Germany To Vote On Greek Bailout Next Week

Tyler Durden's picture


Think the ECB announcement to do undergo a pseudo OSI impairment is a done deal? Not so fast - Germany may yet throw a wrench in there. According to Bloomberg, next week German lawmakers will conduct three votes on Greece among which:

  1. the €130 billion Greek bailout package... Wasn't it €145 billion by now?
  2. the empowerment of the EFSF to guarantee Greek government bonds held by the ECB
  3. the guarantee of Greek government bonds held by private sector after the debt swap

So while according to "sources" the ECB has already reached an "agreement in principle" to provide Official Sector debt relief, Germany may once again come out of left field with a blocking veto after German taxpayers realize that once again the ECB is throwing money down the drain on its Greek bond holdings, because as pointed out earlier, someone sure is taking a loss on those very same Greek bonds, no matter how convoluted the ECB-EFSF non-arms length and incestuous relationship.

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Wed, 02/08/2012 - 09:46 | 2137457 battle axe
battle axe's picture

Now is the time for the German Taxpayer to say "HELL NO".

Wed, 02/08/2012 - 09:49 | 2137466 resurger
resurger's picture

When they say NO battle AXE, will chop my dick and feed it to the Dawgs, OK?

Wed, 02/08/2012 - 10:03 | 2137515 battle axe
battle axe's picture

Ok, that is an interesting bet, but given the sentiment of the German public that was posted on ZH yesterday your dogs might be getting something new for dinner resurger(but alas I think you are probably right, the Germans are nothing if not obedient).

Wed, 02/08/2012 - 10:14 | 2137529 Spirit Of Truth
Spirit Of Truth's picture

Here's the nasty part....there's incentive for Greece to make this deal, take the money and then default:

Were Greece to default and withdraw from the euro once it gets the latest chunk of euro-zone cash, it could renege on its external debts, public and private, lifting an enormous burden off its people’s shoulders.

It wouldn’t need access to international markets once it didn’t have to worry about debt. A devaluation of the new drachma would make the economy instantly competitive, allowing it to eliminate its current account deficit.

What’s the downside? A bunch of irate Germans. But they’ll be irate whatever happens.

Wed, 02/08/2012 - 10:23 | 2137603 OttoMBMP
OttoMBMP's picture

No worries! The German parliament is not representing the interests of German taxpayers.

- That would be quite an idealistic idea of democracy.

Wed, 02/08/2012 - 10:58 | 2137715 alt-shift-x
alt-shift-x's picture

right, only the parliament hast to vote on the bailout and at the moment, they don´t give a fuck about the interests of the german tax payers ... ´there are no elections in sight

Wed, 02/08/2012 - 11:15 | 2137786 TruthInSunshine
TruthInSunshine's picture




Germany to vote on Greek bailout next week...or next month...or next year...

...or within a decade....





Wed, 02/08/2012 - 10:35 | 2137640 falak pema
falak pema's picture

This scenario assumes the Greek Oligarchs are a) clever b) have balls, to then go all the way.

All they have shown us is : a) they are corrupt b) sold out to GS  c) owned by EU corpocracy d) scared of being lynched at home.

Not the stuff you make nation building leaders with. Move on. They stay paid hacks, servants of bigger, corrupter Oligarchs than they. There is a pecking order in Eurozone; of corrupt, corrupter corruptest. And its not the Greeks who are in running for gold medal. 

Wed, 02/08/2012 - 10:10 | 2137539 Surly Bear
Surly Bear's picture

It will pass. Whether it should or not is another story, but this will pass because, in the end, the german people demand cheap vegetables.

Wed, 02/08/2012 - 10:18 | 2137586 The Limerick King
The Limerick King's picture



Merkel's been thinking for weeks

It's time to abandon the Greeks

Then Mr. Rompuy

Said, "Pretend you're a boy"

"And tell them to spread-out their cheeks!"

Wed, 02/08/2012 - 14:55 | 2138729 resurger
resurger's picture


Wed, 02/08/2012 - 10:01 | 2137507 StychoKiller
StychoKiller's picture

Yay!  My vote counted for something!

Wed, 02/08/2012 - 10:10 | 2137538 JPM Hater001
JPM Hater001's picture

I visited (from WI) the caucus with a friend and now I know why Paul hasnt done better.

They started voting without anyone giving a speech or being asked.  This didnt happen in every precinct but other rooms said no one wanted to speak.  Fortunately one brave soul got up and spoke for Dr Paul but as he was speaking ballots were being collected so no real help.

