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Did Papandreou Just Get The Worst Possible News?

Tyler Durden's picture




 

Did everyone's favorite pathologically lying Prime Minister finally get the long overdue bad news? After yesterday Bloomberg released the following succinct statement... "Greek Prime Minister George Papandreou will meet with International Monetary Fund Managing Director Christine Lagarde in Washington on Sept. 20, according to an e-mailed statement from the premier’s office in Athens. On the same day, Papandreou will also meet with U.S. Treasury Secretary Timothy F. Geithner, according to the statement. Papandreou will visit New York and Washington from Sept. 18 through to Sept. 23, and will speak at the United Nations General Assembly, the email said." BBC News now follows it up with.... "Greek Prime Minister George Papandreou has cancelled a visit to the US because of the seriousness of the country's debt crisis, Greek media reported, quoting government sources. State TV said he decided to return home after consultations with Finance Minister Evangelos Venizelos. Mr Papandreou planned to attend the UN General Assembly and IMF meetings. The decision comes a day after eurozone ministers delayed a decision over debt-ridden Greece's next bailout loan." Having acted like a petulant child most of his political career, did G-Pap just pull the final act and "retaliate" at the IMF and the US for snubbing him in the only way he knows - by refusing to grant Timmy G and Lagarde an audience? In the meantime, Europe believes it is ready to cut the cord with Greece...

Here is the official statement.

Never a dull weekend.

 

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Sat, 09/17/2011 - 11:40 | 1679707 Prescient_Point
Prescient_Point's picture

Hope this weekend turns out to better than the last one... I have high hopes on you greece ;)

Sat, 09/17/2011 - 11:49 | 1679725 Tense INDIAN
Tense INDIAN's picture

me too....very HIGH HOPES 

Sat, 09/17/2011 - 12:00 | 1679744 DeadFred
DeadFred's picture

It seems he understands one of the cardinal rules of governing, don't leave the country when your military is a tad irritated with you. Coup bitchez!

Sat, 09/17/2011 - 12:13 | 1679769 nope-1004
nope-1004's picture

I can't believe anyone would come to the US and the sole purpose would be to talk with Geithner.  That is a complete waste of time.

I'd let Geithner beg to me over the phone to keep the ponzi going - no need to fly to the US and listen to him plead in person.

Maybe, just maybe, the banks are in trouble.  I dunno.

Sat, 09/17/2011 - 12:20 | 1679783 spiral_eyes
spiral_eyes's picture

Tim Geithner should fuck off back to Goldman Sachs. 

Leave Europe and America alone!

http://azizonomics.com/2011/09/17/europe-to-geithner-go-away/ 

Sat, 09/17/2011 - 12:35 | 1679832 Doña K
Doña K's picture

Best outcome for Greece is for another PIIG to default first.

Sat, 09/17/2011 - 13:19 | 1679977 Doña K
Doña K's picture

The Greeks are getting another warning via Turkey!

The banksters control. If you don't shape up, we will unleash Turkey against you.

http://www.google.com/hostednews/ap/article/ALeqM5g2fSZzpaJdPyyBE8EwJSvkgFEjEw?docId=3f22562792aa4871a22c8ea5baf3331d

Sat, 09/17/2011 - 13:31 | 1680003 Manthong
Manthong's picture

..or a significant military intervention in one of the "grave and gathering threat" countries out there.

Sat, 09/17/2011 - 14:13 | 1680045 Spirit Of Truth
Spirit Of Truth's picture

We are in a window for potential mass panic:

 http://thespiritoftruth.blogspot.com/2011/09/autumn-panic-update-will-ci...

 

Sat, 09/17/2011 - 17:14 | 1680536 AldousHuxley
AldousHuxley's picture

No blood, no revolution.

Greeks need to start burning shit down. Start with bankster's property. Then move over to politicians.

Sat, 09/17/2011 - 17:49 | 1680608 smiler03
smiler03's picture

I think reading tea leaves is probably more accurate than "utilizing the lunar-based Hebrew calendar."

Sat, 09/17/2011 - 23:54 | 1681194 Spirit Of Truth
Spirit Of Truth's picture

The 1929, 1987 and 1997 (Hong Kong) stock market crashes all occurred on the same day on the lunar (Hebrew) calendar:

 Autumn Panics: A Calendar Phenomenon

What are the odds of that?

I'm just pointing out the facts.  How you deal with that is your choice.

Sun, 09/18/2011 - 00:02 | 1681267 Cliff Claven Cheers
Cliff Claven Cheers's picture

Some guy did a study and wrote a paper, so it must be true.

Sat, 09/17/2011 - 14:29 | 1680112 Which is worse ...
Which is worse - bankers or terrorists's picture

Once the G leaves do we call it PISS?

Sat, 09/17/2011 - 13:32 | 1680004 Lord Welligton
Lord Welligton's picture

Another thing.

Geithner was just in Europe. Whatever he had to say he could have, and did say then.

