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Greece Purposefully Inflated Its Deficit Numbers To Get EU/IMF Assistance

Tyler Durden's picture





 

In news that will likely not surprise many, Greek newspaper Eleftherotypia reports that according to a just terminated member of the Greek Statistical Authority, Greece artificially misrepresented its 2009 15.4% deficit number to Eurostat in order to obtain aid from the EU and IMF. Per professor Zoe Georgantas "The deficit was artificially inflated in 2009 to show that the country had the largest deficit across Europe, including that of Ireland was 14% in order to justify all these severe measures against the country. And we presented in the Eurostat 15,4%." While there appears to be a substantial political back story here, and we would be careful at taking these claims at face value, the last thing Europe needs is for its people to realize that they have been duped (and continue to be so), by the PIIGS countries, which as we pointed out before on several occasions, have figured out that the balance of power in capital extraction is entirely in their favor, and paradoxically see their position strengthened, the weaker they are, as the Eurozone has no alternatives but to keep ploughing ever more capital into these bankrupt nation. As such it would not be surprising if Italy's official deficit has also, like in Greece, been substantially misrepresented in an adverse light recently,after being shown to be far better than reality for years, simply to have a stronger political case for demanding more EU and IMF funding. 

More from the article, google translated:

"The deficit target for 2009 appeared deliberately to 15.4% from Eurostat. I had to look bigger than Ireland, which was 14% in order to pick unaffordable measures against Greece "reveals the 'E' Professor, University of Macedonia and committee member of the Greek Statistical Authority, Georganda.

 

But five of the seven committee members dismissed from their duties as announced yesterday by the House, Evangelos Venizelos, and only the President (!), Because " problems in personnel and administrative level. "

 

These problems, however, reveals today the 'E', ranging from the "isolationist, anti-democratic, authoritarian" function of President Andrew George, as has been terminated and the association of workers in ELSTAT and reached up to the systematic exclusion of members of than to express a view on serious issues such as scientific accuracy of statistical methodologies followed the regulations of the Authority, the regulation of undertakings made to the Authority, other government agencies and others.

 

The conclusion of Mr. Georgantas denies another committee member, saying that science can prove that "public bodies, not publicly funded and were entered in this list, it can affect so much the final configuration of the deficit" . In any event, in this sense a high level of political and judicial intervention in complaint as regards the most important politico-economic issue in recent decades with Greece at the heart of the biggest crisis and the society in total economic bleeding.

 


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Fri, 09/16/2011 - 08:39 | Link to Comment wang (not verified)
Fri, 09/16/2011 - 08:43 | Link to Comment espirit
espirit's picture

It's a hmmm moment for me too.  If you are going to lie, might as well lie big - so Greece's economic situation may very well be much much worse than so far exposed.  That's the way I see it / believe it to be.

Reverse false flag, willing to be proven wrong.

Fri, 09/16/2011 - 08:51 | Link to Comment Melin
Melin's picture

Some beggars make 65k a year in handouts. 

Get it?

Fri, 09/16/2011 - 09:02 | Link to Comment mayhem_korner
mayhem_korner's picture

Grossed up for the avoided taxes, that's a six-figure job.  BLS prolly ought to tweak their numbers.

Fri, 09/16/2011 - 09:16 | Link to Comment richard in norway
richard in norway's picture

actualy begging is a skill, having tried it i can tell you that is not as easy as it looks. those that have the skill can make shitloads of money, but i never had that skill and just made enough to survive until i got myself on my feet. wworking for a living is much eaier at leastt for me. thats the free market skill is rewarded if you fail you die. and in the case of begging that not hyperbole. one time i was working the same steet with another guy, he made 50 times what i did but he was very good

Fri, 09/16/2011 - 09:30 | Link to Comment X.inf.capt
X.inf.capt's picture

begging?

sounds like the p.i.i.g.s.  snuck up on these bankers....

and PANTS 'em.

Fri, 09/16/2011 - 08:52 | Link to Comment mayhem_korner
mayhem_korner's picture

this sounds like the equivalent of rumor anti-matter

 

George:  She liked the menage?

Jerry:  She liked for the menage.

George:  (flustered) That's...that's...that's like discovering plutonium by accident!

 

Fri, 09/16/2011 - 08:40 | Link to Comment MsCreant
MsCreant's picture

Uh, no, really, we were just making it up how bad it was, we're okay, honest. No problems here. Now take your bankruptcy lawyer and just go, okay?

