• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

And For Today's Most Shocking Headline We Have...

Tyler Durden's picture




 

Fresh out of the flashing red headline-a-tron:

  • IMF OFFICIALS SAY GREECE WILL NEED A THIRD BAILOUT
  • IMF SAYS GREECE CAN'T FILL FUNDING GAP ON ITS OWN, UP TO EUROZONE AND ECB TO FIND MONEY FOR GREECE
  • GREECE MET ONLY 22% OF PROGRAM TARGETS FOR 2011
  • EURO EXIT WOULD SET GREECE BACK BY MANY DECADES

Nobody, NOBODY, could have anticipated that fighting record debt with recorder debt, could possibly fail. And cue Germany telling Greece the party is now over, which, is what (a sliding EURUSD for those confused) it has wanted all along.

So much for the stabeeleetee.

From Dow Jones:

Greece will need a third bailout package from the euro zone, and the country's European creditors will have to find the money for it, according to a senior International Monetary Fund official.

 

"Greece will require additional financing, which may take the form either of official-sector involvement or of additional loans, hopefully on more favorable terms," Thanos Catsambas, an IMF alternate executive director, who represents Greece at the Fund's board, said in an interview.

 

Mr. Catsambas is an IMF veteran with experience of Fund programs in Europe, Asia, Latin America and the Middle East. In his current position, he has knowledge of the continuing negotiations between Greece and its troika of creditors—the IMF, the European Union and the European Central Bank.

 

Troika representatives are currently in Athens to assess Greece's situation and the possible disbursement of a €31 billion ($39.99 billion) loan, part of a second bailout package that totaled €173 billion. The payment is imperative for the Greek government to avoid running out of cash, but officials now suggest they don't expect a final decision on how to proceed with Greece until November.

 

The coalition government of Prime Minister Antonis Samaras is facing growing public anger as it is tries to revive delayed structural reforms and implement fresh cutbacks of around €11.5 billion over the next two years.

 

The creditors are unanimous that this is Athens' last chance if the financing is to continue. Without the loan payment, the government would run out of cash in a matter of weeks and would have to find new ways of meeting its current obligations, such as pensions and public-sector wages. In an extreme scenario, this may require leaving the euro zone and printing a new currency.

 

Mr. Catsambas called this last option "an undesirable eventuality that will set the country back many decades."

...

Mr. Catsambas insisted that it should be the euro zone and ECB that take the strain of filling the rest of the gap.

 

"Extension of repayment of the IMF [part of] loans is impossible as all terms and conditions of IMF loans to all countries are based on rules that are not negotiable," he said. The failure of Greece to implement its agreements, and the lack of a sustainable debt trajectory, make it impossible for the IMF, under its own charter, to lend any more.

 

Mr. Catsambas said that the previous coalition government under Lucas Papademos, who took over from George Papandreou in November last year, estimated that "only 22% of the commitments under the troika-supported program were implemented" in 2011. Mr. Catsambas noted that the public sector still needs to be shrunk as a result.

Goodbye 8 day Greek work week. Here comes the 9 day work week.

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Thu, 09/13/2012 - 09:34 | 2789100 Thomas
Thomas's picture

OK. I got the top comment. What do I do with it now?

Thu, 09/13/2012 - 09:35 | 2789108 fightthepower
fightthepower's picture

You could have said Fuck you Bernanke!

Thu, 09/13/2012 - 09:36 | 2789115 Spastica Rex
Spastica Rex's picture

Or something with "bitchez."

Thu, 09/13/2012 - 09:38 | 2789138 Vincent Vega
Vincent Vega's picture

Fuck you Bernanke, Bitchez.  How's that?

Thu, 09/13/2012 - 09:39 | 2789147 LULZBank
LULZBank's picture

Fuck Bernanke and his Bitchez.. Bitchezz!!!!!

Thu, 09/13/2012 - 09:40 | 2789158 GetZeeGold
GetZeeGold's picture

 

 

Stuck the landing.

 

Thu, 09/13/2012 - 09:45 | 2789213 BaBaBouy
BaBaBouy's picture

Anybody Wanna Sell Me A Top Comment Spot ???

Thu, 09/13/2012 - 09:48 | 2789228 BaBaBouy
BaBaBouy's picture

Greeks Should Just Return To The Stone Age,

It's Better Than What They Have Now...

Thu, 09/13/2012 - 09:51 | 2789243 GetZeeGold
GetZeeGold's picture

 

 

Penalty on the play......10 yards for answering yourself.

 

Thu, 09/13/2012 - 09:59 | 2789284 ParkAveFlasher
ParkAveFlasher's picture

gold, bitchez!

