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Greece Will Default To IMF Tomorrow, Government Official Says

Tyler Durden's picture




 

Earlier today, as the exchange between Greece and its creditors got increasingly belligerent, Estonian Prime Minister Taavi Roivas told public broadcaster Eesti Rahvusringhaaling in interview that a possible Greek decision to leave euro area wouldn’t soften stance of other EU countries and that Greece’s debt would still remain outstanding and creditors would expect this money back."

"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."

So did this latest antagonism change the Greek mind? According to a flash headline by the WSJ released moments ago, not all. In fact, Greece just made it official that it would default to the IMF in just over 24 hours.

More:

Greece won’t make a debt repayment to the International Monetary Fund due Tuesday, a senior Greek government official said Monday.

 

Earlier this month, Greece had notified the IMF it plans to bundle its loan repayments falling due this month into one payment of around 1.6 billion euros ($1.7 billion), which is due Tuesday.

 

The IMF has said that Greece will immediately be in arrears if it fails to make the debt repayment.

So, as per game theory, the Greek plan - at least until the social mood turns very ugly - remains just one:

 

The problem is what happens then...

 

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Mon, 06/29/2015 - 12:40 | 6249891 inevitablecollapse
inevitablecollapse's picture

well said - 'personal austerity is a virtue' - wonder what percent of the good ol' U.S. of A is virtuous to that end - we're in for a world of hurt, and by 'we' I mean the non-virtous

Mon, 06/29/2015 - 15:29 | 6250830 El Vaquero
El Vaquero's picture

The virtious are in for a world of hurt too.  At some point in the future, we will be able to say "Today, we are all Greek," and mean it. 

Mon, 06/29/2015 - 12:27 | 6249808 Able Ape
Able Ape's picture

"creditors would expect this money back."- yeah, and I expect my dog to start shitting gold eagles....You go, Greece!

Mon, 06/29/2015 - 12:49 | 6249955 COSMOS
COSMOS's picture

You have to end their expectations by burning the am the stake.  Worked in the past quite nicely.

Mon, 06/29/2015 - 16:43 | 6251190 Old_Dog
Old_Dog's picture

What kind of dog do you have, a Golden Reliever???

Mon, 06/29/2015 - 12:28 | 6249810 fightapathy
fightapathy's picture

FUCK Estonia. I wouldn't give a drop of piss to keep em out of Putin's hands. Why would anyone else??

Mon, 06/29/2015 - 12:36 | 6249863 WTFUD
WTFUD's picture

ESSSSSTONIAAAAAAAAAAAAAAAAA!

PIKERS. Daft as a brush, pretty much like Lithuanians, Latvians and Poles.

Watch these dupes go hungry once this Ponzi unravels.

Mon, 06/29/2015 - 12:38 | 6249879 Kaiser Sousa
Kaiser Sousa's picture

exactly...

Estonia what???

Estonia shut the fuck up....That's what.

Mon, 06/29/2015 - 19:17 | 6251811 layman_please
layman_please's picture

don't mix estonian people with our rulers. most of us don't agree to the policy that your fucking US embassy dictates to us.

our PM was not elected. he was placed on that position by the ruling party because he was 20 something years old stooge who would meekly follow orders without questions. nobody in this country takes him seriously. i have to apologize for him.

Mon, 06/29/2015 - 12:28 | 6249812 European American
European American's picture

What is essential for everyone to understand is that banking is not a science. It is a religion with a bunch of made-up rules to benefit the clergy, meaning the bankers. It only works because we have all been brainwashed into believing that banking is as sacrosanct as any other church, and those ink and paper tickets represent something real.

Once human-kind realizes that banking is a manufactured fantasy world designed to exploit humans as slaves (as are the other religions), we take an important step towards freedom.

Mon, 06/29/2015 - 12:29 | 6249821 fightapathy
fightapathy's picture

HERETIC!!!! UNBELIEVER!!!

Mon, 06/29/2015 - 12:43 | 6249919 Herd Redirectio...
Herd Redirection Committee's picture

I've been saying it for years, Central Bankers are the new Priest class.

Just let that sink in for a bit.  Let it percolate on your mind.

Mon, 06/29/2015 - 13:07 | 6250048 Bemused Observer
Bemused Observer's picture

Yessssss! I've been saying this for years...this whole economic system is more of a RELIGION than it is an economy. Money, which USED to be a medium of exchange for real goods and services, has actually become a GOD. Constant debt payments are your 'tithe', and like a tithe, there is no escaping it. Those who refuse are left outside the system, like the goyim were kept away from the faithful "chosen ones".

Just look at all the "morality talk" that swirls around these discussions. Even the very math itself must be subordinate to the requirement to pay, and pay, and pay. It doesn't matter if you can afford to pay, you MUST pay! Somehow, someway, you must PAY, even if it means sacrificing your first born on the altar of the money-god.

Money is shit. And just like shit, it DOES serve a purpose. But it is a very narrow purpose. As long as you do what you're supposed to do with it and flush it away when you're done, it's all good.

But if you insist on fishing it out of the bowl and putting it to other 'uses', you end up with a nasty, stinky mess.

Mon, 06/29/2015 - 13:17 | 6250100 Government need...
Government needs you to pay taxes's picture

When a coin in the IMF coffer rings, a debtor soul to heaven springs.

Mon, 06/29/2015 - 18:08 | 6251535 shovelhead
shovelhead's picture

That was funny.

Mon, 06/29/2015 - 13:57 | 6250329 El Vaquero
El Vaquero's picture

And just think.  People spend their lives toiling away in pursuit of these little green rectangles without ever questioning where their value comes from. 

Mon, 06/29/2015 - 15:59 | 6250963 css1971
css1971's picture

Awakened since 2006.

Mon, 06/29/2015 - 13:58 | 6250331 El Vaquero
El Vaquero's picture

Double tap.

Mon, 06/29/2015 - 15:37 | 6250864 Implied Violins
Implied Violins's picture

Banksters need a quadruple tap: two between the eyes; two in the ass. You'll get the brain for sure that way. And don't waste any lead trying to hit the heart.

Mon, 06/29/2015 - 15:05 | 6250696 HowdyDoody
HowdyDoody's picture

For some, the ancient link between religion, money and power still holds

http://failedmessiah.typepad.com/failed_messiahcom/2012/06/israels-riche...