Fri, 09/16/2011 - 08:42 | Link to Comment Killtruck
Killtruck's picture

+1

Why fabricate stats that will force austerity upon your own countrymen? Tired of paying out pensions? Doesn't make sense.

Fri, 09/16/2011 - 08:46 | Link to Comment DirtMerchant
DirtMerchant's picture

Because they couldn't kick the can farther without outside intervention (money) demanding austerity measures...politically it was smart, economically it was stupid, just prolonging the inevitable while trying to create a soft landing on sharp rocks

Fri, 09/16/2011 - 08:50 | Link to Comment Killtruck
Killtruck's picture

That premise assumes:
1.) a group of politicians will do the smart thing and
2.) a group of politicians are incapable of kicking the can farther.

I find it difficult to believe #1, even without #2.

Fri, 09/16/2011 - 08:54 | Link to Comment DirtMerchant
DirtMerchant's picture

I disagree, politicians will always do what is smart for themselves, implementing austerity themselves is political suicide, they needed both austerity and money to continue the can kicking,  however getting the EU to demand it WHILE supplying money...smart, politicians blame austerity on EU money handlers and the can continues to kick while politicians keep the scabs to a minimum. 

Fri, 09/16/2011 - 08:57 | Link to Comment Killtruck
Killtruck's picture

Well...dammit, that's an excellent point.

Fri, 09/16/2011 - 11:11 | Link to Comment edotabin
edotabin's picture

It doesn't make sense because your thought revolves around "countrymen"  Once you dump that old sense of loyalty and become cynical enough to realize they do not give 1 single fuck about you as a citizen, then you might get it.

The bankers want these political/economic unions and trading blocs. They will lie, cheat, starve people, manipulate the news and do anything humanly possible to get this done.

This is why Greece is always ALMOST declaring bankruptcy and being saved at the last second BUT IT NEVER ACTUALLY HAPPENS.  Once/If it happens nobody will need the EU anymore. Think of the bankruptcy as bait to tame otherwise independent people that do not obey authority. "Saving" these nations provides credibility for the EU in the long run, despite what it may look like now.

So now we hear the numbers were "fudged" worse than what they actually were.  For years we were hearing the exact opposite about how Greece was lying to cover up their deficits. If this isn't manipulation, I do not know what is.

Many articles here point out the ponzi scheme and how "rigged" everything is. They are 100% correct.  They do not however take into account that reality is what certain people want it to be. Actual reality simply doesn't matter anymore. The only reality that matters is that a select few want fewer governments so as to eliminate dissent and to be able to control it from fewer power centers.

For example, you have Merkozy and Trichet making decisions for all of Europe. This would not be possible if everything was fine in Greece, Portugal, etc. If that means Greek numbers need to be fudged "worse" than what they actually are in order to allow them in, then so be it.  Then after they establish their foothold, Europe is saved, they are the heros and history records how these brave politicians saved the world from the brink of destruction.

Long story short, it is an uphill battle for TPTB. Can they maintain this illusion so as to consolidate power, get all the assets and make everyone a miserable serf?  Or is it that their days are numbered and this crap comes crashing down?

 

Fri, 09/16/2011 - 10:38 | Link to Comment dcb
dcb's picture

cause you can then sell of state assets to your crony capitialist friends and make yourself rich doing so. the huge mistake you make is to assume any leader has love of their country. it's about stealing assets. you see it all over the middle east. G-pap has a lot of associations. According to something I read he and a buch of his boys got some greek banks to sell then cds on the cheap. So he has  a direct reason to profit from poor figures. the article was in fact posted on zh by a greek.

 

What you didn't see mubarak, and his cronies buy stuff on the cheap when egypt liberalized. Or Russia when they privatized.

Fri, 09/16/2011 - 08:53 | Link to Comment scatterbrains
scatterbrains's picture

we lied because we love the adrenalin rush from watching the beat downs and riots in the street.. honest things arn't that bad.

Fri, 09/16/2011 - 09:25 | Link to Comment LeBalance
LeBalance's picture

Ummm...the whole thing really...Lehman...we lied...ummmm.....Gold Window....we have plenty....29 crash....there was plenty of liquidity...just print out some more!.....roll it back until the folks say stop?  Pre-Jurassic?

