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The Cost Of The Combined Greek Bailout Just Rose To €320 Billion In Secured Debt, Or 136% Of Greek GDP

Tyler Durden's picture


Some of our German readers may be laboring under the impression that following the €110 billion first Greek bailout agreed upon and executed in May 2010, the second Greek bailout would cost a "mere" €130 billion. Alas we have news for you - as of this morning, the formal cost of rescuing Greece for the adjusted adjusted adjusted second time has just risen to €145 billion, €175 billion, a whopping €210 billion, bringing the total explicit cost of all Greek bailout funds to date (and many more in store) to €320 billion. Which incidentally is a little more than Greek GDP (which however is declining rapidly) at 310 billion, only in dollars. So as of today, merely the ratio of the Greek DIP loan (Debtor In Possession, because Greece is after all broke) has reached a whopping ratio of 136% Debt to GDP. This excludes any standing debt which is for all intents and purposes worthless. This is secured debt, which means that if every dollar in assets generating one dollar in GDP were to be liquidated and Greece sold off entirely in part or whole to Goldman Sachs et al, there would still be a 36% shortfall to the Troika, EFSF, ECB and whoever else funds the DIP loan (i.e., European and US taxpayers)! Another way of putting this disturbing fact is that global bankers now have a priming lien on 136% of Greek GDP - the entire country and then some now officially belongs to the world banking syndicate. Consider that when evaluating Greek promises of reducing total debt to GDP to 120% in 2020, as it would mean wiping all existing "pre-petition debt" and paying off some of the DIP. Also keep in mind that Greece has roughly €240 billion in existing pre-petition debt, of which much will remain untouched as it is not held in Private hands (this is the debt which will see a major "haircut" - or not: all depends on the holdout lawsuits, the local vs non-local bonds and various other nuances discussed here). If you said this is beyond idiotic, you are right. It is not the impairment on the Greek "pre-petition' debt that the market should be worried about - that clearly is 100% wiped out. It is how much the Troika DIP will have to charge off when the Greek 363 asset sale finally comes. This is also what Angela Merkel will say tomorrow when Greece shows up on its doorstep with the latest "revised" agreement from its parliament to take Europe's money ahead of the March 20 D-Day. Because finally, after months (and to think we did the math for Die Frau back in July) Germany has done the math, and has reached the conclusion that letting Greece go is now the cheaper option.

So how do we get to the €210 billion number? Well, there is the €130 billion already "agreed" upon.

  • Then there is the additional €15 billion which Spiegel broke 2 weeks ago... New net second bailout : €145 billion, and €255 billion total.
  • Then there is the fact that the ECB's bond swap into the EFSF for the 15 cent sweetener in "cash" equivalents to creditors has to be funded. As Credit Suisse's William Porter explains: "The ECB's reported bond swap has to be funded." Bingo. The WSJ further adds today, that according to a new 19-page bill, "An additional €30 billion will be provided in the form of bonds issued by the EFSF and will be offered to private creditors as a "sweetener."" Ah, so another €30 billion cost in the hole. Which incidentally begs the question- if the ECB is Europe's bad bank (courtesy of the potential $7.1 trillion collateral expansion discussed here, just what the hell does that make the EFSF which is now the ECB's bad bank)... So new net second bailout: €175 billion, and €285 billion total.

And finally, and going back to the WSJ's article, it appears that in addition to the €30 billion in Ponzi accounting which will have to be funded from the EFSF so the ECB does not "profit" on its Greek bond holdings (can someone please look at this chart and explain to us how the ECB can profit on this security).

Greece will borrow up to €35 billion from Europe's temporary bailout fund to finance an ambitious debt-buyback plan from the European Central Bank, according to official documents released by the government Saturday.


The 19-page bill sets out how the restructuring will be implemented and includes a plan through which Greece will buy back those bonds now held as collateral in the national central banks of euro-zone countries.


The plan is part of a raft of new measures Greece must take to secure a €130 billion bailout from its European partners and the International Monetary Fund, along with a €100 billion debt write-down the country is negotiating with its private-sector creditors


The measures, which will be voted on in parliament Sunday, include sweeping reforms such as €1.1 billion worth of cuts in pharmaceutical costs, abolishing restrictive rules on tourist guides and opening up Greece's energy market to foreign investment.

Who funds this latest and greatest addition to the monetary black hole that is Greece? Take a wild guess...

According to the bill, the European Financial Stability Facility, the euro zone's transitional rescue fund, will lend Greece the money to carry out the buyback. The ECB will act as an intermediary in this transaction, buying the bonds on Greece's behalf.

In other words, joint and several EFSF member countries such as Italy and Spain, oh and Greece of course, will be funding even more money to bail out Greece, only they won't be doing it, the ECB will... If your head is not spinning yet, you are not paying attention.

One person, whose head is most certainly not spinning and whose mind is long made up, is Angela Merkel. Who will promptly put an end to this lunacy as soon as the ball (bail?) is back in her court officially, some time on Sunday. And all that is of course assuming that there are Greek member of parliament who have not resigned by the time tomorrow when Greece is now fully expected to pass this latest bill.

Finally ask yourselves this: what would have happened if Greece had been allowed to default in May 2010 and all debts wiped out, and instead of feeding its creditors, the funding sources had provided the country with €320 billion in new debt (as they are anyway, only it is to make its creditors whole). It would mean that, assuming a dollar for dollar equivalency between GDP and debt, Greece would have grown by about 36% more in the past two years compared to where it is now, even with the occasional German submarine purchase. Something tells us the Greek people should have the right to know this.

Finally, a chart of what is coming to a Keynesian banana republic near you, or what it means when you can no longer mask insolvency in nominal terms.


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Sat, 02/11/2012 - 12:08 | 2149132 Ecoman11
Ecoman11's picture

Tyler would be great if you could cover the links below. Somethings up in Canada.

Read related to

Sat, 02/11/2012 - 12:16 | 2149153 Chris Jusset
Chris Jusset's picture

It would really suck to be a German taxpayer ... and be forced to support this basket-case economy.

Sat, 02/11/2012 - 12:30 | 2149187 Blotsky
Blotsky's picture

Indeed! Because to support our own addiction... errr, lie... I mean endless debt, makes so much more sense! But then again, we are supporting their idiocy, via Helicopter Ben! We're on the winning track!

Sat, 02/11/2012 - 12:47 | 2149226 Randall Cabot
Randall Cabot's picture

No medicine for you:

"The measures, which will be voted on in parliament Sunday, include sweeping reforms such as €1.1 billion worth of cuts in pharmaceutical costs, abolishing restrictive rules on tourist guides and opening up Greece's energy market to foreign investment."

Sat, 02/11/2012 - 13:39 | 2149294 The Big Ching-aso
The Big Ching-aso's picture



Germany should bailout Greece in Weimar Marks.   

Sat, 02/11/2012 - 12:17 | 2149156 Sockeye
Sockeye's picture

How is this unusual?