So why the visit in the first place.

But the really intriguing thing is obviously.

 

Why turn back when you are already on your way there.

 

Sat, 09/17/2011 - 21:30 | 1680745 Pegasus Muse
Pegasus Muse's picture

"... I have high hopes on you greece ;) "

"me too....very HIGH HOPES"

me three .... High Hopes .... http://www.youtube.com/watch?v=nIDLC8M4R28&feature=related 

Sun, 09/18/2011 - 00:02 | 1681260 Spirit Of Truth
Spirit Of Truth's picture

High hopes?

I got that SOOOO beat!

http://www.youtube.com/watch?v=wwht3dDPL_Q

Sat, 09/17/2011 - 13:27 | 1679992 HCSKnight
HCSKnight's picture

Greece = Bear Sterns.  So in little Timmy's fantasy world, like taxes, he's technically not lying when he says they wont let another Lehman occur.

The question now is who is the Lehman....

Sat, 09/17/2011 - 14:13 | 1680090 FinalCollapse
FinalCollapse's picture

BAC

Sat, 09/17/2011 - 16:38 | 1680447 Silver Bug
Silver Bug's picture

Greece is already in shambles. They need to just suck it up and finish the EURO. It is a flawed currency from the start. Just as every other FIAT currency is. But the EURO especially because of the way debt was carried forward once established. Goodbye Greece, and thanks for all the Fish!

 

http://silverliberationarmy.blogspot.com/

Sat, 09/17/2011 - 11:41 | 1679708 freethinker4now
freethinker4now's picture

Let is burn down, down to the ground. Lets go back to being good neighbours, good people and not just money hungry fools.

Sat, 09/17/2011 - 12:11 | 1679765 Oh regional Indian
Oh regional Indian's picture

Well said freetfn.

Hear Hear, outside of coals to newcastle, who is listening listening?

ORI

 

Sat, 09/17/2011 - 11:42 | 1679709 Infinite QE
Infinite QE's picture

Canceled because Berlusconi is coming over for a bunga-bunga party.

Sat, 09/17/2011 - 11:43 | 1679714 Gubbmint Cheese
Gubbmint Cheese's picture

Take this petulant child out to the woodshed and paint his barndoor fire engine red.

Sat, 09/17/2011 - 11:44 | 1679715 zorba THE GREEK
zorba THE GREEK's picture

It is cancelled because it's been decided to bail out Greece one more time

to

Sat, 09/17/2011 - 12:37 | 1679845 Doña K
Doña K's picture

Zorba,

Are Greeks allowed to buy bullion gold in Greece? and if so have they been buying?

Sat, 09/17/2011 - 14:15 | 1680094 Minoan
Minoan's picture

They are,but with a 20% premium the official way it's just wrong.Not to mention that Central Bank wants your full data to proceed.

www.bankofgreece.gr/Pages/en/Markets/LIRA/DispItem.aspx?FltFld=ID&FltVal...

Sat, 09/17/2011 - 14:47 | 1680141 pantheo
pantheo's picture

buy from Piraeas aderfe. den rotane tipota.

Sat, 09/17/2011 - 14:56 | 1680158 Minoan
Minoan's picture

I wish i could.With my few savings i bought silver a year ago.

Sat, 09/17/2011 - 11:45 | 1679716 Conrad Murray
Conrad Murray's picture

Oh, Paulie...won't see him no more.

Sat, 09/17/2011 - 11:45 | 1679717 centerline
centerline's picture

Wow.  What a regular soap opera this has become.

Sat, 09/17/2011 - 11:45 | 1679718 Cdad
Cdad's picture

Well, Paps obviously did not hear all the rumors that Greece is fixed again.  Doesn't he understand the inherent healing power of criminal syndicate Wall Street banker rumor mongering [to cash in upside calls on option expiry day]?

 

Sat, 09/17/2011 - 12:13 | 1679771 Oh regional Indian
Oh regional Indian's picture

I think he feared returning to being nothing but a Pap smear in Greek Memory.

ORI

 

Sat, 09/17/2011 - 12:22 | 1679786 CrashisOptimistic
CrashisOptimistic's picture

The way it reads suggests the Finance Ministry told him something horrible.  The obvious thing to suspect is that the deficit is far worse than previously reported and Eurostat will have to be informed.

And maybe a cherry on top might be . . . evidence some of the EU's/IMF's 1st tranche bailout was stolen and has disappeared.

That would just about end the party.

Sun, 09/18/2011 - 00:25 | 1681297 gmj
gmj's picture

You're kidding, the Greeks miscalculated their debt?  Mon Dieu!  Were any Goldman Sachs people lurking about?

Sat, 09/17/2011 - 11:47 | 1679721 EdwardTeach
EdwardTeach's picture

Could be the Turkish warships sitting off the Cypress coast. Warning the Greeks not to drill.

