German Press: "The Greek Exit Is A Done Deal"

Tyler Durden's picture

Did France, Italy and Greece think they are the only ones who can float strawmen in the media? No. Once again, Germany shows us how it is done. From Tomorrow's edition of Deutsche Wirtschafts Nachricthen: "The Greece-exit is a done deal: According to the German economic news from financial circles EU and the ECB have abandoned the motherland of democracy as a euro member. The reason is, interestingly, not in the upcoming elections - these are basically become irrelevant. The EU has finally realized that the Greeks have not met any agreements and will not continue not to meet them. A banker: "We helped with the Toika. The help of the troika was tied to conditions. Greece has fulfilled none of the conditions, and has been for months now." So more posturing? Or is Germany truly just so sick and tired of bailing out not just Greece (which pockets between 0% and 20% of any actual bailout cash), and indirectly French banks which as of this moment are the biggest pass thru beneficiaries, and of course the ECB with its tens of billions in old par GGB holdings, that this article is, gasp, founded in reality? Is Europe approaching its own Lehman moment when everyone says "just screw it", and let the dice fall where they may? Many said Lehman could never be allowed to fail. They were wrong. Just as many are saying that Europe will never let Greece leave as the costs to the continent are just too great. Well, judging by tonight's epic fiasco of a Euro-summit, the last thing we would attribute to Europe's leaders is clear and rational thought.

Full article, google translated:

The loud sounds of the left-politician Tsipras were just the straw that has brought the camel's back. In the EU, the ECB and the IMF have been completed with the issue. Greece must get out of the euro, it is generally agreed across all sectors. The information contained in the former central banker and technocratic Prime Minister Lucas Papademos had delivered. He had enough time to convince the one hand, the full extent of the calamity, and also by the unwillingness of the parties to save money. Basically, his tenure was a fact-finding mission on behalf of the EU. His conclusion: Mission Impossible. About the consequences, there are different views: the central bankers do not want to pay more because they see that the whole is a bottomless pit. The politicians, led by Angela Merkel reluctant yet. As always there are the politicians advocate the status quo, because they fear nothing more than the unknown. And there are unknowns with a Euro exit any quantities.

It begins with the question: How does it work really practical? An outlet to see the EU treaties before any more than one eviction. For safety reasons, both the ECB and the Bundesbank formed crisis teams that are preparing now as the commanders on various contingencies. A small consolation is believed to have, because the debt incision was made, and therefore actually is a direct contamination of the banks as rather unlikely. Although this may not confirm officially Banker: The unofficial interpretation is that the risk of infection by the average debt "significantly reduced" was.

Most debts are now in the public sector - ie the ECB and the IMF. In the case of a state bankruptcy of Greece on the Target 2 system, the German Bundesbank would be taken immediately. Altogether, it is so appreciated, are the Greeks with 200 billion euros at the ECB and the IMF in debt. Therefore, all of which are currently very careful with scenarios: One does not want to be in the cards look. And as even the most amicable divorce in the end always haggled over the cost. Even the ECB and the IMF want to see their money again. They need the cooperation of the Greeks. A representative of the public sector: "When it comes to the discharge, the creditors will negotiate with the debtor. The creditors have no interest that the debtor is no longer on the legs. "

However, the debtor to cooperate with the creditors, some skirmishes will be fought. The Greeks would say, then we throw it out once - we do not pay but not our debt.

This game can not last for long. Since Greece can take no money in the capital markets, Greece must cooperate with the Troika. Without money, the country is very fast at the end: it can pay its civil servants no longer afford no energy, public life threatens to spiral out of control.

Right here wants to start the Troika: The next installment is due in June, there will be only when the Greeks come up with a fairly reasonable exit plan. Until then, the ECB can keep up with their financial instruments, the Greek banks so far over water, not everything falls apart.

At the same time it is hoped the troika that the ESM is surprising, because then enough money is available to prevent the contamination of other states. Because you can answer a question no one, like a of involved banker says: "We all know not whether it comes after the withdrawal of the Greeks to a domino effect or whether it really is the great liberation has been." There is always some require "discretionary action" of the ECB to keep the situation under control. In plain German: As some will have to be printed on money, so the crash can not go but even the whole euro zone in the air.

