Greek Headline Reality Check

Tyler Durden's picture

Mainstream media is desperately scrambling to fill copy with stories of collaboration, rescue, heroism, sacrifice, and altruism among the European leaders. The dismal reality facing real people and real participants is quite different and as Peter Tchir points out "How many 'untruths' have become so accepted that they are now treated as facts or axioms". In an effort to get to the facts and reality, we disentangle Bloomberg's 'Greek Rescue' story and note the increasingly Orwellian nature of the events unfolding across the pond.

From Peter Tchir,


What grade should this paper "Greek Rescue Close as Ministers Meet to Resolve Disputes" receive?  How many "untruths" have now become so accepted that they are now treated as facts or axioms.

The "Greek Rescue" in the headline is funny.  Why is this a "rescue"?  What are they being "rescued" from?  Has any laid out what a debt free Greece would look like?  What Greece would be able to do?  Where Greece could raise money once defaulting?  No.  So maybe the "rescue" is worse than what would actually happen.  I haven't seen any actual evidence to the contrary, but politicians have said over and over it would be bad, so it must be true?  Yes, everything politicians say over and over to push through their own agenda must be true.

The first sentence states that "officials are attempting to fend off the euro area's first sovereign default".  Really?  If PSI is successful, 100 billion euros of debt will be wiped clean.  Not paid.  I searched a few definitions of default, but pretty much they all say not paying is default.  So it is a default. The rating agencies are correct to call it a default.  It may or may not turn out to be a CDS Credit Event, but it is definitely a default.  Why pretend it isn't?  It is a default with a recovery of less than 50%.  Why is it not being called what it is?  Explain how the PSI isn't a default?  It might be orderly, it might be voluntary, but it is still a default.

"Merkel, Papademos, and Italian premier Mario Monti" expressed....Why those 3?  Because Merkel got the other two their jobs?  Maybe that doesn't have to be mentioned each time they are quoted, but it does seem like an interesting threesome (ugh - bad mental image).

And the talk about "Greek Bailout" is becoming almost offensive.  It is a "bank" and "central bank" bailout far more than it is a "Greek bailout".  Whoever gets the money is the one that is getting bailed out.  How much of the money is going to Greece?  The EFSF money is going to bondholders.  Bondholders are taking a loss, but it is mitigated by money from the EFSF.  Central banks and the ECB are earmarking some money to pay themselves back for money they lent to Greece.  How much of this money is going to pay for the operations of the Greek state?  How much actually trickles down and goes anywhere other than bondholders? Even if you add in the money that is going to Greek institutions that own bonds, the bulk of this money is not going to Greece.  Calling this a Greek bailout is wrong, it is a bank and central bank bailout.  Why is it so hard to say that here?

"The ECB is swapping its Greek bonds for new ones"....  No questioning whether they are allowed to do this?  Whether they should be doing this?  No mention that this action is not only incredibly unique but is showing that the ECB and the Greek government play by a different set of rules?  Why is Greece even willing to do this?  How does this help Greece?  But no, all is good.

The commentary on retroactive collective action clauses is also feeble.  Some comments from sources saying they would use them if the PSI is unsuccessful.  Not a single comment from anyone questioning how potentially damaging that action is?  There are lots out there that think this is a bad idea - I mean, changing rules is one thing, but changing rules and saying they are retroactive is another.

There is a brief mention about the March bonds.  14.5 billion of principal.  In this case, I can't blame the author being unclear, because logic would dictate that these are part of PSI and don't get paid, but then again, you never know.  Think about the 8 billion or so of bond payments Greece made in December.  They have carved another 400 million out of the budget - but by my calculations, had they done PSI by December, they would have saved 10 times that amount!  That seems like a staggering amount relative to the budget cuts and so clearly shows that this is not a bailout of Greece but a bailout of the debt holders.  Why not default, wipe out all debt, and get the EFSF to give Greece 30 billion instead of giving it to bondholders?  Bet you that would be a far better outcome for Greece.

