The Bluffing Resumes: Greece Warns Will Leave Eurozone If Second Bailout Not Secured

Tyler Durden's picture

First Morgan Stanley issued the first market forecast of 2012 before the market has even opened, and now it is Greece's turn to threaten fire and brimstone (aka to leave the Eurozone, but according to UBS and everyone else in the status quo the two are synonymous) within hours of the New Year, if the second bailout, which as far as we recall was arranged back in July 2011, is not secured. Quote the BBC: ""The bailout agreement needs to be signed otherwise we will be out of the markets, out of the euro," spokesman Pantelis Kapsis told Skai TV." And cue several million furious Germans and tomorrow's German newspaper headlines telling Greece bon voyage on its own as it commences braving the treacherous waters of hyperinflation. In other news, the sequel to Catch 22 is in the works, and explains how Greek tax collectors (i.e., people who collect those all important taxes so very needed for government revenues) continues to strike. In it we also learn that the first strike of the year in Athens is already in place, with Greek doctors saying they will treat only emergency cases until Thursday, in protest at changes to healthcare provision. All in all, the complete collapse of the Greek debt slave society is proceeding just as planned.

More:

The government faces public opposition to the measures demanded by lenders. It has warned the alternative would be euro exit and financial chaos. The latest bailout was agreed in principle by EU leaders in October, conditional on Greece adopting further measures to cut its deficit and restructure its economy.

 

EU, International Monetary Fund and European Central Bank inspectors are due in Athens later in January to agree details of the bailout plan.

 

Greece's parliament approved the measures for this year in early December.

 

Protests

 

The budget, which includes further tax rises and spending cuts, was proposed by the interim coalition government of former bank governor Lucas Papademos.

 

But protests against the measures have continued in Athens. On Monday, Greek doctors and pharmacists went on strike in the country's first walkout of the new year.

 

State hospital doctors have said they will treat only emergency cases until Thursday, in protest at changes to healthcare provision.

So how long before doctors in all the PIIGS follow suit? At least such forced "eugenics" should solve the pension underfunding problem of broke Europe. Because last we checked morgue workers are still in operation.

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GeneMarchbanks's picture

We're all extortionists now...

philipat's picture

Shit, more fucking broken plates.

CPL's picture

and the bottle of Ouzo is empty again...

GeneMarchbanks's picture

Ouzo springs eternal CPL. Unless they bring out the Ouzi, I'll be spending my summer there yet again...

knukles's picture

Second bailout?  Second? 
You had your second bailout 3 years ago.
Look at all these empty ouzo bottles.
Second bailout.
Get out of my Europe, you useless leech!

Bicycle Repairman's picture

Greece isn't paying.  If the US wants Greece in the Euro, then the US can pay.  Via the Euro, of course.  Optics must be maintained.

CrashisOptimistic's picture

Let me refresh my memory here.

This means they default on the loans, yes?  The financial system collapses?

To prevent that, the EU convenes meetings with the IMF and they agree to lend Greece money to make loan payments?  Then no checks get sent to Greece after that agreement announcement gooses the markets?

Then Greece says they may default on the loans and the financial system will collapse?

To prevent that . . . . . . 

YBNguy's picture

And so it will come to pass, as the Bible said Greece would be the birth place of the Anti-Christ whose name is financial ruin with contagion that will see no limit... /semi-sarc?

achmachat's picture

so long... and thanks for the feta.

Snidley Whipsnae's picture

Greek tax collectors on strike?... I'm going on strike until our tax collectors go on strike!

francis_sawyer's picture

"the first strike of the year in Athens is already in place, with Greek doctors saying they will treat only emergency cases until Thursday, in protest at changes to healthcare provision"

I think they call it the "HYPOCRITIC OATH"

Sudden Debt's picture

It's their way to fight for justice!!!!

GIVE US THE MONEY OR WE'LL LET THE SICK AND WEAK DIE!!

kaiserhoff's picture

Yo, Greece.

What's your hurry?  Here's your hat.

Thomas's picture

Leaving the Euro is a feta accompli

bullnutz's picture

This from SilverDoctors:

Implementation of Dodd Frank Act Delayed till at least July 16th, 2012   Right before they left for the holidays, the CFTC slipped in a piece of legislation extending the implementation of Title VII of the Dodd Frank Act from taking effect on December 31, 2011 until July 16th, 2012.  Title VII of the Dodd Frank Act is one of the most crucial parts of the bill, dealing with the all allusive regulation of over-the-counter swaps markets.     Honestly, what is going to happen in the first 6 months of this year that everything is being delayed or rushed into law:  

  • JPM given entensions till May on position limits
  • Dodd Frank Act delayed until July
  • The Director of the FBI extended two more years.
  • NDAA  rushed into law:  Like where to put these terrorists that can't be released is a new issue?  
  • SOPA being rushed into law:  The Internet has existed for quite some time now, how is it that copyright is critical right now?
  • Emergency broadcast enhancements:  We are also testing a nationwide emergency broadcast system which, in a world of instant access to information, is significant only because it can be misused to LIMIT access to information

It's coming folks in the first 6 months of this year.  Watch the delaying techniques, they are a tell of when the devaluation will occur. 

http://silverdoctors.blogspot.com/2012/01/implementation-of-dodd-frank-a...

