A Greek Affair To Remember And Mr. Hollande's Opus

Tyler Durden's picture

Via Mark J. Grant, Author of Out of the Box,

“An Affair to Remember”
In the remake of this classic film starring Deborah Kerr and Cary Grant we find most of Europe in one role and Greece playing the female lead. I suspect, when we look back some months from now, that this is what we will see; a love affair gone badly due to conditions beyond anyone’s control and a separation that, while bound in great sadness, is what the Fates have determined for the actors in this grand drama. It will have been an “Affair to Remember” but the pain of remembrance will be felt for quite some as the body blows from $1.3 trillion in Greek debt slams the European banks, the ECB and the IMF. While the world focuses on the sovereign debt, I remind you of the $90 billion in outstanding derivatives contracts, the municipal loans/obligations that have been placed in a large number of securitizations, the bank debt that has been guaranteed by the sovereign and the billions of dollars in unpaid sovereign obligations to health care companies and other suppliers of goods and services to Greece. The shooting of the movie has been difficult but the ending will be a blockbuster and long remembered by audiences everywhere.
Interviewer: I'm sure you had some wonderful experiences in Europe.

Nickie Ferrante: Yes.

Interviewer: Would you care to expand on that statement?

Nickie Ferrante: No.
                                        -Cary Grant, An Affair to Remember
Today you may get some respite as the markets open. Treasuries off, the stock markets up both buoyed by the German economy doing better than expected while the rest of Europe continues to flail in the sinkhole. My advice is to take what advantage you can because we are nowhere close to the end in the decline of the equity markets or to the widening of credit/risk spreads in the bond markets and these fleeting moments of pause will be the only advantage you are likely to get for the next several months as politics and economics batter all of the markets while the Euro continues its broad decline. Even if you are of the opinion that another LTRO is coming or another easing by the Fed; these will only come as moves of desperation as recession grips first Europe and then America as many of the contingent liabilities and guarantees show up at the orphan’s table demanding their porridge. At least we can all give thanks to Europe for the Greek PSI and the kindness they provided for investors in the recent swap of Greek debt. As I recall all of the generous words and the reassurances of the European politicians and all of the soothing proclamations that informed us what a great deal it was not only for Greece but for us I note this morning that the new Greek bonds are now worth 14.98% of their face value and so long and thanks for all of the memories.
“A memory is what is left when something happens and does not completely unhappen.”
                                                          -Edward de Bono
Mr. Hollande’s Opus
Today the new French President and the German Chancellor will meet for the first time. They will issue a statement promising cooperation, a brighter Europe, some vision of a grand alliance and an eternal pledge for the spirit of unity between the French and the German people. Believe none of it. The Germans are already targeting Vichy as the new place of government in France and there is an active search underway to find the decedents of Marshal Petain. There was an armistice between Germany and France in 1940 and there may be a new one announced today but the new one, like the old one, will be a short lived affair as the goals of France and the goals of Germany could not be further apart.
“I have heard your views. They do not harmonize with mine. The decision is taken unanimously.”
                                                      -Charles de Gaulle

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Badabing's picture
A Greek Affair To Remember, ouch
markmotive's picture

Sounds lovely.

We're getting a sneak preview of the future of virtually every developed economy across the globe. Watch and learn. Because this political caberet will be coming to a theater near you.

Nigel Farage on the EU 'dictatorship': http://www.planbeconomics.com/2012/05/15/nigel-farage-on-the-eu-dictatorship/

whstlblwr's picture

Isn't someone here going to write an article on the latest weakass developments in RP campaign. Jesus, is that the most fucked up campaign, or what? After GOP lie cheat steal way to election, RPs worried about decorum at convention? Now they ask us for more money? Hell no, assholes.

I want a new candidate with BALLS.

The Big Ching-aso's picture



Here's to hoping "a brighter Europe" doesn't involve a mushroom cloud ignited by dimwits.

Oh regional Indian's picture

Here's to hoping "a lighter Europe" evolves in a cloud of mushrooms, Ignited!



12ToothAssassin's picture

Hollande's trip to Merkell cancelled! Struck by lightning, what are the odds?





Gavrikon's picture

Perhaps the deal has been set.

RP - Next Treasury Secretary?  Head of the Fed?

trilliontroll's picture

"...There was an armistice between Germany and France in 1940 and there may be a new one announced today but the new one, like the old one, will be a short lived affair as the goals of France and the goals of Germany could not be further apart. ..."

Merkel is not Germany

(Schröder was not also)

Expect something big in the coming national elections.

Sandmann's picture

like the old one, will be a short lived affair


Short lived ? 4 Years......seems quite long

The Big Ching-aso's picture



The Germans and the French.   This could turn out to be a real Strangelove affair.


Not Too Important's picture

"Germany's Bundesbank confirmed yesterday that the German gold reserves are held overseas by the Federal Reserve, the Bank of England and the Banque de France."

