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And This Is What Greece Spends Its Bailout Money On
We announced previously that as a result of the second "bailout" Greece would not see one penny, as it itself would be required to fund the creditor escrow package, in essence meaning that the flow of funds would from Greece to Europe. Yet somehow, a little money must have made its way to the Greek government. We now have a first look at just what it is that Greece is spending this newly panhandled cash on, courtesy of the WSJ...
h/t Clark
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Oh for fucks sake, DEFAULT already!!
Where is the address so I can immediately donate some money to Greece? Oh, I already have...
Argentine Advice to Greece: Default Now!
www.eutimes.net/2012/02/argentine-advice-for-greece-default-now/
this is a GREAT READ
Some PR firm just scored big. The got some junior associate to write that crap, send it via email to newspaper, and then charged them big-time all the while playing the second round of some PGA course. Not bad for a day job. No Amway sales job.
Can I just make the check out to the "IMF"? I don't want to have to take the time to write out "Greece".
The EU Bailout fucks should Leave John Lennon Out of it !!!
Don't Go There, Piigs...
Tyler forgot the Friday Humor caption.
Wonder if they'll be cutting a royalty cheque on that? Go get 'em, Yoko!
I like the part about "tax paying citizens". This is turning out to be the comedy of the decade.
Check out the website of these lunatics:
About the guys behind this stunt:
So, they have no interest, yeah, right!
Make your check out to the: "Deutsche Submarine Werks" c/o GDR.
MAYBE GREECE IS THE EUROPEAN AIG EQUIVALENT
Agreed, great read.
Seriously, is Greece's situation any different than an individual's situation who is over their head in unmanageable credit card debts? Such a person won't get any more credit UNTIL they default and go bankrupt. Once the slate is wiped clean, solvency returns and there's no longer significant credit risk. The whole deal here is to REDUCE THE RISK and defaulting on old obligations is the way to go for Greece at this point since any new credit is exorbitantly expensive since there's little hope of any repayment given the existing debt burden.
I agree with you. Though there are 300 Greek PMs that are still a bit undecided about this.
even if they wake up, soon, dexia may beat them to the liquidationLine
belgium is kinda on the ropes here, sports fans! will a kingdom fall over 21st-century bankster follies?
can you belive the EUR is @ 1.348?
bonds are up, again! and the dollar is down 1/2 "cent" but not too bad, except against the EUR from what i see, imo
Ctrl + P + "promises" = <shrugs>
it's time to liquidate some fukingZombies!
now, who wants to be first?
step right up! don't be shy! spin the wheel of Furtune! Kenny Loggins - Lucky Lady+Angry Eyes
Here is my *bailout* (as opposed to... uh, is there such a thing as "bailIn"?) plan for *greece* (as opposed to global bankers):
1. Default
2. Leave the EMU
3. Done that? GOOD - now AFTER you are debt-free, print 50 billion euros, and give them the cash on top of the default, BUT their gov may not spend it however it wants.... instead, 50% is to be given to domestic market startups, and 50% is simply distributed to the population.
4. In going with the tradition of making "demands" for such "bailouts", that interfere with souvereignity.... the gov must reduce buerocracy WITHOUT axing services, and hold elections.
There, see? Bailouts, solidarity and interference with national souvereignity can actually be done in a useful way.
So the motherfuckers are resorting to begging. Only one way to go........down.
Fuck 'em
You know that ain't no shit and you're gettin lots of tit, Greeced lightening
This is not begging. It's a complaint and a statement and a hope. If you belong to those who think that when someone is on his knees the only way is to beat them harder than I wish to encounter you in a dark alley.
---------
Come on, Tyler, "this is what they spent it on" - how much does a website like that cost?
It's not a complaint and it's not a statement of hope, it's tripe served cold and slimy. The minds behind it are laughing in your face. It is written and delivered with the factitious friendliness of a sadistic psychopath, just before he impales you. Cost is not the issue Ghordo.
Is that you, Mario?
FFS! Of course it's begging. They had their chance to "do an Iceland" ... they had their chance to return the excess military purchases for a full refund ... they had their chance to give the bankstas a "take it or leave it" offer ... they had their chance to slash civil service headcounts and conditions in half ... they had their chance to hold a referendum on what the actual citizens who are being forced to pay for this "bailout" want. How many more "chances" do those unelected "leaders" want to subject their slaves to?????
