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"No Deal": Tsipras Says Creditors Did Not Accept Greek Proposal

Tyler Durden's picture




 

Who could have possibly foreseen that the IMF would throw up all over the Greek "proposal"... aside from this post here "Why The IMF Will Reject The Latest Greek Proposal In Just Two Numbers" yesterday afternoon of course. In any event, moments ago Bloomberg reported that just as we wrote here yesterday afternoon, there is no deal and that Greek PM Alexis Tsipras told his associates that creditors not accepting equivalent fiscal measures has never happened before, according to a Greek govt official, who asked not to be named in line with policy.

Creditors “not accepting parametric measures has never happened before. Neither in Ireland, nor in Portugal, nor anywhere. This strange stance can hide two scenarios; they either don’t want an agreement or serve specific interests in Greece,” the official cited Tsipras as saying."

As a reminder, Tsipras is meeting Wednesday with European Central Bank President Mario Draghi, International Monetary Fund Managing Director Christine Lagarde and European Commission President Jean-Claude Juncker in an effort to reach a deal before Greece’s bailout expires and about 1.5 billion euros ($1.7 billion) in payments come due to the IMF on June 30.

Here is the man himself tweeting as much and confirming that the blame game continues:

Some more comments:

The reaction across European asset classes was kneejerk lower...

... although it has since bounced back modestly as "hopes" that this final final deal, which was just scuttled, will be revised and lead to yet another favorable conclusion. They don't call it climbing the wall of Greek rumors for nothing.

As for Tsipras suggesting that Troika does not want an agreement, he is absolutely correct. Recall "Goldman's "Conspiracy Theory" Stunner: A Greek Default Is Precisely What The ECB Wants"... the same Goldman that blessed a Lehman bankruptcy and got precisely what it requested.

In any event, the ball is now in Greece's court...

  • CREDITORS SAID TO HAND GREEK GOVT REVISED PROPOSAL

... also as we predicted, where either the Greek negotiators will finally enact the "dreaded" pension cuts, or else the Troika will be able to wash its hands of a Greek default and blame it all on Greek intransigence. As a further reminder, at this point it is all about who gets the blame for a "Grexident."

 

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Wed, 06/24/2015 - 06:16 | 6228766 HowdyDoody
HowdyDoody's picture

Its Greecehog day all over again.

 

Wed, 06/24/2015 - 06:23 | 6228767 Haus-Targaryen
Haus-Targaryen's picture

This is nothing more than the EU teaching Syriza a lesson and firing a warning shot directly across PADEMOS' bow.  

If Greece is to stay, Syriza is going to have to eat nasty rotten crow.  

 EU has to get rid of Tsipras before the Spanish elections, or you'd have 2 EMZ nations run by Trotskyites, and where two are -- more are sure to follow.  

EU is planning ahead, lets see if Tsipras can keep up.

(Mr. Tsipras -- fuck the EU hard this time, please.)  

Wed, 06/24/2015 - 06:24 | 6228773 Croesus
Wed, 06/24/2015 - 06:25 | 6228777 negative rates
negative rates's picture

Execpt you have no money.

Wed, 06/24/2015 - 06:40 | 6228803 Occident Mortal
Occident Mortal's picture

Yawn.

 

The GDP of Greece is less than the 2005 GDP of Detroit.

 

Who cares if they are declared in default? It will change NOTHING. NOT A THING.

Wed, 06/24/2015 - 06:55 | 6228827 joak
joak's picture

It's not the issue. What is at stake is the future of the EU and of the euro.

Wed, 06/24/2015 - 07:08 | 6228840 VinceFostersGhost
VinceFostersGhost's picture

 

 

They shoot horses.....don't they?

 

Ned Ryerson.....is that you?

https://www.youtube.com/watch?v=xkW_ZkMtmlQ

Wed, 06/24/2015 - 07:17 | 6228865 Four chan
Four chan's picture

zh scores a direct hit, predicts correctly the amount of pee in the cheerios.

Wed, 06/24/2015 - 07:25 | 6228870 Captain Debtcrash
Captain Debtcrash's picture

Good to do anything differently would only delay the inevitable and would be an exercise in futility.  The world will learn that debt that cannot be paid back will not be paid back. 

The EU knows what’s at stake though, they will not just amicably go their separate ways.  They will make an example of Greece to ensure Spain, Portugal, and Italy don’t follow in their foot steps.  Never let a good crisis go to waste after all.  

Wed, 06/24/2015 - 07:42 | 6228903 new game
new game's picture

the shit is sliding down the slope of hope, ha...

