This page has been archived and commenting is disabled.

Beggars Are Choosers As Greece Calls TROIKA's Bluff

Tyler Durden's picture


Greece's newly confident coalition party has issued a list of zee-demands, via Bloomberg:


and of course TROIKA will be happy to comply, in exchange for some of that shiny yellow stuff (as we noted here). Though we have a response already:


Finally, as a reminder from February, here is how this entire circus unwinds:

Negative Salaries, Negative Bailout And Now Negative Gold - Greece Just Became The Bankster's Paradise

While Iceland is now known as the country that is the closest earthly approximation to banker hell, it is safe to say that Greece is the terrestrial equivalent of banker heaven. Because as explained earlier today, the country's population is about to get a worse deal than your average run of the mill slave - they may get whipped, but at least never have to pay for the privilege, unlike the Greeks. Hence negative salaries. As also explained, the European bailout of Greece, is now formally a Greek bailout of Europe, funded by the country's already negative primary surplus, or better said - deficit (don't try to make mathematical sense of that - a scene out of Scanners is guaranteed). Hence, negative bailout. But the piece de resistance, and the reason why Greece is the in situ version of bankster heaven is the news from the NYT that Greece is also about to have negative gold.

Ms. Katseli, an economist who was labor minister in the government of George Papandreou until she left in a cabinet reshuffle last June, was also upset that Greece’s lenders will have the right to seize the gold reserves in the Bank of Greece under the terms of the new deal.

Well, they may be broke, and they may be bailing out Europe, but at least they'll have no gold: sounds like a sweet deal - it makes perfect sense that Greeks are taking every incremental humiliation from a syndicate of few fat, bald types who have access to a digital money printer, with the supine determination of an Oliver Twist.



- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Thu, 06/21/2012 - 10:25 | Link to Comment Jason T
Thu, 06/21/2012 - 10:36 | Link to Comment GetZeeGold
GetZeeGold's picture



So Greece will continue to demand Germany's money.....didn't see that coming.


Just as soon as the gold is gone Greece will be kicked out of the speeding they won't slow down.

Thu, 06/21/2012 - 10:37 | Link to Comment redpill
redpill's picture

And Germany keeps saying they won't give them more, until they realize that if they don't, they have no chance of getting any of the rest of the money they've lent them back, and then they cave.  This is Germany's conundrum, they can either subsidize Mediterranean countries' sovereign debt perpetually with their own money, or watch their big Eurozone experiment crumble.  Which is worse?  Losing more money, or losing more money and your pride too?

Thu, 06/21/2012 - 10:39 | Link to Comment flacon
flacon's picture

In the goold ol' days, stealing a nation's gold was an act of war! 

Thu, 06/21/2012 - 11:23 | Link to Comment derek_vineyard
derek_vineyard's picture

federal reserve should give everyone a lump sum equivilant to 4 years income capped at $1 million (250K per year) plus $50/k per dependent child (legal or illegal)  that mandatorily has to be spent frivolously (not allowable to pay down debt) and we can have one big fucking party until things go boom  

payouts issued on debit cards  

Thu, 06/21/2012 - 11:26 | Link to Comment jekyll island
jekyll island's picture

That's OK if they give it to me one month before everyone else.  

Thu, 06/21/2012 - 13:37 | Link to Comment No Euros please...
No Euros please we're British's picture

Nah, not these days. Who wants to hang on to that useless barbaric relic. Greece should be glad to get rid of it, think of it as the Elgin Gold.

Thu, 06/21/2012 - 21:03 | Link to Comment mjcOH1
mjcOH1's picture

For fuck's sake, pull the plug.

Thu, 06/21/2012 - 11:06 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

As I have said before...FUCK THE GREEKS!!!!
if they r fine letting the bankers take all their shit then fuck off Greek people...
Hell, why don't they take all their teenage girls and young women as well...
fucking slaves.......

Thu, 06/21/2012 - 12:10 | Link to Comment caconhma
caconhma's picture

Kaiser Sousa

You are right. Greeks deserve their destiny.  They have voted for it in a free election.

