This page has been archived and commenting is disabled.

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.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 05/06/2012 - 17:42 | 2401665 brettd
brettd's picture

The Germans are tired of giving,

and the Greeks don't want anymore.

Match made in hell.

 

Sun, 05/06/2012 - 17:46 | 2401669 I am Jobe
I am Jobe's picture

Put them all in a closed enclosure with Komota Dragons and walk away. Kids and familes of bankers can enjoy nature.

Sun, 05/06/2012 - 18:51 | 2401833 BlackholeDivestment
BlackholeDivestment's picture

...awe, it's just inside the ''black hole'' right now, where it's a cold dark pool of Chairsatan and the Suicide Vampire Squid Lizard Lounge of  Illiquidity. It doesn't get hot until Summer is in full swing. This is just the beginning of the third inning. Lol. Hell? http://www.youtube.com/watch?v=TpsvgwYFyDk&feature=related ...eat a few more Fukushima Fish in Babylon, play Sudanese Slaughter, we may come closer to what (HELL) is coming our way in the next few years.  http://bible.cc/zephaniah/1-18.htm 

http://www.youtube.com/watch?v=5j40ecNcIYo&feature=related

Sun, 05/06/2012 - 17:51 | 2401674 tony bonn
tony bonn's picture

go anti-bailout coalition!!!!!!!!!! fuck the banksters.....

the tyranny and cancer of debt must be eradicated for it is a culture of death....

Sun, 05/06/2012 - 18:16 | 2401677 carbonmutant
carbonmutant's picture

Time to bring up that Syntagma Square video.

Got a 100-200 NeoNazis marching on the square...

Sun, 05/06/2012 - 17:56 | 2401682 Monkeyfister
Monkeyfister's picture

"some form of monetary intervention soon or things will get ugly."

 

Ugly for the Banksters, only. The rest of the world will dance and sing as they throw themselves out their windows.

Those few smaller banks and Credit Unions who avoided the scams and corruption will rise to the challenge of running a sound Banking System.

The TBTF Banksters are about to reap the whirlwind of the seeds they've sown. Screw the lot of them into the pavement.

 

 

Sun, 05/06/2012 - 18:03 | 2401695 Bastiat009
Bastiat009's picture

Banks have been given $1T. That will not changed. Bankers will lose nothing. Now, the people of Europe will have to work and pay for the bad loans. As though elections mattered.

Sun, 05/06/2012 - 19:06 | 2401698 GreetingsFromGermany
GreetingsFromGermany's picture

Just to inform all Zero Hedge readers about the present atmosphere here in Germany: The mood ist changing gradually. Today there was something like a big jolt in the medias, although there is no doubt that the Merkel-Court-Press tomorow early in the morning will start printing again that there is no alternative to the Euro. 

The bloggs are full of slandering. And more and more very critical articles and comments regarding the Euro are published in important newspapers. For instance this one from the wellknown historian Prof. Arnulf Baring in "Handelsblatt":

"Der Euro war und ist eine Schnappsidee" ("The Euro was and is a crackpot idea") 
http://www.handelsblatt.com/meinung/kommentare/gastkommentar-der-euro-wa...

...or this one from Deutsche Bank chief-economist Thomas Mayer in the German edition of the WSJ:
"Deutschland muss sich fragen, ob es den Euro will" ("Germany has to pose the question, if it really wants the Euro") 
http://anonym.to/?http://www.wallstreetjournal.de/article/SB100014240527...

Sun, 05/06/2012 - 19:51 | 2402001 nmewn
nmewn's picture

Thanks for the update. People are beginning to come to their senses, maybe. There is no free lunch...you're either cooking it and being paid for it or eating it and paying for it.

I'm sure some outlier economist had the very same observation a long time ago ;-)

Mon, 05/07/2012 - 07:10 | 2402810 Sandmann
Sandmann's picture

Deutsche Bank chief-economist Thomas Mayer

I thought he was FORMER  Deutsche Bank chief-economist Thomas Mayer

 

Sun, 05/06/2012 - 18:08 | 2401708 insanelysane
insanelysane's picture

The one world government will surely not be democratic.

