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Deal Struck Following Total Capitulation By Tsipras: Market Awaits Greek Reaction To Draconian Deal Terms
Last night, when we concluded our overnight summary state of affairs we said that "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 politically 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."
Sure enough, just around 9am CET, after a 17-hour mammoth all-night session, Greece did manage to cobble together a "deal" if one may call this latest embarrassing can-kicking that, which was nothing short of total capitulation by Tsipras: a prime minister who 8 days ago was victorious cheering the passage of a referendum that rejected a far less draconian deal.
As part of the deal, Greece "surrendered to European demands for immediate action to qualify for up to 86 billion euros ($95 billion) of aid Greece needs to stay in the euro" as Bloomberg politely put it.
We would put it as follows: Greece agreed, at the cost of ceding its sovereignty to Europe, to allow the Troika to repay itself. Even Greek prime minister Tsipras admitted as much saying "Greece will fight to return to growth and to reclaim its lost sovereignty." He started the "fight" by being brave enough to put up a smile for the reporters.

Worse, there is no actual deal term sheet on the table: while the summit agreement averted a worst-case outcome for Greece, it only established the basis for negotiations on an aid package, which would also include €25 billion euros to recapitalize its weakened financial system, money which would come from Greek asset sales.
The politicians were greatly relieved, perhaps most of all to be finally able to go to bed. Here is the statement by Euro president Donald Tusk:
Good morning. Today, we had only one objective: to reach an agreement. After 17 hours of negotiations, we have finally reached it. One can say that we have 'agreekment'. Leaders have agreed in principle that they are ready to start negotiations on an ESM programme, which in other words means continued support for Greece.
There are strict conditions to be met. The approval of several national parliaments, including the Greek parliament, is now needed for negotiations on an ESM programme to formally begin.
Nevertheless, the decision gives Greece a chance to get back on track with the support of European partners. It also avoids the social, economic and political consequences that a negative outcome would have brought. I welcome the progress and the constructive position of Greece that helps to bring back trust among euro zone partners.
Following national procedures, the Eurogroup will work with the Institutions to swiftly take forward the negotiations. Finance ministers will also as a matter of urgency discuss how to help Greece meet her financial needs in the short term, so-called bridge-financing.
I would like to thank the President of the Commission Jean-Claude Juncker and the Eurogroup President Jeroen Dijsselbloem for their dedication and involvement in this progress. Without your work, today's agreement wouldn't be possible. Thank you.
One wonders just how effective leaders of a multi-trillion political and monetary block are at cobbling together deals at 4 am in the morning, when the biggest motivators is just to get a deal signed.
The terms of the deal are largely as had been agreed upon by the finance ministers previously, and contain numerous draconian clauses which make the much-hated "memorandum" from the second bailout tame in comparison. Furthermore, Greece also capitulated on the IMF remaining as a key part of the deal, as well as the formation of a €50 billion "escrow" fund which would receive proceeds from the liquidation of Greece assets, and where the first €25 billion of capital would be used to bailout the insolvent Greek banking system.
According to Reuters, "Tsipras finally accepted a compromise on German-led demands for the sequestration of Greek state assets worth 50 billion euros - including recapitalized banks - in a trust fund beyond government reach, to be sold off primarily to pay down debt. In a gesture to Greece, some 12.5 billion euros of the proceeds would go to investment in Greece, Merkel said. The Greek leader had to drop his resistance to a full role for the International Monetary Fund in a proposed 86 billion euro bailout, which Merkel has declared essential to win parliamentary backing in Berlin."
Perhaps the toughest condition for Tsipras to swallow was Germany's insistence that Greek state assets worth up to 50 billion euros be placed in a trust fund beyond government reach to be sold off with proceeds going directly to pay down debt.
Berlin initially wanted to use a structure in Luxembourg managed by its own national development bank, KfW, but diplomats said it was flexible on the location.
One diplomat said that was tantamount to turning Greece into a "German protectorate", stripping it of more sovereignty.
But Merkel declared the matter a "red line" for Germany.
Bloomberg adds that "the agreement shifts the spotlight to the parliament in Athens, where lawmakers from Tsipras’s Syriza party mutinied when he sought their endorsement two days ago for spending cuts, pensions savings and tax increases. They have until Wednesday to pass into law key creditor demands, including streamling value-added taxes, broadening the tax base to increase revenue and curbing pension costs."
The agreement cobbled together in the last minute "was billed as its last chance to stay in the euro... with Greece running out of money and its banks shut the past two weeks."
