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Following "Very Difficult" Troika Teleconference, Greece Nowhere Near A Deal As Sunday Night Deadline Approaches

Tyler Durden's picture




 

It is not shaping up to be a pleasant weekend for Greek finance minister Evangelos Venizelos, who as a reminder until June 17, 2011 was the Greek defense minister and likely the man responsible for buying up all that European military equipment (with whose money nobody knows), or his boss, G-Pap successor and former ECB VP Lucas Papademos. The reason is that Greece is scrambling to reach a deal with the Troika that permits the €130 billion second bailout to be disbursed (unclear how the €15 billion add on would be theater), yet a key precondition of Troika demands is labor reform (a cut of the €750/month minimum wage, and various headcut reductions across the nation), which however as reported yesterday has seen all three coalition cabinet member throw up on. In other words, Greece has about 24 hours to do the impossible, unless of course it simply delays and does nothing once again. Alas, the real issue is that unlike before, there is a hard deadline of a bond maturity cash outflow on March 20, and absent resolution, which especially on the PSI issue should come far in advance as an exchange offer takes at least 6 weeks to finalize, there will be no deal. So while this weekend may come and go, without anything being resolved, the days can kicking, as Zero Hedge said back in January, are ending.

Reuters' take:

Greece has agreed with euro zone partners on how to recapitalise Greek banks after a planned bond swap, but has yet to resolve issues related to labour reform and spending cuts in talks with lenders, the country's finance minister said on Saturday.

 

Evangelos Venizelos described a conference call on Saturday with counterparts from fellow euro zone nations as "very difficult" and said talks related to Greece's rescue plan must be concluded by Sunday night.

 

"The Eurogroup teleconference was very difficult," Venizelos told reporters.

 

"There is great impatience and great pressure not only from the three institutions that make up the troika but also from euro zone member states, each of whom have their own criteria, their own problems, their own priorities." (

Some more from Kathimerini:

Greece’s official creditors remain will not give in on their demand for changes and wage cuts to the labor status in the private sector, Skai radio said on Saturday afternoon citing an unnamed government official, as talks about the new loan contract continue in Athens.

 

It followed a broad meeting of ministers who hold key posts in the government, under Deputy Prime Minister and Finance Minister Evangelos Venizelos after his lengthy talks with the mission from the International Monetary Fund, the European Central Bank and the European Commission, known collectively as the troika.

 

The ministerial meeting heard that there will be no further staff cuts in the health sector, but there will be cuts in expenditure amounting to 1.1 billion euros, out of which 1 billion will concern pharmaceutical spending.

 

The defense sector is set for cuts amounting to 400 million euros in the next two years.

Finally, this is a translation of Venizelos last ditch attempt to pretend he still has some control left:

After completion of the telephone conference Eurogroup and departing on his meeting with Prime Minister, Deputy Prime Minister and Finance Minister Evangelos Venizelos, made ??the following statement:

 

The teleconference of Eurogroup was very difficult. There is great anxiety and pressure of three institutions that make up the troika, but also by Member States of the Eurozone, each of which has its own criteria, its own problems, its own priorities.

 

The distance that separates the successful completion of the procedures by which an impasse may be a coincidence, or due to a misunderstanding, is too small. The line is too thin. We are on the razor's edge. We hold, focusing here the Ministry of Finance, a very tough and delicate negotiations.

 

Already, we have accomplished many things, we basically agree on issues such as how recapitalization and reorganization of the Greek banking system, privatization, many institutional reforms and structural changes, leading to a characteristic example of the need to finally be in our country a effective monitoring mechanism and pressure on prices, especially prices that make up the basket of the poor and middle households.

 

Open are two major issues related to each other: industrial relations, and thus their earnings in the private sector and financial measures to be taken to be absolutely objective in 2012, given that we have recorded a good result, in almost Our predictions as to the 2011 budget target. Here, we have managed to reduce the too-trading. But there are still unresolved issues and need to finalize the shape.

 

Now I go at the Maximos Mansion in order to inform the Prime Minister detail to the point where we are for what was the Eurogroup and the spirit and atmosphere of the discussions with institutional partners and Member States of the Eurozone. It is very likely to take place later meeting with the Prime Minister heads the troika, because now we are at those points on which they must decide and commit political forces and thus the leaders of three parties involved in government and support it.

 

It's time commitments. It should not just be engagement, but to place all the prerequisite steps that we can stick to the schedule, make a public offer for the PSI and get valuable money the first major installment of the new program, not only for PSI not only to support banks, but also to breathe in terms of market liquidity.

