Beggars Can Be Choosers As Pro-Bailout Greeks Debate What Conditions They Hand Over To Merkel

Tyler Durden's picture


For the second time in a few short months we are amazed to learn that beggars can be choosers. The Greek pseudo-coalition between ND, Pasok, which promptly determined it would only be part of a coalition if Syriza joined, then even promptlier completely forget what it had said hours ago after Syriza said "no way, Jose", and some other party with the word "Democracy" in its name, are in deep discussions over what conditions they should give Europe in exchange for a coalition government. That's right: the Greek coalition government is debating over a set of demands to hand over to Europe in order to form a government which will last at most weeks.

From Bloomberg: "Greece’s Democratic Left set seven conditions for joining the government, including extending the deficit-cutting timeline to 2017 from 2014 and reversing structural overhauls such as cuts to the minimum wage and pensions. The Pasok Socialist party broadly agreed with those demands." If everyone else is also losing the plot line here and openly confuses cause and effect... you are not alone. Because while it would appear that for Greeks to have such a high set of expectations from Merkel, the Chancellor would be expected to have actually agreed with any of these. Because obviously she hasn't: "German Chancellor Angela Merkel sought to damp speculation that the terms of Greece’s bailout might be relaxed. “We should very tightly keep to the rules and it’s obvious that the reforms that were agreed in the past were the right thing and have to be implemented,” Merkel told reporters today at a summit of world leaders in Mexico." But hey, if Venizelos can mask his flip flopping by somehow justifying it with a condition that was never met in the first place, and if the Greeks, more than half of whom voted against the bailout, are dumb enough to fall for this, then they deserve all the continued pillaging (including gold), that Germany will "bail them out" with.


“Agreement on a policy roadmap is the definitive point to form a government,” Fotis Kouvelis of the Democratic Left, the third part of the planned coalition, said in Athens today. “The process is speeding up. It is possible that in the next few hours, or within the day, a government can be decide.

This is not to be confused with the same promise of imminent government formation floated on Sunday... and Monday...

“Forming a government is tied to the need to form a national negotiating team to ensure the unfavorable terms of the bailout are revised, the terms that were imposed on us, against our will at many points in the first phase of negotiations,” said Evangelos Venizelos of Pasok, who as finance minister from June 2011 to March 2012 negotiated the second aid package.


Venizelos told reporters today he would agree to join a
coalition with New Democracy and Democratic Left and that the
government should be formed no later than midday tomorrow..

It would actually help if Veni had some, any, leverage, with which to make it seem that his "demands" for a coalition have a snowball's chance in hell of even being read, let alone granted.

For more frontal lobe hemmorhage-inducing "logic" read here.

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Tue, 06/19/2012 - 15:42 | 2540561 Newsboy
Newsboy's picture

Get the best terms you can for a few months, until the crash.

Tue, 06/19/2012 - 15:43 | 2540566 financial apoca...
financial apocalyptic contagion's picture

awww these poor greeks are soooo shhweet and adorable

Tue, 06/19/2012 - 15:46 | 2540579 AmCockerSpaniel
AmCockerSpaniel's picture

And Why Not? Did not the Germans vote for Hitler?

Tue, 06/19/2012 - 15:49 | 2540597 OttoMBMP
OttoMBMP's picture

Yes. And people say they torture, kill and eat Cocker Spaniels.

Tue, 06/19/2012 - 16:04 | 2540667 Satan
Satan's picture

Puppies. They torture, kill and eat Cocker Spaniel PUPPIES.

Tue, 06/19/2012 - 16:08 | 2540689 Ahmeexnal
Ahmeexnal's picture

German death merchants in the sniper's scope:


A group of activists has offered a cash reward for information leading to the arrest of the German arms manufacturers reportedly planning to deliver up to 800 tanks to Saudi Arabia - and sent one of the company's owners a bullet by post.

The Süddeutsche Zeitung newspaper reported on Tuesday that Burkhart Braunbehrens, one of the owners of Krauss-Maffei Wegmann (KMW), received a padded envelope from the "Centre for Political Beauty" (ZPS), containing a bullet and a stained note that read, "Your deals give children and their parents no chance for a happy life."

