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Merkel "Won't Be Blackmailed By Greece", Demands Deal Before Market Open On Monday

Tyler Durden's picture




 

The Eurogroup meeting between EU finance ministers has broken up for the day and will reconvene on Saturday according to reports.

As noted earlier, Greece is now refusing to agree to the IMF's hardline stance on pension cuts and the VAT, while the IMF isn't interested in a deal that sees Athens escaping long-term fiscal reform by resorting to short-term, unenforceable solutions such as tax hikes. 

As EU leaders convene for a two-day summit in Brussels (where it will be all Greece, all day, despite what anyone says), German Chancellor Angela Merkel now looks to be leaning towards drawing a line in the sand consistent with her finance minister, her lawmakers, and her central bank chief. 

  • GERMANY'S MERKEL TOLD EU PARTY LEADERS THERE MUST BE DEAL ON GREECE BEFORE MARKETS OPEN ON MONDAY -PARTICIPANTS   
  • MERKEL ALSO TOLD CONSERVATIVE EPP LEADERS "WE WON'T BE BLACKMAILED" BY GREECE -PARTICIPANTS   

This marks a critical turn of events. Until now, Merkel had been relucant to fold under pressure from Wolfgang Schaeuble as the Chancellor viewed the geopolitical risks of Grexit as too great given the situation in Ukraine and recent friction between Europe and Russia including the extension of economic sanctions, an anti-trust suit against Gazprom, and the seizure of Russian state assets in France, Belgium, and Austria. 

Now, it appears Merkel's patience has run out, and understandably so given not only the fact that sending a strong message to Greece is critical if Berlin hopes to avoid being drug into similar negotiations with Spain, Portugal, and/or Italy in the future, but also because, as we've explained at length, each ELA cap hike from the ECB effectively adds another billion euros or more to Germany's TARGET2 credit. 

As a reminder, here's more on the battle Merkel faces at home (via Speigel):

Schäuble is extremely good at shrugging off conflict with gallows humor -- a gift that has served him well throughout his lengthy career. He is well aware that a handful of Social Democrats aren't the only ones talking about the widening rift in the government. Insiders who know Merkel well are saying the same. The chancellor has to answer one of the hardest questions she's had to face since assuming office, namely, should Greece be allowed to remain in the euro, or should the whole drama be brought to a spectacular close with a Grexit.

 

Merkel would like Greece to remain in the euro. Not necessarily at any cost, but she's prepared to pay a high price. Schäuble is not. He is of the opinion that a Greek withdrawal from the euro zone is in Europe's best interests..

 

Schäuble is something of an éminence grise in the German government: He became a member of parliament in 1972, when Merkel was preparing to graduate from high school in Templin. In 1998, as head of the CDU/CSU parliamentary group in the Bundestag, he made Merkel his secretary general, but then became enmeshed in the CDU donations scandal. Merkel succeeded him in 2000.

 

Although she's the one in charge, he intermittently makes it clear that he remains his own man; that he doesn't kowtow to anyone. Appointed finance minister in 2009, Schäuble remarked that Merkel likes to surround herself with people who were uncomplicated, but that he himself was not uncomplicated. He tends to be a little derisory about Merkel, admiring her hunger for power but deeming her too hesitant when the chips are down.

 


 

The euro crisis first drove a wedge between them in 2010, when they disagreed on the International Monetary Fund's contribution to the Greek rescue fund. Schäuble was against it, on the grounds that Europe should sort out its problems by itself. Merkel, however, was keen to enlist the help of a body that has clear criteria when it comes to offering aid, and which would therefore prevent the Europeans from making one concession after another. Merkel prevailed.

 

But they've now traded positions. Schäuble believes that enough concessions have been made to Greece and he's bolstered by the frustration currently rife in his parliamentary group over Merkel's strategy. It will be hard for Merkel to secure majority support if he opposes her, so her fate is effectively in his hands..

 


 

The conflict is not about differences in their respective assessments of the situation.. Where they differ is when it comes to the consequences..

 

Officially, the differences between Schäuble and Merkel are explained away as a reflection of their respective tasks. It's Schäuble's job to hold the purse strings and Merkel's to keep an eye on what's happening on the international stage. Will Putin be getting a foot in the door if the euro zone cuts the rope on Greece? Will the country turn into a failed state in the middle of Europe if it no longer has the euro?

 

This isn't just a matter of good cop, bad cop. Unlike Merkel, Schäuble doesn't need to worry about looking as though he doesn't care enough about Europe. He wrote the book on the EU, penning papers on how to intensify the union when Merkel was still only a freshly-minted member of the cabinet. She, by contrast, has often been confronted by accusations that her EU policy is austerity-driven and nothing else. In terms of Europe, she lacks Schäuble's street cred..

 

Merkel has never been overly bothered about going down in the history books. But if she does end up hounding Greece out of the euro, the development will certainly be more than a footnote. Which is one possible reason for her hesitancy. She, not Schäuble, will be the one who has to deal with the inevitable criticism and attacks.

 

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Thu, 06/25/2015 - 11:23 | 6233591 semperfi
semperfi's picture

STFU Merkel

Thu, 06/25/2015 - 11:23 | 6233594 BurningBetty
BurningBetty's picture

Looks like this whole thing is about to blow in bankers faces...it's "passing the grenade" time. Who will end up holding it when it blows!

Thu, 06/25/2015 - 11:24 | 6233599 agstacks
agstacks's picture

This time I am super cereal! 

Thu, 06/25/2015 - 11:25 | 6233608 WTFUD
WTFUD's picture

Merkel is a Geezer in Drag, look closely.

Thu, 06/25/2015 - 11:30 | 6233644 silverer
silverer's picture

You mean look, like Alex had to look, in the movie Clockwork Orange?