 

The time is very critical. We all have to be completed by tomorrow evening. We have closed all the issues have been undertaken commitments, have initiated procedures so that we can be on time, given the maturity of bonds in March.

 

04.02.2012. ?????? ??. ????????? ???? ??? ???????????? ??? Eurogroup from Evangelos Venizelos on Vimeo.

Good luck:

 

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Sat, 02/04/2012 - 12:42 | 2126515 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Kickin' the can, kickin' the can!

[Breakin' the law, breakin' the law!]

Sat, 02/04/2012 - 12:52 | 2126516 Fips_OnTheSpot
Fips_OnTheSpot's picture

I had almost the same thought right now. +10 :)

 

Edit: somehow I cannot vote up - is there some ban on certain users?

Sat, 02/04/2012 - 12:55 | 2126551 Poetic injustice
Poetic injustice's picture

Law we broke right away, unconstitutional took a little bit longer.

Motto of government institutions from time of first government.

Sat, 02/04/2012 - 12:59 | 2126559 Reese Bobby
Reese Bobby's picture

Login Einstein.

Sat, 02/04/2012 - 13:03 | 2126572 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

He was logged in to post, Hawking.

Sat, 02/04/2012 - 13:16 | 2126606 Reese Bobby
Reese Bobby's picture

Good stuff.  I may be fallible?

Sat, 02/04/2012 - 13:57 | 2126683 francis_sawyer
francis_sawyer's picture

Thanks for the laugh... (if you 'missed' it somehow ~ I'll review)

- LH starts with "kicking the can"

- guy with 'CAN' avatar (of Ravioli), responds, then says something about a technical problem

- next guy berates him (essentially KICKING THE CAN)

- which, in the end... FAILS

YOU CAN'T MAKE THIS SHIT UP! :-)

Sat, 02/04/2012 - 15:05 | 2126868 disabledvet
Sat, 02/04/2012 - 20:42 | 2127480 mrjig27
mrjig27's picture

Had to vote that one up.. but i did miss it,

Sat, 02/04/2012 - 17:10 | 2127128 _ConanTheLibert...
_ConanTheLibertarian_'s picture

WHOHAHAHA

Sat, 02/04/2012 - 13:18 | 2126610 Fips_OnTheSpot
Fips_OnTheSpot's picture

Greek newspaper reports the PSI is "a deal now" - including CAC retroactivly!! Law shall pass Parliament by Feb, 9th.

Sat, 02/04/2012 - 13:27 | 2126632 GovtMediaLiars
GovtMediaLiars's picture

Just happens sometimes.
Seemingly random posts just occasionally can't be rated for some reason.

 

Sat, 02/04/2012 - 13:31 | 2126645 Poetic injustice
Poetic injustice's picture

You can't rate when first character is italicized.

Sat, 02/04/2012 - 17:12 | 2127133 _ConanTheLibert...
_ConanTheLibertarian_'s picture

TEST

Sat, 02/04/2012 - 17:13 | 2127137 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Well, I can even vote myself up. :-)

Sat, 02/04/2012 - 18:28 | 2127275 XitSam
XitSam's picture

Just happens sometimes.
Seemingly random posts just occasionally can't be rated for some reason.

Start the post with a blockquote I believe. May get 1 up and 1 down but no more.

Sat, 02/04/2012 - 13:10 | 2126569 FinHits
FinHits's picture

The little can, that could. Train wreck.

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

Sat, 02/04/2012 - 13:24 | 2126627 tazmatic
tazmatic's picture

Sounds like a Bee Gee song, G Bee Stayin alive stayin alive, something like that.

Sat, 02/04/2012 - 14:01 | 2126700 Eireann go Brach
Eireann go Brach's picture

Any chance of getting Anonymous to hack these Toika conference calls to Greece? I can hear Sarkozy recommending the hollowing austerity "How about you fucking Greeks survive on 1 meal a day, babies should be fine"

Sat, 02/04/2012 - 12:45 | 2126520 Dingleberry
Dingleberry's picture

Yawn....Giants 24, Pats 17

Sat, 02/04/2012 - 12:46 | 2126525 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Pats 38 - Giants 24

Sat, 02/04/2012 - 14:05 | 2126701 francis_sawyer
francis_sawyer's picture

Pats 30 - Giants 26

Other fun facts:

  • The team that is the better seed in the Super Bowl is 1-11-2 ATS since 1996.
  • Bill Belichick is 11-2 ATS against a team after losing to them the same year.
  • Patriots are 27-15 ATS vs. NFC opponents since 2001.
  • Tom Brady is 135-43 as a starter (104-70 ATS).
  • Tom Brady is 16-5 in the playoffs (9-12 ATS).
  • Tom Brady is 9-3 ATS in domes.
  • The NFC has won 14 consecutive coin flips... The odds on that happening are .006

    Sun, 02/05/2012 - 00:49 | 2127942 slewie the pi-rat
    slewie the pi-rat's picture

    Giants 4 - Pats  1

    and i'm thinking of taking the under

    Sat, 02/04/2012 - 13:00 | 2126565 Reese Bobby
    Reese Bobby's picture

    Vegas is long Pats.  Fortunately, of course, the World is a very honest place.

    Sat, 02/04/2012 - 14:15 | 2126749 francis_sawyer
    francis_sawyer's picture

    Prop Bets:

    Will the Team that Scores First Win the Game - No +140 (5Dimes.com):

    In the previous 10 Super Bowls, six teams that scored first ended up losing the game... Because of this, +140 is a pretty decent bargain...

    New England wins by 1-6 points +340; New York wins by 1-6 points +365 (5Dimes):

    There's a good chance that one of these two will be right... Most of the recent Super Bowls have been close...

    Will There Be a Scoreless Quarter - No -260 (BetUS.com):

    In the previous seven Super Bowls, there has only been one scoreless quarter...

    Sat, 02/04/2012 - 12:48 | 2126530 GeneMarchbanks
    GeneMarchbanks's picture

    CDS can't wait.

    Sat, 02/04/2012 - 12:51 | 2126539 Fips_OnTheSpot
    Fips_OnTheSpot's picture

    the ISDA _wont_ declare default.

    Sat, 02/04/2012 - 12:57 | 2126554 GeneMarchbanks
    GeneMarchbanks's picture

    Trivial. The fruitless game of sovereign CDS will have sudden unintended consequences.

    Sat, 02/04/2012 - 13:10 | 2126594 Fips_OnTheSpot
    Fips_OnTheSpot's picture

    Like everyone trying to sell them?

    Sat, 02/04/2012 - 17:14 | 2127139 _ConanTheLibert...
    _ConanTheLibertarian_'s picture

    Yep

    Sat, 02/04/2012 - 12:48 | 2126531 Genzero
    Genzero's picture

    Any minute now, any minute now, wait for it, we mean it this time, really.

    Hat tip to Grumpy Old Men...'you can crap in one hand and wish in the other. See which one fills up first.'

    Sat, 02/04/2012 - 16:21 | 2127040 Vampyroteuthis ...
    Vampyroteuthis infernalis's picture

    My father used to tell me that when I was young. I would say wish and somehow it remained just that.

    Sat, 02/04/2012 - 12:49 | 2126534 Cursive
    Cursive's picture

    So while this weekend may come and go, without anything being resolved, the days can kicking, as Zero Hedge said back in January, are ending.

     

    This Greece saga has lasted much longer than most Hollywood marriages.

    Sat, 02/04/2012 - 13:34 | 2126647 IndicaTive
    IndicaTive's picture

    ....and no pre-nup. Shame.

    Sat, 02/04/2012 - 12:51 | 2126538 Lilguy
    Lilguy's picture

    Deadlines, schmeadlines! 

    The dance will continue until Europe falls off the cliff in March

    Sat, 02/04/2012 - 12:54 | 2126545 CrashisOptimistic
    CrashisOptimistic's picture

    There is no contituency for austerity.

    Ever.  

    Particularly in a democracy.  When politicians want to keep their jobs in such a situation, they will put forth a referendum.  This caused an EU uproar last time it was tried and it was withdrawn.

    If the Greeks agree to these firings and these paycuts, there will be upheaval.  If they do not agree, they will still be fired and pay will be cut, using drachmas.

    There is no fix.

     

    Sat, 02/04/2012 - 12:59 | 2126553 redpill
    redpill's picture

    Iceland has provided the blueprint. It's up to the people of Greece to take whatever steps are requires to recapture control of their government and follow that blueprint. But they will need to clean house, the self-interested technocrats won't go quietly and the rest of Europe will scream bloody murder as their own banker barrons have them convinced that true default would be nothing short of armageddon.

    Sat, 02/04/2012 - 13:33 | 2126646 CrashisOptimistic
    CrashisOptimistic's picture

    I believe even Iceland is being forced to repay the debt.

    There are no international bankruptcy courts that can expunge sovereign debt.  It's forever.

