The Greferendum Shocker: Tsipras "Intended To Lose" And Is Now "Trapped By His Success"

Tyler Durden's picture

Call it game theory gone horribly chaos theory.

It all started with a report by the Telegraph's Ambrose Evans-Pritchard, whose release of on the record comments by Yanis Varoufakis (which we noted was rather surprising) that Greece was contemplating a parallel currency and potentially nationalizing Greek banks over the weekend, was supposedly the catalyst that got the Greek finmin fired. As a reminder, this is what Varoufakis told AEP on Sunday night: "If necessary... issue parallel liquidity and California-style IOU's, in an electronic form. We should have done it a week ago." And this is what the WSJ said on Monday morning:

... the premier decided to act after Mr. Varoufakis told a U.K. newspaper late Sunday that Greece might introduce a parallel currency and electronic IOUs similar to those issued previously in California. Mr. Varoufakis quickly backtracked on his comments to the Daily Telegraph, but his prime minister had had enough, the people familiar with the matter say.

That was the first indication that the wheels had officially come off the Greek wagon.

Moments ago, we got confirmation of just that, when in another surprising twist it was again the Telegraph's Evans-Pritchard who reported that the Greek prime minister who decisively and unexpectedly pushed for a referendum on the last weekend of June, "never expected to win Sunday's referendum on EMU bail-out terms, let alone to preside over a blazing national revolt against foreign control."

He got just that, and in a landslide vote at that even though "he called the snap vote with the expectation - and intention - of losing it."

Also according to the Telegraph, "the plan was to put up a good fight, accept honourable defeat, and hand over the keys of the Maximos Mansion, leaving it to others to implement the June 25th "ultimatum" and suffer the opprobrium."

He had good reason: according to another Varoufakis quote provided by AEP, "[the Troika] just didn't want us to sign. They had already decided to push us out."  In other words, as we speculated in mid-June, the only question was who gets stuck with the blame, and when Tsipras called the referendum, he made it quite easy for Europe; it was even easier when Greece collectively voted "Oxi" to a referendum spun in Europe as one whether or not to remain in the Eurozone.

There is more: with Tsipras having already checked out it was a case of "after me, the flood"

This ultimatum came as shock to the Greek cabinet. They thought they were on the cusp of a deal, bad though it was. Mr Tsipras had already made the decision to acquiesce to austerity demands, recognizing that Syriza had failed to bring about a debtors' cartel of southern EMU states and had seriously misjudged the mood across the eurozone.

But it is what happened next that took everyone by surprise: "Syriza called the referendum. To their consternation, they won, igniting the great Greek revolt of 2015, the moment when the people finally issued a primal scream, daubed their war paint, and formed the hoplite phalanx."

Suddenly the stakes are even higher for Tsipras, who is "now trapped by his success." According to Costas Lapavitsas, a Syriza MP, "the referendum has its own dynamic. People will revolt if he comes back from Brussels with a shoddy compromise."

Ironically, that is precisely why the market soared today after it tumbled early in the morning, because it appeared that the Greek finmin was doing just: accepting a shoddy compromise. Of course, it wouldn't be the first time: the Greeks had come home with "compromise" deals on many previous occasions only to have Syriza tear them apart. And this time the stakes are higher not only for Tsipras but the entire party, which realizes it faces a mutiny by the people, mostly the young ones, those with little to lose, if some 60% of them voted against a deal "at any cost" just to see the government fall back to just such an outcome.

The Syriza MP Lapavitsas is correct when he says that  "Tsipras doesn't want to take the path of Grexit, but I think he realizes that this is now what lies straight ahead of him."

In some ways Tsipras tried to backtrack: "The prime minister was reportedly told that the time had come to choose, either he should seize on the momentum of the 61pc landslide vote, and take the fight to the Eurogroup, or yield to the creditor demands - and give up the volatile Mr Varoufakis in the process as a token of good faith."