According to Forbes Israel:

Israel’s Richest Rabbis Make Hollywood Stars Look Poor

 

1. Rabbi Pinhas Abuhatzeira. ... $335 million.

2. Rabbi David Hai Abuhatzeira, ... $194 million.

3. The Gerrer Rebbe Rabbi Yaakov Arie Altar ... $90 million.

4. The Belzer Rebbe Rabbi Yissachar Dov Rokeach. $46 million.

5. Rabbi Nir Ben-Artzi. ... worth $26 million.

6. Rabbi Yaakov Ifargen, ... $23 million.

7. Rabbi Rabbi Yeshayahu Yosef Pinto ... $19 million.

8. Baba Baruch Abuhatzeira ... $13 million.

9. Rabbi Reuven Elbaz ... $10 million.

10. Rabbi Yoram Abergil. $9 million.

11. Rabbi Amnon Yitzhak. $8 million.

12. Rabbi Yekutiel Abuhatzeira. $6.5 million.

All doing God's work, Allegedly.

 

Mon, 06/29/2015 - 12:49 | 6249950 goldsaver
goldsaver's picture

DENIER!!!

Mon, 06/29/2015 - 13:23 | 6250143 teslaberry
teslaberry's picture

banking is ultimately about debt.

and debt is far older than money.

 

debt is not a religion, it is an agreement between 2 people. at the larger societal level it is agreeements between institutions that preside over people.

 

debt is not a manufactured fantatsy in so much as life is not a manufactured fanatasy. if one person agrees to do for another later, and the other tenders something of value, than the creditor  is dependnet on the debtor for repayment and the debtor must perform in order for the creditor to be not dependent.

 

the credit becomes  addicted to the debtor and the debtor wants nothing more but to have the creditor done away with.

 

debt succeeeds in being a systemic part of human behavior and society because it enables more sophisticated forms of societal organization, all of which , ultiamtely, allow for the raising of larger and more powerful armies by enabling the construction of societies and resource systems that are the logisitcal support for armies.

there is no simple answer for how to organize human beings, but DEBT is the overal theme of organization; both voluntary debt and involuntary debt, which really are two sides of the same coin of relational bondage, as both can transition to become the other depending on the tolerability of intolerability of conditions.

Mon, 06/29/2015 - 13:52 | 6250302 Herd Redirectio...
Herd Redirection Committee's picture

TLDR.  Short version:  Debt slavery replaced bonded chattel slavery.

Mon, 06/29/2015 - 14:00 | 6250355 El Vaquero
El Vaquero's picture

When a debt is created, it should make the money unavaliable to the lender until such time as it is paid back.  That is not the case right now, to the benefit of the bankers and to the detriment of just about everybody else. 

Mon, 06/29/2015 - 16:14 | 6251039 Bioscale
Bioscale's picture

Anarchy is the only way to go, but I'm afraid anarchic society would not be able to defend itself efficiently again such fucking filth like banksters and their mercenary armies. But I might be mistaken.

Mon, 06/29/2015 - 12:30 | 6249827 Fun Facts
Fun Facts's picture

IMF readying anti aircraft artillery in case anyone in the Greek government gets in an airplane.

Mon, 06/29/2015 - 12:31 | 6249834 WTFUD
WTFUD's picture

I want to hear that Tsipras and Yanis Varoufakis have been holding long meetings with their Icelandic counterparts and other working groups that assisted Iceland's transition into a proper functioning Sovereign.

Mon, 06/29/2015 - 12:31 | 6249838 RealityCheque
RealityCheque's picture

Lagarde will be writing that default confirmation letter to the board by one word everyday.

Should give them a good 6 months of breathing room.

Mon, 06/29/2015 - 16:15 | 6251043 Bioscale
Bioscale's picture

Why not 7, this is THE number.

Mon, 06/29/2015 - 12:32 | 6249841 YesWeKahn
YesWeKahn's picture

Viva la greece, fuck you Bernanke!

Mon, 06/29/2015 - 12:33 | 6249849 Hughing
Hughing's picture

Mien Fuhrer! I can walk!!

Mon, 06/29/2015 - 12:39 | 6249886 WTFUD
WTFUD's picture

That's funny Hughing.

Micheal Cane, Steve Martin Dirty Rotten Scoundrels ( with steve in the wheelchair ).

Mon, 06/29/2015 - 12:50 | 6249956 Hongcha
Hongcha's picture

I thought it was Dr. Strangelove.

Mon, 06/29/2015 - 12:58 | 6249999 analyzer_66
analyzer_66's picture

Yes it was Peter Sellers as Dr Strangelove, where there was no fighting in the War Room.

Mon, 06/29/2015 - 13:20 | 6250125 WTFUD
WTFUD's picture

Hi Hongcha

My reference to Rotten Scoundrels wasn't the Mein Fuhrer remark by Hughing.

It was more a reference ( a reminder ) to the filthy underhanded tricks that some folks will go to like steve martin pretending to be an invalid to gain the sympathy of the female who ended up fooling/scamming them both.

No big deal though cheers.

Mon, 06/29/2015 - 18:15 | 6251559 shovelhead
Mon, 06/29/2015 - 12:33 | 6249850 geologyguy
geologyguy's picture

I just hope this all holds together for another 9 months so that I can refinance my loan minus the mortgage insurance point and save $180/month.

I hate the banks but need them in order to purchase a house sadly.

Mon, 06/29/2015 - 12:41 | 6249898 skipjack
skipjack's picture

Sell the damn house and live in a camper until you have the money saved to buy a place with no debt. Fuck the banksters where it hurts.

Mon, 06/29/2015 - 12:49 | 6249953 Ward no. 6
Ward no. 6's picture

having a house is just a big debt hole kind of like a black hole

always something you have to fix or buy for it

never ending

i was better off in an apt

Mon, 06/29/2015 - 12:34 | 6249852 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

Paul Craig Roberts said that the Greek Government would undoubtedly be assassinated if they default because Washington, and Wall Street, must keep them in the EU in order to avoid NATO disintegration, and ultimately a structural implosion of Western military power. PCR said this in 2012.