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Select your preferred way to display the comments and click "Save settings" to activate your changes.'s picture

you say goodbye and i say hello...hello hello... (deadbeats)

jus_lite_reading's picture

Great song...

On another note, the blame game for FarceBook continues...


Oh yeah, because if they did their IPO on the NYSE they would have their $1 Trillion company!! Sorry suckers... Wall Street is DONE... retail investors have risen from their comas!! NO SOUP FOR YOU!!

And back to your regular programming...

I heard yesterday from a family member in Germany that rumors were circulating that a "deal" was struck and within 48 hours Greece would have the "option" to leave. Wow, might have been true!

Troll Magnet's picture

what the hell, man? i thought they fixed everything?

idea_hamster's picture

They did, but in the way you "fix" a dog, not the way you "fix" a broken car.

jus_lite_reading's picture


They did, but in the way you "fix" a card game, not the way you "fix" a broken car.

dlmaniac's picture

"If one PIIGS flies, all will." / Ben Davis.

Paul Atreides's picture

"Oh please Mr. Snitchzelface we want bailouts without austerity" meanwhile we have more useless elections and continue default...Geeeenus

garypaul's picture

idea_hamster: any relation to Danger Mouse?

HD's picture

Danger Mouse - wow, that takes me back...

As to Greek exit, I'm sure it will be fine. When the algos drop the market 1000 points and then rebounds 20, we'll be "off the lows" and that's all that matters - right Bob and Maria?

Arnold Ziffel's picture

Hamster: Is it true Richard Gere just ordered another gross of Hamsters?


...just wondering.....

eatthebanksters's picture

It's amazing to me that they had to 'fix' Greece or it would sink the economic system, yet now they have figured out that saving Greece will sink the economic system.  My guess is that the bankers would continue to suck the life blood out of the EU if they thought they could get more, but now that the political reality is the people  of Germany saying no more bailout money, the banks have decided to cut their losses.  There never was a fix and the banks knew it.

johngaltfla's picture

They did. Then they found out the Bernank, Brits, and Berlin (not Broads, Buicks, and Buckly) would not print the $4 trillion they need.

This is going to tip the U.S. into a rather nasty recession in Q2/Q3.....

Mitzibitzi's picture

The perfect excuse to enact all those presidential Emergency Powers, eh?

PersonalResponsibility's picture

They did, but that was then and this is now.

A Lunatic's picture

It was like that when I got here. Must have broke all by itself............again................

AbelCatalyst's picture

Bank runs may not be a black swan (BS), but it will most certainly take this ship down... We've all been waiting for the BS to show up, but all we needed was to look back in history - the classic bank run is under way...

Greeks hit the banks en masse, banks close, and when the stories start to come out of Greece that people can't get their money to feed their families, other countries do the same... Rinse, wash, repeat... Then the printing begins in earnest, but the panic is there, commodities spike, the world spins into darkness...

But as long as the leaders of the world got to watch their little soccer match at Camp David this weekend then it's all good!! Someday history will look back at that picture in total disbelief that that is what they were doing just days prior to the beginning of the collapse!

Hail the BS bankrun from Europe!!

jerry685's picture

Bank runs are here least bank jogs...wonder who came up with that term.

Not so sure about the printing......The Central banks may be ready ....they have had a while to prepare too...

Can kicking may be over....might be time to face the music...


Global depression might just be what it takes to get the Unfed the permenant charter they want in the US..

Global Hunter's picture

OT but the B-side to Hello Goodbye was I am the Walrus which seems like a bit of a travesty in and of itself

jus_lite_reading's picture

AHHHH YES! As high as a kite... and it all made sense!! Koo koo kachoooooooooo!!!

Global Hunter's picture

Where else can I come to find breaking economic news mixed with references to Rush?  This is bringing back memories of the day my parents allowed me to use the record player (and quite a collection of vinyl they had)

GeorgesamaBushLaden's picture

"Big money got a heavy hand... Big money take control... Big money got a mean streak... Big money got no soul..."

