Eurozone Refuses To Blink: Will Hold Back €1 Billion From Greek Payment To Monday

Tyler Durden's picture

Things are getting interesting. Despite earlier headlines that the €5.2 billion EFSF payment to Greece would be made as expected, money which would go to pay European banks and the ECB, it now seems there is more than meets the eye, and the Eurozone will in fact hold back €1 billion of the money until Monday in what is a major escalation in the relationship between the anarchy-controlled country and bankster oligarchy.


Why is this an issue? Because net of the payment due TO the ECB, the payment that Zero Hedge pointed out first on May 15 to non-PSI compliant bondholders may very well not be made, unleashing total chaos as to what happenx next:

If Greece were not to get the money, it would face financing problems because of a lack of cash for salaries as well as money for the redemption of 435 million euros of a bond maturing on May 15, a bond that was not fully swapped into new paper under the Greek debt restructuring deal finalized last month.

Somewhere Tim Geithner, whose "plan" this latest farce is, is cackling for now. Soon, he will be crying.

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Bazinga's picture

I will gladly pay you Tuesday for a billion today...NOT

Temporalist's picture

I will gladly pay you Tuesday in Drachma for a billion today.

I think that sounds more accurate.

AlaricBalth's picture

Here we go again with Greece and the Eurozone playing "financial chicken". 

Peter Pan's picture

After more than two years of this stupid game between Europe and Greece, no one is ahead except the bankers for the time being. For how long can this stupid game go on?

There is no consensus, no strategy no light at the end of the tunnel. In fact I don't even see a tunnel. I just see a shaft.

disabledvet's picture

"in euro's." there...fixed it even more.

Iconoclast's picture

It was always the only real option, regress back to the old currency. Outrageous that the Greeks should now be treated like naughty school kids for not voting in the technocrats squid demands..

falak pema's picture beee or no to beee... Oh well; if shakespeare gets involved in this it will turn fast to chic porno...Once more into the breach dear, the breach becomes a gaping hole..the size of the atlantic, no no; I like it tight ...why do you propose to me these spreaaaaaads so wiiiiiiide! I don't like this strange weird feeling...I'm lost in translation! What should I say? Auw weider sein...Salut! Chiao? VAya con dios! Skol! Fuck you very very much! ...It's the tower of babel and the feeling is : I'm Tiny Tim! Don't like it at all!

Mountainview's picture

The money is suposed to come back immediatly to our banks.. so you bank accountants will be very unhappy!

hedgeless_horseman's picture



Greece better look out for what is in the other hand.

GeneMarchbanks's picture


You bitchez remember sike doncha?

junkyardjack's picture

Better watch out for which end both of those are headed into

Ookspay's picture

LOL Jack! At least the greeks are used to taking it in the ASS!

qussl3's picture

So they dont pay a creditor and some salaries?

How's that different from now?

HoofHearted's picture

Because then ISDA has to rule yet again, a new rounds of CDs defaults, we play spin the bottle to see who gets kissed and who gets totally fucked, and the dominoes all fall toy soldiers. (I tink Martika should have written a song like this one instead of "step by step, heart to heart...")

sessinpo's picture

HoofHearted                 2410726

Because then ISDA has to rule yet again, a new rounds of CDs defaults, we play spin the bottle to see who gets kissed and who gets totally fucked,



Everyone gets screwed except for US dollar. Currency war. Allows Fed to ease without massive plummet in dollar. At least not plummet right away.

Joe The Plumber's picture

He he

There was an old troll who used to say that a lot but nobody listens to a troll

msamour's picture

Well, you are certainly not dating yourself...

rubearish10's picture

What's a billion between friends?

Temporalist's picture

Instant "austerity" on the populace.  I knew I should have taken those classes on "How To Be A Better Bankster."

Pancho Villa's picture

Warning shot across the bow.

slaughterer's picture

Is this what the ESFS is meant for?  To make emergency payments minus what is "not needed" to bondholders and banks using Greece as a funnel?  Who cannot see through this abject farce?

ziggy59's picture

ESFS = Extra Stupid Financial System?