Sat, 09/17/2011 - 13:20 | 1679980 EdwardTeach
EdwardTeach's picture

And now this.
Turkey's European Union Affairs Minister Egemen Ba??? walked out of a conference in Yalta, Ukraine on Friday night

Military tension is building up among Greece, Turkey and Israel as Cyprus prepares to start exploratory drilling for gas offshore Monday, Sept. 19 in the face of threats from Ankara. All three have placed their air and sea forces in a state of preparedness along with the Cypriot army.

Sat, 09/17/2011 - 13:34 | 1680008 Lord Welligton
Lord Welligton's picture

Well that would certainly take their, and our, minds off the financial crisis.

Sat, 09/17/2011 - 13:54 | 1680048 Fiat Money
Fiat Money's picture

DELICIOUS!  and which side will that despicable little war state come down on? 

  Up till now (since "fall of communism" & "end of cold war" days) they have been pretty good at playing ALL sides against the middle - TALKING "freedom & democracy!" while SUPPORTING thug dictators in bahrain, libya, saudi, (etc.);  supporting puppet dictator saakashvili's war in S.Ossettia (georgia), while simultaneously "PRIVATIZING" all the wealth OUT of russia they can get their paws on;  CLAIMING that they are "EXPERTS" on America's economic 'leadership,' while OUTSOURCING usa jobs to chi-com china (etc etc etc etc.)  - but sooner or later, ya got to put down your chips, and place your bets!   and take sides - and THEN maybe folks will start to take notice?  

Sat, 09/17/2011 - 11:48 | 1679722 mfoste1
mfoste1's picture

aka prepare for default

Sat, 09/17/2011 - 12:14 | 1679774 drivenZ
drivenZ's picture

aka prep for more Greeks lighting themselves on fire

Sat, 09/17/2011 - 11:49 | 1679724 RobotTrader
RobotTrader's picture

The day that Greece defaults

The Dow will be up 500 points on the news

There will be a huge sigh of relief once that country is cut off and left to flounder on its own.

Hurry up and get it over with so we can resume the economic recovery and remove all this uncertainty.

Sat, 09/17/2011 - 11:55 | 1679733 lizzy36
lizzy36's picture

Controlled implosion or contagion explosion?

There is never just one cockroach.

 

Sat, 09/17/2011 - 11:59 | 1679741 Bam_Man
Bam_Man's picture

resume the economic recovery

Yes, it's "uncertainty" about Greece that has dragged the global economy to the brink of recession.

You sir, are an imbecile.

Sat, 09/17/2011 - 13:08 | 1679948 Comay Mierda
Comay Mierda's picture

but but but phd economists told me we are in a "growth recession" so it cant be that bad

Sat, 09/17/2011 - 13:50 | 1680042 equity_momo
equity_momo's picture

No, he's a troll. An imbecile wouldn't have managed to keep coming back to ZH for over 2 years straight - Robot , even if he were a dumb fuck to begin with , wll have learnt a lot even through simple osmosis being around this place.
He simply enjoys being the troll , a contrarian troll to the ZH group think ( Im not knocking ZH but there is still a bias its just that bias is a counter weight to the mindless MSM)
My bet is Robt trader has even bought gold in the last 6 months and hasn't bought a share in a momo stock for ages ( he scares like a virgin on prom night)
He likes to take the unpopular view and courts others derision. Freud would have a 4 hour erection dealing with a case like robot trader.

So Robot trader, tell me about your relationship with your mother.

Sat, 09/17/2011 - 14:43 | 1680130 DeadFred
DeadFred's picture

It's not about his mother (cute little hottie that she is). Troll-like behavior is more commonly caused by childhood traumatic events. Think of the four-eyed kid who used to get swirlies from Bobby McCoy in third grade. As the swirling toilet water is going up his nostrils and his adrenaline levels soar as he fears for his life, the coping strategies he uses to get through that event become etched into his future behavior by the adrenal receptor neural pathways that are established.  Each traumatized child responds differently but the patterns become wired in, often for a lifetime. Robottrader responds to the angst of seeing our world economy melting down by a self-soothing pattern of forcasting that things will magically improve despite the threat. This is based on his unique way of dealing with Bobby McCoy all those years ago in some LA public school but it has been reinforced a lot in recent years by living here in Bizzaro World. Others react differently. IQ145 for instance reacted to his swirly by puffing himself up and saying to Bobby (not out loud) "I'm smart and you're an idiot" and it still shows in his posts. I, on the other hand respond with sardonic comments rather than screaming out "the world is coming apart". It's much more soothing. Damn you, Bobby McCoy wherever you are!

Sat, 09/17/2011 - 16:34 | 1680431 nah
nah's picture

TROLS BITCHEZ!

Sat, 09/17/2011 - 12:00 | 1679742 Smiddywesson
Smiddywesson's picture

LOL Robo, I can't believe they junked you for saying the markets would ramp on a Greek default.  Of course they will ramp.  They ramped when the SNB intervened.  They ramped on the worst economic data yet last week.  So, of course they will ramp.