    The only fix would be to conquer Greece and enslave them, imposing the necessary austerity so that their GDP can be extracted to pay the debts.  Sort of like what's happening, absent the oil burn required of a war.

    Sat, 02/04/2012 - 13:45 | 2126666 oogs66
    oogs66's picture

    Iceland never defaulted. Their banks did! They had the courage to let banks fail and let citizens move on

    Sat, 02/04/2012 - 14:19 | 2126756 kito
    kito's picture

    Thanks oogs--the comparison to Greece is nauseating already.....

    Sat, 02/04/2012 - 17:17 | 2127145 _ConanTheLibert...
    _ConanTheLibertarian_'s picture

    That was simply brilliant! It is the best (only) real solution.

    Sat, 02/04/2012 - 14:14 | 2126746 algol_dog
    algol_dog's picture

    I have an idea ...

    Lets make a huge wooden horse and at the border of Greece, purpose it as a symbol & gift of the forgiveness of all Greek debts, and a resumption of the 'Greek way' of life. Only, little will they know that the horse will be filled with Merkel's German soldiers, ready to do her bidding and enslave the population through menial and low paying work.

     

    Sat, 02/04/2012 - 15:17 | 2126902 IndicaTive
    IndicaTive's picture

    No need to make one, they can just borrow Obama's, the BLS is done with it for the month.

    Sat, 02/04/2012 - 12:54 | 2126546 redpill
    redpill's picture

    Obviously this is all S&P's fault.

    Sat, 02/04/2012 - 12:58 | 2126555 Fips_OnTheSpot
    Fips_OnTheSpot's picture

    mentally added "</sarc>" ;->

    Sat, 02/04/2012 - 12:55 | 2126549 Reese Bobby
    Reese Bobby's picture

    Greece doesn't matter.  Just more theater.  Italy and Spain are a different story.  IMO.

    Sat, 02/04/2012 - 13:00 | 2126560 Poetic injustice
    Poetic injustice's picture

    No, next in line is Portugal. Their only salvation is that they are small and poor already, so they may survive.

    Then comes Spain, kicking and screaming.

    Sat, 02/04/2012 - 13:06 | 2126585 Reese Bobby
    Reese Bobby's picture

    Portugal isn't big enough to sink the ship either.  And when I say, "doesn't matter" I don't mean the fine people of either Country.

    Sat, 02/04/2012 - 14:29 | 2126782 Non Passaran
    Non Passaran's picture

    But it may help sink Spain

    Sat, 02/04/2012 - 15:17 | 2126900 Reese Bobby
    Reese Bobby's picture

    Agreed.  The Euro was/is such a stupid concept.  So much so that it makes one wonder if it was designed to fail.  The Global Bank Cartel has always planned ahead for profit effectively.

    Sat, 02/04/2012 - 13:07 | 2126586 Fips_OnTheSpot
    Fips_OnTheSpot's picture

    like psychopatheticeconomy reported/guestimated.. 60bn from GER and 50bn from FRA just to save ITA and ESP. Every year - IF POR and GRE leave EZ.

    Insanity has a new synonym: EURO

    Sat, 02/04/2012 - 12:56 | 2126552 LawsofPhysics
    LawsofPhysics's picture

    And the beat goes on and on.  Everything that is being said, has already been said, over and over and over.  Wake me up when the gas, and electricity get shut off.

    I have dealt with tenants like this, even then, some are happy to simply sit in the dark and starve.  So be it.  Everyone involved should have better things to be doing at this point.  Call it what it is, a default and move the fuck on.

    Sat, 02/04/2012 - 13:02 | 2126571 Poetic injustice
    Poetic injustice's picture

    You don't get it.

    Greeks are ENTITLED to this lifestyle. So don't expect them to sit in dark, but rather come out and demand everything.
    Like drama queens in highschool, and now Euroboyfriend is trying to say that they are breaking up. Lots of blood in air.

    Sat, 02/04/2012 - 13:03 | 2126576 wandstrasse
    wandstrasse's picture

    Everything that is being said, has already been said...

    ...but not yet by everybody.

    Sat, 02/04/2012 - 13:00 | 2126564 scatterbrains
    scatterbrains's picture

    What's the amount of the March 20th cash outflow ?  Can't they just pull a magic trick or better yet find an accounting error that covers the costs ?

    Sat, 02/04/2012 - 13:04 | 2126579 JPM Hater001
    JPM Hater001's picture

    Wake me when something really happens.  Im smart enough to know this thing can and will get pushed further and further off.

