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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EuroSovietSerf's picture

Not if they stop making interest paymens they don't.

The banker crooks have been scaremongering everyone so long that many actually believe default would be bad. Well it would certainly not be as bad as to keep the wealth-destroying Euro.

Dead Canary's picture

Just loaded up on B-relics Friday. Kewl!

jomama's picture

i scored 100oz. Ag last week while it was near 30 flat.  bonus!!

Dead Canary's picture

Muahahah!   We'll RULE THE WORLD!

junkyardjack's picture

Nice, you'll get another chance at a lower price this week

l1b3rty's picture

The Greeks gotta start hoarding their cash and using those other alternative currencies.

rsi1's picture

ATHENS (Dow Jones)--Greece's leftist Syriza party, which looks set to take second place in Sunday's national elections, will seek to hook up with other left wing parties to form a government, its president said.

In a televised statement, the leader of the Coalition of the Radical Left party, also known as Syriza, Alexis Tsipras, said he will stick by his commitment to annul Greece's austerity package.

"The parties that signed the memorandum now form a minority. Their signatures have been deligitimised by the people," he said.

"The people showed at the ballot that national salvation does not go through the memorandum."

With some 35% of the vote counted, Syriza trailed conservatives New Democracy and is backed by about 15% of voters. New Democracy was in first place, backed by just over 20% of voters.

Minutes later, the Communist Party of Greece ruled out teaming up with Syriza.

Bag Of Meat's picture

Syriza is looking for monetary solutions . Reading ZH helped me understand that these won't work, and thats the reason the Communist party rejects the teaming proposition

Zgangsta's picture

They've gotten this far by fudging the math...why stop now?

Loukanika the riot dog's picture

Comment by @teacherdude from twitter PASOK is now one with the people. 70% of their MPs lost their jobs today

It's also the first time a winning party has the same percentage of vote as the percentage of people unemployed. I'm sure they can't have all voted for them

XtraBullish's picture

Incredibly bullish for AAPL and NFLX. Dow 15,000 here we come.

tuttisaluti's picture

Slam the Banks and the Hedge fonds

Loukanika the riot dog's picture

Goodnight Merkel , Godnight Bernanke, Goodnight Schauble, Goodnight Draghi

Oops sorry I forgot. You're not going to sleep tonight

smb12321's picture

You could add, "or Europeans need to start making babies pronto!"  The demographic nightmare is every bit as bad as the financial one (actually they are two sides of a coin). Now Hollande can get busy with his "pro-growth" agenda.   (Incredibly, commentators report this with a straight face despite overwhelming evidence to the contrary.   Looks like some of those pro-Holland commentators are looking over their shoulder across the channel.

Marco's picture

Productivity gains from automation make jobs disappear faster than demographic shifts can remove workers ... so no, we don't need more babies.

Calmyourself's picture

Not true SMB1265236 whatever,  the Muslim population of Europe will almost double by 2015.. Notice Euroweenies will drop in numbers by 3.5% it is almost as though Socialnihilism creates a self reinforcing selfishness that precludes children.  After all you are already the Governments child, right, why share the pie, die satisfied and alone in the heat of the summer in gay Paree'..

denny69's picture

Let's hope their idea catches fire, spreads wildly and in the process brings down not only the TBTF banks, but The Goldman and Morgan empires along with them. Especially, let's hope that it begins pre-empting American television in order to give the potatoes something else to think about and hopefully, act out. Back to old-fashioned capitalism, I say and the quicker the better!

azzhatter's picture

All it takes is one Dimon or Blankfein hanging from a lamp post and the fuse is lit. They will all be running

Misean's picture

In the past this would lead to war. But WhoTF in Germany is gonna sign up to go to war for a bunch of wanking banksters?

Perhaps all the banksters thought gamblers and lawyers were just as good as thugs and soldiers...

We'll know soon.

EuroSovietSerf's picture

"Fight for us, we'll pay you a quarter of a million."

They will have plenty to take that offer up. You see, the bankster crowd has all the money... and many people like money.

Calmyourself's picture

Prove it, once and for all prove silver is the opportunity you all say, postulate it is, gang up on me here and prove it..   Gold has history and CB's do not seem to be buying silver wonder why, FOFOA is probably right that's why...

zilverreiger's picture

2 seat?   Brussels is calling the counting office as we speak.

theTribster's picture

Well, at least Greece has plenty of weapons - fighters, submarines, France and Germany has been force feeding them military supplies for over a decade now - it is completely insane. The powers that be make sure that the Greeks are constantly reminded that they cannot trust the Turks and they are going to kill them some day, this is completely insane. In fact, I believe the Greeks took a very large receipt of MIG fighters (France) and a few submarines (Germany) after the first bailout!

