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The Eight Hundred Pound Greek Gorilla Enters The Room

Tyler Durden's picture


From Mark J Grant, author of Out of the Box and onto Wall Street

The Eight Hundred Pound Greek Gorilla Enters The Room

“After an increase of only 3% in the second half of 2010, total notional amounts outstanding of over-the-counter (OTC) derivatives rose by 18% in the first half of 2011, reaching $708 trillion by the end of June 2011. Notional amounts outstanding of credit default swaps (CDS) grew by 8%, while outstanding equity-linked contracts went up by 21%.”

                                                          -The Bank for International Settlements, Nov. 2011

The Rub

We all have been staring at the Greek sovereign debt and then the Greek CDS contracts. It was 1/13/10 when I first predicted that Greece would default and what a long and winding road it has been; similar to some hallucinogenic experience manufactured by Timothy Leary. Sometime soon, given what has taken place, I expect the ratings agencies to place Greece in “Default” and with their banks following. The markets are “Ho-Humming” and the conversations revolves around “Net” CDS exposure and the write-downs that have already taken place at the European banks. Please recall AIG and what happened with Lehman and what do we find this morning; KA Finanz, the Austrian bad bank, faces $1.32 billion in losses due to their exposure to the Greek CDS contracts according to a Bloomberg article. So now we will wait and see who else is on the hook, who may be seriously impaired, because the Gross number of about $79 billion for Greek CDS is about to enter center stage.

It Gets Far Worse

I hold up my hand, “One moment please” as I introduce you to the 800 pound Greek Gorilla that is about to enter the room. Allow me to now present to you the “OTHER” Greek debt that is outstanding and will have to be accounted for as the country defaults. Detailed below are some of the “OTHER” sovereign obligations of the Greek government which have now been submitted to the ISDA and I list some of them below. You will note that there are bank bonds, Hellenic Railway bonds, Urban Transportation bonds et al that are guaranteed by Greece. You will also note that there are bonds tied to Inflation, Floating Rate Notes, Asset-Backed securities and a whole mélange of other structured products with a Greek sovereign guarantee. What we all thought was fact is now clearly fiction and default will now bring “Acceleration” one could reasonably bet in all kinds of these securitizations and in all kinds of currencies.  This could come from the ratings agencies placing Greece in “Default” or it could come from the CDS contracts being triggered depending upon each indenture and you will also note that a great many of these off balance sheet securitizations are governed by English Law and not Greek Law. You may also wish to consider the fallout to the banking system as the lead managers of all of these deals could find themselves behind the eight ball as various clauses trigger and as the holders of these securitizations line up at the judicial bench [ZH note: there is a reason why Allen & Overy is getting paid $1500 an hour to indemnify ISDA with a plethora of exculpation clauses - they know what is coming] The ISDN numbers are on all of these securities and the lead managers may be found on Bloomberg or other sources as well as the holders of the debt.  The curtain just lifted and the show is about to get way too interesting!

The full ISDA list may be found here:

One example of the problems forthcoming I present from a deal done by Goldman Sachs ISDN XS0292467775 $1.6 Billion Hellenic Republic 2.085 7/15/57 (Offering Memorandum)



The Notes constitute direct, general, unconditional, unsubordinated and, subject to this Condition, unsecured obligations of the Republic. The Notes rank pari passu with all other unsecured and unsubordinated obligations of the Republic outstanding on 30 March 2007 or issued thereafter without any preference granted by the Republic to one above the other by reason of priority of date of issue, currency of payment, or otherwise. The due and punctual payment of the Notes and the performance of the obligations of the Republic with respect thereto is backed by the full faith and credit of the Republic. So long as any Note remains outstanding, the Republic shall not create or permit to subsist any mortgage, pledge, lien or charge upon any of its present or future revenues, properties or assets to secure any External Indebtedness, unless the Notes shall also be secured by such mortgage, pledge, lien or charge equally and rateably with such External Indebtedness or by such other security as may be approved by an Extraordinary Resolution of the Noteholders (as described in Condition 10).”

I ask; how does this square away with the ECB and the EIB securing for themselves a senior position to other Greek bondholders?



If any of the following events (each an “Event of Default”) occurs:


(a) the Republic defaults in any payment of interest in respect of any of the Notes or Coupons and such default is not cured by payment thereof within 30 days from the due date for such payment; or


(b) the Republic is in default in the performance of any other covenant, condition or provision set out in the Notes and continues to be in default for 30 days after written notice thereof shall have been given to the Republic by the holder of any Note; or (c) in respect of any other External Indebtedness in an amount equal to or exceeding U.S.$25,000,000 (or its equivalent), (i) such indebtedness is accelerated so that it becomes due and payable prior to the stated maturity thereof as a result of a default thereunder and such acceleration has not been rescinded or annulled or (ii) any payment obligation under such indebtedness is not paid as and when due and the applicable grace period, if any, has lapsed and such non-payment has not been cured;




(d) a general moratorium is declared by the Republic or the Bank of Greece in respect of its External Indebtedness or the Republic or the Bank of Greece announces its inability to pay its External Indebtedness as it matures; or


(e) any government order, decree or enactment shall be made whereby the Republic is prevented from observing and performing in full its obligations contained in the Notes, then the holders for the time being of at least 25 per cent. of the aggregate principal amount of the outstanding Notes may (i) give notice in writing to the Republic and to the Agent in accordance with Condition 11 that such Notes are immediately due and payable at their principal amount together with accrued interest (if any) or (ii) decide at a meeting that such Notes are immediately due and payable, whereupon such Notes shall become immediately due and payable at their principal amount together with accrued  interest (if any) and/or (iii) decide at a meeting that, if the case may be, litigation be instituted. The holders of at least 66 2/3 per cent. of the aggregate principal amount of the Notes (at the time being outstanding) may rescind (i) such notice of acceleration (ii) such decision to accelerate or (iii) such decision to institute litigation if the event or events of default giving rise to the declaration or to the decisions have been cured or waived. Such rescission shall be made by giving notice in writing to the Republic and to the Agent whereupon such declaration or decision shall be rescinded and have no further effect. No such rescission shall affect any other or any subsequent Event of Default or any right of any Noteholder in relation thereto. Such rescission will be conclusive and binding on all holders of the Notes.”