Thu, 06/25/2015 - 11:25 | 6233611 john_connor
john_connor's picture

There will be some kind of loose, kick the cannish agreement right before futures sopen Sunday night, and the "market" will rally.  Rinse, repeat.

Thu, 06/25/2015 - 11:53 | 6233776 J Jason Djfmam
J Jason Djfmam's picture

Wake Up! It's Groundhog's Day!

Thu, 06/25/2015 - 11:29 | 6233639 DeliciousSteak
DeliciousSteak's picture

Cheap, even by Greek standards.

Fri, 06/26/2015 - 04:32 | 6236479 Megas Napoleon
Megas Napoleon's picture

Well they couldn't match to German standards such this one

http://www.spiegel.de/kultur/gesellschaft/focus-journalisten-wegen-stink...

but it was a nice try.

Thu, 06/25/2015 - 11:28 | 6233627 jmc8888
jmc8888's picture

Did she get her marching orders from the Queen of England on the boat trip with her?

Thu, 06/25/2015 - 11:28 | 6233629 CHC
CHC's picture

"BEFORE Monday I say" "Or I'll huff and I'll puff..."

Thu, 06/25/2015 - 11:28 | 6233634 silverer
silverer's picture

Uh oh.  Ms. Bumblebee is pissed...

Thu, 06/25/2015 - 11:40 | 6233708 X_Weatherman
X_Weatherman's picture

The pussied Hitler has spoken.

 

I'm so dilusional---I am hoping Greece will abandon Europe to side with the Russians and that the Extra-Terrestrials will assist Russia in its war against the fascist U.S.

Thu, 06/25/2015 - 11:30 | 6233642 Joebloinvestor
Joebloinvestor's picture

Germany is getting the blame anyway.

Greece will NEVER ADMIT culpability.

Thu, 06/25/2015 - 11:48 | 6233754 walküre
walküre's picture

Spiegel says that Greeks are praying to Merkel for help !

Thu, 06/25/2015 - 11:31 | 6233647 Dodgy Geezer
Dodgy Geezer's picture
Merkel "Won't Be Blackmailed By Greece"

 

Merkel isn't being blackmailed. The whole EU is...

Thu, 06/25/2015 - 11:37 | 6233690 X_Weatherman
X_Weatherman's picture

The U.S. is doing the "blackmailing"...err, buying.

Thu, 06/25/2015 - 11:32 | 6233654 WTFUD
WTFUD's picture

Will Merkel be able to pull the NSA Bug out of her Bunghole before Greece is shown the door?

Thu, 06/25/2015 - 11:34 | 6233671 Toolshed
Toolshed's picture

When was that sow elected Chancellor of Europe?

Thu, 06/25/2015 - 11:36 | 6233678 aljawn
aljawn's picture

Actually, Faymann (the austrian guy) said that a solution could be reached by Monday or even Tuesday.

This should be an interesting weekend. With 45 billion euros in our hands, thanks to the ECB, we have already fastened our seatbelts.

Thu, 06/25/2015 - 11:42 | 6233698 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Or else what Frau frumpy face?

Are you afraid of what is going to get posted on twitter handle.

@ AT SIP RAS

Funny how his name breaks down into @ (pronounced at) AT (Hayes modem commands) then SIP and RAS.

What are the odds of that combination occurring naturally then by shear chance through purely democratic means winds up being a name used in the propaganda matrix on almost a daily basis? It fits together a bit too perfectly to be coincidental.

Thu, 06/25/2015 - 11:39 | 6233702 SmittyinLA
SmittyinLA's picture

why Monday deadline? 

Some sort of securities position expire? 

Thu, 06/25/2015 - 11:42 | 6233718 geno-econ
geno-econ's picture

EU Troika---Check is in the mail if you agree to my conditions.  Greece---  No, no, my check is in the mail if you agree to my provisions and  it better arrive on Monday or my check will bounce and all Hell breaks loose.

Thu, 06/25/2015 - 11:42 | 6233719 SmittyinLA
SmittyinLA's picture

"Merkel wont be blackmailed" is actually a funny statement, from an East German politician "Vee do da blackmailing not you people

 

Oh yes she did!

Thu, 06/25/2015 - 12:09 | 6233860 SpanishGoop
SpanishGoop's picture

She is already blackmailed by the US so she doesn';t need another blackmailer.

 

Thu, 06/25/2015 - 11:42 | 6233721 Dominus Ludificatio
Dominus Ludificatio's picture

Merkel and company believe time is on their side and will keep this charade going until Tsipras disappears from their face. Waiting for more funds is not a good strategy for Greece.A more drastic solution is required now rather than later.

Thu, 06/25/2015 - 11:56 | 6233794 samjam7
samjam7's picture

Why? As ELA funds increase so does Greek leverage over the ECB. What do you think will happen if all those banks die? It will basically be on the other European nations to explain that loss. I'm not quite sure if time is on Merkel's side.

Thu, 06/25/2015 - 11:43 | 6233730 truth serum
truth serum's picture

Keep playing the banksters to the last euro, then go have a China-russia-India summit!

Thu, 06/25/2015 - 11:46 | 6233739 me or you
me or you's picture

Greek need to grow some balls time to choose between slavery or freedom.

Thu, 06/25/2015 - 11:54 | 6233783 Bemused Observer
Bemused Observer's picture

Don't these people realize that making hard-line statements just paints you into a corner? At some point, you have to back up your words.
So, what will Frau Merkel DO if Monday comes and goes with no deal?

It's like driving in the freeway with kids...they cut up in the backseat, and Momma eyes them in the rear-view mirror and yells, "Don't make me come back there!"