What would happen if Tsipras did decide to stick it to Europe, launch a parallel currency, sack the legacy central banker and nationalize the insolvent banks? We already laid out the key points previously but here it is again:

They would "requisition" the Bank of Greece and sack the governor under emergency national laws. The estimated €17bn of reserves still stashed away in various branches of the central bank would be seized.


They would issue parallel liquidity and California-style IOUs denominated in euros to keep the banking system afloat, backed by an appeal to the European Court of Justice to throw the other side off balance, all the while asserting Greece's full legal rights as a member of the eurozone. If the creditors forced Grexit, they - not Greece - would be acting illegally, with implications for tort contracts in London, New York, and even Frankfurt.


They would impose a haircut on €27bn of Greek bonds held by the ECB, and deemed 'odious debt' by some since the original purchases were undertaken by the ECB to save French and German banks, forestalling a market debt restructuring that would otherwise have have happened.

None of that happened, instead Greece is now in full chaos mode.

Events are now spinning out of control. The banks remain shut. The ECB has maintained its liquidity freeze, and through its inaction is asphyxiating the banking system.


Factories are shutting down across the country as stocks of raw materials run out and containers full of vitally-needed imports clog up Greek ports. Companies cannot pay their suppliers because external transfers are blocked. Private scrip currencies are starting to appear as firms retreat to semi-barter outside the banking system.

However, it is not just Greece which is sliding into total chaos - so is Europe itself, where the splits are becoming so obvious none other than the head of the German Institute for Economic Research said "What Is Happening Now Is A Defeat For Germany."

The entire leadership of the eurozone warned before the referendum that a 'No' vote would lead to ejection from the euro, never supposing that they might have to face exactly this. Jean-Claude Juncker, the European Commission's chief, had the wit to make light of his retreat. “We have to put our little egos, in my case a very large ego, away, and deal with situation we face,” he said.


France's prime minister Manuel Valls said Grexit and the rupture of monetary union must be prevented as the highest strategic imperative. "We cannot let Greece leave the eurozone. Nobody can say today what the political consequences would be, what would be the reaction of the Greek people," he said.


French leaders are working in concert with the White House. Washington is bringing its immense diplomatic power to bear, calling openly on the EU to put "Greece on a path toward debt sustainability" and sort out the festering problem once and for all.


The Franco-American push is backed by Italy's Matteo Renzi, who said the eurozone has to go back to the drawing board and rethink its whole austerity doctrine after the democratic revolt in Greece. He too now backs debt relief for Greece.

However, as if oblivious to these terminal developments within her own union, Merkel is already pushing onward and discussing plans for humanitarian aide and balance of payments support for the drachma: if there was any clearer indication that the Eurozone has been an abject failure, it would be the treatment of one of its member states as a 3rd world African banana republic even before it formally withdrew from its quasi-prison.

Some within Syriza realize that it is all coming to an end, no matter if the can is kicked one more time (which it increasingly looks like it may be despite the referendum's landslide vote):

Mr Lapavitsas said Europe's own survival as civilisational force in the world is what is really at stake. "Europe has not show much wisdom over the last century. It launched two world wars and had to be saved by the Americans," he said


"Now with the creation of monetary union it has acted with such foolishness, and created such a disaster, that it is putting the very union in doubt, and this time there will be no saviour. It is the last throw of the dice for Europe," he said.

... and yet, in the very end, the Greek prime minister who bluffed and unexpectedly won, now appears willing to concede just about everything to Merkel. Because even if the Telegraph's entire article is based purely on speculation, it doesn't explain the easy with which Tsipras seems to have folded not only on implementing reform as part of the harsher deal proposed by Merkel, but his admission that further debt relief now appears unlikely:


And from the president of the European Council:

Because in the end money talks, in this case €120 billion in hijacked unsecured liabilities known "deposits" and politicians walk. As for those millions of Greeks who gave Europe the symbolic middle finger on Sunday, their reaction when they just find out they were sold down the river once again will be all that matters.