The hope is that now that Greece may have a deal in place, the ECB will open up some ELA taps and allow Greeks to withdraw some more of their €120 billion or so of hijacked deposits. Assuming, of course, the Greek parliament passes the deal.
The politician comments were split as per the pre-bailout posture with many of the northern European nations less than thrilled:
First it was Merkel who said thatt "trust has to be rebuilt, the Greek authorities have to take on responsibility for what they agreed to politically here. It reflects the basic principles which we’ve followed in rescuing the euro. It now hinges on step-by-step implementation of what we agreed tonight."
Then it was Dutch Prime Minister Mark Rutte's turn to talk to reporters saying that "only after the Greek parliament agrees
with all the measures that have been decided this week, is there a base to reopen negotiations for the ESM program, which could take weeks. The Greek proposals of two days ago were insufficient. They needed to take measures, which they can translate into actions. The current measures are fierce, but necessary to heal the Greek economy and government." Rutte added that he is unhappy with the fact that he has to break electoral promise to Dutch constituents on no further Greece aid "This summit was about the position of Greece in the euro zone, but it was also about the credibility of our coin, the euro."
Tsirpas naturally tried to spin the total capitulation as at least some victory: "Greece will be able to stand on its own feet with agreement reached at EU summit, Greek PM Alexis Tsipras says in statement broadcast live on state-run ERT TV. Agreement with creditors “tough”, averted transfer of Greek assets abroad. Greece will keep fighting to return to growth. Greece has sent message of democracy, dignity across Europe. Measures included in the deal will inevitably cause recession to Greek economy. Agreement with creditors will put Grexit talks in the past."
Well not really: only until the next government comes in power promising to undo the current memorandum just as Tsipras did.
But the punchline came from Malta's Prime Minister Muscat who said that "The Greek government has accepted practically everything... It accepted all the crucial and important points.”
Some more details: the conditions that Tsipras swallowed comprised a laundry list of unfinished business from Greece’s two previous bailouts and a new demand for the government to transfer 50 billion euros of state assets to a holding company that will seek to either sell or generate cash from them. His creditors rejected Tsipras’s pleas for a cut in the face value of Greek debt of about 310 billion euros.
* * *
And now comes the hard part: convincing both Greece, the Euroskeptics, and the market (after kneejerking higher the EUR is now down on the session), that the deal is viable.
Calling that vote “has turned into one of the most expensive economic policy mistakes in the European Union for a long time,” Holger Schmieding, chief economist at Berenberg Bank in London, said in a note to clients Monday. “The much bigger sums which creditors now need to offer and the tougher conditions Greece now has to meet make it harder for both sides to deliver on the bargain.”
Rabobank adds that "implementation of Greece deal will remain subject to “considerable” risk given domestic political backdrop, Rabobank strategists write in client note. New governing arrangement likely necessary after Greek govt’s volte-face in accepting deal and clearly flouting result of July 5 referendum. A new unity govt or an early election very possible. Further deteriorating macro backdrop raises odds that disappointing economic performance will drive Greece’s debt metrics to rapidly unwind benefits from any debt relief." Rabo adds thatt Greece’s influence on mkts will remain limited, as long as any missed targets and delayed reforms occur within context of a bailout agreement.
It concludes that sustainability of Greece’s public debt likely to remain a threat in longer term. Which is true considering Greek debt/GDP is about to surpass 200%.
In fact, the sellside consensus is clear: Greece was "comprehensively routed" by German. Quote Demetrios Efstathiou of ICBC Standard Bank (via the Guardian):
- Tsipras had to concede on almost every point; Merkel comes out as a winner, and should be able to get the deal though the German parliament.
- Germany’s extremely tough position would serve as a warning to other Eurozone nations. There are arguments that she even pushed too far.
- Varoufakis may have gambled, Tsipras and Syriza may have lost, but Greece may be the ultimate winner - Greece has a golden opportunity to implement in record time the drastic reforms that it desperately needed and which successive governments have been unwilling to commit to.
- The formation of a national unity or special purpose government to pass the reforms in the tight time-frame is now required. Elections would have to follow at a later stage.
- The debate will now move on to the reaction of the Greek people. There is no easy answer. Only time will tell. The way I see it is that the Greek people will be relieved to see their banks reopen, their pensions and savings to be still denominated in euros, and the tourist season not destroyed. They should also be celebrating the implementation of structural reforms, but I doubt that.
- Greece must now push through parliament, by Wednesday, July 15th, a series of legislations that include the streamlining of the VAT system, and pension measures.
