This page has been archived and commenting is disabled.

Presenting The "Greek Terms Of Surrender" As Annotated By Yanis Varoufakis

Tyler Durden's picture




 

The Greek "deal" has already been dubbed "a new Versailles Treaty" for good reason: for Greece, the agreement which effectively abdicates sovereignty to Germany, is precisely that.

And while few if any in Greece - and certainly its parliament - have carefully read the actual contents of the Summit statement, and instead rushed to pass the deal shortly after 1am Athens time, with hopes that just approving its contents may lead to the ECB blessing a prompt reopening of banks so Greeks can resume withdrawing their frozen deposits before the public realizes it was betrayed by its rulers once again, one person who has read it is the former finance minister Yanis Varoufakis.

And not only that: just hours before what may be the most critical vote in Greek history, he has released an annotated version of what the Euro Summit statement really means for Greece.

In his words: The Euro Summit statement (or Terms of Greece’s Surrender – as it will go down in history) follows, annotated by yours truly. The original text is untouched with my notes confined to square brackets (and in red). Read and weep… [For a pdf copy click here.]

Full annotated statement:

Euro Summit Statement Brussels, 12 July 2015

The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities [i.e. the Greek government must introduce new stringent austerity directed at the weakest Greeks that have already suffered grossly] as a pre- requisite for a possible future agreement on a new ESM programme [i.e. for a new extend-and-pretend loan].

In this context, the ownership by the Greek authorities is key [i.e. the Syriza government must sign a declaration of having defected to the troika’s ‘logic’], and successful implementation should follow policy commitments.

A euro area Member State requesting financial assistance from the ESM is expected to address, wherever possible, a similar request to the IMF This is a precondition for the Eurogroup to agree on a new ESM programme. Therefore Greece will request continued IMF support (monitoring and financing) from March 2016 [i.e. Berlin continues to believe that the Commission cannot be trusted to ‘police’ Europe’s own ‘bailout’ programs].

Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures [i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered]. These measures, taken in full prior agreement with the Institutions, will include:

By 15 July

  • the streamlining of the VAT system [i.e. making it more regressive, through rate rises that encourage more VAT evasion]and the broadening of the tax base to increase revenue [i.e. dealing a major blow at the only Greek growth industry – tourism].
  • upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme [i.e. reducing the lowest of the low of pensions, while ignoring that the depletion of pension funds’ capital due to the 2012 troika-designed PSI and the ill effects of low employment & undeclared paid labour].
  • the safeguarding of the full legal independence of ELSTAT [i.e. the troika demands complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.]
  • full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular by making the Fiscal Council operational before finalizing the MoU and introducing quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets after seeking advice from the Fiscal Council and subject to prior approval of the Institutions [i.e. the Greek government, which knows that the imposed fiscal targets will never be achieved under the imposed austerity, must commit to further, automated austerity as a result of the troika’s newest failures.]

By 22 July

  • the adoption of the Code of Civil Procedure, which is a major overhaul of procedures and arrangements for the civil justice system and can significantly accelerate the judicial process and reduce costs [i.e. foreclosures, evictions and liquidation of thousands of homes and businesses who are not in a position to keep up with their mortgages/loans.]
  • the transposition of the BRRD with support from the European Commission.

Immediately, and only subsequent to legal implementation of the first four above-mentioned measures as well as endorsement of all the commitments included in this document by the Greek Parliament, verified by the Institutions and the Eurogroup, may a decision to mandate the Institutions to negotiate a Memorandum of Understanding (MoU) be taken [i.e. The Syriza government must be humiliated to the extent that it is asked to impose harsh austerity upon itself as a first step towards requesting another toxic bailout loan, of the sort that Syriza became internationally famous for opposing.]

This decision would be taken subject to national procedures having been completed and if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1. In order to form the basis for a successful conclusion of the MoU, the Greek offer of reform measures needs to be seriously strengthened to take into account the strongly deteriorated economic and fiscal position of the country during the last year [i.e. the Syriza government must accept the lie that it, and not the asphyxiation tactics of the creditors, caused the sharp economic deterioration of the past six months – the victim is being asked to take the blame by the on behalf of the villain.]

The Greek government needs to formally commit to strengthening their proposals [i.e. to make them more regressive and more inhuman] in a number of areas identified by the Institutions, with a satisfactory clear timetable for legislation and implementation, including structural benchmarks, milestones and quantitative benchmarks, to have clarity on the direction of policies over the medium-run. They notably need, in agreement with the Institutions, to:

  • carry out ambitious pension reforms [i.e. cuts] and specify policies to fully compensate for the fiscal impact of the Constitutional Court ruling on the 2012 pension reform [i.e. cancel the Court’s decision in favour of pensioners] and to implement the zero deficit clause [i.e. cut by 85% the secondary pensions that the Syriza government fought tooth and nail to preserve over the past five months] or mutually agreeable alternative measures [i.e. find ‘equivalent’ victims] by October 2015;
  • adopt more ambitious product market reforms with a clear timetable for implementation of all OECD toolkit I recommendations [i.e. the recommendations that the OECD has now renounced after having re-designed these reforms in collaboration with the Syriza government], including Sunday trade, sales periods, pharmacy ownership, milk and bakeries, except over-the-counter pharmaceutical products, which will be implemented in a next step, as well as for the opening of macro-critical closed professions (e.g. ferry transportation). On the follow-up of the OECD toolkit-II, manufacturing needs to be included in the prior action;
  • on energy markets, proceed with the privatisation of the electricity transmission network operator (ADMIE), unless replacement measures can be found that have equivalent effect on competition, as agreed by the Institutions [i.e. ADMIE will be sold off to specific foreign vested interests at the behest of the Institutions.]
  • on labour markets, undertake rigorous reviews and modernisation of collective bargaining [i.e. to make sure that no collective bargaining is allowed], industrial action [i.e. that must be banned] and, in line with the relevant EU directive and best practice, collective dismissals [i.e. that should be allowed at the employers’ whim], along the timetable and the approach agreed with the Institutions [i.e. the Troika decides.]

On the basis of these reviews, labour market policies should be aligned with international and European best practices, and should not involve a return to past policy settings which are not compatible with the goals of promoting sustainable and inclusive growth [i.e. there should be no mechanisms that waged labour can use to extract better conditions from employers.]

  • adopt the necessary steps to strengthen the financial sector, including decisive action on non-performing loans [i.e. a tsunami of foreclosures is ante portas] and measures to strengthen governance of the HFSF and the banks [i.e. the Greek people who maintain the HFSF and the banks will have precisely zero control over the HFSF and the banks.], in particular by eliminating any possibility for political interference especially in appointment processes. [i.e. except the political interference of the Troika.] On top of that, the Greek authorities shall take the following actions:
  • to develop a significantly scaled up privatisation programme with improved governance; valuable Greek assets will be transferred to an independent fund that will monetize the assets through privatisations and other means [i.e. an East German-like Treuhand is envisaged to sell off all public property but without the equivalent large investments that W. Germany put into E. Germany in compensation for the Treuhand disaster.] The monetization of the assets will be one source to make the scheduled repayment of the new loan of ESM and generate over the life of the new loan a targeted total of EUR 50bn of which EUR 25bn will be used for the repayment of recapitalization of banks and other assets and 50 % of every remaining euro (i.e. 50% of EUR 25bn) will be used for decreasing the debt to GDP ratio and the remaining 50 % will be used for investments [i.e. public property will be sold off and the pitiful sums will go toward servicing an un-serviceable debt – with precisely nothing left over for public or private investments.] This fund would be established in Greece and be managed by the Greek authorities under the supervision of the relevant European Institutions [i.e. it will be nominally in Greece but, just like the HFSF or the Bank of Greece, it will be controlled fully by the creditors.] In agreement with Institutions and building on best international practices, a legislative framework should be adopted to ensure transparent procedures and adequate asset sale pricing, according to OECD principles and standards on the management of State Owned Enterprises (SOEs) [i.e. the Troika will do what it likes.]
  • in line with the Greek government ambitions, to modernise and significantly strengthen the Greek administration, and to put in place a programme, under the auspices of the European Commission, for capacity-building and de-politicizing the Greek administration [i.e. Turning Greece into a democracy-free zone modelled on Brussels, a form of supposedly technocratic government, which is politically toxic and macro-economically inept] A first proposal should be provided by 20 July after discussions with the Institutions. The Greek government commits to reduce further the costs of the Greek administration [i.e. to reduce the lowest wages while increasing a little the wages some of the Troika-friendly apparatchiks], in line with a schedule agreed with the Institutions.
  • to fully normalize working methods with the Institutions, including the necessary work on the ground in Athens, to improve programme implementation and monitoring [i.e. The Troika strikes back and demands that the Greek government invite it to return to Athens as Conqueror – the Carthaginian Peace in all its glory.] The government needs to consult and agree with the Institutions on all draft legislation in relevant areas with adequate time before submitting it for public consultation or to Parliament [i.e. Greek Parliament must, again, after five months of short-lived independence, become an appendage of the Troika – passing translated legislation mechanistically.] The Euro Summit stresses again that implementation is key, and in that context welcomes the intention of the Greek authorities to request by 20 July support from the Institutions and Member States for technical assistance, and asks the European Commission to coordinate this support from Europe;
  • With the exception of the humanitarian crisis bill, the Greek government will reexamine with a view to amending legislations that were introduced counter to the February 20 agreement by backtracking on previous programme commitments or identify clear compensatory equivalents for the vested rights that were subsequently created [i.e. In addition to promising that it will no longer legislative autonomously, the Greek government will retrospectively annul all Bills it passed over the past five months.]

