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The Unspoken Tragedy In The Upcoming Greek Bailout
A day after Tsipras stunned both his peers at the Eurogroup summit, and not to mention his fellow parliamentarians, many of which already voiced their opposition to what has been dubbed a "capitulation" by the Greek prime minister over threats of a financial system collapse if there is no deal within the week, many questions remain:
- will the Troika come back with even more demands such as boosting the hotel and restaurant VAT even higher (economic suicide for a nation where tourism is the only viable industry)?
- will the IMF concede that the Greek proposal will ever be sufficient if it does not incorporate the demanded pension cuts?
- will the deal pass Greek parliament; will a deal come too late to save the insolvent Greek banks?
- will Greece get a debt haircut (paradoxically as demanded by the same IMF which is also demanding spending cuts instead of tax hikes, over the objections of the ECB which holds the vast majority of Greek debt and is leery of impairments)?
- will the German parliament agree to validate any deal that may end up splitting Syriza in two or more factions?
While stock markets are convinced a deal is inevitable, after all the can must be kicked as it has been for the past five years...
... that may be more problematic than the algos expect. Here are some quotes showing that despite Tsipras' capitulation, few if any are ready to follow in his footsteps:
For example Austria:
Austria's finance minister said on Tuesday there would be no agreement on new Greek budget proposals unless there was a concrete plan showing how they would be carried out. But he added: "If there is no programme for actions that says what measure will be implemented when , we will not agree to it." "It should not, cannot, must not happen that a third (bailout) programme is started so to speak through the back door," he said. (Source)
or Germany:
Members of Chancellor Angela Merkel’s coalition said the International Monetary Fund’s backing for a financing plan for Greece is key to German parliamentary support for a deal. “If there’s to be a payout, we need a detailed calculation by the IMF,” Antje Tillmann, the ranking Finance Committee member from Merkel’s Christian Democratic bloc, said by phone. “It has to add up to something sustainable.”
“For us, the IMF’s verdict is the benchmark for a credible, acceptable solution,” said Joachim Poss, deputy caucus leader in the lower house for the Social Democrats, Merkel’s junior coalition partner. (Source)
Or the IMF:
The IMF is still unhappy with key aspects of Greece’s new economic proposals and German officials were irritated by the speed with which the commission welcomed them, warning that much work needs to be done... IMF representatives have told European officials that they are also not satisfied yet by Greece’s broader economic overhaul plans beyond its budgetary promises. The IMF sees a wider, business-friendly shake-up of Greece’s economy as essential if the country is to improve its long-term economic growth. (Source)
Or impartial third parties:
“Very large problems remain for a solution,” said Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics in Washington. “The Greek government -- somewhat surprising for a self-professed reform and anti- austerity government -- seems to have merely agreed to impose a lot more austerity through higher taxes, but offers relatively little commitment to genuine economic reform.” (Source)
And certainly Greece:
“Personally, I cannot support such an agreement that is contrary to our election promises,” Dimitris Kodelas, a Syriza lawmaker associated with former Maoists, said in an interview. “I do not care about the consequences of my decision.” (Source)
The litany continues, and yet, somehow, we expect that in the next 48 hours, the machinery will be again in motion to kick the can once again for third time.
What happens then is basically a precursor to a third bailout package, one which according to previous reports, will be about €35 billion if and when a deal gets done.
At which point, assuming the funds are wired to Greece, the Athens government can congraulate itself on a job well done, even though, as some critics above pointed out, it "merely agreed to impose a lot more austerity through higher taxes, but offers relatively little commitment to genuine economic reform."
One can ask: why didn't any of the previous government impose higher taxes in the past 5 years? The answer is they did, and nobody paid them. And this is why this latest pre-bailout will also be a failure, followed perhaps by bailout #4, #5 and so on.
All of this is known to everyone.
What isn't, or perhaps merely needs refreshing, is that assuming all of the above is resolved in a satisfactory matter, what will be the use of funds of this latest and greatest bailout of Greece.
Sadly, the answer is also well known. We showed it first back in 2011 when we asked, rhetorically, "where does the Greek bailout money go?"
So for those who don't recall, here is a refresher from Macropolis, which a few months ago showed that of the €226.7 billion euros disbursed to Greece since the first Greek bailout, an equivalent to almost 125% of Greece 2014 GDP, "the combined allocation to the Greek state’s operating needs was just 11 percent of the total funding, at circa 27 billion euros."

That's right: hundreds of billions "spent" to rescue Greece... with the vast amount of proceeds used to promptly repay the very sources of these funds: the IMF and the ECB.
So will this time be any different, and will the Greeks receive anything extra? Alas no, because here are the near-term Greek debt interest and maturity payments...
... and the longer term.
So to emphasize, just in case there is any confusion: whatever money Greece receives as part of its third pre-bailout, followed by another full-scale bailout which according to SocGen will amount to another €60-80 billion or more, followed by another... until all Greek collateral - including its gold - finally runs out, will be used first and foremost to satisfy Troika, pardon, creditor claims.
Which means that of this widely touted €35 billion, Greece will be lucky to pocket a little over €3 billion. However, considering that is how much the Greek government has already extracted out of various public pensions and municipalities as part of its quasi-capital controls unrolled previously to preserve the illusion of solvency, after the hard fought "deal" finally is inked, the Greek population will be left with...
€0.
And that, sadly, is the unspoken tragedy in the upcoming Greek bailout. Because while it is one thing to bend over backwards to Troika interests if one at least gets something out of the deal, we completely fail to see why the Syriza government is risking its entire reputation, and doing what it is doing when in the end the Greek population which elected the "radical leftist" party with such wild hope and optimism has absolutely nothing to show for it.