The Euro-Anglo-American ponzi is blowing up. Every country with a massive unrepayable (except by rampant printing) debt has STOLEN the labour and resources of those countries without massive debts in order to swan around in gas-guzzling SUVs and supercars, then return home to 50" LCDs and granite benchtops to scoff down another truckload of food. It's fucking criminal and is coming to an end real soon now.
And now Greece is asking for one more go around!?! Well, they're not alone ... just the first in line.
It's not a website, it's a full-page ad in the WALL STREET FREAKIN' JOURNAL!! ahem.. Sorry about that. But yeah, it cost more than a website. About two hundred thousand dollars more. Not to mention all the dough they paid some hotshot ad exec to delegate the writing of this ad to his cute junior intern with those incredibly large ... brains.
Edit
I don't have any dark alley's, but you can come to my house and show me what you think. At least try to that is.
Ok - I did not realize it's more than a website. WSJ is not my favourite venue, so it's an ad and Tyler expected all to have seen it.
And some people think psychos are behind this.
That this ad expresses in a very candid way the thoughts and feelings of people I talk with seems unbelievable for some. Ok, ok.
WTF? What is Your problem? Defending the right of someone else to say "Fuck 'em" to a whole country?
and that is exactly what ... wait for it .... Jesus would do !
Please keep Jesus out of this discussion. This is the work of mad men.
Besides, Jesus only redeems once.
Perhaps Greece needs a coupon... :>D
He'd swim across the Rio Grande and take a job an American won't do.
It takes time to loot and pillage everything of any value. After it's all hauled away and every citizen has been raped, default will be allowed for the survivors.
And if all the banksters then left and ignored the country for a few generations, and left them with their soil and their crops and their rocks and goats and Acropolises, they'd still be better off than they are today.
That is just sad. Yes, just default and get it done.
Great Comment!
And...it will end like Kent State!
Country should be renamed Fleece as in Fleece the sheeple. Who comes up with this shit idea? Unfucking believable.
Yee Haaa ... capitalism at work. Instead of making something they're advertising what a good job they're doing.
Kinda, sorta sounds like something Obama is doing ... give change another term to not happen
Maybe, just maybe, the peasents of the world, Greece certainly included, deserve what they have coming!
Right. Fucking peasants should bail out the banks and be damn grateful for the opportunity.
Well it is the Age of Social Media. A newspaper? It needs to have The Song attached. And...why not post it here? Are WE no good enough??
But you're still fucking peasants, as far as I can see.
A working class hero, is something to be.
If you want to be a martyr, then just follow me.
I'd rather be a juke-box hero....
yeah, let them eat cake
tripe
lol complete and total sell out of the people by their *leaders*
The number of families living on $2 or less per person per day for at least a month in the USA has more than doubled in 15 years to 1.46 million.
see here is the link
http://www.usatoday.com/news/nation/story/2012-02-23/extreme-poverty-inc...
This is sad. The businesses of Greece paid for the ad. The Union are killing the businesses, and they want more international understanding.
The country got where it is all together. How about the Unions pay for an ad too.
yeah, any country with unions is a real mess. Like Germany, Norway, Sweden, Netherlands, Brazil, Chile, Australia, New Zealand, Canada, Denmark. Let's just give Capital ALL the fucking money and power and leave none for Labor. Wouldn't want any Socialism and handouts around here (unless of course you are a multi-billion dollar bank or oil company or arms manufacturer...then it's handouts galore).
Even Henry Ford understood that you have to leave a few crumbs for the workers...because they are the fucking customers, too. D'oh.
Sure there are public union abuses but they pale before the Socialism that banks and corps get
I take your point, and concur that by comparison unions' piece of the action is much smaller than the banks. The problem is unions long ago ceased to represent the workers, and became political influence-peddling entities themselves.
In other words, they are in the same big-boys club as the banksters, but only as junior ranking members.
P.S. As for pubic sector unions, I still don't understand how it makes sense to allow them. I say this only because a major stakeholder in public union negotiations is the taxpayer, and that is the one entity which is not allowed a seat at the negotiating table. Kinda easy to negotiate favorable deals when both parties at the table are negotiating with someone else's money.