You will note that by not paying the full amount to the Greek bondholders that a “general moratorium was declared” and that these “Notes shall become immediately due and payable at their principal amount together with accrued interest”

USD 5,000,000,000 Euro Medium
Term Note Programme
The Hellenic
Republic English Law
(a) Information Memorandum dated 6 November 1995
(b) Information Memorandum Addendum dated 6 November 1995
(c) Information Memorandum Addendum dated 2 May 1996
(d) Pricing Supplement dated 3 July 1997
X - Pricing Supplement n/a Pricing Supplement unsigned

68 08 August 2017 XS0079012166
JPY 50,000,000,000 3.80 per cent.
Notes due 2017 issued pursuant to
the USD 10,000,000,000 Euro
Medium Term Note Programme
The Hellenic Republic English Law
(a) Information Memorandum dated 5 August 1997
(b) Information Memorandum Addendum dated 5
August 1997
(c) Pricing Supplement dated 7 August 1997
X - Pricing
Supplement n/a Pricing Supplement

and so on... see blow. Full list:



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Sat, 03/10/2012 - 13:19 | 2243172 roccman
roccman's picture

The gorilla's name is:



Sat, 03/10/2012 - 13:23 | 2243179 Harlequin001
Harlequin001's picture

Is it just me, or has anybody else noticed that $140 billion of 'pension fund' money has just been wiped out and replaced with a $170 billion of freshly printed banker cash, all of which which came from nowhere.

Counterfeiting is a wonderful thing if only you can get away with it. Anyone want to know how to get skint? Go live in Europe...

and they wonder why people want to hide stuff offshore. They wonder why people NEED to hide stuff offshore...

Sat, 03/10/2012 - 13:33 | 2243200 SilverTree
SilverTree's picture

800 pound cluster-fuck.

Sat, 03/10/2012 - 13:46 | 2243232 French Frog
French Frog's picture

With all that, we will probably gap UP on sunday open lol

Sat, 03/10/2012 - 13:51 | 2243243 hedgeless_horseman
hedgeless_horseman's picture



So this author ventures the indentures on the debentures will be the clenchers?

Sat, 03/10/2012 - 14:04 | 2243276 redpill
redpill's picture

So much whining these days that naked CDS purchase is "buying fire insurance on your neighbors house" and an inherent danger to sovereign finances. I understand it's a murky derivative world, but still I call bullshit. It sounds like a bunch of apologists for governments that lack the balls to keep their financial house in order. Is anyone complaining about naked CDS positions on Norwegian sovereign debt? Or Chilean sovereign debt? Of course not. Given the choice I'd rather have naked CDS positions applying pressure to governments to behave in a fiscally responsible way or face the teeth of a credit event. It was an important and positive event that ISDA correctly acknowledged that what occurred yesterday was a default.

Sat, 03/10/2012 - 15:00 | 2243386 GetZeeGold
GetZeeGold's picture



We'll see how positive it is in the next weeks and months. I hope they can unwind the knotted ball of yarn before it simply explodes.


Sat, 03/10/2012 - 15:25 | 2243431 CrazyCooter
CrazyCooter's picture

You mean, its one big clusterfuck? Non-technical demonstration of this fiasco at 18:30 in the following vid ...



Sat, 03/10/2012 - 15:30 | 2243440 resurger
resurger's picture




Welcome to ISDA Butchery

Todays special: -Gorilla Steaks XXXL

1- Tenderloin



4- Strip or Top Loin





CDS Sauce available

Sat, 03/10/2012 - 15:57 | 2243492 JPM Hater001
JPM Hater001's picture


Sat, 03/10/2012 - 15:37 | 2243451 Crisismode
Crisismode's picture



I hope it simply explodes, and then we can rebuild something of true value from the pieces.



Sat, 03/10/2012 - 15:44 | 2243469 withnmeans
withnmeans's picture

If a Greek "gyro" is pronouced yro, "G" being somewhat silent. Wouldn't this place just "REEK", "G" being silent again.......

Sat, 03/10/2012 - 16:24 | 2243551 Rusty.Shackleford
Rusty.Shackleford's picture

Kyle Bass - "You can't hate the mirror because you're ugly"

Sat, 03/10/2012 - 21:53 | 2244058 Cole Younger
Cole Younger's picture

" It was an important and positive event that ISDA correctly acknowledged that what occurred yesterday was a default."

Respectfully. what event? The 3 billion "after" forcing CAC's? allowing the ECB to trade there old bonds for new ones so they could avoid the haircut forced upon all other holders with CAC? This default punished very few and is now the ideal way to default... 3 billion is not a "important and positive event" when it should have been 100 billion plus IMHO. " financial house in order." is not going to happen.

Sun, 03/11/2012 - 11:10 | 2244758 redpill
redpill's picture

This is an incremental default process, the Euros hope if they stretch it out long enough it won't hurt as bad (it will actually hurt the Greek people much more this way).

The long term plan is to find the absolute limit of how indebted they can keep Greece without having them incrementally default anymore.   You see, this is a marvelous experiment for them in debt slavery.  They can find the absolute limit to which they can stretch the indebtedness of a nation so that they can 1) never afford to pay it back but 2) don't default and continue servicing it perpetually.  I think it will eventually fail spectactularly, but in the mean time we have to watch this grotesque display of financial mad science.


Sat, 03/10/2012 - 14:07 | 2243278 Nobody For President
Nobody For President's picture

I plussed you on that HH, even though I know in my heart I shouldn't encourage you...

Sat, 03/10/2012 - 14:57 | 2243381 hungrydweller
hungrydweller's picture

I plussed you for your new moniker!  Once again we get to vote for Mr. Bad or Mr. Worse for Fearless Leader of the Debt Enslaved World.

Sat, 03/10/2012 - 14:28 | 2243281 The Big Ching-aso
The Big Ching-aso's picture



At least King Kong got the pretty girl in the end for awhile.  This scene goes right to the big skyscraper thud.

Sat, 03/10/2012 - 14:43 | 2243347 Uncle Remus
Uncle Remus's picture

Greek, baybee.

Sat, 03/10/2012 - 14:58 | 2243384 hungrydweller
hungrydweller's picture

Don't think that gorilla will fit in her end.

Sat, 03/10/2012 - 18:57 | 2243810 falun bong
falun bong's picture

The clinchers and the in the brown eye clench.

If this was all bona fide and above board borrowing and debtors and creditors then they wouldn't have created all this obfuscation. That's the "tell": unwarranted complexity.

Sun, 03/11/2012 - 19:28 | 2245925 supafuckinmingster
supafuckinmingster's picture

"So this author ventures the indentures on the debentures will be the clenchers?"


And these clenchers will cause an adventure I'm quite sure!!

Sat, 03/10/2012 - 13:49 | 2243240 redpill
redpill's picture

"It was 1/13/10 when I first predicted that Greece would default and what a long and winding road it has been; similar to some hallucinogenic experience manufactured by Timothy Leary."

Everyone should do acid once in their life just to learn the lesson of how much your perception of reality impacts your actions, assumptions and attitude.


Sat, 03/10/2012 - 14:35 | 2243331 roccman
roccman's picture

fuck acid - dmt is the ULTIMATE reboot pill


now 50mg of dmt on 5 grams of shroomies - now THAT could get interesting

Sat, 03/10/2012 - 19:02 | 2243818 falun bong
falun bong's picture

That is so cool that acid got 46 green arrows. It's ancient history for me now but I do recall fondly some 4-way mandala blotter back in the day, I happened to eat the part that had all four doses, then went for a 6AM coffee and ended up sitting next to a 300 pound Maine State Trooper. Pupils and beads of sweat the size of basketballs...