The tools the Bernank keeps bragging about are ramping the markets and hitting gold with a big ugly stick.  That's what he has been reduced to.  So if Greece defaults, expect gold to get a kick in the nuts.  (reverse logic is still logic in this topsy turvy world)

Sat, 09/17/2011 - 13:16 | 1679967 the eastern promise
the eastern promise's picture

astute observation. That's the way I see it  too. Long term, however, it's a different story. Italy's next...

Sun, 09/18/2011 - 00:35 | 1681307 bigkahuna
bigkahuna's picture

Its gonna ramp until the excrement hitting the fan starts hitting the ignorant ramping fools in their FACE! But then it will be too late and those fools are gonna take a hot feces bath. 

Sat, 09/17/2011 - 12:02 | 1679748 Cdad
Cdad's picture

Sure...maybe after the Greek banks collapse, and then after the French and German banks collapse on contagion, causing the US zombe TBTF banks to be nearly wiped out, and maybe after the US dollar ramps [Dixie to 80 or so], causinig oil to collapse, taking every last oil service company in the S&P with it, and after a couple weeks or months of carnage in the FX markets as models begin to price in the end of the Euro dollar...sure...you might then get a 500 point DOW rally...after a 3000-4000 point plunge.

Sat, 09/17/2011 - 12:24 | 1679797 YesWeKahn
YesWeKahn's picture

I thought about that too. But europe is not about Greece, it is about all the countries in the similar situation: Ireland, Italy, Portugal, Spain, France, etc. They are all doomed.

Sat, 09/17/2011 - 12:30 | 1679819 Pejorative Requiem
Pejorative Requiem's picture

Remove the uncertainty and be certain that Italy will certainly be our next uncertainty.

Sat, 09/17/2011 - 12:35 | 1679835 Cdad
Cdad's picture

Well said.

Sat, 09/17/2011 - 12:44 | 1679874 PaperWillBurn
PaperWillBurn's picture

But Italy has a large stack of gold. Not a chance in hell that they'll allow(or force) Italy to Exit the Euro zone

Sat, 09/17/2011 - 14:03 | 1680069 Chaffinch
Chaffinch's picture

Italy, France and Germany combined have more Gold, allegedly, than the US allegedly has in Fort Knox.

http://en.wikipedia.org/wiki/Gold_reserve#Officially_reported_gold_holdings

Sat, 09/17/2011 - 14:45 | 1680137 WonderDawg
WonderDawg's picture

What about all the banks that hold Greek sovereign debt? They pretend they didn't just get hosed?

It's not Greece defaulting that's such a big deal, they've done it before. It's the ripple effect that will shake the foundations of the Euro.

Sun, 09/18/2011 - 00:35 | 1681311 gmj
gmj's picture

Those European banks MAY have bought CDS's from US banks to hedge those loans to the PIIGS.  Dominos.

Sat, 09/17/2011 - 12:42 | 1679864 Sequitur
Sequitur's picture

I agree with you Robot. Move Greece off the chessboard, markets strengthen.

Sat, 09/17/2011 - 14:27 | 1680110 Peter Pan
Peter Pan's picture

I would agree with you if it wasn't for the fact that the chessboard is rotten as well. The world has run out of excuses and places to hide. The resolution will be painful and will take unpredictable twists and turns owing to the puppet masters trying to manipulate the situation to their benefit to the very last.

Sat, 09/17/2011 - 16:06 | 1680340 Bicycle Repairman
Bicycle Repairman's picture

Moving Greece off implies that other, bigger countries will be moving off, since their conditions are similar.  This is good for the market?

Sat, 09/17/2011 - 13:40 | 1680016 Corn1945
Corn1945's picture

What about when the rest of the PIIGS default? We'll go up 1000 points each then?

I don't even think you believe this stuff anymore.

Sat, 09/17/2011 - 14:32 | 1680115 lieutenantjohnchard
lieutenantjohnchard's picture

which is why you are a part time, contract 1099 processor living in a 600 square feet apartment overlooking a clogged los angeles freeway eating 99 cent subs with a groupon coupon.

robottrader: when you can't get enough of dick bove.

Sat, 09/17/2011 - 14:32 | 1680118 Thought criminal
Thought criminal's picture

Yes, there will be a big relief among all those holding the Greek bonds when they hit the ground after jumping out of the window.

Sat, 09/17/2011 - 14:34 | 1680119 Thought criminal
Thought criminal's picture

---

Sat, 09/17/2011 - 15:00 | 1680168 slavador
slavador's picture

Even if there is a manipulated up 500 it will be followed by a down 300 on Tuesday and a down 300 on Wednesday. One day moves in the market are pretty much devoid of meaning. A more interesting number will be the DOW one month after the greek default. 12000 or 10000? I predict a 9000 DOW and 2500 gold for November 1. (unless there is a full blown QE3 in which case everything goes up)

Sat, 09/17/2011 - 15:13 | 1680190 TheArmageddonTrader
TheArmageddonTrader's picture

I'll be gladly taking the other side of that trade. But not with you, robo. I don't believe you would really put any money where your mouth is.