It will not be long before Greek  young women  will be whoring to Turkey.

Thu, 06/21/2012 - 10:35 | Link to Comment slaughterer
slaughterer's picture

Why didn't this EuroBlurb rocket the ES higher?

Thu, 06/21/2012 - 10:36 | Link to Comment vast-dom
vast-dom's picture




Thu, 06/21/2012 - 11:42 | Link to Comment Carl Spackler
Carl Spackler's picture

While I cry no tears for the Euro elitists that funded this mess (one of their own making), I also have ZERO respect for Greece, the new poster child of the entitlement, mooching, free ride, "Obams's gonna pay my mortgage", always-blame-the-other-guy, ambulance-chasing, lazy, socialist crooks.

Thu, 06/21/2012 - 10:57 | Link to Comment Stoploss
Stoploss's picture

The only softening Greece can afford is the "softening" in their rectal area..

Thu, 06/21/2012 - 11:38 | Link to Comment Carl Spackler
Carl Spackler's picture

Gomer Pyle:  "Well Sur-prise, Sur-prise, Sur-prise."

Love the Greeks' brash negotiating strategy though...double down on your demands, when you know you've got nothing of value to offer the other party (i.e., you know you've lost everything already and have nothing more to lose, SO demand even more remuneration in return...maybe, you get it!

Thu, 06/21/2012 - 10:27 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Boom?  Please?  Kill the banks and let the greeks deal with Greece already.

Thu, 06/21/2012 - 10:26 | Link to Comment bigwavedave
bigwavedave's picture


Thu, 06/21/2012 - 10:29 | Link to Comment williambanzai7
williambanzai7's picture

9 9. 9

Thu, 06/21/2012 - 10:30 | Link to Comment Dr. Engali
Dr. Engali's picture

Herman Cain?

Thu, 06/21/2012 - 10:48 | Link to Comment CommunityStandard
CommunityStandard's picture

The 999 tax plan was great!  Worked really well in all my Sim Cities.... until Godzilla showed up that one time.

Thu, 06/21/2012 - 10:50 | Link to Comment Spastica Rex
Spastica Rex's picture

Yoko Ono.

Thu, 06/21/2012 - 13:42 | Link to Comment No Euros please...
No Euros please we're British's picture

91.67 surely?

Thu, 06/21/2012 - 10:30 | Link to Comment nobusiness
nobusiness's picture

Why is it that I get better and faster news off the zerohedge site than my Etrade pro feed???

Thank you Tyler

The only annoying thing is I constantly have to refesh the site.

Thu, 06/21/2012 - 10:35 | Link to Comment Paul Atreides
Paul Atreides's picture

Use the ZH RSS feed and get a reader.

Thu, 06/21/2012 - 10:36 | Link to Comment CreativeDestructor
CreativeDestructor's picture

They need little bit of time to front run

Thu, 06/21/2012 - 10:32 | Link to Comment cherry picker
cherry picker's picture

A call to arms?  What do they have left?

Thu, 06/21/2012 - 10:33 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

The funny thing about bluffing is that you'd better be ready to carry out your bluff if it's called.

Call to you.

Thu, 06/21/2012 - 10:35 | Link to Comment fonzannoon
fonzannoon's picture

Kind of like Ben with QE eh?

Thu, 06/21/2012 - 10:49 | Link to Comment derek_vineyard
derek_vineyard's picture

i see your call and raise you retirement age dropped to 49

Thu, 06/21/2012 - 10:34 | Link to Comment Debugas
Debugas's picture

two demands can not go together:

1. no jobs cuts

2. no wages cuts


one or the other can be fullfilled at the expense of the other - no wages cuts but less jobs; or no jobs cuts but falling wages

Thu, 06/21/2012 - 10:35 | Link to Comment surf0766
surf0766's picture

well spain didn't have to give anything up so neither should they. Full Print. $15.00 gas ahead.

