Greece Itself Now Openly Ridicules Europe's Lies Of Greek "Stability"

Tyler Durden's picture

Compare these two statements: first from Reuters- "Greece's debt has run out of control and government policies are failing to restore finances, an independent parliamentary committee of experts wrote in a report released on Wednesday." And second, from Bloomberg: "Greece’s debt is on a “durable declining path” and new projections will show that the second rescue program reduces net  liabilities, European Union Economic and Monetary Commissioner Olli Rehn said." Sorry Europe: your credibility, whatever was left of it, just ran out. When the indirect object of your bail out effort (the direct one being naturally your central bank and your various local banking oligarchy of course) says in your face that you are full of excrement, it is time to put a fork in it.

More on the truth:

"The steep debt rise, high primary deficit ... have exacerbated to the maximum the dynamics of debt, which is out of control," the committee of experts appointed by the Finance Ministry said in a monthly economic bulletin.

 

"It is clear that the country's problem is not just the size of the public debt but the inability to consolidate the current fiscal management. Despite gigantic effort for fiscal adjustment, no primary surplus has been achieved, on the contrary the primary deficit widens," it said

And lies:

Internal EU assessments indicate that “given the private sector involvement, the government debt ratio net of collateral will fall compared to the previous projection,” Rehn said in response to a European Parliament inquiry.

 

“Including the loan to accumulate collateral in the context of the private sector involvement, the gross debt ratio actually increases compared to the previous assessment,” Rehn said. “However, the debt ratio is expected, in any case, to decline from 2013 on.”

 

The new projections will be included in the next quarterly report on Greece, Rehn said according to a text posted on the parliament’s website.

Thus the official beginning of the end of the Euro and Eurozone starts. Perhaps Europe can now refocus its efforts on something more practical: like restoring Esperanto as the global language of bureaucratic efficiency, peace, unity and prosperity and what not.

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MarketTruth's picture

But...but...but.... Greece has gold. Oh, what was that you say... Greece CLAIM to have gold.

Long-John-Silver's picture

It's held in JP Morgan and HSBC bullion vaults. They claim it's all there, every ounce of it.

Can I interest you in a Bridge? It's located in Brooklyn, NY. 

MS7's picture

Not every ounce. Germany has more than an ounce of WWII era gold from Greece.

MS7's picture

I don't understand your point. The government better not give away the gold of Greece, which belongs to the people, and which will be necessary for a gold backed drachma when (there is no "if") Greece defaults. The extremely unpopular government in Greece is the one that favors the bailouts as a way to pay off its friends in the Troika before the inevitable default. But they wouldn't go so far as to give away the gold (I don't think).

Drachma's picture

People? TPTB don't recognize any people in Greece, just cats, dogs, goats and mostly sheep; all chattel to be sure.

FunkyMonkeyBoy's picture

Europe must fall before the U.S. It is the agenda.

Scalaris's picture

Feta-backed Bonds.

RobotTrader's picture

 

 

National Bank of Greece's 35% moonshot from the other day wiped out in one fell swoop.

spiral_eyes's picture


Does anyone remember what happened the last time Germany were forced into pledging vast amounts of cash (or “reparations”) to other European nations? No?

It wasn’t pretty.

http://azizonomics.com/2011/08/28/the-death-of-the-euro-in-2011/ 

Caviar Emptor's picture

Debt? What's debt among old friends? We'll pay you back in dining and entertainment and unforgettable memories. You should loosen up. 

disabledvet's picture

Jamie Dimon? Is there a "Jamie Dimon here?" Yes...Continent of Europe...line one. No need for the French interpreter this time.

defn8Dog's picture

so... what's the likelihood that Greece actually did hire a law firm to evaluate debt restructuring and exit from the Eurozone?

 

Construct's picture

Have you actually seen the Greek bond yields? Greece has already defaulted.

Construct's picture

what do you call 20% on 10yr vet?

Black Forest's picture

so... what's the likelihood that Greece actually did hire a law firm to evaluate debt restructuring and exit from the Eurozone?

>>0 per cent I guess.