Yet in the end, Varoufakis' line may again be the most important one: "they had already decided to push us out." If true, then as Juncker threatened earlier not only will the last day for the Greek government be Monday, but so will the last day for Greece in the Eurozone.

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wendigo's picture
wendigo (not verified) Jul 7, 2015 5:34 PM

Well, sucks for him. In a few months it will probably suck for me too. 

knukles's picture

The Law of Unintended Don't Wish for What You Want Because You Just Might Get Something or Other.
Poor guy shoulda done a McCain bus exploration trip to find out what his subjects wanted.
              yes thats a sarc because he's already supposed to know

TahoeBilly2012's picture

"You know, at heart I am really just a socialist pussy...I didn't really mean to strap on a set of nuts...."

usednabused's picture

He seems like a genuine piece of shit. Real similar to Obama. Maybe thats why they're phone buddies.

Pinto Currency's picture



So we're merely watching theater as these politicians plan the break-down of the nation state.


ZerOhead's picture

Correct Pinto. This smells worse than a bowl of 5 day old sun-ripened calamari.

I smell GLOBALISTS at work.

kaiserhoff's picture

From the telegraph, but just crazy enough to be true.

Cliff Claven Cheers's picture

From:    THis was in an actual email obtained from the CDC.  Me thinks someone or someones are about to get fired.

Captain Debtcrash's picture
Captain Debtcrash (not verified) Cliff Claven Cheers Jul 7, 2015 6:18 PM

There it is folks, one of our leaders letting the truth slip out, he has no clue what he is doing.  Now the stakes were huge here and we have not clue what the results will be, but what about when the repercussions of our "leaders" are based on failed ideologies and have even bigger repercussions.  

COSMOS's picture

Ambrose Evans on coffee break outside the Telegraph copy office.  Always remember who your editors are.


Cliff Claven Cheers's picture

I was OT so you might as well be also.  The original link I posted was to Judicial Watch not the Telegraph, but hey what the heck run with it for your agenda.  Please try to stay on the correct off topic.

COSMOS's picture

Claven you obviously are one of the fools in that picture who thinks the world Revolves around them.  I was not off topic and was not commenting on your comment.  Read the top of the ZH story and see that the info is from Ambrose of the Telegraph.  I would not consider myself off topic, but you certainly are.  Sounds to me like you are about to lose it and go Postal.

i_call_you_my_base's picture

I don't believe him. If they wanted to lose they could have worded the referendum differently. It was picked to win, not lose. He could've lost it if he wanted.

Pinto Currency's picture





gatorengineer's picture

There are games within games.  Perhaps the plan was to give them no choice but to pivot to Russia all along....?  This smells way too much of Western Propoganda, which will likely backfire.


What a PR coup this will be for the BRICS and anti-globalists, if the Evil Germans kick the starving Greeks out, and Mother Russian and the Chinks come to the rescue.... Boyaaah.......

Pinto Currency's picture



Greece doesn't need to join any block.

They could issue a new stable drachma with silver backing.

Not likely to be well received:

Cliff Claven Cheers's picture

Cosmos, sorry, my agenda was to throw in some funny and I did not realize the damn jews were at it again, thanks for correcting me and getting me back on topic, I mean agenda.

Richard Chesler's picture

Just another example of the type of morally corrupt fuck that runs/whores for important  gov. jobs.

"Obongo claps with raised golf club"



COSMOS's picture

'Damn' Cliff you are going postal.

MontgomeryScott's picture

In the FINE print of the article:

"French leaders are working in concert with the White House. Washington is bringing its immense diplomatic power to bear, calling openly on the EU to put "Greece on a path toward debt sustainability"."


The French and the Americans WANT GREECE to sustain current DEBT LEVELS. (HELL, they want the WHOLE WORLD to stay in debt!)


Does anyone else see something wrong with this 'future', COSMOS?


Let's see. WHO runs the ficancial 'central banking' institutions in these nations? Can you name the names? WHAT are the families, again, and WHERE did they come from, again? I seem to have FORGOTTEN...

The truth must really SUCK when you haven't been made aware of it, COSMOS.