ADM's Marc Ostwald also agrees that the measures in this bailout package are “infinitesimally worse” than the ones turned down in last Sunday’s referendum. He adds that what is on the table as a deal highlights that: a) there is no long-term future for the Eurozone; b) the desire on the part of Eurozone creditor nations to completely destroy the Greek economy - it can certainly be asserted that this is indeed a worse deal than the 1919 Treaty of Versailles.
This is how he views next steps:
- Tsipras will have to form a new government of national unity as soon as he gets back to Athens
- By Wednesday 15th, Greece will have to pass laws including simplifying VAT rates, and applying VAT on a wider basis, cutbacks on pensions, and making its statistics agency independent.
- Once these have been passed, ESM bail-out parliamentary process can commence, and this will require parliaments in Finland, Germany, Austria, Netherlands, Slovakia and Estonia to approve starting ESM talks
- The Greek parliament will then have to rush through further laws to attain brige financing to pay the ECB on July 20th.
Others, such as Joerg Kraemer, chief economist at Commerzbank, sees elections as imminent, saying Greek parliament will presumably pass the required reform laws partly with votes from big opposition parties; Tsipras will find no majority of his own in parliament and new elections are likely after a possible agreement on 3rd bailout program. In other words, a new Greek political party is set to take over with promises of undoing what Tsipras just "achieved."
- Heads of state and government kicked the ball back to Athens as the country has to pass numerous and unexpectedly tough reform laws before talks about 3rd bailout program can start
- Eurogroup will clarify how Greek government is to be financed until 3rd bailout program enters into effect
- As long as negotiations are ongoing and not officially declared to have failed, ECB will probably keep ELA ceiling for Greek banks stable; may even raise it if Greek banks are about to become illiquid
Most importantly, as we said yesterday, the Summit over weekend has shown once again how deeply divided euro zone is politically.
ABN's Nick Kounis piles on saying the agreement reached this morning in Brussels averts Grexit possibility only in near term, reduces risk of bank collapse as ECB likely to increase ELA, Nick Kounis.
- Greece made all the concessions, accepted very tough measures; more to come as this only opens door to ESM negotiations
- EU50B in asset sales isn’t realistic; parliamentary processes in Greece and other countries will be difficult
- Biggest risk now is implementation in coming days, weeks, months against the background of deepening recession
- Doesn’t see big concession to Greece on debt as language almost exactly the same as in 2012.
But the most damning assessment of the capitulation came from Greece itself aftter Minister of Labor Panos Skourletis said in interview with state-run ERT-TV that "Greek snap elections aren’t possible at this stage, due to country’s economic situation, but will be needed this year as there’s “an issue,” with the govt’s parliamentary majority."
He adds that the agreement currently negotiated between Greece and its creditors isn’t viable, no one can say what will happen after a few months. "I can’t see how we can avoid elections in 2015, they are necessary. We have a government which has probably lost its parliamentary majority, which believes, says and supports the opposite things from what those that it is forced to implement, under the threat of a gun.
Nikos Filis, the parliamentary spokesman for Tsipras’s governing party, said that Greece had been “waterboarded” by euro-area leaders during the negotiations and accused Germany of “tearing Europe apart” for the third time in the past century. “#ThisIsACoup” became the most-trending Twitter hashtag in both Greece and Germany overnight.
* * *
And now we turn our attention to the Greek reaction where the population will weight the opportunity cost of reopening banks, if only briefly as any ELA increase by the ECB (expect capital controls to continue for weeks, if not months or longer if indeed the bank bailout funds will come from Greek asset sales)...
ECB told that if gives extra €2bn of ELA, banks re-open tmrw - not as normal, €60 withdrawal limit to stay, but to provide other services
— Robert Peston (@Peston) July 13, 2015
... will promptly see all incrementally freed deposits be withdrawn, versus the harshest "deal" possible, far worse than anything Samaras' government had in store for Greece.
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Shock and Awe
Streets of Greece: "Huh, WTF just happened?"
Dat can kicking
So I guess that whole vote thing a couple of weeks ago was like, "Meh, fu<k you!"
Gold slam down in 3...2...1...
Fourth Reich baby.
Three days on the Cross
BTW: S&P futures just closed the downward gap at the open June 29:
http://www.investing.com/indices/us-spx-500-futures-streaming-chart
Click on the full screen button at the upper right of the chart to see it
Which also happens to be the 61.8% retrace level
Riots in Athens in 3....2....1....
That's how pussy socialists "get it done".