Sat, 09/17/2011 - 11:58 | 1679726 THE DORK OF CORK
THE DORK OF CORK's picture

I would like to know how much Gold the Greeks are buying with their euros - is euro periphery Gold buying a major factor in the gold price ? - if the Greeks go back to Drachmas -  gold or perhaps more specifically English sovergin prices could decline somewhat.

 

Sat, 09/17/2011 - 11:50 | 1679727 tmosley
tmosley's picture

Gotta get that gold loaded up on his yacht to sail away to South America or some such.  No time for a fun blood orgy with Geithner and pals.

Sat, 09/17/2011 - 12:42 | 1679858 Doña K
Doña K's picture

There are no more places to hide for high value banksters and traitors. Not South America not Africa not a perpetually traveling yacht. They will be hunted down.

The world is interconnected.

Come out clean now while you can rats.

Sat, 09/17/2011 - 18:04 | 1680628 smiler03
smiler03's picture

I disagree.

The US and Europe appear to be perfectly safe havens for "high value banksters".

Sat, 09/17/2011 - 22:05 | 1681054 margaris
margaris's picture

Every high value bankster that is killed will be replaced by another "once innocent" soul suddenly turning evil.

Power currupts.

 

Sat, 09/17/2011 - 11:56 | 1679734 Ketsa
Ketsa's picture

If the Eurozone implodes and the Euro disappear, we will be in shit a little longer than expected,

as it will strengthen the US$ allowing it to resist a little longer.

 

And the $ is the root cause of this mess.

Sat, 09/17/2011 - 13:00 | 1679927 max2205
max2205's picture

Pardon me but which news flow was going to take us down 40%?
Japan nuc
Greece X4
Tunisa
Egypt
Iran
Oil spike to 150 or 115( last one)
Dollar collapse
Black prez
Debt ceiling
Tres bubble
Rimm blowup
HPQ blowup
Katrina
Irene
LTCM
RUSSIA blowup
Ect

Sat, 09/17/2011 - 13:20 | 1679981 Cdad
Cdad's picture

Max,

The one you are looking for is debt/bank contagion.  Since what we are talking about is a Ponzi market run and owned by banks, debt contagion is more powerful as a negative market catalyst than all other combined [less the last two which were similar events].

This is 2008 on steroids that way.

Sat, 09/17/2011 - 20:07 | 1680803 max2205
max2205's picture

Ok

Sat, 09/17/2011 - 11:56 | 1679735 Ancona
Ancona's picture

Can't wait for Asia to open Sunday night. I have to go and stock up on more popcorn and valium, I think I'm 'gonna need it next week.

Hey Ben, got those helicopters fueled up yet?

Sat, 09/17/2011 - 11:59 | 1679740 johngaltfla
johngaltfla's picture

Insert mushroom cloud over a gyro here.

Sat, 09/17/2011 - 12:00 | 1679743 keating
keating's picture

Kind of cute that the letter in Greek has FB and twitter links, and there G Pap is with his own FB page...

Sat, 09/17/2011 - 12:01 | 1679745 The4thStooge
The4thStooge's picture

could it be? could it finally be happening!?!?!

Sat, 09/17/2011 - 12:28 | 1679814 Waffen
Waffen's picture

Dont hold your breath.

Sat, 09/17/2011 - 21:00 | 1680892 BungaBunga
BungaBunga's picture

motorboat

Sat, 09/17/2011 - 12:01 | 1679749 lizzy36
lizzy36's picture
Amusing if after the markets rallied 4%-5% this week, that this is the weekend where Greece finally defaults.
 
Greek ex-pat journalist @Matina Stevis

 

I understand Papandreou was flying over the UK en route to DC and turned the plane back to Athens. This is what's being rpted in Athens
Sat, 09/17/2011 - 21:05 | 1680901 BungaBunga
BungaBunga's picture

I is confused. They told me at school that countries can not default, not possible for a country to seize to exist. Or was that a lies too?

What's next? You guys going to tell me this Euro was designed to rob the Europeans of their monies and rights they did not have to begin with?

Sat, 09/17/2011 - 12:02 | 1679751 totem
totem's picture

Or did Lufthansa just decline the ticket purchase on his state-sponsored credit card?

Sun, 09/18/2011 - 00:42 | 1681325 bigkahuna
bigkahuna's picture

They ran out of folgers.

Sat, 09/17/2011 - 12:03 | 1679755 Smiddywesson
Smiddywesson's picture

If this isn't all just central banking theatre, and it probably is, GPap better stay away from hotel maids and dump him cell phone.  We wouldn't want a scandal or some Greek terrorist to shoot a missile down his cell signal.  

Sat, 09/17/2011 - 12:43 | 1679865 Tommy5454
Tommy5454's picture

You, sir, seem to get it.