If you are in a Caucus state print the statement letter for Ron Paul and take it with.  If they ask if you want to speak say yes.  If they gloss over that part stand up and say stop.  I want my voice heard.

Believing inst enough.  Doing everything you can may not be enough but at least be able to say...I left nothing on the table.

Wed, 02/08/2012 - 10:05 | 2137522 battle axe
battle axe's picture

No way Ron Paul gets the nomination, he is just setting it up for Rand to run for 2016. 

Wed, 02/08/2012 - 10:03 | 2137513 eigenvalue
eigenvalue's picture

If the Bundestag should fail the approve it, I would go and bonk my dog. 

Wed, 02/08/2012 - 10:14 | 2137554 Cast Iron Skillet
Cast Iron Skillet's picture

yep, those most likely to oppose it are members of the CDU & FDP governing coalition. If they fail to get a majority, the opposition party SPD will step in to get it approved.

Wed, 02/08/2012 - 10:05 | 2137523 spartan speculation
spartan speculation's picture

Can someone please explain when greece's time is up ?? i thought their payments due on March 20 needed to be setup 6 weeks prior ?? that would make today the final day to get this resolved ???? 

Wed, 02/08/2012 - 12:52 | 2138242 Nobody For President
Nobody For President's picture

Drop dead date, due to legal requirements of paperwork, etc. is supposed to be Febrary 15th - i.e. one week from today. But that may be as much bs as the rest of this circus...


Wed, 02/08/2012 - 10:17 | 2137579 edotabin
edotabin's picture

Suuuuuuuure.  They'll say "Hell no!" by passing it by a wide margin.

Wed, 02/08/2012 - 10:24 | 2137607 He_Who Carried ...
He_Who Carried The Sun's picture

Merkel's approval rate is currently in the mid 60ies. She is not going to gamble that lead away (fed elections spring 2013) by saving those Greece "churki" and eating Tsatsiki for the rest of her life...

Wed, 02/08/2012 - 11:18 | 2137812 Odin
Odin's picture

It's time for every country that’s debt is sky rocketing to say HELL NO... Debt based money systems are a form of gradual wealth confiscation. Period.

Wed, 02/08/2012 - 09:46 | 2137458 Stuck on Zero
Stuck on Zero's picture

Don't call it a Greek bailout.  It's a bank bailout.

Wed, 02/08/2012 - 09:54 | 2137488 _ConanTheLibert...
_ConanTheLibertarian_'s picture

So true

Wed, 02/08/2012 - 10:08 | 2137532 bigdumbnugly
bigdumbnugly's picture

classic diversion of attention from the evil banks to those lazy greeks.

msm on board with that.

Wed, 02/08/2012 - 09:48 | 2137463 bob_dabolina
bob_dabolina's picture

 someone sure is taking a loss on those very same Greek bonds

Bernanke and Obama will do whatever they can to make sure US citizens pay their fair share of bailing out Europe.

Wed, 02/08/2012 - 09:51 | 2137472 Jefferson
Jefferson's picture

I am sure video of the German flag being burned will do wonders for motivating German legislators to bail out Greece.

Wed, 02/08/2012 - 10:40 | 2137626 Azannoth
Azannoth's picture

I can tell you it would upset them 1000x more if it was an Israeli/Jew flag, if the Greeks did that they would be out on their ass in a blink of an eye, you know what colour toilet paper has after you use it? it's Black/Red(Brown)/Yellow(depending of what you ate that day) exactly the colours of the German flag(I wonder who picked them? hmmm)

Wed, 02/08/2012 - 10:48 | 2137681 Instant Wealth
Instant Wealth's picture

Hehe ... at least in one sector, the Greeks seem to be leaders in Europe: xenophobia. Check out the official "Eurobarometer Special Survey #138 Racism and xenophobia in Europe".

Wed, 02/08/2012 - 11:02 | 2137720 Azannoth
Azannoth's picture

Looks like I will never consider moving to Sweden, but I am not really xenophobic just .. xenosceptic

Wed, 02/08/2012 - 09:51 | 2137475 Irish66
Irish66's picture

Non-arms length??  Is that a bond term

Wed, 02/08/2012 - 10:03 | 2137511 StychoKiller
StychoKiller's picture

No firearms have been utilized (yet!)