The kids just laugh and keep going, because Momma is doing 65, and they know she isn't going anywhere right now.

Thu, 06/25/2015 - 11:57 | 6233797 J Jason Djfmam
J Jason Djfmam's picture

You must remember. When things get really bad, You Have to Lie.

Thu, 06/25/2015 - 11:55 | 6233789 Irishcyclist
Irishcyclist's picture

I think Germany leaving the € remains a distinct possibility.

Thu, 06/25/2015 - 11:55 | 6233790 NoWayJose
NoWayJose's picture

Merkel must have a 'Plan B' in case of Greek default -- like the ECB seizure of Cyprus -- or else she is on board with the EU/IMF plan to topple Tsipras and force new elections. The one thing she does NOT want is a deal by Monday that gives Greece any concessions or debt relief.

Thu, 06/25/2015 - 11:58 | 6233801 Falconsixone
Falconsixone's picture

  I suggest you put on a tie!  ... Frau Blucher

Thu, 06/25/2015 - 12:00 | 6233808 samjam7
samjam7's picture

Does Merkel not know the derivatives of Deutsche Bank? Or why is she now also in the fun group of making bold claims she has to retract a few days later? Every single damn politician in this mess is loosing credibility at a super fast rate and I'm not referring towards us guys in here but to the mainstream bunch. Amateurs really. Her comment just shows that she is desperate too because she has no clue how she would explain all the losses to the German taxpayer if Greece left...

Thu, 06/25/2015 - 12:00 | 6233809 Pliskin
Pliskin's picture

This fat fuckin  ugly bitch won't be blackmailed by anyone, except the U.S.S.A, what have they got on her?

 

Thu, 06/25/2015 - 12:00 | 6233810 lasvegaspersona
lasvegaspersona's picture

Apocalypse delayed....

that was easy, whenever things are really falling apart we just holler 'time out.' 

Kinds like circuit breakers on the stock market. 'If we don't look, it is not happening'.

Thu, 06/25/2015 - 12:00 | 6233812 thetruthhurts
thetruthhurts's picture

GERMANY'S MERKEL TOLD EU PARTY LEADERS THERE MUST BE DEAL ON GREECE BEFORE MARKETS OPEN ON MONDAY -PARTICIPANTS 

 

Yea...if you wear a mini skirt  and put a banana in you snatch where we can see it on camera  and stand on one foot while we shake hands on the deal, keeping the banana from falling out.....oh and wear those glasses with the funny nose on it!  Oh Oh and a see through top would be good and show us your nipple rings....then we got ourselves a deal Hoe!

Thu, 06/25/2015 - 12:09 | 6233856 X_Weatherman
X_Weatherman's picture

I bought it on the last word. Perfect descripiton of Merkel.

Thu, 06/25/2015 - 12:01 | 6233816 coast
coast's picture

I thought merkel was that skinny black kid with the glasses in a comedy series awhile back?  

Thu, 06/25/2015 - 12:11 | 6233870 J Jason Djfmam
J Jason Djfmam's picture

Steve Urkel "did I do that?"

Thu, 06/25/2015 - 12:05 | 6233820 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

Time to start calling out all the wanna be naked emperors for what they really are....

Ridicule is a good start.

Talk is cheap or else the matrix wouldn't run on lies and bullshit therefore so is ridicule as a countermeasure against lies and bullshit.

Passive resistance through active ridicule proportional the bullshit and lies spewed on a daily basis.

Thu, 06/25/2015 - 12:02 | 6233821 geotrader
geotrader's picture

What's the hurry?

Thu, 06/25/2015 - 12:04 | 6233835 WTFUD
WTFUD's picture

If she'd said by friday i'd have taken her seriously! s/c

Thu, 06/25/2015 - 12:05 | 6233838 matinee55
matinee55's picture

goodness, this must be the 98th "red line" date - does obunggler have a seat on the EU?

Thu, 06/25/2015 - 12:07 | 6233846 Paracelsus
Paracelsus's picture

Years ago the US banks were passing the hat for a bunch of crappy Latin American debt

(Sovereign Bonds) and this tiny New Hampshire bank says,"No thanks".

You would have thought someone farted loudly in the Popes' prescence.

This was in another era before derivatives,and they attempted to spread the risk.

Now they have concentrated the risk in the CB's,with the hedge fund parasites betting 

against the CB's using CDS,expecting to get paid when everything has melted down.

Again,in another era there might have been some patriotism involved,but when I saw

the players shorting the WS banks in 2008,it was a real eye-opener.

Time is critical for this carry-trade thing to operate,and short term liquidity.

When Long Term Capital Management went insolvent the big guys had to find a way to

give them time to unwind their positions,which they were able to do over several years.

One bank that refused was Bear Stearns.When they got in trouble later there were no 

kind offers of assistance,sortof a form of bankers payback.

Those Deutsche Bank guys have to have balls the size of watermelons sitting on top of a derivative

position against a Grexit happening.Merkel has bet the farm on this one turn of the cards....

Better hope that China doesn't start dumping Treasuries quietly or the Guano really will start hitting the

old electric fan.

 

Thu, 06/25/2015 - 12:16 | 6233892 mendigo
mendigo's picture

Words....words....words....

...DB is betting against Grexit....

Done. Bank on it.

 

Thu, 06/25/2015 - 12:07 | 6233847 matinee55
matinee55's picture

monday, monday, So good to me -----

Thu, 06/25/2015 - 12:10 | 6233863 MEFOBILLS
MEFOBILLS's picture

Usually Creditor is over Debtor.  Sometimes the roles are reversed, and debtor is over creditor.