Wed, 06/24/2015 - 07:14 | 6228855 Antifaschistische
Antifaschistische's picture

It seems to me, that since the markets only ratchet in one direction...the more "I think we have a deal" announcements they can make, the higher the stock market will go.   The, "we don't have a deal" or, "we're just another 40 billion in debt" news doesn't seem to bother the markets at all.

Wed, 06/24/2015 - 07:20 | 6228867 Four chan
Four chan's picture

well myspace, i mean facebook is worth more than an actual company, walmart now. are we at full retard yet? 

Wed, 06/24/2015 - 07:50 | 6228921 new game
new game's picture

the casino flurishes. since i don't enter the forbidden zone it is only a curiousity anymoar...

Wed, 06/24/2015 - 08:41 | 6229058 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Correct. Proof that the Euro is not irreversible is tantamount to the EU entering uncharted waters.

Wed, 06/24/2015 - 07:29 | 6228853 XAU XAG
XAU XAG's picture

EU rules state that debt should not exceed 60% of GDP

 

For Fuck sake....................all EU Countries DEBT should be written down to the agreed figure and thay can then get on with life.

 

IF EU Rules are skirted by the lenders .................Then Fuck em..................take the hit.

Wed, 06/24/2015 - 07:52 | 6228932 new game
new game's picture

he or she who writes the rules don't have to follow the rules, just us commoners. rules only matter when it works in their favor. it was only a starting point, ha...

Wed, 06/24/2015 - 08:03 | 6228963 XAU XAG
XAU XAG's picture

@ new game

 

Tsipras...........................should use the rules as a barganing tool!

Wed, 06/24/2015 - 06:27 | 6228778 Headbanger
Headbanger's picture

But wait!  There's MOAR!

Stay tuned for a quick reversal rumor any minute now!

Wed, 06/24/2015 - 06:52 | 6228820 Croesus
Croesus's picture

@ Headbanger: 

I think they'd get more mileage out of dropping the negotiations, and closing the deal using a late-night infomercial format. Maybe get that guy who cut up the hooker to do it. 

"See? The bailout was made in Germany, and you know the Germans make good stuff. If you sign now, we'll double the offer!! You can't beat that". 

I guess they couldn't actually call it "Sham Wow" since it's infringement, but they could definitely call it Sham-something-or-other.

Wed, 06/24/2015 - 07:42 | 6228902 cuzzinjak318
cuzzinjak318's picture

i coulldnt agree more they are just kicking the can down the road it is getting boring now

Wed, 06/24/2015 - 07:58 | 6228946 new game
new game's picture

yup, back to russia, ukraine, nato, china or something. i am going to stick my head out and say by end of summer the shit starts sliding to the point of getting out of control. 7 years of the recent cycle are upon us. something somewhere is going to trigger a lehman event. credit vapor lockup from behind the curtain as GOOD collateral is drying up...

DEFLATION, what is lurking behind the curtain...

Wed, 06/24/2015 - 06:24 | 6228774 negative rates
negative rates's picture

Oligarch's, you are super fooked!

Wed, 06/24/2015 - 06:29 | 6228781 Haus-Targaryen
Haus-Targaryen's picture

No, they are planning on fucking us, and bringing the whole system down is part of their plan.  They won't bring it down until they are ready.  Thus, if some other factor can collapse the thing before they are ready -- then this is humanity's best chance -- thus catching them off-guard and unprepared. 

We won't know the time of the collapse until the dust settles, whether we or they are fucked.  My gut tells me the sheeple will get fleeced, and hard.   

Wed, 06/24/2015 - 07:22 | 6228875 invisible touch
invisible touch's picture

sorry  to wake you up bro, but, to me, the whole thing is already full of dust falling.

 

give an ear to the structure, you can ear the cracks.

Wed, 06/24/2015 - 06:33 | 6228789 GCT
GCT's picture

Haus the problem is the EU has 5 other broke countries watching this charade closely. If the EU caves the other 5 countries including France will want the same deal.  The ECB is between a rock and a hardplace.    

Wed, 06/24/2015 - 06:36 | 6228794 Haus-Targaryen
Haus-Targaryen's picture

Sure -- which is why they are demanding more.  

The EU/EMZ is going to position itself and give Greece two choices;

1) Fall on your sword and hard.  You can stay part of the club, and can play the victim card until your little fetta-eating heart is content.  You'll be a debt slave, but at least you won't be #2.

2) You don't fall on your sword, and blow up the EUR.  You cost the entire continent trillions of EUR in losses and plunge the world into another depression.  You might get picked up by the Russians, maybe not, either way you'll either relegate yourself to a failed state status, or be a Russian slave.  You'll be hated, and quite likely the new "bad guy" of Europe.  

Wed, 06/24/2015 - 07:27 | 6228882 invisible touch
invisible touch's picture

problem of france is not dept, problem in france is when you work for 2$  gov take you 1.10, making economy very hard to survive.