Sadly the unions are more interested in boosting their membership and paying their leaders than taking care of the rank and file. The unions should have been the most vehement in demanding that immigration laws be enforced and quotas reduced. It is their members who have suffered due to their inaction on that and the corporations who have benefited with cheaper labor.
Brought tears to my eyes...
iCried
Disgusting. "Give Greece a chance"?
Okay, default you Greek motherfuckers. That's all the goddamn "chance" you need. Pull an Iceland and give the bankster fucks the middle finger. Grow a pair of fucking balls already!
I remember when I wrote something similar - though I hope in more polite terms - about the Irish Government and their plan of bailing out AngloIrish, which brought their debt to GDP from some 60% to 120%.
If I still remember correctly, at that time the focus of all the comments in ZH was on the bad euro-guys - though who profited most from the "intervention" were British and American MegaBanks... ah, how times change...
The banks wrote the advertisement. Get it now?
I wonder if John Lennon would say 'Give Greece A Chance'?
You may say, we are dreamers, but we're not the only ones
I hope someday you'll join us, and the world will live as one
Prophetic!
Why do you think he had to be killed? We can't have people spouting dangerous nonsense like that!
The Lone Nut strikes again!
These adverts will be shown on wide screens at every Goldman Partners Meeting worldwide until someone owns up to having Greece as a Client
Can someone please call up the Greek politicians and say in Greek "Look to Iceland and see what defaulting means you stupid fucks. The only people that are fucked if you default are the criminal fucking banksters."
Greece still has politicians?
The banksters/plutocrats have already gone "greek" on the greeks so much... now they just need to go greek right back at them by "defaulting".. aka just walking away from their debts, telling the IMF/EU/Banks to go fuck themselves, and start over again.
Greece's politician were appointed by and work for the PTB (in this case the banks IMF/ECB). Greece is an occupied country! If the leading politician's in a Democratic country are not elected, but instead imposed by a foreign power does that not mean that the country has been conquered and a puppet regime imposed.
If that is not the case then if the 'Greek" politicians are working in secret for a foreign power over the interest of the Greek people is this not High Treason?
Seriously I wouldn't mind an answer tho the last question from someone with a better understanding of law (or history).
Who cares about high treason.... "in theory", bailouts are illegal according to EU laws anyways.... so actually everything all those banksters and politicians are doing, is full-frontal illegal... did that stop them?
This isn't about laws anymore (if it ever was at all)... it is simply about power.... and who makes use of his/her potential power.
Everyone tweets ‘’Greece Defaults’’ on twitter at exactly 10:03 (ET).
Thats in 6 mintues get ready!!
Hashtag it "#greecedefaults" as well.
no Effin' way... the market cliffed ~25 points from green to red .... this can't be.......
"With great power comes great responsibility." -- Uncle Ben, "Spiderman"
Let's try it with "Bernanke resigns!" -- :>D
Obviously sung to the tune of "Give Peace a Chance".
Greece is the word, is the word, is the word, is.....
Idiots.
So it is OK for Greece to hike the minimum wage to $1000/week, put over 40% of the country on the government payroll and set the retirement age at 55...
but it is a travesty to reverse any of these steps?
Cry me a river.
Pretty sad that you're trying to justify the debt enslavement of an entire country.
Not at all. I agree that Greece should default already.
Either way, the Greeks will still have to lower their livings standards to be in line with their productivity. That means a BIG drop in their artificially inflated living standards, whether counted in euros or drachmas.
The days of living la dolce vita on the Northern Europeans credit cards are over.
Dolce vita has to stop all right. Buying submarines that are delivered tilting 15 degrees, extra war ships and eurofighter planes are a good start.
Only problem is that last time a prime minister tried to do that, there was a hot incident in the Aegean: a helicopter was shot down, Greek marines were killed, a stand off followed between Greece and Turkey, only to be resolved by an intervention from USofA. Next day PM thanked officially from the parliament the POTUSA, and a few weeks later signed a new deal. See. Easier said than done.
Dolve vita has to stop for consumers too.
15% drop is reported in exports from germany to greece, and that is before the people get organized into a boycot. And what is up with all this centralized agricultural EU policy? How come a previously self sufficient greece has to import even potatoes? The same goes for Poland: a traditional potato exporter, that is currently importing from germany.
