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The Latest Out Of Europe: "Pretty Steady Level Of Shittiness"
Moments ago, after yet another weekend in which Europe was said to have given Greece yet another "absolutely final" deadline in which to agree to deal terms, terms which now Europe can't agree on, when after five years of recovery we found out that the Greek economy is so bad it will have to put in escrow some €50 billion in assets to preserve the ECB's financial lifeline of its banks which just in October of 2014 passed the same ECB's "stress test" with flying colors, we had a revelation:
We may have hit peak bullshit
— zerohedge (@zerohedge) July 12, 2015
Turns out, we weren't too far off. This is how Sky News' Ed Conway summarized the events to date:
Me: How are the talks going?
EU source: "Shitty."
Me: "Getting more shitty or less?"
Source: "Pretty steady level of shittiness"
#Greece
— Ed Conway (@EdConwaySky) July 12, 2015
So for those who still care, where do we stand now? Before answer that, here is a rather florid visual of what happened just last night, when Germany's Schauble, seemingly pushed into a demonic fit of existential rage with Greece, decided to unilaterally tear apart the Eurozone just to teach Athens a lesson.
According to Reuters, what happened during last night's Eurogroup finmin meeting which concluded without a deal, is that in a "tough, even violent" atmosphere, in the words of one participant, after an overnight break the German and French finance chiefs, Wolfgang Schaeuble and Michel Sapin, sat down to clear the air between them before resuming on Sunday.
Schaeuble also crossed swords with ECB governor Mario Draghi, snapping at the Italian central banker "I'm not stupid!"
"It was crazy, a kindergarten," said a source describing the overall course of nine hours of talks on Saturday among weary ministers attending their sixth emergency Eurogroup in three weeks. "Bad emotions have completely taken over."
Schaeuble and others seemed to favour a "Grexit", another participant said. The European Central Bank's Draghi seemed "the strongest European" in the room, most opposed to the risky experiment of cutting Greece loose and braving Schaeuble's ire by interrupting him during a discussion on Athens' debt burden.
The new Greek finmin was calm, appearing resigned to whatever his country's fate would be:
By contrast, Greek Finance Euclid Tsakalotos, appointed last week in place of the often provocative Yanis Varoufakis, seemed calm and expressed a willingness to take steps to convince creditors Athens could be trusted to implement budget and economic reform measures to unlock tens of billions of euros.
At one point a fellow minister turned to Tsakalotos and told him to ignore the rows raging around him: "Don't worry Euclid," he said. "It's not your problem any more, it's theirs."
But while the future of Greece is now open-ended, with emotions overruling logic and certainly financial interests, the one things that will be the legacy of this weekend's European summit is that the fissure right across the center of Europe is now plain for all to see:
"Schaeuble's positions are irresponsible and can bring disaster," said Gianni Pittella, an ally of Italian Prime Minister Matteo Renzi. Leader of the centre-left bloc in the European Parliament, Pittella spoke at a meeting in Brussels.
That reflects something of a left-right split across Europe.
French President Francois Hollande's Socialist party issued a comradely appeal to Sigmar Gabriel, the German Social Democrat leader who sits as deputy to conservative Chancellor Angela Merkel in a coalition. It said: "The peoples of Europe do not understand the increasingly hardline position taken by Germany."
Gabriel, also in Brussels, said he aimed to keep Greece in the euro and stressed that France and Germany, traditionally the twin motors of European integration, would work together.
In Berlin and Paris, officials have played down differences in tone on Greece, stressing that Merkel and Hollande must sell their decisions to different national constituencies.
Of course, all of this is meaningless: in Europe it has always been, and always will be, Germany's way or the autobahn. Don't like it, don't let the door hit you on the way out, especially since it still appears confusing to all but Germany that the biggest beneficiary of the Eurozone was the German export sector.
As for almost everyone else, well... ask the Greeks.
Anyway, that was last night. Where are we now, as the European summit of leaders is currently entering 2am in the morning?
Well, some good news: outright talk of Grexit, and a 5 year "time out" appear to have dropped out of the draft.
#Greece was close to signing the creditors' proposal before ideas of euro time-out and privatization fund were tabled - EU source
— Jarno Hartikainen (@JarnoHa) July 12, 2015
Which may help Greece but it still doesn't explain how Tsipras will pass into law the Draconian measures demanded of Greece especially since there are purely logistical hurdles which can't be forced:
#Greece says can't pass legal system reforms & rules for dealing w/ bank failures by July 15, asks for week extension http://t.co/84fEtKhPj6
— Tara Palmeri (@tarapalmeri) July 12, 2015
But "time out" or not, that "other" demand for a Greek €50 billion escrow pre-privatization fund appears to remain. And the biggest irony: now it is the IMF itself which is spraying doubts Greece can ever deliver on this...
#EuroSummit has doubts over 50 bn€ privatization target. IMF don't think it's realistic. - EU source
— Jarno Hartikainen (@JarnoHa) July 12, 2015
... the same IMF which in 2011 came up with the same privatization target, only to be severely disappointed:
As for the biggest question of the night, namely where will Greece obtain the funding assuming Tsipras can pass through parliament the latest and harshest Eurogroup term sheet yet, at this point it is better not to ask too many questions, because while the Greek program envisions €86 billion in funding needs over 3 years, it also projects a whopping €22 billion in August alone!