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The Grexit - part 1: The never ending story
The Grexit part 2: It's Happening This Weekend.... For Reals This Time
The Grexit - part 3: The epic saga continues
The Grexit part 4: Germany Strikes Back
The Grexit - part 5: Greece pivots
The Grexit - part 6: Enter the IMF Dragon
The Gexit - part 7: Loan sharknado
The Grexit - part 8: the bankers dozen
The Grexit - part 9: the bailout begins
The Grexit - part 10: atms the new frontier
The Grexit - part 11: Drachma fever
The Grexit - part 12: fiat wallpaper blues
The Grexit - part 13: drackma park
The Grexit - part 14: terminator euro II
The Grexit Returns: Raiders of the lost bailout
The Grexit - part 15: pretty in pink slips
The Grexit - part 16: grumpy old bankers
The Grexit - part 17: Breaking the Plebs 2: Electric Boogaloo
Can somebody please start bleeding out of their ears, eyes, or ass?
Need something, anything to stop these Greece stories.
They are like clowns coming out of a Volkswagen.
pods
Je suis Greece
Pretty sure Budd Dwyer covered Greece a few years ago.
One more story....just one more...and I swear.....
@pods
http://www.zerohedge.com/news/2015-06-23/visual-timeline-economists-gree...
From my humble POV, there has been very little 'unspoken' about this, more than 4 years in service. FFS - The Greece story has more lives than killing Bin Laden for the "nth" time, & both stories initiated during the same timeframe.
Lol, so many Greek Tragedies, so little page views.
Or something like that.
Each and every one of them, at one point, says basically "Greece is fucked" or "Greece is unfucked."
Like watching the old school tennis matches where they volley for a half hour for a single point.
pods
Why don't they make an annual holiday of this? Merry bailout day! Ho ho ho!
@pods - I was thinking along the lines of a 5 day cricket test match (that ends in a draw) lol
I actually just had a flash back and couldn't remember what year it was....not kidding. That was weird. If I was Greek, I think I would have self immoliated by now, but marking time here at home....it's like a hall full of mirrors.
If the Parliment goes along with it -- they deserve all the austerity that Schäuble can muster for them.
Budd, turns out I found Don! He is fighting crime with a negro in Florida.
https://www.youtube.com/watch?v=cNA3OA7cY5U
< Greek "issue" resolved
< Fed raises rates
"...and they're neck and neck..."
Ain't that no shit, Sage's wife. I'll wager dimes to donuts we'll see the real live Santa Claus before either one of those two happening. Ol' Saint Nick is much more plausible.
It is a way of goosing the "markets" ever higher.
1. Crisis = sell-off
2. Crisis resolved = "markets" goosed higher than before the sell-off
3. Go to step 1
FUBAR.
the bailouts will continue because its really just a backdoor bank bailout of all those big commercial banks that loaded up on greek debt due to its higher yield. And we all know those banks are going to get bailed out, one way or another. Thats all that matters. Sorry greeks, until you elect a government that looks out for your interests instead of politics(or just get rid of government all together, since it is the source of most of your problems) this will be your life.
It would appear that this word, "Bailouts," is as Orwellian as any. I do not think I would like having my boat bailed out that way if my life depended on it. Then again, we do strange things when we combine denial with stress.
Yeah, its getting to the point that it has become pure farce. Of course, no matter what, the tragedy will arrive and everyone will be blamed but the guilty.....
...answers to all these questions - and more - at the next episode of SOAP
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OT but I'm currently using Euros... I have coins in the two gaps of my desk to keep it from squeeking. Works pretty well.
Stop with this Greek stuff nothing is going to happen.
Germany WILL NOT PASS a 3rd bailout.
So you're saying German politicos are not blackmailable ?
NSA mean anything to you ?
Does OIL mean anything to you?
Douchebunk is dead. It is currently a Zombie and insolvent.
Bundesbunk cannot bail it out. Where in the hell is Frankfurt going to shit tens of TRILLIONS of Euros?
Greece is a sideshow distraction from the main event.
The Germans are totally fucked.
How do you spell DERIVATIVES MELTDOWN?
It is easy...D-O-U-C-H-E-B-U-N-K.
Back in June, 2008, if I told you that Lehman Brothers wuld not exist in October, 2008 you'd have called me a nut...as you do now.
You had no clue about their MBS exposures.
What is it that I am telling you?
Sometimes what is NOT REPORTED is much more important than what is reported.
Correct.
It will be really difficult to Bail Out Greece when the Germans will be Bailing In Douchebunk.
Impossible, I'd imagine...IMPOSSIBLE. And Brussels will be powerless to do anything about it. Even the IMF will go down...along with the implosion of the entire Western Banking System.
Credit Freeze II anybody?
Got CASH?
Got Gold and Silver?
Got Guns and Copper Jacketed Lead with Smokeless Powder encased in Brass Casings?
Got FOOD? Water? Stocked up on TOLIET PAPER (a must)?
Are you prepared?
We are running out of time.
Most Germans are in a slumber. They don't realize that when the elites discuss Capital Controls, that includes all EU citizens.
I have noticed your posted taking on a certain truthiness lately. Your name wouldn't happen to be Porter?
https://www.youtube.com/watch?v=BKHoMi-U8g4
Payback is a beeyatch!!!
Let it all burn down. Burn it down to ashes.
(They should not have stolen from me. Now I work to collapse them...to crush them...to expose them for the vultures which they are. Mother was right about that...One day I would grow up. And I did.)
I have a folder on you.
Depends. Germany's Gabriel says "We are not blackmailable" just today. The rhetoric is getting hotter.
There won't be a 3rd bailout. They may or may not complete the last tranche of the 2nd bailout but unless there are tanks in the streets and we have a complete market meltdown this fall, there will never be a 3rd bailout.