[it's the new black]

Thu, 09/13/2012 - 10:24 | 2789426 Precious
Precious's picture

Greek National Anthem: "We Don't Need Another Gyro" by Tina Turner

Thu, 09/13/2012 - 10:30 | 2789463 HoofHearted
HoofHearted's picture

This is absolutely the last time that Greece will ever need to borrow even a fiver from the IMF/ECB/pensioners/bum on the corner with his cup full of coins/cash for gold pawnshop/anyone else. They are now on double secret probation with the IMF. Dude, I've got an uncle like Greece. It never fucking stops until you say, "Enough!"

I feel like bitchez ought to be in here someplace. "Enough, bitchez!" maybe. Somebody help me out. All I need is one piece of advice. I promise I'll never ask for another...until next time.

We're all Greek Keynesians now, bitchez.

Thu, 09/13/2012 - 10:29 | 2789453 Urban Redneck
Urban Redneck's picture

Not until Greece`s creditors say "OUR gold, bitchez!" will the Groundhog Day curse be broken...

Thu, 09/13/2012 - 09:42 | 2789185 Sphinx_www
Sphinx_www's picture

Soon the statement will be "the bitchez are fucking Bernanke"

Thu, 09/13/2012 - 10:04 | 2789304 WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

All of your bailouts are belong to us!  Bitchezzz!

Thu, 09/13/2012 - 09:41 | 2789177 Rainman
Rainman's picture

Like unlimited bitchez ?

Thu, 09/13/2012 - 09:37 | 2789120 GetZeeGold
GetZeeGold's picture

 

 

So why doesn't the IMF just bail them out? The US can afford it.

 

Please don't bother Ben Shalom.....or Greece is going to have to bail us out.

 

Thu, 09/13/2012 - 09:38 | 2789142 Xibalba
Xibalba's picture

because The Machine wants their gold, islands, and throw in the Parthenon for good measure.....then we can talk about it.

Thu, 09/13/2012 - 09:45 | 2789209 Its the Vatican...
Its the Vatican Stupid's picture

Two questions:

1. Anybody heard anything from the U.S. Embassy in Greece lately?

2. Are Greeks Arabs?

They are fairly hirsute either way.

Sat, 09/15/2012 - 18:42 | 2799395 miltiadis
miltiadis's picture

Retarded Comment, retarded nickname...

Thu, 09/13/2012 - 09:48 | 2789218 hedgeless_horseman
hedgeless_horseman's picture

 

 

  • FML OFFICIALS SAY AMERICA WILL NEED A HIGHER DEBT CEILING
  • FML SAYS AMERICA CAN'T FILL FUNDING GAP WITH TAXES, UP TO FEDERAL RESERVE AND TREASURY TO PRINT MONEY FOR CONGRESSIONAL ADDICTS
  • AMERICA DID NOT HAVE A BUDGET FOR 2010, 2011, 2012, ETC.
  • FAILURE TO RAISE DEBT CEILING WOULD SET AMERICA BACK BY MANY DECADES

No mention of The Inflation Tax

Thu, 09/13/2012 - 09:49 | 2789232 The trend is yo...
The trend is your friend's picture

IMF says stfu and just buy aapl

Thu, 09/13/2012 - 09:51 | 2789246 hedgeless_horseman
hedgeless_horseman's picture

 

 

The trend is indeed your friend, but trees don't grow to the sky, not even AAPL trees.

Thu, 09/13/2012 - 10:12 | 2789351 Zen Bernanke
Zen Bernanke's picture

Oh yes they can.  keep printing Benny boy and aapl will get it's 1k target by January. 

Thu, 09/13/2012 - 10:17 | 2789376 hedgeless_horseman
hedgeless_horseman's picture

 

 

Nominally speaking, you are correct.  But in your scenario the AAPL tree is not growing.  It is the unit of measurement that is shrinking.

http://economics.about.com/cs/macrohelp/a/nominal_vs_real.htm

Thu, 09/13/2012 - 10:34 | 2789494 HoofHearted
HoofHearted's picture

And some people like that...my dick is at least 100 billion Zimbabwe dollars long!!!!!!

Thu, 09/13/2012 - 10:15 | 2789375 sdmjake
sdmjake's picture

Rules, bitchez.  IMF says their rules are not negotiable and that their charter won't allow them to help the greeks anymore [since they can't ever payback or do the things IMF rules require].