Read more: http://community.nasdaq.com/News/2012-05/bundesbank-confirms-german-gold-held-by-fed-boe-and-banque-de-france.aspx?storyid=141223#ixzz1uxA4esOj Now we know who really runs things. N'est-ce pas?
LeBalance's picture

"Peace in our time."


Sandmann's picture

Which was said by Benjamin Disraeli after the Treaty of Berlin 1878 averted war in The Balkans.....your point being ?

InjuredThales's picture

That a war in the Balkans then would have relieved much of the pressure that was later released explosively on the murder of Archduke Ferdinand.

I'm thinking that.


Sometimes wars happen for a reason, and delaying the inevitable just increases the eventual toll.

Zaydac's picture

It's not just war, everything happens for a reason, and if the reason isn't going to go away delaying the happening always increases the eventual toll. Applies to war, economics, marriage, everything.

Steel_Preacher's picture

The phrase "peace for our time" was spoken on 30 September 1938 by British Prime Minister Neville Chamberlain in his speech concerning the Munich Agreement and the Anglo-German Declaration.[1]

The phrase echoed Benjamin Disraeli, who upon returning from the Congress of Berlin in 1878 stated "I have returned from Germany with peace in our time." It is primarily remembered for its ironic value, as the German occupation of the Sudetenland began on the following day. Less than a year after the agreement, following continued aggression from Germany and its invasion of Poland, Europe was plunged into World War II.

It is often misquoted as "peace in our time", which had appeared long before in The Book of Common Prayer as "Give peace in our time, O Lord".[2] It is unknown how deliberate Chamberlain's use of such a similar term was, but anyone of his background would be familiar with the original.


There will be no Peace, there is only War. And War never changes.

GeneMarchbanks's picture

What does that have to do with any of todays issues in the EU and EZ?


Sandmann's picture

You have a point, I have recently thought that if your father and grandfather had gone off to fight and die for a cause life might be easier for me today.....

Vince Clortho's picture

Peace in our time.  War for our children.

It's usually best to deal with the big issues up front.

Unlike wine, these problems generally do not improve with aging.

q99x2's picture

Arrest the playwright. Hand-cuff him. Throw him into prison.

GCT's picture

This is a good read posted by a Greek in English at his blog. http://nikosmoraitakis.com/2012/04/24/are-the-greeks-correct-in-their-complaints-about-their-nation-and-their-economy-being-exploited-by-the-eurozone/

This explained alot about the politics and where the money went.

TTaco's picture

"Betting against gold is the same as betting on governments. He who bets on governments and government money bets against 6,000 years of recorded human history." - Charles de Gaule

Also :

“I have tried to lift France out of the mud. But she will return to her errors and vomitings. I cannot prevent the French from being French.” Charles de Gaulle

Olympia's picture

Great readings about the situation in Greece and the Global Financial Crisis




Authored by Panagiotis Traianou

buzzsaw99's picture

Play it again Sam.

midgetrannyporn's picture

Round up the usual suspects.

mayhem_korner's picture



Hollande might want to bring Zidane with him in case it gets a little testy. 


Jim in MN's picture

Um what about the Super-Critical Bond Payment due today?  Anybody? 

carbonmutant's picture

Current Black Box Project:

Redefining the EU around a more stable fiscal union.

ptoemmes's picture

I'm thinking "War of the Roses"...

Bubble's picture

M. Hollande's inauguration:
"Personal guests were kept to a minimum, with the notable absence of Ségolène Royal, Mr Hollande’s former partner and the Socialist Party’s 2007 presidential candidate. Valérie Trieweiler, Mr Hollande’s current girlfriend, was at his side in a black, low-cut dress with sheer sleeves and high-heeled gray pumps.
Mazarine Pingeot, the daughter of former French president, Francois Mitterrand and his mistress, Anne Pingeot, whose existence was a long-kept secret, was also present at the inauguration ceremony today."

What is it with modern democracy and ruling families? is it democracy? Really? Maybe M. Hollande can discuss that next time he attends another Bilderberg meeting.


The French don't mind an affair though, clearly.

rwe2late's picture

 Portraying the problem as the interests of France vs. Germany misses the main point.

The global financial cartel does not serve the "interests" of any particular nation, nor is it tied to any nation. Current political leaders are too dependent on the system to "buck" it, and would be severely punished if they ever attempt to do so.

The global corporations and global military organizations do not serve national interests. The interests of the financial/military/industrial/media syndicate are not at cross-purposes. Rather, those interests converge, co-mingle, and coalesce. Do not be confused by the way the average citizens of one nation are played off one against another.

Hollande and Merkel will play the game, but will both falsely "compromise" to further serve their corporate-tycoon sponsors who direct the EU, IMF, NATO and the like.

Or, one can instead believe Hollande, Merkel, Cameron, Obama, Karzai et al are all about serving the peoples of their respective nations.


Drachma's picture

Order up the speeches boys. Who wants theirs medium rare?