Sat, 03/10/2012 - 14:08 | 2243285 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

The Shadow Banking industry rears its ugly head. You make questionable deals, they will come back to bite you in the ass. Rot in hell banksters.

Sat, 03/10/2012 - 15:45 | 2243470 goldinpenguin
goldinpenguin's picture

Perfect description - cluster fuck, going to be a dogpile of bankers and lawyers fighting for the Greek bones in courts all around the world. No wonder Finland was calling for collateral for the Club Euro loans, we'll take the Parthenon thank you.UK already stole the Elgin marbles (whats up with that, how would they react if we hauled away chunks of Stonehenge for display at EPCOT?)

Anyway the preliminary looting by ECB and others should be interesting legal fodder, we'll find out who can't make good on the CDS, gonna be a long grinding drama. I think we will find how little things have changed in the worlds financial system since lehman, like nothing. Maybe AIG will go tits up again. Will geithner do 100% settlements again? The banksters are still his buds, why not!

Is there a final arbiter for contested claims in different court systems> The World court? This is the best thing for lawyers since Bhopal.

Sat, 03/10/2012 - 16:02 | 2243480 GOSPLAN HERO
GOSPLAN HERO's picture

Bernanke and ECB will PRINT billions of fiat-shit-dgital-paper "money."

They will print faster than four muthafuckas!

The Bernanke and ECB will cause an inflation firestorm.

Sat, 03/10/2012 - 15:13 | 2243407 disabledvet
disabledvet's picture

THIS is the "800 Pound Gorilla." Huge chunks of Greece are now "only going to get paid this much." The entire country is basically "on the dole" with Portugal and Ireland soon to follow. Should US interest rates at the long end suddenly shoot up...well, "Good Luck." Of course "this is just me talking off the top of my head." I have no interest in this as anything other than an intellectual exercise. On the other hand... "if it saves you a fortune...

Sat, 03/10/2012 - 13:24 | 2243186 Ahmeexnal
Ahmeexnal's picture

"No llores por mi, ArgenGrecia

mis drachmas estan contigo"

Sat, 03/10/2012 - 14:39 | 2243272 SRSrocco
SRSrocco's picture


What an interesting week.  I wish I was a FLY on the WALL at these Greek default meetings.  I can imagine the banker boys are having the same amount of stress (or even more) that they were when everything was falling apart in 2007.

Some of you already know this, but it was quite interesting that SILVER made a new 7 month high in India the very same day it got crushed in the U.S. & foreign markets on FEB 29th.  I write about this and provide some charts at TURDS BLOG BELOW:

I wonder when Ron Paul is going to MAN UP and throw a NICE BIG WET SPIT WAD  at Bernanke the next time they have a meeting.

UPDATE:  someone in Turd's blog commented that the BIG MOVE up in silver in India was on FEB 28th.  When we look at the chart, it indeed does fall on FEB 28th.  We can see that the Indian's were buying BIG TIME before the U.S markets opened.   I can just imagine the SILVER BREAKOUT that may have occurred if the FED didn't bring out its big HAMMER.

In India, silver investors still extremely bullish despite price crash elsewhere

Silver prices leapt to a 7-month high in India on the same day that prices plummeted 7% in the international market. Despite the crash, traders expect a 35% rise by end 2012.


Silver is shining again in India contrary to the big fall in the international market. The white metal rose by $40.66 (Rs 2000) in one single day on Wednesday and has jumped to a 7-month high here, though it slid by 7% in the international markets later in the evening on the same day. Traders said investors have turned bullish on silver since the precious metal has posted an 18% gain in the last eight weeks

Sat, 03/10/2012 - 15:14 | 2243412 atlee
atlee's picture

And I thought the Indians were smart. Had they waited 12 hours they could have paid $3 less. Waited 2 days could have paid $5 less.

The value of the Rupee also has something to do with those % rises. Thanks for reminding me not to give India so much credit simply because it supports my desire to see the value of my stack rise.

Sat, 03/10/2012 - 15:49 | 2243459 SRSrocco
SRSrocco's picture

Atlee... you are right.  The Indians buying over 5,000 tonnes of silver this year shows how much less informed they are over their AMERICAN COUNTERPART.

We got maybe 1/2 % of Americans buying and STACKNG SILVER... the INDIANS do it in SPADES.


Sat, 03/10/2012 - 19:04 | 2243824 falun bong
falun bong's picture

Now the largest silver futures market in the world. Some rules changes as of January 1, soon available for direct investment by non-Indians.

Sat, 03/10/2012 - 14:20 | 2243310 4horse
4horse's picture

j/k. of course

therefore: still dare not speak its name

Sat, 03/10/2012 - 14:34 | 2243328 4horse
4horse's picture

re dun dun dun dunt like deju vu all over again
but BluffHo will not post: anything


Banks Repaid Fed Bailout With Other Fed Money

"GM at least manufactures something, cars"

there are no products, only profits

GM manufactures . . .

to this--->


in the same vain . . . there is no press, only propaganda : bought&sold, and all paid for . . . thus, BluffHo

because what's otherwise long been known -oldstory. hiding-in-plain-sight. underlying open cold fact. concealment.diversion.distraction.inaction.manufacturingconsent  -is what MsDisInfo here is for, and paid for, in Not disSeminating years ago: stolen money. again stolen. and re-stolen, from the whole country, so like readers here would never know just how far into their stolen future these same lying stealing thieves would go : unheard of. historical. Biblical__ where indebted begat indentured. broke begat busted. begat corrupt. begat bankrupt. begat corruption beyond bankruptcy begatting gnomes everywhere begetting theirs theirs and Their Heirs stolen stolen stolen     __generations so far into nowhere that most here don't even yet know that it's already all over: america

*     *     *

Northern Marianas Caucus: Romney Wins

of all the filth, hidden, called abramoff-- am.indians. apartheid. south africa. nuclear espionage. republi-can-do do, to anyone/everyone, with impunity, as an israeli agent. to American Indians! -none more filthy than what he did to these poor people. and never, along with his very own bugkiller, ever so much as mentioned in what little charges against him: filth. filthy. lucre. making justice as lucrative as it now is ludicrous, with us left behind in its dirt. wipedout, having wiped his anus with our us constitution

*     *     *

HuffPo is just another BluffHo of yet again full Zio Control . . . somehow, like its own msm before it, now fully staffed with all its very own selfsame sneaks, snobs and sychophants who, like their nyt, will always be the genius, experts and smartypants behind their own behind, the-scenes. obscene

*     *     *

bill maher  The Great Thing About Having Been Poor

The great thing about having been irish is how liberated it makes you if you eventually become zionist. There's nothing like the knowledge that you don't need integrity{small potatoes} to survive.

besides, a little ugly twit, hef's my pimp . . .