Fri, 09/16/2011 - 08:41 | Link to Comment dax
dax's picture

when is, the usual greece defaults during the w/e, hitting the news flow? havent seen it yet and getting nervous

Fri, 09/16/2011 - 08:41 | Link to Comment MsCreant
MsCreant's picture

Can you put Genies back into the bottle? We are getting ready to find out.

Fri, 09/16/2011 - 08:42 | Link to Comment buzzsaw99
buzzsaw99's picture

now there's something you don't see every day.

Fri, 09/16/2011 - 08:42 | Link to Comment StrangerThanFiction
StrangerThanFiction's picture

What a circus!

Fri, 09/16/2011 - 08:44 | Link to Comment DirtMerchant
DirtMerchant's picture

been meaning to tell you, great avatar!

Fri, 09/16/2011 - 09:55 | Link to Comment Negro Primero
Negro Primero's picture

..just wait till she/he farts!

Fri, 09/16/2011 - 08:44 | Link to Comment snowball777
snowball777's picture

"I meant to do that." lulz

Fri, 09/16/2011 - 08:45 | Link to Comment mayhem_korner
mayhem_korner's picture

"Please don't throw me in the briar patch" 

Fri, 09/16/2011 - 08:46 | Link to Comment JJSF
JJSF's picture

Bullish. Long everything.

Fri, 09/16/2011 - 09:17 | Link to Comment topcallingtroll
topcallingtroll's picture

Waiting for the open.

Fri, 09/16/2011 - 08:47 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

Could be a double bluff; tell the press someone has been fired for making things out to be worse than they were, with the implication being that things arent so bad (heh). Anyone seen my meds?

Fri, 09/16/2011 - 08:48 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

fucking American president's wives is a greek right (they know what's important in Athens)or is that Troy's wives?? hmm time goes by so quickly..lying about money well thats just Swiss.

 

Fri, 09/16/2011 - 08:48 | Link to Comment mayhem_korner
mayhem_korner's picture

Monday I thought Germany was holding up the finger to Greece...maybe it's the other way around.

Fri, 09/16/2011 - 08:50 | Link to Comment tim73
tim73's picture

Greeks should be ashamed of themselves. This is their year zero now.

Fri, 09/16/2011 - 09:10 | Link to Comment Medea
Medea's picture

Yes, certainly the message from this is that generic "Greeks" should be ashamed of themselves. Way to not hit the nail on the head.

Fri, 09/16/2011 - 08:50 | Link to Comment Irish66
Irish66's picture

grandma meet bus, now get under it

Fri, 09/16/2011 - 08:51 | Link to Comment cat2
cat2's picture

You've been big fat pwned.

Fri, 09/16/2011 - 08:52 | Link to Comment skistroni
skistroni's picture

From the full report, the professor complained that they were forced by European Authorities to include certain non-subsidized GSEs in the deficit calculations (which made a 1% difference or thereabouts). 

Of course, there was no mention of the fact that at the end of 2009 there was about 15B EUR in over 3-year overdue state liabilities to private sector enterprises, which were pushed to 2010 (after having been pushed to 2009, and 2008 before that) so as not to "inflate" the deficit, which would reach 20% of GDP if these were paid on time. 

All this money started getting paid, after Greece got the first bailout, and is one of the main reasons why, despite all the austerity and the measures, the deficit does not get substantially reduced. 

So yes, indeed, this is just political whining from someone that got sour. 

Fri, 09/16/2011 - 09:07 | Link to Comment Lord Welligton
Lord Welligton's picture

Interesting.

Do you have a handle on what unpaid liabilities to the private sector are now?

Fri, 09/16/2011 - 09:14 | Link to Comment skistroni
skistroni's picture

Last time it was announced (May), it was about 5B. Mostly to construction companies at the moment. 

Fri, 09/16/2011 - 09:18 | Link to Comment Lord Welligton
Lord Welligton's picture

Thanks.

So that would be €5bn to add to the current deficit?

Fri, 09/16/2011 - 09:48 | Link to Comment drider
drider's picture

The Greek construction sector still is a huge bubble, partly due to the Olympic games, road building and residential construction activities.

A serious government would not pay a penny out of these liabilities without first checking all the accounts and ballances of the construction companies along with the quality of the infrastructure received. Much of the acclaimed costs are fraudently oversized by issuing false invoices by non-existing 3rd party companies (subcontracts that never took place).  