Greece needs an infusion of 22 billion euros ($25 billion) to pay its bills through the end of August, Maltese Finance Minister Edward Scicluna said.
This figure includes 7 billion euros by July 20, when Greece owes about 3.5 billion euros to the European Central Bank, Scicluna said in an interview. It includes 10 billion euros for banks and 5 billion euros for other needs. He spoke on the sidelines of Sunday’s euro-area summit after finance chiefs concluded their session.
As Zero Hedge first noted even with the full Third Bailout paid in full, an amount of debt that would bring its total debt/GDP over 200%, Greece will likely be at the same bargaining table in a few months, only this time with its prized assets already pledged as secured collateral to a loan which will, drumroll, be used to repay the Troika, and with virtually nothing left over for the Greek people. This is about as close to an example of aggravated asset-stripping of a bankrupt debtor without the debtor of even having the benefit of being in default, as one can find in real life.
Some have suggested a combination of EFSF funding, others have said French bilateral loans (subsequently denied), but the reality is that this is irrelevant: if new money comes it will be secured from day one with Greek assets. In other words, any new money coming to Greece will be in the form of a DIP loan, secured with liens on tangible assets and when (not if) Greece is unable to repay, the creditors - who have created paper out of thin air - will be first to collect all too real Greek assets held in escrow in a Luxembourg subsidiary.
So what happens next? Well, Tsipras may finally be granted permission to go back to Athens and try to sell this disastrous "deal" to his people, but not for a few hours more.
"Will probably take some more hours." #EuroSummit
— Stefan Leifert (@StefanLeifert) July 12, 2015
We expect some resolution around first light this morning, and while another Greek can kicking and some last-moment "hope" is surely in the cards, we know two things: Greece is officially finished - there is no way the Tsipras or any other government can politicall recover after such a humiliating spectacle when half of Europe made a mockery of the Greek people; and perhaps better, we finally have seen the true face of Europe: visible only when things are finally falling apart.
It is a very ugly face as Greece, where the #ThisIsACoup hashtag is now trending, have finally realized.
And somehow we doubt, if asked or otherwise, they will want to be a part of it ever again.... and not just Greece but every other country in Europe as well.
The #Eurogroup right now. pic.twitter.com/lxcqTfgM88
— Theodora Oikonomides (@IrateGreek) July 11, 2015
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Fourth Reich baby
The USA will party like the Greeks....the Karma pile has grown smelly and ripe http://vimeo.com/132616261
I see green shoots.
Money shot:
Great job, Tyler! As with all deals, always pay attention to the use of proceeds.
Leave it to The Economist to portray aggravated asset-stripping of a bankrupt debtor nation as, "a huge opportunity for governments."
So much for "internal devaluation."
That was the original plan, yes?
Sure seems like France is the fly in that Oinkment right now.
Vienna seems happy.
Not sure I want to know...though they sure knew what it meant to "run the Balkans" for a long time.
So Berlin, Vienna and Paris it is.
The U.S. position is crystal clear: War with Putin.
Unless and until you vote for Donald Trump ...I find it hard to believe that that will change would appear.
Talk about a mess.
"The Torch is passing." A lot of folks folks "see" are going to start being changed for "new folks."
I'm already old and I can tell...this future is already a lot different from the past.
Now back to my Carrots and Carrot Juice...
They waited too long.
It's too late to "blink".
The Greeks should try to delay this another week. That way, when Ukraine blows, everyone's attention will be focused on that as the world economy circles the drain. The EU probably wants to get Greece resolved before that happens so that when they start throwing 10's of billions at Ukraine, the Greeks won't have a leg to stand on, even though the rank hypocricy of the EU will be evident to all.
Europe has been doing this shit for the past 5,000 years. For anyone to think some stupid blue & yellow flag would unite the continent is naïve.
That being said, I am rather surprised Ghordo is using the word "shitty" in communication.
Not during Pax Britannica, mate. No shit.
Like Irish weather = If you don't like the weather now, just wait 5 minutes!
How biblical to give Tsipras three days to resurrect himself and Greece from the dead after the Troika ( New Roman Empire) CRUCIFIED him!
Schaeuble fits the part of Pilot perfectly trying to wash his hands of the fate of Greece saying it will only be a five year suspension.
Same as it ever was!
A deal between Greece and the creditors has just been announced.
The Spice must flow therefore the can must be kicked. The money will be printed out of thin air....tens of billions moar. It is the default solution time and time again. The debt levels grow yet again. What a shitshow.
Greece is too important from a geopolitical and strategic perspective to be cut loose, so these strings of last-minute/11th hour deals do not surprise me.
The underlying problem hasn't been solved, however. Tsipras calls the measures he has had to agree to "recessionary", and there appears to be a large emphasis on privatisations. This agreement may prove very difficult to implement.
I normally don't like your comments- - but this is spot on.
