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The Banks' Nightmare Is Coming True: Greek Left Calls For Anti-Bailout Coalition

Tyler Durden's picture




 

The only saving grace of the earlier horrendous Greek parliamentary vote was that, based on very preliminary results New Democracy and Pasok would be able to form a coalition government with precisely 151 seats needed in parliament to give them status quo powers. However, according to a more recent re-rack of the votes (New Democracy 18.9%, 108 seats, Pasok 13.4%, 41 seats, Syrizia: 16.6%, 51 seats, and all others), this assumption is now in jeopardy as the two pro-bailout parties will have just 149 seats in the new parliament, or not even a full majority. Why is this problematic? Because virtually every other party in the new parliament, and there may be up to 10 there including the New Dawn, have voiced their opposition to the bailout of Greece, which as everyone knows is merely a bailout of Europe's insolvent banks using Greek taxpayer funds as a conduit. And, adding insult to injury, Reuters now reports that "Greek leftist leader calls for anti-bailout coalition." It appears that finally, after many years of delays, the anti "bailout" genie is finally out of bottle...

From Reuters:

Greece's Left Coalition called on Sunday for an anti-bailout coalition, saying the country's general election showed that austerity policies had been soundly defeated and a peaceful revolution ushered in.

 

The Communist KKE - which believes Greece should abandon the euro - immediately rejected Tsipras's call for a leftist alliance.

 

"Mrs Merkel needs to understand that austerity policies have suffered a huge defeat," said Left Coalition leader Alexis Tsipras, referring to German Chancellor Angela Merkel.

 

"With their vote, Greek people gave a mandate for a new dawn in our country with solidarity and justice instead of barbaric bailout measures."

 

Tsipras' party has emerged as the surprise star of the election and is on track to finish in second place with 16 percent of the vote, according to early results. The success comes at the expense of the big pro-bailout parties, New Democracy and PASOK, who were punished for backing austerity.

 

The KKE are projected to take about 8.5 percent of the vote.

 

"The parties which signed the bailouts without Greek people's consent are now a minority," Tsipras said.

Watch for this Greek development to metastasize to all other PIIGS countries. Europe's bankers better pray that Draghi, with Goldman and the Fed's blessing of course, announces some form of monetary intervention soon or things will get ugly.

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Sun, 05/06/2012 - 16:29 | 2401441 prains
prains's picture

Light the wick

Sun, 05/06/2012 - 16:40 | 2401465 slaughterer
slaughterer's picture

What or who is manipulating the EUR/USD spreads right now so that it does not immediately plunge below 1.2949?  BIS?

I am literally watching this under-handed legerdemain happen before my very eyes right now with absolute astonishment.

Am I going to get squeezed again?   Please, say it is not so.  

Sun, 05/06/2012 - 16:53 | 2401529 DosZap
DosZap's picture

Am I going to get squeezed again? Please, say it is not so.

Sorry, 1.30 is the FIX dudeski.And no, not BIS,the Fed.

Sun, 05/06/2012 - 17:49 | 2401661 Xkwisetly Paneful
Xkwisetly Paneful's picture

This is great material!

Their debt is increasing at an eye popping rate which has virtual nil to do with any banker.

get it? The banks are not there dictating they retire at 50yo with 6 pensions and full healthcare.

They are merely enabling and profitting from it. There is no contest who winners happen to be  here, no different than the US RE meltdown, IT IS THE GUY WHO CAME INTO THE GAME WITH NOTHING AND LEFT WITH SOMETHING OR GREECE IN THIS CASE IN SIMPLE ENGLISH.

Otherwise keep up the great work.

Money for nothing and chicks for free.

Sorry nothing is actuallly lint like and still can't stay above water but who cares?

Not like one needs a military, banking system, food and fuel to run a country,

endless social spending, pensions for the dead et al is certainly paramount.

 

anything less than 321,231,239 down arrows will be disappointing.

 

oh and BTW nits, they like much of Europe have decimated their military in favor of social spending and guess what?

They just as broke as the rest. 

Sun, 05/06/2012 - 18:05 | 2401697 LetThemEatRand
LetThemEatRand's picture

Very simple solution whether you want to blame the bankers or the people who believe retirement should be possible for the average Joe.  Banks and bondholders made a bad bet by lending multiples of GDP to Greece to support an obviously broken system.  So far they have made huge profit on this bad bet.  That's why we blame the bankers, genius.  Let them lose their fucking money like any of us do when we make a bad bet.   Or should the banking and bondholder class continue to be allowed to privatize their gains and socialize their losses as is occuring in the United States and most of Europe?