Sat, 09/17/2011 - 12:07 | 1679762 fyrebird
fyrebird's picture

it might be petulance but it's had to see any advantage in that at this late stage in the game.

I think the first premise was probably correct; some third party just sent a cable saying, "Sorry George we did the best we could. Good luck." Meaning Greece could be in flames by the 20th.

That's how these things always go down. All kinds of frantic this-n-that, non-stop negotiations, even more frantic dealing ... and then suddenly someone steps in and says it was a good effort, thank you all for your dedication, now everyone go home and be with your families.

Sat, 09/17/2011 - 12:11 | 1679767 ArkansasAngie
ArkansasAngie's picture

Good thing Obama isn't on vacation ... or ...

maybe not.

I wish Ben were on vacation ... extended ... with pay ... just no cell/satillite/land-line connection

 

Sat, 09/17/2011 - 12:26 | 1679806 Steroid
Steroid's picture

Send Ben to Iceland for vacation!

Sat, 09/17/2011 - 12:39 | 1679850 ArkansasAngie
ArkansasAngie's picture

To greece

Iceland wouldn't let BB set foot on their island.

Sun, 09/18/2011 - 00:45 | 1681326 bigkahuna
bigkahuna's picture

to Supermax.

Sat, 09/17/2011 - 12:13 | 1679773 holdbuysell
holdbuysell's picture

Translated with LiveSearch is the text below from the link Tyler provided:

Notice of postponement of the trip of Prime Minister George Papandreou on IPA17-09-2011 | topic: announcements, Prime Minister, latest news

OFFICE-PRWTHYPOYRGOY Athens, September 17, 2011 Because the next week is especially critical for the implementation of the decisions of 21 July in the euro area and the initiatives to be undertaken by the country, the Prime Minister, George Papandreou, decided to postpone the scheduled episkepsi in the USA.
Sat, 09/17/2011 - 12:51 | 1679895 Lord Welligton
Lord Welligton's picture

That might be believable if he hadn't got on the bloody plane in the first place.

I suppose we'll just have to wait and see what the panic was all about.

Sat, 09/17/2011 - 12:17 | 1679777 oogs66
oogs66's picture

so the fed meeting starts a day early and it is cds expiration date

Sat, 09/17/2011 - 12:19 | 1679780 Royal Fleming
Royal Fleming's picture

Although your humor is just that..If greece defaults..they will be the first domino, if they get bailed out, they will be the first domino..first thing that happens under either scenario...will be the moneyflow into the USD..and with the inverse correlation in our markets the DXY...It wont look good...our markets will crash.

Sat, 09/17/2011 - 12:19 | 1679781 Caviar Emptor
Caviar Emptor's picture

Fear not, my Globalist NWO friends. G Pap has it all figured out:

He can make up the entire deficit of his country by selling Greek yogurt under exclusive marketing agreements with the EU, USDA and China. 

We always pull it off

Sat, 09/17/2011 - 12:20 | 1679782 fishface
fishface's picture

Greek Prime Minister George Papandreou has cancelled a visit to the US because of the seriousness of the country's debt crisis, Greek media reported, quoting government sources. State TV said he decided to return home after consultations with Finance Minister Evangelos Venizelos.

 

some problems apparently with the payments of the hotel over in NY

cancelled due to missing funds

Finance Minister Venizelos called Angela Merkel, but she misplaced her credit card unfortunately...sorry G-pap ;)

Sat, 09/17/2011 - 12:23 | 1679792 Bam_Man
Bam_Man's picture

The reason the banksters will stop at nothing to prevent/delay a Greek default is simple.

Once Greece defaults and their economy slowly begins to show signs of life, the Spanish, Italians, Irish and Portugese will quickly abandon austerity and follow suit by defaulting in rapid succession. This is the banksters' nightmare scenario and it looks to be quite plausible at this juncture.

Sat, 09/17/2011 - 13:05 | 1679940 CapitalistRock
CapitalistRock's picture

That is exactly right. The world is about to relearn that debts don't have to be paid. Then this slow burn becomes a wildfire.

No, you cannot have my gold. Fuck off.

Sat, 09/17/2011 - 15:06 | 1680179 snowball777
snowball777's picture

<pop, pop pop> Thanks for the gold.

Sat, 09/17/2011 - 16:14 | 1680365 Bicycle Repairman
Bicycle Repairman's picture

Iceland is already out there as an example.

Sat, 09/17/2011 - 12:23 | 1679793 digalert
digalert's picture

I can see the Bernank messing with this euro nonsense. After all the FED is the IMF, sure it's treasonous but who cares. So WTF is the US treasury punk doing over there? Shouldn't the Geethner be looking after his own gambling mess and his own ass?

We should have world bankster Hague trials for war crimes (financial terrorism)!

 

Sun, 09/18/2011 - 00:50 | 1681331 bigkahuna
bigkahuna's picture

jeethner is a side show or a diversion

Sat, 09/17/2011 - 12:24 | 1679795 dougngen
dougngen's picture

Dominoes Bichez!!!!