 

hidden economy is fine and many families survive for decades and did not waited the officiality of the difficult of the system in medias to budge.

 

since degaule, france have no serious people to be president...

https://youtu.be/YPXUq0hkanI hollande drunk in conference.

hollande again :https://youtu.be/Rx5sBqdysCI

https://youtu.be/sRFUAjIhVlU and again

 

how do you want to  lead a country with such...clown.

Wed, 06/24/2015 - 06:34 | 6228790 Megas Napoleon
Megas Napoleon's picture

I agree.

The creditors were victims of their own propaganda and the only acceptable option to please their media guided public opinion was to punish Greece. Greece is going to be made an examble to all disobediant nations.

Wed, 06/24/2015 - 06:39 | 6228801 Haus-Targaryen
Haus-Targaryen's picture

Could be planned.  Draghi is playing with fire here.  I'd prefer the thing to explode in all directions, have things go hot between the Russians and the Ukies, and have Germany turn into a big Switzerland while the USSA tries to takeover Eurasia.  

Marie la Pen wins in France as Hollande steps down and the situation spins out of the vampire squid's controls as their puppets start getting assasinated all over the world and wars spring up everywhere.  Assuming humanity doesn't nuke itself into oblivion, when the dust settles in 10 years, the world will be a better place, Rothschild free.   

Wed, 06/24/2015 - 07:11 | 6228851 new game
new game's picture

dream on, dream on til your dreams come true, ha...

Wed, 06/24/2015 - 06:54 | 6228824 nicxios
nicxios's picture

"EU has to get rid of Tsipras"-- Maybe what's happening. The shitstain former PM Samaras and the hopeful shitstain Theodarakis of the River (of shit) Party are on their way to Brussels. Last time something like this happened Papandreou was thrown overboard.

Wed, 06/24/2015 - 07:02 | 6228837 Haus-Targaryen
Haus-Targaryen's picture

Fuck both of them.  If Tsipras is removed -- guarantee you fucking Ghordo will show up defending it. 

Wed, 06/24/2015 - 07:14 | 6228856 FallenOne
FallenOne's picture

Planning ahead yes they are the know the Greeks will have to default someday eventually they know this. They are growing tired of the Greekheadache and this has surprised the greeks and they be like, "you don't want to play our favorite game of kick thecan no more?" :(

Wed, 06/24/2015 - 06:50 | 6228817 doctor10
doctor10's picture

the GS boyz have already shorted the Drachma all the way to Zimbabwe!!

Wed, 06/24/2015 - 06:20 | 6228768 B2u
B2u's picture

I just threw up all over my laptop....

Wed, 06/24/2015 - 07:27 | 6228883 VinceFostersGhost
VinceFostersGhost's picture

 

 

You'll get use to it newbie.

 

You'll be chugging scotch and downing pickled eggs tomorrow.

 

Welcome to the never ending story.

Wed, 06/24/2015 - 09:42 | 6229276 Shawnee
Shawnee's picture

Caption for the picture of the witch   "I'd be happy with one even if its only THIS big!"

Wed, 06/24/2015 - 06:27 | 6228780 damicol
damicol's picture

That taught me a lesson.

Shouldnt get ahead of myself, Just when i thought Tsipras had lost his balls I find him hiding them somewhere instead.

 

 

Wed, 06/24/2015 - 06:37 | 6228795 NoDebt
NoDebt's picture

The good news is that Dow futures are only off 50 points after rising several hundred the last few days on the rumor that there was a deal.  So our stawks are safe.  Which is, of course, all that matters.

Wed, 06/24/2015 - 06:29 | 6228782 Debugas
Debugas's picture

the deal is very simple - greece declares default and creditors write off its debt

nothing more nothing less

Wed, 06/24/2015 - 06:31 | 6228783 One And Only
One And Only's picture

WW2 ended in 4 years. This Greece shit has been going on for 5. What in the fuck. What in the actual fuck. Is this ever going to fucking end?

Wed, 06/24/2015 - 06:32 | 6228786 Haus-Targaryen
Haus-Targaryen's picture

1939-1945 is more than 4 years.  The USA shooting at people does not a World War make. 

Wed, 06/24/2015 - 06:35 | 6228791 Dindu Nuffins
Dindu Nuffins's picture

Germans shooting at people, on the other hand, usually does.

This could be a long one... the ovens aren't even being heated up yet for the Greeks.

Wed, 06/24/2015 - 06:39 | 6228796 One And Only
One And Only's picture

I was referring to the time the US was involved (3 years 9 months) because it wasn't a "World War" until we were involved. This is beside the point, if you want to count the first bullet shot in Poland to the end then yes 6 years, and we had a world war that was resolved. This Greece thing is ridiculous for going on for 5 years, economically, it's the size of Rhode Island. This is ludicrous.