Since 1971, the U.S. has been using Debtor power.  The U.S. would deficit spend money, usually on the military industrial complex.  MIC bases are overseas from U.S., and those dollars would then enter overseas economies, demanding resources from those economies.  Dollars would find their way to a central bank (say France during Vietnam war), and then the French would be holding dollars. 

French authorities had four choices:  Buy gold, Buy Main-street American Goods, Buy T-Bills, Do Nothing

They bought Gold, and American Gold started leaving the Country in direct relation to deficit/MIC spending.  Going off of gold standard in 1971 was a dare to European countries – you have dollars, so buy American Goods.

But, no sane country is going to buy goods if they can produce them efficiently at home, otherwise their citizens will lose their lively hood. 

The TBill standard was born after the Gold was no longer allowed to drain away.  Those excess dollars collected overseas were spent on TBills, not on american main-street.  Buying TBill debt instruments instead of main-street goods, then subverts labor in favor of finance.

England had debtor power after WW2, only they didn’t know it.  This former imperial power was now in debt to its former colonies, and said former colonies wanted to spend Sterling.  England could have made exportable goods to sell to its colonies to then discharge debts.  Instead, England made Vulcan bombers and pretended it was a Creditor nation.

Greece now has debtor power.  They could re-negotiate former debt instruments, particularly those debts that were born with fraud (Goldman Sachs).  Creditors in Germany and elsewhere should not expect any Greek Euro’s to settle debts - extra Euro’s are not available in Greek money supply. Greece will have to use goods or services to settle debts.  Greece cannot stimulate their economy to produce with their labor, to then settle, as they have no exogenous money.  All of Greece’s money is debt sourced Euros.  Debt sourced Euros additionally add future debt to pay today’s debt in a no win situation.

Banks swap unlike items all the time in order to discharge/morph; so can any country. 

Hitler inherited a debtor country, so Germany has experience with being in debt, yet Germany conveniently seems to have amnesia.   Nazi’s told their creditors, we aren’t paying any more Versailles debts, especially since you creditors are not living up to your agreements.  Plus, Versailles debts are fraudulent and usurious.

Nazi’s then spent exogenous money (non debt money originating from government treasury) into goods/services/labor, thus ramping up production and eliminating depression.

Germany should be reminded of their history and how using “credit money” means to harvest others is a built-in feature of the Jewish designed and now international “credit” money system.  How far is Germany to fall?

Germany used exogenous money starting in 33, breaking free from International Credit.  And yet, Germany and Brussels want to forbid Greece from this mechanism?

Quote from Schacht:

Adolf Weber said of them 'all in all the economic policy of this period was thoroughly

Constructive. Nay, as an economist who has made a thorough study of the world's economic problems I find it incumbent upon me to state: in all the long years between the two world wars no one in any other part of the world carried out so constructive an economic policy as we did between 1933 and 1935'. Weber made this observation not in the Hitler era, but in 1948.

 

 

http://www.autentopia.se/blogg/wp-content/uploads/2013/09/schacht_the_magic_of_money.pdf

Thu, 06/25/2015 - 12:13 | 6233879 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

It was in their interests to do so then, it isn't now. Simple as that.

Besides hypocrisy goes together with bullshit and lies like peanut butter and chocolate.

Thu, 06/25/2015 - 12:12 | 6233871 CosmicDebris
CosmicDebris's picture

"Looks like somebody has a case of the Mondays."

Thu, 06/25/2015 - 12:13 | 6233878 pndr4495
pndr4495's picture

GRaccidents happen and some of them are GRagedies - head for the GRexit.

Thu, 06/25/2015 - 12:15 | 6233887 foytik
foytik's picture

Merkel demands ? Says there "must be" a deal before Monday ? Or what? No mention in the article of what Merkel is planning if what must happen does not. I wonder what she intends to do if (as is almost certain) what she demands does not happen?

I think the Greeks will rightly decide that whatever the consequences of not meeting Merkel's demands will be, they will not be as bad as how things will go if they submit.

 

Thu, 06/25/2015 - 12:17 | 6233897 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

She is going to yap some more, that is what naked emperors do.

It is all bullshit and no action, she is just following orders of NATO.

No

Action

Talk

Only

Thu, 06/25/2015 - 12:40 | 6233985 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

bullshit/lie - lie (not tell the truth)/bullshit - bullshit/lye - lie (horizontal position)/bullshit - ...

And the wheel keeps spinning on and on and on but doesn't move forward or backwards.

Thu, 06/25/2015 - 12:19 | 6233907 fromthinair
Thu, 06/25/2015 - 12:21 | 6233913 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

The only must going on here is this whole global system has become MUSTy and stale.

Thu, 06/25/2015 - 12:24 | 6233925 Kavklov
Kavklov's picture

LET THEM BURNNNN!!!!!

Thu, 06/25/2015 - 12:26 | 6233930 Rockatanski
Rockatanski's picture

you're all right, nothing will happen..... until it happens but when it happens you'll know because there'll be tanks in the street. or something like that.

Thu, 06/25/2015 - 12:27 | 6233933 Sandmann
Sandmann's picture

Schauble sits in a wheelchair because as Interior Minister he failed to ensure his own bodyguards were up to the job much as you pack your own parachute. Merkel is a nonentity but Kohl made her just as he cheated Schauble.

Schauble directed the votes for the move from Bonn to Berlin and was compared to Dr Goebbels directing MPs voting for the Enabling Act.

Schauble was the point man for Schreiber and the bribes to get tanks to Saudi Arabia. He knows about Swiss tax havens.

Merkle gets the calls from Obama, Schauble gets them from Lew

Thu, 06/25/2015 - 12:28 | 6233936 HEY YOU
HEY YOU's picture

Global debt can't be paid back. We may have a few losers. Where's you fiat currency held?

