Europe Blinks: Troika Willing To Change Terms Of Greek Bailout Deal

Tyler Durden's picture

And so it all begins anew:

From Bloomberg: IMF, EU, ECB Open to Changes in Greek Aid Deal, Real News Says


The so-called troika of the European Union, the International Monetary Fund and the European Central Bank is willing to make six important changes to Greece’s financial aid agreement if a pro-European government is formed in the country, Real News said.


The Troika is willing to extend by one year to end 2015 the time for Greece to cut its budget deficit as well as to proceed with a restructuring of loans, the Athens-based newspaper reported in its Sunday edition preleased today, citing “well informed” sources at the European Commission.


The Troika is also willing to maintain the force of collective labor agreements, to alleviate the level of pension cuts or restore certain pensions to previous levels and to keep wage levels in the private sector and reduce the average tax burden on employees, the newspaper said.

If confirmed, and with Germany having stated repeatedly this will not happen, there is a very high possibility this is just another press-based red herring (remember all those FT headlines of an imminent Chinese bailout of Europe?) seeking to exacerbate the political power grab in Europe, where Germany is now surrounded on all sides, this will mean that the outcome of the Greek elections is no longer relevant, as Syriza will propose an adjustment to the bailout plan, Europe will promptly agree since a pro-bailout "coalition government" of ND, Pasok and Syriza will have be formed, and all shall be well, at least until the next Greek bailout in a few months. Then the country will need yet another priming DIP from Europe, and the fiasco begins anew, only this time with even less money left in Greece to be pillaged and plundered by the country's creditors. That, and of course, German capital being pledged in the form of more "contingent liabilities" which are anything but.

But for now, between a Greek "solution", and China easing again, it appears that all has been saved. If only for a few more days, which as the central planning regime is coming to an end, appears the best the planners can obtain.

At the end of the day, it is once again Mr. Panos who explained it all perfectly, and showed just who has all the leverage in Europe.

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Colombian Gringo's picture

 After getting a good butt fucking from the Banksters,  it seems that the Greeks are now being offered vasoline and kisses.  

Message to the Spanish: trash Madrid, refuse to pay your electricity bills,  and you may get the same deal.

Message to the Irish: toss the Banksters out on their keisers unless you want to be footstools for England

Message to the Germans: time to leave before you become Europes Bitch, working hard, saving money, delaying retirement while the wanker Greeks drink Ouzo, the Spanish eat Tapas, and the Irish drown themselves in Guiness.

As for the French, why worry about them? They will always find a way to leech off their neighbours.

Message to the USA: your turn is coming...


TheFourthStooge-ing's picture

Mr. Panos: "The Greeks don't bankrupt like heroes - heroes bankrupt like the Greeks!"


The Big Ching-aso's picture



The way things are going a Greek island could be a vacationing Euro lender's very last resort.

Oh regional Indian's picture

Big one, I hope you take this as a compliment, but I nominate you the up-scale Henny Youngman of ZeroHedge.

mostly awesome... ;-)


The Big Ching-aso's picture



Thank you.  Take my life.   Please.

The Big Ching-aso's picture



Yes.   Take my life.   Please.

Sauk Leader's picture

Wow seems like everyone forgot about elections. Pay attention americans if BHO will not win he will steal it.

GetZeeGold's picture



Wow seems like everyone forgot about elections.



Dude....where you been? They voted for the German bailout. It was like a total no-brainer.


Since they took the German's money it was only right to give the Nazi's some's called compromise.




He_Who Carried The Sun's picture

If they weaken the terms of the bailout,

I shall renounce citizenship of this planet

and move back to Krypton a.s.a.p.


cranky-old-geezer's picture



Euro-bankers must be getting really scared now about the possibility of Greece leaving the EU and all the Greek debt they're carrying on their balance sheets becomes worthless.

