And Once Again, German, French Discord Threatens To Scuttle European Bailout Reports AP

Tyler Durden's picture

All it took to unwind two weeks of rumors and lies were a few factual articles. Such as this one from the AP: "Disagreement between France and Germany may prevent eurozone leaders from reaching a crucial deal on a second rescue package for Greece this weekend, a person familiar with the negotiations said Tuesday....Investors around the world hope a comprehensive plan to fight the debt crisis, including final details on Greece's second bailout, will keep the debt turmoil from pushing the global economy back into recession. Signs that such a plan is proving slower to clinch caused markets to slide on Tuesday. Germany is pushing for banks to accept cuts of 50 percent to 60 percent in the value of their Greek bonds, while France is insisting that leaders should only make technical revisions to a preliminary agreement reached with private investors in July, the person said. France on the other hand has been reluctant to back bigger losses for banks, since French banks are among the biggest holders of Greek government bonds. Its position is supported by the European Commission, the EU's executive. Commission officials said last week that technical revisions to the July deal with the banks are necessary because changed market conditions had made the deal more expensive for Greece and the rest of the eurozone." And so on. Are we the only ones dazed, confused, and tired beyond comprehension with this endless, ridiculous, pathetic, grovelling Groundhog Day bullshit? Stop risking civil and international war just to satisfy your bureaucratic vanity. THERE IS NO MONEY! YOU KNOW IT, WE KNOW IT, THE PEOPLE KNOW IT. ENOUGH!!!


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GeneMarchbanks's picture

No default. They enjoy torturing. Theater of cruelty, Antonin Artaud style.

Nobody gets left behind in this Eurocalypse!

'France on the other hand has been reluctant to back bigger losses for banks, since French banks are among the biggest holders of Greek government bonds.'

They smell it coming, the French. Beloved FrAAnce.

slaughterer's picture

I think Tyler is having his Jim Cramer "They know nothing!" Bear Stearns moment.  

heyligen's picture

But...but...what about a few trillions in positive fair value adjustments on structured liabilities (Bank of America terms)?

gangland's picture

The roof, the roof, the roof is on fire!

We don't need no water—Let the motherfucka' burn!

Burn, motherfucka', burn!

emsolý's picture

Mugatu's crazy-pill moment comes to mind, too:

"The man has only one look for Christ's sake! Blue Steel, Ferrari, Latigra? They're the same face! Doesn't anyone notice this?! I feel like I'm taking crazy pills. I invented the piano key necktie. I invented it! What have you done, Derek? Nothing!"

Schmuck Raker's picture

I'm a little worried about Tyler - the anger is palpable.

Tyler, go watch the Ping-Pong Robots again. It soothes.

Ghordius's picture


printing or not printing?
Tyler's or Germany's way?

tiger7905's picture

Some insight from Don Coxe on G20, he was requested to write up a piece on commodity regulation for the upcoming meeting.


Quintus's picture

Are we the only ones dazed, confused, and tired beyond comprehension with this endless, ridiculous, pathetic, grovelling Groundhog Day bullshit?



kaa1016's picture

Not at all. Seriously, what is wrong with these people?

WonderDawg's picture

Those who benefit from the status quo will not let it die easily.

V in PA's picture

Whales are large, slow creatures. Sometimes it takes years for them to be properly positioned.

Freebird's picture

Exactly. Just make the fucking decision muppets. Pull the plug or go the 2 Tril.

Ahwooga's picture

The despair evidnet in Tyler's words here have absolutely made my day since they so closely reflect the despair I feel. So very very very tedious, and I don't know for how much longer I can read the same chicken shit wrapped up as a different flavoured chicken salad.

Clorox Cowboy's picture

I think the hardest thing for me has been watching the slo-mo trainwreck and trying to pretend it doesn't matter around friends and family who don't believe anything is wrong, and are probably sick of me talking about how close we are to the edge...I need to schedule a meeting with Cognitive Dissonance. Anyone seen him?

disabledvet's picture

It's easier to read if presented in its properly ridiculous fashion. Think "Young Frankenstein" meets "High (finance) Anxiety." I'm already full on "looney tunes" reruns I'm at such a loss for words.