Thu, 06/25/2015 - 12:30 | 6233945 wildbad
wildbad's picture

right Angie..whatever you say.  thanks for bailing out the TBTF Banks with my stolen tax €uros.  Thanks for supporting the USA in their one-sided poker game against your best trding partner Russia.  Good luck saving the derivative-anchored Deutsche Bank.  None of your crony capitalist bullshit politics will save your master's Euro.  It is a dead Idea that doesn't realize its bleeding out.  Kill Greece and an ital, spain portugal, spaine, Ireland will replace it as soon as they realize the €urocharde is DEAD.

You picked the wrong side for ALL of the wrong reasons.  shame on you!

Thu, 06/25/2015 - 12:31 | 6233950 Crocodile
Crocodile's picture

Dear ZeroHedge,

Please, please, please quit with articles on Greece.  Send a "memo" when something actually happens; this has been going on since 2010 and Greece ain't going nowhere fast and cannot unless the financial 3-ring circus has ended.

 

Respectfully,

Crocodile

Thu, 06/25/2015 - 12:32 | 6233955 SirBarksAlot
SirBarksAlot's picture

Welcome to another episode of "As the World Turns."

Thu, 06/25/2015 - 12:50 | 6234039 LetsGetPhysical
LetsGetPhysical's picture

No sympathy for Merkel. She's aided and abetted this farce at every turn. Set one: STOP GIVING GREECE MORE MONEY. Unless she's willing to cut off the gravy train....STFU.

Thu, 06/25/2015 - 12:54 | 6234058 oellinas
oellinas's picture

Greece should change their mind too now.. and demand 10%/yr pension RAISES.

Thu, 06/25/2015 - 13:01 | 6234106 dcohen
dcohen's picture

But she will be spied upon by Uncle Sam

Thu, 06/25/2015 - 13:04 | 6234116 Thisisbullishright
Thisisbullishright's picture

I went to Merkel and she DEMANDED I have a deal by Monday...

....I didn't have a deal so she gave me another week....

 

Thu, 06/25/2015 - 14:05 | 6234400 RaceToTheBottom
RaceToTheBottom's picture

As long as it is a Monday, you are fine, any Monday.

Thu, 06/25/2015 - 13:08 | 6234135 gwar5
gwar5's picture

Merkel must have deal before markets open, or what? She going to send in Nazi Stormtroopers?

Thu, 06/25/2015 - 13:09 | 6234143 Bunga Bunga
Thu, 06/25/2015 - 13:11 | 6234148 22winmag
22winmag's picture

This is getting out of hand.

 

Oh well, back to breaking the Christian crosses off war memorials and pretending to scrub the Confederate flag from history.

Thu, 06/25/2015 - 13:17 | 6234197 Mercuryquicksilver
Mercuryquicksilver's picture

Greece owes Germany 63 billion. Who gives a shit? The Fed was buying more than that each month. Just have the ECB buy its own debt. Oh wait.......

Thu, 06/25/2015 - 13:23 | 6234224 forgotten in th...
forgotten in the South_born somewhere else's picture

It will be better for Greece to get out from EU. Greece is a naval nation from its birth, and the culture there has nothing to do with the countries of central Europe like France or Germany. All those nations inside EU just cant understand each other.

It will be better for all to see a Grexit or a Graccident.

Greece as a naval nation should remain close to its historical allies US and UK and keep distance from the rest of Europe and Russia.

I hope Americans and British to understand that is for their benefit also to keep Greece close to them but away from European countries and EU.

 

Hope all this euro bullshit to end soon with a happy end for both sides.

Thu, 06/25/2015 - 13:24 | 6234225 Deepskyy
Deepskyy's picture

Oh Frauline... yes, yes you will. Because the show must go on.  The can must be kicked once again in order for the Markets to continue perpetual motion upward.  There will be no resolution. Until there is one.  And it will not be pretty.

Thu, 06/25/2015 - 13:25 | 6234230 Gavrikon
Gavrikon's picture

Fuck you, Ferkel!

Thu, 06/25/2015 - 13:34 | 6234238 Guentzburgh
Guentzburgh's picture

Greece will not be blackmailed by scumbag Merkel, notwithstanding her ill mannered tantrums .

How about paying war reparations or the forced gold loan German govt yahoos ?

The Trailer trash who dont pay their debts or compensation for their criminal acts to their victims have the cheek to still bully and financialy blackmail their victims.

I think EU needs a reality check!.

 

Thu, 06/25/2015 - 13:28 | 6234240 Iam Yue2
Iam Yue2's picture

Betfair Betting Exchange (live) - Implied Probability No Grexit in 2015 = 88%.   (200K Traded - They know). 

 

(This number will only be mentioned on Zerohedge if there is indeed a Grexit.).

Thu, 06/25/2015 - 16:20 | 6234913 SHRAGS
SHRAGS's picture

Deutchbank hedging their derivatives position?

LOL, Compared to trillions riding on this outcome, 200K isn't even worth the effort to stoop down to pick up the loose change.

 

 

Thu, 06/25/2015 - 13:34 | 6234243 DOGGONE
DOGGONE's picture

Obama figures to lean on Germany to avoid Grexit.
Obama can be loudly confronted with these hidden histories.

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

(The big Apple just lost to a female.)

Thu, 06/25/2015 - 13:31 | 6234244 basho
basho's picture

"Now, it appears Merkel's patience has run out, and understandably so given not only the fact that sending a strong message to Greece is critical if Berlin"

you mean they have not been sending strong messages to GR?

what does she have behind her words?

is she a rothschild sock-puppet?

does she still have that much power?

guess we have to wait until monday or tuesday, or ....

