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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.



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Thu, 06/21/2012 - 10:25 | 2547005 Jason T
Thu, 06/21/2012 - 10:36 | 2547039 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 | 2547066 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 | 2547074 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 | 2547100 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 | 2547349 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 | 2547870 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 | 2549417 mjcOH1
mjcOH1's picture

For fuck's sake, pull the plug.

Thu, 06/21/2012 - 11:06 | 2547226 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 | 2547534 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 | 2547051 slaughterer
slaughterer's picture

Why didn't this EuroBlurb rocket the ES higher?

Thu, 06/21/2012 - 10:36 | 2547056 vast-dom
vast-dom's picture




Thu, 06/21/2012 - 11:42 | 2547407 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 | 2547174 Stoploss
Stoploss's picture

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

Thu, 06/21/2012 - 11:38 | 2547389 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 | 2547007 LawsofPhysics
LawsofPhysics's picture

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

Thu, 06/21/2012 - 10:26 | 2547013 bigwavedave
bigwavedave's picture


Thu, 06/21/2012 - 10:29 | 2547024 williambanzai7
williambanzai7's picture

9 9. 9

Thu, 06/21/2012 - 10:30 | 2547031 Dr. Engali
Dr. Engali's picture

Herman Cain?

Thu, 06/21/2012 - 10:48 | 2547116 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 | 2547133 Spastica Rex
Spastica Rex's picture

Yoko Ono.

Thu, 06/21/2012 - 13:42 | 2547900 No Euros please...
No Euros please we're British's picture

91.67 surely?

Thu, 06/21/2012 - 10:30 | 2547029 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 | 2547055 Paul Atreides
Paul Atreides's picture

Use the ZH RSS feed and get a reader.

Thu, 06/21/2012 - 10:36 | 2547059 CreativeDestructor
CreativeDestructor's picture

They need little bit of time to front run

Thu, 06/21/2012 - 10:32 | 2547034 cherry picker
cherry picker's picture

A call to arms?  What do they have left?

Thu, 06/21/2012 - 10:33 | 2547041 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 | 2547049 fonzannoon
fonzannoon's picture

Kind of like Ben with QE eh?

Thu, 06/21/2012 - 10:49 | 2547117 derek_vineyard
derek_vineyard's picture

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

Thu, 06/21/2012 - 10:34 | 2547046 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 | 2547048 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 | 2547073 Rogier
Rogier's picture

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

Thu, 06/21/2012 - 10:44 | 2547099 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 | 2547057 bigwavedave
bigwavedave's picture

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

Thu, 06/21/2012 - 10:38 | 2547065 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 | 2547078 OhOh
OhOh's picture

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

Thu, 06/21/2012 - 10:49 | 2547126 negative rates
negative rates's picture

Fort knox, TN.

Thu, 06/21/2012 - 21:59 | 2549607 StychoKiller
StychoKiller's picture

Um, isn't Ft Knox in Kentucky?

Thu, 06/21/2012 - 10:52 | 2547142 Overfed
Overfed's picture

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

Thu, 06/21/2012 - 13:46 | 2547925 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 | 2547070 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 | 2547076 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 | 2547112 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 | 2547157 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 | 2547551 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 | 2547939 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 | 2547082 Lebensphilosoph
Lebensphilosoph's picture

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

Thu, 06/21/2012 - 10:52 | 2547145 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 | 2547199 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 | 2547247 Mitzibitzi
Mitzibitzi's picture

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

Thu, 06/21/2012 - 10:41 | 2547083 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 | 2547969 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 | 2547086 markar
markar's picture

So does this mean the fat lady finally sings?

Thu, 06/21/2012 - 10:47 | 2547108 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 | 2547090 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 | 2547101 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 | 2547114 debtor of last ...
debtor of last resort's picture

Also herr Jager ist die neue Deutsche Aussenminister?

Thu, 06/21/2012 - 10:49 | 2547121 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 | 2547162 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 | 2547180 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 | 2547275 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 | 2547184 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 | 2547255 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 | 2547562 catacl1sm
catacl1sm's picture

Prisoner's dilemma.

Thu, 06/21/2012 - 10:59 | 2547189 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 | 2548005 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 | 2547219 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 | 2547235 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 | 2547309 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 | 2549621 StychoKiller
StychoKiller's picture

I believe that Latvia or Estonia did...

Thu, 06/21/2012 - 11:19 | 2547308 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 | 2547312 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 | 2547315 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 | 2547346 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 | 2547410 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 | 2547700 covert
covert's picture

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

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