Greece's Tsipras Calls For 'Drachmatization' Instead Of TROIKA "Longer Rope To Hang Ourselves"

Tyler Durden's picture

EURUSD is down over 50 pips from Friday's close, about to test a 1.20 handle for the first time in over 25 months, as headlines pour from the beleaguered disunion. The AP reports of the German vice-chancellor's "more than skeptical" view that Greece can fulfill its obligations; after which "there can be no further payments" seemingly confirms our earlier note on the IMF's reluctance (and dismisses any hope that the IMF's call for more ECB 'assistance' will go unheeded. More worrisome is the Athens News story on Alexis Tsipras (leader of the Greek Syriza party) forecasting that the government will "soon present a return to a national currency (drachma) as a national success." He went on to state rather honestly for a politician that any payment extension (of the already re-negotiated TROIKA deal) is "essentially a longer rope with which to hang ourselves." The elite-perpetuating status-quo-sustaining unreality is summed up perfectly as he notes the Greek finance minister is the definition of a finance minister that the TROIKA would have chosen. Germany's Roesler adds a little fuel to the conflagration by adding that "for many experts,... a Greek exit from the eurozone has long since lost its horror."

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Nussi34's picture

Finally we will see this crappy Esperanto "currency" fall apart. Happy to pay with real money soon!

noses's picture

Real money? Do you own any? If so: Go and help ruining Spain instead of dreaming of things getting better... 8-)

Nussi34's picture

Yes, but the real REAL money you do not use to buy stuff. You keep it.

MillionDollarBoner_'s picture

"Real money? Do you own any?"

Then "you didn't earn that" ;o)

Mountainview's picture

The countdown for Greece's back to the Drachma is running... My guess: Next weekend (28th of July) will be it...

Peter Pan's picture

Looking into my crystal ball i would like to tell ZH readers that five years from today the drachma will be alive and well but the euro will be history. Damn it, I knew those Greeks could produce something after all. This must be the ultimate irony.

epi_tis_thalassis's picture

"Real money"... sounds even more romantic than "real love"

FL_Conservative's picture

Yes, because real money lasts forever.

vmromk's picture

Oh Oh, Bernank has fallen asleep at the printing press.

Print you MOTHERFUCKER, print.

Why retun to Drachmas, when you can use Bernanke bucks.

Aguadulce's picture

Speaking of bernanke bucks...check out the usdchf...approaching 1.00!

toady's picture

The horror ... The horror ....

Marlon Brando, Apocalypse Now.

Optimusprime's picture

The horror ... The horror ....

 

Kurz, Heart of Darkness...

Treeplanter's picture

Joseph Conrad, Heart of Darkness.

JamesBond's picture

done deal, bitchez

RiverRoad's picture

We are watching the implosion of a farce. 

zilverreiger's picture

I will be surprised if they don't retract their turtle necked turd before it's out.

Xibalba's picture

So how much do we rally this week??

slaughterer's picture

ES 1400 here we come.  

Treeplanter's picture

Club Med trouble says sell, sell, sell. 

cornflakesdisease's picture

Wow, I found some old film footage of Timothy Geitner as a kid:

 

http://www.youtube.com/watch?v=Q5UG7ISJfP0

resurger's picture

So which one is the ugliest slut in the brothel, the EUR or the USD!

Kimo's picture

"a Greek exit from the eurozone has long since lost its horror."

What?  Is that what the Eurocrats say?

Nussi34's picture

If you were a Eurocrat anything but looking in a mirror would have lost its horror!

Peter Pan's picture

That is all the rescue package was about. Save the banks and get Greece to sign a new deal that would enable creditors to strip Greece of her assets under English law rather than Greek law which would have entitled her to pay her loans off with newly printed drachmas.

lolmao500's picture

Well it can't get much worse in Greece... people have not been paid for over a year, they can't pay their electric bill, they don't have enough meds, etc...

Greece is already pretty much near rock bottom.

agent default's picture

What goes around comes around.

smiler03's picture

The US should be sitting pretty then ;O)

RobotTrader's picture

U.S. Treasury holders laughing all the way to the bank.

agent default's picture

All bubble holders think they are laughing their way to the bank until they become bag holders.

Doña K's picture

Too early to tell. You can lose half of your money in two days. No so fast. Those of you that hold treasuries consider yourselves warned.

Atomizer's picture

 A little humor for the hacks attempting to control their fate. Hahahahahaha

 

Photoguy vs. Fedguy: The Pud has a strange interlude with Ben Bernanke 

Jump, jump, jump, Jump, jump, jump, Jump, jump, jump, Jump, jump, jump... 

Drug Money Bulk Cash Helicopter Drop / HSBC 8-12 Victoria St Bank Fraud Case|

RobotTrader's picture

What is the CDS spread between Spain and:

 

Corporate debt of IBM, Coca-Cola, Proctor & Gamble, Johnson & Johnson, etc.?

Dow will clear 13,000 easy on this news, unless its dragged too far down by the "natural resource" names like XOM and CVX.

Tijuana Donkey Show's picture

Yes, and if a corporation defaults in the woods, does the counterparty make a sound? 13,000 only if inflation blasts out of the park, all of those names are fucked with earnings. Since 2008, all they did was squeeze everything, and make all their staff contractors. Now their hitting bone, at least XOM has something physical to back some numbers, P&G bet the farm on those stupid fucking pods, thinking people would spend 30%+ for pods? The only two products that will always sell out are drugs and pussy, everything else has a limit. Thats why pussy and drugs don't have a marketing department, and the fortune 500 do. 

SqueekyFromm's picture

Close. How about Sex And Gasoline:

http://www.youtube.com/watch?v=RVl_e_eKo4A

 

Squeeky Fromm, Girl Reporter

BruntFCA's picture

In his case, he forgot the third item in the list, Viagra.

Atomizer's picture

 

 

We sure will. Let's drop the DXY down to February 2012 levels. Hope your right Robo, I'm betting on the entire serf economy to financially retract @ 13,000 Dow index levels.  

http://www.barchart.com/charts/stocks/$DXY 

O'Bummer cannot decide if he wants higher market equity prices or more food stamp [SNAP] enrollments. Oh the irony..

 

RiverRoad's picture

I'm packin' for Santorini; might as well throw in the Riviera too. 

Kimo's picture

CDO drivers, start your engines!

Jason T's picture

Should we have do glass steagal?

disabledvet's picture

Please to meet you...won't you guess my name. Don't mind hustling you with the...nature of my game.

johny2's picture

Well done Greece, but do get ready for the invasion by the Turkish army coming to liberate you in the name of the freedom and democracy, supported by Germany, USA, Saudi Arabia and Iran.

cossack55's picture

You forgot Qutar and Bahrain

johny2's picture

how could I forget those bastions of human rights, freedom and democratic values.

Peter Pan's picture

Turkey does best what she always does best,........shows herself to be uncivilised. If in doubt look at her unbroken litany of human rights abuses, threats, entering Greece's air space literally daily as well as the systematic pogrom against the Greeks of Turkey that has reduced them to a few thousand whilst the Muslim population of Northern Greece has grown at a rapid and unhindered rate.

johny2's picture

The peace doves in Washington and human rights champions in Berlin will make sure the greeks pay dearly for exiting the euro, so the spanish and italians accept the debts shoved upon them and their decendands, while having their living standard drop suitably to the level of the china and india.

Bobbyrib's picture

"...while having their living standard drop suitably to the level of the china and india."

All the countries in the West are already heading in that direction.


francis_sawyer's picture

poverty is blobbing up all over the place...