Thu, 06/25/2015 - 13:39 | 6234285 SilverFish
SilverFish's picture

She looks a lot like Francis Buxton, the fat rich kid who stole Pee Wee's bike in Pee Wee's Big Adventure.

Thu, 06/25/2015 - 15:36 | 6234742 SmedleyButlersGhost
SmedleyButlersGhost's picture

You might want to keep the fact that you saw that film to yourself.

Thu, 06/25/2015 - 15:42 | 6234766 SilverFish
SilverFish's picture

Oh come on!

 

One of the best things ever to be commited to celluloid in the 20th century!

Thu, 06/25/2015 - 15:44 | 6234771 J Jason Djfmam
J Jason Djfmam's picture

More like Large Marge,the ghost truck driver.

Thu, 06/25/2015 - 13:40 | 6234290 Ghostdog
Ghostdog's picture

The headline... LOL

Thu, 06/25/2015 - 13:43 | 6234302 rsnoble
rsnoble's picture

So will there be a cure-all over the wknd with a 1000+ pt DOW ramp monday, or is this finally the end of the last 10,000 ends?  Go ahead and bet if you want,I won't be.  I might even sleep in monday really getting tired of this crap.

Thu, 06/25/2015 - 13:57 | 6234346 Mike Masr
Mike Masr's picture

The IMF giving money to Ukraine is like flushing it down the toilet in Brussels!

 

Normal life is almost impossible in Ukraine. Inflation in Ukraine is at 272%, the hryvnia’s worth at less than 40% of what it was. Inflation has rocketed, salaries have collapsed, businesses across Ukraine have closed. In short, people don’t have any money in Ukraine anymore – sales of new cars down 67% year-on-year – production of cars down 96%, 46 banks declared insolvent in the last year.

As for the eternal thorn in Ukraine’s side, corruption, one which apparently became so pressing one of the defining aims of Maidan was to extricate it – it’s even worse than it was before.

Ukraine’s debt is over $80 billion – set to hit $100 billion soon, 100% and rising of a sinking GDP. An agreed recent IMF bailout programme of $17,5 billion would only scratch the surface. Ukraine’s economy shrunk 7.5%, by conservative estimates, in 2014. Estimates for this year range from 6% to over 20%. European governments pledge support, meanwhile European businesses withdraw on mass, hundreds have already left the Ukrainian market, most of the 600 German firms operating in Ukraine conducting an audit about withdrawing from the market.

Trade with the country which was Ukraine’s leading export and import parter by far, Russia, understandably decimated, Ukraine’s economy is stricken, and only going down.

Excerpts from:

http://thetruthspeaker.co/2015/04/19/10-reasons-ukraine-is-dead/

 

Thu, 06/25/2015 - 15:11 | 6234658 cwsuisse
cwsuisse's picture

I recall the days when Klitschko was frequently visiting Angela Merkel and the two talked about the peaceful revolution on the Maidan and the integration of the Ukraine into the EU at the expense of severing the relations with Russia. Against the background of the Ukraine being dependent on Russia that looked strange, particularly as regards the supply of energy. Imagine a German automotive supplier that sells 80% of its products to VW and starts a war with them. Well you can do that only if you find a friend who is going to pick up the bill. Merkel picked it up. But she is only paying for the war and not for the Ukraine. That is the problem. The population is now in a terrible situation. The combination of war and economic hardship is worst case for any society. I regret that EU policy is made on the shoulders of the people in the countries concerned. 

Thu, 06/25/2015 - 13:54 | 6234353 f16hoser
f16hoser's picture

Demand what? Blood fom a turnip?

Thu, 06/25/2015 - 14:03 | 6234391 RaceToTheBottom
RaceToTheBottom's picture

Which German Bank gets the Greek Flag?

Or does it get rotated?

Thu, 06/25/2015 - 14:15 | 6234443 yogibear
yogibear's picture

Act tough and then buckle.

How many times have we seen this before?

This is getting real boring.

Thu, 06/25/2015 - 14:24 | 6234468 Klaatuwept
Klaatuwept's picture

This is beginning to remind me of the bit in Blazing Saddles when Cleavon Little holds a gun to his own head and threatens to shoot himself.

https://www.youtube.com/watch?v=Z_JOGmXpe5I

Whether Merkel or Tsipras is Cleavon Little or both depends on your viewpoint.

Now imagine how great that film would have been if they had let Richard Pryor play the part he wrote. 

 

Thu, 06/25/2015 - 16:23 | 6234472 Md4
Md4's picture

The EU doesn't want to bailout deadbeats indefinitely, especially, Germany.

EVERYBODY gets that.

All sides are now faced with public resentments growing by the day; Greece doesn't want to be lectured to or controlled, and Germany isn't going to fund Greek obstinance to what they see as minimal reforms.

The Greeks like the stability and fungibility of the euro, but aren't willing to be starved as the price for keeping it.

What I've said all along, and what the hardline Germans (especially that goddamned Schauble) refuse to get, is that Greece is BROKE.

It has virtually NO means of income to grow GDP. It couldn't repay what it now owes, EVEN IF it magically grew at double-digit rates...for years.

Is it socially/politically dysfunctional?

YES.

Will it need to make sweeping and dramatic change?

YES.

Will that happen on an EU or German timetable?

NO.

Now, either you carry them for the sake of your silly union (because that's supposed to be important to you), GRADUALLY engendering reform by transferring some means of wealth creation (such as outsourcing German jobs SLATED FOR SHIPMENT TO ASIA ANYWAY to Greece (and other PIIGS)), thereby requiring reforms (OVER TIME) with the corporate transfer of good jobs as the proverbial carrot...