Sun, 05/06/2012 - 18:17 | 2401722 razorthin
razorthin's picture

This is when they slam the equity markets to "punish" those against the bailouts, and make them beg for mercy.  Ha, ha, ha...not this time bichez.

Sun, 05/06/2012 - 19:35 | 2401956 EuroSovietSerf
EuroSovietSerf's picture

We should "punish" them by hanging them out to dry... literally. The only good TBTF banker is a TBTF banker at the end of a short rope.

Sun, 05/06/2012 - 18:17 | 2401724 Fix It Again Timmy
Fix It Again Timmy's picture

Yes, there is a huge pile of shit to deal with, but then there is also this:

http://www.youtube.com/watch?v=ZDhLJeU455w

Sun, 05/06/2012 - 18:50 | 2401826 brettd
brettd's picture

Roger that.  Still sublime, no matter who covers the tune. What an elixir

Sun, 05/06/2012 - 18:20 | 2401740 LongOfTooth
LongOfTooth's picture

My wag is there will be a military coup in the near future as the big boys won't/can't allow the house of cards to fall.

 

 

 

Mon, 05/07/2012 - 01:06 | 2402558 Loukanika the r...
Loukanika the riot dog's picture

Can almost hear the tanks rumbling into Syntagma Square. What country that hates Germany so much would vote for a bunch of nazi's ?

Mon, 05/07/2012 - 08:55 | 2402998 Umh
Umh's picture

Fascist never seem to realize that they are Fascist too. They seem to think they are just being reasonable.

Sun, 05/06/2012 - 18:26 | 2401755 Nandos
Nandos's picture

Ekathimerini.com has 111+ 42. Same as the Ministry of interior web.
I wouldn't go so fast!!!

Sun, 05/06/2012 - 19:31 | 2401943 kanenas
kanenas's picture

Current update from the Ministry on internal affairs regarding Votes & Seats:

http://ekloges.ypes.gr/v2012a/public/index.html#%7B%22cls%22:%22main%22,%22params%22:%7B%7D%7D

 

+42 Socialist leader (Venizelos) has declared that he will NOT work on a 2 party government with the conservative party, especially since it will not represent the majority of the people (not the seats). He is smart enough to know that such a choice would drive him from 3rd place to oblivion.

 

+110 Conservatives leader (Samaras) will receive the order to form a government, but he has already received negative responses from all minotiry parties. (His two right wing side kicks missed the critical 3% qualification to enter the parliament). He is expected to return the order by tomorrow nightfall. 

 

Next in turn to receive the order to form a government will be the +50 Left Radical Coallition (Tsipras). He has said he will NOT cooperate with the Golden Dawn (+21). The Communist party has said they, in turn, will not cooperate with anyone (brilliant uh?) +26. So, out of 300 seats, his ceiling will be 300-110-26-21=143.

That leaves him short of a majority, but it could lead to a state of 'tollerance': if 15 MP of the opposition are 'absent' from the initial vetting then he could get a majority of 143 over (300-15)=285 (I know it is complicated. Go figure..). The leader of the leading conservative party has stated that he will not let Greece go on without a government, possibly hinting that he is willing to play that game. He knows that if he pushes the country to a new election in June he is probably going to end being second (losing that all too generous 50 Seats bonus to the first party). 

 

Greetings

Sun, 05/06/2012 - 19:44 | 2401984 Nandos
Nandos's picture

Thank You Kanenas. Great debreafing.
Don't You think that this could be positive for the future of Greek People?
Best...

Sun, 05/06/2012 - 20:33 | 2402112 kanenas
kanenas's picture

You are welcome.

 

I think it is hard to judge what is the 'best' for the people. The fact that there is no strong majority in either pro or against blocks is part of what is great about democracy. People are on the edge, but understand the seriousness of the situation, even admitting that some austerity is needed. Eurocrats and local government have one more shot to make it right. If they miss again, leading unemployment even higher, raising taxes, cutting wages and working rights (even for private sector), etc then in the next elections the "against" block will be a majority.