Sat, 09/17/2011 - 12:29 | 1679817 Lord Welligton
Sat, 09/17/2011 - 12:48 | 1679884 f16hoser
f16hoser's picture

Greek people should take a lesson from Iceland. Run the PM and the bankers out of town and start over. Why should they go deeper into debt because of corrupt politicians and their banker handlers? Chase 'em out of town so they can all go to London. That seems to be their "Club House" hideaway!

 

 

Sat, 09/17/2011 - 14:05 | 1680075 Cdad
Cdad's picture

 

 

 

Run the PM and the bankers out of town and start over.

Indeed...because then then we could get on the the falling government dominoes to along with the falling bank dominoes.

Sat, 09/17/2011 - 12:57 | 1679920 Subprime JD
Subprime JD's picture

Some very painful times for Greece lie ahead as over 40% of GDP comes from gov spending. Once the bridge loans disappear the economy will see a terrible contraction, but a necessary one as it was unsustainable. While the Greeks in the cities will suffer those living in the smaller towns will fare much better. Given that Ive lived in Greece for 8 years I know the country well. 1 in 4 workers support the entire country. This 25% of the labor force are good strong people, the gov workers are the leeches that have brought this country down. A nasty bk should teach them a lesson that mooching off the public teat does not work.

That being said, the greeks have been around for 4000 years. They have survived much worse and they will survive this as well.

Sat, 09/17/2011 - 13:02 | 1679929 CapitalistRock
CapitalistRock's picture

So now it's just a matter of watching Italian bond yields as Greece implodes.

No, you cannot have my gold. Fuck off.

Sat, 09/17/2011 - 13:06 | 1679945 strateshooter
strateshooter's picture

you guys are all reading too much into this.the airline wouldn't take his credit card is all

Sat, 09/17/2011 - 13:12 | 1679957 Pinefox
Pinefox's picture

If Pap was coming to US to meet with Timmy, he was coming to beg for $.  Maybe Christine L. took the hard line and said no funds until fiscal house in order.  I believe the  US PTB are hiding the fact that US banks r far worse off than we think.  Timmy knows that out system is so fragile that it couldn't take a hit from a Greek debacle.  Pap probably thought he could get Timmy to play ball, but Timmy is getting boxed in politically here, and can't take the field.

Sat, 09/17/2011 - 13:43 | 1680025 Do You Speak Greek
Do You Speak Greek's picture

Dear Scum-of-the-Earth Bankers,

I hope you saved some of that fiat to buy some grease, because the people of Greece (and later PIIS) would like to know... Do you speak Greek?


Sat, 09/17/2011 - 13:59 | 1680057 Coldcall
Coldcall's picture

Who the fuck cares where Papadoodoo is going for whatnot. He is a lying cretin just looking to keep the party going for another few months so he can pick up his euro paycheck, before they devalue to the Drachma.

He is the epitome of the slimey corrupt euro politcians who built themselves (at the expense of their populations) a sort of doggie heaven for has-been, nationally failed politcians. The EU is sort of like Europe's Florida, but exclusively for politcial careerist scum of the right and left, who have scammed their own nations.

In ancient Greece, papadoodoo and all like him would be hanging from fucking trees. amen.

Sat, 09/17/2011 - 14:07 | 1680074 monopoly
monopoly's picture

Robot, every once in a while you post a really good thought. But this one is really absurd, even for you. So, Greece defaults and Europe breathes a sigh of relief and the markets rally? Are you out of your mind. How many billions of broken bonds do the banks of Germany, France and England and others hold. How about our banks? Ya think they loaned a few bucks to Greece over the years. Every country will begin to implode because their banks will now be like ours have been for 3 freaking years. Insolvent! You don't think a tiny little country with emotional citizens can bring down the pillars of Europe?

Just like one firm Lehman, will not affect the large players on Wall Street and bring down our financial system. Hmmm. You and Bernank, it will all be "CONTAINED." If I was younger I would start drinking again with posts like his.

And some of you think that would be negative for gold. As long as we have posts like that, I keep buying gold.

Man oh man. Amazing.

My garden beckons. See ya all later.

 

 

Sat, 09/17/2011 - 14:42 | 1680133 Fix It Again Timmy
Fix It Again Timmy's picture

There is no person on earth who has a grasp on how these esoteric financial derivatives are interconnected. Add to that software inconsistencies lurking in the background and you have one helluva toxic stew ready to go nuclear.  Complexity does have its drawbacks.

Sat, 09/17/2011 - 14:57 | 1680162 TK7936
TK7936's picture

More likely he got puled back by other EU Countries as they standardly suspect inside deals when Greece meets with Goldman Sachs dudes like Geithner.

Sat, 09/17/2011 - 15:23 | 1680212 Stuck on Zero
Stuck on Zero's picture

Likely Geithner told the European ministers that the U.S. would bail out the PIIGs if Eurpoe scuttled the UN Palestine nationhood vote.