Sat, 02/11/2012 - 13:16 | 2149271 CrashisOptimistic
CrashisOptimistic's picture

Papademos is an EU puppet and he will force the vote through his coalition.  It's why he was hired.  Further, the EU will refuse to allow him to step down for new elections until the people are fired and the pensions removed.  The EU won't risk a new government undoing the legislation.

We have to be ever vigilant and remember the Prime Directive of the New Normal.  Governments will do anything to keep the wheels turning.  Simply that.  ANYTHING.

It is very clear that they are terrified of default.  If nothing was passed and no consensus existed, then when the March date came along the ECB would write a check to make the debt payment.  Greece, under no circcumstances, is going to be allowed to default.  The EU is terrified of it.

Nothing will change without bullets flying and entering skulls.  

Sat, 02/11/2012 - 13:38 | 2149343 Calmyourself
Calmyourself's picture

+1 No contracts, no CDS, no derivatives = No rule of law = do anything.  Hunger and then bullets and then skulls a popping.  Unfortunately, only this equation changes anything.. 

Sat, 02/11/2012 - 13:31 | 2149318 SamAdams1234
SamAdams1234's picture

Its like a good English breakfast plate, the chickens are present, but the PIGS are committed.

Sat, 02/11/2012 - 12:24 | 2149167 Jefferson
Jefferson's picture

The decision to let Greece default was made years ago when Greece was allowed to lie its way into the Euro.

Sat, 02/11/2012 - 12:39 | 2149209 agent default
agent default's picture

Why would you want to let Greece default and end all the confusion?

Sat, 02/11/2012 - 13:50 | 2149379 Amish Hacker
Amish Hacker's picture

And GS showed them how. Through the magic of swaps, massive debt disappeared from the Greek balance sheet just long enough for Greece to pass the EU entrance exam. The debt reappeared, and grew exponentially, once they were in.

Oh, and Goldman made a boatload of money doing this.

Sat, 02/11/2012 - 12:42 | 2149214 Future Tense
Future Tense's picture

Calling Kyle Bass...oh wait, he already explained to everyone months ago that a formal 100% default on Greek debt would not solve the problem.  I forgot he has already moved on to shorting Japan.

Sat, 02/11/2012 - 12:45 | 2149219 nasdaq99
nasdaq99's picture


You know this and most bearish bloggers know this, but the language and the body language of everybody involved in this say otherwise.  Frau Merkel does not want Greece to default and you seem to be saying that since the math is so compellingly evident that default is the only rational course then that is the course she will take.  But you, we have been saying this for 2 years now.   And Greece can't seem to grow a pair and walk away to do the right thing for their own people.

Seems to me that this will go on until they suck the IMF dry and get what they can out of China, then in defalut call in the Fed for what money they can get out of the US in default before anybody walks away from Greece.  I think her math is better than we give her credit for.

Merkel is socialist through and through.  Look at her Wiki page.  

Sat, 02/11/2012 - 15:06 | 2149533 Timmay
Timmay's picture

Maybe Greece understands its' proximity to Russia and China....

Sat, 02/11/2012 - 20:13 | 2149910 fiddy pence haf...
fiddy pence haff pound's picture

Thanks to the mnimonio, Greece is not allowed to seek help from anybody else.

Greece officially has a pimp; the EU.

That's why I hope these crises- there will be more- destroys the union, not just the currency.

Pencil-neck soldiers from Brussels doing the bidding of Timmie.


Cyprus went to the Russkies and got a loan.


Sat, 02/11/2012 - 15:59 | 2149605 jonjon831983
jonjon831983's picture

Body language is important... when speaking to peasants who know nothing.   Everybody up top knows about the importance of body language.  Nowadays with poker, politics, business, etc (don't forget what actors do in entertainment) there are courses and training for knowing what message you are projecting with your body language and how to project a different message.


Hell, even I keep thinking about my own body language when I go to pick up chicks (unsuccessfully).


Stand up right, head straight = confidence

Hands in pockets = defensive, self conscious

Feet spread slightly and standing upright = strength and confidence.

Look at watch often = defensive, self conscious.

etc etc


Really, all you gotta do is fake it.  Especially when you know you will have pictures taken of you, you modify your behaviour to project what you want others to think.  Say CHEEESEEE!

Sat, 02/11/2012 - 13:34 | 2149326 ThaBigPerm
ThaBigPerm's picture

Translation: When the bonds come due, the dollar will be worth a handful of dirt, so our debt will be CHEAP! to finance :0D

Sat, 02/11/2012 - 15:37 | 2149576 Canucklehead
Canucklehead's picture

Ecoman11, I think the answer to your question is that it is in Canada's interest to structure the deal that way. 

If you believe what you have read here, there will be a managed descent in the value of the USD relative to the CDN.  As the US prints money, generally the monies tied up in bonds will look to move to new financial instruments that should hold value.... likely commodities or equities, or government bonds of economies that will prosper.  The CDN increases on both accounts.

Borrow in today's currency and pay back in tomorrow's currency.

Another side point is the Canadian social/cultural/economic connections are shifting more north/south rather than staying east/west.  It is amazing how many families have family members working in the States or now have property in the States; be it vacation property, USD denominated financial instruments, equities, etc.

Sat, 02/11/2012 - 12:10 | 2149136 SwingForce
SwingForce's picture

This is nonsense, run that chart again showing WHERE the Greek Bailout money will go. The Tricycle is screwing themselves. 

Sat, 02/11/2012 - 12:12 | 2149145 Tyler Durden
Tyler Durden's picture

Actually with 81% of it going back to banks, it is going precisely where it is intended to go.

Sat, 02/11/2012 - 13:04 | 2149252 SwingForce
SwingForce's picture

Excellent! I mean they are screwing themselves by STALLING, the sooner they get on with this is the sooner they can go for another bailout to themselves  (that is if Greece is still in the EU).

Sat, 02/11/2012 - 14:23 | 2149440 disabledvet
disabledvet's picture

"Chancellor Miracle lines up center. Team Bankster's defence has been playing Team Sovereign tough all day. They've already knocked Guard Greece out of the game with a season ending knee injury. Looks like they're set up for a running play with Prez Sarkozy anchoring the "I" formation. Look likes she's calling an audible! ("300 billion! 300 billion!") Receiver Portugal is in coming in motion! "Hut! Hut! HIKE!" Miracle is dropping back...SHE'S GOT SARKOZY ON A SCREEN PLAY.....but wait!'a Bankster blitz and Linebacker Dimon is ROARING up the middle! WHAT A HIT! 15 YARD LOSS AND THE MEDICS ARE OUT...AGAIN! Miracle's down! Miracle's down!"
"Man, that's gotta hurt, John." Here's the replay:
"man, those Banksters are MEAN i tell ya! EMM-EEE-AYY-ENNN MEAN!"

