe, japan, china, here in the u.s.) are doing – loading up on more & more debt which can never be paid back but the servicing of HAS TO be paid & that’s done thru higher tax rates. Only way to get growth is to cut taxes, get the debt to zero, and live within the means of revenue you generate. Flat-tax gives businesses all the certainty they need but in this world of ultra-progressives, vicitimization of people, and free shit, its not something that seems palatable IMO.

Mon, 06/22/2015 - 10:34 | 6221733 Budnacho
Budnacho's picture

The sound you hear is Portugal, Italy and Spain licking their lips....

Nice Punt....doesn't mean shit though. 

Mon, 06/22/2015 - 10:36 | 6221737 Seasmoke
Seasmoke's picture

I can honestly say I don't give a fuck. I knew Gold would get crushed no matter what BS they came up with. So why would I care about Greece. (Although I have been shocked silver is somehow UP)

Mon, 06/22/2015 - 10:41 | 6221756 GRDguy
GRDguy's picture

In an honest market, gold going down meant everything else was getting better.  With the incessant manipulations, now it just shows me how much trouble the financial sociopaths are really in.  Today it shows they're in deep sh*t.

Mon, 06/22/2015 - 10:56 | 6221819 Conax
Conax's picture

Absolutely. I learned that the worse shape they're in the lower gold and silver are stuffed.

Silver put up quite a fight this morning, better than gold. The chart looks like my blood pressure.

Mon, 06/22/2015 - 10:37 | 6221740 Kirk2NCC1701
Kirk2NCC1701's picture

Cool!  I reported the 'Good News' at 2 AM on a previous ZH article, having heard it on several German radio stations (streaming).

/What do I win, besides a max of 2 up-votes? /s

Mon, 06/22/2015 - 10:39 | 6221745 nightwish
nightwish's picture

EU rectal breach averted. What a surprise.

Mon, 06/22/2015 - 10:39 | 6221747 wmbz
wmbz's picture

Surely no one in this world is suprised? How could they be, it's what Banksters do! It's "free" money for them, why would they shut it off.

Greece has zero desire to be out of the Euro. So the can kicking goes on and on.

Mon, 06/22/2015 - 10:40 | 6221749 cpnscarlet
cpnscarlet's picture

Add me to the "F*** it all" crowd. Au is a worthless rock...until it isn't.

Mon, 06/22/2015 - 12:10 | 6221753 CHX
CHX's picture

HAHAHAHA. The BS will continue until the Chinese have the very last of the golden BRICS they can get.

Mon, 06/22/2015 - 10:50 | 6221763 Md4
Md4's picture

Which is curious considering the IMF has repeatedly said no deal can be struck without a haircut of Greek pensions and wages, which comprise 75% of primary government spending according to Olivier Blanchard."

Greece gave the troika nothing.

And they took it...quickly.

THEY blinked here, not Greece, because they HAD to. Perhaps, even Schauble got a call...finally.

This thing is pushing the global powder keg (that the Greece mess is a part of; it has the same origins as what ails the western middle class everywhere--lost incomes to outsourcing) to detonation, and the tormentors got real nervous, IMO. They appear not to want to be the ones who set it off for everybody else.

The Greece issue may well disappear for a while now.

Of course, the powder keg won't...

m

Mon, 06/22/2015 - 10:43 | 6221766 Praeda2
Praeda2's picture

What does 7b buy them? A week?

Mon, 06/22/2015 - 10:58 | 6221825 Ides of November
Ides of November's picture

I believe €7 Billion buys them 2-3 months.

This saga will drag on all Summer until they get debt write offs and a new bailout!

Mon, 06/22/2015 - 12:50 | 6222222 cpnscarlet
cpnscarlet's picture

September

13

1999

Woops....I mean 2015. Funny how I keep gtting that wrong.

Mon, 06/22/2015 - 10:45 | 6221771 xcehn
xcehn's picture

Some greeks got greased again to can kick while the music is about to stop warnings from establishment types grow louder.

Mon, 06/22/2015 - 10:45 | 6221773 Iam Yue2
Iam Yue2's picture

You have really got to wonder just who it was that was continually backing NO GREXIT on Betfair over the weekend.

Mon, 06/22/2015 - 10:50 | 6221789 Tinky
Tinky's picture

chalk players

Mon, 06/22/2015 - 10:51 | 6221790 RealityCheque
RealityCheque's picture

That bet is ridiculous anyway. Grexit does not and cannot exist without Greece volunteering for it.