Sat, 03/10/2012 - 15:05 | 2243395 blindman
blindman's picture

BAIN CAPITAL ( Mitt Romney's co.) syndicates Limbaugh,Hannity,Beck,Savage& Levin !

"Have you been wondering ,( as I have),....why ...these so-called conservatives
on talk radio keep trashing RON PAUL???
Doesn't add up...doesn't make sense, right?.... I can see how, and why this is happening.
It turns out, that CLEAR CHANNEL COMMUNICATIONS, owns Premiere Radio
Networks. Premiere Radio Networks OWNS EXCLUSIVE RIGHTS TO
Rush Limbaugh,Sean Hannity, and Glenn Beck....and....Premiere also syndicates
Michael Savage and Mark Levin radio shows.


answer: BAIN CAPITAL !!!!! of which MITT ROMNEY IS CEO!!!!!!
Some of this is beginning to come out in the print media reporting.
[link to]
[link to]
[link to]"
The Story Behind The Story
With A. True Ott PhD
MF Global Trustee Freeh Asks Court to Pay MF Global Executive Bonuses

"The entitlement of the financial class is the gift that keeps on giving.
And as for the customers? They are being asked to surrender their legal rights in order to receive partial payments.
Let them, is that even cake?" j.c.a.

Sat, 03/10/2012 - 15:38 | 2243453 knightowl77
knightowl77's picture

Mitt Romney has not been the CEO of Bain in quite awhile, though I am sure he still has some pull....Just like all the GS past execs

Sat, 03/10/2012 - 16:00 | 2243500 blindman
blindman's picture

" ..2. What is your relationship with Ms. Orit Gadiesh, and what will be her cabinet position in your Administration? Wikipedia informs us: Orit Gadiesh (Hebrew: ????? ?????) is an Israeli-American corporate strategist and chairwoman of management consulting firm Bain & Company. Research Ms. Gadiesh further and one learns that prior to joining Bain & Company, and before working closely with Mitt Romney, Ms. Gadiesh served in the office of the Deputy Chief of Staff of the Israeli Army. Currently, her impressive resume lists that she sits on the board of directors of the Peres Center for Peace, an organization headed by yet another former chief of staff of the Israeli military, Lt. General Amnon Lipkin-Shahak. Avner Azulay, a top-level MOSSAD operative, the managing director of the Marc Rich Foundation, is also on the executive board of the Peres Center. Ms. Gadiesh headed up your “transition team” when you occupied the Governor’s mansion of Massachusetts in 2002. Is Ms. Gadiesh your MOSSAD/CIA “Handler” Mr. Romney? Is it just a strange coincidence that she has shadowed your every step – from Harvard, to Bain & Company, to the Governor’s Office?"

Sat, 03/10/2012 - 16:30 | 2243562 CompassionateFascist
CompassionateFascist's picture

Romney is, and long has been, surrounded by the same sort of Zionist, neo-con, Foxtard warmongers that surrounded Bush '43. The Bankster-Socialist Jews own Obama, the neo-con Crony Capitalist Jews own Romney. Two tentacles of the same squid.

Sat, 03/10/2012 - 23:32 | 2244179 Buck Johnson
Buck Johnson's picture

I knew it, I knew it.  I looked at just a little of the list and it shows CDS's in the Trillions.  From the wording of the contracts and other things, I can't see how the ISDA can negate this without having the whole CDS market implode.  As I stated before they fought like cats and dogs on a 3.2 billion dollar CDS, no way.  If it was only that they would have bnought those CDS's and took a loss instead of calling a credit event.  The EU countries are balking at giving more money to Greece and the way they look at it if it's not their countries banks or financial institutions who aren't in danger let Greece default.  But of course they are going by the word of their onw bankds and financial institutions and we know how well that worked for Lehman Brothers.

Sat, 03/10/2012 - 13:19 | 2243174 a growing concern
a growing concern's picture

800 pound gorilla?  Nope.  Chuck Testa.

Sat, 03/10/2012 - 13:24 | 2243183 Harlequin001
Harlequin001's picture

At least it's not an elephant...

Sat, 03/10/2012 - 13:38 | 2243207 Wakanda
Wakanda's picture

The gorilla only weighs 796 pounds because it just shat 4 lbs on Draghi's desk.

Sat, 03/10/2012 - 14:29 | 2243290 hedgeless_horseman
hedgeless_horseman's picture



"Venizelos, you 800 pound greek gorilla, get off of my desk!  Oh shit!  Now look what you have crapped all over these ECB collateral reports.  What a mess."

Sat, 03/10/2012 - 15:21 | 2243424 resurger
resurger's picture

Venzilos, since you are broke ZH demands 800 pound of flesh!

lamb chops anyone? shit i feel like doing a BBQ lol

Sun, 03/11/2012 - 08:16 | 2244592 JimBowie1958
JimBowie1958's picture

No worries.

The ECB will likely accept ape shit for loan colateral anyway.

Hey, spread it around and make some cash.


Sat, 03/10/2012 - 13:22 | 2243181 spentCartridge
spentCartridge's picture

Donkey Kong !

Sat, 03/10/2012 - 13:22 | 2243182 WestVillageIdiot
WestVillageIdiot's picture

We have not even begun to see the printing and games that the central banks are planning to play.  The printing presses are going to be set to the "Raped Ape" setting and let loose.  There is no way they are going to give up the ghost this easily. 

The system collapsed in 2008.  The new system is the "printing press era".  It too will collapse but they haven't even started to print.  We will hear Bernanke waving a sword and shouting, "boys, don't stop printing until you can see the whites of their pockets".

The war is on. 

Sat, 03/10/2012 - 13:35 | 2243203 Woodyg
Woodyg's picture

The games been played before over and over again - ask John Perkns.

When this shit was going down in 3rd world country after 3rd world country we developed countries said NOTHiNG.

Now that the easy pillaging Been done and the perfecting models tightened up they are taking out the developed world one by one -

While we sit there and say WOW.

This model IS coming to the USA soon - all it takes to start it will be a bankruptcy of BAC or JPM - thereby dumping trillions in guv backstopped losses on the fed guv - doubling or tripling the us debt overnight and WHAM!

We're done.....

Reminds me of the old saying "1st they came for the ........."

They're coming for us soon - but we've stayed silent too long because it wasnt us getting the shaft.

The Central Banksters are the new Vlad the Impalers - as civilizations are stuck on a stake outside the city walls for everyone to see.