Mon, 06/29/2015 - 12:58 | 6249996 Bangin7GramRocks
Bangin7GramRocks's picture

Never trust a man that uses 3 names. Queer as a football bat!

Mon, 06/29/2015 - 13:52 | 6250300 Almost Solvent
Almost Solvent's picture

Or comes from a big extended family that uses lots of the same first names. 

 

My father's Italian side has 6 Michaels including myself:

 

Michael Peter

Michael John

Michael Patrick

Michael Thomas

Michael James

Michael Paul

Mon, 06/29/2015 - 15:42 | 6250881 Ginsengbull
Ginsengbull's picture

Those names don't sound Italian.

Mon, 06/29/2015 - 21:54 | 6252257 Almost Solvent
Almost Solvent's picture

Italian-American since my great-grandma and great-grandfa entered Ellis Island circa 1919.

 

Not quite as old-school as your appalachia-ginseng family, obviously.

Mon, 06/29/2015 - 15:56 | 6250938 froze25
froze25's picture

Paul Craig Roberts is a man to listen too, good insight.  This is what he said on June 22nd.

 

Greek People Demand Their Own Destruction

Paul Craig Roberts

Some years ago Thomas Frank wrote a book, What’s the Matter with Kansas. The book is about how brainwashed Americans vote against their own economic and political interests.

The utter stupidity of populations makes them helpless at the hands of the rapacious. Today Thomas Frank could ask the same question about the brainwashed Greek population. On June 22, RT reported a huge rally of Greeks in Athens waiving the EU flag and demanding that their government sell them out to the troika. http://rt.com/news/268945-greece-rally-eurozone-summit/

The Greeks are so determined to be included in “Europe” that they are willing to be driven economically into the ground and to cease to exist as a sovereign state as the price of being in the EU. The idiots who participated in this “rally for Europe” have made it difficult, if not impossible, for the Greek government to soften the austerity that is being imposed by the One Percent on the Greek people.

Among Western people, the Greeks have experienced the heartlessness and greed of the One Percent more severely than any other Western people. Yet, the Greeks accept their mistreatment as the price of being European.

It is a wonder that Alexis Tsipras hasn’t resigned and damned the idiot population to hell.

Mon, 06/29/2015 - 12:35 | 6249858 debtor of last ...
debtor of last resort's picture

Varoufakis knew exactly what he was doing; breaking the debt chain. There's no other way. Other countries will follow until the chain becomes too hot to handle.

Mon, 06/29/2015 - 15:53 | 6250927 Oldwood
Oldwood's picture

Really??

There are always winners and losers and this could have been dealt with ten years ago or more, or it can be extended ten years hence, but one thing does remain the same....all the little people will be ground between the stones to get what little blood they have to keep "the system" alive.

I believe this is about the EU government and the only way for them to gain substantial power and control is through crisis. It will not be surrendered otherwise. The Greeks are just the beginning as they will capitulate. They will be made the example. They will be forced to first suffer and then capitulate to the lords. This will be the example. Not dominoes of default but of domination. The EU lords want what Obama has,,,the power to dictate, to ignore the wishes of the public (for their own good of course) to enact liberty killing dependency fertilizing doctrine.

This is forming a critical mass that may not be broken. AS these great powers (and I am not talking of countries but of individuals) grow in strength they will be drawn together by common goals and ideology, as the larger their power becomes, in aggregate as part of some new world order of super centralization, no individual will be able to resist, to escape.

The way is closed...we are trapped.

Remember, money is not real. It has been created and can be destroyed or redefined, based on the needs of the creator. Of course every action has a cost, but the thing we should always acknowledge, is that WE are the most disposable asset they hold. As we see in even th efactories of China, if a human can be replaced with technology, it will be done. Our days are numbered if they get their way.

Mon, 06/29/2015 - 12:36 | 6249864 Mike Masr
Mike Masr's picture

Is this bullish? LOL

Mon, 06/29/2015 - 12:37 | 6249871 q99x2
q99x2's picture

Ok ok ok. Does this mean Greece is going to default?

Mon, 06/29/2015 - 12:39 | 6249876 Bill of Rights
Bill of Rights's picture

" Eat Hearty men "

 

Greece is the default experiment whereas Iceland said " Fuck you "

Mon, 06/29/2015 - 12:38 | 6249877 BolshevikPartyP...
BolshevikPartyPlanningCommitee's picture

Let us not forget who put Greece into this position: Goldman Sachs JEWS, you know, the same moneychangers that were thrown out of the temple, the same people that Jesus said were MURDERERS, LIARS, AND THIEVES (see John 8:44-47)

http://www.realjewnews.com/?p=482

Mon, 06/29/2015 - 12:48 | 6249946 BolshevikPartyP...
BolshevikPartyPlanningCommitee's picture

So far, 3 chosenites don't like the truth :-)

Mon, 06/29/2015 - 13:48 | 6250279 farflungstar
farflungstar's picture

It hurts them like acid to the eyes whenever it points their way. 

Mon, 06/29/2015 - 15:07 | 6250711 HowdyDoody
HowdyDoody's picture

Like silver bullets to a vampire?

Mon, 06/29/2015 - 13:05 | 6250036 Chupacabra1977
Chupacabra1977's picture

All jews should be deported to Israel ASAP.

Then we implement a nice big "Diversity" and Affirmative Action Plan for the Palestinians.

 

 

Mon, 06/29/2015 - 12:39 | 6249882 juicy_bananas
juicy_bananas's picture

Deadbeats.

 

 

Mon, 06/29/2015 - 12:42 | 6249906 Bill of Rights
Bill of Rights's picture

America is full of Deadbeats I mean just look around.

Mon, 06/29/2015 - 13:30 | 6249884 FrankieGoesToHo...
FrankieGoesToHollywood's picture

The EU will cave.  They have too much to lose.  Confident enough to BTFD?  Almost.

Mon, 06/29/2015 - 12:41 | 6249902 Debugas
Debugas's picture

"creditors would expect this money back"

 

GOOD LUCK WITH THAT HAHAHAHA

Mon, 06/29/2015 - 12:42 | 6249908 TheRideNeverEnds
TheRideNeverEnds's picture

Cool, maybe we still have a couple days to load up on more AAPL and NFLX stock under 130 and 700 respectively.  

Deal of the century!  