Non Passaran's picture

What this has to do with anything?

Irish66's picture

How fast are people leaving the country?

Snidley Whipsnae's picture

"How fast are people leaving the country?"

...........................

Leaving to go where? Soon there will be no place to hide from the bankers and their US Pols.

Draconian regulations imposed by non elected (and elected) bureaucrats will reach, like tentacles of the squid, into every nook and cranny of the world.

All will soon envy the Peruvian peasant farmers living high in the Andes and surviving on potatoes and rodents... but, tax collectors with bottled oxygen will eventually find even them... and collect taxes in coca leaves.

Do Chin Roller Bearing... How ya been? Happy New Year!

xela2200's picture

Remember Reagan's anecdote about the Cuban?

The Cuban flee to America and upon telling his story to some Americans. They felt bad for the Cuban. The Cuban told them that He felt sorry for them as He, The Cuban, at least had a place to run to. Where will Americans run to when thing go bad in the US?

Run to Costa Rica with its universal health care envy of the world? The health system is broke like all the other entitlement programs. Any American living in Costa Rica has a dollar sign tattooed on his head. They are been squeezed for every penny and no vote.

Run to Chile? Took a military dictator and a bloody coop to steer the country to capitalism. The first thing the country did after Pinochet left. Well, 20 years of leftist governments of course. They still sell t-shirts of comrade Allende in the market. Chile looked like Cuba in the early 70s.

The Chinese? Yeah, they love Americans for sure. Especially, if there is a war (trade, currency, physical, etc).

As a foreigner in the US, I can tell You that you will never be better off than in your own country, so you better fix it.  Look at all the media talking about illegal aliens this or that, about building a wall to keep the riff Raff out,  stealing jobs, and how mothers are been deported while their kids are American born. Regardless of your stance on the issue, imagine if You were living in in China and the illegal aliens that they were talking about were Americans. Some found dead in containers as they tried to make it there. That is what bankers and politicians are stealing from You and your kids. So please stop talking crap about establishing colonies in Chile or what have you and stand your ground. THE US will NOT turn into a third world country overnight or in our life's time.

 

 

FeralSerf's picture

Maybe Greece will become the safe haven from the bankers and their pals.

Life on a Greek island ain't so bad. Unless you're a Turk.

Sudden Debt's picture

as soon as there's a nice cheap last minute on offer.

Everybodys All American's picture

Take a look at the future through the present day Greece.

kralizec's picture

Beware Greeks bearing no clothes!

LOL!  Go ahead, give it a shot!

bankofvol's picture

The "Empty Creditor" problem my force Greek default and accelerate it: http://qeurope.blogspot.com/2012/01/why-greek-haircut-negotiation-might....

 

Azannoth's picture

A mugger walks up to you puts a gun to your head and says 'Give me all your money or I am going to shoot you'

A Greek mugger walks up to you and puts a gun to his head and says 'Give me all your money or I am going to shoot my self'

Hey be my guest Greek fukers

A German in a BMW and a Greek in a Mercedes are playing chicken, the Greek switches into reverse and yells at the German try and catch me you fool!

A German is backing up in his driveway going to work, suddenly a Greek jumps out of the bushes and throws himself under the wheels yelling 'Lifelong disability support or bust!'

A Greek government employee is thinking of early retirement, he takes a 'business trip' to Germany with Lufthansa orders a full hot cup of coffee than blatantly spills it all over himself, screaming 'I sue the hell out of all of you Nazi's!'

Shylockracy's picture

Not really. Greek politicos are well aware that the careers of a whole generation of politicians has been built around the EU's founding myths. If they leave in a dra(ch)ma act, and start a political and monetary chain reaction, they know they will pull the rug under many an establishment in the EU zone. In Germany, for instance, the increasingly untenable EU stance of the CDUFDPSPDGRüneLinke monolyth calls into question the legitimacy of a national system whose real purpose seem to serve international interests only.

There is no honor among thieves, and the Greeks know there is gold in blackmailing Euro Federasts.