Thu, 06/21/2012 - 10:39 | Link to Comment Rogier
Rogier's picture

Spain hasn't gotten a bailout. Just yet, that is...

Thu, 06/21/2012 - 10:44 | Link to Comment pods
pods's picture

Spain is a lock for a bailout.

As soon as they find a way to create and fund the entity that will bail them out!


Thu, 06/21/2012 - 10:36 | Link to Comment bigwavedave
bigwavedave's picture

They invented 'Greek Style'. Why is anyone surprised?

Thu, 06/21/2012 - 10:38 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

By the time this crisis is over, Germany will have all of Europe's gold,
Without having to fire a shot.

Thu, 06/21/2012 - 10:41 | Link to Comment OhOh
OhOh's picture

Germany's gold is held where? London, New York? Greece's gold is where?

Thu, 06/21/2012 - 10:49 | Link to Comment negative rates
negative rates's picture

Fort knox, TN.

Thu, 06/21/2012 - 21:59 | Link to Comment StychoKiller
StychoKiller's picture

Um, isn't Ft Knox in Kentucky?

Thu, 06/21/2012 - 10:52 | Link to Comment Overfed
Overfed's picture

If I were Merkel, I would be calling all of that gold home.

Thu, 06/21/2012 - 13:46 | Link to Comment No Euros please...
No Euros please we're British's picture

She already has, but the US are playing hard to get over that. I guess it just vaporized? Oh well, bet the Chinese and Russians don't fall for that one.

Thu, 06/21/2012 - 10:38 | Link to Comment OhOh
OhOh's picture

Which Greek government minister signed off the previous deal. An elected or an import one?

Thu, 06/21/2012 - 10:42 | Link to Comment Dr. Engali
Dr. Engali's picture

I wonder if the Greeks realize they look like pathetic retards to the rest of the world. Sell more of your stuff to the bankers Greece, they already own you let them have everything else.

Thu, 06/21/2012 - 10:48 | Link to Comment OhOh
OhOh's picture

Greeks can travel the wold without fear. Bush cant leave Texas, the most powerful man in the world/sarc , the current potus, can't travel without an air exclusion zone, cleared streets, 100's of security......


The Greek debt is peanuts compaired to the UK and US. Look in you mirror occasionaly.

Thu, 06/21/2012 - 10:58 | Link to Comment Dr. Engali
Dr. Engali's picture

Hey I'm not denying that the U.S is a big clusterfuck debtor nation. We have a bunch of retards here too, and it will come home to roost. But right now Greece is the focal point and they have the chance to show the world and tell the bankers to fuck off. There is life without you. Instead the Greeks are giving them all their stuff and begging for more "money".

This is a war for freedom and the birth place of democracy needs to make a stand.

Thu, 06/21/2012 - 12:14 | Link to Comment catacl1sm
catacl1sm's picture

Greece's best option is to defautl and return to the Drachma. Lots of up front pain, but at least they'll actually be growing after a year or two. Why can't they see how well it worked for Iceland?

Thu, 06/21/2012 - 13:49 | Link to Comment No Euros please...
No Euros please we're British's picture

Pathetic retards?! Hey don't forget this is the country that gave you Demis Roussos, Nana Mouskouri and donor kebabs! Respect.

Thu, 06/21/2012 - 10:41 | Link to Comment Lebensphilosoph
Lebensphilosoph's picture

Why don't they just get a printing press and secretly print counterfeit Euros?

Thu, 06/21/2012 - 10:52 | Link to Comment Spastica Rex
Spastica Rex's picture

They could claim they found them in inummerable sofa cusions around the country.

Thu, 06/21/2012 - 11:02 | Link to Comment Plymster
Plymster's picture

Wouldn't it be easier to just get their hands on a few trillion in old US Treasury Certificates and have them discovered by the Italian Police on a Japanese courrier?

Thu, 06/21/2012 - 11:10 | Link to Comment Mitzibitzi
Mitzibitzi's picture

They have! They're the other ones with an 'X' prefix on 'em!