KMW is thought to be contracted to deliver 200 state-of-the-art Leopard 2-A7+ tanks to Saudi Arabia - and the German media reported last weekend that the Middle Eastern state is planning to buy up to 800 of the 60-tonne German-made tanks.

Wed, 06/20/2012 - 06:33 | 2542366 BigJim
BigJim's picture

 KMW is thought to be contracted to deliver 200 state-of-the-art Leopard 2-A7+ tanks to Saudi Arabia - and the German media reported last weekend that the Middle Eastern state is planning to buy up to 800 of the 60-tonne German-made tanks.

All the better to invade Iran with.

For purely 'defensive' purposes, you understand.

Tue, 06/19/2012 - 21:04 | 2541507 AmCockerSpaniel
AmCockerSpaniel's picture

Just saying the Greeks have some reason to think the Germans will go along with them making the conditions for German's bailout.

Tue, 06/19/2012 - 15:49 | 2540599 Dr Benway
Dr Benway's picture

This is what mutually assured destruction is all about.

Tue, 06/19/2012 - 16:04 | 2540660 Doubleguns
Doubleguns's picture

 in order to form a government which will last at most weeks.

Or until Germany says "Nein, nein, nein!!!!

Wed, 06/20/2012 - 06:38 | 2542374 BigJim
BigJim's picture

The Greeks know that if they default, every large bank in Europe is kaput. So they need to estimate how much the German top 'leadership' is ultimately in the pockets of the finance sector.

If they estimate somewhere in the region of 99%, they're probably about right.

Obviously, for political purposes, Merkel needs to appear firm. But if the Greeks stick to their guns I'm sure the banks will cave in and tell Merkel that the new message is 'we're all Europeans now - let's forgive and forget'.

To inflate, or face default? The former is bad, but the latter is an unmitigated disaster for our banksters.

Tue, 06/19/2012 - 20:09 | 2541312 graneros
graneros's picture

Actually no, the Germans did not vote for Hitler.  Hitler never won any political office directly through the ballot box.  He was appointed Reich Chancellor by President Von Hindenburg. Hindenburg beat Hitler handily by the way in the Preidential elections of 1932.  Hitler recieved only 30 percent of the vote.  In other words 70 percent of Germans did not vote for Herr Hitler. Once he was Reichs Chancellor he used what would now-a-days be called the "Chicago method" of political disruption, cronyism, lies, murder, arson (the Reichstag Fire), race baiting, etc to become Der Obama, er I mean Fuehrer.

Tue, 06/19/2012 - 21:10 | 2541523 AmCockerSpaniel
AmCockerSpaniel's picture

There is too much truth in what you say!

Tue, 06/19/2012 - 15:47 | 2540581 magpie
magpie's picture

No bailout soup for you. But Frau Dr. Merkel will let you defeat the German team on Friday instead...

Tue, 06/19/2012 - 15:55 | 2540627 Divided States ...
Divided States of America's picture

Effin Greeks took a page right out of the Bank's playbook when negotiating with Turbo Tim on the TARP/bank bailouts. Just ask for whatever you want and you may end up getting more than you deserve.

GS: I sell these toxic junk to you for 80 cents on the dollar

Turbo Tim: We are using tax payers money to make this purchase so...

GS: Ok, we both know these are worthless shit so I give it to you for 60 cents on the dollar, deal?

Turbo Tim: I take them ALL for a dollar.

GS: Nice! Ah, you sure about it?

Turbo Tim: Like I said, we are using tax payer dollars for this.

GS: You have yourself a good deal Timmy, trust me, you getting a steal for this, I probably got more, if you like.

Turbo Tim: As I have said before, we are using tax payer funds for this.


Tue, 06/19/2012 - 15:45 | 2540570 Snakeeyes
Snakeeyes's picture

Greco-Roman wrestling with each other and Angela.

But all markets are up today in anticipation of more liquidity flooding.

Tue, 06/19/2012 - 15:45 | 2540571 LongSoupLine
LongSoupLine's picture

Saying Greece is "full-retard" is a complete insult to retards.