A sidenote: the Greek media are run by two type of bussinessmen - shipowners and owners of big construction companies.

Fri, 09/16/2011 - 09:55 | Link to Comment agent default
agent default's picture

This country sounds more and more like something straight out of 1980s Africa or Latin America.

Fri, 09/16/2011 - 11:21 | Link to Comment drider
drider's picture

Maybe you see now where the majority of the euro-liquidity was transfered in Greece (with the complicity of Greek governments and banks).

The official (media) story in Greece is that all Greek people are responsible for this financial mess so they should continue picking up the tab.

That has a grain of truth since Greek people voted for governments that allowed all these to happen.

BUT Greece creditors are also responsible to an extend because in reality they ALWAYS knew what was the real story.

Class warfare is about to break-out in Greece.

 

Fri, 09/16/2011 - 10:28 | Link to Comment Minoan
Minoan's picture

It's almost 3% of gdp or 6.63B according to the end of June data.

Can't post link-has greek characters.

 

Fri, 09/16/2011 - 09:21 | Link to Comment MS7
MS7's picture

That's interesting. I was hoping the report would be true, as it would mean Papandreou would have to step down or face the consequences. But I am sure what you are saying is correct.

But I wanted comment on your point about the deficit not being reduced despite the austerity. The deficit never will be reduced by the austerity measures taken. As I understand it, it will only increase. The GDP is going down due to the decrease in demand. That is a result of cutting wages, pensions, jobs. How many small businesses have been forced to close as a result of this! It's sad. Meanwhile, the debt is going up.

I just hope the Greeks can get rid of the troika and the troika's "man in Athens," G-Pap.

Fri, 09/16/2011 - 09:53 | Link to Comment drider
drider's picture

I am not sure if economically-wise 4 or 5 billions (acclaimed difference to reported debt) would make that much difference in the current situation of Greece.

BUT having evidence that G-Pap and his government manipulated these numbers to ensure that a mechanism like troika was hastily constructed especially for Greece, makes all the difference in the world politicaly-wise.

Both for Greek and European people!

Fri, 09/16/2011 - 08:53 | Link to Comment Version 7
Version 7's picture

According to latest news Greece only has money to pay public wages until October and I've even heard that they're running out of cash to pay for this years' school books. Not to mention that there's so much money in Greek banks as water in the Sahara desert.

Fri, 09/16/2011 - 08:55 | Link to Comment kito
kito's picture

I'm sure the chinese are relieved

Fri, 09/16/2011 - 08:57 | Link to Comment LawsofPhysics
LawsofPhysics's picture

First,  how in the hell does stuff like this even get any attention.  Second, how is this not bullish?

Fri, 09/16/2011 - 09:02 | Link to Comment MFL8240
MFL8240's picture

These politicians would allow civil unrest and ruination of their country?  That is low!

Fri, 09/16/2011 - 08:59 | Link to Comment Zgangsta
Zgangsta's picture

This is very bullish. It will be even easier than we thought to get Greece's house in order now.

Fri, 09/16/2011 - 08:59 | Link to Comment Josh Randall
Josh Randall's picture

The IMF and the EU Banksters make Greece sound like it's Gary, Indiana or something. If Greece rooked the Banksters for extra cash on false numbers, of which they plan to default and roll out a PM backed Drachma, that would be the ultimate double switcherrooo of all time.

Fri, 09/16/2011 - 09:01 | Link to Comment DirtMerchant
DirtMerchant's picture

would be hilarious, and quickly followed by the other EU nations...

Reality says they should all have done that a while ago....

Fri, 09/16/2011 - 09:01 | Link to Comment HedgeFun
HedgeFun's picture

Let me get this straight, all our faithful ZH bloggers are giving credance to a a just fired greek government employee? 

Fri, 09/16/2011 - 09:03 | Link to Comment DirtMerchant
DirtMerchant's picture

He no longer has anything to lose from being truthful...other than his life I mean

Fri, 09/16/2011 - 09:13 | Link to Comment Medea
Medea's picture

This is exactly the kind of binary, true/false thinking that completely misunderstands how ideology works.

Fri, 09/16/2011 - 10:02 | Link to Comment drider
drider's picture

She is a university professor in a Greek economic school.