“Tsipras Has Just Destroyed Greece”
Greek city states were slaves to the Persian Empire, Roman Empire, and Ottoman Empire for pretty much most of their history. THIS COMES AS NO SURPRISE! They are now slaves to the EU empire. What is shocking is that they joined the empire as slaves willingly. I guess slavery is in their DNA. Its been bred into them for thousands of years.
The best thing about making slaves is the breeding part.
It's pretty much downhill after that.
Here comes the self righteous critics.
So more taxes and Greek assets worth up to 50 billion euros to be sold off to pay down debt. I thought the Greek people voted against that! Do not stand for this Greeks!
Fleece in our time!
The most important thing how is Tsipras's bank account going to look ? What was he paid?
either that or they had a video of him with little boys doing it "Greek style".
"We will not let public opinion stand in the way of Democracy" - A. Tsuckass
Spot on. Also looks like 50% retrace of 5/19 high.
Do we have a serial junker, government troll working early this a.m? Why the down vote on a link for chrissakes? Fucking pussy.
I'll bet the Dr.'s making progress talking to himself now.
Same shit different day..
I am Jack's complete lack of surprise!
Hang the whore - after a fair trial, of course.
-30-
-30-
Thirty huh?
You must be some sort of a reporter. Where the hell have you been?
Already happened 3 hours ago when this was announced. Saw the move in gold and then found headline on BBC.
Can kicked into unstable low-earth orbit. Predicted to burn up on re-entry in less than 6 months.
What happens to the Greek banks is rather crucial. Will the bank holiday be extended? Or will the Greek banks be recapitalized and re-opened? When?
and if they are recapitalized & reopened, then the people better get their money out a.s.a.p.
"The hope is that now that Greece may have a deal in place, the ECB will open up some ELA taps and allow Greeks to withdraw some more of their €120 billion or so of hijacked deposits. Assuming, of course, the Greek parliament passes the deal."
Well, after all that, if any keep a single euro in those banks, in the not too distant future they will hear....
"Annnnnnnd, it's gone"
Well it lowered the debt to gdp ratio to just the level in order to make the deal happen.
I can't believe it. Just for once I may agree with Paul Krugman
http://krugman.blogs.nytimes.com/
This is total twilight politics and economics. Same on the EU and its bureaocrats...
The "Krugs" solution would be a Trillion Euro Coin. Dude, don't go soft on that Keynesian clown.
True; that's why I said "just for once". And probably because he uses more political than economic arguments.
Krugman has been consistently pro-grexit, which makes sense because he loves currency debasement.
Doesn't men he's wrong on Grexit. The fact is, Germany's HUGE balance of trade surplus is partially built on Greece's balance of trade liability. Greece should leave and devalue.
And make no mistake, this isn't about Greece, it's about Italy and Spain. Italy gains NOTHING on the Euro, and should head for the door ASAP.
I agree. This situation is not a reaction to a recession or an attempt at stimulus.
In any case, the most important thing is not to devalue, it's to default. Devaluing will allow long-term health, but defaulting is the key.
The incredibly obvious answer to the whole mess for the euro zone fans is to have a political or free trade union without having a currency union.
It's difficult now to implement since private debts are all in euros, but that's what they should be working towards if they actually want to keep the euro zone together, which they do as it makes them feel more powerful, lol.
The best answer of all of course is to have completely independent sovereign states, but that would mean less power and prestige for politicians, so they sure as hell don't want that.
But the reality of the disastrous nature of these kinds of unions can't be denied, so expect decades more of this kind of nonsense.
Long dollar, swissy, cable, short euro.
Perhaps you should review the list of previous attempts to forge political union in Europe.
The banks are the real debasers, conjuring money out of thin air. That is the modern equivalent of clipping off parts of physical coins to make new ones, leaving the original still in circulation.
https://en.wikipedia.org/wiki/Methods_of_coin_debasement
Dat referendum though
But I thought they already defaulted? I thought talks were dead. Grexit was assured and the Euro was finished! Silly bastards believed that Europe would implode over a few hundred billion Euros that can be miracled in a minute. They taught Greece to be good little bitches and now stock "markets" around the world can increase 10%. WooHoo!
oh, you listen to Andy Hoffman's podcasts, too?
Can kicking to the power of 2!
Heard they're including can kicking in the next olympics.
That's the end of Syriza then...
What a disgrace. Tsipras got fleeced (Greased?).
Sellout scum. Syriza - dumb idiots clinging onto the EZ like a browbeaten bitch. Fucking exit this POS system like real men. The Germans even offered a way out at one point.