If the Greek Parliment goes for it -- the political parties who vote against it (Communists & Nazis) will reap huge gains from the electorate.
Tsipras' tough deal is going to keep the Independent Greeks under control over the next few months.
I find this latest proposal utterly bizarre.
By asking Tsipras to go against the mandate on which he was elected "no more austerity" and to then fatigue the Greek leadership to the point of capitulation, forcing them to implement a harsh austerity package less than two weeks after a landslide referendum which rejected just such a package...
The EU is enforcing a short term economic fix, but planting the seeds of a drastic long-term geopolitical backlash.
Syriza has totally failed to deliver.
This almost guarantees that the Greek electorate will turn to some kind of Neo-Nazi warmonger. The EU is forcing the Greek electorate into an ever more radical and politically extreme position.
How long until we see Greek terrorists in the Bundestag?
We shall soon see if Syriza survives come Wednesday. If not, the game may well end up in a Greek military takeover...with forced implementation of the EU agreement through the barrel of a gun. It may be the only way for Greece to force change.
in other words : nothing special...
victoria nuland came in march to make adjustments in athens and make sure the triggers been placed correctly, assume the non sense " 5 years timeout" joke as the last before some serious moves on the chessboard to come : the assurance greece stay in nato to protect south gates of europ from mid-east & asia...
300bn vs china 3500bn is nothing ( 10% ) but the usa campain to surround russia is not possible with such greek breach in the wall...
europe and EU insitutions and eurozone are pawns at this global scale of strategy.
you breach south gate you have backdoor for war, just inacceptable, from this point of view, dominating all others political and financial bullshits,
greek will remain in eu + nato and eurozone just because it is a domino.
no euro = no europ, no europ = leave nato protectorat = go east, making situation extremly dangerous for europ and overall usa global russia wargame.
greeks in condemned and nothing is going to change. so obvious...
syriza will be blamed for nazism or raping young childs or something to get rid of them.
The agreement won't be implemented, just as none of the others were.
Greece owes 350B
The meal bill for all the meetings over Greece over the many years this has been going on must run in the billions
You then have accommodation, Transport, boose, translation costs, and labour etc etc etc.
Can you imagine how many percentage points would be lost on the European GDP if Greece .............was not in trouble?
If anything Greece is subbing the Euro economy..........................If I was Greece I would have insisted all meetings take place in Greece..................problem fixed.
What a circle jerk
"Europe has been doing this shit for the past 5,000 years."
imho Europe has done worse shit then having shouting matches at international meetings. Give me shitty meetings (with ministers wading and throwing shit to each other) over brilliant wars any day
"For anyone to think some stupid blue & yellow flag would unite the continent is naïve."
The gold starred blue flag has many faults, but nobody is asked to swear allegiance to it, last time I checked. In Denmark it's still illegal to display any flag except the Danish one, the "Dannebrog", for example
here an article how a law that would allow foreigners to display their national flags at football matches is being discussed in the Danish Parliament http://universitypost.dk/article/danish-flag-rule-divides-parliament . note the funny part: in theory, the existing 1915 law prohibits even small paper flags in the hands of children. another law that is not applied to it's extremes
the question posed as "either united in the US or UK sense or completely divided" is bogus, propaganda from the federalists countered by more propaganda from the skeptics. intra-EU politics has many faults, but divisions into two camps only for all (or often even any) issues is not among them. and so those two extreme (and small) camps go on in their fight as if they were both relevant, which they aren't, by far not in the way they both claim
one of most important part of all the treaties we have among us (that we call in their total "EU") is that our dear ministers and prime ministers have to meet in Brussels
Cameron, for example, hates that, and he is not the first prime minister to do that. and in my opinion it's humbling... for them, and good so. keep them humble, and prevent them from wrapping themselves in any flag, claim the priesthood of "national pride" and have citizens to eventually wade through their blood and entrails instead of ministers through their shit
Greece is fixed.again
http://rt.com/business/273274-greece-debt-crisis-deal/
it was so obvious, under winchester nickname i spammed this : "system crash is not allowed "
now some understand the world got a trajectory that cannot be changed until earth get vaporized.
"Disabled vet" is a mindfuck algorithm. Read 'his' shit with a clear mind and tell me that anything there makes sense.
While this is obviously asset stripping of Greece, they can quit this shit anytime. If they had just walked away back in 2010 they would be on their way to true recovery right now, albeit with a lot of pain along the way.
That said, H_H, the govt divesting itself of assets like land isn't always a bad thing. Is there anyone here who thinks the US govt should own half the fucking land in the western US, or most of Alaska?
I told you there were green shoots. Tsirpras has just guranteed $50B worth of assets for a little more debt. Pig fucker.
Peak Bullshit implies it goes down from here ... I think we all know that Bullshit is Abiotic and will replenish itself ad infinitum
If Greece were a fraternity Flounder just threw up on Dean Wormer, D-Day just rammed into a parade float, and Blutarsky just rode off in a convertible with a hot chick's legs wrapped around his neck to later become a U. S. senator. And we're just talking about the first semester.