 

Sure the indexes look like death and it seems the financial along with the rest of the civilized world may collapse at any second for a litany of reasons but its looked like that at least once a month every month for the past decade more or less.  

 

How is anything different this time, did the CBs run out of ones and zeros?  

Mon, 06/29/2015 - 12:42 | 6249910 Die Weiße Rose
Die Weiße Rose's picture

sorry Obama...

the US commonwealth of Puerto Rico is unable to pay its approximately $72bn in debt.

 

Adding to the turbulence, Puerto Rico Governor Alejandro Garcia Padilla told The New York Times

the US commonwealth is unable to pay its approximately $72bn in debt....

http://www.fin24.com/Markets/International-Markets/US-stocks-fall-as-Gre... 

15:31 According to a statement from the French presidency, French President Francois Hollande and US President Barack Obama

have agreed in a phone call to "combine their efforts to favor a return to talks,

allowing a swift resolution of the crisis and ensuring Greece's financial stability."

http://www.dw.com/en/greek-debt-crisis-live-updates/a-18546791

WR;)

Mon, 06/29/2015 - 13:16 | 6250097 SpanishGoop
SpanishGoop's picture

"15:31 According to a statement from the French presidency, French President Francois Hollande and US President Barack Obama"

What the F*

OBummer stay on you side of the pond and keep running you own continent in the ground.

We can handle it on our own.

 

 

Mon, 06/29/2015 - 13:19 | 6250111 goldsaver
goldsaver's picture

Yeah, I read that this morning and had to laugh. The governor of Puerto Rico is considered an absolute joke. He is an affirmative action diversity graduate from a US law school who went directly into government. An absolute moron that one.
Yet, in this he is correct.

The problem in the island is that the whole shift from an agrarian economy to an industrial economy (1950's) was based on a US law that allowed US companies profits derived from products manufactured in P.R. to be tax free as long as they did not return to the 48. That law allowed exponential growth in the island as US companies took advantages of the low costs of labor and the local government breaks on land and local taxes and brought dozens of production facilities to the island. This, in turn, allowed the government to grow exponentially based on increasing tax revenues (income tax from the workers).

Once the law changed during the Clinton administration, governors tried to maintain the same level of spending (public sector employees and benefit recipients outnumber private sector producers) via tax revenues and borrowing. Well, that shit doesn't work for long.

The island keeps raising taxes of all types and still can't get ahead. It is basically the Greece of the Caribbean.

Mon, 06/29/2015 - 12:42 | 6249914 youngman
youngman's picture

Greece is going to learn the hard way that being Socialist does not work.....you cant spend what you dont have...and if noone works..you have nothing....I think their tourism is going to take a big hit too.....as the Greeks will be angry hosts...

Mon, 06/29/2015 - 12:53 | 6249973 Bemused Observer
Bemused Observer's picture

If you think that what is going on in Greece has anything to do with 'socialism', then you need to go back to school.

"Living beyond one's means" is NOT socialism. It is the result of a debt-based economic system. The ones pushing this system are NOT socialists, the better term would be banker-led corporate fascists.

Socialism, as has been practiced, is a loser system, no doubt. But without the larger issue of the debt-based system, such countries end up imploding all on their own. It's when institutions like the IMF, and other central banks, get involved and start loading them up with unpayable debt that their big troubles occur. THAT'S when they can begin "living beyond their means"...before the loans, they simply do not have the means available.

That favorite saying, "The thing about socialism is that you eventually run out of other people's money." only makes sense if "other people" are giving you money to spend. So STOP GIVING IT TO THEM! I don't care HOW much profit you see in the future...you are beyond STUPID if you keep handing it over!

You certainly deserve no sympathy when your 'mark' wises up and tells you to get lost.

Mon, 06/29/2015 - 18:36 | 6251646 shovelhead
shovelhead's picture

Growing up around Boston, you learned about loans early on in life.

You watch them go in and out of the corner store to the bookie and a few weeks later you see Jimmy with his arm in a cast.

Then you call him Jimmy No Show behind his back until a new cast shows up on somebody else.

Win, Place, Show and No Show (for the people who don't watch the ponies)

Now the State runs the numbers rackets with the lotteries and killed off (literally, in some cases) most of the bookies.

Mon, 06/29/2015 - 12:42 | 6249917 Bemused Observer
Bemused Observer's picture

All the little squeakers are sounding off today!

These people just keep yapping, as though what they say carries any weight at all. The other day someone said that Greece could only leave the Euro IF the other countries "allow" it...Now we have Estonia piping up and saying even if Greece leaves, the stance won't be softened...Ooooo, big words!

How do they propose to ENFORCE them? This may come as a shock to these Eurocrats, but neither Greece, nor anyone else, needs their permission to do anything. And their agreement is not necessary, and won't even be asked for.

They control NOTHING. And hopefully this message will be delivered, loud and clear. So they can keep living in the illusion that they can somehow 'direct' things to go the way they want, and that illusion will hold right up to the moment when the whole thing collapses despite all their squeaking.

Mon, 06/29/2015 - 14:56 | 6250660 ross81
ross81's picture

Baltic yappers arent pleased that the big anti-Russian wank fest they signed up to is starting to come apart at the seams. Oh well, there's always perpetual debt slavery to look forward to!

Mon, 06/29/2015 - 12:46 | 6249936 juicy_bananas
juicy_bananas's picture

Fuck Angela Merkel right in the pussy.

Now watch this drive.

Mon, 06/29/2015 - 12:52 | 6249965 goldsaver
goldsaver's picture

Yuck!!!!!

Now I can't get that nasty image off my mind.... Quick, hand me the clorox!

Mon, 06/29/2015 - 18:27 | 6251611 seataka
seataka's picture

This might fix your problem there...., google images  "Driving Miss Crazy"

Mon, 06/29/2015 - 12:53 | 6249938 TalkToLind
TalkToLind's picture

Greece:  We default.

EU:  UNCLE!!!  WE'LL PRINT, we promise!  You can print too.  We'll stick a pin in this until next year.

Mon, 06/29/2015 - 12:48 | 6249942 FrankDieter
FrankDieter's picture

who really gives a fuck

Mon, 06/29/2015 - 12:49 | 6249949 UGrev
UGrev's picture

I'll believe it when I see it.. 