    Sat, 02/04/2012 - 13:06 | 2126582 Peter Pan
    Peter Pan's picture

    This situation is like a roast with a burnt outer and raw inner. Almost impossible to cook and most likely too hard to swallow.

    Sat, 02/04/2012 - 13:06 | 2126583 agent default
    agent default's picture

    Just more drama for the masses.  Lets get one thing straight once and for all, the only thing they disagree on is how to serve it to the dumbfucks who haven't revolted yet.

    Sat, 02/04/2012 - 14:06 | 2126721 taraxias
    taraxias's picture

    Brilliant.

    The truth is the dumbfucks haven't revolted yet because they are still hoping "things will go back to the way it used to be"

    Wake the fuck up Greeks, it's over. Tell Troika and the fucking bankers to go fuck themselves. You'll suffer immesurable pain but at least your children may have a future living free.

    Sat, 02/04/2012 - 15:08 | 2126875 disabledvet
    disabledvet's picture

    what's..."dumbfuck"...about that? isn't that what we all do? "not what is necessary at all"? that's what Lincoln called it..."necessity." And 600,000 dead Americans later..."necessity was done."

    Sat, 02/04/2012 - 13:09 | 2126592 YesWeKahn
    YesWeKahn's picture

    Nobody cares, markets to the moon

    Sat, 02/04/2012 - 13:14 | 2126603 misterc
    misterc's picture

    I finally took the time to start reading "When money dies" on the German hyperinflation of 1923. It's available for free at mises.org

    It's very scary to see the parallels to today's situation. It's amazing.
    An overly optimistic forex crowd that always hopes for the politicians to sort it out meeting after meeting after meeting. Pundits claiming that increase in money supply won't do harm at all to prices (read Mish's credit deflation rants). Exchange rates even stabilizing for a couple of weeks and months, even reverting 5% from time to time before falling into the abyss. Mercantilists from Germany who want to avoid fx strenghtening at all costs, claiming low unemployment as immediate benefit of devaluation (they don't bother examining malnutrition in the populace).

    Douchebags in power trying to delay the inevitable with printing money until the governement loses control of the populace (already seeming to start in Greece).Final stage mooching the international community for loans while at the same time restructuring older debts.

    Sat, 02/04/2012 - 13:29 | 2126642 wandstrasse
    wandstrasse's picture

    forget the populace. Too few are conscious about the fractional-reserve-fiat-ponzi as the root cause for the mess the planet is in. A few Austrians here, some ZH readers and Ron Paul followers there. One would think that this group would have gained political power massively. Forget it. In the eyes of the populace we are nothing but paranoid conspiracy doomers.

    Sat, 02/04/2012 - 19:01 | 2127320 XitSam
    XitSam's picture

    Somewhat OT but funny 

    https://twitter.com/#!/AustrianLiberty/status/165537355372048384/photo/1

    Sat, 02/04/2012 - 16:05 | 2127014 disabledvet
    disabledvet's picture

    you need to read "With the Old Breed" by Eugene Sledge instead. The madness of the "non-people"..."non-running things" is beyond belief. Whatever theories of economics you subscribe to the "proof of the pudding is in the eating"...and that's all there is to it. Move along. the theory that "if it's not in the news it is not in fact happening" is being discarded so rapidly due to the explosion of "real events" and "real news" via the internet it has in fact become a psychological "causi bellum" that should be handled with the greatest of...i'm not sure the word i'm looking for..."distanceness from the closeness" i guess...such that the true fear it creates does not in fact create a real catastrophe. as we all know from the events in Egypt..."the internet is a fearsome thing." is the problem with the people on the internet however? obviously not! but "is that how the authorities look at it?" just as obviously..."yes...'they' do." Suffice to say this: IF THE WORLD GOES TO WAR FOR CNN'S SAKE THEN THAT IS A BAD WAR AIM!

    Sun, 02/05/2012 - 16:51 | 2126630 John Law Lives
    John Law Lives's picture

    Sounds like it's time for FT to float another rumor of a bailout from China.

    The Machine pump DJIA over 13,000...

     

    Sat, 02/04/2012 - 13:28 | 2126636 Joebloinvestor
    Joebloinvestor's picture

    After Geece finally SINKS, how long before the others follow?

    Will they be good enough to LIE their way into three years of BULLSHIT and non-performance before they hit the wall?

    I think the EU hopes the problem will be forgotton (because it seems to never get solved) or replaced by a bigger crisis.

    Unfortuneatly, the "bigger crisis" is the result of not addressing the original problem.

