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:

  • *GREEK COALITION PARTIES AGREE ON POINTS FOR BAILOUT TALKS
  • *GREEK COALITION PARTIES AGREE ON STATE ASSET SALES
  • *GREECE TO PRESS TROIKA ON NO JOB CUTS IN PUBLIC SECTOR
  • *GREEK COALITION PARTIES WANT TO RETRACT CUT TO MINIMUM WAGE
  • *GREECE TO PRESS TROIKA ON NO FURTHER WAGE CUTS FOR 2013-2014

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:

  • *DE JAGER SAYS GREECE HAS NO ALTERNATIVE TO PAINFUL CUTS
  • *DE JAGER: THERE WILL BE NO SOFTENING OF CONDITIONS FOR GREECE
  • *DE JAGER SAYS ROOM FOR GREECE IS EXTREMELY LIMITED
  • *DE JAGER SAYS WE SHOULDN'T SPECULATE ON MORE TIME FOR GREECE

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.