And no, Germany won't pay it.  They'll find a loophole somehow, or just tell ECB fuck off, and if Draghi doesn't like it, no problem, Germany will leave the EU also, and all the Euro debt on bank balance sheets becomes worthless.

Germany's guarantee behind Greek debt is like a CDS.  It looks good until something triggers it, then it doesn't pay off due to some loophole in the contract.

So no worries, Greece leaves the EU or Germany does.  Either way, euro-banks are fucked.  Those hundreds of billions of Greek debt will never be paid off and it'll go worthless at some point.

Then ECB will print and buy it all from the banks. 

Yes, ECB is EU's bad bank of last resort (just like the Fed here in America), where all the other banks dump their worthless paper and get full original price for it.


Nussi34's picture

Leading German economist in a recent interview: Yes, the gueantees are a contract. But you know, at the end when we would need to pay we will just do what Greece does and violate the contract. Which is not pay.

Nachdenken's picture

Plese dont take all other like bodies  with you.

Mountainview's picture

And the EURO will go the way of the DODU DUDU !!!!!

resurger's picture

The Greek People:

1- We will default

2- We will not give you the gold for your digital cash

3- Bring it ...

Piranhanoia's picture

The "picture" of Germany as a thrifty bunch is not accurate.  They are a socialist nation run by fascists.   Their public sector demanded higher wages, they got them.  Their bank demanded to be left alone, they got it.   Who runs the place?   Certainly not Frau Merkel.

Eally Ucked's picture

Yeah! Lets change to American system! Obama runs everything, banks are suppressed and no fucking play with anything! Wages going up, everybody is happy according to new poll and no facists! AND PIRANHA is happy

Harbanger's picture

Obama runs everything is not the American system.  Montesquieu's seperation of powers idea of a constitutional government with three separate branches of goverment is the American system.

All Risk No Reward's picture

You have the propaganda down straight, but do you still believe it?

The international financiers run America by financing and promoting their operatives into government.  Once there, they basically take orders.  It isn't total control... yet.  But its getting there.

No President or Congress workgin for America would ever subject the nation to international financiers by forcing the government to borrow its national money supply.

The Bill of Rights is dead...  killed to "protect" you if you are that much of an imbecile to believe that.

Hey, if "they" (al Qaeda - Pentagon lunch guest with Secretary of the Army just after 911, now funded by the financial oligarchs running America to creat ecivil war and kill of 10s of thousands of dark skinned Africans in Libya and knocking on the door in Syria) "hated us for our freedoms," then they have no reason to hate us anymore since our government took away our freedoms.

FREEDOM, bankstah style.

"Those who will not use their own brain, they are nothing more than meat on the table and beasts of burden by choice and consent." - Albert Pike (1809-1891) *Morals & Dogma*

Harbanger's picture

Yes, I still believe in the idea that is America.

The international financiers running America by financing and promoting their operatives into government discounts the new populist movement in America. Common people are directly involved in politics like I’ve never seen before. They may have gotten away with financing their operatives in the past with the likes of George Soros etc., but that will change. Going forward, alternate media will vet the politicians that the MSM won’t.

As far as us losing our liberty I agree. Legislation by neo-cons and neo-libs is to blame for that (both are progressive).

As far as muslims hating our freedoms, I think it’s our cultural freedoms (Hollywood etc.) that they hate. Don’t forget the Arab spring was started by a guy who set himself on fire because of an over burdening Govt. that kept ticketing him, confiscated his work cart and wouldn’t let him earn a living. I think they can appreciate freedom from Govt. control.

The impact the TP has made in politics in 3 short years has renewed my faith in the American people and the American system.

Real Money Wins's picture

"If you will not fight for the right when you can easily win without bloodshed; if you will not fight when your victory will be sure and not too costly; you may come to the moment when you will have to fight with all the odds against you and only a small chance of survival. There may even be a worse case: you may have to fight when there is no hope of victory, because it is better to perish than to live as slaves."
  --  Winston Churchill


Freedom Is NOT Free!!!!