    If they had booted Greece from the beginning, they would be three years into a recovery.

    Sat, 02/04/2012 - 18:04 | 2127233 kanenas
    kanenas's picture

    A country representing 1.8% of the EU GDP is stalling the otherwise robust and thriving economy. Very fitting for the descendants of Hercules. 

    Yeah, right..

    Sat, 02/04/2012 - 13:35 | 2126653 Vigilante
    Vigilante's picture

    There is no freakin way this will be tied up by Sunday night.

    Too nany loose ends and lines in the sand.

    ..and don't forget the deal will have to go through parliament.

    ..and rebellion is in the air..

     

     

    Sat, 02/04/2012 - 13:38 | 2126656 Martial
    Martial's picture

     

    When Greece Defaults, the Credit Default Swap Dominoes Fall

    Charles Hugh Smith

     

    1. Greece is poised to default, the end-game everyone anticipated in 2011. It is not a matter of if but when.

    2. That default will trigger credit-default swap contracts, derivatives known as CDS that protect the owner from events such as default.

    3. This will implode the shadow-banking system and the visible banking system...

     

    http://www.oftwominds.com/blogfeb12/default-dominoes02-12.html

    Sat, 02/04/2012 - 16:02 | 2127005 I should be working
    I should be working's picture

    That's crap, a 99.999% haircut is not a default, the ECB told me so.

    I would almost feel sorry for the bond holders, except: THEY WERE STUPID AS SHIT TO LEND MONEY TO GREECE.

    Sat, 02/04/2012 - 13:44 | 2126665 The Reich
    The Reich's picture

    Evangelos Venizelos, the master of premature positive statements, calls the telcon "very difficult". Hell, Athens, we have a problem.

     

    tick tack, time is running out...

     


    Sat, 02/04/2012 - 13:47 | 2126671 oogs66
    oogs66's picture

    Some greeks are finally realizing the bailouts are for the eu banks and default is best for Greece and its citizens

    Sat, 02/04/2012 - 13:51 | 2126679 spentCartridge
    spentCartridge's picture

    Apparently, less than 50% of Greeks (Portuguese & Spaniards) are computer literate and have access to the interwebz ... so, perhaps they aren't as aware of their dilemma as everyone else is.

    Taking this a step further, perhaps they could extricate themselves from the mire with a brand new tech bubble?

     

    ... perhaps not.

     

    Sat, 02/04/2012 - 13:56 | 2126688 Poetic injustice
    Poetic injustice's picture

    You should not read internet. Only listen to government, they know the truth and this knowledge makes you happy.

    Same goes for greeks.

    Sat, 02/04/2012 - 17:27 | 2127165 smiler03
    smiler03's picture

    In WW2 the Greeks new perfectly well that the Germans were not being very nice to them. They didn't need "The Internet" to spread the word.

    Sat, 02/04/2012 - 20:29 | 2127454 scatterbrains
    scatterbrains's picture

    I'm curious if the Greek people were to drag these fuckers out in the street and hang them from lamp posts would CNN/CNBC/Bloomberg/Fox air it or would they ignore it? How could they ignore it ?

    Sat, 02/04/2012 - 14:19 | 2126758 Taffy Lewis
    Taffy Lewis's picture

    Nah, they'll extend the meetings closer to the deadline until they start a war on Iran and start bombing women & children. Then they'll postpone the deadline because of war. That's the only way that these criminals can get out of their mess.

     

     

    Sat, 02/04/2012 - 14:22 | 2126769 nick howdy
    nick howdy's picture

    I guess the Greek leadership envisions the use of the guillotine in the future and on their heads...Why else with all the hesitation with fucking the peasants..I mean citizenry.

    Sat, 02/04/2012 - 14:33 | 2126791 navy62802
    navy62802's picture

    but ... they're on the cusp of a deal ...

    HAHA :-P

    The only way this is going to end is with a glorious bang. There are going to be a lot of fireworks when this thing finally implodes.

    Sat, 02/04/2012 - 14:58 | 2126848 allenaki
    allenaki's picture

    An Open Letter to the World Media, translated by the COMMENTATORS of the greek site www.olympia.gr

    The REAL REASONS of HUGE CRIMINALITY INCREASE in ATHENS and in GREECE.

    The source of soaring crime rate in Greece is mirrored by the increase of illegal immigrants.