Wed, 06/24/2015 - 06:40 | 6228802 Haus-Targaryen
Haus-Targaryen's picture

I was counting Russians, Europe, China & Japan which kicked off in 1939.  

Wed, 06/24/2015 - 06:59 | 6228832 Dindu Nuffins
Dindu Nuffins's picture

If you're counting Japan and China, then it's 1937... but again until Germans start krauting and hunning all over the place, it really isn't a proper World War.

Wed, 06/24/2015 - 07:21 | 6228871 Haus-Targaryen
Haus-Targaryen's picture

Japan and China going at it wasn't a world war though, just a regional.  

Once Europe went to hell, Germany and Russia v Poland which prompty turned into Germany v England and France, then all their colonies got involved, etc., etc., at that point it became a WW, just in my opinion.  

Wed, 06/24/2015 - 06:49 | 6228815 overmedicatedun...
overmedicatedundersexed's picture

oh how wrong you are:

"This Greece thing is ridiculous for going on for 5 years, economically, it's the size of Rhode Island. This is ludicrous."

banksters never lose money. the elite noble of todays world, must be obeyed..that is what is important here,

get with the program: jump muther fucker jump.

Wed, 06/24/2015 - 06:38 | 6228798 NoDebt
NoDebt's picture

We don't count the part of the war where Germany was winning, Haus.  ;)

Wed, 06/24/2015 - 06:41 | 6228804 Haus-Targaryen
Haus-Targaryen's picture

haha 

Germany was winning until 41.  That was the end.   

Wed, 06/24/2015 - 06:49 | 6228814 NoVa
NoVa's picture

Yup  -  when the Germans bombed Pearl Harbor.  That's when the WW2 started.

 

NoVa

 

Wed, 06/24/2015 - 06:56 | 6228825 One And Only
One And Only's picture

This guy was 100% positive WW2 ended in 1976.

http://www.bbc.com/news/magazine-16681636

Wed, 06/24/2015 - 07:07 | 6228845 Moe Howard
Moe Howard's picture

Actually, WWII ended when the occupation of Berlin ended.

Wed, 06/24/2015 - 07:22 | 6228876 Haus-Targaryen
Haus-Targaryen's picture

Its still occupied. 

Wed, 06/24/2015 - 08:19 | 6229004 Lostinfortwalton
Lostinfortwalton's picture

The largest office building in Europe, the IG Farben headquarters building in Frankfurt, was untouched by bombing in WW II. You would have to work extremely hard not to hit something this big. it is still in use today after serving as an Allied headquarters after the war.

Wed, 06/24/2015 - 06:55 | 6228828 Haus-Targaryen
Haus-Targaryen's picture

When Hitler split his forces 100 km from Moscow to go after the oil fields in what is today Kazakhstan was the death knell after a few other horrible horrible decisions, e.g., cutting Luftwaffe spending to divert it toward the N. Afrika campaign, which cost the Luftwaffe the Battle of Britian as the RAF was just a better organization, and then going after Paris which was already sacked by those supporting what would become Vichy France instead of going after the 350,000 troops at Dunkirk.  

The interesting thing about this all is that these are decisions that Hitler made against his commander's recommendations.  Had he left the military to the military men and let him to the painting and bullshit he did -- then air traffic controllers all over the world would speak German instead of English.  

I think most people never really apprecaite how close the world was to going a different direction.  

Wed, 06/24/2015 - 07:36 | 6228896 gdogus erectus
gdogus erectus's picture

Exactly. Wars are not meant to be won. They are meant to be balanced and long. This creates more debt and destruction. Hitler (of illegitimate Rothchild lineage) did his part for the globalists and lived out his days in S America.

Wed, 06/24/2015 - 08:17 | 6228999 Farqued Up
Farqued Up's picture

Germans cheated, they had the Aliens' Foo Fighters, plus they were coached in using mercury for anti-gravity. Hitler pissed off the top Alien Tall Grey and he took his shit to Ike. They met again with Ike at Holoman to seal the deal after one of their chariots crashed outside Roswell. 

Adolph fucked it all up by lack of self restraint. The Greys were trying to coach him and the squirt coudn't keep that abbreviated womb broom out of Eva's witch wool long enough to give them the attention they deserved.

Please, everybody, try to keep up.

Wed, 06/24/2015 - 06:36 | 6228792 Megas Napoleon
Megas Napoleon's picture

Not enough blood I guess.