The whole matter was initiated at least one and a half year ago, but only given wide publicity afterwards:

1. The dismantling of the economic advisor team to the greek parliament, that claimed greek debt was not substaineable even under the troika program.

2. Many people in organisations labeled as "public sector to the benefit of all citizens" or DEKO are going to loose their jobs very soon.

Regarding point 2, the list of DEKO organization that their liabilities became part of the central goverment debt was "updated" before Greece asked for "help" from IMF-troika!

Fri, 09/16/2011 - 09:06 | Link to Comment MsCreant
MsCreant's picture

I think they put shit up there and leave it to us to decide what we think. I for one am LMAO.

Fri, 09/16/2011 - 09:26 | Link to Comment topcallingtroll
topcallingtroll's picture

Hehe

We wear the tinfoil hat 24/7

Fri, 09/16/2011 - 09:01 | Link to Comment Hot Shakedown
Hot Shakedown's picture

http://www.businessspectator.com.au/bs.nsf/Article/Sarkozy-Merkel-Eurobo...

The current ESM draft is a new Enabling Law (link above), which is of course hushed up by the brain-washed mass media. E.g. the ESM can demand unlimited (!!!) funds from the EU nations & it is exempt (!) from all jurisdiction, i.e. it is totally destroying the constitutional democracy of Euroland! 

 

Fri, 09/16/2011 - 09:03 | Link to Comment BlackSea
BlackSea's picture

Hahaha! The next communique should state that Greece has a 15% surplus.

Fri, 09/16/2011 - 09:07 | Link to Comment MsCreant
MsCreant's picture

Good, they can help prop up everyone else!

Fri, 09/16/2011 - 09:09 | Link to Comment Version 7
Version 7's picture

yeah, Greece will end up bailing out Germany, you'll see

Fri, 09/16/2011 - 09:43 | Link to Comment Reptil
Reptil's picture

I get the joke, they're insolvent, regardless.

The issue here is a traitor inside the EU monetary union.
Papandreou's familiy's allegiance is with the Banking Cartel.
There are more like him.

 

Fri, 09/16/2011 - 09:10 | Link to Comment the not so migh...
the not so mighty maximiza's picture

false rumor, Greece would loose dignity by choice, i think not

Fri, 09/16/2011 - 09:11 | Link to Comment daggerwolf22
daggerwolf22's picture

geez IM RICH, IM RICH !!!!!

Fri, 09/16/2011 - 09:11 | Link to Comment Cdad
Cdad's picture

News Flash....BlowHorn [CNBC]....J. Cramer

This morning, "When market rise day after day on nothing..."  This after just last night foaming like a bull with rabies that everything was fixed, and Timmay was going to save the Eurozone.  Way to jack everyone into the market long...on "nothing."

Obviously, the bankers up in the board room at the BlowHorn have flipped the script yet again.

Fri, 09/16/2011 - 09:13 | Link to Comment MS7
MS7's picture

Ahhhhh, you people still don't get it????? The Greek government, NOT the Greek people, are the ones who told us what the deficit is. IF this story is true, the Greek Prime Minister purposely put his country into the claws of the IMF and his buddy Strass-Kahn, as many in Greece suspected. No country should want to go to the IMF. Don't you people realize that? Countries would be better off borrowing from another country, and Greece had that opportunity with Russia prior to the IMF, but G-Pap didn't pursue it. The IMF means the destruction of the country. In one year under the IMf, unemployment has gone up 40% in Greece. The standard of living, of the hospitals, of everything has sharply declined. It's all going to get worse this year, if G-Pap is still in office and the IMF is in charge. The money is not going to the Greek people, you blockheads! Most of it is going to pay off its loans.

The Greek people are gaining nothing from this lie (if in fact the story is true). They have been almost destroyed because of it. Once again, the Prime Minister is a traitor. He's half American anyway, was born in the US, and went to Amherst. He's probably working for the Americans. Or maybe he just has some weird global governance ideology and that has to do with his actions. Stop blaming the Greek people.

Fri, 09/16/2011 - 09:59 | Link to Comment agent default
agent default's picture

It doesn't matter if the story is true ar false.  If the people are getting as desperate as I think they are in Greece, this story may turn out to be true enough for them to take to the streets. 