...or, you cut them loose.

Now...unless you (EU and Germany) have serious financial risk issues mostly hidden from view, and that would be set off in the event of a "Grexit", you...and THEY...have no other choice.

And if you DO have explosive background issues that could trigger a much larger global meltdown...WE better start hearing from YOU--NOT Greece.

You can haggle with your broke, deadbeat brother-in-law till hell freezes over for all I care.

But if your continued bullshit endangers ME...THAT'S a different matter.

You don't have the right to put the whole world on edge for your stupid union.

Shut Schauble up...and get on with a solution.

Enough is enough.

m

Thu, 06/25/2015 - 16:36 | 6234956 Klaatuwept
Klaatuwept's picture

"The EU doesn't want to bail out deadbeats indefinitely"

Ummm, what about the banks ???

Thu, 06/25/2015 - 17:33 | 6235119 ANestIOS
ANestIOS's picture

It is for Deutsche Bank that the show must go on.

As long as Tsipras holds his nerve (and those around him will NOT let him misplace it) Merkel will fold.

Thu, 06/25/2015 - 18:21 | 6235242 Klaatuwept
Klaatuwept's picture

Agree wholeheartedly, it aint for the good of the greek people that they are trying so hard to find a solution

Thu, 06/25/2015 - 14:25 | 6234473 Dojidog
Dojidog's picture

Let's see.  Come Monday I predict the normal business-as-usual of BLAH, BLAH, BLah, BLah, blah, blah in the "I can run longer than the middle east peace talks" competition.

Thu, 06/25/2015 - 20:57 | 6234486 chisler
chisler's picture

Ask Snowden what to do. He has the problems and the answers in digital form.

The EU is ball-less, and its dealing with its own political future. As go the Greeks so goes the EU and good riddance to the EU it's a scam as Cameron knows.

Thu, 06/25/2015 - 14:37 | 6234527 Evil Bugeyes
Evil Bugeyes's picture

With hundreds of billions at stake, Tsipras will cave. He will then be thrown out of office by Greek voters, but will have a wonderful retirement financed by Deutshe Bank.

Thu, 06/25/2015 - 17:37 | 6235136 ANestIOS
ANestIOS's picture

It is for Deutsche Bank that the show must go on.

As long as Tsipras holds his nerve (and those around him will NOT let him misplace it) Merkel will fold.

 

Thu, 06/25/2015 - 18:22 | 6235244 Klaatuwept
Klaatuwept's picture

Agreed,they aint kicking the can indefinitely because they feel sorry for the greeks

Fri, 06/26/2015 - 04:48 | 6236489 Megas Napoleon
Megas Napoleon's picture

Yes they are famous philanthropists.

Thu, 06/25/2015 - 14:40 | 6234542 daggerhashimoto
daggerhashimoto's picture

KEK.. i heard that last week

Thu, 06/25/2015 - 14:43 | 6234550 Paracelsus
Paracelsus's picture

Please Tyler do not allow references to Naked Emperor and Merkel in the same sentence.

Some minimum standards do apply....

Thu, 06/25/2015 - 14:48 | 6234572 YesWeKahn
YesWeKahn's picture

Two things are important:

 

1) there is no real deadline, the last deadline had been pass due for almost a week

2) they care SO MUCH about the market, not the greek people, the EU, the people

Thu, 06/25/2015 - 14:51 | 6234579 nemesis2012
nemesis2012's picture

Can you people handle the truth? Can you understand the truth? For most, I fear not. Greece my friends is a symbol for the elites who want to bring the new world order. She symbolizes everything they are not. She stands for Humanism, they stand for numbers, she stands for freedom of mankind, they stand for enslavement, she stands for higher ideals, they stand to serve the lower animal instincts,she stands with God , they stand for the devil. So, my friends-remember what I tell you-they will proceed to crucify Greece!

Thu, 06/25/2015 - 14:53 | 6234589 researchfix
researchfix's picture

Merkel cannot be blackmailed by Greece because she is already blackmailed by obanja.

Thu, 06/25/2015 - 15:12 | 6234667 mog
mog's picture

The NSA bugged her phone for years.

What did they over hear?

What have they got?

The mind boggles.

Thu, 06/25/2015 - 15:52 | 6234806 bid the soldier...
bid the soldiers shoot's picture

For starters, the NSA knows if the carpet matches the drapes and it gets worse from there.

Thu, 06/25/2015 - 14:57 | 6234598 cwsuisse
cwsuisse's picture

Merkel is already in the history books for mishandling the Ukraine crisis and producing a new cold war with dire consequences for the German and EU economy - without her explicit support the US would have been unable to stage a war in eastern Ukraine. Greece is only going to be the second chapter. Her latest move is to leave the negotiations to the Troika. It is the first sign that Germany might have decided to let Greece go. The Troika will hardly be in a position to agree with Tsipras on a debt cut and that is what he presumably needs to push the package through parliament in Athens. Apparently the Greek papers are shocked by todays disruption of talks in Bruxelles: the situation remains presently not covered in the English editions of Greek newspapers.

Thu, 06/25/2015 - 14:58 | 6234619 Racer
Racer's picture

As the banksters are so scared of the "markets" getting upset, the Greeks should upset the "markets" and just see how fast the banksters would cave into their demands if that happened!

Thu, 06/25/2015 - 15:10 | 6234660 HowdyDoody
HowdyDoody's picture

<-- Won't be blackmailed by Greece

<-- Will be blackmailed by the US

Thu, 06/25/2015 - 15:15 | 6234682 cwsuisse
cwsuisse's picture

Thought so. But now Merkel extracted herself from the negotiations and left it to the Troika. Who is going to give Tsipras the needed debt cut? The Troika? Not really! Merkel? When? A debt cut is a far more intricate matter to resolve that the question whether the 23% VAT is going to be applicable on some small Greek islands. Is that something that Merkel intends to discuss coming Saturday or Sunday? And in the absence of a debt cut how is Tsipras pushing the package through parliament in Athens?