Tue, 06/19/2012 - 16:11 | 2540696 kaiserhoff
kaiserhoff's picture

I've known a few Greeks.  Any suggestion that Greeks will play by the rules, or give a rat's ass what the rules are, is wishful thinking at best.

Tue, 06/19/2012 - 15:46 | 2540576 Village Smithy
Village Smithy's picture

It sounds alot like letting my kids tell me how much their allowance should be.

Tue, 06/19/2012 - 15:48 | 2540588 LongSoupLine
LongSoupLine's picture

no...your kids are waaaay more responsible.

Tue, 06/19/2012 - 15:52 | 2540614 eclectic syncretist
eclectic syncretist's picture

It is.  The reason governments let central banks exist is so that they can access infinite funding without printing it themselves.  if the banks want to keep the game of bailout going, and collecting interest on nothing, then apparently they are going to have to make some concession to Greece, or at least that's the way Greece sees it. 

Tue, 06/19/2012 - 16:02 | 2540659 LawsofPhysics
LawsofPhysics's picture

"The reason governments let central banks exist is so that they can access infinite funding without printing it themselves."


Right, because paying for something that you can do for free is so smart.  End the fucking Fed already.

Tue, 06/19/2012 - 19:34 | 2541212 TWSceptic
TWSceptic's picture

Then what? You'll trust Obama to print $ conservatively? Good luck with that!

Tue, 06/19/2012 - 15:47 | 2540582 hedgeless_horseman
hedgeless_horseman's picture



0% and no money down on new S Class sedans


Tue, 06/19/2012 - 15:49 | 2540600 LongSoupLine
LongSoupLine's picture

yep...and each one's trunk is packed full of Euros to pay it off too.

Tue, 06/19/2012 - 15:47 | 2540587 Debeachesand Je...
Debeachesand Jerseyshores's picture

Agree to these demands or else we will force march the "300 Sparten  Warriors" to the Fatherland to settle the matter on the field of battle.

Tue, 06/19/2012 - 15:48 | 2540590 RobotTrader
RobotTrader's picture

The worse it gets in Europe, the better it is for U.S. Stocks


SPY now breaking out in many foreign currencies:,spy:FXY,spy:...|D

Tue, 06/19/2012 - 15:51 | 2540610 kito
kito's picture

wake me when the spy hits new highs.........

Tue, 06/19/2012 - 15:54 | 2540619 LongSoupLine
LongSoupLine's picture

wake me up when SPY isn't a manipulated piece of shit tool for hedge funds and HFT.


wait..scratch that...I'd never wake up.

Tue, 06/19/2012 - 15:48 | 2540592 Dr. Engali
Dr. Engali's picture

Why there aren't bodies of public officials being drug through the streets is beyond me. Maybe the Greeks are getting an extra dose of flouride in their water.

Tue, 06/19/2012 - 16:39 | 2540790 Rusticus
Rusticus's picture

"Why there aren't bodies of public officials being drug through the streets is beyond me."


Costas says: "maybe in the winter and with an early retirement package, dragging anything in the mediterranean sun is hard work."

Tue, 06/19/2012 - 21:55 | 2541635 Non Passaran
Non Passaran's picture

I think it's simple: most citizens are on the government dole. There's nothing to complain about! Yes, they get less, but it's still free money.

It's the minority that works and pays their taxes that is fucked. But there's too few of them.  Long live democracy!

Tue, 06/19/2012 - 15:48 | 2540594 mendigo
mendigo's picture

Greece:Germany = US Gov:Fed = Dependancy

Tue, 06/19/2012 - 15:54 | 2540598 asteroids
asteroids's picture

Souvlaki and Ouzo for everyone! Send the bill to Angela, she'll pay.

Tue, 06/19/2012 - 16:32 | 2540761 carbonmutant
carbonmutant's picture

One last squeeze before the Drachma...

Tue, 06/19/2012 - 15:50 | 2540602 midgetrannyporn
midgetrannyporn's picture

They are going to default either way.