Mon, 06/29/2015 - 12:51 | 6249961 Commodore64
Commodore64's picture

Insert More Fiat will be angry!

Mon, 06/29/2015 - 12:52 | 6249963 Itch
Itch's picture

It's all horse shit until they cross the line. I hope no one budges and Greece has to take the shitty deal at the last minute, fuck them.

Mon, 06/29/2015 - 12:52 | 6249964 Yen Cross
Yen Cross's picture

 It's been a long time since we've seen numbers like this.

 S&P 500 VIX    17.37    +3.35    +23.89%       

Mon, 06/29/2015 - 15:48 | 6250903 Panafrican Funk...
Panafrican Funktron Robot's picture

Great time to short VXX.  We hate that it's true, but we know that it's true.

Mon, 06/29/2015 - 12:54 | 6249975 seminal1
seminal1's picture

Watch Greek Prime Minister Alexis Tsipras and his leftist cronies get fucked as angry Greek government workers, pensioners, and the FSA demand their money. 

Mon, 06/29/2015 - 12:58 | 6249977 Goldbugger
Goldbugger's picture

Pick up the Parthenon for pennys on the dollar, fuck the banks and the imf. They control the politcians.

They will fuck the Greece even more as to try to contain this thing so the Spain, Portugal and Ireland don't do the same.

This is going to get very interesting. They are also pushing Gold down to make it unatractive.

Mon, 06/29/2015 - 12:55 | 6249979 franzpick
franzpick's picture

More new daily market lows here at 1255 pm w. DJIA minus 228 and no short-covering in sight.  My DJIA screen is pointing to 17400, down 1.8% more to the new bear market's first lower low:

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&insttype=Index&freq=1&show=&time=8

 

Mon, 06/29/2015 - 12:57 | 6249989 TalkToLind
TalkToLind's picture

<-- Greece defaults and leaves E.U.

<-- E.U. gives in, prints like crazy and kicks the grenade further down the road

Mon, 06/29/2015 - 12:57 | 6249992 Ms No
Ms No's picture

Tsipras should be getting on TV daily and to pound it into everybodies head exactly what is going on and WHO is behind it.  He needs to make it clear that everyone else will get a turn.  He has already stirred the hornets nest, there is no such thing as a light ass- pounding with these people.  If he is going to revolt he needs to do it right, until then he is negotiating with tyrants for a better deal in slavery.

Mon, 06/29/2015 - 13:03 | 6250020 Able Ape
Able Ape's picture

I [Bond holders] went to the CASINO and lost everything; now, I'm telling the management that I didn't expect to lose my money and I want it back...THEY SAID - "Bwahahaha... what nerve!....

Mon, 06/29/2015 - 13:02 | 6250023 large_wooden_badger
large_wooden_badger's picture

Poor Greece, went and spent its way to prosperity. I hope the velocity was worth it.

Mon, 06/29/2015 - 18:48 | 6251699 shovelhead
shovelhead's picture

Driving the desert in Arizona I saw a vulture that would not leave a carcass even though an 18 wheeler was barreling down on him.

It was pretty epic because this was a very big vulture.

Lots of splooge everywhere.

I guess the lesson is it's better to do a chew and screw then to hang around too long trying to get that last bite in.

Mon, 06/29/2015 - 13:04 | 6250030 besnook
besnook's picture

the only effective negociating tactic with these reptiles is a strong and consistent absolute "no". call their bluff and they give in. they don't negociate with terrorists until they have to; then they give in.....and you are always the terrorist. they r a real pain in the ass.

Mon, 06/29/2015 - 13:05 | 6250038 Black Warrior W...
Black Warrior Waterdog's picture

"They will either have to cut spending or improve their tax revenues. There are no other options."

NO

FUCKING

SHIT

Mon, 06/29/2015 - 13:26 | 6250159 besnook
besnook's picture

doing either reduces the economy which increases spending and reduces tax revenue. that is why they used to call it higher learning.

Mon, 06/29/2015 - 13:24 | 6250060 coltek
coltek's picture

Classic divide by zero error...

 

...or multiply by infinity...Ride unicorns, sell rocking horse shit, fly with pigs...

 

The stupid bar steward banksters thought they could do it...Wrong!...

 

They could simply have sold snake oil - It's so simple.

 

They couldn't afford me, thats the problem!

Mon, 06/29/2015 - 13:12 | 6250069 MWizard
MWizard's picture

I think that european politicians aren't afraid that Greece will go bancrupt without euro. They are afraid that Greece will improve their economy without euro.

Mon, 06/29/2015 - 13:20 | 6250119 f16hoser
f16hoser's picture

Iceland did...

Mon, 06/29/2015 - 13:23 | 6250142 TalkToLind
TalkToLind's picture

...They are afraid that Greece will improve their economy without euro.

Well that is certainly possible, however what exactly does Greece produce that others want to buy?  And no, TalkToLind does not drink Ouzo.

Mon, 06/29/2015 - 14:04 | 6250369 besnook
besnook's picture

pipelines filled with russian gas with a turnoff valve.

Mon, 06/29/2015 - 13:14 | 6250083 Clesthenes
Clesthenes's picture

With a default “Greece’s debt would still remain outstanding and creditors would expect this money back.”

Of course, ‘What else should we expect when Judeo-Bolshevik money lenders extend billions to criminal and useless classes of a nation, install those classes in positions of power; and then saddle productive and thrifty classes with burdens of repayment?’

Why do I tag them as “Judeo-Bolshevik”, instead of simply “Jews”?  It is a more descriptive term, as reported by the Los Angeles Times and confirmed by the Law of Moses (the Old Testament).

As I’ve noted repeatedly, and elsewhere, the particular issue here (and one that all nations must eventually face) is the validity of debt supposedly payable by each nation/people involved.

A debt is valid only if those purportedly liable for it 1) personally participated in its negotiation; 2) had full understanding of its terms; 3) received benefits equal to the amount loaned; 4) were not misled or subjected to undue influence relative to such debt; and 5) the creditor has adequate evidence of all these requirements (and maybe more).

If A lends B money and both agree to make C liable for such debt, it is not a valid debt; no matter who A, B or C is.