If you arereading this YOU are the RESISTANCE!!!

brettd's picture

How many "conservative" senators voted against Geitner, Holder, Kagan & Salazar?

Need to grow some stones.

StychoKiller's picture


Common people are directly involved in politics like I’ve never seen before.  They may have gotten away with financing their operatives in the past with the likes of George Soros etc., but that will change.[/quote]

Common folk like George Clooney and friends, raising $15Million FRNs for Obamatron?

Hope you're right; still time to buy a 30.06 though.

Boeing Boy's picture

+1, quality posts here on ZH today..

Nachdenken's picture

Germany is not socialist in the sense of a government for the worker, or employed worker. 

Workers wages have stagnated over the past 7 years, a number of welfare rights (funded by mandatory payroll deductions) have been cut, full time jobs replaced by part time unsecured "mini-job" contracts  Pensions for workers and super Marios is not inflation linked, so pensioners have falling incomes.  This is so since the so-called scoialist party was in government.

Frau Merkel was born and grew up in East Germany, her conversion is not complete, she supports a social-market mechanism, the worst of both systems and is neither one (social) nor the other (price making mechanism).


Chris88's picture

Yeah, it was a bunch of bankers that made a bunch of spoiled brats elect a bunch of brain dead socialists who spent way too much money and got in too much debt.  

StychoKiller's picture

When the people find that they can vote themselves money, that will herald the end of the republic. — Benjamin Franklin

Respect for religion must be reestablished.  Public debt should be reduced.  The arrogance of public officials must be curtailed. Assistance to foreign lands must be stopped or we shall bankrupt ourselves.  The people should be forced to work and not depend on government for subsistence. - Cicero, 60 B.C.


Same as it ever was.


Silver Bug's picture

QE to infinity continues! They have NO choice.

FEDbuster's picture

Quantitative Easing needs a new name (QE 3, QE 4,..... is getting old).  "Printing" is no longer a good description. 

"Debasement" may work?  "Bernake has announced another round of Dollar Debasement this week as the Fed's balance sheet rises to 9 trillion dollars....."  I must admit it will be fun watching the talking heads on TV during the hyperinflation.  "The Dow is up another 200% today, while the price of gasoline tripled overnight to just shy of $600. per gallon...."

piliage's picture

How about 'Enhanced Liquidity'? That has a nice marketing ring to it.

GetZeeGold's picture



How are we raising money again these days? Cause I don't see China giving us anything right now.


automato's picture

You are confused with the Old Creditor USA that everyone used to stiff. We are the NEW debtor USA and we will stiff EVERYBODY and then we will nationalize everything in the US. Unless you forget we still have the LARGEST inventory of Megaton H Bombs (only takes 7 to destroy the planet), Neutron bombs, EMP bombs, VX Nerve gas, Bio weapons only the mind of Stephen King can imagine, and that is just the Tip of the doomsday iceberg. So come on and try and collect. Viva MASADA bitches! Just remember that everyone in the USA averages 2 guns per person. That's 600 million guns. That is almost more guns than the rest of the World's military combined. Feeling Froggy? Jump Bitch!

Acorn10012's picture

We just might be the evilest mofos on the planet! We're #1, we're #1!!!

FEDbuster's picture

The Dollar is backed by the US military.  "Accept our IOUs or else" should be printed on the $100 bill.

blunderdog's picture

I think you're totally crazy and all, but agree with one great point: whatever happens with the government, the folks who live here aren't going down easy.

OldPhart's picture

hmmm, your comment had me do a mental inventory:

1911 .45, M-1 30 cal, AR18 5.56, Yosemite Sam Gun ( [I call it that because it's cartoonishly large] .500 cal, Red Ryder BB gun, and two Boy Scout crafted slingshots with new rubber bands.

I'm packing, baby!