Sun, 05/06/2012 - 18:26 | 2401757 gmrpeabody
gmrpeabody's picture

"whether you want to blame the bankers or the people who believe retirement should be possible for the average Joe"

Really, that's  a bit of a spin and a little unfair. I believe his point was WHY the average Frenchman feels he is entitled to retire 10 years before anyone else in the Western world at 80% pay and 100% benefits. Certainly he is in favor of all the average Joes in the world having a descent retirement. You really sound like a hack .

Sun, 05/06/2012 - 18:41 | 2401774 LetThemEatRand
LetThemEatRand's picture

I'm a hack?  The normal retirement age in France in 65.  Only Germany, Norway and the U.S. have a higher normal retirment age (67 in all three countries).  Obviously some people retire earlier, but the idea that the French all retire at 55 is just bunk.  Do you always begin your debates with a false premise and then accuse the other side of spinning because they want to discuss facts instead of your fiction?

Sun, 05/06/2012 - 18:47 | 2401818 LetThemEatRand
LetThemEatRand's picture

And P.S.  God forbid the sheep would want to retire while they are still healthy and able to enjoy it.   Some people love what they do and don't want to retire.  Most people, including most of those who work menial or dangerous jobs, want a little light at the end of the tunnel.  What the hell is wrong with that if society can afford it (which it can if we don't give all of our money to the banks and military and prison industrial complex).

Sun, 05/06/2012 - 18:55 | 2401841 Xkwisetly Paneful
Xkwisetly Paneful's picture

Whoa look the fuck out!

THe banks are financing private pension plans now!

Anyone else know that?

Amazing! For so long I though the government was only responsible for government pensions.

So why would average retirement age of the private sector matter even a teeny, weeny little bit?

Do I need to go wiki Norway and Germany as well? Since the France number was total crappolla like almost everything you post?

Sun, 05/06/2012 - 18:59 | 2401851 EscapeKey
EscapeKey's picture

Sheesh, you come across like a 12-year old whose pocket money has just been cut.

Sun, 05/06/2012 - 19:00 | 2401848 Xkwisetly Paneful
Xkwisetly Paneful's picture

and PS the US could have ZERO military and would be just as broke.

How do I know this? Oh I don't know? much of liberal social europe already sold off their militaries and are dead broke.

Oh but it will be different this time.

I only deal in actual facts, I don't make shit up and then go find some whacko resource to support said fairy tale.

 

Sun, 05/06/2012 - 19:26 | 2401927 Harbanger
Harbanger's picture

Your avatar is a socialist reading your post.

Sun, 05/06/2012 - 19:29 | 2401939 ForTheWorld
ForTheWorld's picture

So essentially you're saying that gross mismanagement of funds is to blame?

Sun, 05/06/2012 - 19:36 | 2401957 Harbanger
Harbanger's picture

I blame the Budget.

Sun, 05/06/2012 - 18:52 | 2401832 Xkwisetly Paneful
Xkwisetly Paneful's picture

Hack deluxe.

Have you figured out how fractional reserve currency works yet?

The average retirement age in France is certainly not 65 misinformation bot.

How could any human with one brain cell believe that?

http://en.wikipedia.org/wiki/French_special_retirement_plan

Game over today? your usual misinformation is not even in the ballpark.

YEa normal guy collecting 5 pensions and full healthcare at 55yo.

 

Sun, 05/06/2012 - 19:01 | 2401852 LetThemEatRand
LetThemEatRand's picture

Since you like Wikipedia, read on clown.  At what point does the truth become just an inconvenience to you people?  I realize that your ideology is all important, but come on.

http://en.wikipedia.org/wiki/Retirement

Sun, 05/06/2012 - 19:19 | 2401894 Xkwisetly Paneful
Xkwisetly Paneful's picture

In the private sector the average retirement age is 57.5.

The French military: the average retirement age is 45.7.

EDF and GDF average retirement age: 55.4-the utilities.

RATP: average retirement age: 54.8-public transport.

SNCF average retirement age: 52.5-national rails

There is France.

Go make up some more stuff.  These people are real victims!

They the winners, know nothing not the losers in this game.

The real question is how could anyone believe it was 65yo? How is that even possible?

Sun, 05/06/2012 - 19:59 | 2402022 Think for yourself
Think for yourself's picture

wait a minute... I know you guys are discussing serious stuff and all, but I think you all forgot the first thing to be said..?

Silver, bitches! 

Sun, 05/06/2012 - 18:30 | 2401766 Theta_Burn
Theta_Burn's picture

If this is true HooRaa, or should we hold our breath for another "vote of CONfidence" The Greeks don't need any help running their country into the ground, thank you very much. hear that Merkel, you PVC suit wearing brute...how dare you try to reign in Greek insanity.

Well played Greek left, clearly its all Germany's fault, and all you gotta do is sell that to the Vlahos citizens....(and they call Americans fucked up) now Greece will gladly accept austere light just to stick it in Germany's eye.