Even then, the legal rules and ramifications mean it would take 18-24 months to complete an exit.

The threat of expulsion has been bullshit from the start. Just an easy way to scare idiots and , apparently, separate dumb fuck bookies from their money.

Mon, 06/22/2015 - 11:01 | 6221843 Tinky
Tinky's picture

Speaking of dumb fucks, you apparently haven't a clue as to how Betfair (and for that matter, modern bookmakers) operate.

Betfair will essentially earn the same percentage no matter what the outcome of any event, and no matter how much was wagered on the various outcomes. 

Mon, 06/22/2015 - 11:23 | 6221915 RealityCheque
RealityCheque's picture

No I don't know how a gambling business operates.

There must be something wrong with me.

Mon, 06/22/2015 - 12:00 | 6222016 Tall Tom
Tall Tom's picture

Actually if you are invested in Wall Street, and since you have no clue on how a gambling business operates, then be certain to call your Goldman Sachs Broker today. He is looking for muppets, er, excuse me, er, savvy investors just like you.

 

There is nothing wrong with you whatsoever. Nope...As long as you have some dough they will be happy to take care of you. You are a Very Important Person.

Mon, 06/22/2015 - 10:48 | 6221779 RealityCheque
RealityCheque's picture

7.2 billion? Is that it?

Fuck me, we'll be back here in a month at best.

Grow some fucking balls Greece. Admit you're fucked and take a suicide run at the eurocunts who did this to you.

Mon, 06/22/2015 - 10:48 | 6221785 appocean
appocean's picture

just give us one moar payment... 

Mon, 06/22/2015 - 10:51 | 6221794 razorthin
razorthin's picture

So naturally, real money sells off.  I would say you can't make this shit up, but they did.

Mon, 06/22/2015 - 10:52 | 6221799 RealityCheque
RealityCheque's picture

Whilst AG holds up. Interesting.

Mon, 06/22/2015 - 10:51 | 6221797 cn13
cn13's picture

Greece isn't rescued, it is being buried in debt that can in no way be paid back.

The only people being "rescued" as the banksters.

Nothing ever changes.  The banksters rule the world.

 

Mon, 06/22/2015 - 10:52 | 6221798 Herdee
Herdee's picture

What's another several billion when you got an extra trillion to play with?It'll cover-up a huge political minefield ,if it was ever uncovered the powers  today would be exposed to the corruption.Goldman Sachs and Draghi-Lagarde wouldn't stand for that.The bigger scandal however still sits at the World Bank and if anybody ever gets around to looking at the corruption there that existed under U.S. puppet Wolfowitz,it will boggle minds as to the extent of political and social  mafia-type corruption in the world.

Mon, 06/22/2015 - 10:55 | 6221811 Panic Mode
Panic Mode's picture

Told you, it's just a trashy variety show. Only retards pay attention to it.

Mon, 06/22/2015 - 10:55 | 6221812 Raul44
Raul44's picture

Common we have seen this crap before. Optimism now - EU up, in few hours denial - EU down etc. etc. et infinity. It actually worries me even more if its real, I was ready to buy on grexit not this positive BS.

Mon, 06/22/2015 - 10:57 | 6221820 q99x2
q99x2's picture

BTFD we're on our way to nirvana.

Mon, 06/22/2015 - 10:57 | 6221824 Sleepless Knight
Sleepless Knight's picture

This is all just planned theatre. The real stuff is behind the curtain we wont see until its way to late to react. They are looking to trap as many people, as much money, as possible. Pure evil greed, thats all.

Mon, 06/22/2015 - 11:05 | 6221851 Lostinfortwalton
Lostinfortwalton's picture

You got it, I remember the news on Argentina, Mexico, Russia, and Brazil saying all had been resolved just before they cratered.

Mon, 06/22/2015 - 11:00 | 6221836 Salah
Salah's picture

Triumph of dithering, delay, distraction, and deception.  Don't tell me those Euro-fucks don't use the stars; they're orchestrating this so Jupiter's in conjunction with Venus (next 7-10 days).  Unfortunately for them, it's really short-term.

Mon, 06/22/2015 - 11:01 | 6221845 JamaicaJim
JamaicaJim's picture

Kinda like sticking a finger in the Titanic, and floating the fucker....