Tyler's changed the headline after my comment re. 3rd bailout.
Then the Euro will die of a slow and painful death (as rightly deserved) !
how naieve, only germans still believe in the empty rethoric of their politicians.
Do you even have a serious party opposing the Euro? oh yeah, AfD mwoehahaha
What does that have to do with anything? Greeks were naive enough to vote Syriza and think the unicorns would return shitting skittles.
Of course it will ! There is no EU and Euro without permanent bailouts (or should we call them subsidies ?!) More importantly, here come some new bailouts for the following countries (in no particular order): Portugal, Ireland, Italy, Spain, Slovakia. At some point you will be expected to bailout FRANCE ! My suggestion would be to re-occupy it... /s
I don't get why anyone thinks the Euro is dependent on the Greeks using it. Yes, some banks might get into problems if Greece defaults on them, there will be bail-outs and bail-ins, the people will get fleeced properly, there might be a devaluation against the dollar, but even the dollar isn't going to be that strong forever.
I think the whole bailout process is basically a money transfer from the european people to the IMF. They lent money to the wrong people (they knew greece wouldn't be able to pay them back) and now instead of taking the loss they want the europeans to bail them out (including interest). The whole "we need greece to stay" rhetoric is just a farce to keep everyone paying for risk they didn't take, kicking the can down the road is way more profitable than taking those losses.
Now thta is just plain wrong. Sad that we are descended into such a pit on the herding of money men.
A pox on all vile money men. To the few good ones in there, leak stuff, anonymously if you have to...
My contribution to whirled peas... real meditation muzzik....
https://www.youtube.com/watch?v=Gnvvj6EO3Y4
Tsipras capitulated because the NSA got him on camera fucking a goat. If he'd only fucked a boy the LGBT community would have gone to bat for him.
Step back and look under the covers. You will Tsipras and Yanis have been and always were in bed with the bankers and the EU. Everyone focuses on the piece meal supplements to Greece but pay little attention to the raiding of the pensions, and other pools of funds, and the attempt to raid the local govt funds (which local govt's refused). And most importantly pay attention to how loans go to banks to repay the EU (little help to the Greek people) but with new collateral stipulations. Watch the collateral game, on any default they plan to own the physical assets of Greece through the collateral, they plan to own Greece itself.
Everyone thinks Tsipras and Yanis are playing the EU but they are really playing the Greek people and are truely traitors.
Yup, this whole story is nothing but the creation of THE mandate to "Save the EU!" from the fiscal insanity of its member states.
Because as we all know, without a fiscal union, there really is no "union" to speak of, long-term.
The original compromise which led to the creation of a faux union set the gears in motion for what we're seeing today. It was obvious back then, just as it's obvious now.
But hey, at least GS helped the EU by bringing in a nice, prepackaged scapegoat to distract attention away from the failure that is known as the rest of the EU not known as Germany.
Since when do socialists have principles?
We can't know what is real and what is not. Everything they spew is lies. Intentional lies. Something is "released" so that any position can be "justified". The whole thing is a scam. WE know that. It matters not which way it actually tilts. Those running the money scam with the gov't guns always win, because the people allow them to. The people are confused and lazy. It doesn't look to be ending anytime soon. http://www.thetruthaboutthelaw.com/they-promote-every-side-to-constantly...
Like going to one loan shark to pay off another loan shark. In the end all it leads to is bankruptcy
HA...no they usually "erase" the debtor with a pig farm after being put through a wood chipper.
And some broken kneecaps.
Jazz Hands! Ta da! The final answer is zero. nothing. zlitch. nada. vapour. squat. zip. bupkis. Now that the presidence has been set, the same people will start doing the same thing to the rest of the NATO coalition.
No Way is Greece worth Zero.. why that's almost a positive number...
They are all up to the eyeballs in debt. Not a single one of them has been solvent in Europe for a 1000 years. At this point Germany has been loaning money to them they won't have for 400 years by asking the IMF (that doesn't have any money) to give them money (that doesn't exist) from the coffers of the ECB which is a trade union based on interstate trade (again they don't have any money). In the meanwhile the greek government is printing money under the table to fund pensions, to empty them in order to give back to people that aren't giving them anything.
It's the old three card monte scam with a ponzi twist, except the house nor the mark has any money. Except the Bozobux they are all printing under each other noses, which aren't backed with anything. Which pretty much makes them worthless as a form of payment.
I want to shake the guys hand who stood in a room full of men once and said something like "Okay, so this is how it works...instead of lending out silver certificates....we are going to just lend out paper, backed by nothing, but first we are going to give it our banks, then we are going to lend it out...." Could you imagine the first time that idea was floated in a room, they probably kicked the guy out of the club for life only later to be foot noted as a man ahead of his time.
http://t.co/OelhYoQADB
The above is the propsal to be discussed tomorrow. It's not going to be agreed
We give you fake money
You actually borrow it.
We charge you out the ass for damn near every fucking transaction - even to fucking hold it.
We debit you more....steal it - then blame the populace, AND MAKE THEM PAY FOR IT.
BANKSTERING FOR DUMMIES - CHAPTER ONE
LOL@JamaicaJim. Truth.
SUBTITLE:
It´s only a matter of time before the Greek military takes over again.
Any way you cut it, "I owe my soul to the company store."
The tragedy is that no government official or bankster was prosecuted for the criminal conspiracy that got Greece into the EU.
the real tragedy is good people trust "the system" will prosecute the bad guys
the can kicking will continue until its stopped by civil unrest/civil war/revolution
Yup. Nobody here should be surprised. Bailouts will contine no matter what anyone is told. Everything else is just posturing and lies to cover up the fact that there is no way out.