He was crucified by the New Roman Empire.
He now has three days to resurrect himself.
You mean the Fourth Reich.
But, but, but.....didn't the Greek people vote 'No'?
Democracy. Nought but a distant memory......
Democracy works the same in Greece as it does here.
The Greeks only voted 'no' to the idea of implementing a couple of responsible reforms to their welfare state. They also made clear they wanted debt forgiveness and more money from the Germans at the same time.
I guess you didn't actually read anything about this?
So if democracy means you can vote to be irresponsible and force another country to give you money, then I guess, yes, 'democracy' is a distant memory, thank god.
good riddance
i will vote for an END THE FED canidate, until then my no vote stands.
if trump is real, he will come out and stand firm on reforming the banker
tyrany. otherwise another fucking politician in the cabel of liars for power
and gain. this is a life threatening stance, upsetting everything that is wrong and therfore once again allowing the pursuit of liberty- the only solution...
printing power backed by the police state, plain and simple, the system we are firmly entrenched into until the revolution takes hold.
since i really don't believe politics will bring change, violence is the only answer as history clearly dictates.
Spoiler alert: Trump is full of shit
What does that make Jeb and Hillary then?
Greece sold into debt slavery for decades. The banksters win as usual. Deal with Goldman and you will be sold into slavery. Greece is now a colony of Germany and the EU.
The consequences of Syriza’s betrayal: From terms of surrender to terms of occupation
13 July 2015Meeting late into Sunday night, euro zone heads of government issued new ultimatums to Greece that would effectively strip the country of its sovereignty and turn it into an economic colony of the German banks.
The German government has been the most aggressive in insisting that either the Greek parliament pass a series of laws by Wednesday night imposing a series of onerous measures or Greece will be expelled from the common European currency. That would likely precipitate an immediate collapse of the Greek economy.
Germany and the major EU powers are treating Greece as a conquered and occupied country. They are seizing the country’s wealth and imposing dictatorial control over its economic and social policies. They are demanding iron-clad guarantees that cuts in jobs, pensions and social services that have already slashed working class living standards in half and shattered the country’s health care system be intensified, with no end in sight.
http://www.wsws.org/en/articles/2015/07/13/pers-j13.html
They were not able to survive on their own, without serious reforms, they were about to go bankrupt with no full faith and credit to back them up, sound familiar uncle?
So we can assume Varoufakis became aware Tspiras would cave in to the fourth reich and walked.
America got its warning from the founding fathers, that if they allowed private banks the power to issue money, that their offspring would wake up one day as the debt slaves of oligarchs. Well, here is the first case of a nation ending up exactly as foretold. What more evidence do you need to cement this into your heads? It's not the economy, it's not jobs, it's not even an ism you can pin this down on........It's the One Bank, stupid! stupid! stupid humans!
Greece is a colony of Germany. Germany is a colony of USA. USA is a colony of zion...
Tsipras can give away Greek assets at fire sale prices till the cows come home. But there will still not be a deal.
As Greece moves to meet Germany's demands so Germany simply ratchets up the demands. And even if Germany eventually agrees then Lithuania will veto the deal merely to spite Russia.
>>> Tsipras will have to form a new government of national unity
The only, and substantial, national unity is XOI!
No to deals with EU or IMF said the nation!
I shake my head in disgust...
Mr Bo
Tsipras disobeyed the referendum results and sold Greece to EU. The EU goes on endorsing his act of dictatorship, i.e. fuck the votes. People, this is pretty scary shit happening now in EU. It's not whether Greece is going to default. It's really what the EU is. The EU has shown its true face, it is a big totalitarian state. Loud and clear.
this is now official, 1st EU government promising change ( as usual ) but sell population souls to global dictatorship, i see same worldwide in 20years, time of spreading, then to keep you all calm food price go skyrocket 5%/year and you will be starved and slowly reduced with help of monsanto global sterility program that will not allow your grand childs to procreate, enjoy ass fucked, you all date programmed to be deleted :)
yipikayeaa mother fuckers.
tink i print you to poverty, den i own you for tyme til death...
i be banker with police backing. u shall comply-you want da money honey, right?
You are close, but the EU isn't a totalitarian state, it is a union owned and directed by banks - plain and simple. The banking cartel owns Europe, and dictates policy - much like in North America. Normally they prefer to operate from behind the scenes, but here it is, out in the open for all to see. Basically, Greece has been made an example of for all of Europe - and for all the World for that matter.