Non Passaran's picture

Stupid and generalizing comment that places all Greek and German people in one category (each).

Azannoth's picture

Replace German with (German Taxpayer) and Greek with errrr.. (Greek) and you're good to go

Sofa King's picture

Banks have taken delivery...

vegas's picture

So leave already and STFU. How many letter-Paps do we have to listen to in 2012?

 

http://vegasxau.blogspot.com

youngman's picture

Good for them...ask for the money....if they don´t get it..then leave..that is what a good thief does...I am at 50% they will get it...and it will come from the USA.....I mean they have missed every target they have put up...GDP and Revenues...oh well...whats another ???? billion in Euros....just don´t get sick...and especially if you are a politician..don´t get sick....they will do the Kevorkian to you over there

BennyBoy's picture

The Greek debt slave society is a test market.

If successful, roll it out to the rest of the PIIGS.

Then when fine tuned, the USA.

francis_sawyer's picture

Then when fine tuned, the USA.

Won't they be in for a rude awakening when they find out (as opposed to most western Europeans), that Americans are "packing heat"...

youngman's picture

I do miss the Pap Speeches.....the Bagdad Bob moments....but I am anxiously waiting the Troikas speeches as to how they found the way to give the next bailout...."hard work".....Hard Choices"..."Trying really really hard"...I am sure they will use those terms in describing Greece...right before they give them the money

blindfaith's picture

Greeks can't see the forest for the trees...it is the best thing they could do for themselves.  Exports and tourisism would explode in months with a cheaper currency, and THAT is what the EU is afraid of...that all the Med countries ( less the ever corrupt France) would see an answer to both debt repayment and a renewed economy.  Screw the banks for creating this mess to begin with, and the French banks especially.

 

TooBearish's picture

Just like when Sheriff Bart arrived in town in Blazing Saddles...

Dasa Slooofoot's picture

Reap what you sow, socialists.

Sandmann's picture

Greece should eat its rich, the ones who borrowed the money for construction projects like the Olympics and moved their cash overseas. Greece is nothing more than a giant REIT with the General Partners having absconded with the cash leaving the Limited Partners with the liabilities and their Bankers terrified of having to digest the Writedowns. This suspension of disbelief has gone on too long; after 4 years of this game of denial it is time to admit the entire financial edifice of at least the past 20 years is a Speculative Bubble and a blatant lie; that Credit has funded Consumption and squandered valuable resources making Chinese tat that has driven quality products into oblivion by a disposable culture replacing quality and repair.

Time to name Greek Bankers and draw up the trial lists

VisualCSharp's picture

Fuckin' LOL, dude. Thanks for that!

Burgess Shale's picture

"All in all, the complete collapse of the Greek debt slave society is proceeding just as planned."

I thought the plan was to keep the slave society, not to have it collapse.

Sudden Debt's picture

DON'T COME ANY CLOSER OR... I'LL KILL MYSELF!!

I SAID DON'T COME ANY CLOSER!!!

HE!!!

DON'T TOUGH ME OR I'LL KILL MYSELF!!!

I'M WARNING YOU!! IF YOU.... STOP PUSHING ME!!!!

STOP PUSHING ME OR!!!..... AUUUUWWWWWW!!!!!

STOP BEATING ME OR I'LL KILL.... AAAAAAAUUUUUUUWWWW!!!

FOR THE LOVE OF GOD!!!! STOOOOOPPPPPP!!!

AAAAAArrrrhhhhh!!!!

 AAAUUUWWWW AAUUWWW PLEASE STOP!!!!! I WANNA LIVE!!!!

PPPLLLEEEAAAASEEEE FOR THE LOVE OF GOD!!! AAAAAUUUWWWWWHHH!!!

http://i.dailymail.co.uk/i/pix/2009/09/03/article-0-06451F61000005DC-342_468x453.jpg

http://scienceblogs.com/insolence/buythis.jpg

 

 

 

The EU Situation explained in 1 single T-shirt

http://rlv.zcache.com/if_someone_with_multiple_personalities_threaten_tshirt-p235799634359686064t5tr_400.jpg

 

BennyBoy's picture

Time for the Greeks to pull an Iceland.

YHC-FTSE's picture

It's a nice sentiment, but I don't think they have the discipline or the self control to emulate Iceland. The Greek government's extortion plans merely reflect the Greek people's extortion plans to squeeze every euro out for their entitlements. It's all short term instant gratification with no expectations and no plans for their future. Good luck to them, but they are on my shitlist for needing me to pay for their short-lived avarice through my taxes. (Obviously the bankers who facilitated the transactions will always be on my shitlist).

Hobbleknee's picture

DLTDHYOTWO, bitchez!