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Behold The Greek Debt Slavery "To Do" Checklist Permitting It To Bail Out Europe's Insolvent Banks
Yesterday, in our daily list of shocking discoveries of just how far forward Greece is willing to bend over, we realized that not only will Greece not receive a penny (or is that a drachma?) from Europe, but it itself will have to fund the European bank bailout via a Greek-funded Escrow account. In today's 'insult to rape' chronicles, we discover that before Greece is even given permission to bail out Europe's banks, its creditors first demand that the province of Bavaria Sachs, formerly known as Greece, satisfy a checklist of 38 specific conditions, which the now fully colonized nation will have to complete before the end of the month (so in about 5 days), before it is permitted to transfer taxpayer cash to French, German, Italian and Spanish banks. How anyone, even the world's most degraded debt slave, is willing to subject themselves to such humiliation is simply inconceivable.
The FT has the subhuman degradation details:
The reforms, spelt out in three separate memoranda of a combined 90 pages, are the price that Greece has agreed to pay to obtain a €130bn second bail-out and avoid a sovereign default that the government feared would throw Greek society into turmoil.
They range from the sweeping – overhauling judicial procedures, centralising health insurance, completing an accurate land registry – to the mundane – buying a new computer system for tax collectors, changing the way drugs are prescribed and setting minimum crude oil stocks.
The 38 measures are a mix of laws that must be passed by parliament, ministerial decisions and presidential decrees that affect a complete cross-section of Greek economic activity, from health spending to municipal administration to tax collection.
Only a handful of the measures are listed as passed or in the process of being implemented, including a highly publicised €300m in pension reductions and €325m in other spending cuts. The other reforms are grouped under six categories, though most of the changes fall under spending cuts, bank regulations, and economic reforms.
Among the measures that must be completed in the next seven days are reducing state spending on pharmaceuticals by €1.1bn; completing 75 full-scale audits and 225 value added tax audits of large taxpayers; and liberalising professions such as beauty salons, tour guides and diet centres.
Even the longer-term reforms must be completed quickly. A draft 49-page “memorandum of understanding on specific economic policy conditionality”, dated February 9, includes dozens of measures that must be completed in the first half of the year.
And so forth.
Sarcasm aside, that this is merely a strawman loophole for Germany to say on March 1 that Greece has not completed the measure is beyond glaringly obvious. Which explains why the idiot algos who have taken this development as good news have sent the EURUSD to nearly 3 month highs.
It also goes without saying that one should wait for Tom Stolper to go long the EURUSD before shorting the pair with infinite LTRO funded (in exchange for compressed methane as collateral) leverage.
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Why in the hell doesn't Greece just tell them to go fuck themselves?
Simple. The guy thats running Greece and leading the negotiations on behalf of Greece? -- He's an ex-banker that the bankers themselves put in place a few months back.
Any guesses where his loyalties lie?
Now the real question that I'd like to hear an answer to is why the hell isn't Papademos hanging from an olive tree somewhere in Athens? ... frankly I'm not sure there is any other way for them to save their country.
Yeah I know who he is. But he is only one person. Why in the hell are they letting him dictate the future of their country.The Greeks should be kicking these fucks out. I went from thinking the Greeks deserve what they get for being lazy,to feeling sorry for them, back to thinking they deserve what they get for taking this shit.
How do you say "viva la revolucion" in Greek?
They will be ground to dust, in order that an example be made of them. Just look at all the commenters here who "don't feel sorry for them, as they failed to stop their own demise."
See, it's all about dehumanization of "the enemy." The instant we put them beneath us, is the instant we lose our own humanity.
Worse yet? In this case, anybody who takes the tone of "they deserve it" has fallen victim to the divide and conquer trap, and is instantly transformed into a supporter of the banksters! Likely without even realizing it.
Which is funny, as I never knew there were so many bankster supporters here at ZH.
I don't think we are putting them beneath us as much as we are saying that when it happens to us it will be our fault and we will deserve it. Iceland deserves what they get. No? The USA?
I have no vested interest in feeling sorry for any fucking body. We are all people of means, here on this site; that means we have advantages available to us that nearly make all of us among the 1% of most prosperous humanity on earth. With so much going for you, your life is exclusively yours, and if it goes to shit, that's on you, and no one else.
No sympathy for those who capitulate.
How do you say, "Greeks are dumb, fat sheeple" in Greek?
Malakas. It's a catch-all. And yes, we are malakes if we let this happen. And it's looking like we will.
Why in the hell are YOU letting your "leader" do the very same thing to you? Because you cannot stop them, that's why.