Sat, 02/11/2012 - 13:05 | 2149256 Arius
Arius's picture

TD - w/ all due respect it was Banks money to start with ... so, it is only logical to go back to them ... well, agreed multiplied a little bit - after all they are in business of making money...

Sat, 02/11/2012 - 13:21 | 2149288 Raymond Reason
Raymond Reason's picture

Multiplied a little bit?  The returns they are getting, especially considering woldwide ZIRP, come from taking massive downside risk.  And the belief that they can push the downside onto the taxpayers.  So heads they win and tails we lose.   

Sat, 02/11/2012 - 13:30 | 2149315 Arius
Arius's picture

agreed - but they (the banks) owned it; it is their system, they can milk it anyway they want...correct?

Sat, 02/11/2012 - 14:12 | 2149421 unununium
unununium's picture

>> it was Banks money to start with ... so, it is only logical to go back to them

Listen spud.  It's not going BACK to them.  YOU and I are making them whole.

Let that sink in before you reply.



Sat, 02/11/2012 - 14:52 | 2149501 Arius
Arius's picture

i do not mind that, do you?  before you reply, think where would you and me be if banks were not bailed out ....

we all went into a spending bindge and we all got to bend together and pay the price ... just take the pill, it will be easier ...

Sat, 02/11/2012 - 15:28 | 2149560 GMadScientist
GMadScientist's picture

In a paid off home purchased at a reasonable price?

Watch that use of the word 'we', dipshit.

Sat, 02/11/2012 - 20:07 | 2149904 UP Forester
UP Forester's picture

Must be French....

Sat, 02/11/2012 - 22:39 | 2150099 GMadScientist
GMadScientist's picture

Nothing French about being completely debt-free.

Sat, 02/11/2012 - 23:48 | 2150171 UP Forester
UP Forester's picture

Not you, Anius must be French, tossing around the "we" all the time.

Sat, 02/11/2012 - 15:27 | 2149556 GMadScientist
GMadScientist's picture

That may be their 'business', but they apparently SUCK AT IT.

Unless by 'making' you actually mean 'fabricating'.

Sat, 02/11/2012 - 15:58 | 2149606 Arius
Arius's picture

well said scientist ! 

if thats how they teach bankers to apologize - they SUCK AT IT.

Rgds - Erin Bronkovich

Sat, 02/11/2012 - 13:14 | 2149273 nasdaq99
nasdaq99's picture

So then TD, why do you say this:

"One person, whose head is most certainly not spinning and whose mind is long made up, is Angela Merkel. Who will promptly put an end to this lunacy as soon as the ball (bail?) is back in her court officially, some time on Sunday. And all that is of course assuming that there are Greek member of parliament who have not resigned by the time tomorrow when Greece is now fully expected to pass this latest bill."


Nobody disputes that default is the correct course but everybody in Europe has cognitive dissonance so they keep this thing going because the otherwise they have to confront the unconfrontable-that the house of cards gets blown over.  But is this the absolute endpoint?  I just don't think so.

Sat, 02/11/2012 - 16:58 | 2149655 earleflorida
earleflorida's picture

angela has been walking a fine line [energy is nearly exhausted?],... a parallel line, so to say, regarding greek wants' - the greek's too, have been 'talking-and-a-walking' an [in]finite parallel line [not enough kinetic energy?], under the variable radar-rated retention of time,... a directional curve in this financial universe we call reality - but, in close proximity to angie baby's  defined parallel line - sadly, as the laws of [theoretical physics?] money regarding relativity are concerned -  fiduciary responsibility would posit the unequivocal finality that human nature is undoubtedly bounded by the laws of a 'darwinian, financial universe', where parallel lines, do, and must, come to a point, and an abrupt ending

just plain old reality at its present best?


Sat, 02/11/2012 - 16:42 | 2149667 Archon7
Archon7's picture

This is why governments shouldn't do business with banks, especially if they're engaged in a fractional reserve system.  Seriously, does anyone here believe that the average government bureaucrat is a match for the average bankster?  Despite what else you may think of them, banksters are highly-skilled, highly competent, and ruthless businessmen.  The average government bureaucrat is barely half as competent as their "private industry" counterparts, as if their "counterparts" in industry would even be able to hold a job in the first place.  Banksters are the top predators in the shark tank, and governments are just another tasty morsel that can't get out of the tank.  This is one of the many reasons why some kind of "gold standard" is necessary, because governments have neither the discipline nor the competence to swim with the sharks.

Sat, 02/11/2012 - 18:41 | 2149790 wiser
wiser's picture


Out of the 130 billions (+30 billions to be found)

88,5 billion will go back to banks as interest payments due and rolling of bonds expiring

30 goes to PSI participants (banks & private bond holders)

39 has been promised to Greek banksters for recapitalization

nothing goes to the real economy........

Sat, 02/11/2012 - 13:25 | 2149274 slewie the pi-rat
slewie the pi-rat's picture

L0L!!~ TheTricycle

"they're" not stalling;  greece is!  lQQky why in these #s!

well at least:

  • it's a shitload of "money", and
  • it's going to a good cause

germany is so fuked, angela is off babbling about trying to get The City into this!

like, theyre gonna let her know what the deal is before it's over? 

if germany doesn't like what the banksters want, they can leave the EU, right?  but, if they somehow participated in this "magic show" by kiting checks into electronic floatPonzi, and "finding" stuff, just in case that shit has any basis whatsoever in truth, there is that french existential no exit thingy, gain.  oops!  other than that, i'm sure they're free to leave and may be planning on doing so.  with the blunderBank, how could there be a problem?

what the hell does greece give a fuk for at this point? 

they are gonna agree to something "tomorrow", but only if they feel like at and it keeps them bankrolled

the farce that roared

heilcopterz a go-go,000,000,000e/fringe, BiCheZ!

Sat, 02/11/2012 - 20:19 | 2149918 fiddy pence haf...
fiddy pence haff pound's picture

Timmie's behind it all, and London.

It's surprising how the Germans haven't said that Douchebank owes

them two, so she has to go talk bailouts.

Seems though that by squeezing Greece, she's convincing her

people that a bailout is needed, meanwhile, her people

love to watch Greeks suffer. They get their payoff.

Schadenfreude, and expensive, too.

Sat, 02/11/2012 - 12:10 | 2149140 Sockeye
Sockeye's picture

Germany has done the math and concluded correctly that it's cheaper to let Greece go, where does that leave France?

Sat, 02/11/2012 - 12:19 | 2149159 lolmao500
lolmao500's picture

In the ditch?

Sat, 02/11/2012 - 12:50 | 2149190 cossack55
cossack55's picture




"Drinking some wine, eating cheese, catching some rays, ya know."


                            Kelly's Heroes

Sat, 02/11/2012 - 15:40 | 2149581 roadhazard
roadhazard's picture

They shouda made a movie about how oddball spent his share of the loot.

Early Woodstock - with Wavy Gravy and the Hog Farm, yo.