Mon, 06/22/2015 - 11:03 | 6221849 Panic Mode
Panic Mode's picture

This just give extra time to Greek people to empty their bank accounts. I need to start taking shits from my current bank account. Lets face it, no matter which country you are in, there are legislations already putting in place to limit how much you can withdraw.

Government is every human divorced partner. they just too sheepish to realise it. 

Mon, 06/22/2015 - 11:40 | 6221961 Aussiekiwi
Aussiekiwi's picture

I would be more worried about bail in legislation

Mon, 06/22/2015 - 11:06 | 6221857 XitSam
XitSam's picture

Tell it to me like I'm five version: Greece pays 1.5 billion so they can collect a 7.5 billion loan.

Welcome to Bizzaro World.

Mon, 06/22/2015 - 11:10 | 6221863 Element
Element's picture

 

 

 

He also said that the government had agreed with the IMF and eurozone governments that the targeted budget surplus would be 1% of GDP or national income this year, 2% next year and 3% the year after.

 

Thank gawd! ... looks like they'll soon be growing faster than Germany with surpluses like that.

haha! ... not ... aggregate demand will still be sucked out.

Mon, 06/22/2015 - 12:05 | 6222031 Tinky
Tinky's picture

"targeted budget surplus"

Yeah, good luck in hitting those targets.

Mon, 06/22/2015 - 11:08 | 6221867 BlackSwanOil
BlackSwanOil's picture

If Greece gets the bailout, this just means that the danger of the crisis will be deeper next go around.  As long as the banks can come up with a bail out we will be facing another round.  We must be getting close to the breaking point because, there is enough in play to put the entire financing system down.  If Greece brings the collapse of DB and Goldman Sachs what will it do the the financial systems in Berlin, London, New York and Tokoyo? How will the troubles in Spain, Italy and Portugal be affected?  What about Brazil, Hong Kong and China?  What about the constant rising of Dow Jones?  What about the price of crude oil and the rig count?  What is Saudi Arabia, Israel and Iran planning in the event that the collapse happens?  What will this do the petro dollar?  Who is going to benefit from a Euro collapse below a US Dollar?  Is there enough to tip the derivatives and tear them down?  What about the US national debt?  Where is it going?  How far can our system be pushed until some comes apart?  Will Kenesian Theory be broken?  Can the Federal Reserve keep printing money?  What will interest rate do when the Fed finally starts raising rates? Who is really smart enough to see all this happening?  Would this be the first time a Greek rescue was predicted? Of course not.  We can wait and see.  This promises to be a summer of incredible downs.  I am just a spectator like the rest.  Stay tune.

Mon, 06/22/2015 - 11:10 | 6221873 FallenOne
FallenOne's picture

I think this fight is on going this is just round 1

Mon, 06/22/2015 - 11:14 | 6221879 Bryan
Bryan's picture

Hm... so the solution is a new tax, a new tax, and higher VAT taxes.  Nice.  So there are no plans to cut any of the bloated government handout programmes?  Very good.  Party on, Wayne.

Mon, 06/22/2015 - 11:20 | 6221897 large_wooden_badger
large_wooden_badger's picture

Tax the Greeks they said, it will be fine they said

Mon, 06/22/2015 - 11:14 | 6221881 CHC
CHC's picture

Oh wow - GREAT NEWS!  Until...

Mon, 06/22/2015 - 11:16 | 6221886 newsoutlet
newsoutlet's picture

In Russia under putin regime rule seniors pension is 125 $ a month!

http://www.rferl.org/content/good-tsar-bad-tsar-complaining-doesnt-alway...

 

The cost of living is like this... 7.00 $ for 500g (about 1,1 lbs) of local cheese

http://www.expatistan.com/price/cheese/moscow/USD

 

Could you live with such money?

 

putin regime is pathetic one - no doubt about that.

Mon, 06/22/2015 - 11:33 | 6221935 TalkToLind
TalkToLind's picture

Lucky you. Heck, here in Murica 16 ounces of genuine cheese = $7.16. But must Muricans don't know this because they use a cheaper product that looks like cheese but is mostly hydrogenated oil.

Mon, 06/22/2015 - 11:19 | 6221894 large_wooden_badger
large_wooden_badger's picture

Nothing like watching a Greek drama unfold

And unfold

And unfold

And unfold

And unfold

Mon, 06/22/2015 - 11:21 | 6221903 Joebloinvestor
Joebloinvestor's picture

HAHAHA

Want to bet this is not fixed?