Sat, 03/10/2012 - 13:45 | 2243228 dick cheneys ghost
dick cheneys ghost's picture

Correct.......and the banksters, er i mean the fed govt are preparing for the final collaspe with PIPA, SOPA, NDAA, HR347...etc, was nice knowing ya

Sat, 03/10/2012 - 13:54 | 2243253 WestVillageIdiot
WestVillageIdiot's picture

With what will they pay their mercenarioes? 

Sat, 03/10/2012 - 13:58 | 2243264 Woodyg
Woodyg's picture

When everyone else is starving or facing detention camps a few nickels ought to be plenty.

Sat, 03/10/2012 - 20:07 | 2243909 Cathartes Aura
Cathartes Aura's picture

the mercenaries will be paid in what they value most - privilege.

the privilege to kill

the privilege to rape

the privilege to steal when they're done raping and killing

this is history, no?

Sat, 03/10/2012 - 14:38 | 2243338 roccman
roccman's picture

^^^true but...


cheap unlimited energy was NEVER a constraint.


Peak Oil Bitchez!! It's what's for dinner.

Sat, 03/10/2012 - 16:41 | 2243584 Dingleberry
Dingleberry's picture

Maj. Smedly Butler (USMC) wrote "War is a Racket".  Twice-decorated Medal of Honor winner. Book is only about 100 pages. Written in the 30s I think. Could have been written yesterday. Highly recommend you read it.

Sat, 03/10/2012 - 16:58 | 2243619 New_Meat
New_Meat's picture

Major General

Sat, 03/10/2012 - 17:16 | 2243658 Woodyg
Woodyg's picture

Haven't read that book but know about smedley butler -

FDR's greatest error was not hanging those involved....

Could have probably saved us from the bush family -

Sun, 03/11/2012 - 04:44 | 2244454 John Wilmot
John Wilmot's picture

Yea, except FDR had a fat banker cock up his ass from day one. The
"New Deal" was Harriman's baby, which is to say Rockefeller's. Check out the history of the Delano and the Roosevelt family. B-list banking scum. Somebody should have drowned that polio-ridden fucker in his mineral bath..

There was never any golden age, can you dig it? They were ALL fucking criminals, all the way back...ALL OF THEM.


Sat, 03/10/2012 - 15:42 | 2243463 eddiebe
eddiebe's picture

It could be argued that the system (Bretton Woods) collapsed in 1971 when Nixon took the $ off the gold link. We've been coasting ever since down the hill and now the fiat train is going over the cliff.

Good thing us readers of Zero are at least aware that the fecal matter is about to hit the ventilation system.

Sat, 03/10/2012 - 13:26 | 2243188 Rainman
Rainman's picture

Off balance sheet... ?? That's enough.... now these bastards are going on top super-secret double double restricted default status.

Sat, 03/10/2012 - 13:46 | 2243225 Harlequin001
Harlequin001's picture

Is that where they just don't tell anyone that they're not paying them?

at least until after the event...

"sorry we're not paying you because we can't pay you because the bank you were using just went bust, because we didn't pay them either."


Sat, 03/10/2012 - 13:27 | 2243190 peekcrackers
peekcrackers's picture

"Interest Payment Date
falling on 25 July 2057 XS0292467775
(a) EUR 1,000,000,000 2.085 per
cent. "

LOL. fuck off

Sat, 03/10/2012 - 14:02 | 2243266 hedgeless_horseman
hedgeless_horseman's picture



Exactly.  Thus, the lawyers for the underwriters.  Why did the CALPERS just pop into my brain?

Sat, 03/10/2012 - 14:09 | 2243289 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

What happened to Calipornia running out of cash this month? No word on the MSM.

Sat, 03/10/2012 - 13:30 | 2243193 williambanzai7
williambanzai7's picture

"$1.3 Billion is nothing"-- Johnny Corzine

Sat, 03/10/2012 - 13:37 | 2243205 CompassionateFascist
CompassionateFascist's picture

Yeah...round about midnite I woke up with #'s running thru my head - "3.2 billion covered by CDS's? ONLY 3.2 billion?!" Evidently not, and thanks for this post ZH.

Sat, 03/10/2012 - 14:11 | 2243294 GeneMarchbanks
GeneMarchbanks's picture

Lehman had 7 billion or so outstanding CDS. How'd that work out?

Sat, 03/10/2012 - 14:20 | 2243311 JLee2027
JLee2027's picture

And Greece is 11 times larger. Now that's an interesting insight. 

Sat, 03/10/2012 - 14:28 | 2243323 bank guy in Brussels
bank guy in Brussels's picture

To recall a Zero Hedge classic ... The post-Lehman near meltdown of the US and global financial system in 2008 ... from ZeroHedge, 'How The World Almost Came To An End At 2PM On September 18':

« On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

We are no better off today ... »

Sat, 03/10/2012 - 19:05 | 2243825 Amish Hacker
Amish Hacker's picture

How bad is our financial system plumbing if $5.5 trillion can leak out of it in 3 hours?

Remember Hank Paulson pleading for $700 billion (a number they later admitted they had pulled out of their, um, hat) or else the entire financial universe would implode and America would have no economic system?

Nonsense. It's not that we would have had NO system, we just wouldn't have had THIS system. A new banking system would have come into being surprisingly quickly, imo, and with any luck it wouldn't have included fiat money, fractional reserve lending, and infinite Ponzi. And that's what Paulson & Co. were fighting so desperately to preserve.

Ironically, the system that they thought would guarantee their unfair privileges forever was doomed from the start, and very soon a new system will have to be constructed anyway.

Sat, 03/10/2012 - 15:16 | 2243415 oogs66
oogs66's picture

The problem in Lehman was the bond holder losses - not CDS. Same likely here

Sat, 03/10/2012 - 16:40 | 2243580 WonderDawg
WonderDawg's picture

Um, AIG.

Sat, 03/10/2012 - 14:26 | 2243321 BanksterSlayer
BanksterSlayer's picture

Even this morning, the crawl on Bloomberg TV was still proclaiming that the Greek CDS "was only $3.2 Billion." Thanks, Bloomberg, I guess I can rest easy this weekend and go back to caring about Rush Limbaugh and the 2012 Elections.

Sat, 03/10/2012 - 14:52 | 2243369 SgtSchultz
SgtSchultz's picture

.....and contraception

Sat, 03/10/2012 - 23:32 | 2244181 StychoKiller
StychoKiller's picture

Too bad it doesn't prevent stupid people from breeding.  Alas, when you're too stupid to follow the contraceptive directions...

Sat, 03/10/2012 - 15:09 | 2243405 resurger
resurger's picture

The net volume of CDS on Greece now stands at $3.2 billion, according to the Depository Trust & Clearing Corporation, which holds data on credit default swap contracts.

 It’s peanuts really compared to the government bond market," said Nolan. "So I think it’s sometimes overplayed as to how important it is.”


fucking shillers


Sat, 03/10/2012 - 15:16 | 2243416 oogs66
oogs66's picture

It is bond losses that will cause the problems. What is a railroad bond worth now?