Chuck Bone's picture

Wait... so when you decrease government spending (the G in the GDP equation) then people's net income falls and thus tax revenues decline as well? It's almost as if it's impossible for Greece to pay back their debts... Oh wait, they are already paying 40+%, which is basically a recovery rate anyway. Whatever, let's just throw new debt at this problem, that'll fix it!

Alea Iactaest's picture

I always wondered what the "G" stood for. Thanks for clearing that up.

 

;-)

Apeman's picture

Here in waffleland we don't have a G. Does this mean we're the first to get DP'ed? O_o

centerline's picture

Central bank game change.  Time to blame the politicians and people.  EU version of the same script being played out here.

Oh regional Indian's picture

yup yup centerline. Same thing happening here in India. Suddenly, a politician cannot find a corner to hide in. 

V

Frozen IcQb's picture

Another Versaille attempt will split the Euro in two along the North/South axis.

Instant Wealth's picture

1. Core Europe with Germany, Austria and Hungary ?

2. trigger event ?

3. WWI reloaded ?

4. Versailles treaty 2.0 ?

5. Sarkozy = le grand empereur ?

Oh regional Indian's picture

Line item 5 made me gag, till I re-wrote it in my head. Then it made me laugh...

 

5. Sarkozy = le petit empereur?

;-)

V

http://aadivaahan.wordpress.com/2011/08/30/humor-me/

ambrosiac's picture

 

 

De cette bouteille sortit/

Napoleon le petit

disabledvet's picture

Hahahaha. This one's even funnier than the lawyer comment above.

mynhair's picture

Does this mean: 'buy the dip'?

Cash_is_Trash's picture

To them as well, and they don't understand it.

Survival of the unfittest, bitchez

Dick Darlington's picture

Thus the official beginning of the end of the Euro and Eurozone starts.

It's about the fooking time. Disintegration will replace the word of the year, austerity, very soon.

P.S. Did anyone notice the plunge in Spain's budjet revenues? Compared to last yr, the ytd cumulative revenue was 10 bn lower...

Sudden Debt's picture

Maybe a war with Greece will solve the problem?

UN troops to confiscate anything of value?

Enslavement of the Greek population to pay of their debt? If so, I take one young femal specimen for the cooking and cleaning and I'll pay 5K for it.

I don't know... that's it options concerned.....

 

Cash_is_Trash's picture

Serfdom: Cheap or free spoils of war

disabledvet's picture

No need for war. We're already in there. Just start building a humongous Naval Base in Salonika--using Egyptian workers. That should send the appropriate message.

myne's picture

Krugman would certainly advocate the USA to supply and reinforce all sides of this war.

irishlink's picture

Barroso's statements today were delivered so calmly that you knew he was endeavoring to conceal how desperate the situation really is. They are running to stand still ...... time

Mountainview's picture

Barroso is no economist and Greece(and especially the Greek population) should be freed from this endless muddeling of Brussel Eurocrats. Let the Greek out of the EURO, write off some of your credits to this country and start with a blank sheet and the Greek New Drachma!

NotApplicable's picture

WTF is a "durable declining path?" Sounds like a metal slide to Hades.

Sorry Europe: your credibility, whatever was left of it, just ran out. When the indirect object of your bail out effort (the direct one being naturally your central bank and your various local banking oligarchy of course) says in your face that you are full of excrement, it is time to put a fork in it.

No forking shit!

espirit's picture

Maybe the Greeks and EU can blame the Fed for the Pump n' Dump.

Or is QE3 necessary to once again stabilize the EuroZombie?

WonderDawg's picture

What would the discussion thread be if someone didn't mention QE3?

Construct's picture

Don't discriminate EFSF like that dogg.

espirit's picture

It is the only thing that will keep the ponzi going. The Greeks are at the bottom of the food chain.

slaughterer's picture

Germany is only backing EFSF to €211billion.  So, no moon. 

Construct's picture

And what happens when france, italy, spain, x, ....,? comes asking for a handout. They are not to far off from Greece you know. Europe is so broke it makes America look like a saint.

Cdad's picture

The BlowHorn [CNBC] answers ZH's continuing coverage of the European disaster with...Abbie J. Cohen and her soothing explanation of how....of course...the market is "historically cheap."

Brilliant!  Would the FCC please pull the broadcasting license at the BlowHorn?  Thank you.