Sun, 05/06/2012 - 21:52 | 2402295 GreetingsFromGermany
GreetingsFromGermany's picture

Latest article in Handelsblatt: 

http://www.handelsblatt.com/politik/international/griechenland-firmen-st...

"Griechenland: Firmen stellen sich auf Rückkehr der Drachme ein 
Griechenands Verschuldung steigt und steigt. Inzwischen stimmen sich immer mehr Unternehmen und Banken auf den Euro-Austritt des Landes ein. Die Vorbereitungen darauf werden diskret getroffen." (...)

Translation: 

"Greece: Companies adjust to the return of the Drachme
Deficit spending in Greece is growing and growing. Meanwhile more and more companies and banks prepare for the Euro-exit of the country. The preperations are made discreetly." (...)

Sun, 05/06/2012 - 20:34 | 2402113 kanenas
kanenas's picture

 

 

 

Sun, 05/06/2012 - 18:27 | 2401758 Racer
Racer's picture

Ah diddums, did the banksters have a bad dweam......

CRUNCH, HACK, CHOP

SCREAM....SCREAM... let me make it even scarier for you, you evil leeches

Sun, 05/06/2012 - 18:28 | 2401764 icanhasbailout
icanhasbailout's picture

Are they going to take the mask off? Their options otherwise are going to be sorely numbered. None of these long-term plans are realistic in the context of freely elected governments.

Sun, 05/06/2012 - 20:15 | 2402054 kanenas
kanenas's picture

As a matter of fact, imf has already made an announcement about halting all payments of the bail out until a new government is in place, especially one that will continue on the path already set. 

Sun, 05/06/2012 - 18:58 | 2401844 GreetingsFromGermany
GreetingsFromGermany's picture

There is already a new, popular pun in Germany:

Instead to call the duo Merkel + Sarkozy = "Merkozy"...
now it becomes popular to call the new duo Merkel + Hollande = "Mer-de" (= "crap") ;-)

 

Sun, 05/06/2012 - 21:41 | 2402275 WmMcK
WmMcK's picture

Horkel

Merde

Sun, 05/06/2012 - 19:11 | 2401877 EuroSovietSerf
EuroSovietSerf's picture

We believe a re-vote in Greece is proper. Only ND and Pasok should be in this runoff because they are the two parties we recognize.

Signed,

Comrade Barroso
Premier of the EuroSoviet Politburo

PS: dissent will not be tolerated, those who oppose 'more integration' are to be sent to a mental institution

Sun, 05/06/2012 - 19:39 | 2401881 Little Brother
Little Brother's picture

Tyler, your opening sentence seems very loaded: "The only saving grace of the earlier horrendous Greek parliamentary vote..."

 

Horrendous for whom?

Sun, 05/06/2012 - 19:26 | 2401920 Alexmai
Alexmai's picture

from bloomberg:

 

New Democracy led in the election today with 18.9 percent of the vote, according to projections based on partially counted ballots on state-run NET TV. Pro-bailout socialist Pasok got 13.4 percent. On the other side of the debate, anti-bailout party Syriza got 16.6 percent and Independent Greeks got 10.5 percent. Based on those figures, Pasok and New Democracy would fall one short of the 151 seats needed to win a majority. 

http://www.bloomberg.com/news/2012-05-06/greek-exit-poll-casts-doubt-on-...

Mon, 05/07/2012 - 03:31 | 2402669 GreetingsFromGermany
GreetingsFromGermany's picture

Jep, they failed to get the necessary majority - just 149 seats (151 are necessary).

"Griechische Regierungsparteien ohne Mehrheit" (Greek governing partys without majority)

Link: http://www.zeit.de/politik/ausland/2012-05/griechenland-wahl-ergebnis

 

Sun, 05/06/2012 - 20:27 | 2402094 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!

Sun, 05/06/2012 - 20:28 | 2402096 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!

Sun, 05/06/2012 - 21:19 | 2402210 Calmyourself
Calmyourself's picture

Seriously OT, but really good..