Not true at all, zero hedge! The past five months of negotiations have provided the Greek citizenry, as well as many foreign depositors with prior Greek bank accounts, an opportunity to withdraw ~30 billion euros which absent the negotiations likely would have vaporized during Greek banking industry insolvency. The new "deal" just gives Greeks more time to exit the failed Greek banking system, leaving a bigger bill for the citizens of the other euro countries sometime down the road. The endgame was always going to come when the idiot "lenders" decide the fiction of getting paid back is too wild for even their mostly clueless populations to stomach any more. Perhaps the IMF has reached that point, and they will try to exit from the farce by having the ECB acquire their "Greek assets"?
Of course, as the ECB trashes the euro to keep all the financial bubbles in the air, Greeks should find another means of exchange less likely to be vaporized. Gold-backed drachma, anyone?
Whatever game these criminals need to keep the US Fiat money high, stocks higher and Gold lower is the game they will play and for Greece, they are just the pawn these a$$hole are using!
They don't deserve any money. They are obviously stupid.
Groundhog day.
Come back in 2 years, same same as it was before.
Until the US has a full blown currency crisis.
If the groundhog comes out and is able to withdraw cash from his ATM machine, he goes back in and sleeps for another six months. But if no money comes out, he starts throwing Molotov cocktails.
Tspiras is going to fall off his work out machine in the shower and break his eye socket, ribs, and legs. This actually happened here in the states with Harry Reid. I think he's blind in one eye now in fact. Just be careful while doing crunches in the shower that's all I'm saying.
Couldn't happen to a more deserving guy!
What's going to happen is obvious. They will institute these changes, and more greeks will defect from the pro-EZ side, and an even more anti-EZ leaders will be elected. The pro-EZ people are the wealthier set at this point, but good luck after you sock them with high taxes.
This will go on until the greeks willingly default and leave the EZ. It WILL happen, it'll just take a while. The greek economy is going to go down and down, more and more, and then it will be over.
And by the way, the extra couple of billion euros in annual tax increases the Greeks have agreed to would take 15 years to equal the 30 billion euros pulled out of the banking system the past 5 months, and anyone thinking this farce lasts another 15 years needs his head examined.
Zee Germanic ethos (ironic that ethos is a Greek word) of you will bend to my rule 'Europe' is on full show.
Greece will capitulate because the voters believe being in the pile of shit that is the EU is preferable.
The ordinary voters stupidy on this 'in out' business is only mirrored by your currupt politicians.
The kraut has won this battle and one 'PIGS is roasted, look out you other 'PIgS
When the dust settles a very bad taste will be left in the collective Greek mouth. Zee German tourist will I think, need to check whether his steak did not wipe the toilet rim on its way to the table !!.
Genau. Auf die andere Seite, als Deutsche Steuerzahler (mit keine LIebe für die Grossbanken), wäre es mir lieber wenn der Griechenland auszieht.
1.) The ZWO malevolent financial oligarchy can't afford to lose a prime captive state such as Greece.
2.) If Greece were to go the way of Iceland [or even pivot to Eurasia], others would follow and the banksters would end up decorating town squares across Europe. Of course they know that so goto 1
Tsipras: "OK! OK! I GIVE UP! I agree to do exactly what I was already going to do."
Kick the can around and around because there is no way this will end until everybody saves face. Why dont the Greeks just QE and start printing money like the USA. They have a per capita debt rate of only $65k and the US is at $1.4million. The whole system is founded on crap manufactured by the likes of Goldmean. Greece should go to the wall and take the EU down with it. Their only comfort is that other pigs will follow. The EU has more to loose politically than Greece. Greece is just one pig in the pen, wait till the rest begin to look like bacon.
What it has come down to is the jailer laying down the terms of the inmate's stay in debtors prison. There is no other way to gloss this plan over. It is to make all Greece a prisoner of the Troika Bankers, to extract all wealth from the nation and funnel it to bond holders, mostly bankers. The length of Greece's stay as a Troika prisoner is not set, it may last a century or more, as the debt is too high to ever be repaid.
Here is what has to happen sooner or later. A revolution in Greece. A 21 year old Greek today may want to be a normal human being, get a job, marry the girl he loves, make a family and settle down to a reasonable life together. This is now impossible. There is no work, not for the 21 year old or his potential wife, if they do have kids, those kids in 21 years time will find themselves debt slaves even poorer than their parents were. When Greeks wake up to this fact, they must get guns and fight, any real man would fight when conquered like Greece has been.
Even today, far away in Armenia, the people have taken to the streets by the tens of thousands over a massive electricty rate hike. In Ireland, people demonstrate almost daily against massive water rate increases, in a land full of lakes, rivers and it rains every second day! The corporate landlords are setting themselves up to collect fortunes on basic utilites to people. Things that were public and low cost for a century or more, are now private corporate with skyrocketing rates. In London 100,000 people protest Tory policies. As the EU Banks and Corporations sqeeze the people, any real men would take up arms to fight for freedom. The state and EU will soon brand all protestors, terrorists. On that day, people will need to check their souls and ask if freedom is worth fighting for.
I expect revolutions. If not, then the Media and Public Schools will have brainwashed the Europeans past the point of even being humans.
I expect more of the same beyond belief. Just because the most want to live at expense of everyone else, especially in the PIGS -where they think it's fair (retribution/redistribution or whatever).
The doom of a nation can be averted only by a storm of flowing passion, but only those who are passionate themselves can arouse passion in others. - A.Hitler
Who has the balls to keep their word and stick to the fight when they are hardest hit? Even Tsipras, who is allegedly democratically elected and has every reason to default AND has the population of Greece behind him threw in the towel. What good is a leader(a man/woman) of his word if the followers are only that, followers. What happens if that leader is no longer there? There have to be leaders behind the leader who are willing to stick to the fight knowing well that they may be next..and so on.