Sat, 03/10/2012 - 15:41 | 2243457 resurger
resurger's picture

i think the prices are reasonable for those CDS's lol

EUR 255,000,000 4.218 per cent.
Guaranteed Notes due 2019

EUR 250,000,000 Floating Rate
Guaranteed Notes due 2016

EUR 200,000,000 4.68 per cent.
Guaranteed Notes due 2015

EUR 430,000,000 4.495 per cent.
Guaranteed Notes due 2013

EUR 165,000,000 5.014 per cent.
Guaranteed Notes due 2017

EUR 200,000,000 4.915 per cent. ----> on 13 September 2012
Guaranteed Notes due 2012

EUR 197,000,000 5.46 per cent.
Guaranteed Notes due 2014

i think Approx 2bn , i dont know how much they are worth now, we need to consider the haircut! so i guess 50% of this is 1bn maybe


Sun, 03/11/2012 - 10:22 | 2244722 ISEEIT
ISEEIT's picture


I respect you. I understand that you are much more close to the OWS movement than I, or for that matter, most of us who have discovered ZH. I am asking you a very serious question:

Considering your familiarity with the individuals who comprise the OWS movement leads me to ask of you a simple question.

The OWS movement is clearly poised to become central to the up coming U.S. Presidential election.

In your personal view Mr. Banzi....What role is OWS most likely to play?

What 'impact' shall the OWS movement manifest?

I have been a skeptic of the OWS 'movement' from day one. I am also old and (me thinks) wise enough to acknowledge fallability.

I am genuinely curious as so far as your personal thoughts relative to the OWS 'movement' are concerned.

Okay, all 'niceties' and bullshit asside:

Can (in your opinion) the OWS 'movement' be employed to achieve a Ron Paul victory? Or is it instead merely a vehicle to be posted onto the wall by sociopath criminals?

I really am curious and would like (and value, and consider) your opinion.

Sat, 03/10/2012 - 13:32 | 2243197 Shadowsil
Shadowsil's picture

THOSE F-ING GORILLAS!!!!!!!!!!!!!!!

Are always stealing our shit!

Sat, 03/10/2012 - 13:34 | 2243202 Augustus
Augustus's picture

 i certainly cannot evaluate all of what is presented.  It does seem pretty clear that the cross default provisions, if they can be activated and enforced.  will take out whatever remains of any Greek payment capability.  Of course,, the purpose of the provision is to make any selective default painful and nearly impossible.

The Law of Unintended Consequences comes into play again.

Son of a Biscuit, this sure ain't over.

Sat, 03/10/2012 - 13:47 | 2243224 Rogier
Rogier's picture


Sat, 03/10/2012 - 18:16 | 2243752 A Man without Q...
A Man without Qualities's picture

what's interesting is if you read clause (e), it says that 25% of holders need to elect to accelerate, but if 2/3rd decide to rescind the demand, then no acceleration for anyone.  What it seems like is a total clusterfuck, where some issues (if funds have gained a 1/3rd stake) can be accelerated, but many will be held by banks, pension funds etc, will not.


However, it's clear that rolling over these debts is going to be very messy - but if they are able to repo with the ECB, Greek banks may still be willing to do so.

Sat, 03/10/2012 - 13:40 | 2243212 Paracelsus
Paracelsus's picture

A small group of Illuminati/Bilderbergers somewhere are crapping there collective pants.

That whining sound is a million Lear jets warming up to split the country.

WW1=twenty million dead estimated

WW2=forty million dead estimated



Sat, 03/10/2012 - 13:49 | 2243236 Harlequin001
Harlequin001's picture

should be able to top 5 billion? easy...

I think WW2 was a tad more than 40 million.

Sat, 03/10/2012 - 13:58 | 2243263 WestVillageIdiot
WestVillageIdiot's picture

A quick glance at Wikipedia (grain of salt) puts it at about 60 million dead.  More than 26 million were in the Soviet Union.  I have heard that number many times.  With a little effort we should be able to crush those numbers. 

Sat, 03/10/2012 - 14:15 | 2243303 Fed_Printstone
Fed_Printstone's picture

Of course, with the post-WWII boomers and world population in general having been on a tear since then, percentage-wise, WWIII will make even less of a dent.

Sat, 03/10/2012 - 14:48 | 2243353 roccman
roccman's picture

and the global population showed a net INCREASE in population AFTER WWII


imagine how intense the killoff needs to be.


y'all beginning to see the big picture?


collapse commerce and the world starves in under 60 days.


this collapse is very much planned

Sat, 03/10/2012 - 15:08 | 2243401 Ag1761
Ag1761's picture

We just need to print more bananas

Sun, 03/11/2012 - 08:59 | 2244626 MolotovCockhead
MolotovCockhead's picture

WW3 probably won't happen. The effect of nuclear fallout make the planet unlivable. My suspicion is bio-weapon will be used against the masses. Bird-flu, Swine-flu, Sars, weaponized ebola, smallpox......ect.

Sat, 03/10/2012 - 13:41 | 2243213 maxmad
maxmad's picture

"Disregard the man behind the curtain!!!"

Sat, 03/10/2012 - 13:43 | 2243216 Titan28
Titan28's picture

What bothers me is that a 29 y/o is one of BOA's chief financial experts. At 29? Isn't that part of the damn problem? We have a bunch of 20-somethings who have zilch for real world experience with their hands on the financial levers of power. At 29 her brain isn't even done knitting her neurons together. Why don't we just turn the whole thing over to 18 y/olds?

Also, in the back of my mind, BOA is down on the employment stats simply b/c BOA is hot for the easy cash of QE3, which won't be forthcoming unless improving (say what you will about them, it's an uptick & better than its opposite) job numbers can be dismissed.

Sat, 03/10/2012 - 15:38 | 2243456 stocktivity
stocktivity's picture

...and how well have the older idiots done?

Sat, 03/10/2012 - 15:46 | 2243471 Central Bankster
Central Bankster's picture

Agree and Disagree.  Firstly, you're right she should not be chief economist based on her lack of merits.  What experience to her theories, does she possess?  Second, there are quite a few young people that are far more qualified (as opposed to "old" people who know jack shit other than cronyism and bailouts saving their asses).   IE Blankenfein, Dimon, et al.  If they are right let them make money, if they are wrong let them fail.  Then we can judge people on their merits instead of their credentials.  So characterizing her age alone, as opposed to her lack of practical experience is a mistake IMHO.

Sat, 03/10/2012 - 16:42 | 2243588 CompassionateFascist
CompassionateFascist's picture

Her kneepads....

Sat, 03/10/2012 - 18:57 | 2243811 smiler03
smiler03's picture


Michelle Meyer is a "Senior Economist" at BOA. The Chief Economist is Mickey Levy and has been for a long time.