The above-listed commitments are minimum requirements to start the negotiations with the Greek authorities. However, the Euro Summit made it clear that the start of negotiations does not preclude any final possible agreement on a new ESM programme, which will have to be based on a decision on the whole package (including financing needs, debt sustainability and possible bridge financing) [i.e. self-flagellate, impose further austerity upon an economy crushed by austerity, and then we shall see whether the Eurogroup will grave you with another toxic, unsustainable loans.]

The Euro Summit takes note of the possible programme financing needs of between EUR 82 and 86bn, as assessed by the Institutions [i.e. the Eurogroup conjured up a huge number, well above what is necessary, in order to signal the debt restructuring is out and that debt bondage ad infinitum is the name of the game.] It invites the Institutions to explore possibilities to reduce the financing envelope, through an alternative fiscal path or higher privatisation proceeds [i.e. And, yes, it may possible that pigs will fly.] Restoring market access, which is an objective of any financial assistance programme, lowers the need to draw on the total financing envelope [i.e. which is something the creditors will do their utmost to avoid, e.g. by ensuring that Greece will only enter the ECB’s quantitative easing program in 2018, once quantitative easing is… over.]

The Euro Summit takes note of the urgent financing needs of Greece which underline the need for very swift progress in reaching a decision on a new MoU: these are estimated to amount to EUR 7bn by 20 July and an additional EUR 5bn by mid August [i.e. Extend and Pretend gets another spin.] The Euro Summit acknowledges the importance of ensuring that the Greek sovereign can clear its arrears to the IMF and to the Bank of Greece and honour its debt obligations in the coming weeks to create conditions which allow for an orderly conclusion of the negotiations. The risks of not concluding swiftly the negotiations remain fully with Greece [i.e. Once more, demanding that the victim takes all the blame in behalf of the villain.] The Euro Summit invites the Eurogroup to discuss these issues as a matter of urgency.

Given the acute challenges of the Greek financial sector, the total envelope of a possible new ESM programme would have to include the establishment of a buffer of EUR 10 to 25bn for the banking sector in order to address potential bank recapitalisation needs and resolution costs, of which EUR 10bn would be made available immediately in a segregated account at the ESM [i.e. the Troika admits that the 2013-14 recapitalisation of the banks, which would only need a top up of at most 10 billion, was insufficient – but, of course, blames it on… the Syriza government.]

The Euro Summit is aware that a rapid decision on a new programme is a condition to allow banks to reopen, thus avoiding an increase in the total financing envelope [i.e. The Troika closed Greece’s banks to force the Syriza government to capitulate and now cries out for their re-opening.] The ECB/SSM will conduct a comprehensive assessment after the summer. The overall buffer will cater for possible capital shortfalls following the comprehensive assessment after the legal framework is applied.

There are serious concerns regarding the sustainability of Greek debt [N.b. Really? Gosh!] This is due to the easing of policies during the last twelve months, which resulted in the recent deterioration in the domestic macroeconomic and financial environment [i.e. It is not the Extend and Pretend ‘bailout’ loans of 2010 and 2012 that, in conjunction with GDP-sapping austerity, caused the debt to scale immense heights – it was the prospect, and reality, of a government that criticized the the Extend and Pretend ‘bailout’ loans that… caused Debt’s Unustainability!]

The Euro Summit recalls that the euro area Member States have, throughout the last few years, adopted a remarkable set of measures supporting Greece’s debt sustainability, which have smoothed Greece’s debt servicing path and reduced costs significantly [i.e. The 1st & 2nd ‘bailout’ programs failed, the debt skyrocketing as it was always going to since the real purpose of the ‘bailout’ programs was to transfer banking losses to Europe’s taxpayers.] Against this background, in the context of a possible future ESM programme, and in line with the spirit of the Eurogroup statement of November 2012 [i.e. a promise of debt restructure to the previous Greek government was never kept by the creditors], the Eurogroup stands ready to consider, if necessary, possible additional measures (possible longer grace and payment periods) aiming at ensuring that gross financing needs remain at a sustainable level. These measures will be conditional upon full implementation of the measures to be agreed in a possible new programme and will be considered after the first positive completion of a review [i.e. Yet again, the Troika shall let the Greek government labour under un-payable debt and when, as a result, the program fails, poverty rises further and incomes collapse much more, then we may haircut some of the debt – as the Troika did in 2012.]

The Euro Summit stresses that nominal haircuts on the debt cannot be undertaken [N.b. The Syriza government has been suggesting, since January, a moderate debt restructure, with no haircuts, maximizing the expected net present value of Greece’s repayments to creditors’ – which was rejected by the Troika because their aim was, simply, to humiliate Syriza.] Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and in a timely manner [N.b. Which can only happen after a substantial debt restrucuture.] Provided that all the necessary conditions contained in this document are fulfilled, the Eurogroup and ESM Board of Governors may, in accordance with Article 13.2 of the ESM Treaty, mandate the Institutions to negotiate a new ESM programme, if the preconditions of Article 13 of the ESM Treaty are met on the basis of the assessment referred to in Article 13.1. To help support growth and job creation in Greece (in the next 3-5 years) [N.b. Having already destroyed growth and jobs for the past five years…] the Commission will work closely with the Greek authorities to mobilise up to EUR 35bn (under various EU programmes) to fund investment and economic activity, including in SMEs [i.e. Will use the same order of magnitude of structural funds, plus some fantasy money, as were available in 2010-2014.] As an exceptional measure and given the unique situation of Greece the Commission will propose to increase the level of pre-financing by EUR 1bn to give an immediate boost to investment to be dealt with by the EU co-legislators [i.e. Of the headline 35 billion, consider 1 billion as real money.] The Investment Plan for Europe will also provide funding opportunities for Greece [i.e. the same plan that most Eurozone ministers of finance refer to as a phantom program].

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 07/15/2015 - 11:44 | 6315463 Looney
Looney's picture

TSIPRAS: Schauble insists on addressing him as Lieutenant Dan. He also keeps calling me Forrest. What does it mean?    ;-)

Looney

Wed, 07/15/2015 - 11:45 | 6315476 Cognitive Dissonance
Cognitive Dissonance's picture

Run Forest. Run!

Wed, 07/15/2015 - 11:49 | 6315486 Pinto Currency
Pinto Currency's picture

 

'Game Theory' Yanis who as Fin Min made ZERO preparations for new currency while playing New Drachma brinksmanship game with EU:

 

"...    So the first rather chilling thing I’ve learned, from well-placed bankers, is there have been no conversations between the Bank of Greece, the government or regulators and Greece’s commercial banks about the technicalities of leaving the euro and adopting a new currency.

    This is astonishing – and some would say pretty close to criminal – given that on Wednesday night the president of the European Union, former Polish prime minister Donald Tusk, was explicit that this weekend’s negotiations were all about whether Greece would stay in the eurozone.

http://www.nakedcapitalism.com/2015/07/greece-has-made-no-preparation-for-a-grexit.html

 

Wed, 07/15/2015 - 11:51 | 6315502 Cognitive Dissonance
Cognitive Dissonance's picture

I suspect Yanis never expected his bluff to be called. If you are not willing to carry it all the way to the end then don't enter the game, let alone bluff. You will have your head handed to you on a (paper) silver platter if you do.

Wed, 07/15/2015 - 11:56 | 6315518 MillionDollarBonus_
MillionDollarBonus_'s picture

This may be a bitter pill to swallow, but I believe that Greek people will be thankful that this choice was made in the coming years. This rescue package lays out a comprehensive plan for rebuilding the Greek economy and paying back the debt. Don't get me wrong - a hard road lies ahead for Greece; but through hard work and determination I have no doubt that Greece will emerge debt-free, powerful and economicaly prosperous once again.

Wed, 07/15/2015 - 11:58 | 6315538 James_Cole
James_Cole's picture

There are serious concerns regarding the sustainability of Greek debt. This is due to the easing of policies during the last twelve months, which resulted in the recent deterioration in the domestic macroeconomic and financial environment

Unfortunately, msm has run with this ridiculous claim already.

Wed, 07/15/2015 - 12:25 | 6315689 divingengineer
divingengineer's picture

I find it funny that in all the Troika there is not a single voice calling for write-downs of unpayable Greek debt. 

This could be a wash, rinse and move on with your life procedure if they would just accept the inevitable and write down the damned Greek debt. 

 

Wed, 07/15/2015 - 12:35 | 6315748 ShorTed
ShorTed's picture

IMF is part of the troiika...they're calling for meaningful debt hair-cuts.

Wed, 07/15/2015 - 13:06 | 6315886 divingengineer
divingengineer's picture

Bond holder hair cuts?

Or some other mechanism?

Wed, 07/15/2015 - 13:24 | 6315974 Supernova Born
Supernova Born's picture

Tropic Thunder Simple Jack more than Forrest Gump.

Wed, 07/15/2015 - 13:57 | 6316166 PrayingMantis
PrayingMantis's picture

 

 

... it's like deja moo ... it's the feeling that I've heard this bull before ...