Think of Zion as a shylock writ large, and the DC US and ZATO as their collectors.
The Greeks will pay; If not in treasure, then in blood.
Liberty is a demand. Tyranny is submission..
Greece is a clear example of how the pols and crats borrow from the Zionist shylocks, line their pockets, and then foist the shylocks' burden upon the people.
My lawyers at AK, AR, and Glock, and I, say ney, ney when the shylocks come a knocking at the American country's door. They loaned it to the DC US, and not the American country or people, so darken their door for your burden, and leave ours.
If it wasn't so sad, this article is just too funny, especially this:
"...why didn't any of the previous government impose higher taxes in the past 5 years? The answer is they did, and nobody paid them."
So bail-out 3 is based upon raising taxes. Good luck with that.
Can someone check if Ireland and Portugal still exist as i haven't heard them mentioned for yonks.
The Greeks - never saw a fiscal deficit they didn't like.
IMO, Greece is both a very corrupt and, frankly, economically, socially and politically dysfunctional country.
(Hairdressers able to retire at age 53? - Go Greek For A Week, http://www.dailymotion.com/video/xr4xbe_greek-for-a-week-why-greece-is-d...)
If the Greeks did not want to end up in the situation they find themselves in then:
a) They should never have joined the Euro, thereby enabling them to monetize deficits, devalue their currency, bail out bankrupt banks, etc.
b) They should not have run fiscal deficits for decades resulting in a debt to GDP ratio of 100% in 2006, the height of the "boom" times.
The bottom line for me is the Greeks demand a standard of living they cannot afford and they have refused to face reality for decades.
In that respect, they are simply spoilt children. There is no tragedy in the position they find themselves in, it is one that is entirely of
their own making.
What's very important is that by accepting endless bailouts rather than facing the music (default, Euro exit, etc.), the Greeks are overriding
an essential feedback loop. If Greeks were finally forced to face reality then, perhaps, they could genuinely reform their society so that it
could function more like other European countries, both economically and politically. Moreover, if the Greeks were to default, then they could
perhaps face a genuinely brighter future and not watch an entire generation of their youth having their lives destroyed by long term
unemployment. http://www.telegraph.co.uk/finance/comment/11689579/Why-D-Day-for-Greece...
The Greeks are unwilling to suffer 2-5 possibly very bad years for a genuinely brighter future for all their citizens, including their youth.
In the grand scheme of things 2-5 years is a drop in the bucket. That, to me, is unforgivable.
Two to five? Try ten to fifteen, during which wages fall to Turkish levels, another 50 per cent, while anybody with any other options leaves the country. The Soviet Union collapsed in 1991. Only now have Russian living standards returned to pre-Gorbachev levels.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2015...
One for ages, this is one Greek tragedy, Odysseus would be proud.
HAIKU VERSION!!!
One for the ages
This epic Greek tragedy
Odysseus laughs
No one owes the Joos anything anywhere.
"... hundreds of billions "spent" to rescue Greece... with the vast amount of proceeds used to promptly repay the very sources of these funds: the IMF and the ECB."
That is the essential nature of the debt slavery system, necessarily driving its numbers to become debt insanities. Greece is merely a leading edge of those developments, which are probably FAR WORSE than anyone personally benefiting in the short-term, by operating inside of that fundamentally fraudulent financial accounting system, is able to comprehend! The bigger picture has been that "money" made out of nothing as debts has been "paying" to strip-mine the planet's natural resources at an exponential rate, as globalized systems of ENFORCED FRAUDS, which never needed anything else than each short-term increment of continuing to be socially successful by being able to back up lies with violence.
The established monetary system is based on legalized lies backed by legalized violence, or based upon ENFORCING FRAUDS, whose succession of short-term increments of being able to do that automatically becomes increasingly psychotic criminal insanity, due to the astonishing degree to which it is possible to control civilization by ENFORCING FRAUDS, whose social success drives attitudes of evil deliberate ignorance towards everything else outside of that frame of reference, in ways which are stuck in vicious spirals of deliberately disregarding the basic laws of nature, because otherwise it would become plainly obvious that those systems are ENFORCED FRAUDS.
There are too many INTENSE PARADOXES operating through the ways that money is measurement backed by murder to make those easily intelligible. But nevertheless, the basics are that human beings have developed artificial selection systems that operate upon themselves through the maximum possible deceits and frauds, which systems are, in themselves, quite intelligible, as well as that it is also intelligible how and why social systems based upon deceits and frauds were driven by natural selection pressures to becoming the currently existing systems of ENFORCED FRAUDS, built on top of the long previous history of backing up deceits with destruction.
There is no problem with theoretically understanding how and why human civilizations necessarily operate according to the principles and methods of organized crime, whereby the debt controls are backed by the death controls, HOWEVER, the ways that ends up being publicly expressed are INTENSELY PARADOXICAL & UNINTELLIGIBLE due to the degree that ENFORCING FRAUDS is socially successful precisely because how and why that is actually being done is deliberately denied, and ignored, and misrepresented as much as possible.
Every time that the established systems are "saved" by creating more "money" out of nothing to pay for the previous "money" made out of nothing, the overall system becomes more criminally insane, because it is all based upon organized crime, which is socially successful only to the degree that most people do not understand that, and do not want to understand that, which, appears to me to include the majority of the Greek people, as well as the current Greek government (as well as almost everyone else, and every other government.)
As the established systems double down on their debt insanities, by driving their daisy chains of more "money" made out of nothing to "pay" for previous "money" made out of nothing, there continues to be double whammy INTENSE PARADOXES due to, FIRST, the established systems are based upon organized crime, and, SECOND, any other systems would have to continue to also be based upon organized crime.