No wonder the deficit of the weaker nations equals the surplus of the stronger, and that unemployment in the South is countered by 1.000.000 empty job positions reported last month in Germany.
Come to think about it the German workers are getting an equally bad deal by not being given pay rises.
Why lower the standard of the South and risk deflation, and not raise the North to boost the economies?
What better time to do it before the start of an economic downturn?
Inflation you say? Well, let's see how deflation leads to depression the moment Spain and Italy follow GReece's path, and where exactly a multi trillion bail out leads to..
awesome post.
I think there is a mistake in your reasoning here. These Socialist states do not have high stanards of living, except relatively high for parasites. In socialist countries the peasants all live in something just a few ticks above subsistence. This is because socialism is counter-productivity. Socialism cliams to be about equalizing economic results, and to a certain degree it does. It equalize all the serfs into dependency. Only the high status pirates live high on the earnings they harvest from whatever productivity is left, or can be borrowed or swindled from more productive people. Here's the truth, he that won't work will die. All others are raiders of other's lives. As Hayek reduces it so eloquently, Socialism means Slavery. Greece could tell the EU to go to hell and then restore free markets and actually beging to raise their living standards. In a few years they would (could) be way ahead of where they were a few years ago before the limited productivity of socialism was revealed to be insufficient for even meager subsistence. Jesus how many times does this utterly predictable melodrama have to be repeated?
Everything you say is true. The problem with your argument comes here:
"Greece could tell the EU to go to hell and then restore free markets and actually beging to raise their living standards."
The could, but the Greeks have no love of free markets. See this article from a Greek news outlet today. All shareholders in an online startup are required to submit chest x-rays and stool samples in order to get the required permits to open the business.
A 1000 dollars a week? How about 751 Euros a month. Why is it okay for people to write inflamatory lies about the Greeks? They are getting screwed.
My bad. It is in fact €751/month = $1000/month. I tried to correct my mistake shortly after I posted it, but SeverinSlade had already jumped in, disabling my ability to edit it.
Still far higher than the minimum wages in many EU countries that are being required send their hard earned money to bail out the Greeks yet again.
Here is a list of minimum wages in Europe. Greek wages are not over the top. http://www.fedee.com/pay-job-evaluation/minimum-wage-rates/
So why should people in Germany, Finland, Denmark, Norway, Sweden (all €0 minimum wage), Macedonia (€130), Kosovo (€170), Montenegro (€240), Estonia (€290), Slovakia (€327), Portugal (€485), Spain ($642) or Malta (€685) be subsidizing Greece with their hard earned money?
You may notice another pattern here: the countries with no minimum wage have the healthiest economies.
Germany does not have a national minimum wage. They are a member of the ILO. They have a strong labor movement. Collective bargaining is enforced by law.
In some cases, the trade unions negotiate for wages, not by company, but industry wide. Germans are paid very well. They can save. And they pay their taxes. Even the wealthy pay taxes. When I was there, the Germans that I met were very nationalistic still. The EU came a far second. The globalization of Germany was not on the radar.
They protect their industries with a passion. One well-known company was losing sales to Chinese counterfeits in internet sales. They were shut down in the EU. They are still selling in the US, no protection.
I do not know about Finland, Denmark, Norway or Sweden. I suspect the above may also be true.
As far as Macedonia, Kosovo, Monenegro, Estonia, Slovakia, Portugal, Spain, Italy and Malta, their economies have been hollowed out. They are not healthy.
And the peoples of all those countries are not "bailing" out Greece, they are funding the banks.
*eyerolls at the entire subdiscussion.... because it is like underpaid slaves falling for divide and conquer, by argueing who is the lesser slave, while they all individually and nationally get assraped by people not bound to any nationality*
/Sarcasm On/ May I assume that the philanthropists at the Whore Street Journal donated the advertisement space to the wonderful people of Greece? /Sarcasm Off/
(sarcasm off) You may. But you would wrong (sarcasm on.)
They should've put a pic on the ad - starring John Lennon or some important Greek official in bed with Yoko Ouzo.
Hey Greece, how about you give yourself a chance and default. Nobody will give you anything. You have to take it yourself.
CAN YOU NOTICE THE SPIN? 3..2...1 ...