Mon, 06/22/2015 - 11:21 | 6221904 LetsGetPhysical
LetsGetPhysical's picture

Giant fucking yawn. All the endless "what if" articles on ZH about a Greek exit....LMFAO. Last time so you fuckin retards understand... THE GREEKS DO NOT WANT TO LEAVE THE EU. Until that day when they do, the can will get mercilessly kicked.....again and again and again and again. So 6 months from now when we're right back in the same place with Greeks begging for more money and "defaulting" remember, I told you so.

Mon, 06/22/2015 - 11:41 | 6221964 walküre
walküre's picture

I agree. Who is gonna care anymore? More interesting, who within the EZ wants to keep holding EUR? It's got to be the worst currency on the planet.

Mon, 06/22/2015 - 11:21 | 6221905 TrustbutVerify
TrustbutVerify's picture

Imagine having to announce your country has been rescued.  What am embarrassment.  Time will tell. Well, we'll see.  Can one be rescued from one's self?  The fiscal problems, as large as they are, are only symptoms.  Its the culture of deficit spending/tax evasion/dependendcy on government/unreasonable expectations on unsustainable promises by the government for future welfare that require change.  And we know this is the case for all countries around the world with deep financial troubles.  The United States is high on that list.  

Mon, 06/22/2015 - 11:21 | 6221910 Catullus
Catullus's picture

I guess that means there's no longer a bank run going on.

Mon, 06/22/2015 - 11:25 | 6221912 Cthonic
Cthonic's picture

Greek external debt 417 billion euros.  Greek population 10 million.  41k per greek.  lulz.

Mon, 06/22/2015 - 11:23 | 6221914 Renov8
Renov8's picture

DRama Queens.....the whole lot.

Mon, 06/22/2015 - 11:26 | 6221924 shouldvekilledthem
shouldvekilledthem's picture

Peak lunacy.

Mon, 06/22/2015 - 11:28 | 6221927 mr.n3utr0n
mr.n3utr0n's picture

Greeks have been greased again, and ready to take in in the shorts.

Mon, 06/22/2015 - 11:33 | 6221937 sampaine
sampaine's picture

Good deal. I was starting to worry that a bankrupt country with a GDP the size of Tennessee's was going to take down the global financial system.

Mon, 06/22/2015 - 11:34 | 6221939 Aussiekiwi
Aussiekiwi's picture

Wow!! What a victory! NO debt relief and just managed to get bail out funds released in time for Greece to turn around and pay it all in interest payments to the Institutions...sorry, who was it exactly getting bailed out again?

Mon, 06/22/2015 - 11:35 | 6221941 thunderchief
thunderchief's picture

I do  to know how anyone could be suprised

If Greece really tried to leave the EU there would be a Ukraine style coup is short order.

 

Mon, 06/22/2015 - 11:36 | 6221949 Who was that ma...
Who was that masked man's picture

So, does this mean the price of feta cheese and ouzo will go up?

Does anyone outside of the fucktard liberals who shop at Trader Joes and Whole Foods really give a flying fuck?

Mon, 06/22/2015 - 11:40 | 6221960 walküre
walküre's picture

THROW THOSE PATHETIC CHEATING DEADBEATS OUT OF THE EU ALREADY!

Last minute proposals my ass! Fucking tired of this gong show. Let 'em go.

 

Mon, 06/22/2015 - 11:41 | 6221965 Aussiekiwi
Aussiekiwi's picture

Its a slow news day, how about we stick with the Greek tragedy a while longer?

Mon, 06/22/2015 - 11:50 | 6221995 walküre
walküre's picture

One simple and clear message to Germans:

Germans half your paycheque goes to the banks, the other half to the Greeks so they can pay the banks.

Get prepared for more ass rapings.

Only way out for the discerning citizen is to take cash out across the EZ and convert to USD and gold / silver.

The EURO is the currency of deadbeats and deadbeat bankers.