The standing patterns presented in the articles and comments published on Zero Hedge are that those penetrate into the FIRST layer, that the banksters are the biggest gangsters, that are controlling governments to enforce the banksters frauds, while the new government of Greece is one of the leading edges of the inherent insanity of the MAD Money As Debt systems driving through their own numbers towards psychotic breakdowns, because of the fundamental problem that ENFORCING FRAUDS NEVER STOPS THOSE FRAUDS FROM STILL BEING FALSE.
The mass media mainstream presentations of economics never penetrates into the FIRST level of admitting and addressing that the political economy is actually based upon ENFORCED FRAUDS. However, the alternative news media, like Zero Hedge, even in the comments under its articles, still tends to not penetrate through the SECOND and other deeper levels regarding how and why money is measurement backed by murder, and that governments are necessarily the biggest forms of organized crime, controlled by the best organized gangs of criminals.
The chart above by Macropolis illustrates how about 90% of the bailout money actually goes to bailout the established banking systems, which are based upon being able to continue to ENFORCE FRAUDS, in ways which require the majority of people, and their governments, to continue to not understand that, and to not want to understand that. Generally speaking, the mainstream view of economics is as schizophrenic and delusional as it can possibly be, since its social success is based on ENFORCING FRAUDS, in ways where those FACTS are never admitted and addressed. Furthermore, I REPEAT, amongst those few who do admit and address those FACTS on the FIRST level, there usually is never any deeper analysis of how and why those are the FACTS, on the SECOND AND DEEPER LEVELS.
The things that we could actually do is perhaps better understand the degree to which we have been deliberately misunderstanding everything as much as possible. The government of Greece became more and more integrated into the global systems of governments ENFORCING FRAUDS by privately controlled banks, so that the death controls that backed up the debt controls were as deliberately divorced and disregarded as possible, despite those being the basis for all of that MAD "money" made out of nothing as debts, which have driven Greece into the situation of debt insanities, where about 90% of the new "money" is a bailout of the previous bailouts, inside of vicious spirals of daisy chains, which are INTENSELY PARADOXICAL because they are FIRST due to the excessive successfulness of systems of organized crime, taking place SECOND in the context where there must be organized crime.
To make intelligible the fundamentally fraudulent financial accounting systems that Greece, and pretty well all of the rest of the world are ensnared within, one should go through different levels, where the lies are different at every level. We are drowning in deeper and deeper piles of the biggest bullies' bullshit social stories, that have been able to invert the meaning of everything, and back those lies up with violence, so that there are presented the views that somehow legalizing lies, and backing those up with legalized violence, changed something, when actually, there were the same continuous processes, operating through the same unitary mechanisms. The FIRST level of lies are regarding the denial that the MAD Money As Debt systems are not based upon ENFORCING FRAUDS. The SECOND level of lies are to deny that there must be some sort of organized crime necessarily operating, because money must be some form of measurement backed by some form of murder.
The government of Greece was obviously another form of controlled opposition, which arose inside of the context that the vast majority of Greeks use language that controls how they think, in ways which renders them a form of controlled opposition, that voted for a "radical left" government, that is actually still controlled opposition, that is desperately attempting to stay within the established systems, due to the terrible consequences of what would follow from those established systems finally going through psychotic breakdowns and crazy collapses into chaos.
One of my favourite quotes from Zero Hedge:
"The absolute best controlled opposition is
one that doesn't know they are controlled."
-- Cognitive Dissonance
Those who go through the FIRST levels of understanding that the banksters are the biggest gangsters, that have being controlling governments to ENFORCE FRAUDS by privately controlled banks, tend to still be a form of controlled opposition to the degree that they do not follow through to the SECOND AND DEEPER LEVELS regarding how and why civilization operates according to the principles and methods of organized crime, because it must necessarily do so, since human beings and civilizations are entropic pumps of energy flows.
It is intelligible how and why natural selection pressures drove the development of civilizations to become based on backing up lies with violence, which became the currently existing systems of legalized lies, backed by legalized violence, as manifested by governments ENFORCING FRAUDS by private banks. However, in order to make that become more intelligible, one has to go through profound paradigm shifts in the ways that one thinks, which required using language differently, in order to cope with the INTENSE PARADOXES that governments are the biggest forms of organized crime, controlled by the best organized gangs of criminals, and must necessarily be.
The deeper problems are that the debt controls were always backed by the death controls, and therefore, the runaway debt insanities are actually headed towards provoking death insanities. That is an unprecedented threat because the established systems are no longer gold and silver coins, backed by swords and spears, and no longer paper frauds, backed by the force of gunpowder. The established systems of ENFORCED FRAUDS are now globalized electronic monkey money frauds, backed by the threat of force from apes with atomic bombs.
To repeat a quote featured in an article republished on Zero Hedge:
Mainstream economics attempts to deliberately ignore the SOURCE of the public "money" supply as much as possible. There is myopic focus upon "production" in ways which deliberately ignore that the production of destruction controls production, and must necessarily do so. Mainstream economics tends to deliberately disregard the ways that real economics is actually a subset of warfare. However, that is what makes it intelligible that the political economy is based upon ENFORCING FRAUDS, in ways whereby those debt slavery systems are driven towards becoming debt insanities, where, as in the case of Greece, 90% of the new "money" made out of nothing as debts in recycled through the established systems to "pay" for the "money" that was previously made out of nothing.
HOWEVER, it continues to be that almost all of the so-called alternatives to the mainstream news, such as Zero Hedge, are still primarily forms of controlled opposition, because there is still the desire to return to the impossible ideals of physically impossible "productivity" and "growth" to become the solutions to the problems of runaway debt insanities, driven by too much ENFORCED FRAUD, for too long ...