After questions of validity are settled, the next step is to make those, who ruined lives and collected plunder, accountable for what they did with such debt policy.

These are issues Greeks (and all other nations) must ponder… but won’t; for, they have no knowledge of REAL facts of what American Founders did.

The situation in question requires much more than merely “pondering” particular issues.  It requires action on a most profound (nation-building) level.

And, it can’t be done in a week.

How long will it take?

The English early declared their right/power of redress with the Magna Charta.  It took them 400 years and oceans of blood before they developed reasonably effective methods to redress grievances.

That is, before a nation can merely declare this power, it must first be introduced to it (One and Two).

Watch the Greek nation… then watch the American nation.  You’ll witness the price of ignorance.

Mon, 06/29/2015 - 13:14 | 6250085 Klaatuwept
Klaatuwept's picture

The markets will decide whether its a default or just in arrears, and they can't be manipulated . . . . oh no, wait a minute

Mon, 06/29/2015 - 13:19 | 6250115 f16hoser
f16hoser's picture

The EURO SUCKS! Wait, so does the Dollar!

Mon, 06/29/2015 - 13:20 | 6250116 Goldbugger
Goldbugger's picture

Black Swans are lurking....

Mon, 06/29/2015 - 13:29 | 6250175 _SILENCER
_SILENCER's picture

If Greece had modern fighter jets, they could just bomb EU headquarters in Brussels. That'd send one hell of a message.

 

Mon, 06/29/2015 - 13:34 | 6250198 More Ammo
More Ammo's picture

Where did the peoples money go?

https://www.youtube.com/watch?v=KIO4IjaH0Wk
Mon, 06/29/2015 - 13:36 | 6250205 Atomizer
Atomizer's picture

Stop being a twat. The IMF works for the BIS. Spend your afternoon reading the new release. I did, was up until 4:00 AM this morning. 

Fortunately, don't report to a slave job in the morning. 

https://www.bis.org/publ/arpdf/ar2015e.htm

Mon, 06/29/2015 - 13:37 | 6250208 SMC
SMC's picture

"If Greece leaves, the value of their new national currency would decline very fast, so their solvency would still worsen further. They will either have to cut spending or improve their tax revenues. There are no other options."

Bull.  Downsize to minimum government.  Raise import tariffs and remove regulatory burdens on domestic businesses - let people build, create, and trade without government interference.  

Expel all US and EU NGO’s.

Mon, 06/29/2015 - 13:53 | 6250306 Soul Glow
Soul Glow's picture

AND BACK IT WITH SOUND MONEY!  GOLD AND SILVER!

Mon, 06/29/2015 - 16:33 | 6251134 Anunnaki
Anunnaki's picture

Here's and a source for quick cash. Greece unilaterally ends sanctions against Russia. At the very least farmers go back to sellng produce, feta, olives and meat to Russia

I think I remember The Hedge running an article saying Putin was amenable to dropping the food sanctions to help Greece where Europe is letting the Greeks shrivel up and die

Mon, 06/29/2015 - 13:37 | 6250213 Soul Glow
Soul Glow's picture

When even the Estonian Prime Minister gets involved you know it's bad.

:)

Mon, 06/29/2015 - 13:40 | 6250231 Dominus Ludificatio
Dominus Ludificatio's picture

Estonian idiot says they have to pay back the principal when they cannot even pay the interest. Eternal full debt in his fucked up mind.

Mon, 06/29/2015 - 13:41 | 6250237 Max Cynical
Max Cynical's picture

I'm no forex expert...looking for some answers here.

Any reason the new Drachma can't be pegged to the Euro 1:1?

Mon, 06/29/2015 - 13:48 | 6250281 Peter K
Peter K's picture

None what so ever.

The New Drachma can be issued at 1:1 and then the market will devalue it. The value then will depend on how Greece treats the existing Euros in their banking system. If Greece does not convert the exiting Euros into Drachma (issue a parallel currency), then the Drachma will fall less. If there is a conversion, then the Drachma will fall more.

Next step is to nationalize the Greek banks. I think this will be the result of the ECB pulling the ELA plug on the Bank of Greece.

And once the banks are nationalized, it is game set match for the Euro project.

God willing...

Mon, 06/29/2015 - 14:00 | 6250354 bluskyes
bluskyes's picture

Who would trade their Euros for Drachmas?

There is noreason to believe that the current administration would be any more fiscally prudent than the last ones.

Mon, 06/29/2015 - 15:13 | 6250753 HowdyDoody
HowdyDoody's picture

Europe if they want to buy the gas coming from Russia through Greece?

 

Mon, 06/29/2015 - 14:12 | 6250423 Stevious
Stevious's picture

Yes, and no...

You're in Greece and have 500 Euros.  Will you trade those in for 500 Drachma?

Your answer will be everyone elses answer. 

Mon, 06/29/2015 - 18:41 | 6251662 Zorrohodge
Zorrohodge's picture

To peg something that is being overwhelmingly sold, you neEd to buy. And greece has no euroS to buy witH

Mon, 06/29/2015 - 13:43 | 6250255 Sorry_about_Dresden
Sorry_about_Dresden's picture

Greece, which may default on an International Monetary Fund debt repayment due on Tuesday after talks with creditors broke down, owes its official lenders 242.8 billion euros ($271 billion), according to a Reuters calculation based on official data, with Germany by far the largest creditor.

Small potatos. Why is everyone making such a big deal over such a small sum of money?

$271 billion is less than a roundine error in the German econopmic sphere. Is it not?

Mon, 06/29/2015 - 13:53 | 6250307 Peter K
Peter K's picture

The problem is that once Greek debt becomes impaired, the Eurosystem is technically insolvant.

Case in point. If the ECB's capitalization is roughly 8 billion Euros, and it holds 30+ billion in Greek paper, and that paper is impaired, the ECB will need to be recapitalized. And this is where the fun starts.

Think German Target2 liabilities and then you will understand why Merkel foulded like a cheap deck chair on the Titanic today.

Remember, the key is the debt impariment. This is the pandora's box of not only Greece, but the entire Eurozone and wider Euroland. And even wider to Japan and eventually to the US.

Mon, 06/29/2015 - 15:00 | 6250673 J Jason Djfmam
J Jason Djfmam's picture

What are the odds of what you are saying actually happening in the world we live in today?