Sat, 02/11/2012 - 17:05 | 2149702 earleflorida
earleflorida's picture

the 'city of lights' has the illuminati to overshadow any darkness there may be


Sat, 02/11/2012 - 17:12 | 2149708 Whiner
Whiner's picture

Chapter 11, Zorba. Confirmation of plan rejected: insufficient votes and lack of feasibility. Country converted to Chapter 7 Liquidation. Auction under the big tent.

Sat, 02/11/2012 - 12:13 | 2149147 lolmao500
lolmao500's picture

Well that's gonna be hilarious when the world is forced to bailout the US... Combined bailout of America, 2016 : 20+ trillion!

Sat, 02/11/2012 - 12:29 | 2149178 The trend is yo...
The trend is your friend's picture

The Martians will bail out the US and Europe.  I little birdy told me they want to set up bases here and will fund our interest payments in exchange for those bases

Sat, 02/11/2012 - 12:44 | 2149208 John Law Lives
John Law Lives's picture

Martian: "Bleep blip bloop blop dink doink dong."

Translation:  "All your base are belong to us."

Sat, 02/11/2012 - 12:16 | 2149148 aleph0
aleph0's picture

Does Greece use a Bad Credit Card ? .. certainly looks that way.
I guess of that 320 Bio. , at least 200 Bio. is PURE INTEREST ... for the Bankstas.
... just the usual to "bail out" Bankstas I suppose.

@Tyler ... LOL , just saw your post .. 100% correct !

Sat, 02/11/2012 - 12:15 | 2149149 dick cheneys ghost
dick cheneys ghost's picture

these bankers should rot in Hell........

Sat, 02/11/2012 - 12:20 | 2149162 lolmao500
lolmao500's picture

What about instead of waiting and hoping they go to hell, we round them up right now and create for them a nice earthly hell? We put them naked in a big cell with dozens of rapists... for hours at a time, every day, for years. They deserve at least that much.

Sat, 02/11/2012 - 12:33 | 2149192 unrulian
unrulian's picture

unfortunately even wretched, dirty, hairy, toothless, rapists wouldn't lower themselves..for that matter neither would rabid dogs, piranhas, starved rats, shit hawks, sharks with lazer beams....i'd lock them up with nancy pelosi and sarah palin....fuck that would be hell 

Sat, 02/11/2012 - 12:39 | 2149207 lolmao500
lolmao500's picture

Indeed. Or even worse, lock them up with the worst Jesus freaks there are. Or Hipsters. Those people are annoying as hell.

Sat, 02/11/2012 - 12:46 | 2149224 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

We will embrace all types of people.  We will give the Jesus Freaks ATVs, and hipsters iPhones.  We will do this on credit.  Credit we will pay off later! 


Sat, 02/11/2012 - 12:44 | 2149213 Manthong
Manthong's picture

Aw man, you were on a roll until you lumped Palin in with Pelosi.

I'll take a good looking, ditzy conservative any day.

Death and refuge in hell would be welcome escape from being locked in a cage with Pelosi and Janet Napolitano, though.

Sat, 02/11/2012 - 12:44 | 2149218 lolmao500
lolmao500's picture

You can't have sex with her. She'll just talk to you about how bright she is...

Sat, 02/11/2012 - 12:52 | 2149235 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yeah right.  Palin is a freak.

Sat, 02/11/2012 - 13:43 | 2149359 Calmyourself
Calmyourself's picture

Yeah right, someone has been drinking big glasses of msm drool / koolaid..  I gotta get me some Navy corpsemen  to administer ipecac..

Sat, 02/11/2012 - 14:10 | 2149411 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

All the puppets are sexual devients.  Bush, his father, Barrack, Palin, it doesn't matter which face it is, they all are.

Sat, 02/11/2012 - 14:37 | 2149466 delacroix
delacroix's picture

leave them alone long enough, they'll be raping each other.

Sat, 02/11/2012 - 12:33 | 2149172 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

We will build from hell on up to the sky!  We will live in the flames but own the world!  We will generate revenue by promising the future!  A future we will create out of our sheer will and thin air!

-The Great Europonzi

Sat, 02/11/2012 - 12:37 | 2149200 skistroni
skistroni's picture

They will rot in hell, but in the meantime, many of us will lose all they have. Heaven can wait, but I can't. 

Sat, 02/11/2012 - 20:10 | 2149907 UP Forester
UP Forester's picture

Beans, bullets and bullion.  Before banks be bare.  Bitchez!

Sat, 02/11/2012 - 12:16 | 2149151 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I have an idea that will build our society to great heights!  We will make loans to each other that will cover one year of GDP!  We will spend now to create our future!

-The Great Leader of 21st Century Europe, Europonzi

Sat, 02/11/2012 - 12:16 | 2149152 Eally Ucked
Eally Ucked's picture

This is total nightmare, they have to default, there is no other way. and this will be really tough burden on their population but at least it will last just few years (maybe 3 or 5). I know from my personal experience that they will withstand that sharp downturn for 2 or 3 years but after that they will grow at the pace nobody would believe. Getting into a deal which guarantees them to go to 120% debt to GDP by 2020 is insane, that means next 20 years or so to get to 100%.

Sat, 02/11/2012 - 12:27 | 2149174 cossack55
cossack55's picture

I have to wonder if ANYONE in Greece has ever even HEARD of ICELAND?  Note: Caps indicate screams.

Sat, 02/11/2012 - 13:24 | 2149291 HardlyZero
HardlyZero's picture

Iceland exists in some other alternate universe beyond the debt horizon...Iceland fell into the black-debt-hole a few years back and no one has heard from them since.

Sat, 02/11/2012 - 20:12 | 2149908 UP Forester
UP Forester's picture

You mean the "Country no one can speak of" is like the "Candidate no one can speak of?"

Sat, 02/11/2012 - 21:16 | 2149970 LasVegasDave
LasVegasDave's picture

Iceland is BACK BABY!!!!!!!!!

Sat, 02/11/2012 - 12:16 | 2149154 hairball48
hairball48's picture

My head is spinning 'cause it's all "Greek" to me.

I'm still buying gold, silver, food, and ammo because the riots are coming's just a matter of when.

Sat, 02/11/2012 - 15:12 | 2149541 Timmay
Timmay's picture

Sounds like Terrorist activity...


They have already planned for that.

Sat, 02/11/2012 - 20:15 | 2149914 UP Forester
UP Forester's picture

A few well-placed nukes by a friendly Eastern Mediterranean country, followed by a flying sqeal flu, then rounding up anyone who doesn't want to be "protected from the terrrrrists?"

Sat, 02/11/2012 - 12:18 | 2149158 watmann
watmann's picture

Is this really a bailout of Greece or the German and European banks? I suggest that its a bailout of the banks who are holding the Greek government and bank paper. These bailout funds will come from the European banks one way or the other and go back to these same banks in an effort to licj the can down the road as and is being done in the US. Everyone in the US seems to think that US Companies are "doing better than expected," but what heppens if you didnt have or continue to have this $1.5 Trillion faux US Givernment addition to demand in the US?