Fucking KIKES...

Automatic Choke's picture



...wait.  is this The Onion, or is this Zero Hedge?  Did my browser get screwed up?


Save_America1st's picture

soak it all in...and remember it as the dominoes continue to fall all through Europe, credit seizes again like it did in 2008/9, markets crash multiple times worse than they did at those same times, your 401k's and IRA's get murdered worse than 50% all over again...and the dollar gets wiped out along with all other fiat currencies from the hundreds of Trillions of CDS's and CDO's and bonds world-wide that are all tied together in this astronomical Ponzi scheme.


Once again...asking over and over and over again...Get out of the banking system now as best and as much as you can and get your ass to stacking supplies and physical silver.


Because there's a word you're going to get to know very well which is going to dominate your life after the shit hits the fan, and that word is "CONTAGION". 


Everything...all debt is tied together all around the world.  The powers that be have next to nothing left in the tank to keep papering over their debt and derivatives...and that means the CONTAGION...just like the Ebola virus is going to sweep through all world markets like a hot knife through a hot virus chowing through everything it comes into contact with causing it all to bleed out in a very bad way.


It's going to kill a lot of people.  Because when the markets die, people will die...big time. 


But if you gear up now and get ready for it you just may have a fighting chance to survive it to the other side...because it's not a matter of "if" anymore...but a very short matter of "when" the CONTAGION begins to eat its way through everything around the world...and you will be more prepared than 90% of the rest of the people around you who can barely even tie their own shoes much less understand the world geo-political and economic concepts and dangers that will directly affect all our lives in a very deadly manner in the not too very distant future.


Ignore all these warning signs at your own peril. 


The only thing I can attribute the act of NOT preparing for this inevitability at this point would be utter ignorance, denial and/or the act of deliberate suicide.

bunzbunzbunz's picture

Blah blah. What's not crashing? Bitcoin - have some for free:

fx's picture

If this isn't a smear campaign hit piece then what is?

It has so many contradictions that I wonder that so many people at zh really take it serious. Goes to show how easy it is to manipulate people. from tsipras supporters to "fuck this guy" all it takes seems to be one wildly speculative article by some  Evans-Prick-hard. Go figure!

Wouldn't be surprised if he laughs his ass out about anyone who took this story at face value. It reads like fiction, written in a haste and by making things up from one line to line to the next.

BitchezGonnaBitch's picture

British press trolls on. Another day, another load of crap right on the front page. Never trust MSM, never. 

J Jason Djfmam's picture

What's the plan? Throw everybody over 40 into the wood chipper?

willwork4food's picture

Exactly. "Evil Western Bankers demanding their money or elsel", or kind hearted BRICS underdogs of the EAST offereing a hand.

By this time next week Greece will be part of the BRICS economy. I would dare say they will veto NATO too.

conscious being's picture

Ambrose was kind of an activist when he was going after the Vince Foster story. Then he shut down, disappeared and reincarnated as a financial journalist. Raises a lot of questions to me, like after you've seen the naked evil in action, how do you go back to just playing along, "reporting"?

PrayingMantis's picture




... "It all started with a report by the Telegraph's Ambrose Evans-Pritchard..."

... ...'Telegraph'... 'Ambrose Evans-Pritchard' ... is the story believable? ... ... a tabloid trickery?  or simply the work of a 'smear artist'? ...


... is he a 'British Intelligence asset'? ...

"British Intelligence asset Ambrose Evans-Pritchard was deployed to the United States at the end of 1992, following the election of Bill Clinton, under the cover of serving as the Washington correspondent for the Sunday Telegraph of London.   Following in the tradition of his father, the famous anthropologist Edward Evan Evans-Pritchard, Ambrose came to the United States to profile the U.S. population—not only to study the citizenry, but also to determine how to mobilize the “indigenous” population against its own government.  By the time Pritchard left the United States, about a year ago, he was reduced to publicly defending himself against EIR’s charges. “Let me state for the record that I was not sent to Washington as part of a British government plot to
destabilize the Clinton administration in revenge for U.S. meddling in Ulster,” Pritchard wrote in the April 20, 1997 Sunday Telegraph. “Or at least, I don’t think I was.” ..."