SheepDog-One's picture

US equities immediately shriek out in pain at the mere mention the free money heroin might be delayed.

Moneyswirth's picture

Wonder what German taxpayers are thinking right now?

lizzy36's picture

One wonders whether EFSF is doing this merely to avoid being downgraded (which is coming).

Also one can imagine that this morning when the whole payment was in jeopordy that Geithner got on the phone and screamed bloody murder about "stability of entire financial system" and other crap that he has had on a "loop" in his office since the fall of 2008.  

carbonmutant's picture

THe banks can't afford a run... They need the money.

slaughterer's picture


(Greek Translation available next Monday)

slackrabbit's picture

yes you have a gun to there head.

and what if they say 'pull the trigger mofo'

junkyardjack's picture

They'll blink like John Snow

junkyardjack's picture

There's still plenty of US stocks and gold to sell to cover payments...

SheepDog-One's picture

Sell stocks to who? I dont see a lot of retards with money out there today.

NotApplicable's picture

All it takes is one special one named Ben.

slaughterer's picture

Gimme the Moody's bank downgrades already!  What are they holding off on?  Waiting for Warren B to get out of BAC and WFC?  

RougeUnderwriter's picture

Ya - I wonder how ISDA will spin this upcoming DEFAULT.

"The CDS will not be honored because both parties mutually agreed that Greek would not pay debt owed....."

No way to BS this one - We ain't paying is a default!



NotApplicable's picture

Perhaps they'll just refuse to comment and keep the shades tightly drawn until everyone stops asking.

ziggy59's picture

Timmy should be given a free trip to Greece and talk to people for this is part his creation, and then, what's left of him sent to Spain...

Joe The Plumber's picture

Holding back twenty percent for june?

Oooh scary.

EFSF are a bunch of milk toasts

walküre's picture

Who is potentially getting shafted $435 million times on May 15th?

A bank, a pension fund? Who?

Joe The Plumber's picture

A northern european state pension fund.

Village Smithy's picture

As this worsens it becomes less about finance and more about personality clashes. At some point someone is going to tell the banksters to shove it. I am surprised that it has taken this long, none of the money will ever see a true Greek's hands.

unionbroker's picture

bookkeeping entry, money will be credited to Greece but will end up in someone elses bank accout

NotApplicable's picture

Not bad work, if ya can get it.

pods's picture

Hillarious, so the ECB/Troika/FED is going to withhold a payment to the Greeks who will not hold it long enough to smell it before it goes back to the banks in the EU and this is supposed to threaten GREECE?!

Why does that scene in Blazing Saddles come to mind?


Bart: [low voice] Hold it! Next man makes a move, the nigger gets it! 
Olson Johnson: Hold it, men. He's not bluffing. 
Dr. Sam Johnson: Listen to him, men. He's just crazy enough to do it! 
Bart: [low voice] Drop it! Or I swear I'll blow this nigger's head all over this town! 
Bart: [high-pitched voice] Oh, lo'dy, lo'd, he's desp'it! Do what he sayyyy, do what he sayyyy! 
[Townspeople drop their guns. Bart jams the gun into his neck and drags himself through the crowd towards the station
Harriet Johnson: Isn't anybody going to help that poor man? 
Dr. Sam Johnson: Hush, Harriet! That's a sure way to get him killed! 
Bart: [high-pitched voice] Oooh! He'p me, he'p me! Somebody he'p me! He'p me! He'p me! He'p me! 
Bart: [low voice] Shut up! 
[Bart places his hand over his own mouth, then drags himself through the door into his office
Bart: Ooh, baby, you are so talented! 
[looks into the camera
Bart: And they are so *dumb*! 

DCFusor's picture

That scene is the best metaphor going for what the banks did to *every* country's taxpayers.  Gimme money or the nigger gets it indeed.  I use it when explaining all this to the unwashed.

stocktivity's picture

one of the funniest movies ever