Wed, 06/24/2015 - 07:50 | 6228917 insanelysane
insanelysane's picture

WWI was the perfect example when every world leader had their troops sit in trenches for the entire war.  Not one army thought, let's just go around the enemy trenches, and attack the flank.  It really demonstrated how sheeple the world citizenzry really is.

Wed, 06/24/2015 - 06:31 | 6228784 overmedicatedun...
overmedicatedundersexed's picture

EU, to greece: "we rule you, so jump fucker jump."

Wed, 06/24/2015 - 06:32 | 6228787 NavMan
Wed, 06/24/2015 - 06:32 | 6228788 Dindu Nuffins
Dindu Nuffins's picture

? ??????? ????????????? ?????? ?? ??? ??????????? ????????? ?????, ??? ???? ?????????. ???? ???? ???????? ???? ???? ??????????. 1/2

— a.tsipras (@atsipras) June 24, 2015

 

Finally, we're all on the same page now. Tsipras is starting to say exactly what the rest of us have been saying all along!

Wed, 06/24/2015 - 06:37 | 6228797 Dre4dwolf
Dre4dwolf's picture

So is the IMF and ECB deal linked, Can the ECB accept the deal while the IMF rejects it? and does that let Greece stay in the Euro.

If one organization rejects it, the other will likely reject it also.

Drachma Drama dragos on it seems ^^ . . . 

Wed, 06/24/2015 - 07:15 | 6228805 Anopheles
Anopheles's picture

Like all good socalists, Tsipras is telling the rest of Greece, it's not his fault..... 

It's irrelevant he didn't give them the austerity measures they wanted, instead he gave them tax increases they told him not to use.   It's still not his fault. 

If Tsipras really wanted to see if the Troika were just stalling, he would have given them everything they wanted, but no, he did exactly what they expected. 

Wed, 06/24/2015 - 06:42 | 6228807 CHX
CHX's picture

But, but, things were fixed just the other day, were they not???

/sarc

Wed, 06/24/2015 - 06:43 | 6228809 Irishcyclist
Irishcyclist's picture

Let's hope that Tsipras Twitter account hasn't been hacked.

Wed, 06/24/2015 - 06:48 | 6228811 XuscitizenSweden
XuscitizenSweden's picture

....Greece's Default to the Zio-NewYork Gangster-Banksters/Fed of NYC- Draghi's goldmans sachs bj freunds, can go and ..... Fuck'em Selves....

 

This is Great....Fuck the EU, Zio-Banksters around the World.

 

Absolutely best is a Default, Grexit & Independence; a Soveriegn Greece Wins in the ABXY  Game in Game Theory 101: Win-Win with a 'normal default' ALWAYS.

That's my 2 cents, öre, pennies, haha-hallaalaas on the situation.

Laissez-faire, Market Capitalism, Real Price Discovery will only come with a default.....everything else is BS-FED Intervention.

:)  ;) 

If You Guys Don't Like It- Lump It....and/or " Fuck the EU " as zio-neo-bitch 'Dickhoria Noodlemens' says it.

Wed, 06/24/2015 - 06:51 | 6228818 katagorikal
katagorikal's picture

Lagarde is like a well-tanned buzzard circling over a wounded antelope, occasionally soaring higher on a warm thermal of rising expenses, but never losing sight of her emaciated euro-starved prey, struggling to escape the muddy dried-up funding hole far below.

Wed, 06/24/2015 - 07:16 | 6228861 buzzsaw99
buzzsaw99's picture

+1 for "well-tanned buzzard"

Thu, 06/25/2015 - 08:58 | 6232946 Goldy Locks
Goldy Locks's picture

And she's not comfy flying only - she's also loves swimming : don't forget she was part of the French national synchronized swimming team.

What's the equivalent of a circling buzzard in water ? Hmmm...


Wed, 06/24/2015 - 06:51 | 6228819 i_call_you_my_base
i_call_you_my_base's picture

Correct me if I'm wrong, but the IMF is the US? If so, what's the US doing? Or it's just playing the heavy for Europe?

Wed, 06/24/2015 - 07:07 | 6228846 RaceToTheBottom
RaceToTheBottom's picture

Belgium is slated for the rescue....

Wed, 06/24/2015 - 07:18 | 6228864 buzzsaw99
buzzsaw99's picture

the imf is doing what they do. getting blood from a stone. they are the goon squad.

Wed, 06/24/2015 - 07:28 | 6228878 Bopper09
Bopper09's picture

My understanding is that U.S. funds used to be the majority portion of the IMF.  But they haven't exactly been paying into it for the last couple years.  I forget where I seen that.  Maybe someone else can confirm or enlighten us.  I'll also just guess this is why the IMF is about to let China into it's doors, because of how irrelevant they may be becoming, and they'll need a new source of money when Ukraine and Greece won't pay them back.  But then again, it's all just a big fucking game of numbers typed onto a computer created out of thin air in the first place, and the stupidity of people that are playing the game.