Other than the confusion exhibited differentiating real individuals from abstract collectives. I don't understand how some people think that others are failing to turn criminals into honest people, or better yet, to displace them with honest people within a wholly corrupt system.
FFS, the last person who even tried to govern honestly in the US was assassinated in broad daylight with TOTAL impunity while his security detail had been forced to stand down. Meanwhile, those responsible are still in power today. Yet you think it's possible to rectify this with politics? Or are you claiming they need to have an open revolution, which would undermine EVERYTHING not already destroyed, ushering in a completely fascistic regime?
"Why in the hell are YOU letting your "leader" do the very same thing to you? Because you cannot stop them, that's why."
Wrong. I have unshackled myself of your fucked up leaders, and I have left the USuckAss to those who enjoy SuckingAss. Paradigm shift, bitchez.
Because leaving the Eurozone and returning to the Drachma immediately doubles the national debt as a percentage of BBP, but more importantly: Greece is a nett-importer and paying for oil, medicine and other essentials is gonna be a big problem. Olives, tourism and shipping doesn't add up to the best of business models a country can have...
You've got to be kidding Rogier. Once they default they will be in a better position for the future.
Not without a sponsor. If you write the debt off 100%, they're still net-importers, so where will the foreign currency come from to import oil, medicine and other stuff?
Banks 'sponsored' Greece these last few years, before that the US threw money at them because of their strategic position in NATO. So who's gonna sponsor them in the future?
with the drachma and no debt - all written off - a lot of countries will extend them credit - start with russia and china
Sounds like a plan. That is, if you're willing to accept serious Drachma devaluation every couple of years...
Rogier - look up the word default - it means they are NOT GOING TO PAY, ANYTHING - once they return to the Drachma and repudiate their debts, they start with a clean (accounting) sheet.
Did you ever see the movie Deliverance?
who's speaking for the greek people?
No one on their behalf, and not even they for themselves. 2/3 of Greeks have never used the internet? Dumb, fat sheeple get sheered everytime.
I'm pretty sure that there is also a provision that mandates all Greeks to hand over their daughters virginity to any European or American banker that demands it. Failure to hand over the virginal daughter shall be considered a "breech of contract".
This is so humiliating that it's almost too painful to watch any longer.
well if those girls will get their brows waxed and shave and stuff, there's definitely a market.
Girls all over the world are more than willing to GTFO of their country for a guy who can earn a living and doesn't drink and beat them.
You are totally delusional if you think it isn't for economic reasons. Nobody, especially not a pretty young thing, wants to fuck a fat old hairy white guy. If there wasn't a green card or a higher standard of living involved no one would be interested.
I'm junking this one on principal.
That crispy squid eatin bitch just knows it a payday.
Who's lap you jump into? PAYDAY?
Who's austerity you jump into? PAYDAY?
Who's comfort you jump into? Uh what? Uh Babe, I'm holding out for the the great tribulation!
That Fillipono bitch will scream, "WHERE MY WALLET?"
The second you think you're going to exchange a few days buying mountain house foods, and ponying up for some faux dollars for a trip to Bed Bath and Beyond. That bitch will REALLY show you how it was under POL POT. Fuckers.
It's OK to candy coat it, just don't leave out the "WHERE MY WALLET" part.
Teh finances are even beyond the Bernank at that point yo!
To the ball-less Greeks: Run the banksters and dickless politicians out of your country and take back your homeland from the leeches.
Are the greeks still in the awkward phase?
It's easy to shake your fist and try to rev up the Greek people, but it will be interesting to see if Americans can take their own advice as our liberties continue to be stripped.
They aren't, and they won't. Technically, those are just words representing my observation and prediction; realities will vary according to vantage, of course. But I will continue to have equally zero sympathy. Capitulation means you deserve what you get.
Gouvernement Sachs bitchez.
Yes, we get it. It is the Greeks that selected to default, right after their bonds were converted to British law ones.
They were supposed to sell assets close to 25%GPD at the worst timing, and bend constituion and laws to allow for special conditions for Direct Foreign Investments (ie foreginers building hotels where they want them and where no Greek was allowed to build before).
PS: Sometimes marriages don't work out. Instead of throwing deadlines and insults at each other, both parties are better off just calling quits.
The Greeks should have known that a technocrat wasn't going to make it easy.
THE TRUTH HURTS
Greece is the lamprey eel of the EU and if Greece doesn't have the balls to stand up for it's people when they are getting hosed, then fuck um.
They should default.
The "smart" Greeks took their money and split already.
The reforms, spelt out in three separate memoranda of a combined 90 pages, are the price that Greece has agreed to pay to obtain a €130bn second bail-out and avoid a sovereign default that the government feared would throw Greek society into turmoil.