But wait, the Turks told the Greeks "we will reduce our military spending by 20% so you can to" and the Greeks said no! They thought it was a ploy by the Turks to take over northern Greece and the Ouzo factories! Completely insane? nah! Ya can't trust those Turks, their crazy Gold hoarding, sword swinging, gypsies!



IAmNotMark's picture

"They thought it was a ploy by the Turks to take over northern Greece and the Ouzo factories! Completely insane?"

Not insane at all.  Have you HAD good Ouzo?  Wow!  That stuff is wicked!

Dead Canary's picture

Syria should invade Turkey from the rear. I think Greece would help.

Calmyourself's picture

Probably bring some virgin olive oil to ease the entry...

GreetingsFromGermany's picture

Greece has a lot of wappons - but unfortunately no ammunition. Look:

Interesting in the article is also the newest deal: Greece - altough it owns about 1.600 tanks (without ammunition) - is going to spend some more (bailout-)billions in 400 disused US-Abrahams-tanks. 

But certainly wappon-purchases don't subserve defense-issues, but rather corruption and to line politicians-pockets. So bailout-money will end in some pretty nice yachts. 

junkyardjack's picture

lol as if anything happens against Goldman's will...

timbo_em's picture constantly update the counting. as of 23:35 (local time which is UTC+3) ND has 112 seats (including a bonus of 50 seats for being the strongest party) and PASOK has 43 seats.

regardless of their small majority one must not forget that one of the first tasks of the new ND/PASOK coalition would be to cut some 11bn euro by june. I wonder whether this is possible without some ND/PASOK members going postal.

Non Passaran's picture

So far, so good!

How's everyone feeling about gold & silver shortly? I'm all in and I can't change, but I figure gold might go up and silver down.

I am Jobe's picture

Futures indcates Positive open for Gold and Silver. Fuck the paper crap and buy the real thing.

rodocostarica's picture

Maine elects RP supporters for Republican National Committeeman and woman. Looks like a pretty clean sweep in Maine as well as Nevada.



brownie's picture

Go Ron Paul.  I wish he would be more direct in his campaign against the federal reserve banking cartel and state in his speeches that END THE FED=END FEDERAL INCOME TAX, that would interest tons of democrats and republicans that don't understand what he is about.

brettd's picture

The home of Collins and Snow?

Go figure.

I am Jobe's picture

Mission Impossible Theme(full theme)


O fuck. its over.

I am Jobe's picture

Meanwhile in the Good ole USSA, keep the entertainment alive, Avengers is much more appealing to the masses at this point. Nothing to worry about , Geitner and Bendonkey incharge.

LMAOLORI's picture

Hedge Funds Betting Against the Eurozone: Why You Should Worry

(In short we will be forced into Austerity to bail out the Bank's again)

in full


Mitt Romney's hedge fund kingmaker

(In short some of the same hedge fund's betting against the Eurozone)

in full


Not that Obama is any better he's still on the Bankster's payroll and just think MF Global and you know he will defend them and push to bail them out again!

carbonmutant's picture

Golden Dawn demanded reporters stand up when their leader entered the press room...

I am Jobe's picture

u must be shitting me right. No way. I would not stand up for POTUS , who the f cares. They are humans as well. I have no respect for the MOFO's

nmewn's picture

Golden Dawn...the fucking nazi wannabes are everywhere.

Bag Of Meat's picture

...And kicked out of the room the ones that didn't stand up. Meanwhile ,outside the building, some neo nazi supporters where shouting racist stuff, while holding torches with their arms stretched up in the nazi way...

Don Diego's picture

no worries, they will buy out some minority party in order to form a majority government. Possibly some of the anti-bailout parties are trojan horses and will participate in the majority.

midgetrannyporn's picture

I would love to see the big banks get greeked with no lube.

I am Jobe's picture

Start with GS and then JPM.

midgetrannyporn's picture

Ben Bernaked in a Turkish Prison wearing black assless leather pants and a pink tutu top would be my choice.

pan's picture

Blankfien on the receiving end of some Goldman Sex, for a change!