Papaswamp found this ealier, and then I found more stuff on it, due July 14 (Tuesday).
Japanese officials to discuss Greek situation on Monday -official
http://www.cnbc.com/2015/07/12/reuters-america-japanese-officials-to-dis...
Greek samurai bonds ($89.6 million) are up for redemption July 14.
http://asia.nikkei.com/Politics-Economy/Economy/Default-fears-grow-as-Gr...
TOKYO -- Yen-denominated Greek bonds are coming up for redemption, and nonpayment could push credit rating agencies to formally label Greece as in default.
After all this bullshit, it has boiled down to a Loan-to-Own DIP. If Lynne Tilton were not busy devouring men at cocktail parties and fighting the SEC, she'd be all over this.
Good eye on that one though.
Tokyo "visage" via Reuters seemed a might pissed off.
Boys from Brazil II ?
"Give me control of a nation's money and I care not who makes it's laws" — Mayer Amschel Bauer Rothschild
"Give me control of....well just let me have all of the control"
~Chiam Moshe Jewgoldsteinowitzberg.
All your assets are belong to us.
"I'm not stupid".
Perhaps some accountants could explain where they stand?
A couple of years ago: hip deep
Today: neck deep.
In a couple of months: gone baby!
I am wondering when the Greeks will say Molon Labe.
Miffed
Or perhaps, Caveat Emptor.
Is that eyetallian for "Cabinet Empty" (of food)?
Caveat commodator
Well on Lesbos I already know they're saying Molon Labia.
@miffed, unfortunately for them they have up their arms and sovereignty a long time ago. Probably a lucky thing for the politicians and bankers in Greece that the people aren't allowed to own guns, and mostly don't.
It will be a sight to behold when this happens to the US. That's why i say this won't happen here for a while- they gotta get the guns first.
Interesting to note Hitler banned guns and foreign radio. The man was not stupid. Here we are in the USA at the cusp of these events repeating and we sit distracted by shiny baubles and inane entertainments. Faugh! The whole affair just makes me so damn frustrated! Everyone wasn't safe at that time and those fleeing to the countryside were killed too. There will be nowhere to run.
Miffed
When it comes to guns in America, I'm pretty sure that genie isn't ever going to go back in the bottle.
According to FOX News, the IMF stated,
"You shall not delay to offer the first of your ripe produce and your juices. The firstborn of your sons you shall give to Me."
Spartan Child inspection ...
https://www.youtube.com/watch?v=EvT_ujWSRg0
We are Sparta ... mother fuckers !
A fight in the shade ...
https://www.youtube.com/watch?v=Kh5U7VRLRHc
This is what they want.
http://greece.greekreporter.com/2014/05/06/greek-merchant-fleet-tops-world-tonnage-ranking/
Greek Merchant Fleet Tops World Tonnage Ranking
Really? Isn't the BDGI or whatever that Baltic thing is at record lows? Trade is shrinking. Its something else they want. In any case, plant gardens and get out.
Private Greek owned ships are not necessarily Greek registered ships nor are they subject to Greek Government debt.
Shorter EU: "Give us more of your shit, or get the fuck out."
"In other words, any new money coming to Greece will be in the form of a DIP loan, secured with liens on tangible assets and when (not if) Greece is unable to repay, the creditors - who have created paper out of thin air - will be first to collect all too real Greek assets held in escrow in a Luxembourg subsidiary."
Here is the crux of the problem, not only for Greece but for the entire planet: As long as we allow private central banks to create money out of thin air and then loan it into circulation, with the stipulation that it be repaid with interest, the inevitable end result will be a tiny fraction of incredibly wealthy people who own nearly everything, surrounded by a planet filled with utterly impovershed people.
Wasn't the plan from the beginning?
You mean other than the song and dance routine that came with it?
and backed by violence, uh, i mean nato, military ect.
fucking very frustating
"As long as we allow private central banks to create money out of thin air and then loan it into circulation..."
is this the case to the eurozone, this "private"? beside the fact that most european central banks are national banks, note how the ECB is making further ELA support to Greece's national bank contingent on the eurogroup ministers coming to any kind of understanding
to me, it sounds like a highly political affair. do me a favour and check again how unique and exceptional the FED is, in comparison to most of the other 100+ central banks of the world
start with what China has, for example. yes, the great contender to USD hegemony, the other side of the current currency war
Schaubel is a cripple. He will always overcompensate by being irrational. He would have made a good Nazi, except under the Nazis he would probably have been exterminated for being deformed. I am sure he is making a tremendous effort to not yell Sieg Heil and keep his right arm from extending forward. Nonetheless he appears to enjoy treating Tspiras and the Greek people as subhumans. The Euro Project is officially dead. Good riddance. Maybe these Nazi-wannabes will now have to get real jobs in order to make a living.
Schauble's resemblance to Dr. Strangelove character is striking...
http://cynicritics.com/2011/07/18/classics-dr-strangelove/
"When standing back and looking at the three main settings where things happen in Dr. Strangelove, it’s fairly easy to see what Kubrick was getting at: there is madness in control of deadly weapons, soldiers who will obey that madness, and leaders who are ultimately too dumb to stop it."
what was anyone europe thinking anyways entering a common currency with germany in the first place? Fleecing tangible assets is the purose of a ponzi in the 1st place!
https://www.youtube.com/watch?v=a5d9BrLN5K4
The State always has first claim on all assets.