...'British scandal-monger'? ...

... It’s very difficult for a journalist to write that type of book about their own country; they can’t continue to operate and function, as a journalist. If I did this in London, about the British power structure, I really couldn’t continue to work there.
—Ambrose Evans-Pritchard, C-SPAN, Oct. 26, 1997


... source: "Ambrose Evans-Pritchard: the hyphenated hoaxster" >>>


... I wonder who is currently yanking his dog leash  ...

ajax's picture



You want more proof of The Daily Torygraph manipulation?

What is this with Ambrose-Pritchard anyway? If I wanted to sniff his breath I'd be over at Naked Capitalism.

COSMOS's picture

Ajax don't publish the truth Cliff may  just start stalking you.

angel_of_joy's picture

AEP is the perfect officially sanctioned media troll. It would fit perfectly withinin The Economist establishment rag, except I suspect he wants way more money and... recognition ;) 

Ghordius's picture

interestingly, AEP is the most vocal "EUR-basher" among British journalists. how do you square that?

Quus Ant's picture

discredit Tsipras through hit pieces like this one.

Collapse the Greek banking system plunging the country into turmoil.

Proffer a savior with a solution. 


The unpalatable "shitty deal"  will taste like summer wine.

Renfield's picture

You, Mantis, and Pinto have it right.

"Tsipras wanted to lose" - I never heard such obvious bullshit in my life. Suuuure, Tspiras WANTED to lose -- which is why he protected the integrity of the vote, worded a clear question, did not give the MSM any euro-positive soundbites, and also insisted that Greece could not pay ALL THIS TIME instead of selling out to the eurocrats at any point along the way. Oh, and why he made all those speeches about the Greeks taking Europe back from the people and The Bell Tolls For You. He was just pretending the whole time! Tyler, do you have an attention span of more than 5 minutes on this Greek stuff?

Do you have any - ANY - evidence at all for such a claim, or are you simply believing the MSM as usual? Even a shred of evidence will do. Hint: a tardly claim from an MSM rag is NOT evidence.

Memo, no? Government source, no? ANYONE Greek or within 100 yards of the negotiating team, no? Speech by Tsipras, no? Monkeying with the vote count, no? OK, so it looks like this is all: Bullshit. SON O' Bullshit.

Tyler is carrying water for the ECB propaganda team. Again. 'Smatter, Tyler, that USD/EUR investment not working out as well as you hoped? Or do you just enjoy bankster cock.

Article gets a "1". Really, Tyler, you need to get your head out of your ass and apply some damn LOGIC. Stop being such a credulous fool.

3 much better articles, here:

Jonathan Perkins says Greece is definitely being "hit". This is obvious, and I agree 100%. Shame on Tyler for uncritically promoting economic hitman propaganda.

PS: Refresher on Tsipras' warning: The Bell Tolls For Europe

But yeah, secretly all this time he WANTED the Greeks to vote for slavery to the banksters...!!! Tyler, Tyler, lift your damn game. If you're gonna fall for propaganda, at least wait for the less OBVIOUS stuff, can ya do that for me? This doesn't even have the usual MSM anonymous 'sources' behind it for God's sake.

fx's picture

+10.000!! Bravo, Renfield!!

One or two more pieces of this propaganda bullshit that Tyler endorses (where are the cirical questions here that he usually asks ?) and zh will be a closed case for me. Sorry and sad to say it, because I really enjyoed the site. But it seems after becoming an ABC media outfit it has come full circle now. A bit more of this garbage and we can say RIP, zerohedge.

samjam7's picture


My thought, this article literally makes no sense at all. Politicians want to stay in power, that's their very esence. And I'm sure Tsipras will try to do the same and if he had wanted a deal he could have had it on June either he's super naive and did everything Varoufakis told him to, which I don't think or we have the typical MSM article posted by Tyler to confuse everyone. 

newdoobie's picture

If he wanted to lose, he wouldn't have raved about the the release of the IMF docs stating that Greek debt was unsustainable.