Cadavre's picture

After getting a good butt fucking from the Banksters,  it seems that the Greeks are now being offered vasoline and kisses.

PIMCO's Gross broadcast in precise clear terms that Greeks (not Greece) should mime Iceland's model - just tell the bondholders, the CDS holders and the fancy pants "financiers" that cooked the "ponzi" to settle up amongst themselves. Iceland told the IMF to bite it!

Hard to see how a Greek "NO" referendum can be construed as "maybe" Granted, Germans don't want to bail anybody out. Goldman mounted Italy and the IMF, But that don't change "NO" to "maybe". Merkle faces comparisons, one way or another to Hilter (whose big crime was removing Germany from international monetary structures),

MF Global strategy was weighted in the infinitely long EUR. The morgue is alleged to have warehouses filled with physical metals of all classes, implying the morgue was/is long EUR too!

Even if Germany was to bailout Greece, despite the referendum, there are a gaggle of other risk laden little PIIGS. Does Germany have the cash, or will Germany have to borrow to service a hypothetical Greek bail. If greek is refied - it will be temporary. Ya can't revive the dead, so why pretend with a "Weekend at Bernie's"?  Why loan if it ain't gonna get paid back - it make no sense whatever.


There has been gossip that the ECB could print. Don't know about ECB authorizations, The FED could print a USD loan to the creditor writing the Greek bail check. For sure US money centers with an over abundance of underwater long EUR bets cluttering their portfolios, like the morgue, would love the FED to print a bail for Greece! 

Value will inevitably dilute  to absolute non-value and we will be in a world of shit - the world of zero returns (maybe NYC Power and light will forgive HFT energy bills so they can continue to "pretend". All crimes unwind. The one getting ready to undo itself now has be ongoing for a century.

About really big double dog big crimes of the millenium.

We ignore the big important crimes. Average Joe thinks crimes are small change heists, boom booms, honey pot dippers and bribe takers blasted from the hypno-tube. Average Joe is blind to the really big successful crimes. 

Conspirators burn years, or decades planning the really profitable enduring crimes, crimes of the millenniums can self sustain for centuries.

Recipe for "A Crime of the Millenium"
Mix a dash of expert knowledge of "the" human condition and social structures, with some prescience, critical path analysis analysis in a large bowel of a virtuoso's mastery of Machiavellian principals on death cult mysticism and gads upon gads of psychopathy with a sneezed plug of cultural and ethic xenophobia, and voilà, yuz gotz one fat batch of multi-spectral Double Dog Demon Schnapps guaranteed to turn any Human into compliant glut siphoning bloated warehouses of ignorance and apathy extraordinaries, a "consumer", aka, Average Joe!

Institutions have to be created or infiltrated. The placement of patsies and stooges in "authority" throughout the crime's duration is a consideration. Because the "heists of the millenniums", are, by design, trans generational, a bunch of study and effort goes into assuring intended custodians and advocates of the caper (with the exception of only the purest psychopaths), how to protect promote and maintain the caper and the capers custodial ascendancy. Indoctrination is always critical. Aspects of the crime that can't be hidden from view would be protected by free speech taboos. Factual history is replace with "canons".

The Federal Reserve is an element of a trans generational conspiracy. The handshake to establish the FED coincided with US entry into world war one, through an arrangement by UK Shadow Bank elite and the British War Cabinet, The arrangement is the basis for what we witness now. War. Extortion, State Sponsored False Flags. All those things and others are part of a self serving War Usury structure designed to harvest every drop of value humanity has and parse that value to the conspiracy's participating accomplices

We have a simpler obvious recent example of a multi-decade extortion conspiracy: Anamorphic Global Warming.

Consider two ovens.  One is vented the other is sealed and both are set to the same temperature. Most would sense the heat radiated from the "sealed" oven is more intense than the "vented" oven.