SUBMIT, OR WE WILL DESTROY YOU.
You will be assimilated, resistance is futile! We are banks
well, the referendum wasn't on whether Greece would exit, in the end they still don't seem to wish to leave the Eurozone. I was intially mistaken by the referendum and thought they were ready to face reality, apparently not.
they want to stay, then capitulate they must.
If they were ready to leave if necessary, then you don't need to "demand" a default or "negotiate" a debt haircut from your creditors, you can simply declare unilateral default.
We still have Greek parliament and the average people's reaction to go through, so there's still some more to see, but if both the Greek parliament and the population accepts the price for staying in the Eurozone, then people need to stop feeling sorry for the Greeks. It will be their choice.
Where in my post saying Greece should or shouldn't exit. My fundamental point is I respect their choice, so should their leader and those in EU, not in an act of dictatorship. That's my fundamental point.
PS. Judging by Tsipas's action, he will chop and change the ministers til he can get the majority support in the government. That's enough for him to go ahead. He will not get the average people involved again.
The Greeks voted to have their cake and eat it too, so of course their wishes were ignored.
Now they will vote for some populist government that will promise them a free lunch, and that government will fail too.
I will respect the Greeks when they understand that voting to leave the Euro will mean they have to at least initially face hardship, and might even have to live within their means.
Until then, they are just a bunch of lazy, socialist pigs at the trough.
Fist-fucking, a bit of feta, Retsina are all that matters to Greece
BOHICA Greece
Winning the battle but losing the war.
Who wants to be a member of the pitiless, vindictive organisation we call the EU?
If there isn´t a coup and a death warrant on Tsipras this afternoon, then i´m fucking clueless about what is going on in the world.
OR all he has to do is go back to the Greek parliament and say this is the best deal they would give me. I recommend that you REJECT it.
Unless Tsipras has a strategy that we can't possibly imagine, then, failing civil war within Greece we shall have to hope that Marine Le Pen can upset thie shit show that is the so-called European Union.
Tsipras should go blow his brains out.
x greece off the list. 6 to go then euro land is banker/czar land.
diminished freedom for free, poverty guaranteed.
nice future of mankind, cant fucking wait for what tomorrow
brings!
fucken-eh...
This cancer shit show is coming to an end, in 10, 9, 8.....
All I can think of is that he will try to get the banks open so Greeks can get as many Euros as possible before yanking back the promised assets and Grexiting without further adieu. Could be a master stroke of deception. Otherwise, it must be that someone in the EU is threatening his life. I don't see any other explanation for his cringing behavior.
So after hours of torture and sleep deprivation by the EU banksters the Greeks cave into even worse conditions than the people have rejected.
It proves conclusively that true psychopaths are in charge
people, are herd, sheeps groups, they have not been raised to think by themselves since TV exist...
kill TV , wait 20 years for a solid generation of rationals minds grown in the good old school offgrid values of effort , then try to apply 5% of this to them... = branksters are beheaded and spiked within 3days.
technology is the most powerful enslaving tool EVER CREATED on ALL UNIVERSE.
( written under winchester nickname ).
best exemple ? here at ZH we know the truth, we are for the moment tolerated but we can no more go outside and yell the truth, we are a threat to the system, so we are technologically condamned to stay in this virtual location of white background spitting our rage by keyboard... we are also read, analysed and they take information from here to sharp their method of control...
for the 1st time, days ago i just noticed sarkozy on TV used sentences i read weeks before on my informations websites... they use our own words to reverse engineering and keep the control of the herd, this is a skynet game.
spot the fuck on!!!!!!!!!!!!! just talking about all da tb brain dead moron/idiot pleb ass minionized mutha fucks running around like der smart. fucking parrots-shoot-em, ha...
Coup d'é·tat.
So the free shit ends for Greece, because eventually you run out of other people's money. You can blame the Germans if you like but the Greeks were fools to listen to what the vote buyers, or politicians if you must, promised and are afraid to go without whatever free shit might be left... Banksters and the political class will be the death of us all.
You have chosen well Greece.
These bullets are tasty!
https://youtu.be/Zzs-OvfG8tE?t=87
ZH, I find your lack of faith disturbing.
Lord Vader, I have news. The welfare whores have capitulated.
Nothing can be allowed to fail. Nothing can be the potential Domino #1.
Individuals are not included, unless of course they lose a billion or two.
As I said ...... rape..... when NO mean YES.
We really need to think if democracy really is the least worst option.
I say, dispense with it ..... just simple law ...... cause no harm nor loss to others.... THATS IT!! that is all that is needed.