Wed, 06/24/2015 - 07:26 | 6228881 Farqued Up
Farqued Up's picture

Numb Nuts is looking for the last 7 of the 57 states.

Wed, 06/24/2015 - 06:52 | 6228821 DeliciousSteak
DeliciousSteak's picture

Funny guy, this Tsipras. Propose to raise taxes when no one in Greece pays taxes, and even if they did, it would just harm competitiveness. "But the troika rejected my proposal, it's not my fault! Clearly Germany is to blame!"

Wed, 06/24/2015 - 07:12 | 6228852 Megas Napoleon
Megas Napoleon's picture

Well I guess if you read buid's propaganda then it's normal to believe these stupid things.

In the real world now, when you go to a greek supermarket and buy a pack of flour you can't avoid to pay the risen vat.

But I know the Greeks are lazy thieves.

Wed, 06/24/2015 - 06:57 | 6228831 BurningBetty
BurningBetty's picture

Or in other words, they really don't give a s*** about Greece and couldn't care less what happens over there. If Greece can't pay up the creditors will take possession of real assets which actually have value. Like gold and land.

Wed, 06/24/2015 - 07:30 | 6228892 Farqued Up
Farqued Up's picture

I think the Greeks vetoed asset seizures early on. They have fallen for Pay and Play, they play.

Wed, 06/24/2015 - 09:21 | 6229185 Bemused Observer
Bemused Observer's picture

Really? Well, molon labe then...

Going into other countries to take their stuff is called an act of war. How far do they want to take this debt-collection crap?

If I'm Greece, the day THAT happens, I'm out of NATO, and seeking a defense agreement with Russia. In exchange for whatever it is they were trying to take, because at this point I'd rather give it to Putin then let that bunch of sociopathic twats take it.

Wed, 06/24/2015 - 07:01 | 6228834 pob
pob's picture

Just when madame lagarde thought that she could lead Tsipras to her dungeon, he gets his shorts on and go's on holiday.

Wed, 06/24/2015 - 07:02 | 6228836 SpanishGoop
SpanishGoop's picture

Just to break up the EU/EMU i would almost start a crowdfunding page to help the Greeks leave.

 

Wed, 06/24/2015 - 07:14 | 6228857 Bill of Rights
Bill of Rights's picture

What a fuck'en scam these cunts are playing anything to goose the market so it says up...who is policing these fuck'en idiots?

Wed, 06/24/2015 - 07:26 | 6228872 buzzsaw99
buzzsaw99's picture

there is no market. if it wasn't greece any old excuse would do to jam it higher. there is no spoon.

in other news the nonfarm jobs gdp cpi was higher/lower hotter/colder blah blah blah :buy algo a bids to sell algo b a tenth of a penny above the offer:

Wed, 06/24/2015 - 07:15 | 6228859 Goldy Locks
Goldy Locks's picture

What would happen if China e.g. were to grant Greece the money usually loaned to the USA, even for a period of, let's say, 2 weeks ? Quite a few birds would be killed with one stone.

Wed, 06/24/2015 - 07:16 | 6228860 polo007
polo007's picture

According to Natixis:

http://cib.natixis.com/flushdoc.aspx?id=85583

Public debt ratios must be reduced, but how?

The high level of public debt is a permanent threat to growth: if interest rates rise, rapid tax increases or government spending cuts would be needed, with the risk of creating tax distortions and reducing potential growth. This threat may also drive private economic agents to build up precautionary savings.

It would therefore be very positive to reduce public debt ratios, but how?

- By keeping long-term interest rates lower than nominal growth, although this reduces the public debt ratio extremely slowly. In addition, it is dangerous from a financial stability point of view and may generate negative incentive effects;

- By monetising the public debt, i.e. by transferring it to the central bank’s balance sheet, and by cancelling it (actually or de facto); but one must then accept the risks linked to chronic excess monetary creation;

- By considerably extending the maturity of the public debt, by replacing it with bonds with a very long maturity (50 years, 100 years, perpetuity), by taking advantage of the very low level of long-term interest rates. This would considerably reduce the interest rate risk weighing on the public debt. The criticism often levelled against this method is that it shifts the burden of repayment to future generations;

- A more original approach: by cancelling the part of the public debt held by residents; there is then de facto neutrality: on the one hand, the residents receive interest on the government bonds they hold and, on the other hand, they pay taxes that finance the interest on these bonds. The cancellation of the debt eliminates both the interest on the debt held domestically and the taxes that finance it, resulting in macroeconomic profitability. The redistributive effects of this debt cancellation will still have to be corrected, which is possible. We obviously know that this possibility will never be used.