Haven't they just said before that all the stuff you are talking about won't happen because

they are wearing magic underwear or something equally inane?

Mon, 06/29/2015 - 14:38 | 6250556 frankly scarlet
frankly scarlet's picture

Greece not paying its vampire creditors would set precedence, moral hazard and all that even though most of the debt has been fobbed off by the bankers onto the German taxpayer. Everyone will want out from under their debts. Worse the bankers and hedge fund guys have piled trillions of derivatives on top of Greek debt vehicles and Greece defaulting will cause the bets to have an outcome; meaning big winners and losers and welching by many unable to pay up, etcetera....

Mon, 06/29/2015 - 15:53 | 6250926 El Vaquero
El Vaquero's picture

One word:  Leverage

Mon, 06/29/2015 - 13:49 | 6250287 Ulludapattha
Ulludapattha's picture

Leave the Greeks alone - they have been sucked dry by the felonious lenders. First they create fictitious financials (ask Goldman Sachs on that), then they lend beyond the borrower's means, knowing full well that Greece could never service the debt, now they come for their pound of flesh.

They have looted enough. Time for them to go home now.

Mon, 06/29/2015 - 13:50 | 6250288 M.B. Drapier
M.B. Drapier's picture

Mind you, it's not too hard to feel sorry for the Estonians. Check out the total-percentage-of-GDP column on the right of this chart. Estonia, Slovenia, Slovakia ... and Malta, 5%! Spain's up there too. But of course if they want to rage at someone they'd be better off looking at whose countries' banks ended up getting the money after it had been gavaged through Greece. Thank you for your contribution to Eurozone financial stability, new EU members!

Mon, 06/29/2015 - 16:05 | 6250995 Anunnaki
Anunnaki's picture

Respectfully Disagree 1000%

Fock those herring eating idiots, they are full retard on banning trade with their former masters, so they deserve whatever they have coming

They want to take it Russia militarily. Let the Baltics choke on their fish and apples

And if Tsipras and Whatthefuckus don't go hat in hand to Russia after this default. Fock the Greeks too

Mon, 06/29/2015 - 13:51 | 6250297 Bighorn_100b
Bighorn_100b's picture

Puerto Rico, Ukraine, Greece. What do you get? Answer: A lot of unpaid bills! China stock market crashing, EU stock market crashing, U.S. stock market crashing.

Got Gold, Silver? Keep stacking!

Mon, 06/29/2015 - 14:13 | 6250428 windcatcher
windcatcher's picture

Excuse me, but do you really think that the fascist banksters that destroyed the silver and gold backed currency with fiat currency will allow you to have gold and silver when they crash the economy?

All that Caesar Obama has to do is dictate that it is illegal to own gold or silver bullion. You gold bugs should be more concerned about your democracy and the fight against corporate fascists.

Mon, 06/29/2015 - 14:30 | 6250508 Bighorn_100b
Bighorn_100b's picture

That's what guns and ammo are for. I'm ready, are you?

It's about time that the Credit Agencies took the bull by the horns!

Mon, 06/29/2015 - 14:53 | 6250648 windcatcher
windcatcher's picture

I’m with you Big Horn: lock and load for democracy.

Mon, 06/29/2015 - 16:26 | 6251108 Anunnaki
Anunnaki's picture

Better start stacking ammo now. TPP gonna make ammo very hard to get

Mon, 06/29/2015 - 14:31 | 6250519 optimator
optimator's picture

They can't stop you from having it physically long term.

Mon, 06/29/2015 - 16:01 | 6250970 Anunnaki
Anunnaki's picture

Don't be so sure, friend:

Might be time to revisit some history about physical gold or gold paper

https://en.m.wikipedia.org/wiki/Executive_Order_6102

Mon, 06/29/2015 - 14:57 | 6250605 Bighorn_100b
Bighorn_100b's picture

I only buy (BU) Silver and Gold Eagles! At last check, it's still currency. It's a win in regards to holding real gold and silver. Still has a face value of 1, 50.00.

How can the Government confiscate my own money? It's not in a bank, personally I lost it. Maybe it's next to my .45 or my .308 or 12 gauge shotgun. Do you really want to check? Heads up, it's a bad idea.

Mon, 06/29/2015 - 15:56 | 6250947 El Vaquero
El Vaquero's picture

Their power, their ability to exert physical force, lies on the back of the USD in large part.  When the economy is destroyed, they may have a short time of influence, but in the end, they won't be letting anybody do anything because they won't be in a position to stop them. 

Mon, 06/29/2015 - 13:53 | 6250305 windcatcher
windcatcher's picture

This fascist shit show is coming home to the USA.

Democracy in Greece (birthplace of western civilization and democracy) connotes a referendum, open debate and the weighing of facts as to who incurred the debt and who owns the debt. Were there corruption, bribery, and coercion of government officials involved in incurring the debt? What liability do the Greek People have for criminal debt? Is the loaner of money as responsible as the borrower of the money to fulfill reasonable completion of the contract? If the loaner of the money knew that the Greek government could never pay back the money; why did they loan them the money? Was criminal bankster entrapment involved to blindside the borrower by deceitful contracts? How much money was lost by bankster bond, securities and mortgage fraud?

If bankster criminal fraud, debt and chaos is behind the Greek financial crisis, arrest them and bring them to trial as criminals to society and if found guilty; hang the criminals and repudiate the debt.

That is what democracy is about: government of, for and by the People.

NO TO TOTALITARIAN fascism: government of, for and by the multinational corporate monopolies.

Fascist hates democracy and use the freedoms and rights of individuals in democracy to destroy democracy from within with criminal corruption.

Democracy hates totalitarian criminal fascist that destroy the “people laws” and rule with their boot on the neck of their subjects. You are no longer regarded as an individual human, but as a subject to a higher order; specifically a debt slave subject to the fascist corporate state masters.

In a democracy we have “people laws” against criminal behavior and make sure there is no criminal Diebold machines to count the votes.


Mon, 06/29/2015 - 14:08 | 6250391 Lostinfortwalton
Lostinfortwalton's picture

i always thought the riskiness of the loan was baked-in to the interest rate charged? Silly me. And how can you design the Euro sytem without providing for soverign default and/or exit from the Euro?