And Rand, your posts usually border on idiotic, but you nailed this one......+1

Sun, 05/06/2012 - 18:33 | 2401775 margaris
margaris's picture

Exactly.

The big banks have not felt the slightest pain so far... which is outrageous to begin with.

Also, what exactly did greece recieve for free? Money printed out of thin air, with a giant interest rate attached to it?

Who decided that.... fucking illegal loans.

Sun, 05/06/2012 - 20:24 | 2402074 Calmyourself
Calmyourself's picture

Wave the salts under my nose, I agree with Eat rand... Was that a pig in that tree?

Sun, 05/06/2012 - 20:34 | 2402110 nmewn
nmewn's picture

I too was taken aback by the privatizing profits and socializing losses comment.

Maybe we have a breakthrough moment in crony capitalism here ;-)

Sun, 05/06/2012 - 21:04 | 2402179 Calmyourself
Calmyourself's picture

Don't get your hopes up we know what happened last time she broke my heart with that death tax garbage... ha..

Sun, 05/06/2012 - 18:14 | 2401717 Paul Atreides
Paul Atreides's picture

Try to stop your brain from farting in public please!

Sun, 05/06/2012 - 18:27 | 2401760 Landrew
Landrew's picture

Not a surprise, almost nothing of what you said is true.

Sun, 05/06/2012 - 18:58 | 2401846 Harbanger
Harbanger's picture

It's much easier to blame than to take responsibilty.  It's hunting season on scapegoats again.

Sun, 05/06/2012 - 23:54 | 2402500 WallowaMountainMan
WallowaMountainMan's picture

'Their debt is increasing at an eye popping rate which has virtual nil to do with any banker.

get it?'

yup, seems like someone must be pointin' a gun at the heads of them stupid bankers, loaning that kinda money to people who have a track record as good as the greeks have. what with only four or so bankruptcies to their name, this century.....in the old days, europeans used to say, hey, its the greeks...that's what they do.

Dumb bankers. should lose every dime. again. again. a...

Sun, 05/06/2012 - 16:43 | 2401497 maxmad
maxmad's picture

The wick is lite!  Watch it collapse Bitchez! 

Sun, 05/06/2012 - 16:51 | 2401514 Sudden Debt
Sudden Debt's picture

Not so fast.
As a country that had 3 majorities in parlement which caused our government in gridlock for over a year I can asure you that 10 PARTIES WON'T DO SHIT AND ONLY CAUSE A FULL STOP IN ANY DECISION TAKING.

4 YEARS OF STATUS QUO HERE WE COME!

This is the best thing bankers could wish for.

Sun, 05/06/2012 - 17:18 | 2401608 macholatte
macholatte's picture

 

There may never be another Iceland. The machine is working perfectly. The sheeple are being rounded up and corralled and being fed from the gutter of socialist greed. It’s banker heaven. More free lunch. More debt. More free lunch. More debt. More free lunch. More debt.  Party like it's May, 1929.

Sun, 05/06/2012 - 18:07 | 2401645 Sudden Debt
Sudden Debt's picture

Yep, let them discuss their problems untill the end of time and don't give them the option to do anything about it.

What was written will come to pass. Nothing they can do to stop it.

Sun, 05/06/2012 - 23:21 | 2402456 StychoKiller
StychoKiller's picture

Hmm, where they gonna find the Billions of Euroz to keep paying off the Banksters?  To Greece:  You can STILL tell them to pound sand...

Sun, 05/06/2012 - 17:40 | 2401662 SovietCong
SovietCong's picture

With the pro-bailout/anti-bailout split coming down to a handful of seats, methinks some of those newly elected representatives of the Greek nation will see that their pre-election beliefs in "no more bailouts" were erroneous and, indeed, not in the best interest of the people. Persuading them will be dirt cheap. 

Sun, 05/06/2012 - 18:10 | 2401707 ArgentoFisico
ArgentoFisico's picture

I fully agree. I'm italian, we have had 10-12 parties for decades (and probably forever) here in italy ... no decision will come out of Greece... till a bloody revolution

Mon, 05/07/2012 - 10:19 | 2403227 boiltherich
boiltherich's picture

Greece's history has got a few bankruptcies in it indeed, but it also has military juntas.  And I will point out that it has the highest per capita defense spending in the EZ, mostly owing to paranoia about Turkey.  Greece is in critical condition and the ambulances are all out of gas, I am thinking that if the new government does NOT end austerity and or pull out of the euro then by the end of summer you will see rioting and near civil war that will be all the rational the military needs to take over. 

Sun, 05/06/2012 - 16:48 | 2401513 Beam Me Up Scotty
Beam Me Up Scotty's picture

Don't you mean the fuse?