Thu, 06/25/2015 - 15:49 | 6234796 J Jason Djfmam
J Jason Djfmam's picture

Maybe they should sell the debt to some sleazy third party collection agency for pennies on the

dollar. They will send some hairy knuckled guy to collect...ah ...from the other hairy knuckled guys.

Yeah that's it!

Fri, 06/26/2015 - 04:13 | 6236464 researchfix
researchfix's picture

Does anyone believe that Greece will be in a vacuum after default?

I say, one day later they have to read all day through offerings of money. Will be tough decisions.

Thu, 06/25/2015 - 16:12 | 6234878 Goldy Locks
Goldy Locks's picture

Trade follows the flag, some say.

We will maybe hear of an sudden agreement between Greece and Russia + China at the same time 4-5 Russian warships will arrive in Greece's waters.

Missa believe somebody must be looking at the chessboard and must be laughing his head off. Wonder who that may be. O's new heavy weaponry in Eastern Europe may quickly have a counterpart.

Fri, 06/26/2015 - 04:16 | 6236466 researchfix
researchfix's picture

The chessboard is tilting since August 2008, when some people made the mistake of crossing the Georgian border into east direction.

Thu, 06/25/2015 - 16:15 | 6234894 ramgold2206
ramgold2206's picture

The whole project is ego driven... no different to every war (hot, cold or financial) that has ever been fought... what amazes me is how the bullshit continues on in this Fiat currency, nothing is as it seems, upside down world.. Maybe the whole thing is a game/matrix of deception and the people are in a deeper sleep that we on ZH realise.

Regardless, I believe I woke from that sleep a year ago, got an alternative education on ZH and consequently got into gold bullion and now I want to give something back.

 

For those of you not actually in the physical metal .. I can highly recommend it.. because no matter what goes on in the EU Punch and Judy show... my stress levels reduced 90% knowing I have some bullion.

 

You might think I'm just spamming, but I'm not... I'm deadly serious!  I got involved in a German company called Karatbars International who produce Gold Bullion in small weights and boy am I glad on various levels.

 

They developed an incredibly lucrative affiliate marketing system to get their product to market... Its free to join at the basic level although if you decided to go all in to earn the highest commissions the buy in price is essentially peanuts... FFS my day job Personal Indemnity insurance costs more per month!!

 

The downside is it's more a mass education programme than marketing,,, because aside from ZeroHedgers the financial IQ out there is well down the trickle down economic cascade and those people need to be educated to get some AU!

 

I know there are lots of you out there that would love to get your hands on bullion and get the money to acquire it from actually helping some of the lambs lined up for the slaughter - We could actually be doing something worthwhile.

 

Check out my website www.teamramgold.com its only a simple website to give a snapshot of the programme, but feel free to get in contact with me and I'll show you an incredible system. It could be the most lucrative email you will ever write..   

 

And yes OK I am pitching (a bit) but if you get the programme you will understand why.. I'm a capitalist but with a social conscience.

Thu, 06/25/2015 - 16:29 | 6234942 J Jason Djfmam
J Jason Djfmam's picture

I understand your gold stance but wonder if other commodities would be better to hold/hoard.

Bullets, Beans, and Asswipe might be better to hold than gold.

It will all depend on the situation. Correct?

Thu, 06/25/2015 - 16:43 | 6234966 ramgold2206
ramgold2206's picture

You sure are onto something J Jason... and yes i agree I have a really lovely english antique shotgun hanging above my mantle.. and a really deadly glock under my bed!!!

But get some gold now... because a few grams of it will acquire alll the above.. if shit does hit the fan.. AU will rocket

 

Thu, 06/25/2015 - 17:29 | 6235106 J Jason Djfmam
J Jason Djfmam's picture

Ram

I do like the notion of gold being available in affordable weights.

How often does a guy make purchases of consumables in amounts $1200.00+?

Fri, 06/26/2015 - 12:30 | 6238193 Goldy Locks
Goldy Locks's picture

---Dupe---

Fri, 06/26/2015 - 12:30 | 6238194 Goldy Locks
Goldy Locks's picture

Silver may be the metal of choice for day to day expenses, especially if precious metals rocket. I guess one would feel a bit stupid having to spent 1 oz for a piece of bread the day gold is worth US 3000/oz...

Small ingots of silver may be the solution (5/10 gr eg.). Loads of them. Same for gold, obviously. Don't limit yourself to oz.

Thu, 06/25/2015 - 17:02 | 6235011 Atomizer
Atomizer's picture

Dear Merkel cunt,

Are you stalling for Fast Track and TPP passage? Today is Thursday June 25, 2015. Next Wednesday is United States of America Independence day. We can use guns instead of fireworks. Let's wait to see you panic

Thu, 06/25/2015 - 17:25 | 6235088 CHC
CHC's picture

I'm picturing Merkel wearing shiny black leather boots and leather body......  Never mind.

Thu, 06/25/2015 - 21:00 | 6235676 chisler
chisler's picture

Nothing is real here, the pagentry is to save the faces of the EU and Germany. Sending Greece to the wall is financial genocide. Germany is well experience at this.

Thu, 06/25/2015 - 21:22 | 6235739 chisler
chisler's picture

Greece would be the perfect next step for Russia. That would send the EU into the ultimate nose dive and cause the EU  upheaval of the decade.  The EU has had its 5 minutes of fame, its time for the ship to sink.

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