QUANTIFYING THE DEATH SPIRAL OF CLIMATE SCIENCE: “In 2008, James Hansen declared that we were at a tipping point due to ice loss at both poles which was going to decimate life on the planet…Since the same date in 2008, Arctic ice has increased by more than 15%.”

Instapundit, Thanks Glenn

Sun, 05/06/2012 - 22:36 | 2402371 Westcoastliberal
Westcoastliberal's picture

Don't fool yourselves, if it were politically possible here in the U.S. we would be seeing the same thing right about now.  The Greeks and French aren't stupid; they know the "austerity model" is not the only solution to the problem.  Let the Banksters eat cake for once in their lives and let the little guy off the hook.  Here in the U.S. our Helicopter Ben Boy has lavished $14 Trillion we know of and not a dime has trickled down to the masses who were screwed out of both their home and their job.

This is the start of a worldwide revolt against TPTB and I salute the people of both countries for taking action at their respective ballot boxes.  Now if we could just get a third party rolling and get Diebold out of the election biz, maybe we could do the same.

In the meantime our only hope for significant change is Ron Paul and I hope he has a meaningful security detail that is non-secret service.

Sun, 05/06/2012 - 23:07 | 2402436 R_Soles
R_Soles's picture

the rolling stones in a final farewell to Decca records to fulfill their contract wrote a song called "Cocksucker Blues".

They didn't know they were writing about what would happen to all of these european bureaucratic cocksucers and all the cryin that is going to go on. The song never made to air, obviously, but the Euro play ain't over yet baby.

 

So...there is thAT

Sun, 05/06/2012 - 23:10 | 2402443 Matte_Black
Mon, 05/07/2012 - 00:19 | 2402525 Renfield
Renfield's picture

Fuck me amadeus, but that was most excellent.

Thanx for the listen. I like this one better than the later(?) version, never heard this one before now.

Sun, 05/06/2012 - 23:29 | 2402465 jonjon831983
jonjon831983's picture

Only thing to bet on is continued instability no matter the outcome.

Sun, 05/06/2012 - 23:44 | 2402488 EclecticParrot
EclecticParrot's picture

Bringing this issue back to US implications, I was amused to see “Nobel  Prize-winning” Paul (aka Beelzebub) Krugman hitting the airwaves this weekend to tout the latest European developments as proof positive for the validity of Keynesian dogma (?!!?), as the horrible “austerity” has led to European double-dips (now we know why he grew a beard, to hide his inability to keep a straight face), and to suggest the “obviously justified” protests provide a prescient glimpse of what the US of A has in store if we dare “cut” (i.e., lower growth rates for) our budgets.

In reality, I’m absolutely convinced Romney has a huge opening to run against Europe (aka Obama’s crazy uncle), showing what happens when you continue to procrastinate in attacking obvious problems, as well as allow a paucity of leadership to be rewarded at the ballot box, letting the child refuse his life-saving medicine because it’s not cherry-flavored.

Further, if he uses the European failure as a metaphor for Congressional stalemate, perhaps he can make the case for winning majorities in both houses, not because the Repubs deserve it, but due to the need to act quickly and decisively, with the party most non-European in character the best bet.  “American doesn’t whine, we pull together, sacrifice together, and act with courage,” would be a good debate line, among others.

Happily,  I suspect Paul Ryan’s stock as both a future president and current VP just went up massively (thank you very much, Europe), as he’s the perfect person to articulate the hazards of inaction.  Contrary to the conventional wisdom that any mention of “austerity” should wait until post-election, this is a case where, after seeing (and smelling) the results of a neighbor’s leaky basement, a “let’s get busy now” message wouldn’t fall on completely deaf ears.  Yes, a degree of deafness will remain through the ensuing years of dialogue, but Beethoven accomplished quite a bit while mostly deaf, didn’t he?  Not bad for a European Titan.

Mon, 05/07/2012 - 00:48 | 2402544 Psyman
Psyman's picture

"Too big to fail" == fascism.

 

"Bail outs" == slavery.

 

Fuck them all.  Let them burn.

Mon, 05/07/2012 - 03:21 | 2402663 jmcaule4
jmcaule4's picture

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

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

Do NOT follow this link or you will be banned from the site!