The bankers would be the first to be banged up ..... by causing loss to depositors. The politicians would be next..... for threatening harm to those who considering witholding tax......the tax needed to underwrite the bankers debt.
If you're in debt you sell your assets - that seems reasonable. However when your electorate told you to do the opposite there is clearly a breach of trust. Anything to do with the phone call from Obama? Quite possibly. Loss of democracy? Certainly.
The Greeks elected a government full of Left-wing academics....what could have gone wrong then?
If there is a more blatant example of the fact that democracy is just a farce concocted to make the plebs think they have a say in how their lives are run I've yet to see it. We are all an inconsequential inconvenience to the elite but they have to continue the smoke and mirrors of democracy lest we wake up and overthrow them with sheer numbers. Hang your head in shame Tsipras. People of Greece over to you. Wake up or continue your slumber.
Fucking sell out piece of Shit!
No wonder Varoufakis resigned. Who would want to go down in history with an even worse reputation than Benedict Arnold.
Tsipras is no Leonidas
Tsipras is also a no 'Jimmy Carter', but that ain't saying much, is it?
It's all sorted until it isn't.
We just have to get these measures approved by the Greek Government.
If this succeeds the Greek Goverment has ignored the referendum and should be overthrown by the people.
OK, anarchists. It's time to "do that thing you do". The progressive lefitist Greek whores (I repeat myself) have sold-out again. There's only one action left to take:
Revolution.
Or are you, like Tsipras, all talk & no action? Burn it down, fuckers. Burn it down.
Now that all of the world's honey bees are dead, it seems there is no choice: folks have to get their honey from the state-run honey pots, right?
Faust is playing in the local opera house.....seems appropriate.
Good thing they were careful not to "humiliate" the greeks.
"Please sir, can I have some more" Over and over again.
Must be hard for the citizens of Greece to walk around while grabing their ankles!
Banksters Inc... The ass pounding will continue...Why? Because we can and we like it!
We are a cancer producing machine of a country, without the answers or the cure, or at least one that we like.
'You could say we've reached 'agreekment''. Oh dear, the sleep deprivation appears to be doing the talking.
After a +60% no vote in a referendum, the Greeks get what they rejected and then some.
What we have here is a new form of government. Parliamentary Dictatorship.
I want to visit the Parthenon. Is it still in Athens or it was move to Berlin!
It's in escrow for the bankers to dismantle and sell to the lowest bidder. Greeks get to keep the hill it was built on.
probably cut it up fpr countertops...
It's already in London... At least the most valuable pieces.
http://www.britishmuseum.org/about_us/news_and_press/statements/partheno...
#SyrizaSoldGreece
Fuck you Alexis! you piece of shit!
#TsiprasGaveGreeceAway
Eat it. You fail. Gone bankrupt and needs to be broken down and sold off. Can I get McFail with that please?
The dumb fuck majority wanted to remain in Euro and put an end to austerity.
Syriza never had a mandate to leave Euro. The referendum was a joke.
Grexit and the consequent repudiation of debt was the new beginning for Greece, but the old pension whores have won. The youth can pay for the profligacy and malinvestement of their elders.
Congratulations, Greece, you have failed.
Greece is quite literally no longer a nation.
Greece is now a:
Province?
Colony?
Territory?
District?
Zone?
It is a province of the European Federation. I have no pity left for Greece.
Ted Nugent, got you in a strangle hold baby!
Greece, you want socialist, you got one, now. Look how much traitor he is.
Have you heard this one?
Q: how do you humiliate a Greek?
A: You CAN'T!!! It can't be done! They're such shameless socialist whores, they'd volunteer to 'receive' at a bukake party, just for the free protein!
LOL. Another Leftist clown bites the dust...when will they ever learn? Now this clown sold out his country just like the buffoon Papandreou, he can rewarded with various posts at NGO and non-executive director positions.
Big surprise, kick the can some more... Rally the "Market" to signal world approval.
fucking hopeless, ha...
beggars will be beggars
Sad.
Yet another reminder that representative democracy does not work, even when the people have been solicited for their opinion.
Not completely a surprise for the skeptic, but the implications moving forward will be wroght with mistrust.
High time for people to reclaim Democracy for themselves - whatever form that may take.
YOU ARE DEMOCRACY
In the referendum it was essentially: We Want To Spend Other Peoples Money...Without Consequence!
Well...they got the first part of what they wanted.