Sun is same. The sun vents through so called "sun spots". Sun spot activity measurably varies over a 22 year solar cycle. Solar max, lots-o-spots. Solar min, hardly any spots. Sun morphed to solar min in 2004. No spots at all last year. Summer was hot as shit.

Recall all tear wipe jerks and "save the glaciers" GE Foundation funded fanatomatic shills were (and still) blowing out thier ass?

Impending doom - Manhattan to be so deep under the sea that all the floating festering corpses from mass polar bear heat stroke die-offs would look like clouds above a submerged 42ed Street.

Remember? All that shit was scripted and scheduled to coincide with solar min.

The sun is why it's hot or cold. Global temperature variation correlates to solar cycle sun spot variation. Period. GE Foundation rent-a-science types spend time now trying to invent air particulate factors to weigh in a "premium" to to fuzz up the correlation. The NYT, in best audacity, published that GLobal Warming was the reason the UK turned into a cube of ice two winters back. "It cool because it hot!!, followed by the Klugs call to print to build weaponsary to save the globe from box cutter wielding space aliens that hate earthlings for their freedom (reports are some yellow cake kryptonite was transacted recently).

Not to Al "the Bore" Gores hockey stick divined pontifications from the pulpit of new age mysto-science and one time newly enjoined in law to Federal Reserve founding family, the Schiffs. But, as the hype began to break up and loose hypno-tube relevance pixels, his little ticket in, coincidentally, got divorced out of the clan, no doubt due to Bore Gore's inept Global Warm Scam performance. No Carbon Bond margin stands - no sale - no Schiff pollen. Period.

Ya gotta learn how to close Al!

Today, the only important question seems to be, "Is now the time individual investors should considering getting back into the market?".

Go fucking figure that one! Everything is bullshit.

Terrorist's picture

Cadavre- you sir should post more often.

GetZeeGold's picture



Too bad only 0.001% of the American population will ever read what he wrote. Most are busy watching American idle......when that's over they tune into Dancing with the Stars.


.....and those in power are aware of it. That's what we're up against amigos.


Now that I've made everyone feel a little better......have a nice day. :)


Buck Johnson's picture

No kidding, I couldn't have said it better myself.  I truly think that this is exactly a red herring that was put out there to give the opening of the markets tomorrow a positive start, nothing more.  I can't believe that Europe agreed with this, because this essentially made them do a 180 on the deal they wanted.  Now all that bluster they said and other things mean nothing if all Greece does is to say no they will balk and change.  This should scare everybody, because if they are willing to give up all this just to not have them default, then the EU and the banks are in worst shape than we think.  Also this is coming to the US, because If you think that JP morgan "mistake" misunderstanding of the market and loss was just that, your wrong.  Derivatives are unwinding and they are running scared.

StychoKiller's picture

Greece is like a drunk you lent your car keys to.  If you don't give it another drink, Greece will leave, driving YOUR car!

Bizaro World's picture

Best succinct analogy I've heard to date. Well done.

Psyman's picture

Nope mother fucker.  I will be 10,000 miles away with a nice big bag of pop corn while I watch this mother fucker burn to the mother fucking ground.

Gully Foyle's picture

Colombian Gringo

Greece leaves and has zero, or limited, suffering before life returns to normal illuminates the EU sham. Other nations would then say fuck you why should we continue to harm ourselves.

End of NWO.

Iceland already pioneered the idea, and TPTB wants them to remian an exception instead of the rule.

williambanzai7's picture

If you are an Irish citizen and don't feel like a sucker, then you are a fool.

Bobbyrib's picture

They'll leave the EU soon enough.

Oh regional Indian's picture

WillBan7, trouble is the government teat is a self-replicating fractal that delivers calorieless and colourless milk.

If people say Moar, then a few Moar teats appear... it would make for a scary image. Our dearly bearded one, with a billion nipples and suckers beign born every Minute. ;-)



suckerfishzilla's picture

Somebody is smoking some really goood tuff right now.