Wed, 07/15/2015 - 15:57 | 6316710 the phantom
the phantom's picture

So the IMF is calling for debt haircuts AFTER the Greek parliament accepts the deal.  Yeah, I'm sure that's going to happen.  The final insult... the Troika and Germany must be laughing thier asses off at what they can make the Greek gov't do.

Wed, 07/15/2015 - 18:34 | 6317306 new game
new game's picture

imf just trying to get something rather than zilch.

Thu, 07/16/2015 - 00:06 | 6318291 zhandax
zhandax's picture

I am not sure I believe this, but it did strike me as a possibility;

1. Germany and the Euro bankers want Greece out of the EZ

2. The US neocons don't want a Russian port in Greece

3 Us election is approaching

4. IMF throws a wrench in the works mentioning 'debt reduction'

5. US pols are shaking down the bankers again

Something is screwy is going on no matter which way you slice this pig.

Thu, 07/16/2015 - 01:27 | 6318460 Transformer
Transformer's picture

Take home message for the elites:  Once you close the banks, the people will fold.

Thu, 07/16/2015 - 05:06 | 6318604 Manthong
Manthong's picture

I was in love with her, but she had a bad EU history, got AIDS and died.

Thu, 07/16/2015 - 05:44 | 6318617 Manthong
Manthong's picture

gee..  get the Iceland play book..

Get Smart..

 

Wed, 07/15/2015 - 15:54 | 6316693 Mark Urbo
Mark Urbo's picture

The Greeks must default on the debt...

..and print new currency.  Its the only way they get real growth in the future.

Thu, 07/16/2015 - 01:00 | 6318418 Lore
Lore's picture

Bingo. This war is between the Greek nation and the psychopathic paper-pushing banksters. HOW BAD DO THINGS HAVE TO GET BEFORE PEOPLE GET OFF THEIR ASSES?

Thu, 07/16/2015 - 06:07 | 6318644 Farqued Up
Farqued Up's picture

Always remember that the Greeks are represented by warped socialist-communist bureaucrats. The lesson should be learned that as long as these warped power mongers are in control they will never recover. The debts could be wiped clean and within 5 years they would be back with their tin cups. Their only hope is to tell the Troika to kiss ass and then haul ass.

This whole EU concept sounds good when we say it fast, but it's destined for failure. The warps can't turn loose of the nanny teat. Slaves that retire at age 50 need supporting from the outside. Not a bad form of slavery actually.

Goldman Sucks is evil. I keep thinking about their other escapades, along with JPMChase, fished that bunch of Birmingham losers into 3 billion of sewer bonds.

Thu, 07/16/2015 - 02:53 | 6318530 Reptil
Reptil's picture

The way this is going, they can't even decide on that anymore.
Of course they can, but that would mean violent revolution.

Thu, 07/16/2015 - 06:04 | 6318641 GoldIsMoney
GoldIsMoney's picture

Sure printing money makes rich. Strang that it never ever has worked in the past nor for any of the other states in default. But thanks for this confirmaiton. There is no end to human stupidity. It has not worked last time, so let's try again. If we fail ageen (forseeable) then just try again with even more debts. There's obviously no remedy for debts but more debts. Yes that sound reasonable and makes kind of sense.

Wed, 07/15/2015 - 12:39 | 6315771 SmackDaddy
SmackDaddy's picture

portugal, italy, ireland, spain.  that's why

Wed, 07/15/2015 - 12:57 | 6315840 metastar
metastar's picture

It's called political/economic Bitchkrieg!

Wed, 07/15/2015 - 21:16 | 6317868 KnightTakesKing
KnightTakesKing's picture

Varoufakis could have been the George Washington of Greece. Too bad of the Valley Forge surrender to the Hessians.

Thu, 07/16/2015 - 05:59 | 6318631 Ghordius
Ghordius's picture

George Washington was a general noted for being a very good "husband of resources"

he cared for his soldiers, worked hard to keep them dry, fed, well equipped and prepared, and was also cautious and soft spoken, non-partisan to a fault and besides a genius of logistics

Yanis Varoufakis is a politician noted for being a very hard talker, a "game theory" & economics academic with international renown and a convinced marxist

he did not particularly care for accounting and did not marshal the financial logistics for six months of prolonged haggling, nor improve the tax-gathering capabilities of the Greek state

yes, Varoufakis could have been the George Washington of Greece if he had been in any way, even remotely, similar to George Washington, starting with a love for details, going further in logistics and an eye for the feasible instead of the theory. some non-partisanship would also have been valuable, for the head taxman role he assumed, and some diplomacy when dealing with his collegues (the FinMins of the rest of the EuroGroup) might also have helped

the most interesting fact about Varoufakis is that nobody ever asked if he was even remotely qualified to become the CFO of the Greek "Ship of State". somehow there seems to be a bias towards thinking that economic professors are automatically good, hardnosed accountants with a knack of organizing delapidated bureaucracies back into shape

Yanis Varoufakis is the very best example of theory hitting on reality and afterwards complaining that reality is too hard and unwielding... while writing books and steering to personal fame all the way

Thu, 07/16/2015 - 06:55 | 6318708 Ghordius
Ghordius's picture

what the creditor side wants: "the safeguarding of the full legal independence of ELSTAT"

what Varoufakis writes about it: "[i.e. the troika demands complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.]"

now, this is a very, very interesting issue. ZH often reports statistics from both the US and the EU. the EU org supports a statistical bureucracy, the EuroStat office

what really happens is that this eu office gives framework guidance so that the national statistics of the national offices like the Greek ELSTAT can be aggregated and then published as if the EU was one state, like the US, of course with all the national details

the idea, and the treaties behind it, is that those statistics should be handled uniformly, i.e. in the same manner, and be true and transparent. for public use by citizens checking on what politicians tell them to investors making their homework to all the other uses of statistics

note, in this, how often ZH has something to say about the... reliability of US Statistics

and now note how Varoufakis seems to think that Greek national statistics are a national trump card to be held close to the chest and property of the Greek government, instead of everybody, in particular the Greek Citizens

the difference is a bit like the "open source" discussion in IT. the european standards and treaties insist on transparency... but Varoufakis seems to prefer murkyness

how do we ever see honest and thrustworthy statistics in Greece if those numbers are meant to be taken on trust of the current FinMin? honest and trustworthy statistics are a bulwark of republicanism and democracy. the citizen must be able to inform himself about the hard numbers of the State. he must be able to double-check them and he must be able to see the details of the state budget

Varoufakis, here, betrays his Marxist roots, the same that miserably failed to the point where "Glasnost", i.e. Transparency had to be policy in the old Soviet Union

Liberty, Freedom and Citizenship demand trustworthy statistics about everything connected with the state. The Public Sphere, to which the State belongs, must be transparent to the Citizen, particularly the State Budget

that this "allows creditors to see and make demands" is simply one huge red herring, false trail and straw man from Varoufakis, who did have six months of "hiding the cards" but did nothing with them

Thu, 07/16/2015 - 14:16 | 6320205 KnightTakesKing
KnightTakesKing's picture

Well said, Ghordius.

Thu, 07/16/2015 - 06:01 | 6318633 GoldIsMoney
GoldIsMoney's picture

How can you think that. What he would have reached is hardly anything else as your beloved Lincoln.

Wed, 07/15/2015 - 14:00 | 6316188 greenskeeper carl
greenskeeper carl's picture

Writing down the debt won't make a difference. They couldn't pay for their bloated welfare state with only 100b in debt back in 2010, so they had to get a bailout. Even of you wrote off 50% of their debt in a massive debt forgiveness, they STILL couldn't pay for all of this without borrowing more money. The problem isn't just the euro, or the troika, although that is part of it. The problem is you have a giant, massively bloated govt and pension program that is unrealistic. Couple that with a culture that encourages tax evasion, as Greeks typically view that as theft of their money by the govt. While I am secrets only sympathetic to that view point, you can't have a giant welfare state in a society that won't pay for it.

Wed, 07/15/2015 - 15:55 | 6316703 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

Um, hello, 59% of the Greek economy is the public sector, I wonder what the percentage is in the US? Oh, what if you include the fact that 50% of the "private sector" S&P 500 revenues are from the US government...everything from phantom schools in Afghanistan to the Surveillance-Industrial Complex to KFCs at Bagram airbase. Let's see, who is Microsoft's biggest customer, by far? (Hint: the US Army). And oh, look, the US debt is equally unpayable by any stretch of the imagination. And, um, Germany got a 50% write-off and extension to 30 years in 1953... which was in part a write-off of the estimated $200B in destruction they caused to Greece during that little bit of nastiness between 1939-1945.

Pot, meet kettle, 50 shades of black.

Wed, 07/15/2015 - 16:09 | 6316763 Socratic Dog
Socratic Dog's picture

Amazing. "You can't have a giant welfare state in a society that won't pay for it".  What the fuck does this guy think is happening in the US?  Or most of the developed world, for that matter.

The system is broken, as well as broke.  It offers candy to babies and blames the babies when their teeth fall out. It's starting to look like the Tribe will own the world without a shot being fired.  Who knew credit-based money was more powerful than any military weapon ever devised?

I need to take a look at the Protocols to see what comes next.

Wed, 07/15/2015 - 18:45 | 6317346 TheRideNeverEnds
TheRideNeverEnds's picture

Thomas Jefferson knew. Hell most people knew the dangers back then. The tribe is the only one that remembered and used that information over the years. They now at least control if not outright own all the most powerful institutions on the planet.