Sat, 02/11/2012 - 13:17 | 2149276 Arius
Arius's picture

too many IFs bro ... the reality is US is moving strong!

if you disagree, deal at your own risk - an axiom proven true to live by: never bet against USA!

Sat, 02/11/2012 - 12:20 | 2149163 Eireann go Brach
Eireann go Brach's picture

What do you predict the stock market may fall on an actual Greek default?

Sat, 02/11/2012 - 13:18 | 2149280 smiler03
smiler03's picture

It will be bullish, no falling indexes to be seen here.

Sat, 02/11/2012 - 18:52 | 2149283 Randall Cabot
Randall Cabot's picture

Bullish, markets will shrug it off.

Sat, 02/11/2012 - 16:28 | 2149647 Excursionist
Excursionist's picture

The answer lies on the cover of this morning's issue of Barron's:  Dow at 15,000 in the next two years.  Buy on the dips and hold.  What could possibly go wrong?

Sat, 02/11/2012 - 23:50 | 2150175 UP Forester
UP Forester's picture

Gold:Silver:Dow at 1:1:1?

Would that be wrong?

Sat, 02/11/2012 - 12:22 | 2149165 SDRII
SDRII's picture

Drudge linking to a Brooking's Kagan describing the need for American power projection. This passage almost too ironic for words...


"Another problem is that China's form of capitalism is heavily dominated by the state, with the ultimate goal of preserving the rule of the Communist Party. Unlike the eras of British and American pre-eminence, when the leading economic powers were dominated largely by private individuals or companies, China's system is more like the mercantilist arrangements of previous centuries. The government amasses wealth in order to secure its continued rule and to pay for armies and navies to compete with other great powers."


"But international order is not an evolution; it is an imposition. It is the domination of one vision over others—in America's case, the domination of free-market and democratic principles, together with an international system that supports them. The present order will last only as long as those who favor it and benefit from it retain the will and capacity to defend it."

Sat, 02/11/2012 - 12:30 | 2149186 dick cheneys ghost
dick cheneys ghost's picture

Let the fortune 500 pay the pentagon budget.......for they are the only ones who benefit from it..........

Sat, 02/11/2012 - 13:20 | 2149282 whateverwhatever
whateverwhatever's picture

[...] in America's case, the domination of free-market and democratic principles, together with an international system that supports them. The present order will last only as long as those who favor it and benefit from it retain the will and capacity to defend it.

Blah blah. For 30-odd years conservative sheeple Americans thought they could run a country on literally no taxes. "Free-market"? More like screw over everyone but the rich and the Pentagon, print worthless green rectangles to cover over "deficits don't matter", and pretend that the USA still has something that resembles industry. Where'd all that "money in your pocket" go? Cheep Chinese crap.

Beijing must laugh when Glenn Beck has yet another temper tantrum.

Sat, 02/11/2012 - 13:47 | 2149372 Calmyourself
Calmyourself's picture

Really, no taxes..  Because for the last 30 years no taxes have been collected at least not enough for your unicorn breeding fantasies.. That is such a concentrated grouping of stupid it is hard to retort..  How about we slow or yes even stop spending WAYY beyond our means?

The Lib/Soc trolls msut have gotten marching orders this week..  George is that you?

Sat, 02/11/2012 - 13:30 | 2149317 Schmuck Raker
Schmuck Raker's picture

Old NeoCons never die. They just keep shitting all over everybody else.

[It isn't poetry, just true.]

Sat, 02/11/2012 - 21:24 | 2149979 LasVegasDave
LasVegasDave's picture

old leftists never die, they just put on their fascist hats and run for office.

Sat, 02/11/2012 - 12:23 | 2149166 The trend is yo...
The trend is your friend's picture

Merkel doesn;t have the courage or the will to let greece go.  The Merry - go - round will continue.  On Sunday the Troika will have some other nonsense meeting.  the Charade will go on to the Nth hour on March 20 when somehow the first 14 billion tranche will mysteriously show up to make the bankers quarterly numbers look good.  Frustrating just doesn't describe the system we are in.  If even 10% of the ppl knew what was really going on around the world and in the US with the crooked Central banks their would be blood on the streets.  They are winning this boxing match and going for the one two punch.

Sat, 02/11/2012 - 12:39 | 2149206 skistroni
skistroni's picture

To put it more explicitly, she doesn't have the balls. No wonder, even male leaders nowadays have shown complete lack of testosterone. 

Sat, 02/11/2012 - 14:11 | 2149416 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They do rot in hell.  Their lives are worthless and meaningless.

Sat, 02/11/2012 - 13:12 | 2149263 Manthong
Manthong's picture

That is not it at all....   Merkel is an EAST GERMAN socialist and tool of the banksters. She wants wants the bail out. She is central to the fiscal union movement that more tightly couples the EMU and eventually governments.  She does not give a hoot about the damage to the German economy.

Sooner or later, it will be up to the people to break the statist/bankster rollover-to infinity death grip..

Greece, Portugal,, Italy.. HERE.

Sat, 02/11/2012 - 15:55 | 2149602 slewie the pi-rat
slewie the pi-rat's picture

no matter who she "is" and what she "decides" it seems to me that nobody put her in charge of a fuking thing except...(wait for it)...germany

so, let's consider:  she can either lead germany to stay in the EU or get tf outskie?

maybe she has some "power" to help shape what some council0'Technocratz "decides"

why, if those darned internationalBanksters want to print a shitload of [moMoney=debt], she can then do her actual job and cut the bullshit and pull germany into the future by leaving

if she and the blunderBank haven't used this "exorbitant" amount of [time=money] time AND money to compromize that option and sell the krauts down the river, to werk for the collective while the SNB makes the centralPlanningTM fiatLube4, b/c it is, locally, at least, the "lender of last resort" and has pegged the EURCHF since last summer, right about the time when the US credit-worthyness was downgraded and, according to tyler, the "market broke"

wouldn't it be just wild if this were actually true?  L0L!!

so, IF they can still boogie (which frauCinderella, er, ...frauEvilSister) which angela never wanted, not for 1 second, she could conceivable lead germany the hell out and toLiberty!

the idea that the central victim here, is greece, has got me fiddling on the damned roof w/ a reefer!

i must give my arch-dude, falak_p, credit for his xlnt insight into DSK's take-down b/c he was merkelzAlly in the banksterBullshitsky and she was relying on "IMF 'structure' " (if you will) to develop her "hand" at the gamingTable

so, she was isolated and beaten like a rented mule!  let's see what she's got left as ve velkom goyman verkerz to the NW0! 

we're havin fun now!

Sat, 02/11/2012 - 20:42 | 2149934 Hulk
Hulk's picture

Well goddamn me, I almost comprehended 98.2% of that!!! But I have been working on it for a year and two weeks!