"They have the Law."
All of our freedoms in the USA have been wrecked. "The Taxman Cometh." Everything else is an "accounting error" now.
We do have a computer...ironically where I got my start.."replacing accountants with software courtesy of Unix and AT&T."
Talk about starting small and getting big fast.
Made me realize very quickly (30 years ago) that the bulk of the U.S. States were functionally bankrupt.
"The default setting was to the machine itself."
I still don't understand the whole Wall Street/Central Banking Cartel thing actually.
I do think the media has way too much power though.
I'm thinking of founding a Political Party called "The Mushroom Party" actually.
"Human Race is in fact accepted there" kinda thing...
Goebbels was a cripple, Goering a junkie...
Schäuble wasn't deformed his entire life, he was shot.
cast ur psuedo psycho babble gaze on your confederate flag.
Schaueble was shot later in life and i suspect far less "crippled" than you. i mean talk about treating people as subhumans.
It must clear to all and sundry tht when the shit hits the fan, the shit is going to win.
The only way for Europe to get out of its debt swamp is not by swimming out of it but by pulling the bloody plug and draining the bloody swamp itself.
"... that the biggest beneficiary of the Eurozone was the German export sector."
Well, that is doubtful. How much has Germany benefited by exporting tonnes and tonnes of quality goods to their neighbours and only getting paid in debt, which will never be repaid? Granted, they have kept their industry in fine form because of this, but for a decade or more, they have basically given away their stuff for free.
well they build cars without a dipstick to physically check something as important as oil so they would have to give it to me, I certainly would not buy it.
"How much has Germany benefited by exporting tonnes and tonnes of quality goods to their neighbours and only getting paid in debt, which will never be repaid? "
German CORPORATIONS have been paid with the exception of those specific corporations which provided direct vendor financing and have been stiffed by Greek corporations or Greek citizens who defaulted.
German BANKS have been paid: first by high rates of interest on Greek Bonds, and second via bail-outs by The FED and ECB at par or near so which transfered the Bonds onto the ECB/Sovereigns.
German CITIZENS didn't get much but to keep their blue collar jobs.
"Granted, they have kept their industry in fine form because of this, but for a decade or more, they have basically given away their stuff for free. "
Nothing was given away.
In fact: the costs of those Bonds purchased from the Greek government have been socialized throughout the entire EU via the ECB and associated BANK bail-out schemes.
ALL of the nations within the EU have been paying for the malfeasance and control frauds committed by the German ( and French ) Banks.
The Germans Corporations DID get paid and German Banks DID get paid.
Understand?
IF Greeks didn't pay -then either someone else was made to pay whether they wanted to or not or received anthing or not for paing, even where what was being paid back was NOT honestly earned/accrued/saved capital but counterfeit debt-money conjured onto balance sheets out of thin air: because the bills DID get paid..
Perhaps Greece should default and then petition to join the US as a Territory.
The geographical position of Greece is as close to that of the mianland US as is Hawaii, and culture of Greece are as close to that of the mainland US as is Puerto Rico.
The dispensaton of deep water portage and the laying of the proposed Russian pipeline will be loads of fun and accomplished in no time and under budget with the combined productivities and shared dedications to their duties of the Greek and US Bureaucracies!
His point is that the sweat, raw material, time and intelligence that went into producing and delivering those products was compensated for with inherently worthless, ponzi paper promises, whose true value is one the verge of being revealed.
What the Germans did get out of it was superb manufactoring systems, which could work out fine for them in a post-money-reset world.
Sure. But...at this stage in the game, those paper ponzi vaporware promises still spend like gold, and the Germans have already redeemed them.
Borjesson
Try to follow the articles at ZH (and elsewhere).
The export sector has been paid.
The export sector did NOT make the loans.
The TBTF banks did.
They then made more loans to pay off their old loans and interest.
When the whole ponzi racket started to become obviously unsustainable,
they colluded with corrupt politicians to have most of the debt exposure transferred
to the public sector in Greece, the IMF, and the EU in general.
Now, even with much reduced debt exposure, the banksters are angling to get assets privatized (to them) at fire sale prices offered by an indentured population.
Yup.
You understand.
Most people cannot conceptualize this byzantine process of government authorized loss socialization and exporpriation.
borj, the euro is not designed to equally benefit all countries goin in. It is designed for one country with particular traits to eventually dominate and take over the rest. Overwhelming financial soveringty and obtaining tangible assets is how this is ultimatly measured.
Germany is showing us this now for their requirement of the "goods"
Greece is being targeted because of their Laze southern lifestyle. Of course the would be the 1st of the soft delicious european contries to succome to this ponzi. There is a lot of envyous eyes on their numerous Islands. Germany would love to sieze a few of them im sure.
...In other words, it's a huge shit sandwich, and we're all gonna have to take a bite. [/Lt. Lockhart]
Not just a bite......but also swallow.