Most people these days have not held an ounce of silver in their hand let alone an ounce of gold. They don't know. They pay no attention to ANY of this stuff. They aren't even aware of broad macro level current events outside of TMZ of course they are massively ignorant of the history of money or anything that is not pop culture, they don't want to know, they simply could not care less. They memorized what they were told to memorize to pass the requisite tests and they moved on as they were told down the path of debt slavery.

In fact just yesterday I picked up a package from the front desk lady here after she had signed for it. She mentioned how the postman was insistent upon her signing for it and leaving it in her physical custody not in the mailbox. She though that odd so I asked her. " well guess what is in this small box that is so valuable". She guessed checks, which was a good guess for the size and shape of the package but wrong. When I informed her it was a gold bar she just looked at me blankly and said why would you buy a gold bar? I said cause I like it as a tangible thing to hold and look at plus it's a good way to store value long term in a small space outside of the banking system and gives me a sense of security along with being a fun and easy way to set aside money for the future and keep from spending it. Out of sight out of mind type of situation. She said why not just leave it in the bank to which I replied "well we are doing alright now but suppose something happened to where we could not get any or as much as we needed out of the bank for some period of time. I could potentially trade my silver and gold for other stuff I want or need." She still looked quite confused so I said take Greece for instance, I bet many there wish they had a stock of gold and silver right now"

she replied

"Why, what's going on in Greece?"

Wed, 07/15/2015 - 21:25 | 6317896 Jim in MN
Jim in MN's picture

You should go back tomorrow and sell that nice lady some life insurance.

Wed, 07/15/2015 - 22:32 | 6318081 usednabused
usednabused's picture

LMAO

Thu, 07/16/2015 - 00:11 | 6318320 zhandax
zhandax's picture

Sounds like you could go back tomorrow and sell her the Brooklyn bridge, unless someone else beat you to it.

Thu, 07/16/2015 - 01:03 | 6318427 Real Estate Geek
Real Estate Geek's picture

I bet her junky son will be interested in hearing about "that strange man who bought a gold bar."  You might want to store it off-site.

Thu, 07/16/2015 - 02:45 | 6318526 Vargs_until
Vargs_until's picture

Not true. Taking out the debt repayments the Greek Govt. ran a 2% surplus of revenue vs expenditure last year. Remind me again what the US Government deficit is currently running at?

Wed, 07/15/2015 - 21:16 | 6317861 Fluorideinthewater
Fluorideinthewater's picture

.

Wed, 07/15/2015 - 23:12 | 6318157 yogibear
yogibear's picture

"there is not a single voice calling for write-downs of unpayable Greek debt."

The million dollar bonus guys don't want to take a haircut. Just enslave others more.

Thu, 07/16/2015 - 00:49 | 6318403 Never One Roach
Never One Roach's picture

I don't see any mention of Obamacare in there either. They must have forgotten.

Wed, 07/15/2015 - 12:00 | 6315552 Overfed
Overfed's picture

Sublime.

Wed, 07/15/2015 - 12:05 | 6315585 Ignatius
Ignatius's picture

Sublime would be publically hanging that traitorous bastard, Varoufakis.

Wed, 07/15/2015 - 16:43 | 6316904 saulysw
saulysw's picture

Why? Is it his signature on this document?

Thu, 07/16/2015 - 06:01 | 6318632 Ghordius
Ghordius's picture

of course not. his signature is on the utter waste of six months of uncertainty for... nothing, and nothing again

Wed, 07/15/2015 - 12:00 | 6315554 taketheredpill
taketheredpill's picture

Bwaa Ha Ha Ha Ha!!!

 

Thank You.  Made my day.

 

Wed, 07/15/2015 - 12:01 | 6315558 boogerbently
boogerbently's picture

I think it's funny the ZH'ers that constantly complain about the "free stuff" crowd here, think of the Greek

free stuff crowd as some kind of martyrs.

Wed, 07/15/2015 - 12:26 | 6315703 blueRidgeBoy
blueRidgeBoy's picture

if we have a choice between central control and liberty, we always choose liberty.  Unless Putin's involved, then we always take his side.

Wed, 07/15/2015 - 12:37 | 6315763 rejected
rejected's picture

??

Wed, 07/15/2015 - 12:53 | 6315831 freewolf7
freewolf7's picture

We're all affected by bank policies. Whether that makes us martyrs or not is a waste of time. We're all programmed to accept the current policies. Some have weathered the discomfort enough to acknowledge the current set up among banks, corporations, and governments. Others succumb to the conditioning. The Greek people are part of that group, as are most in the US. We can become addicted to many things, including beliefs. The Greeks have theirs, and the lying, fucking scum-sucking, sociopathic fascists have theirs.

Thu, 07/16/2015 - 00:51 | 6318406 Never One Roach
Never One Roach's picture

The root cause of this whole mess has to be related to the Confederate Flag, I imagine.

Wed, 07/15/2015 - 12:01 | 6315561 MsCreant
MsCreant's picture

Seamless. 

[She takes her hat off, puts it over her chest, and bows].

Wed, 07/15/2015 - 12:04 | 6315580 MickV
MickV's picture

The debt can never be repaid moron

Wed, 07/15/2015 - 12:08 | 6315602 Dr. Engali
Dr. Engali's picture

Personally I don't believe Germany is doing enough to make sure investors are taken care of. I believe it's the German's duty  to roll in the tanks and confiscate anything that the Greeks may have of value and sell it to make "investors"whole.  

Wed, 07/15/2015 - 12:35 | 6315745 rejected
rejected's picture

The Euro IS their tank.

Wed, 07/15/2015 - 13:31 | 6316021 FreeMoney
FreeMoney's picture

Either the German tanks roll in to greece to reclaim the lost german taxpayer euro's or the german taxpayers will roll into Berlin and take the politicians heads.

Thu, 07/16/2015 - 05:59 | 6318630 GoldIsMoney
GoldIsMoney's picture

Both will  not happen. It'll be that the greek tansk will role in fron the Bundestag and "suggest" us to spend another few billions on the "recovery" of Greece...

Wed, 07/15/2015 - 16:00 | 6316719 OpenThePodBayDoorHAL
OpenThePodBayDoorHAL's picture

WW III is already on, folks, it's financial and cyber:

http://map.norsecorp.com/

 

Thu, 07/16/2015 - 04:09 | 6318575 DontGive
DontGive's picture

Bahahaha.

We'll at least we know Canada, Australia, Greenland, and Antartica are safe from cyber. They must have some secret cyber condoms or something.

Thu, 07/16/2015 - 04:09 | 6318576 DontGive
DontGive's picture

Bahahaha.

We'll at least we know Canada, Australia, Greenland, and Antartica are safe from cyber. They must have some secret cyber condoms or something.

Thu, 07/16/2015 - 03:17 | 6318543 Reptil
Reptil's picture

It's NOT the german tanks that'll be rolling down the Athens hills. It'll be EUROPEAN tanks. And if the germans revolt, it'll be murican tanks. etc.
READ THIS SMALL PRINT OF THE TREATY OF LISBON:

In the EU the death penaltly is forbidden. UNLESS
..
..

(c) in action lawfully taken for the purpose of quelling a riot or insurrection.

It's all right here. http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:C:2007:303:0017...

And yes, we (the dutch, french, irish anyone that they asked) voted against that piece of shit, when they called it "constitution". But then they rolled it in anyway.

Wed, 07/15/2015 - 12:08 | 6315603 Perimetr
Perimetr's picture

MillionDollarBonus_ working hard to earn your bonus today?

Wed, 07/15/2015 - 13:16 | 6315933 Bananamerican
Bananamerican's picture

laugh Perimetr....laugh

Wed, 07/15/2015 - 12:13 | 6315627 Boxed Merlot
Boxed Merlot's picture

once again...???

 

Hard work and determination?  I find it preposterous to suggest this solution when elected officials cannot, will not and continue to refuse to enforce uniform laws of bankruptcy and instead hide behind the skirts of "TBTF".  No business, no industry and no nation is TBTF as we in the US are well on the way of showing how it's done by abdicating our constitutionally provided legislative requirements to issue non interest bearing currency and enforce uniform laws of bankruptcy.

This isn't a "bitter pill to swallow", it's trying to catch a bullit with your head.

Wed, 07/15/2015 - 12:14 | 6315639 johnlocke445
johnlocke445's picture

You forgot one tiny little point. After these slave covenants are agreed to, Greece's debt to GDP will be 200%. Unpayable!! In a world sliding into depression Greece has no way of paying this back. What I want to know is what will happen to the people that drew FIRST BLOOD in this whole circus? GOLDMAN CRAPS!! The EU along with their criminal ally, Goldman, cooked the books of Greece so they could enter the EU. This was a crime. So, tell me...How do we go back in time and reverse all the criminal activity that took place that put Greece in this position in the first place?? Please answer me because you seem to ignore the fact that a crime was committed in the first place.

Wed, 07/15/2015 - 13:57 | 6316164 negative rates
Wed, 07/15/2015 - 16:46 | 6316912 saulysw
saulysw's picture

I'm pretty sure this is how wars are started.

Wed, 07/15/2015 - 13:08 | 6315896 logicalman
logicalman's picture

When money IS debt, how can any country have money and no debt?

Please explain.