Sat, 02/11/2012 - 22:31 | 2150072 slewie the pi-rat
slewie the pi-rat's picture

i wish i could assure you there won't be a quiz

if there is, tho, don't forget:  the correct answer will be either 'maybe', or 'i don't know"

trust me!

Sat, 02/11/2012 - 12:24 | 2149168 The Reich
The Reich's picture

Today's news from Germany: Merkel postponed the sacking of Greece.


So the European taxpayers have been fucked up once more.

Sat, 02/11/2012 - 14:08 | 2149231 g3h
g3h's picture

No.  Not at all.


A rumor is not true until it is officially denied.  Merkel actually implied that Greece should pack and leave, except it is not her fault.

Sat, 02/11/2012 - 14:40 | 2149475 HardlyZero
HardlyZero's picture

Merkel is wearing black and looking she must at least feel guilty.

Leading Greece along the primrose path to the massive debt black-hole...oops they fell in.

Sat, 02/11/2012 - 13:27 | 2149304 wandstrasse
wandstrasse's picture

are really so few looking through Merkel's 'at-least-I-have-tried' - charade??

Sat, 02/11/2012 - 14:41 | 2149479 HardlyZero
HardlyZero's picture

Its so difficult...and political too.

Sat, 02/11/2012 - 12:24 | 2149169 GeneMarchbanks
GeneMarchbanks's picture

'This is secured debt, which means that if every dollar in assets generating one dollar in GDP were to be liquidated and Greece sold off entirely in part or whole to Goldman Sachs et al, there would still be a 36% shortfall to the Troika, EFSF, ECB and whoever else funds the DIP loan (i.e., European and US taxpayers)! Another way of putting this disturbing fact is that global bankers now have a priming lien on 136% of Greek GDP - the entire country and then some now officially belongs to the world banking syndicate.'

Last I checked there are Greeks still living there which means that they probably won't take this very well.

Sat, 02/11/2012 - 12:58 | 2149245 Dr. Kananga
Dr. Kananga's picture

I'm still trying to imagine the size of the cleaning deposit the new landlords are gonna want. 11 million broke tenants = lots of wear and tear on the rugs and walls. God knows what'll happen to the plumbing.

Sun, 02/12/2012 - 03:23 | 2150428 Tom Green Swedish
Tom Green Swedish's picture

It will clear the way for a nice cheap vacation spot for the entire world with greeks serving as slaves for the next 10 years.

Sat, 02/11/2012 - 12:26 | 2149171 adr
adr's picture

So the ECB is loaning money to itself to buy Greek bonds for Greece??? Or is it the EFSF is loaning Greece the money to loan the ECB to buy Greek bonds??? Or is the IMF loaning the ECB money to loan to Greece so it can pay the EFSF to buy its bonds so Greece can make its bond payment??? Whatever way it happens, isn't it just complete total electronic transfer BS to makethe banks look like they hold cash, when really they hold trillions in worthless assets??? My brain hurts.

Sat, 02/11/2012 - 12:29 | 2149183 cossack55
cossack55's picture

a.    yes

b.    no

c.    maybe

d.    none of the above

e.    all of the above

Sat, 02/11/2012 - 12:38 | 2149203 Tyler Durden
Tyler Durden's picture

Bingo: Europe has run out of unencumbered money-good assets.

That is all you need to remember. Everything else is noise.

Sat, 02/11/2012 - 12:45 | 2149220 The trend is yo...
The trend is your friend's picture

Tyler, You have given me a better education then any business professer in both undergrad and grad.  I wish i could get that 100k grand back and give it to you instead

Sat, 02/11/2012 - 12:57 | 2149242 farmerjohn2112
farmerjohn2112's picture

+1 and 'Amen'.

Sat, 02/11/2012 - 13:07 | 2149257 dick cheneys ghost
dick cheneys ghost's picture

I second that....

Sat, 02/11/2012 - 14:40 | 2149477 prains
prains's picture

Make a donation

Sat, 02/11/2012 - 16:46 | 2149651 Goldilocks
Goldilocks's picture

   ( . )( . )

Sat, 02/11/2012 - 12:48 | 2149227 falak pema
falak pema's picture

Who in first world hasn't? The black hole of Calcutta is now loaned to first world, courtesy the creators of outsourcing model ! 

I think that Robert Clive and Warren Hastings are turning in their graves!

Sat, 02/11/2012 - 13:13 | 2149267 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Europe has run out of unencumbered money-good assets.

Forbes will buy the Greek islands once all the Greeks leave their country to work in German factories.

Sat, 02/11/2012 - 15:19 | 2149532 slewie the pi-rat
slewie the pi-rat's picture


greece is re-hypothecating everything, as i type

they should agree to take a bit less, overall, in wages and bennies,  to get the stinkin pile of fiat hoooey they need to stay "solvent" from "the magicians & wizards"

adjusted for inflation, of course...

b/c of "inflation/deflation/stah-biiil-eee-tey" everything should stay open-ended, in terms of strucural "finality" so these same shitheads can do it again for some poor wayward euro wench w/ the debtPreggers, or this one, which seems to be on fertility drugs!

like US!

why the fuk would anybody want to werk in german factories unless they were silly? 

or make "phones"? 

this werks!  let's just keep doing it!  plus,'s FUN!!! L0L!!!

Sun, 02/12/2012 - 03:26 | 2150430 Tom Green Swedish
Tom Green Swedish's picture

End game for the continous Greek bankruptcy default game.

Sat, 02/11/2012 - 12:26 | 2149173 Sandmann
Sandmann's picture

Gamblers rarely like to admit defeat - drunken gamblers are the nearest thing to politicians we know

Sat, 02/11/2012 - 12:40 | 2149210 unrulian
unrulian's picture

big difference...gamblers, even drunken ones are much higher on the morality scale, they only hurt themselves and at the end of the day drunken gamblers can stumble home and no one will the end of this mess the bankers won't be stumbling anywhere

Sat, 02/11/2012 - 14:42 | 2149335 HardlyZero
HardlyZero's picture

Genesis - Firth of Fifth

Constant change.  Looks like more changes coming for the sheeples.

Sat, 02/11/2012 - 12:27 | 2149175 The Alarmist
The Alarmist's picture

Really? Faced with the hope of a rescue and the certainty of embarassment, the politicos are going to go with hope, because it is not their money, rather it is ours, that is being spent.

Sat, 02/11/2012 - 12:28 | 2149176 EnglishMajor
EnglishMajor's picture

Let the banksters eat baklava!

Sat, 02/11/2012 - 12:27 | 2149177 czarangelus
czarangelus's picture

The Zionist banking Axis let Iceland go without a massacre, but I doubt they'll be anywhere near so generous with the Greeks. As much as I ridicule Greeks for selling their country to Germans, the truth is, nowhere in the world can the people really demand accountability from the technocrats, even our vaunted Western "democracies." When the Greeks revolt, will it be so easy to play it as Muzzies and Dem Foriners to IMF thug caste of American sheeple?