Fri, 09/16/2011 - 10:07 | Link to Comment Byte Me
Byte Me's picture

The actual solution is that you ALL stop lying and deluding yourselves that you can have a certain standard of living that you aren't prepared to self-finance.

Do that one small thing - and everything will be roses..

 

Oh, wait -- Greeks are pathological LIARS -- how could I have forgotten, silly me. (Goes double for the Wops)

Fri, 09/16/2011 - 10:22 | Link to Comment drider
drider's picture

Really? If the Greek people are compulsive liars then what are the central bankers overlords of humanity and their favored politians?

I don't have to listen to this crap anymore, it is always so easy to blame the common people...

Fri, 09/16/2011 - 15:31 | Link to Comment Ponzi Unit
Ponzi Unit's picture

 

"Stop blaming the Greek people."


Okay, pal, don't kid a kidder. I was there. I saw people starting dinner at midnight. Plenty of blame to go around.

Default, bring back the drachma, overthrow foreign domination, and order up an ouzo.

Then count to ten and turn on the news. Presto! You have been branded terrorists for escaping from debt slavery.

Global Jubilee, folks!

 

Fri, 09/16/2011 - 10:01 | Link to Comment Reptil
Reptil's picture

Greece fudged numbers, in order for the elite to profit.

Papandreaou's family made a fortune when the Greek State sold the CDS to them, and after that they cashed in. http://hellasfrappe.blogspot.com/2011/06/george-papandreou-accused-of-co...

It's a setup on the scale of a country. If not adressed this sore will fester throughout europe.
He had help in Goldman Sachs/American Gov..

And all the fools fell for it.

Currency war bitchez, winner takes all.

 

Kudos for Tyler for picking this up. ZH is truly the info hub it's purposed to be.

Fri, 09/16/2011 - 09:14 | Link to Comment Dezperado
Dezperado's picture

Lying to join the euro, lying to get the IMF help...

Lying as a method is the political institution

Have any of this polititians ever really worked?

Fri, 09/16/2011 - 10:04 | Link to Comment agent default
agent default's picture

Nope.  Just take a look at any politicians resume, from any country.  Even the ones that did have jobs, had in fact bullshit non jobs, mostly tied to the public sector.  There are some exceptions, but in general, the qualities required to become a successful politician today are exactly the ones that make you unemployable.  At least in the private sector.  Except for the banking sector that is.

Fri, 09/16/2011 - 09:14 | Link to Comment bmusic
bmusic's picture

This plant smells of desperation.

Fri, 09/16/2011 - 09:17 | Link to Comment 1000yrdstare
1000yrdstare's picture

All for Greed...all of the ruined lives....all of the deaths....all for greed.

Fri, 09/16/2011 - 09:17 | Link to Comment monopoly
monopoly's picture

Besides all the international turmoil, notice how our broken market does not make headlines as it is 1 kill at a time. Just a for instance.

Yesterday NFLX from 300 to 200 and now 15% in a day. 168

RIMM, well, we all know that story. Down 23% in pre-market.

And PCX, increased costs for coal, blah, blah, blah, -7%.

Appears the market is running out of fuel, slowly, but at some point, we know what happens.

Fri, 09/16/2011 - 09:17 | Link to Comment Dick Darlington
Dick Darlington's picture

Who cares when there's this:

09-16 9:12: Market talk of a higher than expected University of Michigan... Higher than expected!!! Woohoo!!! 300 hand picked CEO's feel better!!! Better than expected!!! Woohoo!!!
Fri, 09/16/2011 - 09:30 | Link to Comment Drag Racer
Drag Racer's picture

they were higher that expected??? college life is such a party...

Fri, 09/16/2011 - 09:19 | Link to Comment Calculo Ergo Sum
Calculo Ergo Sum's picture

Send the gunboats!

It is the only solution>

Fri, 09/16/2011 - 09:23 | Link to Comment overmedicatedun...
overmedicatedundersexed's picture

hate the greeks for doing what our TBTF banks did? yep I dislike the greeks living on sponge cake, but the Banksters well... hate is not strong enough.

Fri, 09/16/2011 - 09:25 | Link to Comment lizzy36
lizzy36's picture

These talks are going awesome.

Decision on next tranche of greek aid put off until October.

Potugal forgot to include the debt of some Island. ($1.53B) Whoops. Or maybe a rogue trader (tee hee)

And Geithner was basically told to FU on commiting more cash to foster stability in EU by German fin min Schaeuble.