Sun, 05/06/2012 - 16:56 | 2401539 CrockettAlmanac.com
Sun, 05/06/2012 - 17:15 | 2401599 evolutionx
evolutionx's picture

All about the Banking collapse:

Overview on Bank Credit Default Swaps

CDS on Banks are + 100% on yearly basis

http://www.cds-info.com

Sun, 05/06/2012 - 17:51 | 2401673 Acorn10012
Acorn10012's picture

Pull my finger!

Sun, 05/06/2012 - 18:15 | 2401718 msamour
msamour's picture

Nah, the wick makes more sense, it's a slow collapse , just like a slow burn.

Sun, 05/06/2012 - 20:28 | 2402093 jmcaule4
jmcaule4's picture

Anit-austerity governments and it's implication for future money printing in the Eurozone. 

http://jmcaule-whatimlookingatrightnow.blogspot.ca/

Alf Fields, King World News + More!

Mon, 05/07/2012 - 03:21 | 2402662 jmcaule4
jmcaule4's picture

S&P 500 timing system returns 289.81% over the past five years.

http://jmcaule-whatimlookingatrightnow.blogspot.ca/

Sun, 05/06/2012 - 16:29 | 2401443 monopoly
monopoly's picture

I am supplying the popcorn for all. Giant size.

Sun, 05/06/2012 - 16:34 | 2401464 Gully Foyle
Gully Foyle's picture

monopoly

I'm thinking this won't be a summer of love.

Sun, 05/06/2012 - 16:39 | 2401475 Dead Canary
Dead Canary's picture

Comfy chair, check:  Huge Glug, check:  Slippers, check:

Ok, just waitin for my popcorn!

Sun, 05/06/2012 - 16:43 | 2401495 Global Hunter
Global Hunter's picture

misread that as "Huge Gulag, check"...which works too.

Sun, 05/06/2012 - 16:46 | 2401500 Gully Foyle
Gully Foyle's picture

Dead Canary

George Carlin: I think it's certainly apparent by now that one of the things I enjoy in life is excess... I like things that are excessive. I like excessive behavior, excessive language, excessive violence... it's fun. It's interesting. It's exciting. I like it when nature is excessive. That's why I like natural disasters. All these natural disasters that've been going on, I fucking love 'em. I can't get enough of them. Ah, when nature's going crazy, throwing things around, scaring people and destroying property, I'm a happy fucking guy. I'm a happy fucking guy. I look at it this way... For centuries now, man has done everything he can to destroy, defile, and interfere with nature: clear-cutting forests, strip-mining mountains, poisoning the atmosphere, over-fishing the oceans, polluting the rivers and lakes, destroying wetlands and aquifers... so when nature strikes back, and smacks me in the head and kicks me in the nuts, I enjoy that. I have absolutely no sympathy for human beings whatsoever. None. And no matter what kind of problem humans are facing, whether it's natural or man-made, I always hope it gets worse. Don't you? Don't you? Don't you have a part of you, a part of you that secretly hopes everything gets worse? When you see a big fire on TV... don't you hope it spreads? Don't you hope it gets completely out of control and burns down six counties? You don't root for the firemen do you? I mean I don't want them to get hurt or nothing, but I don't want them to put out my fire. That's my fire - that's nature showing off and having fun. I like fires. You know something else I like? Those spring floods in the Midwest! Aren't they great? Like clockwork, spring floods in the Midwest. Now I'm starting to notice... I'm starting to catch on, that every year... it's the same story. Another flood, in the same place, with the same people, on the same river- SAME FUCKING PEOPLE! And these people do not move, they will not fucking move! They repaint, put down new carpeting and wallpaper and they move right back into the same fucking house on the flood plain, next to the river, and then they wonder why grandma's floating downstream with the parakeet on her head! Fourth time, again, fourth fucking time. There's no learning curve with these people. It's very hard to feel sorry for them. Every year - same people, same rowboats! Out there paddling around... rescuing a chicken. What the fuck kind of a life is that? "Well our kids love it here...? Oh really, what do they got, gills? And while they're showing all that action on the screen, the announcer's saying to me "It's been raining steadily for three months now, the ground can't any more water... The river is cresting higher than it has it two centuries, the levees have washed away...? And I just hope it keeps raining and raining and raining and raining and raining and raining and raining and raining and raining and raining and raining and raining and raining, and it rains steadily for five years... and then after that, for ten years it's cloudy. With occasional showers. And the river never returns to its natural banks! It becomes a completely new river, and the borders of three states have to be changed, and all the maps and atlases have to be redrawn and reprinted... and no one's couch ever completely dries out. For years and years, every time they sit down there's always that little "Squish...? "Dan, Linda, come on in you guys, have a seat" - "Squish!" "Squish!" I like that. I'm an interesting guy.

Sun, 05/06/2012 - 16:54 | 2401515 Dead Canary
Dead Canary's picture

Yur preachin to the horses mouth.

If a little's good, more's better and too much is just right!

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