 

Wed, 07/15/2015 - 15:24 | 6316555 Troy Ounce
Troy Ounce's picture

 

 

It is just the pretend part of "extend and pretend". A shorter word is Bullshit.

Wed, 07/15/2015 - 13:29 | 6316004 orez65
orez65's picture

Dear MDB:

Please move to Greece and take it where you so greatly deserve, up your a.s hole!

Wed, 07/15/2015 - 16:22 | 6316819 redd_green
redd_green's picture

MillionDollarBonus_   "Comprehensive plan for rebuilding ... and paying back...?"   Seriously?      Greece is being lent just enough money to pay interest on the load of outstanding debt, and in the process this borrowed money is being added to the principal.     Comprehensive plan?   Yes, plan for making long term indentured servants out of the bottom 99.99% of the Greek population, and transferring owenership and control of everything in Greece to foreigners.  

Thu, 07/16/2015 - 00:04 | 6318309 Fish Gone Bad
Fish Gone Bad's picture

I believe that Greek people will be thankful

Do you write for The Onion?  There's an open mike night somewhere.

Thu, 07/16/2015 - 05:56 | 6318628 GoldIsMoney
GoldIsMoney's picture

The only  change it will bring: The deficit is now around 300 billions, next year it'll be 300 billoins + 90 billions (the new credits) + the deficit of Greece in 2015. So nothing will raise but the debt level.

Thu, 07/16/2015 - 06:26 | 6318668 Farqued Up
Farqued Up's picture

Debt.

Thu, 07/16/2015 - 23:04 | 6322182 Reichstag Fire Dept.
Reichstag Fire Dept.'s picture

Being "debt free" is a physical and mathmatical impossibility. ALL money is created as an instrument of debt and ALL money is owed back to it's source...plus interest! The entire economy is creted out of debt...you are suggesting that ALL money is repayed to it's source, you would need every last cent from every last person to pay the debt off...so, if ALL the money is all thet there is, where does the money to pay the interest come from?

Wed, 07/15/2015 - 11:57 | 6315522 Pinto Currency
Pinto Currency's picture

.

Wed, 07/15/2015 - 11:55 | 6315530 Pinto Currency
Pinto Currency's picture

 

Or it was all a show with a predetermined finish.

Yanis just pranced around while he could.

These guys are in serious trouble.

Wed, 07/15/2015 - 11:56 | 6315535 boogerbently
boogerbently's picture

These have always ben their two choices.

Severe austerity (financial responsibility), to qualify for "other peoples money". or

Return to the drachma, where they can print to continue thier socialistic agenda (like we do here in the USA)

 

Wed, 07/15/2015 - 11:59 | 6315549 James_Cole
James_Cole's picture

Return to the drachma, where they can print to continue thier socialistic agenda (like we do here in the USA)

No, that's not how it works.

Wed, 07/15/2015 - 12:11 | 6315626 boogerbently
boogerbently's picture

It's the only way to continue unchanged.

NO to austerity means NO more EU bucks.

Wed, 07/15/2015 - 12:22 | 6315675 El Vaquero
El Vaquero's picture

Two words:  Unintended conseqences.

 

They would exist if Greece returned to the Drachma.  Over the next few years the world is going to learn a harsh lesson in TANSTAAFL.

Wed, 07/15/2015 - 12:36 | 6315752 divingengineer
divingengineer's picture

I don't think Tsipras ever thought he'd get the ship that close to the Drachma reef. 

It was meant as a 'nuclear option' bluff but went south on him. Now he has let it go too far and looks like a goon in front of his people. 

Austerity will suck out loud, returning to the Drachma wouold also be deliciously painfull. 

I just don't see  any way out for the Greeks. 

It be gonna sucka lot there for a long time. 

Wed, 07/15/2015 - 13:37 | 6316049 FreeMoney
FreeMoney's picture

This is the end game of the national debt slave.

 

the paymaster has their neck under his boot, or they walk away from their debt and the paymaster and suffer the austeritry of consequences.

 

this shit show will continue till the Greek people decide the former is worse than the later.  So far they are still living the polly anna life of thinking it will get better by doing more of the same.  fucking stupid.

Wed, 07/15/2015 - 16:34 | 6316863 redd_green
redd_green's picture

"Socialistic"?  Heh, is that a new sould music band?     Keep smoking what you're smoking, it must be good.

Wed, 07/15/2015 - 13:57 | 6316159 Louie the Dog
Louie the Dog's picture

One of the best replies I've read among the thousands posted re the Greek situation. It really is as simple as you say.

Wed, 07/15/2015 - 11:54 | 6315506 Skateboarder
Skateboarder's picture

The annotations almost make it seem like Gameboy Yanis is on the people's side. He is pretty good at playing both sides...

p.s. note the annotation re. "1st and 2nd bailouts failed". No Yanni, they succeeded - in cementing the enslavement of the people. You can't pay back odious debt. Why doesn't he shout this from the rooftops?

Wed, 07/15/2015 - 12:05 | 6315590 Bollixed
Wed, 07/15/2015 - 12:48 | 6315805 norecovery
norecovery's picture

Thanks for that link. Here is V's excuse:

HL: You must have been thinking about a Grexit from day one...

YV: Yes, absolutely. 

 

HL: ...have preparations been made?

YV: The answer is yes and no. We had a small group, a ‘war cabinet’ within the ministry, of about five people that were doing this: so we worked out in theory, on paper, everything that had to be done [to prepare for/in the event of a Grexit]. But it’s one thing to do that at the level of 4-5 people, it’s quite another to prepare the country for it. To prepare the country an executive decision had to be taken, and that decision was never taken.

Who was responsible for making that "executive decision"? It was Tsipras! The fact that he neglected to make it demonstrates that he, Alexis Tsipras, is to blame for this massive failure. But ultimately, Varoufakis and Syriza more broadly are responsible for failing to hold him accountable. Syriza is done.

Wed, 07/15/2015 - 17:23 | 6316959 omniversling
omniversling's picture

And this, YV's first interview after the referendum.

http://www.abc.net.au/radionational/programs/latenightlive/greek-bailout...

It's pretty interesting, as are some of his lectures and interviews when he was young(er). Linked below.

One of Varoufakis' appealing personal traits is his drifting of his speech towards truth: that this whole fractional reserve ponzi scam is in its death throes, and Greece is the first major vital organ to fail whilst attached to the monitors. There are more sclerotic and cancerous ones (BOJ, Fed, DB) but the scanner is on Greece at the moment.

What I have NOT seen or heard, from the Economics Professor, is an account of the role of sound money, and a 'name and shame' of the families and tribes who own the whole shit-show. Until I do, I'm calling him controlled opposition. Slick, and very smooth and informed, but controlled opposition. Or at least 'prisioner to the paradigm'.

Yanis Varoufakis' Ch4 UK special report on Greece - Feb 2012: "Welcome to the eye of the storm"
https://www.youtube.com/watch?v=KwY89ZuQWdc

The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective
https://www.youtube.com/watch?v=iVxaTC7Qp44

Yanis Varoufakis: Confessions of an Erratic Marxist /// 14th May 2013
https://www.youtube.com/watch?v=A3uNIgDmqwI

Talking to Yanis Varoufakis (Harald Schumann On The Trail - the complete interview)
https://www.youtube.com/watch?v=qNItYoJhgmk

The Global Minotaur: The Crash of 2008 and the Euro-Zone Crisis in Historical Perspective
https://www.youtube.com/watch?v=iVxaTC7Qp44

VAROUFAKIS (ELECTIONS 1993 GREECE)? Interview of Yannis Varoufakis onAustralian Television (ABC) about the Greek Elections (10-10-1993).
https://www.youtube.com/watch?v=s0IG4jREsvs

Wed, 07/15/2015 - 12:41 | 6315784 divingengineer
divingengineer's picture

I don't think Yanis was in on the real game. Hence his dismissal when the real plan of capitulation was at risk because of his brinksmanship.

The poor guy is an economist, not a politician and he got shit-canned for actually believing that he was being sent in to get his people the best deal possibile. 

A suitable replacement was installed and viola! A deal that looks much like the original deal is signed!

He was poorly used in all this, the sad part is I believe he really wanted to save Greece from the Bankers. 

Wed, 07/15/2015 - 13:41 | 6316066 FreeMoney
FreeMoney's picture

It is never easy to determine the intent of another person.  What makes most sense is to watch actions and see if they match words.

Thu, 07/16/2015 - 06:36 | 6318680 GoldIsMoney
GoldIsMoney's picture

Believing ist not knowing. And so you belief instead of trying to reach better knowing. You are a fine victim.

Wed, 07/15/2015 - 12:00 | 6315551 JustUsChickensHere
JustUsChickensHere's picture

There was no need to print a 'new' currency.  Just using the 'Y' prefix Euro notes is different to the other EZ member states.

And they already exist. The infrastructure to use them is already there....  Since the Euro has now been exposed as a fixed Exchange Rate Mechanism, rather than a currency, Greece could make itself free to use Y-Euro as their new cuurency, and just remove the 1:1 peg that exists ... make it a free floating exchange rate.

The banks would need zero revisions to software etc. They already have the printing press in Athens..

 

VERY simple instant implemenation.

Wed, 07/15/2015 - 12:13 | 6315638 MsCreant
MsCreant's picture

They only have the plates to print 10s. No other denomination.

Wed, 07/15/2015 - 12:40 | 6315777 Jim in MN
Jim in MN's picture

Go long wheelbarrows.