(?????)
I'm no vocabulary expert, but wouldn't plain old "turmoil" be an improvement for Greece?
I'm thinking of a stronger word. Revolution maybe?
Yeah, but there's too many positive connections with that word.
Maybe Brando should have uttered "The turmoil....the turmoil...."
'The Horrowshow', coming to a debt-saturated, net-importer near you.
Doesn't it take guns to have a revolution? Rope? Chains? Fishnets?
Grecian Formula 38
They have to sign the agreement so they can find out what's in it.
Where have we heard that one before?....
sounds like a trial modification that the homeowner has no chance of fulfilling
positive thinking is always good.
Damm, lol, you can move the markets.
this keeps making this easier for the greeks to just say No N0 NO
Long live Iceland!
Damn we are playing the complete destruction of the Fiat Ponzi cool. Slewz, take a rip for me, will ya?!
He he.
I am ready for some cheap, hot, young greek pussy.
Greece is the new Thailand.
After watching all the videos Leo put up, I am too.
Eastern european sex tours?
Seriously I bet there might be some money in that.
Will have keep an eye out for the Greek MILF vids. haha
link please
Screw saving the banks. Let them all burn. Let us have a hard reset and have G$ crumble. Let there be trillions of drachmas!
NIN-Burn. It should be the anthem of all the debt slaves.
http://www.youtube.com/watch?v=dsM4FM3MiK0
Possibly my favorite NIN song.
Is stockpiling tear gas for the upcoming trade union protests / riots one of the 38 conditions..??
I was sitting at a traffic light yesterday, minding my own business, waiting for it to turn green. A carload of Goldie Sack banksters and Greek technocrats stopped next to me in a super-stretch limo, drinking champagne and counting their money. The light changed, the driver hit the accelerator and darted off ahead of me. Suddenly an 18-wheeler came speeding through the red light and ran directly over their limo, crushing it completely. For several minutes I sat in my car thinking to myself, "That could have been me!" So today, bright and early, I went out and got myself a job as a truck driver.
LOL
I'm stealing that one.
It's already been stolen. I re-hypotho'd the joke from another joksters account and tweaked it to fit the current situation. But don't let that stop you from sending royalty payments.
Excellent! I'm just going to borrow this for a few minutes, I'll bring it right back. Thanx!
If you hold on to it more than 30 seconds, you're playing with it.
http://www.youtube.com/watch?feature=player_detailpage&v=u7x4QwzLRaI
9 Day Race to Ecstasy; Only Way Greece Can Win Is To Lose
http://jhaines6.wordpress.com/2012/02/21/9-day-race-to-ecstasy-only-way-...
.
"
Deal In No One’s Best Interest
The last line in the snip above is “The deal is in the best interest of the Troika – not Greece.” Actually, that’s not quite right. Although that statement was true at one point, it no longer is.
Things have deteriorated so badly, the deal is in no one’s best interest.
Germany clearly understands that simple fact and has put up roadblock after roadblock hoping to find the right set of conditions that Greece would not accept or fail to meed if they did accept them.
At this point, no statements by Greek politicians or the Troika are credible. Rather, I suggest statements are made by everyone to prevent further capital flight. If Greece was working on a plan to return to the Drachma they could not say so.
"
...
Bankers have perfected the technique of killing someone right in front of a battalion of cops and getting off scott free....
Why Greece Must Exit the Eurozone, How it Will Happen (and Why Portugal and Spain Will Follow); Does the Euro Act Like a Gold Standard?
http://globaleconomicanalysis.blogspot.com/2012/02/why-greece-must-exit-...
..
"In spite of recent praise of Portugal by German Finance Minister Wolfgang Schäuble, it would be foolish for anyone to trust what he or chancellor Merkel says. Like Greece, the situation in Portugal and Spain is hopeless, just not far enough progressed yet.
Fate was sealed on February 7, with Merkel's Official Denial "I will have no part in forcing Greece out of the euro"; Schäuble Starts Salami Tactics on German Participation, Calls for Vote.
Note carefully how the "I"s are being dotted and the "T"s crossed: Germany Draws Up Plans for Greece to Leave Euro; Athens Rehearses the Nightmare of Default; Merkel's Denial Rings Hollow
Look for Greek CDS to Trigger in March possibly with preceding bank holiday ahead of the March 20 bond due date.
The weekend of March 11-12 or 18-19 look like ideal candidates for a bank holiday and Greece exit of the Eurozone.
If you have money in Greek banks, get it out now!"
Mike "Mish" Shedlock