Sat, 09/17/2011 - 15:47 | 1680269 falak pema
falak pema's picture

that is the political collateral of a Greek collapse....the shit hits the fans in the Turkish regional play as Israel starts to flex muscles at muslim intervention in christian lands like divided Cyrpus etc. This is the clash of civilization scenario, bushist heritage,  that Israel loves. And Turkey is now falling into the trap to assume local regional leadership...Wow, the tinder keg. Watch out for Libya spill over...we have a game changer there, worse than Egypt, if Greek default is seen to fagilise Cyprus, Lebanon AND Balkans.

Sat, 09/17/2011 - 16:12 | 1680361 adr
adr's picture

The entire world economy is interconnected with I'll buy your debt if you'll buy my debt as long as the government prints the money I need. Of course in order for me to buy your debtI need you to pay me  and of course I'll pay you to take my debt.

Commerce is not dicated by supply and demand it is dicated by the swap principal as well. If you buy prducts from my company I'll put our mutual friend on my board and issue him stock  which he can then transfer to you. Your purchase will make my numbers look better and you can cash out your stock. Don't worry I'll take back the inventory so I can write the loss off on my business taxes so I don't need to worry about sending too much money to the government. Don't worry about anyone looking into things because I gave my congressman a nice donation.

The system has been 100% corrupted and the few honest players left can no survive because they can not compete without becoming corrupt as well. The only way to save our system is to break out the axes and start chopping off heads. We are past the point of a peacefull revolution. Even if we put forth honest candidates they can not be elected because of the corruption. Soros and the like will not allow the true players to lose even if they need to fake 100 million votes.

Sat, 09/17/2011 - 16:28 | 1680410 nah
Sat, 09/17/2011 - 17:33 | 1680578 MS7
MS7's picture

I am hoping his cancellation has to do with the allegations of the Greek statistician (who worked for the statistics agency under G-Pap)-- that the ruling party intentionally inflated the deficit to put Greece under  the IMF and on the path to austerity. According to the statistician, Eurostat was the agency that pressured the ruling party and of course they bowed to the pressure. If true, it will be a huge scandal, and would implicate not just Greece but Germany, or at least the German statisticians at Eurostat. Someone who knows about the rules concerning calculating the deficit in the eurozone would be able to tell right away if this statistician was correct or not, as she makes very specific allegations.

So if these allegations are true, G-Pap is in huge trouble, as are many others. They're all probably trying to hatch a plan to get out of it... I suppose a default would take people's mind off it.

Sat, 09/17/2011 - 18:53 | 1680706 fiddy pence haf...
fiddy pence haff pound's picture

I think the big boys are ratcheting up the tit-twister politics to scare Greece

into finally selling everything off. However corrupt the Greek politicians are, they

won't dare sell off the things that the Western oligarchs want (for pennies on the dollar).

BTW such sales would do nothing for Greece's debt.

 

So, the charade has entered a new stage. Timmy and Lagarde have to up the ante.

They're starting to hint to Pap that they're readying elections and the opposition (Samaras) will take over,

because they'll do what US/IMF want.

 

Pap just decided to go home and  man the barricades, or put out those political fires that the 

US/IMF are starting.

Using Turkey as a threat is an old ploy that has helped clinch many arms deals.

 

 

Sat, 09/17/2011 - 20:25 | 1680818 honestann
honestann's picture

reality
to
Greece:

#1:  DEFAULT.  Stiff the banksters.  Exit the euro.
#2:  DEFAULT.  Stiff your grossly overpaid government workers.
#3:  GET REAL.  Make all government services "by subscription".
#4:  GET SMART.  Deem "grams of physical gold" your new currency.

PS:  This announcement has something to do with the 2-day federal reserve meeting.  They are planning something horrific to announce after that meeting, and I'm betting it has substantial euro connections.

Sun, 09/18/2011 - 02:12 | 1681393 landwarinasia
landwarinasia's picture

So the disagreement here seems to be concerning the immediate effects of a Greek default.  Wouldn't the immediate effects be clear? 

 

1) Euro decreases = $ increases  ==>  T yields decrease 25-50bps as dollars start chasing yield.

Any specific effects on $ denominated assets i.e. gold and crude?

 

2) S&P takes a moderate hit of -5% to -2.5% based on increased short term uncertainty premiums.

Financials / Banking sectors lead the charge down, about -4% due to increased risk premiums. 

Stocks with heightened exposure to France get skullboned, particularly those that feed French capex spending.  

Actually, all companies with signif EU exposure get molested by "wtf now?" premiums.

 

3) Gold October hits 1850-1900 based on EU inflation fears now that everyone looks to ECB to inject capital to inoculate from the contagion and (?) increased probability of another round of Fed asset purchases (?) .  

 

4) EU stock dips could provide a great opportunity to buy German utility companies.  

 

feedback, sans ranting idiocy, appreciated.  

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