Mon, 06/22/2015 - 11:40 | 6221962 the grateful un...
the grateful unemployed's picture

if you shorted this market based solely on the problems in Greece. you are gullible (all policy is centrally controlled)

Mon, 06/22/2015 - 11:44 | 6221974 stormsailor
stormsailor's picture

i'm so surprised, who couda knowed

Mon, 06/22/2015 - 11:48 | 6221989 scubapro
scubapro's picture

 

since the mkts are high on greek hopes (rumors some would say) might this be a 'sell the news' scenario?    as in, greece is saved is priced in and once its fact, equities will reverse on the news?   its tought being a contracontracontrarian.

Mon, 06/22/2015 - 11:54 | 6222008 aztrader
aztrader's picture

Who they going to raise taxes on?  The wealthy have already left or moved thier money and anyone else left will run for sure.   They don't produce anything, so what increase in the VAT taxes will matter?  The businesses are already all broke and barely can keep their doors open.   These fixes are nothing but smoke and mirrors to keep the leverage  from defaulting.  

 

This fix is like what Obamacare did for the healthcare system.  It's designed to appease the markets and their masters.  In reality, it doesn't fix a thing, but only kicks the can down the road.  It will allow greater increases in leverage, so when it eventually goes BOOM, there will be nothing left.

If the Greeks are unwilling to take pension and welfare cuts, then nothing will get fixed.  If that is even put on the table, look for riots in the streets.

 

Try cutting a socialist's free handouts and see how far you get.  

The Greeks have been screwed for a long while and like most fools don't realize that they are going to evenually drown.

Mon, 06/22/2015 - 11:56 | 6222013 AuEagleNest
AuEagleNest's picture

Another EU/IMF hat trick  ... again?

https://www.youtube.com/watch?v=h5cQ-Sp38mc

 

 

Mon, 06/22/2015 - 12:03 | 6222023 BurningBetty
BurningBetty's picture

As sodbuster posted in another thread mere 10 days ago which cracked me up:

"Greece is saved, man!!! They were about to go under for the last time, but I think they are saved, now!!! Quick!! throw them another cement block!!!!" 

Indeed, Greece is saved. Depending on how you look at it. 

"Give a man a fishhe'll eat for a day; teach him how to fish, and he'll eat for a lifetime". It is clear that Greece has become the beggar in the street getting by with what bypassers drop in his/her cup. . In a way, the beggar at least has a choice, a tough one no doubt but still a choice. Greece on the other hand has become a beggar with both hands and feet schackled...or simply a slave.

Mon, 06/22/2015 - 12:28 | 6222121 gcjohns1971
gcjohns1971's picture

Greece is a beautiful dark comedy.

It is dark, there's no denying.

It is a comedy because there is no one sympathetic in the whole lot, from the Greeks who from book-fixing to enter the Euro, with the express intention of getting something for nothing from someone, anyone else who earned it, to the Germans who preach austerity and fiscal moderation, while assuming the fraudulent bankers debts, and explicitly endorsing a monetary system BASED on the concept of robbing the productive and savers to the benefit of debtors, to the various Bankers, Central and otherwise, whose very business is based upon promising 100% access to the same money at the same time to both depositor and debtor - ergo FRAUD.

Let them burn in a Lake of Fire.  All of them.

Mon, 06/22/2015 - 12:39 | 6222170 thamnosma
thamnosma's picture

new taxes on Greek businesses and the wealthy.  No doubt those folks will now pony up, fully disclose all financial activity to the government and fork over lots more cash.  Of course, Greece hasn't operated like that ever so this is all fake, all smoke and mirrors, all for a press release.  Right now the targets of new State Taxation schemes are taking steps to avoid it all.  Black market here we come.

 

This is such a joke.

Mon, 06/22/2015 - 14:31 | 6222641 Skargit
Skargit's picture

This all just for show, anyways... either Big-T gets the approval, and the iMF continues to play this game with a cheshire-cat smile, meaning the Greek slow-bleed continues... or this all falls apart, Greece goes through mid-term hardship (really, all that much worse than now?) and the ECB/IMF and friends can look to Spain and Portugal in sly fashion and say "You want that to be you, bub?".

I don't doubt this is all theatre, but to which side of the ledger is the question.

Oh... and Goldman (the squid who gave Greek Holy-EU ascension) is now betting against them?  Hmmm... where have I watched this TV Movie before...

Mon, 06/22/2015 - 12:59 | 6222267 Debugas
Debugas's picture

the dead man is walking again

Mon, 06/22/2015 - 14:40 | 6222643 Jungle Jim
Jungle Jim's picture

Greece is saved! And gold is crushed. Again. World without end, amen!

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