    —————————————
    OVERWHELMING OVERREPRESENTATION OF FOREIGNERS – ILLEGAL IMMIGRANTS IN HOMICIDES

    10/03/2011

    According to two reports for the Greek Police
    1. Research on the problem of illegal immigration in Greece and

    2. The Dimensions of Illegal Immigration in Greece,

    “foreigners are OVERREPRESENTED in the field of so-called SERIOUS STREET CRIME (ARMED BLOODED ROBBERIES AGAINST OLD GREEK CITIZENS, AGAINST FAMILIES, RAPES AND MURDERS OF WOMEN AND ESPECIALLY OF ELDER GREEK WOMEN 75, 80, 80, 85 and 90 years old!!!) in relation to their proportion of the country’s population and their involvement in crime is rapidly increasing. ” Source: Newsit.gr, site Criminality.

    These two reports focus on infringements of foreigners illegal immigrants, compared to those of the Greek offenders -as is recorded in the statistical directories- with facts taken from two confidential reports made for police.

    The conclusions drawn converge with their findings and were submitted in early November 2010 in an effort to “map” the magnitude of illegal immigration in conjunction with the problems arising as a result of the presence of these “foreigners” moving unrestricted in Greek society.

    According to the authors of the reports, “foreign immigrants are overrepresented in the field of so-called serious crime in relation to their proportion of the population of the country, whether the calculation is done according to the official figures of the census of 2001 (761,813 foreigners) or whether it is done with an arbitrary estimation that they number about 1,500,000. ”

    And as the focus is on serious forms of crime, it is also worth focusing on analog indicators that make up the crime of homicide, from 1991 up to ten months of 2010, always in the light of the analysis and their own conclusions.

    The crime of homicide, they note “shows a low number of cases and is appropriate for safe comparison. There is a rapidly increasing participation of foreign perpetrators in homicides. Thus,

    -while in 1991 foreign offenders constituted 10.92%
    -and in the year 1995 constituted 14.95% of offenders,
    -the rate of their participation increased rapidly and
    -reached 33.33% in the year 2009
    -and in the ten months from January to October of 2010 rose to 40.86%.

    In absolute numbers this translates into:
    25 – Foreign perpetrators for 1991;
    40 – in 1995;
    124 in 2009
    and 143in the ten months from January to October of 2010.”

    From the facts of the reports it can be concluded that, although every year the contribution of Greek offenders and murderers to this category of criminal remains unaltered – since the numbers are stable between 185 arrests (2001) and 248 (2009)- the corresponding numbers of immigrant perpetrators show an upwards trend.
    _______________________________________________________________
    THESE STATISTICES ARE OF 2010.

    IN 2011 THE ABOVE DESCRIBED SITUATION IS WORSE.

    You may find all facts of incidents in the site OLYMPIA.GR, and in the site: www.eglimatikotita.gr

    For Your better and accurate information

    _______________________________________________________________
    Comment from Olympia:
    In short, when the illegal immigrants-invaders WITH THOUSANDS OF KALASHNIKOFS rape, torture and murder GREEK GRANDMOTHERS of 70 years old, AFTER they have found the money in the house, this is the result of “economic crisis” and social exclusion of the poor illegal immigrants”?

    When TOURISM in the ATHENS City Center is destroyed by THOUSANDS of illegal immigrants murdering, stealing, robbing WHAT ECONOMIC CRISIS is to blame?
    Talk to Tour Operators to tell you about the destroyed Athenian tourism.
    Visit the MORGUE to see the butchered corpses of defenseless Greek women, younger and elder, and come after to tell us about “social exclusion”.

    There is a Greek ethnocide going on here,

    There is misinformation about the real reasons of criminality in Greece.

    THE ILLEGAL IMMIGRATION (AFROASIAN AND BALKANESE FROM THE COUNTRIES WHICH ARE ALL UNDER THE “OTTOMAN ARCH”) IS THE REAL REASON FOR THIS DRAMA OF THE GREEK PEOPLE.

    AND NOT THE “SOCIAL EXLCLUSION OF SOME POOR PEOPLE” AS MRS. MALMSTROEM IN THE EU PARLIAMENT WANTS THE WORLD TO BELIEVE AND PERSUADE…

    __________________________________________________________________

    GREEK PEOPLE ARE NOT ARMED WITH KALASHNIKOFS BLOODED ROBBERS AND RAPERS OF ELDER GREEK WOMEN AND MEN.

    SOMETHING ELSE IS GOING ON… UNDER THE BLESSING OF TURKEY and S.A.