"...But the Oaks (EU/Banksters) can't help their feelings if they like the way they're made; and they wonder why the Maples (PIIGS) can't be happy in their shade..." 

poor fella's picture

The clouds prepare for battle
In the dark and brooding silence.
Bruised and Southern* stormclouds
Have the light of day obscured.
Looming low and ominous
In twilight premature
Thunderheads are rumbling
In a distant overture...


Jacob's Ladder - Rush

*Thought Southern in this case was a good replacement for 'sullen'...

THX 1178's picture

I thought it was a Snagglepuss reference.

Michael's picture

In my wildest of imaginations I congered a plan that would destroy the world banking oligarch structure by their own hands.

I taunted them to pile on gargantuan amounts of un-payable debt day and night for 15 years. I relied on their huge egos to prove I was wrong and they performed admirably.

The self destruct sequence has been initiated and there is no fail-safe. Complete and total worldwide economic collapse is the only way to solve our most tyrannical problems.


jus_lite_reading's picture

You forgot one itsy bitsy tinnie weeny consequence of this great plan... WWIII and depopulation of tens of millions...

Michael's picture

It's only money, nothing to get upset about.

MayerRothschild's picture

It's only fiat paper money, nothing to get upset about.



THX 1178's picture

"WWIII and depopulation of billions..." there fixed it for you.

eatthebanksters's picture

Or debt forgiveness...which is worse?

Stoploss's picture

Surely JPM has no exposure to this....... Right?




Freddie's picture

If only Mark David Chapman had s**t Yoko - there would have been a reunion and we would have been saved from Sir Paul's solo shit.

Cursive's picture


The EU has finally realized that the Greeks have not met any agreements and will not continue not to meet them.

If true, then dumbest motherf*****s on the planet.

jus_lite_reading's picture

I know, I still have tears in my eyes from reading that and literally ROTFLMAO!! You can't make this shit up!! Seriously!!

I'd have to be piss drunk off Belvedere and taking 50cc of full strength morphine to believe ONE SINGLE word from ANY EU politician... liars and thieves, just like the US... GAME OVER!!

Joe The Plumber's picture

Just now realized greece would never comply?

I shit all over myself after reading that one!

BeetleBailey's picture

Jeez Louise...this is akin to a crappy B movie that rambles on...when 90% of the audience knows the ending already.

Greece will exit the Euro. The Euro will go on. Banks will take a pounding short term, then the ECB will print money (bonds, thin air ka ka/all of it), and everything will swept under the rug.

The Drachma will re-appear. Greeks will live.

Ta Da.

jus_lite_reading's picture

Not quite... if only it were that simple they would have done it long ago. Germany has a lot riding on Greece holding the Euro down at 1.30 handle (besides other things ;) ... ) and they know the word already on the street is contagion... hearing "whispers" of bank runs in Portugal now. Only a matter of time before the whole theater is in flames!! GAME OVER

Dr. Engali's picture

Let the games begin.

prains's picture

Let the games go on indefinitely or until there is war

Mitzibitzi's picture

They better get on with it! Be difficult to have a decent war when 9/10th of your population are starving to death.

monopoly's picture

I have no idea how this plays out when Greece exits the Euro. But I do know I am not selling any of my gold or silver. Lets rock!

Marginal Call's picture

Hopefully the gold / Euro link will be shattered.  I still can't wrap my head around how the dollar is any better vs. gold when the euro tanks.

post turtle saver's picture

Because petro-dollar backed by unprecedented insanely huge military/industrial complex governed by a federal republic, that's why.

Remember Saddam Hussein? You know, Spider Hole Guy? The guy who stated in 2000 that he wanted to be paid in euros for his oil? Anyone here remember what happened when he started spitting that mad BS and threatening to give Euro countries a leg up on contracts? Anyone?

The euro started dying when the tanks rolled into Baghdad and we made Pakistan our staging area bitch for taking over Afghanistan. Anything after that was just the inevitable process unfolding.

youngman's picture

Today is Silver expire day and next week is Gold expire the New York Boys and banks with the HFT's willl keep it down...because they have no metal to settle...

StateofFraud's picture

Here is the play: panic move into $. gold/oil fall. buy the (big) dip. People realize dollar is still stinking pile, fed pumps. $ index resumes downward trend. gold/oil rise in response. okay?