A "Senior Economist" to me sounds like one of many "Senior Economists".


Sat, 03/10/2012 - 15:50 | 2243474 eddiebe
eddiebe's picture

No, 28 year old is just about right, at least for the banksters. At 28 you're pretty much right off the indoctrination mill and just naive and arrogant enough to ram through the party line without having to go puke every time you fuck over the unsuspecting clients.

Sat, 03/10/2012 - 13:43 | 2243217 Yen Cross
Yen Cross's picture

 "Apocalypse Now" has a sequel in the making. "A Pack of Greeks Now".

Sat, 03/10/2012 - 14:47 | 2243356 slewie the pi-rat
slewie the pi-rat's picture

happy ISDA trigger week-end, Y/C!

ponzi-rrrrific rollovers, markdowns, defaults, re-fis, and food, music and dancing, too!

everything is coming up "roses"! 

Sat, 03/10/2012 - 15:11 | 2243406 Ag1761
Ag1761's picture

in a few years time we may get a google graphic depicting the anniversary of the great CDS Day

Sat, 03/10/2012 - 15:23 | 2243429 DosZap
DosZap's picture

 Beware Greeks bearing Gifts....................

Here ya go, pass the hot potato!

Sat, 03/10/2012 - 13:43 | 2243219 Winston Churchill
Winston Churchill's picture

Still waiting for the Unkown Unknowns.

Please step foward front and center,mow !

Sat, 03/10/2012 - 13:44 | 2243222 Manthong
Manthong's picture

From FT:

ISDA also said it did not expect a big market reaction to the decision because of the small likely net losses 

--  Massive losses, no big market reaction… makes sense to me,  now let’s get back to the rally

Sat, 03/10/2012 - 13:50 | 2243246 valley chick
valley chick's picture

control. the. masses.

Sat, 03/10/2012 - 13:59 | 2243267 maxmad
maxmad's picture

If you believe that MANTHONG, I have some land in FL to sell you

Sat, 03/10/2012 - 13:44 | 2243226 Ayn Rand
Ayn Rand's picture

But, I don't understand this.   All the talking heads on CNBC and Bloomburg said that the big tube of "all better cream" was rubbed on Greece and all is well.

Why was none of this discussed, are they stupid or liers?

Sat, 03/10/2012 - 13:58 | 2243235 valley chick
valley chick's picture

I posted on another thread how nothing is being said locally on the credit event....I am wondering if deliberately they are not covering it in depth due to the severity of it.  Panic maybe?

Instead the media posts this article..


Sat, 03/10/2012 - 14:04 | 2243271 Kali
Kali's picture

Because the 800lb gorilla is holding the local 1600lb chimp hand?  Harrisburg PA bankrupt, Ambac is expected to cover the $5 million bond default (didn't Ambac file bankruptcy?  Aren't they one of the bailout recipients?  How are they still operating?).  The dominoes might start to fall here on top of the Greece-y turd very soon.  If I remember correctly, from a ZH article, isn't Ambac the muni bond version of AIG?  What happens as the muni bond and CRE defaults start?  OTOH, I think they are hoping J6P doesn't understand what this all means, so if it isn't perceived or believed, it won't happen.  Talk about fairy dust and unicorn rides.  Meh.  What you don't know can't hurt you?


Sat, 03/10/2012 - 14:46 | 2243352 earnyermoney
earnyermoney's picture

What do you expect from a Jim Goodman run company? His network is a fluffer for the North Carolina Democratic party.

Sat, 03/10/2012 - 16:42 | 2243586 valley chick
valley chick's picture

correct earnyermoney.  It's one thing to gloss it over and another to not even mention and what caught my attention.  Maybe i am reading way to much into it.

Sat, 03/10/2012 - 14:35 | 2243332 earleflorida
earleflorida's picture

do ya remember, "Radio Free Europe",... well if ya want the "Financial Freedom-Truth Internet" you dial-up "ZeroHedge"

thanks tyler

Sat, 03/10/2012 - 13:46 | 2243229 t_kAyk
t_kAyk's picture

Infinite Jest

Sat, 03/10/2012 - 14:51 | 2243368 roccman
roccman's picture

one of the best books ever written

Sun, 03/11/2012 - 11:14 | 2244767 GeneMarchbanks
GeneMarchbanks's picture

2008... a horrid year in so many aspects but the loss of DF Wallace almost sent me over the edge.

Sat, 03/10/2012 - 13:46 | 2243231 valley chick
valley chick's picture

how can anyone trade not knowing how deep down the rabbit hole this goes?

Sat, 03/10/2012 - 14:45 | 2243350 earleflorida
earleflorida's picture

as i have said,... the rabbit hole goes right into the fox-den below - them thar lethargic vulpines' are now so obese they can't even fuck, making for excellent fare at low energy for ye ole grizzly bar

the hare has a spare pair?  

Sat, 03/10/2012 - 13:50 | 2243242 WilliamShatner
WilliamShatner's picture

800 pound Greek gorilla?

Is it a particularly fat, hairy, greasy and lazy gorilla?

Sat, 03/10/2012 - 13:53 | 2243244 Snakeeyes
Snakeeyes's picture

Photos of the 800lb gorillia. 6 month Greek CDS spread at 84,199%!!



Sat, 03/10/2012 - 13:50 | 2243245 A Man without Q...
A Man without Qualities's picture

A lot of this crap has been sold to Greek pension funds.  Most of the large funds for members of certain unions.  The evil part of it is that these union leaders are as corrupt as the rest of them and have bought highly structured credit linked notes for way more than they were worth.  A large bundle of cash persuaded them to take the word of the Greek brokerages, who bought them from the banks with a wink and a nod.   

With quite a few of these CLNs, a credit event leads to early termination, and when you add the loss on the swap to the loss on the underlying, they are worth exactly zero.

Sat, 03/10/2012 - 14:33 | 2243316 hedgeless_horseman
hedgeless_horseman's picture



WTF? CALPERS just popping into my brain again.

Sat, 03/10/2012 - 13:53 | 2243248 carbonmutant
carbonmutant's picture

The real question is which court gets to rule on these contracts?

Sat, 03/10/2012 - 14:34 | 2243330 Non Passaran
Non Passaran's picture

Been thinking the same. If it's the EU Court of Injustice, then ...

Sat, 03/10/2012 - 15:08 | 2243400 carbonmutant
carbonmutant's picture

It's really a question of whether or not European Union law can declare supremacy over English Law and of course the Appeals system...

Sat, 03/10/2012 - 14:47 | 2243354 earleflorida
earleflorida's picture


Sat, 03/10/2012 - 15:43 | 2243465 stocktivity
stocktivity's picture

Scumbag lawyers licking their chops.

Sat, 03/10/2012 - 13:52 | 2243249 HungrySeagull
HungrySeagull's picture

Flight Tracker should show a mass exodus of Private Jets from Greece sometime soon.

