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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battle axe's picture

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

resurger's picture

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

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).

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:

http://blogs.wsj.com/eurocrisis/2012/02/08/greece-should-take-the-money-and-run/

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.

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.

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

TruthInSunshine's picture

***BREAKING NEWS ALERT - cnBSc FINANCIAL NETWORK***

 

 

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

...or within a decade....

...maybe.

 

***THIS HAS BEEN A BREAKING NEWS ALERT - cnBSc FINANCIAL NETWORK***

 

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. 

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.

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!"

StychoKiller's picture

Yay!  My vote counted for something!

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.

battle axe's picture

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

eigenvalue's picture

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

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.

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 ???? 

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...

NFP

edotabin's picture

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

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...

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.

Stuck on Zero's picture

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

bigdumbnugly's picture

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

msm on board with that.

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.

Jefferson's picture

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

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)

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". 

http://ec.europa.eu/public_opinion/archives/eb_special_140_120_en.htm

Azannoth's picture

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

Irish66's picture

Non-arms length??  Is that a bond term

StychoKiller's picture

No firearms have been utilized (yet!)

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.

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

Schmuck Raker's picture

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

Azannoth's picture

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

GerritB's picture

It's inevitable, it's your destiny!

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

 

Peter K's picture

SOLIDARNOSC!

Bitchezzzzz :)

atomic180's picture

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

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.

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.

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.

atomic180's picture

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

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.

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?

Ahwooga's picture

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

Mr Lennon Hendrix's picture

"There will be a bailout!!! 

Someday!!!!!!!!!!!!!"

-Europe