The only genuinely realistic resolutions to the real problems are through the death controls, that back up the debt controls. Furthermore, "we should" do that in ways which were "better" than merely the eventual psychotic breakdowns and collapses into chaos of the social pyramid systems based upon ENFORCING FRAUDS, which eventually can not resolve their contradictions, that being able to ENFORCE FRAUDS NEVER STOPS THOSE FRAUDS FROM BEING FALSE.
Theoretically speaking, "we should" develop human accounting systems which were consistent with general energy systems. The INTENSE PARADOXES are that we already have such systems, because the existing systems ARE general energy systems, which were driven to develop by natural selection pressures to become socially successful on the basis of them making and maintaining the maximum possible frauds and deceits, as ENFORCED BY DESTRUCTION.
Some of the facets of the INTENSE PARADOXES are that the history of the development of the philosophy of science inverted the concept of entropy, by inserting arbitrary minus signs into the entropy equations of thermodynamics and information theory, in order that presentation of the meaning of entropy would continue to be able to be presented as consistent with the rest of the overall biggest bullies' bullshit world view, which has developed to primarily become the banksters' world view. Hence, the FIRST level of penetration into more radical truths that the human accounting systems should become more consistent with general energy systems runs into the SECOND level of radical truths that all such general energy systems are being misunderstood in the maximum possible backward ways, due to the concept of entropy being deliberately misunderstood in the maximum possible backward ways.
The whole world is now almost totally dominated by the international banksters' debt slavery systems, driving those to generate debt insanity numbers. Furthermore, the banksters are working towards attempting to consolidate their global hegemony through being able to have their frauds continue to be enforced. The local little case of Greek is merely one of the leading edges of that overall situation, which has the potential to become the falling of a relatively little domino, which could then progressively knock over a series of bigger and bigger dominoes, due to the daisy chain of debts, being entangled in hyper-complicated ways.
Overall, the established systems based on ENFORCING FRAUDS are headed towards their runaway debt insanities provoking death insanities. The only genuine resolutions of those problems which could be "better" would be "better" death control systems, to perhaps emerge out of the on-coming death insanities situations, when the runaway debt insanities finally drive themselves through their own MAD self-destructions.
"Better" would operationally mean greater use of information, enabling higher consciousness. The FIRST level of that would be to recognize the ways that the whole political economy has become based upon ENFORCING FRAUDS. The SECOND AND DEEPER LEVELS of that would be to overcome the degree to which the controlled opposition groups stay within the biggest bullies' bullshit world view, such as how the government of Greece still is staying too much within the banksters' bullshit world view, due to most Greeks still staying too much within that bullshit world view.
Given that the real world's problems are now globalized electronic frauds, backed by atomic bombs, any realistic resolutions of those problems would take series of intellectual scientific revolutions, to change the paradigms through which we are perceiving our political problems. In order to do that, on the FIRST level "we should" understand human beings and civilizations as general energy systems, while, on the SECOND level, that requires understanding that we have inverted the meaning of entropy, because of the ways that civilization necessarily operated according to the principles and methods of organized crime, which manifested through the INTENSE PARADOXES of those who were the best at doing that being able to dominate the rest of society, through ENFORCING FRAUDS, in ways whereby too much of that kind of social success, for too long, has resulted in almost everybody becoming psychotic and criminally insane, due to the degree that they deliberately deny and ignore the basic social facts, that making the public "money" supply out of nothing as debts was a FRAUD ENFORCED by governments.
The Greek government, after joining the European Union and adopting the Euro, was suddenly able, with greater alacrity, jump into the deeper end of debt insanities, without being able to swim there, and so, is now drowning, and apparently going down for the third time. As numerous articles on Zero Hedge have explained, there are enormous social pyramid systems based on sovereign debts, which could be jeopardized by any of those cards in that house of cards being knocked over, as in the case of the analogy of smaller dominoes being able to knock over progressively bigger dominoes.
However, the overall situation tends to be WAY WORSE than any of those who still regard economics as something that should be based on growing productivity. The actual facts are that the production of destruction always controlled production. The debt controls always depended upon the death controls. Therefore, NO "solutions" can exist outside of that actual context. It is merely the FIRST level of radical truths to recognize how Greece, et alia, are suffering inside of systems of ENFORCED FRAUDS, while the SECOND level of radical truths is that the only realistic solutions must be changing how the organized crime operates, to back up different debt controls with different death controls. Furthermore, that in turn is not going to be possible without intellectual scientific revolutions to change the basic paradigms which now dominate the perception of political problems by the vast majority of people.
As long as the banksters can continue to control their opposition, then the problems will continue to have their resolutions deferred, while those problems simultaneously get bigger and BIGGER. In my view, the so-called "radical leftist" government Greece was still a form of controlled opposition, although perhaps slightly less controlled, and therefore, potentially a destabilization of the established systems, as social pyramid systems of ENFORCED FRAUDS, being destabilized in any of its components, which could then be amplified through the daisy chains of debts to have domino effects.
By definition, any government that is still "leftist" is NOT really "radical." The phrase "radical leftist" says "controlled opposition" to me. They are still staying inside of the same old frames of reference based upon false fundamental dichotomies and the related impossible ideals. That can NEVER better understand human beings and civilizations as being general energy systems, acting as entropic pumps of energy flows, and that can NEVER go through the kinds of paradigm shifts necessary to recognize and repair the ways that the meaning of entropy was inverted, along with the meaning of almost everything else, such as the meaning of the word "money."