Sat, 03/10/2012 - 13:52 | 2243251 TradingJoe
TradingJoe's picture


Sat, 03/10/2012 - 13:53 | 2243252 1929agin
1929agin's picture


Maybe I missed the latest update from ZH, but what is the latest about Tim Geitner's arrests regarding while Head of New York Fed bank, he instructed AIG to " withhold documents/delete/falsify" information regarding AIG?

Has been reported by FOX news, Bloomberg, youtube video, and not on other media outlets, of course, go figure... Now is accompanied by the sheriiff so he won't leave the country?

Help please with update/coverup/Banksters

Corzine/Geitner/Banksters/  no different than B Madoff?? except jail time... R U kidding me



Sat, 03/10/2012 - 14:24 | 2243318 JLee2027
JLee2027's picture

That Fox Video with the Judge surfaced in 2009 and nothing has happened since.

Sat, 03/10/2012 - 14:04 | 2243261 chestnut13
chestnut13's picture

It's only two letters to go from "drama" to "drachma"

Sat, 03/10/2012 - 19:09 | 2243829 smiler03
smiler03's picture

And "ch" are the letters for Switzerland... hmmmm, I wonder, The ZuriCH connection?

So this is all about drug smuggling in fish in Lake Geneva. Possibly?

edit: sorry, bin drinkin ouzo

Sat, 03/10/2012 - 14:01 | 2243270 spencer
spencer's picture

"Is it just me, or has anybody else noticed that $140 billion of 'pension fund' money has just been wiped out and replaced with a $170 billion of freshly printed banker cash, all of which which came from nowhere."


1. What are you talking about exactly?


2. Has anyone bothered to count the total amount of this shit? Jeezes - this looks like a serious amount of money...

Sat, 03/10/2012 - 14:50 | 2243360 earleflorida
earleflorida's picture

it's just condensed air

Sat, 03/10/2012 - 15:56 | 2243488 t_kAyk
t_kAyk's picture

money?  what's that?  i see lots of 1's and 0's and some funny colored paper with pictures of dead guys on it, but no money here.  sorry. 

Sat, 03/10/2012 - 20:50 | 2243982 Cathartes Aura
Cathartes Aura's picture


Sat, 03/10/2012 - 14:02 | 2243274 oogs66
oogs66's picture

CDS scares people but it is going to be losses on bonds that causes the problem. Especially with so many funky guaranteed bonds

Sat, 03/10/2012 - 14:23 | 2243315 Kali
Kali's picture

Agreed, the insurers on all these bonds are fucked.  Hard to keep track of each individual little fuck in the grand global clusterfuck.  Have fun this weekend folks, the calm before the storm?

Sat, 03/10/2012 - 19:15 | 2243835 earleflorida
earleflorida's picture

they all go to rehypothecation heaven

Sat, 03/10/2012 - 14:07 | 2243282 Atomizer
Atomizer's picture


Dear IMF & failed EU Socialism experiment,

Your last chime has been heard throughout the world. The Venus Project cannot work in today’s fast pasted society, nor can it support the vast amount of monies needed to function successfully. 

Eastern Sun And John Kelley - Days Gone By 

“I welcome the cooperation of the private sector in participating in the debt exchange offer by the Greek authorities. This is an important step that will dramatically reduce Greece’s medium-term financing needs and contribute to debt sustainability. The IMF’s continued support would be part of an integrated package where all parties—the Greek government, its European partners, the private sector, and the Fund—would play their part to help the Greek people overcome this crisis and over time restore growth, thus contributing to broader global financial stability.

“I will put this proposal to the IMF’s Executive Board next week for review.”

Sat, 03/10/2012 - 14:12 | 2243296 1929agin
1929agin's picture

History  Greece , blahblahblah

Future JAPAN now we are talkin about more than a blip...

jus sayn


Sat, 03/10/2012 - 14:13 | 2243297 Fix It Again Timmy
Fix It Again Timmy's picture

Let the games begin and I'm not talking about the 2012 Summer Olympics..........

Sat, 03/10/2012 - 14:56 | 2243380 roccman
roccman's picture

perhaps the last games


if you get a chance - look at the stadium lights - you will recognize it immeadiately - it's on the dollar bill.


google rik clay on the 2012 olympics


he's dead now

Sat, 03/10/2012 - 14:15 | 2243301 Seasmoke
Seasmoke's picture

public employee leeches EVERYWHERE are in big trouble !!!!!!!!

Sat, 03/10/2012 - 14:15 | 2243302 Mark123
Mark123's picture

As pointed out by ZH previously, the bailout was mostly a book-keeping entry to transfer bad bank loans from a country that will NEVER be able to repay to richer taxpayers that can.  Greece is only left with a few billion to keep the lights on long enough to blur the treachery in the eyes of the dopey public.

The banking cartel has complete control and the bulging "balance sheets" of the central banks are now accepted as a real obligation that the citizens of the respective countries must service.  Unbelievable!

What is so fantastic is that through all of this mess that has effectively destroyed our civilization none of the culprits have been punished.

Sat, 03/10/2012 - 14:21 | 2243313 Zero Govt
Zero Govt's picture

none of the politicians will go to jail

none of the banksters will go to jail

they'll just suck the life (wealth) out of the private (productive) sector until it too goes down the toilet

it's just a little piece of history repeating over and over for, oh, about 3,000 years

banksters and politicians: the wrecking crew of nations

Sat, 03/10/2012 - 15:35 | 2243447 resurger
resurger's picture

Go to jail!

MF Global managers demands a Fucking BONUS!

you know what, its fucking nice to be a crook, you reward failure with bonus!

now thats a deal

Sat, 03/10/2012 - 14:16 | 2243304 JLee2027
JLee2027's picture

After watching nearly 2 years of denials, hand-wringing, begging, live coverage of "save Greece" - Greek parliment voting (remember that?) - and outright praying on CNBC that Greece not default because this could mean the end of the world I was amazed by the numerous statements by anchors and guests yesterday that a Greek default was expected and priced in.  I got so disgusted I turned it off and on several times in disbelief.

Somebody is lying. I guess time will tell who.




Sat, 03/10/2012 - 14:31 | 2243324 valley chick
valley chick's picture

usually you see the talking hacks repeatedly go over the the point that it is sickening.  This time however it looks more like avoiding it which caught my attention.  As I was "grazing" in 2008, I am hoping someone give input on media coverage just prior to the Lehman moment.  Was there as many signs glaring at the media and did they choose to ignore?

Sat, 03/10/2012 - 14:53 | 2243376 Tsar Pointless
Tsar Pointless's picture

"Lehman Weathers the Storm" from May 2008"

Goldman raised LEH price target to $45.

Question of liquidity was taken off the table after Fed moves.

Do NOT follow this link or you will be banned from the site!