 

Correction: Go all in wheelbarrows.

Wed, 07/15/2015 - 12:42 | 6315789 divingengineer
divingengineer's picture

Now THAT is a price control!

Wed, 07/15/2015 - 17:17 | 6317011 omniversling
omniversling's picture

Apart from the idiocy of the suggestion that their economy COULD function with ONE (only) denomination of a EU10 NOTE (the rest of the MOE and institutions and structures would be CLOSED to Greece), Varoufakis states in this interview that the plates/printing press was required to be destroyed:

http://www.abc.net.au/radionational/programs/latenightlive/greek-bailout...

This edgy interview before the referendum with Paul Mason, Ch4 UK:

Yanis Varoufakis: 'We've made hope return to Europe'

https://www.youtube.com/watch?v=OmqnYHmRg48

 

Wed, 07/15/2015 - 12:09 | 6315615 williambanzai7
williambanzai7's picture

Big hat no cattle

Wed, 07/15/2015 - 13:54 | 6316143 joak
joak's picture

“We had a small group, a ‘war cabinet’ within the ministry, of about five people that were doing this: so we worked out in theory, on paper, everything that had to be done [to prepare for/in the event of a Grexit]. But it’s one thing to do that at the level of 4-5 people, it’s quite another to prepare the country for it. To prepare the country an executive decision had to be taken, and that decision was never taken,” he said.

I don't think a FinMin can start those steps without the approval of his boss...

 

Wed, 07/15/2015 - 14:10 | 6316250 gatorengineer
gatorengineer's picture

The Euro Summit takes note of the possible programme financing needs of between EUR 82 and 86bn, as assessed by the Institutions [i.e. the Eurogroup conjured up a huge number, well above what is necessary, in order to signal the debt restructuring is out and that debt bondage ad infinitum is the name of the game.

 

This is where Yani lost me...... if this were a vegas line I would take the over on the 86.

Thu, 07/16/2015 - 00:56 | 6318417 Kina
Kina's picture

Not sure of what point you are trying to make except a pointless attack.

 

If you are planning to leave the euro during the midst of negotiations with Germany the last thing you could possibly want is to alert them to the plan.  V already addressed this question before and said that they had to keep their planning to a very small group to start with.

 

OF  COURSE they are not going to fucking telegraph an intention to leave the euro while trying to negotiate with Troika. FFS.

Wed, 07/15/2015 - 12:15 | 6315651 XAU XAG
XAU XAG's picture

[i.e. the Greek government must introduce new stringent austerity directed at the weakest Greeks that have already suffered grossly]

 

[i.e. for a new extend-and-pretend loan].

 

[i.e. the Syriza government must sign a declaration of having defected to the troika’s ‘logic’]

 

[i.e. Berlin continues to believe that the Commission cannot be trusted to ‘police’ Europe’s own ‘bailout’ programs]

 

[i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered].

 

 [i.e. Greece must subject itself to fiscal waterboarding, even before any financing is offered]

 

[i.e. dealing a major blow at the only Greek growth industry – tourism].

 

 [i.e. reducing the lowest of the low of pensions, while ignoring that the depletion of pension funds’ capital due to the 2012 troika-designed PSI and the ill effects of low employment & undeclared paid labour].

 

[i.e. the troika demands complete control of the way Greece’s budget balance is computed, with a view to controlling fully the magnitude of austerity it imposes on the government.]

 

[i.e. the Greek government, which knows that the imposed fiscal targets will never be achieved under the imposed austerity, must commit to further, automated austerity as a result of the troika’s newest failures.]

 

 [i.e. foreclosures, evictions and liquidation of thousands of homes and businesses who are not in a position to keep up with their mortgages/loans.]

 

[i.e. The Syriza government must be humiliated to the extent that it is asked to impose harsh austerity upon itself as a first step towards requesting another toxic bailout loan, of the sort that Syriza became internationally famous for opposing.]

 

 [i.e. the Syriza government must accept the lie that it, and not the asphyxiation tactics of the creditors, caused the sharp economic deterioration of the past six months – the victim is being asked to take the blame by the on behalf of the villain.]

 

 [i.e. cut by 85% the secondary pensions that the Syriza government fought tooth and nail to preserve over the past five months]

 

[i.e. find ‘equivalent’ victims]

 

[i.e. the recommendations that the OECD has now renounced after having re-designed these reforms in collaboration with the Syriza government]

 

[i.e. ADMIE will be sold off to specific foreign vested interests at the behest of the Institutions.]

 

[i.e. to make sure that no collective bargaining is allowed]

 

[i.e. that must be banned]

 

[i.e. that should be allowed at the employers’ whim]

 

 [i.e. the Troika decides.]

 

 [i.e. there should be no mechanisms that waged labour can use to extract better conditions from employers.]

 

 [i.e. a tsunami of foreclosures is ante portas]

 

[i.e. the Greek people who maintain the HFSF and the banks will have precisely zero control over the HFSF and the banks.

 

[i.e. except the political interference of the Troika.]

 [i.e. an East German-like Treuhand is envisaged to sell off all public property but without the equivalent large investments that W. Germany put into E. Germany in compensation for the Treuhand disaster.

 

 [i.e. public property will be sold off and the pitiful sums will go toward servicing an un-serviceable debt – with precisely nothing left over for public or private investments.]

 

[i.e. it will be nominally in Greece but, just like the HFSF or the Bank of Greece, it will be controlled fully by the creditors.]

 

 [i.e. Turning Greece into a democracy-free zone modelled on Brussels, a form of supposedly technocratic government, which is politically toxic and macro-economically inept]

 

 [i.e. to reduce the lowest wages while increasing a little the wages some of the Troika-friendly apparatchiks]

 

[i.e. The Troika strikes back and demands that the Greek government invite it to return to Athens as Conqueror – the Carthaginian Peace in all its glory.]

 

 [i.e. Greek Parliament must, again, after five months of short-lived independence, become an appendage of the Troika – passing translated legislation mechanistically.]

 

[i.e. In addition to promising that it will no longer legislative autonomously, the Greek government will retrospectively annul all Bills it passed over the past five months.]

 

[i.e. the Eurogroup conjured up a huge number, well above what is necessary, in order to signal the debt restructuring is out and that debt bondage ad infinitum is the name of the game.]

 

[i.e. And, yes, it may possible that pigs will fly.

 

[i.e. which is something the creditors will do their utmost to avoid, e.g. by ensuring that Greece will only enter the ECB’s quantitative easing program in 2018, once quantitative easing is… over.]

 

[i.e. Extend and Pretend gets another spin.]

 

[i.e. the Troika admits that the 2013-14 recapitalisation of the banks, which would only need a top up of at most 10 billion, was insufficient – but, of course, blames it on… the Syriza government.]

 

 [i.e. The Troika closed Greece’s banks to force the Syriza government to capitulate and now cries out for their re-opening.

 

[i.e. It is not the Extend and Pretend ‘bailout’ loans of 2010 and 2012 that, in conjunction with GDP-sapping austerity, caused the debt to scale immense heights – it was the prospect, and reality, of a government that criticized the the Extend and Pretend ‘bailout’ loans that… caused Debt’s Unustainability!]

 [i.e. The 1st & 2nd ‘bailout’ programs failed, the debt skyrocketing as it was always going to since the real purpose of the ‘bailout’ programs was to transfer banking losses to Europe’s taxpayers.]

 [i.e. a promise of debt restructure to the previous Greek government was never kept by the creditors],

 

 [i.e. Yet again, the Troika shall let the Greek government labour under un-payable debt and when, as a result, the program fails, poverty rises further and incomes collapse much more, then we may haircut some of the debt – as the Troika did in 2012.]

 [N.b. The Syriza government has been suggesting, since January, a moderate debt restructure, with no haircuts, maximizing the expected net present value of Greece’s repayments to creditors’ – which was rejected by the Troika because their aim was, simply, to humiliate Syriza.]

 [N.b. Which can only happen after a substantial debt restrucuture.]

 [N.b. Having already destroyed growth and jobs for the past five years…]

 [i.e. Will use the same order of magnitude of structural funds, plus some fantasy money, as were available in 2010-2014.]

 

 [i.e. Of the headline 35 billion, consider 1 billion as real money.]

 [i.e. the same plan that most Eurozone ministers of finance refer to as a phantom program].

 

 

Dear Greece

This is your WILLIAM WALLACE moment

Do not REPENT

 

CRY....................................................FREEEEEEEEEEEEEEEEDOOOOOOOOOOOOOOOOOM

 

 

And death to the Bond holders

Wed, 07/15/2015 - 12:24 | 6315676 XAU XAG
XAU XAG's picture

Here is the speech of William Wallace from "Braveheart":

"I am William Wallace.

And I see a whole army of my countrymen,
here in defiance of tyranny!

You have come to fight as free men.

And free man you are! What will you do without freedom? Will you fight?"

"Two thousand against ten?" - the veteran shouted. "No! We will
run - and live!"


"Yes!" Wallace shouted back.

"Fight and you may die.

Run and you will live at least awhile. And dying in your bed many years from now,
would you be willing to trade all the days from this day to that for
one chance, just one cahnce, to come back here as young men and tell
our enemies that they may take our lives but they will never take
our freedom!"

Wed, 07/15/2015 - 12:47 | 6315811 divingengineer
divingengineer's picture

"They'd rather be alive than free, I guess.  Huh,  Poor dumb bastards."