Sat, 02/11/2012 - 13:18 | 2149253 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The banking system holds no real power.  That is what everyone needs to get through their skulls!  What, they collapse the dollar?  All of their power lies in the perceived value of the dollar.  If the dollar collapses then they have no power, and everyone realizes the sham.

The system has no power over us, we have power over the system.  We do not need the banks, the banks need us.

Sat, 02/11/2012 - 13:27 | 2149305 Dr. Kananga
Dr. Kananga's picture


Going way macro here: their (fiat) money is, at best, a way of organizing social behavior--it signals direction to the players and allows them to store 'wealth.' Money is not the lifeblood of the economy, however--that's the big con--it's behavior that makes the cart go.

The big problem is that few percieve that there are alternative ways to organize behavior, and, of course, we'd need a new signal and storage system (which would eventually lead back to top dogs gaming the system, etc...)

Sat, 02/11/2012 - 15:16 | 2149545 slewie the pi-rat
slewie the pi-rat's picture

what "social behavior" extinguishes debt?

stay tooned, huh?

Sat, 02/11/2012 - 22:09 | 2150038 Wolf-Avatar
Wolf-Avatar's picture

Excellent point, Mr Lennon Hendrix, the only power they have is the power of owning the Fiat dollar.

That power only lasts as long as the fiat is worth something.

They threaten to let the fiat collapse if we don't do as they say BUT they will never let it collapse (intentionally) as it is the only bargaining chip they have.

It's like a bank robber making demands with only one hostage.

Sat, 02/11/2012 - 12:31 | 2149189 Neidhammel
Neidhammel's picture


Germany could easily transfer € 100 billion more p.a. to the EUSSR cleptocrats by implementing Greece-like austerity measures at home. In fact, that’s no big deal, and Germans would finally endure some cuts in benefits, pensions, wages and subventions.


Sat, 02/11/2012 - 12:33 | 2149194 Bansters-in-my-...
Bansters-in-my- feces's picture

With all the bad news in the world these days it is great to finally hear some good news.

Ps....Fuck you's bankers.

Sat, 02/11/2012 - 12:33 | 2149195 crawldaddy
crawldaddy's picture

leaders of france and the US in an election year, please, they'll throw money at any problem to keep it off the radar a little longer.

Sat, 02/11/2012 - 12:35 | 2149198 TradingJoe
TradingJoe's picture

LIMIT DOWN .......

Sat, 02/11/2012 - 12:44 | 2149199 falak pema
falak pema's picture

OUt of the 19% the greek oligarchs and top greek bureaucrats will pocket 10. Out of the 81% the ponzi banks will pocket 63 but in reality more as IMF money is circular for PDs who are on the government teat at home, as national Oligarchs. German taxpayers win as german salaried and wealth holders; the longer the Euro construct holds the more they make by selling to their fellow eurocountries much more than they buy. German tax payers are sheeple, german oligarchs are kings. But as sheeple the germans have the best deal in eurozone. Count your blessings as long as they last! We are in circumlocution, La Ronde of MAx Ophuls. Only its not women its fiat that goes round! We don't win in this exchange.

Its a changing world! And the gaping financial hole of first world is now the first wonder of the NEW world, just like Parthenon for ancient world!

La Ronde (film, 1950) - Wikipédia

Sat, 02/11/2012 - 12:39 | 2149204 The trend is yo...
The trend is your friend's picture

Their is a story of a circus elephant.  The elephant is tied down by a mere thin rope that the elephant can easily break however it doesn't even attempt to.  A young boy asks the elephant handler aren't you afraid the elephant may snap the rope and run away or hurt you or somene else?  The handler responds:  "you see when the elephant was very young and much smaller he tried to break the rope everyday.  He pushed and pulled until he exhausted himself.  After a few years he just stopped trying.  I broke his will.  that is why i know this rope will be just fine to keep him where i want"


Sat, 02/11/2012 - 12:48 | 2149223 unrulian
unrulian's picture

a small boy saw a farmer lifting a calf and asked him why he is doing so. the farmer replied " so one day i can lift an Ox" the boy asked, "what do you mean? oxen are far too big to lift" the farmer smiled and said "you see, when a calf is born if you lift it every day you will get stronger and when the calf grows to an ox you will still be able to lift it" the boy replied" ahh what ever we're fucking elephants"




Sat, 02/11/2012 - 12:39 | 2149205 SIOP
SIOP's picture

I keep getting the feeling some Greek person has incriminating photos of some high profile german person with a goat.

Why doesnt germany just walk away?  I dont get it.

Sat, 02/11/2012 - 12:45 | 2149221 skistroni
skistroni's picture

No, no goats. Just fisting, XXL frankfurter insertions, reverse BJs and other innocent stuff. 

Jokes aside, I don't believe that any political leader or MP has any fucking idea what is going on, and what will be the consequence of their decisions. Just flying blind. They cannot compute those numbers, they are familiar only with 10-digit calculators. 

Sat, 02/11/2012 - 12:43 | 2149215 Scalaris
Scalaris's picture

Cost of Greek Bailout: €320 Billion

Cost of Banking Industry happiness: Priceless


- For everything else, there's MasterCard

Sat, 02/11/2012 - 12:47 | 2149225 I am Jobe
I am Jobe's picture

End of Greece. Next, Spain, and then by end of 2013 USA USSA USSA, Yippie. No fucking end in sight. Slavery Bitchezzz.

Sat, 02/11/2012 - 12:48 | 2149228 SDRII
SDRII's picture

Greece is way to geopolitically important to be cut loose. The links with the Russians may have caused the downfall of a previous PM.

Yetserday here is the EU Energy commisar

"Turkey holds significant importance<> for Europe's energy security due to its geographical positioning and regional roles, said the European Union's top energy commissioner yesterday.  "Looking at the map, we can see that Turkey plays a significant role in energy security," Günther Oethinger said before the start of the "Quartet Meeting" in Istanbul. According to Y?ld?z, Turkey was the only country that had taken a concrete step in energy projects to feed Europe by signing on Oct. 25, 2011, the ShahDeniz II agreement with Azerbaijan to supply natural gas to the Nabucco pipeline project. "We have talked about the major energy transfer plans such as Interconnector Turkey-Greece-Italy gas pipeline [ITGI], Nabucco and Trans Anatolian Pipeline [TANAP], which all form the southern corridor," Y?ld?z said. "If the energy chapter to start negotiations with the EU has not started yet due to political reasons, it is not our problem but theirs.""