 

Thu, 09/13/2012 - 10:40 | 2789532 Sofa King Confused
Sofa King Confused's picture

The IMF, WORLD BANK, FED, ECB AND THE UNITED NATIONS need to be disassembled, either slowly and methodically, or very rapidly in one big Bang.  The countries of the world would be much better without them.

Thu, 09/13/2012 - 09:39 | 2789146 YuropeanImbecille
YuropeanImbecille's picture

The time has come to frie those olives.

Thu, 09/13/2012 - 10:17 | 2789392 Tall Tom
Tall Tom's picture

What? Why would ya write such a thing?

 

Bernanke is my frienemie. He is yours too. He is going to make you a Zillionaire. Everyone is gonna be a Zillionaire 'cause of Bernanke.

 

Just buy Gold. Don't ya worry none...He will take the wealth from the public and Wall Street fraudsters and hand it to you 'cause you were a Yogi...not a Muppet...and smarter than the average bear...when you bought yer Gold.

Thu, 09/13/2012 - 09:36 | 2789118 Lost Wages
Lost Wages's picture

Post something pithy?

Thu, 09/13/2012 - 09:39 | 2789151 GetZeeGold
GetZeeGold's picture

 

 

Good idea......if they don't like it....at least it won't take much time.

 

Thu, 09/13/2012 - 09:39 | 2789134 timbo_em
timbo_em's picture

You could write something like "Fuck you, Christine!" or "I did not see that coming!".

 

btw: I like that expression "recorder debt"!

Thu, 09/13/2012 - 10:14 | 2789373 illyia
illyia's picture

Thats recorder debt, timbo.

How about "Who could've imagined planes hitting a sky-scraper!?"

Thu, 09/13/2012 - 10:17 | 2789393 sdmjake
sdmjake's picture

Or "who could've imagined planes hitting sky-scrapers full o thermite"?

Thu, 09/13/2012 - 09:39 | 2789154 The trend is yo...
The trend is your friend's picture

The Euro will be stronger without greece in it so it will rally and the USD will fall....in other words BTFD

Thu, 09/13/2012 - 09:57 | 2789270 ThunderingTurd
ThunderingTurd's picture

Wrong.  Greece is representative of what is to come of Spain.  Should we then also expect the Euro to rally when Spain fails and needs a bailout?  I think not.

Thu, 09/13/2012 - 09:40 | 2789160 fuu
fuu's picture

Fail apparently.

Thu, 09/13/2012 - 09:41 | 2789168 LULZBank
LULZBank's picture

 

OK. I got the top comment. What do I do with it now?

You should have given it to me Bro and I would have said... Moar grease for Greece Bitchezz!!!!

Thu, 09/13/2012 - 09:41 | 2789175 Agent P
Agent P's picture

I plan to celebrate your success by staring at your avatar for a little while.

Thu, 09/13/2012 - 09:44 | 2789198 CrimsonAvenger
CrimsonAvenger's picture

Show us your tits.

Thu, 09/13/2012 - 09:44 | 2789199 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Sell it to an advertiser for gold or fiat. Your choice. Phoenix Capital will buy it.

Thu, 09/13/2012 - 09:51 | 2789244 Zgangsta
Zgangsta's picture
  1. Get lots of up votes on Zero Hedge comments.
  2. ???
  3. Profit!
Thu, 09/13/2012 - 10:00 | 2789291 GetZeeGold
GetZeeGold's picture

 

 

Just get out.....while you still have the option.

 

Thu, 09/13/2012 - 11:01 | 2789643 samcontrol
samcontrol's picture

I look for red arrows , but if you had nothing to say , showing your boobs could have gotten you more arrows.

Thu, 09/13/2012 - 12:01 | 2789928 dark pools of soros
dark pools of soros's picture

what would Cicero do?

Thu, 09/13/2012 - 13:19 | 2790566 Colonel Klink
Colonel Klink's picture

How about "Greece, sliding down the Troika's pole"?  Because that's exactly what's been happening.

Unfortunately, once they refuse to pay, it will be the Troika taking it up the ass!

Then you'll really see the face of surprise.

They should have gone "Iceland" long ago.

Thu, 09/13/2012 - 09:38 | 2789106 malikai
malikai's picture

The ten year's really picking up some steam right now..

EDIT: http://blog.quantsig.net/2012/09/13/us-paper/

Thu, 09/13/2012 - 10:05 | 2789312 Lost Wages
Lost Wages's picture

Perceived safehavens, bitchez.

Thu, 09/13/2012 - 09:36 | 2789117 gggunchi
gggunchi's picture

Who's gonna pay for it?  Entschuldige . . . ich meinte wer wird dafür das bezahlen?

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