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Euro FinMin Meeting Soundbites Du Hopium

Tyler Durden's picture




 

Update: And finally for some reality from Dutch fin min De Jager: "We Cannot Approve Second Programme For Greece Until Greece Has Met All Its Obligation"...

And now we know who Germany's "+1" will be when Greece becomes Southern Goldman Bavaria: "De Jager Says He’s in Favor of a Permanent Troika in Athens"

We would love to share some witty comments and jovial banter on this latest set of soundbites by Europe's effete bureaucrati on occasion of the latest and greatest Greek bailout, however having already done so on at least 10 times in the past, we have run out of things to say in this particular context and frankly we are bored with this topic. Which is precisely the Eurogroup's intention. Presenting "soundbites du jour, Greece edition N+1".

Via Reuters

EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER

ON PROSPECTS FOR A GREECE DEAL ON MONDAY:

"I would like to assume that we can reach final and concluding negotiations today. The Greek side has fulfilled many preparatory efforts we had demanded. We have to conclude today, there's no more time to waste.

"There are still questions as to how much the public sector can contribute and how we will handle the issue of private creditors in detail, and we will have to talk about the total volume of the second programme. We can't exceed 130 billion."

IMF MANAGING DIRECTOR CHRISTINE LAGARDE

ON GREEK EFFORTS:

"Greece has obviously made significant efforts, and now we need to continue the work and that the entirety of the elements, particularly furnished by the other parties, are also put into place."

GREEK FINANCE MINISTER EVANGELOS VENIZELOS

ON HOPES FOR A DEAL ON MONDAY:

"We are here, ready to conclude today this long process on the new Greek programme, and also we are ready to initiate the official procedure on the PSI (private sector involvement). I am optimistic, but in any case we need the clear political approval from the Eurogroup."

GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE

ON PROSPECTS FOR AN AGREEMENT ON MONDAY:

"If there weren't anything to discuss we wouldn't have a meeting...Today we are aiming to finalise the decision on a new rescue package for Greece. The state secretaries have prepared it well but there are still some details we have to talk about.

"We still need clarity on the involvement of private creditors about a programme to make sure that Greece will not exceed a debt level of 120 percent of GDP by the year 2020. There is still some work to do and we have to make sure that the programme is implemented. I'm confident."

AUSTRIAN FINANCE MINISTER MARIA FEKTER

ON GREEK REFORMS:

"There will be an intensive debate about the monitoring and how we can see whether Greece can implement what we have agreed. If Greece does not implement the measures we have asked for then it won't be able to return to growth. The most important is for Greece to grow, that the administration becomes more efficient and leaner, that jobs are created. Only then Greece can recover."

ON MONITORING:

"We will confer about how this is done, on the one hand by a permanent monitoring in view of the implementation of the measures and also a check on where the money is going. It should not happen again, what happened in the past, that billions go to Greece and it is put into consumption and that no infrastructure, no modernisation of the state and no regional development is created."

ON THE FUNDING GAP:

"We will talk about this, and also about whether there will be more support from PSI. We don't know how many will take part yet, and also how the gap will be filled by national banks or the European Central Bank (ECB). Looking at the official side, I believe states can't make any more taxes available, that would overburden the states. We would have problems getting that through parliament."

LUXEMBOURG FINANCE MINISTER LUC FRIEDEN

ON MONITORING GREEK REFORMS:

"It's important for us that we introduce monitoring...a system of supervision which ensures that, together with the Greeks, this programme is implemented after the elections."

 

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Mon, 02/20/2012 - 10:40 | 2177335 Dick Darlington
Dick Darlington's picture

BBG headlines in this farce have now reduced to this:

*SCHAEUBLE SAYS HE'S `CONFIDENT'

These days that's enough to fuel european equities up. Just run the same headline over and over again.

Mon, 02/20/2012 - 11:26 | 2177462 falak pema
falak pema's picture

When Dr Strangelove says he's 'confident' it can mean many things : strangelove can produce strange off-spring; controlled ausweis, controlled serfdom, uncontrolled financial armageddon; the last only if the good doctor is truly mad.