Flip to Russia, Greece, US: Blugaria reached an agreement to allow the US fly drones in its airspace<>, which Bulgaria claimed as an annex to the 2006 Defense Cooperation Agreement - then terminated the Russian/Greek Burgas-Alexandroupoli pipeline in December.  The talk of termination has been<> brewing since early 2011. Bulgaria objected to the project on environmental grounds. Here is what the linked article says of Bulgaria:

" Ever since the center-right government of Bulgarian Prime Minister Boyko Borisov took office in the summer of 2009, it has been balking at the construction of the Burgas-Alexandroupolis oil pipeline, which had been promoted vigorously by the former Socialist-led Stanishev Cabinet and the Socialist President of Bulgaria, Georgi Parvanov. [clip...] In December, Greece's Deputy Prime Minister Theodoros Pangalos was especially critical of Bulgaria as regards the issue of the construction of the Burgas-Alexandroupolis pipeline claiming that the rightist governments in Bulgaria in the past 15 years - including the current Borisov government - have served American interests by blocking the progress of the oil pipeline. Greece has been a strong proponent of the pipe."

"Former prime minister Kostas Karamanlis<> played the Russian card in the energy and foreign policy sector, and many believe that was his undoing. Of the three major agreements he signed - the Burgas-Alexandroupoli and South Stream pipelines, as well as a major purchase of Russian tanks - none has come to fruition. Historically, Greece has at times turned to Russia to counterbalance Western pressures. But the deepening of Greek-Russian ties has most often led to strong Western objections (mainly American), most recently with the South Stream pipeline. "The South Stream project was studied in depth by Russia, and Moscow has made some decisions. Greece must take care to bring the two countries' officials in touch and see what it must do to get a southern branch" that would pass through Greek territory, Dimas says. At the end of 2011, Turkey gave Russia permission to have the pipeline pass through Ankara's Exclusive Economic Zone, in the Black Sea. The 3,600km pipeline will pump Russian gas to Europe, a prospect that critics say will increase European dependency on Russian gas. A former executive at Hellenic Petroleum, Dimas was a motivating force in promoting the Burgas-Alexandroupolis pipeline, which was recently blocked by Bulgaria.

This past week we got headlines that Israel requested to base fighters on Cyprus< (which follows their mutual defense pact with Greece)? LAst week another major gas field find iby Israel whose lmartime border with lebanon (Hez) is still in dispute.,7340,L-4185339,00.html

Makes the greece situation even more complciated and risky given the natgas finds.

Then there is this





Sat, 02/11/2012 - 12:48 | 2149229 Sudden Debt
Sudden Debt's picture

Don't worry! The US will beat them in just a couple of years from now!!

Sat, 02/11/2012 - 12:52 | 2149234 iamtheeggman wh...
iamtheeggman whooooooooooooo's picture

Thank you Zero Hedge, for being the best, and continuously current source for information on the Euro crisis.

Nobody does it better.

Sat, 02/11/2012 - 12:58 | 2149244 farmerjohn2112
farmerjohn2112's picture

It just keeps getting better and better... to quote my kidz favorite band 'Shit is fucked up.'

Sat, 02/11/2012 - 12:59 | 2149246 Dr. Gonzo
Dr. Gonzo's picture

Here's a solution that no one in the Troika has though. Greece could take that money and use it to mint sovereign gold and silver Dracmas and flood their economy with it. They could even buy Iranian oil and not have to worry about USD's so their economy could prosper.This would help along the Euro in it's decline even more. Then they can buy back cheap Euros with their strong gold currency a year or so and pay back the loan in full. Nobody defaults. No CDS contracts are triggered. Everybody is a winner. I can think outside the box even better than the banking technocrats to solve their problems for them. It's not that hard really. Just think of the worst nightmare of Ben Bernake and Mario D. and the wheels start turning. 

Sat, 02/11/2012 - 14:17 | 2149432 Schmuck Raker
Schmuck Raker's picture

That might just be crazy enough to work.

Sat, 02/11/2012 - 13:00 | 2149247 Tim Knight from...
Tim Knight from Slope of Hope's picture

Why doesn't ZH have the Pulitzer Prize for stuff like this? And why is,, allowed to continue to exist? I don't get it.

Sat, 02/11/2012 - 13:17 | 2149277 lizzy36
lizzy36's picture

Most people prefer the illusion to the truth.

Fully convinced after last 3 years that givern Bernie Madoffs returns, most would still invest, regardless of how those returns were generated.

Greed is good. The illusion is something people want to believe in.

Sun, 02/12/2012 - 03:28 | 2150432 Tom Green Swedish
Tom Green Swedish's picture

Most people watch reality shows which are all fake.


Here's my favorite news story from last year:


"I can't stand him. He's a liar," Sarkozy said of Netanyahu, according to the website.

Obama replied, "You're tired of him; what about me? I have to deal with him every day," the site reported.

Sat, 02/11/2012 - 13:08 | 2149259 lizzy36
lizzy36's picture

The last paragrapgh is the most important.

The cost of keeping the myth alive, vs the cost of dealing with reality as it occurs.

The tumor keeps growing. All the chemo in the world only weakens the patient, but does nothing to a tumor that should have been restructured 2 years ago.

Looking forward to 2 years from now, when all idiot banks that loaded up on their "risk free" sovereigns thanks to the LTRO start realizing that risk free is just another word for subprime.

Sat, 02/11/2012 - 15:29 | 2149564 Jena
Jena's picture

That's because you have to cut the tumor out first, then do the chemo or radiation.  Do it in the wrong order and it's useless.

Sat, 02/11/2012 - 13:12 | 2149265 ttown
Sat, 02/11/2012 - 13:14 | 2149268 Moocao
Moocao's picture

For the love of God, Greece please default. In the name of your people, of your children, of your unborn children!


Daughters of [Jerusalem], stop weeping for Me, but weep for yourselves and for your children. 29 "For behold, the days are coming when they will say, 'Blessed are the barren, and the wombs that never bore, and the breasts that never nursed.' 30 "Then they will begin to say to the mountains, 'Fall on us,' and to the hills, 'Cover us.' 31 "For if they do these things in the green tree, what will happen in the dry?

Luke 23:27-31



Sat, 02/11/2012 - 14:02 | 2149398 Schmuck Raker
Schmuck Raker's picture

First I'll buy some beads
And then perhaps a leather band
To go around my head
Some feathers and bells
And a book of Indian lore
I will ask the Chamber Of Commerce
How to get to Haight Street
And smoke an awful lot of dope
I will wander around barefoot
I will have a psychedelic gleam in my eye at all times
I will love everyone
I will love the police as they kick the shit out of me on the street
I will sleep . . .
I will, I will go to a house
That's, that's what I will do
I will go to a house
Where there's a rock & roll band
'Cause the groups all live together
And I will join a rock & roll band
I will be their road manager
And I will stay there with them
And I will get the crabs
But I won't care


Frank '68 2:34

Sat, 02/11/2012 - 13:17 | 2149275 silvermaister
silvermaister's picture


Sat, 02/11/2012 - 13:26 | 2149301 cossack55
cossack55's picture




1.  Ignore facts

2.  Eat dirt

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