Rally on boys and girls.

Fri, 09/16/2011 - 09:28 | Link to Comment Vincent Vega
Vincent Vega's picture

You're traveling through another dimension, a dimension not only of sight and sound but of mind; into a wonderous land whose boundaries are that of imagination---next stop, The Twilight Zone.  ~Rod Serling

Fri, 09/16/2011 - 09:28 | Link to Comment espirit
espirit's picture

Classic pump and dump by the cartels. So the bottom line as always is... "Whose buying"?

Fri, 09/16/2011 - 10:18 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Is not quite as simple as the above narrative suggests.

Its even more basic ! -  when you strip the bullshit out - money comes in ( fiscal Defecit) to pay bank creditors going out.

Thats Europe baby.

bondwatchireland.blogspot.com/

 

Fri, 09/16/2011 - 10:30 | Link to Comment dcb
dcb's picture

Another reading is that eu and IMF wanted the numbers as an excuss to impose austerity meansures that weren't needed. As a way to gain control ad force aset sales

Fri, 09/16/2011 - 10:44 | Link to Comment drider
drider's picture

Very true, but some kind of austerity was needed anyway in Greece.

BUT you have a huge problem implementing austerity during the worse economic time WHILE there is also very entrenched the feeling of social injustice within the country...

The people of Greece know all too well who benefited from the past available euro liquidity...

Fri, 09/16/2011 - 10:49 | Link to Comment dehdhed
dehdhed's picture

sounds similar to GM repaying the bailout with a loan from some other program and claiming they were out of debt to the government

perhaps greece got a super-secret bailout which allows them to claim they were never really in that bad of shape after all

at first i thought ... why would they claim things weren't as bad just for a temporary market stabilization, and by doing so hurt their  chances for much needed relief?   ... unless they've already gotten that relief somehow.

makes me wonder

Fri, 09/16/2011 - 10:57 | Link to Comment drider
drider's picture

No super-secret bailouts for Greece. Only the usual ones.

There was a huge debate in Greece on whether the current or the previous government were lying about the debt. I am happy to announce you that both did!

Notheless nothing changes for the common Greek people, unless they revolt against their "masters" inside and outside their country.

Fri, 09/16/2011 - 11:23 | Link to Comment Ponzi Unit
Ponzi Unit's picture

How do you say "shakedown" in Greek?

Although the angle they are shooting may seem counterintuitive, if Miss Zoe really is recently fired she may want to embarrass someone.

The gimp routine makes sense from the terminally kleptocratic POV, i.e., more to steal in the short run, since in the near-to-medium term Stavros & Co.'s macroeconomic survival rate drops to zero.

Fri, 09/16/2011 - 11:35 | Link to Comment drider
drider's picture

She only declares the truth: It was decided overnight that the debt of 150 DEKO companies would be added to the government debt calculation under the pressure of the ELSTAT director (appointed by the government) and the German director of EUROSTAT.

The problem is that such a shift requires to check which companies are really government companies and which of the liabilities should really burden the government debt.

A more frank approach most probably would include a fair share of these liabilities into government debt.

Nevertheless her account proves that all the Greek government cared about was to present a higher than Ireland's debt to GDP ratio so as to convince the Europeans to bail-out the country...

It is as simple as that.

Fri, 09/16/2011 - 12:23 | Link to Comment ItsDanger
ItsDanger's picture

It will be self-fulfilling however.  The fake #'s will become reality soon enough and they will be in the same position.

Fri, 09/16/2011 - 12:27 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

This sort of thing is all legal....right...???

Fri, 09/16/2011 - 14:00 | Link to Comment anyways
anyways's picture

Greece has lost any creditibility. If a company face that fate, it's over. But wait, BP is still running, Anderson Consulting has a new name. So either Greece goes in the oil business or chances his name, maybe Apollyon.

Fri, 09/16/2011 - 15:32 | Link to Comment Ponzi Unit
Ponzi Unit's picture


"Stop blaming the Greek people."


Okay, pal, don't kid a kidder. I was there. I saw people starting dinner at midnight. Plenty of blame to go around.

Default, bring back the drachma, overthrow foreign domination, and order up an ouzo.

Then count to ten and turn on the news. Presto! You have been branded terrorists for escaping from debt slavery.

Global Jubilee, folks!

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