The scowl Schaeuble flashed Draghi when he supposedly scolded him ("don't take me for a fool") was very telling.
pic@11.08
http://www.telegraph.co.uk/finance/economics/11734310/Greece-news-live-e...
The #thisisacoup hashtag on Twitter is insane. Go back to your home page to write a tweet and 200 new entries pile up. And I do not know if that is an exaggeration or not and if it is it's not much of one.
Sometimes it can be scary to take a peak behind the curtain. #ThisIsACoup is certainly one of those times.
Facebook, Google and Apple will buy Greek debt, they are tired of buying companies and want to buy a country. They will do stock splits to finance this and Europe can finally relax.
Uber will throw in a few billion if the Greeks let them operate there.
So this was the 3 or 4 on a scale of 10?
A 9 hour meeting and the Germans and French used this to scream at each other.
No one will remember this years from now. But it's just something to remember when these crisis summits are held.
At least the Germans didn't occupy Belgium this time.
yes its rather funny watching germany walk around carrying a wooden gun since WWII.
For damn good reason!
Did you know the reason the German army took so very many Russian's prisoner in the opening stages of WWII is because the Russians were massing troops for their own planned invasion 17 days too late. All brought to you by bankers, again.
Perhaps we should worry less about Germany and guns and more about bankers throwing real people of multiple countries into an orgasmatron of violence and despair against each other... for a profit, of course.
What I want to know is how close was Schauble to being pushed down the stairwell?
Bing Bang Boom. 3 flights of stairs...
A triple for the cripple.
I have a question for any who cares to answer; When do the Greek debt derivatives come do? I was under the impression that default would trigger payment and they appear to have defaulted on their IMF loans. Whether they use a different word or not, non-payment is non-payment.
Any thoughts?
I too would love to know the answer to this. Money talks and bullshit walks.
They are considered in arears not default until the 30th
Yeah but the problem is that was June 30th.
You must be new around here. Its always his way when the patient starts to flatline. The commitee of banksters that own derivative exposure, meet and decide nothing happened. Going back to Bear Stearns. They like having the host, flat on his back, terminal, but not dead. That would end the party.
"Don't worry Euclid," he said. "It's not your problem any more, it's theirs."
Tsakalotos has his own problem. You can see it in his eyes: he's terrified.
The Greek citizenry are not going to just accept the nation being asset stripped.
Tsakalotos can't sign and think he is going to survive long back in Greece.
Tsipras himslef may not last long either if Tsakalotos signs.
Varoufakis was smart to extricate himself from this disaster. He'll live to fight another day.
Yeah,
From Australia.
Let me guess.... Melbourne.... the second biggest "Greek city" in the world. You can only find more Greeks in Athens.
Times like these, long ago, they would setup camp in Brussels for the Winter.
Might pop up in a town in a few years like London or Paris...then maybe 10 years from now get a farm on a small island.
Getting rough now.
Cool dude, that Var-fak.
How does any of this shit matter when 10 out of the 19 EU countries straight up said they want / don't mind a Grexit now? That right there makes it seem to me like it's going to be a bitch getting an 85% majority.
The Euro has died at the hands of thus whole group of incompetent officials. None of them has any credibilty left and everyone knows that they are attempting to 'pull the wool' over the eyes of their electorates when they just look like fools all of them to the same electorate. After this performance no one will want to be in the Eurozone except Tsipiras . Also, when evaluating spineless slimeballs I would rate Tsipiras as #1 in my top ten but Schauble and Merkel hold the #2 and #3 positions. I have only one remaining questions do these 'politicians' really believe in the garbage they are proposing or is this just the 'Amos and Andy' show to amuse the public. ie the Euro people want Greece out, the Greek people voted they want out after this performance you can bet at least four Euro countries will follow Greece out don't these politicians even care at all what their electorate wants or are they so full of themselves that they think they can con anyone into believing and doing exactly what they say.
The hidden hand of the banksters via their controlled polititians, is holding back the inevitable that they don't want to see arrive. Life's been good til now in the upper reaches of the ponzi pyramid.
Thanks to Schaeuble, EU is waking up to reality.
Everything about this reminds me of the ultimatum issued by Austria to Serbia before World War I.
Austria: Hey Serbia, accept this ultimatum or we will go to war!
Serbia: ok, except for just one quest...
Austria: you weren't supposed to accept this. This means war!
The next and last song from Tsirpas to Merkel and may the rest of Europe join in in this "Good bye":
https://www.youtube.com/watch?v=CZ0B65aKItM
It doesn't really matter. These are just all people arguing over who gets to drive the car, but they don't realize someone stole the wheels.
Even if you get the keys, you aren't going anywhere.
I see stupid people.
These clowns should be spokesman for "Boner Pill" companies... Extend and pretend forever.
I don't think there's even a can left to kick. It's more likely a crumpled up ball of tinfoil.
Soon, I expect to see the banksters rolling up the Grecian streets and unscrewing all the light bulbs along the streets. Everything goes SALE! Wow. How decent of them.
