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."

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sun, 07/22/2012 - 17:11 | 2640932 Nussi34
Nussi34's picture

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

Sun, 07/22/2012 - 17:19 | 2640951 noses
noses's picture

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

Sun, 07/22/2012 - 17:35 | 2640993 Nussi34
Nussi34's picture

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

Mon, 07/23/2012 - 06:39 | 2641793 MillionDollarBoner_
MillionDollarBoner_'s picture

"Real money? Do you own any?"

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

Mon, 07/23/2012 - 07:16 | 2641835 Mountainview
Mountainview's picture

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

Sun, 07/22/2012 - 17:44 | 2640992 Peter Pan
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.

Sun, 07/22/2012 - 17:37 | 2640996 epi_tis_thalassis
epi_tis_thalassis's picture

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

Sun, 07/22/2012 - 23:56 | 2641612 FL_Conservative
FL_Conservative's picture

Yes, because real money lasts forever.

Sun, 07/22/2012 - 17:14 | 2640933 vmromk
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.

Sun, 07/22/2012 - 17:54 | 2641028 financial apoca...
financial apocalyptic contagion's picture

It's all priced in though

Sun, 07/22/2012 - 21:10 | 2641397 Aguadulce
Aguadulce's picture

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

Sun, 07/22/2012 - 17:14 | 2640938 toady
toady's picture

The horror ... The horror ....

Marlon Brando, Apocalypse Now.

Sun, 07/22/2012 - 19:04 | 2641140 Optimusprime
Optimusprime's picture

The horror ... The horror ....


Kurz, Heart of Darkness...

Sun, 07/22/2012 - 20:34 | 2641355 Treeplanter
Treeplanter's picture

Joseph Conrad, Heart of Darkness.

Sun, 07/22/2012 - 17:15 | 2640940 JamesBond
JamesBond's picture

done deal, bitchez

Sun, 07/22/2012 - 18:16 | 2641075 RiverRoad
RiverRoad's picture

We are watching the implosion of a farce. 

Sun, 07/22/2012 - 17:20 | 2640953 zilverreiger
zilverreiger's picture

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

Sun, 07/22/2012 - 17:22 | 2640955 Xibalba
Xibalba's picture

So how much do we rally this week??

Sun, 07/22/2012 - 17:27 | 2640966 slaughterer
slaughterer's picture

ES 1400 here we come.  

Sun, 07/22/2012 - 20:36 | 2641366 Treeplanter
Treeplanter's picture

Club Med trouble says sell, sell, sell. 

Sun, 07/22/2012 - 17:23 | 2640959 Ted Baker
Ted Baker's picture


Sun, 07/22/2012 - 17:27 | 2640965 cornflakesdisease
cornflakesdisease's picture

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

Sun, 07/22/2012 - 17:27 | 2640967 resurger
resurger's picture

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

Sun, 07/22/2012 - 17:27 | 2640968 Kimo
Kimo's picture

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

What?  Is that what the Eurocrats say?

Sun, 07/22/2012 - 17:39 | 2640997 Nussi34
Nussi34's picture

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

Sun, 07/22/2012 - 17:41 | 2641002 Peter Pan
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.

Sun, 07/22/2012 - 17:46 | 2641009 lolmao500
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.

Sun, 07/22/2012 - 20:00 | 2641231 agent default
agent default's picture

What goes around comes around.

Sun, 07/22/2012 - 20:22 | 2641312 smiler03
smiler03's picture

The US should be sitting pretty then ;O)

Sun, 07/22/2012 - 17:27 | 2640969 RobotTrader
RobotTrader's picture

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

Sun, 07/22/2012 - 20:02 | 2641235 agent default
agent default's picture

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

Sun, 07/22/2012 - 20:16 | 2641260 Doña K
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.

Sun, 07/22/2012 - 17:28 | 2640973 Atomizer
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|

Sun, 07/22/2012 - 17:29 | 2640976 RobotTrader
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.

Sun, 07/22/2012 - 17:44 | 2641005 Tijuana Donkey Show
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. 

Sun, 07/22/2012 - 18:07 | 2641053 SqueekyFromm
SqueekyFromm's picture

Close. How about Sex And Gasoline:


Squeeky Fromm, Girl Reporter

Mon, 07/23/2012 - 07:22 | 2641847 BruntFCA
BruntFCA's picture

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

Sun, 07/22/2012 - 17:56 | 2641033 Atomizer
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.$DXY 

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


Sun, 07/22/2012 - 18:20 | 2641080 RiverRoad
RiverRoad's picture

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

Sun, 07/22/2012 - 17:30 | 2640977 Kimo
Kimo's picture

CDO drivers, start your engines!

Sun, 07/22/2012 - 17:32 | 2640981 Jason T
Jason T's picture

Should we have do glass steagal?

Sun, 07/22/2012 - 17:32 | 2640982 disabledvet
disabledvet's picture

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

Sun, 07/22/2012 - 17:36 | 2640994 johny2
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.

Sun, 07/22/2012 - 17:41 | 2641001 cossack55
cossack55's picture

You forgot Qutar and Bahrain

Sun, 07/22/2012 - 19:18 | 2641164 johny2
johny2's picture

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

Sun, 07/22/2012 - 17:55 | 2641030 Peter Pan
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.

Sun, 07/22/2012 - 18:08 | 2641057 johny2
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.

Sun, 07/22/2012 - 19:51 | 2641218 Bobbyrib
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.

Sun, 07/22/2012 - 20:15 | 2641255 francis_sawyer
francis_sawyer's picture

poverty is blobbing up all over the place...

Do NOT follow this link or you will be banned from the site!