ZippyDooDah's picture

On the other hand, why did Varufakis have to leave office, if the intent was to win?

philipat's picture

There is clearly a lot of diplomatic pressure from Washington, otherwise the IMF would not have come out pre-referndum in support of debt re-structuring. Washington obviously doesn't want to see Greece, a NATO member, fall into the open arms of Russia and China.

So the interesting thing here is that Merkel seems to be standing firm. Perhaps she is just waiting for The Fed to foot the bill but, hopefully, it MIGHT indicate that Europe is finally prepared to chart an independent course, which MIGHT be the beginning of an independent foreign policy? If so, then something positive might have resulted from this mess?

conscious being's picture

Merkel is useless. Its the rest of the Germans pushing for independence that she's trying to reconcile with her role as fat, slouching, bankster whore.

datura's picture

wow, I just cant believe that Merkel would really have the courage to kick Greece out??? I wont believe it, till it really happens. It would be a miracle. And it could also mean that Germany now really IS with Russia. One of such signs was when Germany allowed their EON energy company to make the agreement with Russia about the new gas pipeline directly from Russia to Germany. Putin obviously bribed Germans with - "Hey, what if we will make you (Germany) the energy hub of Europe as well, not just Greece (which is unreliable anyway). And you will have the direct access to our gas without any country being able to cut it off!"  This must have been something Germans could not refuse, no matter what pressure from Washington. And it must have bloated their self-confidence:-) Some American journalists already called this recent gas deal between Russia and Germany the "new Molotov-Ribbentrop gas pact." How funny. Well, we shall see.... 

MontgomeryScott's picture

That is a very interesting thought.

Fucking 1984-ish, in fact.

'We have ALWAYS been at war with EURASIA'!


     Exxon-Mobil, in cooperation with British Petroleum, and your corporate sponsors such as the Bill and Melinda gates Foundation; vaccinating Africans (for the children)

Handful of Dust's picture

I'm sure Corzine's pissed if he loses even a penny of his Loot. However, as long as the Wall Street Crooks do not go to jail, the frauds, theft, and laughter [by them] will continue.

Pinto Currency's picture



Reuters that breathlessly warned us about Syrian poison gas attacks.

conscious being's picture

Corzine did not lose a penny of his loot. From the Reuters link

"All denied wrongdoing, and their insurers will cover the settlement payments, court papers show."

MontgomeryScott's picture

I am curious as to the names of the 're-insurers' that are left with the bill; and which institution 're-packaged' this 'RISK ASSET'.

Of course, I am wildly speculating, but is American International Group (or one of the subsidiaries thereof) involved? Weren't they the ones that got the MAJORITY of the FIRST bail-out under Bush the Younger, back in 2008; because of 'speculative losses' (like underwriting crooked cocksuckers like John Corzine)?

Gerald Celente (and the Stupid Sheople Private Investors Of The American Public) deserves to know why Johnny-Boi ('Guido') Corzine skated the LAST TIME ('MF Global',, as well as THIS time.

OF COURSE, there was no 'wrong-doing'. It was a 'failure of imagination' (classic excuse, used during the 9/11 hearings), combined with the 'Dyson-Boson Effect of Unpredictability of the Emotional Reactionary Time-Diluted Cross-Current of Herd Mentality in High-Risk Investment Trading Strategies For The Long Term' which caused a few to profit enormously; while most were left thinking their investments were 'safe'; only to find that they had lost EVERYTHING.SEE! Everything is, as it should be!

You, you simple, enedumacated 'being', simply cannot grasp the 'larger truth'. FERENGI RULES OF AQUISITION, #31: If you can't dazzle them with your brilliance, BAFFLE THEM WITH HIGH-SOUNDING LEGALISTIC SCIENTIFIC BULLSHIT!


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