Mon, 02/20/2012 - 10:45 | 2177353 maxmad
maxmad's picture

Schaeuble confident that he can buy Greece for "pennies on the dollar!"

Mon, 02/20/2012 - 10:46 | 2177355 augie
augie's picture

thank you for what you do tyler<3

Mon, 02/20/2012 - 10:47 | 2177356 Arius
Arius's picture

here is my comment: fuck U Germany!

Mon, 02/20/2012 - 11:43 | 2177523 PaperBear
PaperBear's picture

We should be specific, it should be f**k you Merkel. How many of the German people actually agree with Merkel over this ?

Mon, 02/20/2012 - 10:50 | 2177364 JPM Hater001
JPM Hater001's picture

I have a outer for you...

A fool flatters himself, a wise man flatters the fool.
Edward G. Bulwer-Lytton

Mon, 02/20/2012 - 11:03 | 2177400 Sudden Debt
Sudden Debt's picture

You seem to be truly gifted in your quote throwing

Mon, 02/20/2012 - 10:52 | 2177370 morning_glory
morning_glory's picture

Wolfgang Schäuble. How I learned to stop worrying and love the debt bomb.

 

http://www.youtube.com/watch?v=iesXUFOlWC0

Mon, 02/20/2012 - 10:54 | 2177377 dracos_ghost
dracos_ghost's picture

Greece FinMin: "I thought it was next Monday?"

Mon, 02/20/2012 - 10:56 | 2177384 Martial
Martial's picture

Monday March 19th. Got to have it done by then because it takes 6 weeks to...oh wait....crap.

Mon, 02/20/2012 - 10:55 | 2177382 Scalaris
Scalaris's picture

Celebratory blowjobs all around on ECB's tab.

- Mario Draghi

Mon, 02/20/2012 - 10:57 | 2177387 Schmuck Raker
Schmuck Raker's picture

POLISH LAND DEVELOPER/SHIP OWNER AL CZERVIK

ON NEXT STEP IN PROCESS:

"Hey everybody, we're all gonna get laid."

Mon, 02/20/2012 - 10:59 | 2177392 GeneMarchbanks
GeneMarchbanks's picture

'And now we know who Germany's "+1" will be when Greece become Southern Goldman Bavaria: "De Jager Says He’s in Favor of a Permanent Troika in Athens"'

These people have a severe action bias, they do not understand. Violence it is.

Mon, 02/20/2012 - 15:05 | 2178179 dearth vader
dearth vader's picture

For you to consider: De Jager is not a spelling challenged member of the Jagger family.

It's a Dutch name, meaning The Hunter.

Mon, 02/20/2012 - 11:02 | 2177395 PMakoi
PMakoi's picture

ECB to PSI = K-Y surprise!

Mon, 02/20/2012 - 11:01 | 2177396 Spooky Polish
Spooky Polish's picture

There'll be a lot Greek flavoured expression soon  : 

Greek Programme - Programme which by design - could be never completed 

Grexit - Reverse of widele know in Poland "Germal Style Exit" ("Na Niemca") - which means that somebody done something that nobody even noticed. 

Greek Tax Collections - soon more rare than unicorns

Greek Democracy -  phrase which is more or less "passe" - so it'll be soon forgoten 

 

excuse my poor english 

Mon, 02/20/2012 - 11:05 | 2177406 adr
adr's picture

There has never been a more worthless gathering of skin in the history of the world. This joke makes our current congress look like the small group of men that gathered 250 years ago to draft the government of the USA.

"Greece has made significant effort." !!!!???!!?!

Really? What exact effort is that?

The unelected eurocrat banker put in charge passed legislation opening the door for banks to grant themselves printed money and declare the money actually came from Greece?

The circle jerk has rubbed everone raw, but they can't stop yet because evreyone hasn't climaxed. The others weren't very surprised to find out Lagarde had the biggest cock of all.