    GREEK PEOPLE COMMIT RATHER SUICIDE, THAN MURDERING OTHERS (1700 SUICIDERS 2009-2011)

    ________________________________________________________________

    In a population of about 11,5 mio Greeks and about NOBODY KNOWS EXACTLY 2 millions, 3 millions, 1 million IMMIGRANTS, the numbers of the imprisoned are:

    Total imprisoned for various crimes: 14.500
    (greek prisons are overcrowded)

    Of these 14.500, the 9.000 (60%) are ILLEGAL IMMIGRANTS (Pakistanis, Somalis, Nigerians, Afhganis, Magrebians, Georgians, Tchechens, Balcans) for:
    drug smuggle, slavery and traficking, MURDERING, RAPING, ROBBERING, STEALING, KILLING.

    Sat, 02/04/2012 - 15:51 | 2126987 debtor of last ...
    debtor of last resort's picture

    So they should hang illegal immigrants next to the bankers, or instead?

    Sat, 02/04/2012 - 15:45 | 2126972 Bansters-in-my-...
    Bansters-in-my- feces's picture

    Military equipment Bitchez,,,,,,

    And Bitch Slaps all round.....

    Fuck yous bankers....

     

    Sat, 02/04/2012 - 15:58 | 2127000 asteroids
    asteroids's picture

    Watch the stock of NBG carefully.

    Sat, 02/04/2012 - 16:13 | 2127028 slewie the pi-rat
    slewie the pi-rat's picture

    i'm just trolololling for gold and silver currencies in more states, BiCheZ!

    States seek currencies made of silver and gold | Gold Anti-Trust Action Committee

    carry on!

    Sat, 02/04/2012 - 16:42 | 2127079 navy62802
    navy62802's picture

    For about 2 seconds, CNBC almost went balls deep on the Greek story. They had that stupid red banner at the top of their homepage saying "sources in Greece tell us a deal has been reached ... story developing." Curiously, the red-banner headline has now disappeared and has not been replaced by an actual story.

    Sat, 02/04/2012 - 17:36 | 2127158 _ConanTheLibert...
    _ConanTheLibertarian_'s picture

    I would make the following text bold. It could actually be the most important line of the article:

    Alas, the real issue is that unlike before, there is a hard deadline of a bond maturity cash outflow on March 20, and absent resolution, which especially on the PSI issue should come far in advance as an exchange offer takes at least 6 weeks to finalize, there will be no deal.

    PS. I put an underline under 'March 20', '6 weeks to finalize' and 'there will be no deal'. This disappears (Firefox 10).

    So there are effectively only 3 days (!) left. YEAH!

    Sat, 02/04/2012 - 20:24 | 2127439 tom a taxpayer
    tom a taxpayer's picture

    Yes! And if someone on Zerohedge could give more infomation about the mechanics or prossesses involved, explaing why it takes 6 weeks, that would be much appreciated so we can understand the situation better.

    Sat, 02/04/2012 - 22:21 | 2127648 StychoKiller
    StychoKiller's picture

    The line of bondholders that need waterboard "persuasion" is a long one...

    Sat, 02/04/2012 - 18:11 | 2127246 Everybodys All ...
    Everybodys All American's picture

    Are we all real sure that Greece is not a "Lehman"? I know the mainsteam media wants you to think they are not. But why are they sooooo frightened of every detail of this restructure/bailout if it's not? I know it sets precident and all but I think these Greek banking structures are more interconnected to the rest of Europe than they want to let on.

    Sun, 02/05/2012 - 03:10 | 2128099 newengland
    newengland's picture

    E...

    ZH previously pointed out that Greece tips the euro boat over, and major U.S. banks are in danger of drowning as a result of the otc derivative links.

    Sun, 02/05/2012 - 04:38 | 2128141 _ConanTheLibert...
    _ConanTheLibertarian_'s picture

    You know what, it's like a dense field of dominos. It doesn't really matter anymore which one would bring the whole field down. It could very well happen from the bottom up, from an unexpected corner.

    Sun, 02/05/2012 - 03:07 | 2128096 newengland
    newengland's picture

    It ends when the fat lady sings: Merkozy and central banksters/favoured agents get their money safe, and ammunition in position: punish dissent.

    These so-called deadlines are political theatre, in my opinion.

    Sun, 02/05/2012 - 10:02 | 2128319 rsnoble
    rsnoble's picture

    I thought they just said last week that deadlines weren't important? What the hell is the holdup here? Could it be all the swaps the mega monsters like JPM might get activated? I've heard that since JPM is head of the assholes who decide if this credit event is a default or not of course they'll say know and the derivaive holders will get wiped out.

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