Mon, 06/29/2015 - 14:30 | 6250513 windcatcher
windcatcher's picture

Oh, do you mean the Euro System designed, implemented and financed by the banksters and their Counsel on Foreign Relations? CFR history as a shadow government goes back about 60 years in documentation of plotting treason to the United States and establishing a fascist New World Order.

Mon, 06/29/2015 - 16:34 | 6251137 Wahooo
Wahooo's picture

"And how can you design the Euro sytem without providing for soverign default and/or exit from the Euro?"

Same way you design a constitutional republic where states can't seceed from the union. Every now and then the threshold is exceeded and all hell breaks loose.

Mon, 06/29/2015 - 15:59 | 6250957 TeethVillage88s
TeethVillage88s's picture

Yeah. And I see some headlines that prove the point about Fascism.

-

- Boot camp for billionaires...
- Super-rich seek advice on how to maintain advantage...
http://www.ft.com/cms/s/0/a1012ac4-1c0c-11e5-8201-cbdb03d71480.html

Immigration:
- FLOOD: FEDS PREDICT ANOTHER 127,000 ILLEGALS THIS YEAR...
- Illegal charged with child pornography tells judge: 'Just deport me'...
- Honduran poses as Dentist, rips out 5 teeth from female victim...
- COULTER: Cut Off All Immigration!
- Controversy surrounds plan to import foreign workers for tech project in Montana...
- USA NOW SECOND LARGEST SPANISH-SPEAKING COUNTRY...

Anti-Trust:
- STUDY: GOOGLE Harms Consumers by Skewing Search Results...
- Violates competition laws...
- Research fuels antitrust heat for tech giant...

FASCISM:
- State Department threatens to arrest US reporter in Vienna...
http://freebeacon.com/issues/state-department-ejects-free-beacon-reporte...
- HUCKABEE: Maybe we should ask China for Lois Lerner's 'missing' emails...
- Jeb Bush dogged by decades of questions about business deals
- Five of his business associates have been convicted of crimes; one remains an international fugitive on fraud charges.

http://www.telegraph.co.uk/finance/economics/11704051/The-world-is-defen...

Mon, 06/29/2015 - 13:59 | 6250343 Joebloinvestor
Joebloinvestor's picture

This shitshow is really going to get interesting when the EU is flooded with Greek EU notes.

Mon, 06/29/2015 - 14:04 | 6250372 franzpick
franzpick's picture

Even more new daily market lows here at 156pm at DJIA 17685 and 17400 down 1.7% looking like a sieve with the next real support now at DJIA 17200 down 500 and minus 2.8% more. Mr. Market may have finally regained his voice and be ready to approach the podium:

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&insttype=&freq=1&show=&time=8

Mon, 06/29/2015 - 14:04 | 6250374 franzpick
franzpick's picture

Even more new daily market lows here at 156pm at DJIA 17685 and 17400 down 1.7% looking like a sieve with the next real support now at DJIA 17200 down 500 and minus 2.8% more. Mr. Market may have finally regained his voice and be ready to approach the podium:

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=djia&insttype=&freq=1&show=&time=8

Mon, 06/29/2015 - 14:07 | 6250393 mkey
mkey's picture

Both sides on this table are bluffing, but I think Greece holds the higher card. Eurofascists know very well what kind of events could unfold after Greece leaves the EU and/or Euro. This isn't Argentina we're talking about and I doubt they are prepared to risk it.

I think that fall of Euro has been marked on the calendar already, but this deal is probably rushing their moves too much so Europricks scramble.

Greece may be a 1% of EU economy overall, but this Ponzi scheme (btw, good old Ponzi never even pictured something like this so people are really pushing it when they refer to him when describing these SHTF scenarios) is very unstable and if a bunch of derivatives tied to Greece debt get regurgitated, who knows what could happen.

Two epic things we may see in the near future:

1. Greece gets out and sets off to real economic recovery, accompanied by fiscal responsibility. Other failed EU "nation statets" spam the like button and follow suit.

2. Greece starts printing their own money. Only thinking about this makes me hard. Whoever ends up pulling this stunt will be assassinated by a lone crazed gunman, that's for certain, but you can't make an omelette without breaking some eggs.

All in all, good game.

Mon, 06/29/2015 - 18:20 | 6251583 seataka
seataka's picture

Bernie Madoff's last words to the cameras as he was hauled off to jail in handcuffs were:

"IT'S ALL JUST A BIG PONZI"

 

 

Mon, 06/29/2015 - 20:07 | 6251933 Anunnaki
Anunnaki's picture

When Superjew Madoff was asked if he had anything to say to his victims he sad: "Yeah. FUCK 'em"

This guy ripped off Holocaust survivors, Spielberg and a whole bunch of other dual citizen types

In a just world some inmate should give him another bris

Mon, 06/29/2015 - 14:09 | 6250405 DFCtomm
DFCtomm's picture

Greece can't be allowed to leave, someone will blink.

Mon, 06/29/2015 - 14:10 | 6250411 Lostinfortwalton
Lostinfortwalton's picture

That sound you hear are the Swiss laughing their asses off; no EU, no Euro, no NATO.

Mon, 06/29/2015 - 14:11 | 6250414 Panic Mode
Panic Mode's picture

Bet you, the very next day they will announce joining Russia.

Mon, 06/29/2015 - 14:13 | 6250430 kublia khan
kublia khan's picture

calling Alves Ries....you skills are need in greece.

Mon, 06/29/2015 - 14:16 | 6250446 frankly scarlet
frankly scarlet's picture

unrepayable and odious debts will not be repaid. Greece now has its whole future in front of it to either get it right this time or fail again at the hands of bankers.

Mon, 06/29/2015 - 14:26 | 6250492 gwar5
gwar5's picture

Me! me! me!......  I volunteer to be the one who gets to go and tell the IMF that Greece defaults.

Mon, 06/29/2015 - 18:58 | 6251744 shovelhead
shovelhead's picture

A wild guess.

You're Mike Kelly, right?

And you need some clics, right?

 

Mon, 06/29/2015 - 14:50 | 6250641 Berspankme
Berspankme's picture

Does anybody seriosly think any of the sovereign debt of the USA (18T) will be paid back? Things that are unsustainable don't

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