A really radical government would recognize that it necessarily operated according to the principles and methods of organized crime. A really radical government would admit and address those social facts, and thereby confront the previously best organized gangsters, the banksters, on their own terms. At present, governments ENFORCE FRAUDS by banks. However, those governments do so through being dominated by the best professional liars and immaculate hypocrites.
The irony of the situation in Greece is that the degree to which they are drowning in the deluge of debt insanities, a decade or so after joining the EU and adopting the Euro allowed them to leverage themselves over the dark side of the moon, so that now 90% of their new "money" goes to "pay" for their old "money," which means that when the current Greek government is slightly less dishonest and hypocritical, then they somewhat admit the facts that they are already bankrupt, and that there are no ways within the established systems that they can ever dig themselves out of the hole they are in.
However, the current government of Greece is not remotely close to going through series of intellectual scientific revolutions, in order to adequately admit and address the ways that they have been ENFORCING FRAUDS by privately controlled banks, in ways which go beyond still being professional hypocrites with respect to that.
Of course, I can sympathize with that, to the degree that the majority of Greek people are not remotely close to being able to do that either. Indeed, as demonstrated by the majority of the content on Zero Hedge, very few people get to even the FIRST level of radical truths regarding the banksters, and even fewer go beyond that to the SECOND AND DEEPER LEVELS of radical truths regarding how and why the banksters are necessarily controlling civilization, because they were the best organized gangsters.
At present, I am not aware of any publicly significant opposition to the banksters that is not controlled by still mostly using the banksters' language, and therefore, continuing to bullshit in basically the same ways about the bogus "solutions" to the problems may be. Nobody, including myself, is able to fully comprehend the degree to which they have been brainwashed to believe in bullshit their whole lives, and to think about everything in the most backward and absurd ways possible, due to the INTENSE PARADOXES that flow through in the longer term from the short-term social successes based on ENFORCING FRAUDS, too much, for too long, which has resulted in the EXISTING situation where:
"The absolute best controlled opposition is
one that doesn't know they are controlled."
-- Cognitive Dissonance
In my view, that insight applies to the "radical leftist" government of Greece, as well to to practically everyone else, more or less. For generation after generation, we have ALL been stuck for our whole lives inside of social pyramid systems based upon ENFORCING FRAUDS, whose inherent contradictions have been astronomically amplified, to get bigger, and BIGGER ... to the point where nobody can fully comprehend how criminally insane we have become, due to being controlled by organized crime in ways which almost totally gets away with not being publicly perceived as organized crime. To the degree that everyone has to use the same public "money" supplies in order to live, then they are stuck inside of ENFORCED FRAUDS, while knowing more about that makes no practical difference to still living inside of that society, still using that public "money" supply. Moreover, I REPEAT, that is only the FIRST level of radical truths. The SECOND level is that it is not possible for human civilizations to ever exist other than as systems of organized crime, because it is not possible to stop civilization from basically being entropic pumps of energy flows, which must, as soon as those are defined, be some systems of organized lies, operating robberies, which systems are in some dynamic equilibria with each other.
The presently existing situations are extremely unbalanced systems, because the dynamic equilibria have become such that there is almost nothing but a core of organized crime, the international banksters, surrounded by controlled opposition, which controlled opposition includes almost all of the world's governments, as well as the apparently possible opposition to those governments ... Such as in the case of the new "radical leftist" government of Greece more and more ending up actually becoming a form of controlled opposition, which it always was anyway.
As the article above indicates "assuming the funds are wired to Greece," demonstrates the degree to which those "funds" are nothing but bursts of encoded electricity. The history of how "money" became electronic frauds, backed by the force of governments, is vital to comprehend the degree to which the established systems of ENFORCED FRAUDS HAVE BECOME RUNAWAY CRIMINAL INSANITIES. Since the vast majority of people do not understand how and why the world is necessarily controlled by the applications of the principles and methods of organized crime, the actual ways that gets done continues to be through the maximum possible deceits and frauds. Indeed, the banksters are able to so totally dominate their apparent opposition that the only apparent ways that things could change is due to the banksters losing control, due to their own MADNESS becoming too self-destructive ... We have not yet seen anything "tragic" yet, compared to what will most probably happen in the foreseeable future ...
Come on guys - read "all" of the news and connect it. Tsipras stunned everyone - as noted above - after walking out from his meeting with Draghi. The ECB holds over 80% of Greek government debt - purchased from the EU lender banks over the past 3 years. Those banks have many insolvency issues, but Greek debt is not one of them. The Greeks have exceeded the value of their collateral (it was never worth face value anyway, it was not worth mark to market value either - it is basically worthless defaulted borrower paper from a country that is barely functioning). Draghi said I will continue to fund your banks (despite massive local cash withdrawals - which he can never recover) but only if yo ustay in the Program II; and that requires IMF approval and compliance (serious social and political and financial restructuring at many levels - that is what they do). If you leave your citizens deposits will be bailed-in completely because the yare not enough to cover the shortfall of the banks (which I will not recapitalize for you) because you have already received more than 100% of the face value of your near worthless collateral. And because the EU countries refuse to haircut your debt - because their countries (not their deeply insolvent banks which I am keeping alive -barely- by every trick known to banksters) and not their banks will have to cover the losses that I the ECB have incurred. And most of their citizens will not like that; and ma yeven accuse those politicians and me of being duped by the Greeks. Yeah - the Grteeks got the money; and the ECB got the paper. Think about it; care to believe anyone will foreclose/repossess on that paper. But for Tsipras the thought of every poor dumb Greek losing 100% of their deposit balances was too much. He caved like a stuffed shirt. No balls. No brass. No chest. He is done for - just a matter of time.
FFS 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 dragging everyone down with it.
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If they can only hold it together til 2050! Only €0,5Bn to pay down that year.