You'll get nothing and like it! [/judge smails]

Tue, 06/19/2012 - 15:50 | 2540603 kito
kito's picture

greek coalition: "ummm. madame fuhrer, we have new terms for you...."

madam fuhrer: nein

greek coalition: ummm, ok then........................thanks...........


Tue, 06/19/2012 - 16:00 | 2540648 Satan
Satan's picture

A beggar with a gun to your head is no longer a beggar.

Tue, 06/19/2012 - 21:53 | 2541630 Non Passaran
Non Passaran's picture

Except that they're so poor they had to beg for money to buy the bullets.  But that was 2 months ago. Now they're armed and dangerous. I like that.

It seems there won't be big news this week. I'd like to know who among the eurocrats is making promises to these guys. Merkel certainly isn't.  

I'm still waiting for some sort of QE, somewhere, later this month as I said here few months ago..

Tue, 06/19/2012 - 16:02 | 2540657 Jethro
Jethro's picture

How quaint. The Greeks get to choose their shackles.

Tue, 06/19/2012 - 16:10 | 2540699 cougar_w
cougar_w's picture

The Greeks are turning out to be pros at this shit.

It's like financial jujitsu. They got the fly moves. So is anyone taking notes, getting all this down?

Tue, 06/19/2012 - 16:20 | 2540719 carbonmutant
carbonmutant's picture

The Greeks believe they have the EU by the short hairs because the EU can't afford a default or an exit.

I'm sure the Spanish and the Irish are watching to see how far this type of coercion will go.

Tue, 06/19/2012 - 16:37 | 2540781 ejhickey
ejhickey's picture

all they have to do is keep the bs flowing from handout to handout.  the EU will believe anything as long they can pretend the Greeks will pay back the money.  the EU and especially Germany is like a parent with a drug addicted adult child who is also a thief.  They don't want to believe the kid is beyond help and therefore will always extend more help.  The drama will only end when the kid OD's or the parents run out of money or both.

Tue, 06/19/2012 - 16:26 | 2540736 magpie
magpie's picture

The whole system never was plausible in the first place.

Nothing stops France and Italy, Portugal and Finland from being charitable and creating eurobonds for Greece. I don't see Hollande volunteering for French retirement at 61 instead of at 60 and giving Greece a big fat stimulus.

Tue, 06/19/2012 - 16:26 | 2540742 Pancho Villa
Pancho Villa's picture

Good cop: ND/Pasok

Bad cop: Syriza

"Just give us a couple more years and another 100B or so. Otherwise my partner is liable to do something unpleasant."

Tue, 06/19/2012 - 16:27 | 2540746 MarsInScorpio
MarsInScorpio's picture

It's about time the Greeks showed some guts.


Tue, 06/19/2012 - 16:27 | 2540747 ejhickey
ejhickey's picture

Anyone remember the creditors who agreed to about a 70% writedown as part of the last agreement ?   If the last agrrement is scrapped and a new pne is put in place with even easier terms , what happens to them?  do they have to agree to a new writedown?  would this new agreement be considered a default triggering credit default swaps?

Tue, 06/19/2012 - 16:35 | 2540766 Apostate2
Apostate2's picture

At this point in the game I expect nothing else. SDF? No dog, no cardboard, Just the expected handouts from the other fly-by-nights. 

Tue, 06/19/2012 - 17:06 | 2540842 Eurodollar
Eurodollar's picture

Just wait until Merkel is voted off her post, and idiots with money printing in their eyes and "solidarity visions" get into power. Eurobonds here we go. Socialists got us into this mess, they will get us deeper into it as well. At least Europe will go down together. It won't be a matter of what age you retire. There won't be much work to retire from. Perhaps instead of discussing unemployment figures monthly we will start looking at the employment figures? 

Can you blame the people? Nope! Democracy can be a bitch :) That said; it's the best way of rule we got. Bring on the show, I have plenty of popcorn.

Tue, 06/19/2012 - 20:27 | 2541381 graneros
graneros's picture

Yep. Then once the Eurobonds are issued the Fed, IMF, ECB, and all TPTB will undoubtedly buy boatloads of them sending the DOW to 25,000.  And why not?  Anything is possible in this illogical madhouse we find ourselves in.

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