Thu, 06/21/2012 - 10:41 | Link to Comment Bam_Man
Bam_Man's picture

It is as plain as day why the Gold price is being so blatantly suppressed.

The international bankster cabal intends to get their hands on as much Gold as possible by forcing the heavily-indebted nations to pledge their Gold as collateral for future bail-outs. This is the endgame - The Global Grab for the Gold.

Thu, 06/21/2012 - 13:54 | Link to Comment No Euros please...
No Euros please we're British's picture

And on every smack down, more REAL gold disappears over to Russia and China. I'm sure paper is just as good though, and less costly to mine. What idiots buying up that shiny, inert, everlasting, scarce barbaric relic. When the US drops cyanide bombs on them ha ha watch that gold just disappear.

Thu, 06/21/2012 - 10:42 | Link to Comment markar
markar's picture

So does this mean the fat lady finally sings?

Thu, 06/21/2012 - 10:47 | Link to Comment valley chick
valley chick's picture

when I hear the fat lady sing "Mamma Mia" then I would say so. 

Thu, 06/21/2012 - 10:43 | Link to Comment mark7
mark7's picture

Greece should be kicked out of euro. They just want to continue living the old crooked ways but expect others to pay for it. Of course they are against public sector job cuts because many of them get the job through family connections and in some cases they do not even have to work, just collect the paycheck once a month.

Thu, 06/21/2012 - 10:45 | Link to Comment lolmao500
lolmao500's picture

Come on Greece, destroy Germany... don't go out of the Euro, just default on all your debts... screw the Germans.

Thu, 06/21/2012 - 10:48 | Link to Comment debtor of last ...
debtor of last resort's picture

Also herr Jager ist die neue Deutsche Aussenminister?

Thu, 06/21/2012 - 10:49 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture



When outsiders start pillaging a nation's gold what happens is lead is eventually only given up.

Thu, 06/21/2012 - 10:55 | Link to Comment Frank N. Beans
Frank N. Beans's picture

wait, isn't this what the world was fearing with baited breath just prior to last Sunday's Greek election?  i.e., the anti-austerity party might win? 

Thu, 06/21/2012 - 10:57 | Link to Comment Catullus
Catullus's picture

Austerity failed before it was even attempted. Haha.

Just the thought of not spending money you don't have had the Keynesians crowing about a deflationary spiral.


Thu, 06/21/2012 - 11:14 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

It is indeed a mental illness.

What else would transform their opposition to capitalism as a general attitude into a sudden worship of "growth"?

Thu, 06/21/2012 - 10:59 | Link to Comment John McCloy
John McCloy's picture

  This will all end years from now with money literally being handed to Greece or any of the other Euro domino nations with no strings attached the moment it appears one nation is about to exit. It will be the only option remaining when their is no longer and savings or austerity remaing to squeeze out of the middle class...that is always how this game was destined to end. The debtor nations will soon realize they hold all the cards.

ZIRP for life here in the U.S. for the PDs going on 4 years now just to falsify the economy

And soon ZIRP for life for all collapsing Euro nations. Counterfeiting is all the P.D. wizards ever had or will ever have and it is as simple as that.

Thu, 06/21/2012 - 11:12 | Link to Comment Ricky Bobby
Ricky Bobby's picture

I agree but at some point the money dies, then all bets are off.

Thu, 06/21/2012 - 12:17 | Link to Comment catacl1sm
catacl1sm's picture

Prisoner's dilemma.

Thu, 06/21/2012 - 10:59 | Link to Comment youngman
youngman's picture

Yes the Central Banks want it they can buy it alll with the free printed money...then they revalue it...very high...and say see...we are backed by gold now...........


We need to put GPS on all gold would be neat to watch it move around the country...countries.....sink to the bottom ot the lake...


and to do not have to cut anything....just don´t ask for anymore money....