HERE'S COME - 'primary budget deficit'
its something new in macro analysis.. basically Greek gov said:
we have huge debt, but interest on this huge debt should not be counted..
funny, even w/out interest payments THERE IS YET DEFICIT, 100% sure that its underestimated.. nobody in right mind would believe single word from Greek goverment..
liers liers , pants on fire
alx
THIS. IS. SPARTAAAAAAAAAA!
Another $300K spent wisely by the panhandlers
Another $300K spent wisely by the panhandlers
No no... by the gold-grabbers.
Greece should NOT default. They should be hiding every ounce of gold/silver they currently have, and using every bailout dollar they receive to purchase more gold/silver in ways no one will know about (i.e. not depositing those purchases in a New York or London vault).
Then, when the next round comes, they play stupid and say "I don't know where the money went" just like the Fed does when it's asked about hundreds of billions (or trillions) of dollars.
Ultimately, they can use their gold to back their new currency.
Anti-f, brilliant program for Greece:
Take the EU money.
Buy gold and silver.
Hide it on a remote island.
Renege on all bailout agreements and default.
Pull a "Corzine" when asked where is the money.
Convert to drachma. Devalue immediately.
Stay in EU as the "open sore" as the "hideous reminder" of the federalist political folly.
Return to profligate ways.
(sarcasm off) I agree "there is an issue with the getaway plan."'other than that I like where you're going here. (sarcasm on)
I don't recall Iceland pleading for mercy....."Vikings, banker bitchez. Suck it."
iCried- wIfucked
Wow, the country is being raped by bankers and some people's first thought is to do cut and paste project with MS Word?
I can't read this without hearing Yoko Ono wailing in the background.
This made me laugh.
http://assets0.ordienetworks.com/tmbs/1be4151e78/fullsize_11.jpg
Whatever any PSA says, DO THE EXACT OPPOSITE. #rulestoliveby
algos must of picked up on it.......EUR/USD heading to 1.35
You want a chance, Greeks?
Sure, here you have chance no. 754.
I know you´ll fuck it up like those 753 chances before, so who cares.
what the fuck - as if a Greek would write this.
Are they begging for another fucking bailout already?
Start an online store In Greece, be rady for a chest x-ray and a stool sample, no not a joke..
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_21/02/2012_429208
I wonder why they are not productive ? Overreaching Government is simply evil incarnate..
HT- Instapundit
Fuck me, and all these Greek Food Places here in the USA wont flip a tip jar for the homeland.
Well, no tip jar, but they send money to their relatives.
What's the Greek word for Hawala?
coming to a Venue near you:
'Greece' - a tragenomic musical -
- the silent scream version -
sponsored by ECB and IMF Taxpayers
Directed by Tim Geitner and Christine Lagarde
Producer: Goldman Sachs
wr;)
give FLeece a chance
give greed a chance
I think John Lennon would probably be in favor of "Give Greece a Chance". Would love to hear revised lyrics!
But Steve Miller's "Take the Money and Run" would be better if the money wasn't running back to the European banks!
Whining suckers. Default and we will be more symphatetic.
A chance to do what? Suck more banker dick?
snore, snore, snore. just more propaganda and perception manipulation tactics.
double post.. oops
Hardworking?! Tax-paying?! How did we get here again? I am amazed they have the stones to use the word "deserve" in this pathetic missive.
Hy guys
Not wanting to hurt any ones feelings, or you're all still sleeping, or you still believe in Santa Clause. Haven't you seen that this is a well organised plan by the Germans to finally have Europe to themselves?
They finally show their intentions and you still don't see, 3rd WW's not far my friends!!!!!!
Like my grandfather said: "If I knew what the USA was going to become I would have still gone to fight but for Germany"
Is this by the same clowns that took out a full page ad (either in Financial Times or in WSJ ) asking for the support of Georgia during the Georgia/Russia/Osetia conflict?
How exactly can I 'give Greece a chance'? Should I buy more Greek cars, machinery and electronics? Because you know, there is only so much olives a person can eat...
You can go for a nice trip in the summer. Windsurfing is great, beaches and food too.
Grease palms in Greece
Record number of Americans living on $2.00 per day. That's as bad most third world countries, so I guess to them a pathetic $1,000/ month for actually going to work 40 hours a week, would seem like a lot, but it isn't.
