Cue The Greek Denial

Tyler Durden's picture

Precisely an hour ago, just after Dow Jones broke the news that a Greek IMF director confirmed what everyone with half a frontal lobe knows very well, namely that Greece needs at least one more bailout, and realistically many, many more, because recorder debt can never fix record debt: you need recordest debt for that (just ask Keynesians), we said this:

And, as always happens in these cases, here it comes:


Alas, the cat is now out of the bag, and any further denials out of Greece merely bring the moment of departure closer. Not even the EURUSD algos are buying it.

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Conman's picture

Time for another greek FinMin to faint and resign. Or was it time to get some eye surgery, eh either way bye bye, bring in the next one.

HoofHearted's picture

We don't need a bailout. And none of us are gay. Oh, you have pictures? Well, that was just once when we were young and we needed the money. Shit, they're from last week? Damn Larry Craig.

gojam's picture


"Please Do Not Ask For Credit"
As A Public Slapdown Often Offends!"

Spider's picture

Rule #33 of Politics: Don't believe anything until it is officially denied.

Check that one off - 3rd bailout it is

Joe Davola's picture

Don't forget the corollary:


Or the opposition is accused of the same, only worse.

ThunderingTurd's picture

Apparently the math at the IMF is different than the math that finance minister and Samaras learned at school.

Global Hunter's picture

lol, or their models are using varying degrees of impossible to ever acheive not even in one hundred years assumptions. The Greek's model has tax receipts increasing by 12% next year, the IMF have it increasing by 5% and voila the difference between needs and don't need a bailout.

Quinvarius's picture

Well played, sir!

schatzi's picture

True, well played. Though this game has become so transparent you don't even need half a frontal lobe to predict their behaviour.

ShrNfr's picture

That still leaves Ben out.

Global Hunter's picture

Dammit make it stop...make it stop!

Dr. Richard Head's picture

No, no, no!  Keep it coming.  Perhaps after bailout 50 the sheep of the world will see the fiat curtain for what it is....window dressing.

Nothing To See Here's picture

All they need is a very innocent and technical thing, merely the absence of national sovereignty on the continent, and perhaps also removing popular voting on who leads the new State if you really want something perfect. Only then will everyone live happily ever after...

"Those who promise us paradise on earth never produced anything but a hell." - K. Popper

Vince Clortho's picture

Bailouts, debt figures, numbers, intellectual arguments are not going to convince the masses.

They will respond to losing their job, losing their house, not enough food, gas too expensive to fill up the car ...

For most people, it's simply not real until it hits you in the face.  Then you notice other people in your situation; people start talkiing to each other instead of listening to the propaganda from the talking heads on the boob tube.  At that point, change becomes possible.

LULZBank's picture

Seems like EU is fine, nobody needs bailouts.

Sudden Debt's picture

they don't need it but it would be a nice to have. You understand?


LULZBank's picture

Nice to have.. you mean like... so they can offer bailouts to their neighbours? Like Italy bailing out Spain, who doesnt want to be bailed out, but then Spain bailing out Greece, who doesnt want to be bailed out either... ???

I am no expert in philosophy, you know.

Xibalba's picture

Who's Greece?  

Sudden Debt's picture

The guys who make the olives that go with your coctail.

Nothing To See Here's picture

I thought it was a John Travolta movie...

larz's picture

who is greece? It has to be a bank

Dr. Engali's picture

Fuck...will something different happen?

GetZeeGold's picture



Wouldn't count on least until after the elections.


kito's picture

Only when the people overwhelmingly vote for the party that has the interests of the people will greece end the gutting of their nation.....until then the pillaging continues.......

foodstampbarry's picture

If everyone is in debt, no one is in debt. Bullish!

Bazinga's picture

I'm tired of this syndicated tv show. Guess we can look forward to many more reruns on the telly.

We need Kojack on the case. He doesn't take any crap while sucking on that lollipop.

fuu's picture


He is the Formulator.

Nobody For President's picture

And we are assuming the posititon.

ziggy59's picture

Class: 'Perception Deception 201'
Given at Propaganda University

Prereqs... BS 101, Lies 101, Lies 201, Say Anything 101

Kaiser Sousa's picture


pods's picture

Greece is merely being squeezed for every bit of collateral that can be stolen.

Reminds me of "Confessions of an Economic Hitman."

Scratch that, it IS "Confessions of an Economic Hitman!"


Sudden Debt's picture


oh... you mean... that wasn't the question?...

never mind....


yogibear's picture

Greece, threaten to leave the Euro, Draghi and the rest will throw money at you.  He stated he will save the union at all costs.


Dareconomics's picture

Back in March, Greece was playing chicken with the troika trying to wring the best possible terms out of them for its 2nd Bailout. A market panic was averted as Greece acceded to troika's (Germany's) austerity demands.

At the time, it was quite obvious that the 2nd Bailout was merely a can-kicking exercise. The best case scenario envisioned the Greek debt to GDP ratio falling to a still unsustainable 120% of GDP by 2020. If you have been paying attention to the Eurocrisis, you should know that the best case scenario is always a delusion. It was clear that Greece would eventually need a 3rd bailout, but even I am shocked that it happened so quickly.

It is in all of the relevant politician's interests to keep Greece afloat as long as possible. While some people claim that a Greek exit could be contained, that is a dangerous game to play. Maybe the banks and all of the businesses have succeeded in reducing their exposure to Greece and implementing a Plan B in case Greece leaves the Eurozone, but there will be unintended consequences.

As much as the Greek people protest and complain about their lot, they are addicted to troika payments just as much as the politicians on whom they direct their ire. Greece will continue to do whatever the troika says to keep the money flowing.

The troika cannot risk the consequences of a Greek exit. The potential costs are too great, and it is very cheap to keep Greece going. Greece is the the European Union as Indiana is to the United States in terms of size and economic importance. Don't you think the United States would come up with a few billion dollars to keep Indiana afloat if its default threatened the existence of the entire country?

The Northern countries' electorates won't be happy with another Greek bailout, but they do not want an economic catastrophe either. They will complain, but ultimately they will pay. Here is my detailed reasoning, written last month:

larz's picture

Its Bush's fault

semperfi's picture

There will be no exit by any Euro country without blood being spilled first.   Bets ?

larz's picture

can this blood be spilled anywhere in the world or does it have tobe on the continent?

caimen garou's picture

we don't need more money but greece my palm please, thanks

Peter Pan's picture

No number of bailouts will be enough until sustainability is restored. Everything else is just fat words and delusional hope.
Just write off her debt and put an end to her constant bailouts and agony.

TomGa's picture

"Never believe anything in politics until it has been officially denied."

-- Otto von Bismark

the 300000000th percent's picture

I already see them needing a 6th and 7th bailout!

MoreNails's picture

Schaeuble just out saying that Spain shouldn't ask for a bailout, while the Cypriot CB head "explaining" that the ECB will never need to actually buy bonds because, you see, the bazooka is just that impressive. So everyone has its fingers crossed for the magic to somehow hold, so that nobody actually has to do anything.