Wed, 06/24/2015 - 07:23 | 6228879 Farqued Up
Farqued Up's picture

The significant part of the thread isn't can kicking, it's the IMF Bitch of Buchenwald demonstrating the length of Dragi's dick and brain combined in the picture.

Wed, 06/24/2015 - 07:30 | 6228890 Bill of Rights
Bill of Rights's picture

So wheres the money Greece? in the mattress...

http://1.bp.blogspot.com/-mi9DqDo68j4/VYmpiSkwbAI/AAAAAAAAZ9M/TsIkbUlbGK...

 

Wed, 06/24/2015 - 07:30 | 6228891 buzzsaw99
buzzsaw99's picture

what the hell is with that secret hand signal they all use lately? it's like they are saying "my cock is three inches long!" they all do it. freaking maggots.

Wed, 06/24/2015 - 07:32 | 6228893 desirdavenir
desirdavenir's picture

another theory would be that the IMF, not the ECB, wants no deal.

As the finance arm of the US government, and against a background of EU (at least France and Germany) trying to have better relations with Russia. This would be less about punishing Greece than about punishing the EU to keep it in vassality. At least this effort to break the EU would fit with a) the organization of a scottish referendum to foster independance of regions in Europe (think catalunya) and Brexit referendum whose goal would be to make the whole construction more fragile, and possibly initiate its break-up...

Wed, 06/24/2015 - 07:49 | 6228914 p00k1e
p00k1e's picture

We need to revive dueling.   

IKEA is bumping everyone to $11.87 an hour.  

Wed, 06/24/2015 - 07:54 | 6228924 luckylongshot
luckylongshot's picture

This is looking more like a black comedy than reality.  In response to the problem of too much debt Greece asks for debt reduction, something that historically has solved the problem 775 times in a row. The Troika choose to ignore the consistent lesson from all of history and try to force the Greeks to accept austerity, something that has never worked and the last time it was tried actually made the 1930s depression worse.  The Troika not only has ignored a lesson taught 775 times by history but also appears to have become dehumanised, preferring helplesss people suffer to cancelling debt. If there is an anti-Christ in the world it is this group of deranged banksters.

Wed, 06/24/2015 - 09:12 | 6229152 Bemused Observer
Bemused Observer's picture

They are, they are psychopaths. They should all be taken out, hunted till they drop from exhaustion.
They are sub-human, diseased in the mind. They need to be excised, like a cancerous growth.

Wed, 06/24/2015 - 07:56 | 6228941 pokerbloker
pokerbloker's picture

If you're gonna plant some sh1t seeds in Europe then you're gonna get some sh1t Greek flowers.

Wed, 06/24/2015 - 08:00 | 6228953 Last of the Mid...
Last of the Middle Class's picture

They are not capable of paying and the EU is still squeezing the turnip for blood. How long can this deal, no deal shit go on for christ's sake. And honestly who gives a shit other than the EU bankers who know full well a precedent is about to be set fucking them royally in the arse.

Wed, 06/24/2015 - 08:03 | 6228962 p00k1e
p00k1e's picture

Perhaps Greece left the EU long ago, but just didn’t tell anyone?   

Wed, 06/24/2015 - 08:06 | 6228971 ghostzapper
ghostzapper's picture

Cabal desperately trying to pass the QE baton to Super Scumbag Mario.

Wed, 06/24/2015 - 08:17 | 6228997 Herdee
Herdee's picture

Bye,Bye NATO,IMF and ECB.Warmongers get screwed.They laugh at BRICS Bank proposal.It's extend and pretend but the corruption of endless money printing along with the theory that you can throw as much as you want at something has hit a brick wall.Former Greek Governments used the greedy basturds and it shows the helpless greed from Germany and others to enslave whole nations by debt.A stupid plan gone very bad.You only have to look at these bums who are going to try to finance Ukraine.Russia is laughing at bankrupt America and Europe.Let them spend.

Wed, 06/24/2015 - 08:19 | 6229008 polo007
polo007's picture

According to RBC Capital Markets:

http://is.gd/ATYEGt

Greece - "timeo Danaos, et dona ferentes'*

In this edition of Generally Speaking, our geo-political and defense adviser, General Charles Vyvyan, provides commentary on the political dimension of the Eurozone crisis.