But when spending other peoples money there is always strings attached ;-)
chain attacked to iron collar around neck with boot in face, oh yea,baby, i want dat!
Take a leaf out of the German book, it takes the Nazis to default on impossible debts (1933).
You need Golden Dawn.
Plus Ukraine (2015). Default day is 17 July. IMF has said the money will still be supplied irrespective of the economic conditions.
Greece, if you want unlimited money, no questions asked, go full Nazi.
Wonder how much they could get for the Parthenon?
I heard it's been condemned.
Debt to gdp now at 240%. Ya that works. Going to be an interesting week in Greece. The wonders of exponential debt.
yes..... and if they privatise the potentially profitable businesses to non Greeks (?)......they'll have even few ways to repay this 'debt'....... guess that's part of why it's exponential(?)
Getting interesting.
Hang that POS.
300
300% of GDP?!? It's not that bad, is it?
Germany had 200% after WWII but got 100% debt relief (after pluging a continent into darkness, twice). Greece was one of the pardoners. A good deed never gets unpunished.
Edit: with "100% debt relief" I meant to say that their debt was decreased to 100% Debt to GDP ration. So they got a 50% debt relief.
Just wonder what Merkel's secret bargaining chip was. Bet he got a nice retirement home and bank account on an unnamed coast somehwere besides Greece.
She just wagged her mighty teats in front of his face and he whimpered like a hungry baby.
To Tsipras? 'We know where you live, shame if something ... bad ... was to happen'
no comment
I've said it many times already.
There will be NO GREXIT ever.
Not now.
Not 3 years later.
Not 5 years later.
Not 10 years later.
Not 20 years later.
A joke
Merkel arrives at the Greek border control. The guy asks "Name?"
Merkel answers "Merkel"
Border guy: "Nationality?"
Merkel: "German"
Border guy: "Occupation?"
Merkel: "no, only visiting".
But that of course is a lie. Greece, all your assets are belong to Germany...
Everyting will be privatized and German companies (such as the corrupt Siemens that already bribed people in Greece) will profit from that. Your water will be privatized (that you all protested against), your harbors, etc. etc. All for better services for better prices of course (uch-uch).
If you want to know what "Bankers grab you by the balls" like, look at Greece now. At first, they give you sweet, sell you dreams. By the time you realise it is a bad deal, it's way too fucking late.
Roll up! Roll UP!
Greece is ON SALE!!!!
70% off end of season, closing down sale!
Roll up! Roll UP!
And so the strip mining of the Greek nation begins in earnest. That's what debt is for.
Interesting to see if the rest of the PIGS will get in the queue for the German shower blocks.
WHAT A JOKE! I am deeply disappointed.
Greece to get ANOATHER 80 BILLION Euros!
This crisis will be back again, within 6 months. Greece has never fulfilled its obligations, why should they do now.
If Greece can't sustain 320 Billion debt...how on earth can they sustain 400 Billion!
So after giving every Greek household a FREE HOME, they are going to get a free car....a 30,000 Euro car!
One thing is for sure. Greece will fail. They always do. And next time, there will be no more arguing. Next time Greece will not be offered to leave the EU, it will be kicked out! But at what GREAT cost to the RoE.
What a disaster, Greeks get rewarded with more money for doing nothing for 200 years but cheating, stealing and lying.
COMMUNISM WINS AGAIN. What a horrible world this is turning into!
GERMANY SHAME ON YOU FOR GIVING IN. Now France and Italy will carry on regardless!
You think Greece was a problem....you haven't seen anything yet, wait for Italy.
Looks like the ECB/Draghi has a lot of printing to do now. This means the ECB is going to be desperate to pump liquidity into the economy. That means, the European Banks are going to need a lot of capital. Soon Draghi is going to get the ECB to start buying bank stocks. I can just see how some of the European Banks are going to have nice rise in their stock prices.
Europe is going to follow the American path, over bloating stock prices, mountainous debt, and the central banks filling the coffers of the <strike>death</strike>(strikethrough isn't working ZH) debt dealers.
What a disaster this deal is, it will be the end of everything euro based.
Over 400 Billion Euros for 10 million people...INSANITY!!!!!!!!!!!!
Was so looking forward to drachma
can't anyone do it right
I have a great business idea for any budding Greek entrepreneurs on here.
Put Alexis face on your toilet paper.
"We have an aGreekment"
I think there might be a GREVOLT
Let this be a lesson to you; like they say in the USA: "Don't fight the Fed!"
"Greek assets" to be held in escrow wouldn't include 100 tonnes of gold bars effective immediately, would it?