Private Eightball - Full Metal Jacket

Wed, 07/15/2015 - 15:15 | 6316530 Cold-Pragmatism
Cold-Pragmatism's picture

Ok we need a reality check here, yeah right Braveheart was a good movie...but...

If I recall correctly, William Wallace (the real one) was hung, drawn and quartered, after he chickened out from a fight with the English.

And Scotland eventually, hundreds of years late, depending who is speaking, became English ....... (add your word, i don't want to touch this one). Suffice to say, Scotland is looking for independence, still. 

Wed, 07/15/2015 - 11:46 | 6315479 XAU XAG
XAU XAG's picture

And the Titanic band.................played on

Wed, 07/15/2015 - 11:50 | 6315482 Pinto Currency
Pinto Currency's picture

-

Wed, 07/15/2015 - 11:59 | 6315548 taketheredpill
taketheredpill's picture

Problem is if you start to make preparations to possibly launch a New Drachma, word leaks out, bank runs and capital flight speed up, and it becomes a done deal.

 

Wed, 07/15/2015 - 11:55 | 6315526 Dr. Venkman
Dr. Venkman's picture

More like Zed; and Marcellus.

Wed, 07/15/2015 - 12:05 | 6315587 Perimetr
Perimetr's picture

Enclosure was the legal process in England during the eighteenth century of enclosing a number of small landholdings to create one larger farm. Once enclosed, use of the land become restricted to the owner, and it ceased to be common land for communal use

Enclosure could be accomplished by buying the ground rights and all common rights to accomplish exclusive rights of use, which increased the value of the land. The other method was by passing laws causing or forcing enclosure, such as Parliamentary enclosure, which was sometimes accompanied by force, resistance, and bloodshed.

The process of enclosure created a landless working class that provided the labor required in the new industries developing in northern England. For example: “In agriculture the years between 1760 and 1820 are the years of wholesale enclosure in which, in village after village, common rights are lost”. Thompson argues that “Enclosure (when all the sophistications are allowed for) was a plain enough case of class robbery.”

http://www.paulcraigroberts.org/2015/07/15/greece-sound-fury-signifying-...

Wed, 07/15/2015 - 13:36 | 6316046 ersatz007
ersatz007's picture

sounds like greek is about to get 'enclosed' ... the 21st century version of it.  

Wed, 07/15/2015 - 12:30 | 6315726 Cast Iron Skillet
Cast Iron Skillet's picture

you know, if that were the rule for all countries in the Eurozone, it wouldn't be so bad (actually, it would be terrible, but at least consistent). So I think Greece should say, "ok, we'll pass that, but you have to pass the same legislation yourself first." ... if democracy is to be done away with in that manner, then for everyone within the eurozone.

Wed, 07/15/2015 - 13:08 | 6315897 tempo
tempo's picture

Never have to many been controlled by so few with w/o a shot being fired.

Thu, 07/16/2015 - 06:33 | 6318676 GoldIsMoney
GoldIsMoney's picture

That's simply not true, that the base of government, You do not even need 5% of  a populatoin of any kind of oppression. Be it even to kill a few population groups in that country, and they can be aven be of a way larger number it won't help. The supporters of the system will crush and kill them.

Wed, 07/15/2015 - 13:58 | 6316151 Jumbotron
Jumbotron's picture

Nobody to blame but the Greek people and the politicians they hired.

 

1:  When you are a DEBTOR you are a SLAVE.  FULL STOP.  END OF STORY.

2:  When you run a government that overpromises on pensions, payouts, lifestyle and LIES.....you have to finance that with DEBT.  Which means #1

 

I really hate what the Germans are doing through the framework of the E.U. to Greece.  I really do.  BUT GREEKS OWN THIS !!

 

If the Greeks had any real courage they would leave the E.U.  The economy will crash.  Some people will starve and die even.  But it's no worse than what happened to them in WW II.  And once again, it's the Germans who are doing it to them.  They never learn.  These Greeks NEVER learn.


Thu, 07/16/2015 - 06:31 | 6318675 GoldIsMoney
GoldIsMoney's picture

You should get it straigtht that it's not Germany alone. If you can't get that you are simple dead wrong. with the sentence about Germany, but you are fully right with 1. and 2.

 

And not it's  not "ther Germans" I have no take in it. I would NEVER have had send even just one ¢ down to Greece. So I'm German and I tell you I don't buy anything of your hatress.

Wed, 07/15/2015 - 11:45 | 6315477 slightlyskeptical
slightlyskeptical's picture

Anyone who votes for this is a traitor to their country pure and simple.

Wed, 07/15/2015 - 11:54 | 6315497 Dr. Engali
Dr. Engali's picture

I've been around for a long time now and one thing I've learned for certain is that there are very few politicians who aren't  traitors to their people.

Wed, 07/15/2015 - 12:38 | 6315762 Max Cynical
Max Cynical's picture

The term "Leadership" should never be uttered in the halls of government ever again.

Wed, 07/15/2015 - 18:10 | 6317225 brucyy
brucyy's picture

I've been around for some time too , and one thing i also learned is that people seem to forget about it after five years or so , and keep expecting different results . <insert tears of joy>  

Wed, 07/15/2015 - 20:02 | 6317647 Jumbotron
Jumbotron's picture

ALL politicians are TRAITORS because they are ALL owned by the BANKS......who have NO nationality.

Wed, 07/15/2015 - 22:25 | 6318065 Mediocritas
Mediocritas's picture

^ truth

Wed, 07/15/2015 - 11:46 | 6315478 sudzee
sudzee's picture

He forgot to mention that Greeks must give up their language and speak only German.

Wed, 07/15/2015 - 12:42 | 6315794 Jim in MN
Jim in MN's picture

And knock it off with the freaky writing already....penmanship schools mandatory for all.

OOOOHHHH and button up the shirts!  All of them!  NOW!  SCHNELL!

Wed, 07/15/2015 - 11:47 | 6315483 Dr. Engali
Dr. Engali's picture

Shut up and accept your servitude.

Wed, 07/15/2015 - 11:47 | 6315488 MsCreant
MsCreant's picture

It's worse than any terms you are reading.

Greece is being sacrificed to prop up the banking system. 

There is no other conclusion to reach. They will let the greeks suffer in order to let the rest of the banking world go on as usual. No default, no margin calls, no collecting on the CDS.

Most countries are on the bankruptcy spectrum. Greece has no political power to avoid being the one put on the chopping block.

It is fiat, fractional reserve lending, and derrivatives to blame. And bankers for doing it. And us for letting them. 

Wed, 07/15/2015 - 11:51 | 6315505 GeorgeHayduke
GeorgeHayduke's picture

I agree. Greece is just the most recent group to be sacrificed for the banksters and their money god. More will follow as their god is never satisfied.

Wed, 07/15/2015 - 12:02 | 6315540 ANestIOS
ANestIOS's picture

MsC, although it does appear to be as you describe, there is currently a "bras de fer" in progress - something weird is happening / about to happen 

(greece has been sacrificed for the euro banking system 5 years ago but it might NOT be enough any longer)

 

Wed, 07/15/2015 - 12:58 | 6315854 MsCreant
MsCreant's picture

"(greece has been sacrificed for the euro banking system 5 years ago but it might NOT be enough any longer)"

Fair enough.

The way it looks to me is as follows:

  1. How do you let Greece default, and keep the problem inside the Eurozone so that the rest of the global banking system does not fail?
  2. If Greece defaults here, they will default on other stuff they have going on globally, as well. The samuari bonds are just one example. Who is going to follow Greece around the rest of the world and financially sop up this stuff that has nothing to do with the Trioka?
  3. How do you "loan" Greece money to cover that stuff, in the face of an ongoing default? Who will eat the inevitable loss of that?
  4. How do you keep the other countries (F-PIIS) from doing whatever gets decided for Greece?

I think your "bras de fer" maybe located in some of the above. What they want to do is plug up the problem for the moment. That is the best they can hope for. There is no solving it, all of them are bankrupt. It is the shape it will take that is being debated. Each one of these plugs lasts a shorter and shorter period of time until another is needed. They are fighting over who gets to define the situation and how. They can't tell the truth, that the system is the problem. That won't fly.

I agree with you they were sacrificed years ago to plug up the system. Requiring them to buy military equipment as part of the conditions to get the loan is a huge tell about what is what. 

The situation was untenable then and is untenable now. Greece is getting set up to take the blame and when you read some of the comments here, lots of folks buy it. The system itself was always going to fail, they are just trying to kick the can again (and sacrifice someone to do it).  

Wed, 07/15/2015 - 12:25 | 6315695 williambanzai7
williambanzai7's picture

These is no point in hoping that some electorate will stand up and change this.

We shall have to wait for the entire edifice to implode...which will be followed by scenes we have seen before in history...miserable scum begging for mercy.

Wed, 07/15/2015 - 15:08 | 6315826 Paveway IV
Paveway IV's picture

I still have hope for the hundred thousand or so Greeks still willing to take up pitchforks and torches. 

Greece is exactly like the U.S. - neither will ever vote their way out of either misery or foreign control with their current castrated voting process and rigged laws.

The system itself is the prison, not the way out. 

Wed, 07/15/2015 - 14:08 | 6316227 Jumbotron
Jumbotron's picture

YOU HAVE MEDDLED WITH THE PRIMAL FORCES OF NATURE MR. (VAROUFAKIS)....AND I WON'T HAVE IT !!