Ronaldo's picture

I thought that was a chicken salad sandwich, really tastes like crap though.

The Big Ching-aso's picture

Playing musical chairs sux when the chairs are made of balsa wood.

DormRoom's picture

It makes sense..  A greater Greek hair cut would imply more French intervention to recapitalize its banks, so it would surely lose its AAA rating.  Germany doesn't want to bailout French banks.


ECB is proxy for a French monetary whore bath.

oogs66's picture

and they got themselves the head of the IMF too!

AldousHuxley's picture

IMF also lent money to Greece

Idiot Savant's picture

The French will eventually surrender, they always do.

prains's picture

The French will eventually surrender, they always do.


this weekend will be a great example of that Allblacks 44, France 9

the haka will be spectacular

Peter K's picture

It's only words. The Eurocrats are trying to get them right. Once they get the right words in the correct order, all these problems will just disapear. And the world will be safe for the spead of socialism, economic justice, livable wages, tooth fairies, ect, ect..  You get the drift. :)

boom goes the dynamite's picture

Germany vs. France, or all of Europe for that matter. I'm down with Germany.

Spitzer's picture

Allot of gold bugs seem to think that Euro land and the US have to keep printing in order for gold to continue up. That is just not the case. Gold will go up without new printing.

DormRoom's picture

 The top U.S. derivatives regulator is slated to vote today whether to curb trading in oil, wheat, gold and other commodities after a boom in raw-materials speculation, record-high prices and years of debate and delay. 


Gold is going to collapse.  Naked CDS unwind, may mean gold unwind.  Commodity bubble may collapse in next few month.

GeneMarchbanks's picture

@Spitzer & @DormRoom

Let me ease your confusion. Any collapse will set a series of events in motion that the  paper price of anything let alone gold, will be the least of your worries. See Kyle Bass.


Spitzer's picture

@ DormRoom and GMB

When the COMEX defaults, and the paper price of gold crashes to $200 an oz, good luck finding a seller of physical.

adr's picture

Well I hope they do something. Ties into what I looked at when the volume of commodity contracts traded went up by a factor of ten starting in July this year. Bloomberg has some old data. The total cntracts traded in the past few weeks in corn are higher than the total for all other commodity contracts combined in April.

I have a hard time believing there are 225k individual buyers of corn contracts in one day.

Quinvarius's picture

The paper money bubble needs to finish collapsing.  There is no bubble in commodities.  The idea that gold is in a bubble is ludacris beyond all comprehension.

DosZap's picture


Gold is going to collapse.  Naked CDS unwind, may mean gold unwind.  Commodity bubble may collapse in next few month.

I see it differently, this is what we have been waiting FOR.

IF you CANT PAPER IT, then you have 2 choices, do without, or BUY THE REAL DEAL.

Temp drop in prices, no one except a fool is going to get caught w/out Physical GOLD>



schadenfreude's picture

Yes please. We all know, that a default is unavoidable. Stop kicking the can.

agent default's picture

Banks should accept a 100% on their Greek bonds and that's that.  We all know Greece is a hopeless deadbeat, unless there is some ulterior political/foreign policy motive here, there is no point in beating this dead horse.

zorba THE GREEK's picture

The real question is: After Greece fails, how much of a haircut will have to be

taken on Frdnce's debt?

Irish66's picture

downgrade in minutes

broke433's picture

Guys, don't fuk with the Bernenk

Fips_OnTheSpot's picture

Awesome - best posting this month!


STOP THE DRAMA - damnit!

defn8Dog's picture

Banks will wish they took 50 cents on the dollar on Greek debt.  The one year GGGB is trading at 35 cents today.

Cone of Uncertainty's picture

Global Monetary System Collapse

Quintus's picture

We can but hope.  

Sounds harsh, but really the current system is diseased and incurable.  At this point, only collapse followed by reconstruction will purge the accumulated detritus of a century of fractional reserve, central bank based monetary ponzi fraud.