If Greece goes Iceland,Spain is next....Not good.I think we need some moral hazard here...Borrow some old rusty guillotines from France,park them in downtown Berlin,and lop the heads off a bunch of Derivatives brokers from Deutsche Bank.Sounds like a good start.Either the bets payout (the CDS on Greece),or the Germans welch,CDS everywhere becomes worthless as a risk hedge.The Euro was supposed to prevent war.How's that working for ya Brussels? Cue Nigel Farage....
there is plenty of it on this side of the pond as well....
Greece is just the turd primer on the shit bomb.
#ThisIsACoup
Break the rules; don't keep your promises; never pay your debts = France = teacher of Greeks. Watch - they will never allow the Germans to make an example of the Greeks; only people slimier than the Greeks are the French. Never ever keep their promises; Greeks learned from them in modern times. But the Greeks are the best negotiators on earth - always down to the wire - will sacrifice to the last finger of each hand - cut off- but still never give in. They will make a deal, and will never live up to any part of it. Their society and culture is too divided. Greek governments will come and go, and the stupid Germans will never get repaid.
Remember Peter Kažimír's tweet:
Intersting to consider the Luxembourg escrow fund in this light.
Greeks WANT to stay inside the euro-zone !! So, there are no other solutions, they MUST pay back their debt up to the last euro !! No more room for ignorance!!
Are you a German? The Germans want out of the EU; the business side does while the political caters to the "Western Banking Cabal & Associates"...would not want to be named Merkle.
There is always another solution.
Germany leaves "euro-zone".
I think that Greece couldn't even stay in the euro-German-less-zone. Its economy is too weak. It's a problem of competitivness and consequently a problem of Balance of Trade.
It's the DEBT stupid!!!! Money As Debt. Google it.
They haven't the wherewithall to pay it back and it was a debt used to pay off bank bets, just like Iceland's. WTF? You can't be myopic with all this shit out in the open, you've simplyjust got to be , well, ..... stupid.
Edit: Marx........ Got it.
Nobel Prize-winning economist Joseph Stiglitz:
"Germany's the problem, not Greece":
http://www.cnbc.com/2015/01/26/nobel-winner-germanys-the-problem-not-greece.html
Bankster fans are all over the place, saying Germany should take care of this. That's because Banksters love to comandeer OPM, Other People's Money, in this case, more of the Germans. Germans have hopefully had enough and will turn their backs on the Banksters ... by facing East.
Five leading economists warn the German chancellor, “History will remember you for your actions this week.” The medicine prescribed by the German Finance Ministry and Brussels has bled the patient, not cured the disease.
Right now, the Greek government is being asked to put a gun to its head and pull the trigger. Sadly, the bullet will not only kill off Greece’s future in Europe. The collateral damage will kill the Eurozone as a beacon of hope, democracy and prosperity, and could lead to far-reaching economic consequences across the world."
http://www.thenation.com/article/austerity-has-failed-an-open-letter-from-thomas-piketty-to-angela-merkel/
Silicone ass injections?
Donuts.
Nothing more than attempted robbery of Greek assets but in the end the Greeks will cleverly avoid turning those assets over.
Maybe they will do something clever, maybe they won't. The Elgin Marbles are still in London.
Proof that emotional bias based on academic achievements and accolades and pocket-books are dressed-up as logic and reason. You know the "experts", "officials", "Dr's", "analyst's" and other blow-hards "state it", "claim that" or "agree" and therefore it must be true.
Stabilized shittiness? No wonder the Nikkei is ripping back over 20k!
Rommel, you must first stop and take care of the Greek problem before North Afrika.
Ja, Mein Fuhrer.
Dang - that kills and rally in the market on Monday, but will be back singing again by Thursday.
“The debt is another form of neo-colonialism … [it] cannot be repaid, first of all, because, if we don’t pay, the lenders won’t die. Of that you can be sure. On the other hand, if we do pay, we are the ones who will die. Of that you can be equally sure.
“Those who led us into debt were gambling, as if they were in a casino. As long as they were winning, there was no problem. Now that they’re losing their bets, they demand repayment. There is talk of a crisis. No, Mr. President. They gambled. They lost. Those are the rules of the game. Life goes on.”
http://thomassankara.net/spip.php?article899&cimobile=web&lang=fr
The Germans are cooking up thier very own Treaty of Versailles. When the war comes, Amerika should be VERY careful in considering an alliance with the krauts. The krauts always seem to pick the losing side in modern-era major wars.
Sounds pretty similar all around, i went to my pals house and his kid jabbed me in my kidneys.
Kiddo said ," youre welcome"
Maybe someday people everywhere will get a clue and stop being debt junkies to the debt pushers. Addiction usually ends with death and the Greeks are there but as with any junkie unable to withdraw.
I tthink you may have missed a couple or three other junkies on your list of bums.
Greece was signed into this mess by their crooked, often dual-citizen, politicians. Caviat emptor to the Bznksters and walk away ... East.
Despite the bullshit flying over Greece I really like the way the physical price of Silver on ebay is disconnecting from the bullshit paper price.