IS THAT CLEAR ? 

YOU THINK (YOUR REFERENDUM) MEARLY STOPPED A BUSINESS DEAL?  THAT IS NOT THE CASE !

THE GREEKS HAVE TAKEN BILLIONS OF DOLLARS OUT OF (THE E.U.) AND NOW THEY MUST PUT IT BACK !!

 

https://www.youtube.com/watch?v=NKkRDMil0bw

 

Wed, 07/15/2015 - 11:49 | 6315493 Cone of Uncertainty
Cone of Uncertainty's picture

The money line:

[i.e. The Syriza government must be humiliated to the extent that it is asked to impose harsh austerity upon itself as a first step towards requesting another toxic bailout loan, of the sort that Syriza became internationally famous for opposing.]

Wed, 07/15/2015 - 11:51 | 6315503 ebworthen
ebworthen's picture

"ii.e. Turning Greece into a democracy-free zone modelled on Brussels, a form of supposedly technocratic government, which is politically toxic and macro-economically inept."

Zing!  Bankster Troika (Cabal) to European citizens:  "Everything you have belongs to us!  Kneel!"

Wed, 07/15/2015 - 11:52 | 6315508 Eo187
Wed, 07/15/2015 - 11:53 | 6315516 Philo Beddoe
Philo Beddoe's picture

No comment. Just fucking shoot me. 

Wed, 07/15/2015 - 11:56 | 6315534 dbystrowski
dbystrowski's picture

Dear Greek people,  it is time to go to the next box as voting does not work anymore: The cartridge box...

Wed, 07/15/2015 - 11:53 | 6315517 Bokkenrijder
Bokkenrijder's picture

Well, I'm still divided about who is to blame for all of this.

On one hand you have the colonialist powers of the EUSSR, which just wants land, territory and human slaves, in addition to greedy Western European banks that have thrown billions of Euros into a bottomless pit.

But on the other hand you have Greece: a corrupt 3rd world banana republic, with a totally dysfunctional tax system, a population that for decades has take the easy way out and voted for whichever party that promised them the most, a country that does not even have a cadaster.

So now those Greeks think that by simply voting for Syriza, of voting "Oxi" in a referendum, that all those debts that they have accumulated will magically melt away? And they think that whoever disagrees with them is a Nazi and an anti-democrat?

The EUSSR should never have started the €uro, but the biggest mistake was letting 3rd world countries enter the EU and €urozone.

The next step is to push through TTIP and an expansion of the EUSSR into Moldavia, Georgia and the Ukraine: http://925.nl/archief/2015/07/10/vvd-d66-en-guy-verhofstadt-werken-samen...

Wed, 07/15/2015 - 12:30 | 6315633 Cold-Pragmatism
Cold-Pragmatism's picture

Keep it in perspective, nobody forced their way into Greece to give a debt, neither, IMF, World Bank, or EU. Greece went to each of these organizations and BEGGED for money. Then instead of paying off their loans, they kept on borrowing more and more until you have this mess you see today. The Greeks had decades to pay down their debts....READ THAT, DECADES!

Get this into your head straight. Greece has NEVER paid down a single debt! NEVER! Think about that. They are still paying down debts that are 50 years old and longer! The borrow money, and never ever consider to pay it down.

So who do you think is to blame here!

Sheeesh I can't believe how people don't understand what's at play here! Don't you people read anything other than socialistic, bleeding heart rubbish!

GREECE HAS NEVER PAID OFF ANY OF ITS DEBTS EVER!

Let me clarify something that I am beginning to understand that you people don't understand. For example, when you get a home loan from a bank, and then decide after say, 10 years to go to another bank, you must pay off the first bank, with your second bank loan. Ok! Now do you consider paying off the first bank, that YOUR debt is paid off? Your liability with the first bank has ended, but your DEBT REMAINS. You have not paid off your debt. So now to Greece, when Greece rolls over their debt bonds, it doesn't mean that they paid off their debt. All they did is end their liability to one bond holder to start up a liability with another bond holder. To see when the Greeks have paid down their debts, you have to look in the statement of accounts, look at the things they have borrowed money for and see if they are paid off. For example, the built some airports in the 60's and 70's, and raised capital with bond offers. Now most if not all of those original bonds are gone, but the debt to paying down those airports still remain, because they rolled over the bonds! Greece has every thing still in hock on the books. Those assets that the EU took into the 50 Billion Euro fund are WORTHLESS they are in hock to the eyeballs! Everything on the Greek books is in hock, nothing, NOTHING, has been paid off!

IPSO FACTO, GREECE HAS NEVER PAID ANYTHING OFF...EVERY GREEK GOVERNMENT ASSET IS MORTGAGED TO THE HILT, SOMETHINGS ARE CARRYING DOUBLE MORTGAGES, SO TO SPEAK!!

GET REAL EVERYBODY! THIS IS INCOMPETENCE OF THE GRANDEST SCALE!

Wed, 07/15/2015 - 12:35 | 6315746 TrumpXVI
TrumpXVI's picture

Okay, so if Greece has never paid off a debt, then what happened to the due diligence of the subsequent lenders.  Yield is supposed to be compensation for risk....nasty little word that, RISK.

Wed, 07/15/2015 - 13:04 | 6315878 Cold-Pragmatism
Cold-Pragmatism's picture

I have to laugh at your question. But I laugh with all respect to you, Sir. Due diligence only works for people and business. Governments are not required to be examined that way. Well! Not until Maastricht. The Maastrichty Treaty brought all those things you expect like due diligence, limits of borrowing etc. What happened? Every single government ignored them, they allowed, Italy and Greece into the EU, when they failed the Masstricht Requirements. So how did they get away with that? Simple, governments are not policed. How to do police an institution that pays and controls you. That's the problem, Governments are a law onto themselves, and this must end. Governments must always answer to the people. But here in Europe they get away with financial murder.

Yes the EU commited regulatory crimes by breaking the Maastricht Treaty. Yes Greece has a case to push the EU into the courts. Yes all governments and politicians are complict into this crime and should be punished, politicians should be in jail. But nobody is doing anything. How can you? They control the police. This sir, is tyranny.

Wed, 07/15/2015 - 15:00 | 6316444 Cold-Pragmatism
Cold-Pragmatism's picture

I just got 1 thumb down! For this blurb! Whoever you are, I bet you are a EU politician, you must be! Let me guess, guilty conscience! Bwahahahahahaha! I hit a nerve. GOOD! You ought to be ashammed of yourselves the way you carry on, destroying Europe!

Wed, 07/15/2015 - 13:11 | 6315903 Bokkenrijder
Bokkenrijder's picture

Exactly Cold_Pragmatism, that's my whole point!

Greece has never paid off any debt, so all their complaints and accusations are bullshit.

But at the same time...who the fuck lends someone money who has never paid anything back?! 

You can not only blame "socialist" Greeks, but you should also blame those fascist bankers as well as those fascist politicians dreaming of Ein Volk, Ein Eurpäisches Reich, Ein(e) Führer(in)!

p.s. I think it's time for your blood pressure medication again. ;-)

Wed, 07/15/2015 - 18:21 | 6317265 Quantum Nucleonics
Quantum Nucleonics's picture

Why is it that people think socialism and fascism are not the same thing.  They are.

Wed, 07/15/2015 - 12:38 | 6315766 XAU XAG
XAU XAG's picture

@CP

 

No weastern gov has paid it's debt off.

 

Is that the citizens vault...................they are the ones that are going to suffer.

 

I have no idea what country you reside....................but lets just hope you do not end up with the shitty end of the stick like the Greek citizens are going to get.

 

 

 

Wed, 07/15/2015 - 12:57 | 6315842 Cold-Pragmatism
Cold-Pragmatism's picture

I live in Italy. Things are a bit different here.

Greece for instance has most of its liability in foreign hands, that is the EU, IMF, World Bank and foreign Big Wigs (like Goldman etc). Italy is not like that. And that's what people around the world don't understand. Most of all the debt that Italy owes to, belongs to Italians! So if you default your default you're basically defaulting to your own people. That's why Italy is not as big a threat as Greece. But, we have communist governments that are continuing to spend and they are starting to borrow more and more from external sources outside of italy. That's the problem with Italy. And why I would like to send a message to Renzi, (the moron he is), that he has to stop lying to people and stop increasing our debt.

That's why I am pro Greek Exit. We need to send a message to France (who's books are way worse than Italy's because their debt is largely external, for French don't support the government like italians do), Spain and Italy.

Wed, 07/15/2015 - 14:45 | 6316386 DOT
DOT's picture

I am pro Illinois exit or "Illixit".

Nip this shit in the bud !

Thu, 07/16/2015 - 06:08 | 6318647 Ghordius
Ghordius's picture

+1 for highlighting the hard truths between the foreign held debt of Greece and France versus the domestically held debt of for example Spain and Italy

if you don't believe in the huge difference it makes, have a look at Japan

on the other side, don't forget that it's the French banking system that is critical and crucial in this nexus

Wed, 07/15/2015 - 12:40 | 6315779 Paveway IV
Paveway IV's picture

Except the Samurai bond - that they just paid off.

But why look for any more. Reality fails miserably as proof of anything when you insist the opposite in all caps.  

Do NOT follow this link or you will be banned from the site!