Mon, 02/20/2012 - 11:18 | 2177440 oogs66
oogs66's picture

so true...the money is going from governments to banks not to Greece!!!!!

Mon, 02/20/2012 - 11:19 | 2177441 asteroids
asteroids's picture

Study the comments carefully. Not a word of absolute confidence. This is a train wreck waiting to happen.

Mon, 02/20/2012 - 12:03 | 2177508 PaperBear
PaperBear's picture

"Permanent Troika in Athens" ?

Greece doesn't need a general election in April or indeed ever again.

And of course, the Zero Interest Rate Policy will likely remain for this long too.

Mon, 02/20/2012 - 12:08 | 2177603 Everybodys All ...
Everybodys All American's picture

Instead of Troika, I've got a better term for what is going on ...'Swastika'. Everyone if you oppose this type of fascism I would encourage you to use the name to simply send the message to these fascists that we know what this is about and we don't approve.

Tue, 02/21/2012 - 00:19 | 2179925 Tompooz
Tompooz's picture

wait a minute. Should overborrowing and default not have karmic consequences, such as loss of complete unfettered fiscal sovereignity?   Are the diktats of bankruptcy laws for companies and individuals fascism or a deterrent?  

In short: is imposed and supervised austerity for States not an extension of the rule of law, rather than bankers' tyranny?   

Mon, 02/20/2012 - 13:43 | 2177935 LongSoupLine
LongSoupLine's picture

Can't wait for the next Farage video clip on this one...

Mon, 02/20/2012 - 11:41 | 2177511 Snakeeyes
Snakeeyes's picture

Here is The Feds dilemma. They will ride to the rescue if Greece default is imminent. If Greece improves, they will ease anyway because mortgage rates will rise and defeat Obama's refi plans. So, no matter what happens in Greece, THE FED WILL FURTHER EASE RATES!!!!!!!!!!!!!!

http://confoundedinterest.wordpress.com/2012/02/20/greece-the-iron-lady-...

Mon, 02/20/2012 - 11:44 | 2177514 slewie the pi-rat
slewie the pi-rat's picture

i'm with christineLagarde, here!

did you BiCheZ notice this on the earlier "timelineForGreece"?

April 20-22

- IMF meeting in Washington on bigger IMF resources

here's where she'll be operating from in the week after MOTHERS' day:

IMF MAP  <~~~link

maybe some "acivists" will organize around her fascist fuking bullshit

who knows?

Mon, 02/20/2012 - 11:44 | 2177525 spastic_colon
spastic_colon's picture

Tyler is correct - they know exactly what they are doing, the rhetoric is intentional of course, to drive the dissenters mad while completing their ultimate goal of control of the situation.  Eventually those on the outside grow weary of the process and lose interest, creating a victory by mind numbing attrition.

Mon, 02/20/2012 - 11:50 | 2177546 Miss Expectations
Miss Expectations's picture

Tell Jan what he's won!

Miss Expectations, Jan has won a 4 color, extra large tee shirt emblazoned with his latest fascist credo, "I'm in Favor of a Permanent Troika in Athens"  (Available in Greek, English, Italian, Spanish and Dutch)*

 

*Limited quantities available in Irish.

Mon, 02/20/2012 - 12:05 | 2177592 Youri Carma
Youri Carma's picture

Sorry to say but De Jager is a nincompoop. He knows notin about economics, doesn't live in reality and only knows one word 'austerity'. I know cause I (don't) listen to him every day here.

 

The Dutch MSM is dead horse and everybody knows you can't pull a dead horse. You only can eat it.

Mon, 02/20/2012 - 13:02 | 2177808 Instant Wealth
Instant Wealth's picture

Venizelos: "I am optimistic, but in any case we need lots of money from the Eurogroup."

Mon, 02/20/2012 - 15:26 | 2178245 boiltherich
boiltherich's picture

Intersting timing isn't it?  The last big FinMin meeting on Greece before default can no longer be denied is scheduled for a federal holiday in the US when markets are closed. 

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