Plus Gainesville coins is offering to buy ASEs for more today than they were selling them yesterday.
http://blog.gainesvillecoins.com/2015/07/07/sold-silver-eagles/
This shit has reached a level of boorishness on an epic level....
50 billion euros of Greek assets into a private fund in Luxemborg??? This is pure Great Red Dragon (Snakes In Suits) at work; their goal as always been "to own the earth in fee-simple." That's why the term comes out of Revelations; this world financial crisis is of biblical proportaions, and I'm not even a bible-thumper. But someone way back then had something obviously very important to convey to future generations. Of course, it repeats itself through history; but I've never read of a time when so few were able to steal so much from so many.
ANYTHING & EVERYTHING that goes to Luxembourg will be rehyporthecated and levered a dozen times in London the day the funds/assets are pledged. $50B will spend like $500B at 10 to 1.
And the so many do nothing about it.
It appears that Syriza are hell bent on remaining in the EZ.
That's the idiocity of it all.
They will be responsible for screwing over the Greek people. Even the Germans are showing them a way out, yet they refuse to take it. Such are radical socialists - attracted to the titty of eternal handouts.
Good night everyone. Next week should be like last week..whole bunch of maniacs acting as they are; mad-men.
Recommend convert Greek debt to bitcoin (the ultimate "fiat" $) and store at Hilarys new exchange.
Make that Hillary's new exchange.
Greek Samurai Bonds Signal Imminent Default as Rescue Hope Fadeshttp://www.bloomberg.com/news/articles/2015-07-09/samurai-bonds-signal-g...
Actual Greek default July 14 (Tuesday) ?
If modern Greece had yet a trace of Spartan blood left in them, half the people on the other side of the negotiating table would be dead by now, in the most gruesome of ways.
I can imagine why Schäuble is frustrated. It can't be fun being the only person in the room willing to admit that the Greeks are fucking thieves and there need to be consequences.
You want perp walks for banksters? You can start by firing Greece's tax collectors and hiring Germans to do the job the Greeks refused to do. They'll need maybe a week to gather enough evidence to send pretty much every important Greek businessman, bankster and politician to prison. Greek politicians of all parties are opposed to de-politicization of the civil service, because it means Greece will finally see perp walks.
Schäuble is an example to us all. Central bankers worldwide, when they try to tell us that their former Wall Street colleagues and drinking buddies need bailouts and not long stays upstate, need to be told a lot more often:
"Do you think we're fucking stupid?"
What is it with politicians in wheelchairs? Last one I know of wasn't afraid of no shit, except shit itself.
"...only this time with its prized assets already pledged as secured collateral to a loan which will, drumroll, be used to repay the Troika, and with virtually nothing left over for the Greek people. This is about as close to an example of aggravated asset-stripping of a bankrupt debtor without the debtor of even having the benefit of being in default, as one can find in real life."
________________________________________________________
Well, if one has a look, the British bank RBS (state owned) are pretty good at this too. They created a special "intensive care" dept to focus concentrated attention on SME clients who were having financial problems, to nurse them back to health.
At least that's what their marketing blurb said.
In truth, the real intention (allegedly) was to drive the clients into bankruptcy and then asset-strip them at 10c-on-the-$. All this began after the bank was taken over by Gordoom "I saved the world" Brown in his mad frenzy of bank bail-outs.
Lawsuits against RBS in progress.
yes they shoulld have defaulted in 2010 or whenever this crap started. why would u borrow money from peter to pay paul. ridiculous. the greek politicians have no balls whatsoever and havent been telling the people the truth. either way greece is going to suffer. at least if they exit the euro and default on the debt in 3 years or so they will be just fine thank you. accepting this bull shit means they will stiff default but they wont own their country anymore . or at least that is the way it looks to me. how about the whole world just defaults on debt why just greece. the bankers are crooks wherever they are . fuck them all
The Greeks are stupid.
They want to be slaves to the bankers in return for their fake money which they create out of thin air.
The Europeans are stupid.
They gladly turn over their goods and services to the bankers for the same fake money.
You call yourselves free peoples yet you cannot conclude a SINGLE transaction between yourselves without paying tribute and going into debt to the bankers who give you nothing in return.
YOU, Americans, Russians and Chinese.
You are stupid for the same reasons.
Oh, so it's the same old shitshow?
Gee, what;s for dinner, Wally?
Shit sandwich, shit salad, and shit steak tar tar on a pile of shit?
Ummmm....goooood. Ignorance is bliss and everything is hunky-dory.
Yup, go back to sleep, stress over the money god, and never mind that govt sponsored terror to cause more chaos and mayhem coming to a theatre near you soon. It's just another chapter of the greatest shit show on earth!
Brussels will end as a big smoking pile of shit... paid with my tax money.
Make that bancrupt excuse of a country into an European protectorate and send an extra utterly zealous and completely humourless German as head of sequestration for that the Greeks finally have a real reason to be pissed, once and for all. Mr. Tsipras still issues demands and tries to weasel his way out of the dungeons, sources from Bruxells tell, so i suspect things are not yet as bad as they need to be to make that radical leftist clown understand his non-position in the larger picture of events unfolding.