Wed, 02/08/2012 - 09:51 | 2137476 sabra1
sabra1's picture

Support for German Chancellor Angela Merkel’s party bloc rose to the highest since before her re-election in 2009, pointing to voter backing for her handling of the European financial crisis.

Wed, 02/08/2012 - 09:54 | 2137490 Sandmann
Sandmann's picture

Merkel has been brilliant - turning a majority lead in her first election into two Coalitions because Voters were turned off at the ballot box

Wed, 02/08/2012 - 10:05 | 2137520 Schmuck Raker
Schmuck Raker's picture

I'm not sure why you were trashed for passing that along.

Wed, 02/08/2012 - 10:33 | 2137633 Azannoth
Azannoth's picture

Yes the people have been yet again successfully duped into voting for the lesser evil

Wed, 02/08/2012 - 09:53 | 2137481 Dick Darlington
Dick Darlington's picture


Wed, 02/08/2012 - 09:53 | 2137482 GerritB
GerritB's picture

It's inevitable, it's your destiny!

Wed, 02/08/2012 - 09:53 | 2137483 Sandmann
Sandmann's picture

The German Taxpayer can say "Hell No !" but it will have NO EFFECT.  Germany is a Party State with 40% MPs being Civil Servants (Beamte) still getting automatic promotions in their old jobs while being legislators. Many of them are "on the List" whereby Voters vote for a Party and for a Candidate. The Party has a list of candidates - usually people like Kohl were at the top and automatically re-elected when their Party got >5% Votes. This brilliant system was imposed on Germany by the Allies so strong government could never return as in 1933-1945 - the only time Germany had strong government.

So the Party Bosses will mean in Tammany Hall and decide "what is good for Germany", "what the Americans want", "what the historic guilt the Germany people bear and must constantly atone for by being patsies for everyone else", and how "Europe will never forgive Germany for not being broken".

Then the MPs will Vote through all the measures Angela and her sidekick Wolfgang Schauble decide that Josef Ackermann and Deutsche Bank demand. They will sacrifice every last man, woman and child on the altar of their hubristic monomania just like their predecessor did in Berlin in May 1945


Wed, 02/08/2012 - 09:54 | 2137487 Peter K
Peter K's picture


Bitchezzzzz :)

Wed, 02/08/2012 - 09:57 | 2137493 dr.charlemagne
dr.charlemagne's picture

just say, NIEN

Wed, 02/08/2012 - 09:58 | 2137495 atomic180
atomic180's picture

Watch for Greece to agree to the golden fleece/ bailout BEFORE the German vote...

Wed, 02/08/2012 - 09:58 | 2137497 Marge N. Callz
Marge N. Callz's picture

The can is getting bigger than Ms Merkel's ass and soon will be too big to kick down the road.

Wed, 02/08/2012 - 10:03 | 2137516 WonderDawg
WonderDawg's picture

Yeah, I've been saying the same thing for a couple of years now. My sanity is teetering. I've given up trying to figure out when the can is too big to kick. Now I just watch in amazement as more and more absurd bullshit is foisted on the world and is accepted as truth.

Wed, 02/08/2012 - 10:07 | 2137526 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Me too.  There will never be a bailout.  They will lick the can until the wheels fall of the Fiat Ponzi.

If they bailout Greece, they bailout Portugal/Spain, etc.  If they don't then the rest deault.  It is a lose/lose situation for them, and they will kick this can until March 20th when Greece has to roll the bonds.

Wed, 02/08/2012 - 10:16 | 2137572 atomic180
atomic180's picture

The others are in better (relative) shape than Greece to save save the EU they should sacrafice Greece...

Wed, 02/08/2012 - 10:22 | 2137597 scatterbrains
scatterbrains's picture

basically it all comes down to sticking your cash under the mattress in case deflation wins but maxing out your credit cards on pm's should inflation win.. don't forget to default on your cards if the later occurs...  stay focused man, get a grip, you can do this.

Wed, 02/08/2012 - 10:47 | 2137676 WonderDawg
WonderDawg's picture

Thanks, dude, I'm trying to stay focused. As you know, it gets harder and harder every day. I'm starting to wonder, though, if they can't keep this thing (all markets, RE, equities, bonds, etc.) propped up forever. I mean, I know they can't, but fuck, when does the bullshit ever stop?

Wed, 02/08/2012 - 10:59 | 2137716 Ahwooga
Ahwooga's picture

Youre in my head man, and its freaking me out!!

Wed, 02/08/2012 - 10:04 | 2137519 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"There will be a bailout!!! 



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