"You will all have read and heard masses of comment about the Greek euro crisis – and I have no wish to add to the avalanche of information available; but I do want to emphasize one aspect of the situation - the unusual political dimension which will determine its outcome. The strength of a currency is, of course, decided by the markets; but they are, equally obviously, operating within an environment determined by the politicians – so ultimately the fate of a currency is a political issue. This is nowhere more apparent than in the case of the euro today – and, most particularly, in the case of the ‘Greek euro’, if such a currency can be said to exist. Yesterday, as a resolution to the ‘bail-out’ impasse with Greece appeared increasingly distant, the future of the Greek economy and of the currency seemed in doubt; today, after the outlines of a deal seem possible, the markets have reacted with confidence and enthusiasm. However it would be wise not to react too precipitously, and to consider carefully how and why this situation has arisen, and how secure it is as a basis for longer term planning.

The euro is an unusual currency in many ways. Historically currencies are created by a nation state and ultimately backed by it; the euro, on the other hand, was introduced in advance of the intended creation of the ‘European state’; indeed it could be, and has been argued that it was introduced to hasten its creation, to provide the catalyst and the glue for its development, and that – crucially – it lacks the coherent, unified political direction which other currencies enjoy. Of the 28 members of the European Union, all – with the exception of Denmark and the UK, both of whom have negotiated opt-outs – have adopted the euro, or are required to adopt it when their economies meet the criteria for doing so; so the currency is very much the unifying symbol of the Union - and it therefore follows that if its integrity is endangered, so must be the integrity of the Union. (It is worth noting that while there are provisions in the Treaty of Rome, which effectively established the EU, for a member state to leave, there are no such provisions in the eurozone Agreement.)

Thus it may be argued that the creation of the euro was a political initiative to achieve a political end; obviously it would enhance the effectiveness of the ‘single market’, but its overall aim was to further the internal cohesion of the Union. Thus the ‘bail-out’ negotiations which the Syriza Government in Greece demanded after their election earlier this year, were on one level about fiscal, monetary, and financial/economic issues; but yesterday, when a resolution appeared increasingly unlikely, when the danger of Greece’s continued use of the euro, even her continued membership of the EU became all too real, the negotiations became all too political.

And all too political they will remain for the foreseeable future. Whatever the outcome of the current negotiations – which are likely to produce a short-term Agreement of some sort – the underlying bankruptcy of the Greek economy will remain until such time as the creditors – principally other EU governments and banks – agree on some form of debt relief; political and economic reforms can only achieve so much – debt relief is the only measure which will ultimately transform the economy and allow it to develop. So the issue is: at what stage, if ever, will the creditor nations, principally Germany, decide that they can no longer continue to fund the debtor nations in the eurozone, that the cohesion of the eurozone and of the EU are no longer a higher priority than their own economies – and accept the political consequences? It is likely that their electorates will give them the good news - and it may be sooner than many think. For a variety of reasons, some good, some bad, there is an unusual degree of concern among the populations in many of the ‘older’ members about the direction which the EU is taking; and it may well be that these concerns will be reflected in their Governments’ responses to the measures needed to put the euro on a firmer footing.

Conclusion

The eurozone is in trouble because it is having to reconcile a too diverse range of economies; the current Greek crisis represents merely the most recent of many other such debacles, such as those in Ireland, Spain, and Portugal during the last five years. They were resolved, as will be the current Greek one; but in this latter case it will be a matter of papering over the cracks – the underlying problems will remain. Certain distinguished commentators believe that the eurozone is inherently unstable and will, at some stage, implode. That may be so; but we may be sure that if, and when it does, its collapse will come as part of a much greater upheaval in the EU itself. Until such time as EU Governments are prepared to countenance such a scenario, the euro is likely to remain a protected, if endangered species."

*‘Beware Greeks bearing gifts’ – Aeneid, Book 2 referring to the introduction of the ‘wooden horse’, containing Greek soldiers, which precipitated the defeat of the Trojans.

Wed, 06/24/2015 - 08:26 | 6229009 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Follow the money.

Who is profiting on all these optimism rumors then subsequent drops when the deals are nixed that keep swinging markets in Syriza, IMF, ECB etc. The mark in this con game is the algos, the least intelligent players. This is what we are reduced to running con jobs on computers by computers since they most certainly are using Ai's who use are programmed to use game theory to make these decisions. It is programmed to be a repetitive circle jerk. They ain't buying the dip, they are buying the spin knowing the rotation....

They are all playing for only one thing equilibrium (Nash or otherwise). That is what circle jerks are. It works until the machines break or the systems run out of energy to maintain the circle jerk.

Wed, 06/24/2015 - 09:08 | 6229139 Bemused Observer
Bemused Observer's picture

"This strange stance can hide two scenarios; they either don’t want an agreement or serve specific interests in Greece,” the official cited Tsipras as saying."

Yes. So now Tsipris knows exactly what he has to do. The only question is, does he do it, or not?

Hint: They are telling you that no matter WHAT you do, you lose. Therefore, you need to STOP playing the game.

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