$6.00 an hour, in a western European country is peanuts and don't anyone here dispute that, until you've tried living on it!
How much more crazy bullshit can we take from this country? 32,700 bps on their 1 year CDS, oh yea, that's sustainable. Someone just invade them already and make decisions for them.
Libertarian?
Pathetic. Just pathetic.
Quit trying to save the payment system and the banks. Banks should have to take their lumps as well as the common people.
They should have just defaulted...
Hell will be thick with bankers, and they'll be a standing on the shoulders of politicians.
with all of them standing on the "innocent" common man who borrowed recklessly to chase the American dream and caused massive household leverage.
where is williambanzia7's signature ?Imagine there's no Euro
It's easy if you try
No debt below us
Above us, only sky
Imagine all the people living for the day....
the wall street journal still in business?
I have lost all sympathy for them. If they don't toss this corrupt ass government out on it's ass they deserve what they get.
I could eat a fucking can of alphabet soup and puke and shit out a better propaganda piece than that baby blue, idiotic, top shelf, douchetard level, half-assed, psyops inspired, mega-drivel bullshit of massive and epic undeniable proportions.
http://www.youtube.com/watch?v=JFvujknrBuE
LAZY
Ha - that's nothing. Papdemos used the word 'titanic' twice in one sentence this morning (with the word 'launch' in it too!). I just emailed him to ask him if he would like a new PR Guy.
But yes... I wouldn't let any client of mine put out this drivel. What were they thinking? That being pitied is a strategy?
how about this one, Greece ?
Instant Karma's gonna get you,
gonna knock you right on the head
You better get yourself together,
pretty soon you're gonna be dead
Are you kidding me?
Super Pacs now funding Greek Propoganda?
So with all the austerity, they're STILL running a fucking deficit. In the words of redpill, default allready.
Let me try:
We greecians are not the fat hairy lazy bastards that are portrayed in the live feeds from the Parliment. Look rather at the streets where our youth will work tirelessly trying to string our ass up on light poles. Look rather to their energy, we promise to harness that energy by selling those same youths to Northern Europe for this money. THink of the future productive feats that they will achieve. Feats only matched by the Egyptians (pyramids) (but not schemes), Stalins gulags and most recently our beloved Chinese FoxCon worker paradise. To borrow a phrase from Amerika's feckless er fearless leader Premier Obama, Yes We Can.
"..In real economic terms, that translates to losses of more than 70 percent in exchange for new bonds with longer maturities. We are convinced that when you look at the total picture here, that the overwhelming bulk of investors will consider this a favourable transaction," Dallara told the BBC's Newsnight programme..."
http://www.athensnews.gr/portal/11/53558
I am sure the private investors will be so pleased with the result, they will be lining up to buy more Greek debt...
What part of the WSJ readership are they trying to convince to give them a chance (money)? Sounds like they are in dire need of some Crony Crapitalists.
Someone needs to write "Greece: The Musical"
We take the pressure and we throw away
Conventionality belongs to yesterday
There is a chance that we can make it so far
We start believing now that we can be who we are
Greece is the word
Greece is the word, is the word that you heard
It's got groove it's got meaning
Greece is the time, is the place is the motion
Greece is the way we are feeling
And ... Picture Angela M. Singing "Hopelessly Devoted to You."
it's the local militant wing of the nannies!
the chamber0'commerce, BiCheZ!!!
coming soon to a theatre near y-o-u!
The beatings will continue until moral improves.
Greece needs to do an Iceland, the sooner the better. Let Germany cover their banks bad customer financing loans directly rather than using the fig leaf of Greece.
There is a lesson for all of us here; global trade must be balanced over the long haul. So important safety tip to the rest of the world, you need to covert the debt you hold on various nations into assets from those nations or risk the same fate as Germany via Greece. After all you deserve it, kick back a little and let other nations run a trade surplus with you for awhile. Don’t hog all the work.
The best way for German’s to get back the value of its loans to Greece is by putting Greece back to work making stuff Germany wants. Greece needs your help though which is the exact opposite of the slavery like conditions you are foolishly attempting to place on them. Just think of Greece as ‘South’ Germany.
If Germany stays on its present path you’ll get 0% in the end as you can’t solve a debt problem with more debt.