Thu, 06/21/2012 - 14:00 | Link to Comment No Euros please...
No Euros please we're British's picture

GPS on gold bricks! That's the last thing Obama wants you to know. If we knew exactly who had real gold then the "game would be up". Anyway paper is much softer and makes the mattress less lumpy. And gold bricks never kept you warm stuffed in your clothes on a cold winter night.

Thu, 06/21/2012 - 11:05 | Link to Comment Joe A
Joe A's picture

The Greek people were to afraid/naive/stupid enough to vote for the big parties (the same parties that got them into this mess) instead of voting for parties that would stick a big middle finger to the IMF/ECB/EU. They should have followed the Iceland example. Greece should have gone back to the Drachme two years ago and should have deafulted on their debts. It would have been hard but by now they would have been two years down the line. Now they are indebted for a long time and they will lose their gold. I feel pity for the Greek people. Although they are for a large part to blame, they don't deserve this.

Thu, 06/21/2012 - 11:08 | Link to Comment agent default
agent default's picture

Why is everybody so sensitive about the public sector?  The private sector has been gutted and butchered, all in an effort to save the holly cow of the public sector.  The troika should just cut them off over this one.  Enough with politicians running the private sector to the ground just to get the votes of the public sector leeches.  They will vote for them anyway. 

Thu, 06/21/2012 - 11:20 | Link to Comment Ricky Bobby
Ricky Bobby's picture

I ask this of our socialist commenters. When has any government entity ever cut spending? I have not seen it in my life time. 

Thu, 06/21/2012 - 22:05 | Link to Comment StychoKiller
StychoKiller's picture

I believe that Latvia or Estonia did...

Thu, 06/21/2012 - 11:19 | Link to Comment nicxios
nicxios's picture

Of course they don't want public sector job cuts, that's their voting base! 

Meanwhile the businesses that can gainfully employ people they leave them to eat dirt instead of paying what they owe them! 

This cabal of cocksucking traitors is going to destroy the Greek economy, hand over all it's assets and enslave the Greek people. This is what the Greek 55-and-over age group has accomplished. The worst generation the planet has ever seen.

Thu, 06/21/2012 - 11:44 | Link to Comment rwe2late
rwe2late's picture

It is not so certain that the majority of Greeks voted "wrong", given that the choices were not so clearly different or better.

The main Greek "opposition" party also claimed the euro had to be kept

(implicitly meaning that "austerity", however negotiated, would also be "necessary")


Thu, 06/21/2012 - 11:24 | Link to Comment Alpacanio
Alpacanio's picture

I love S&M... And steal my gold why your at it.


Thank you sir, may i have another!

Thu, 06/21/2012 - 11:25 | Link to Comment Mitzibitzi
Mitzibitzi's picture

This game is actually rather simple, when you think about it...

On the one hand you have the Troika and their austerity demands, which will not only put every working Greek (and Spaniard, Italian, Irishman....) in the poorhouse for life, but will also most likely lead to Europe-wide civil unrest, then civil war, then uncivil war, then... > They're in this cos they're getting rich at it! And think they have the whip hand, cos the governments (and their attendant police and military forces) are pretty much in the banker waistcoat pockets, right next to the monogrammed gold fob watch.

On the other hand, you have the Greeks (Spaniards.....) who, at this stage, know all that AND know that telling the banksters to go fuck 'emselves will be the best course of action in the long run. But they don't want to suffer the shorter term pain - which might be very, very painful - while there is still even the remotest chance that Germany (or China, the Martians, a gold-bearing meteor shower or God himself) might miraculously save the day.

It's like delaying a trip to the dentist. Nobody wants to go, but sooner or later it's that - or deal with it yourself with a stick and a conveniently handy ice-skate, while Wilson watches patiently.


Thu, 06/21/2012 - 11:43 | Link to Comment slackrabbit
slackrabbit's picture


"While Iceland was formerly known as the country that is the closest earthly approximation to banker hell,

Thu, 06/21/2012 - 12:52 | Link to Comment covert
covert's picture

the greeks aren't smart about money, but, greece has the best hookers.

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