But anyways, the machine is grinding along towards headlines of "rescue" where Greece will have been "saved" and "default will have been avoided" and it will be "great that banks and politicians worked to save Greece" in spite of the "lingering doubts that Greece will fulfill its obligations".

It will be interesting to see the details and actually be able to analyze them.  If PSI is 100% successful, those new bonds will be the biggest issue out there?  Greece would basically have only 1 bond outstanding for the masses, and it will be over 100 billion euros in notional.  That should be fun to trade.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
GeneMarchbanks's picture

'Explain how the PSI isn't a default?  It might be orderly, it might be voluntary, but it is still a default.'

We have insurance against default so noe we just have to erase the word from all languages and we'll be fine.


i-dog's picture

The Eurocrats are debt junkies saying whatever is necessary to keep the drug supply flowing from the dealer.

Meanwhile, the family (the sheeple) are also in denial.

Doña K's picture

Greece has defaulted already. They are just working out the details on damage conrol and perception. Like: "We tried to save her but...."  

As it is clear that bailout money will only go to cover creditors.

This is the end of the math formula which Bernanke will face as well and soon.

Matt's picture

The Primary Dealers MUST bid on Treasuries. The Fed then buys the trasuries back at a small profit to the dealers shortly after. This closed system means America will not be like Greece at all, but rather, more like Zimbabwe and Weimar Germany.

For those of you that blame the Fed for this, it is the government that spends more than it takes in taxes; the Fed is just the enabler. In the end, it is the elected representatives who are responsible for this path. You can blame the bribers and the enablers all you want, but in the end, the politicians are the ones who choose to perpetually overspend.

Matt's picture

FTA: Supporters are concerned about the strength of the U.S. dollar.

Did you mean: WEAKNESS?

Everybodys All American's picture

Merkle, Monti, Draghi, Lil Pap, etc.

These are not eurocrats or technocrats they are fascist and they need to be thrown out now before this gets any further out of hand. Who has not seen this movie before is an idiot. Greece save yourself and move away from this insanity. Tell Europe to go to hell and ask for assistance elsewhere. Let the chips fall where they may but at least control your own destiny. What time is left to restore your dignity is being wasted by the EU elite right now.

Ghordius's picture

Merkel's cabinet has the support of the duly elected German Parliament. Monti the same in Italy. Papademos the same. Draghi is legit, too.

Look it up on wikipedia - parliamentarism.  here,

You might not agree with their policies (I sure don't in many cases) but if you start to call them fascist, you debase democratic principles. And help the real fascists lurking in the shadows.

holdbuysell's picture

"What grade should this paper "Greek Rescue Close as Ministers Meet to Resolve Disputes" receive?"


What grade should this paper "Bankster Rescue Close as Ministers Meet to Resolve Disputes" receive?


Bloomberg, I fixed it for you.

Eireann go Brach's picture

I am utterly shocked and amazed that one of these leaders have not been hung by the balls from a lamp post yet! And that includes you Merkel you fucking half horse half Hitlar!

chubbar's picture

Don't pay 50% of your mortgage payment and see what the bank calls that!

DeadFred's picture

I don't know what they might say to you but on their books your loan will still be listed as a primo asset.

Harlequin001's picture

and what was nothing more than a 'promise to pay' will become instant cash in a bailout which can then sit on deposit at the Fed, before finding it's way into wheat, corn and other foodstuffs.

But wait there is an alternative. It can find it's way into gold, before it finds its way into wheat, corn and other foodstuffs.

We are so fucked. A default used to be just that, the end of the line, and non inflationary...

Element's picture

Can't we just set Greece to mark-to-make-believe, and declare them good for it all, then ECB 'lends' them five years worth of deficits, that they arbitrage into fabulous 'prosperity', full employment, with outrageous bonuses for all, and retire at 46?

The Reich's picture

Rescue,  by any chance?

Will To Live's picture

Intruder: "I am going to come in and violate your wife.  Don't worry, it will be orderly so no crime will have been committed."

Spooky Polish's picture


There'll be a lot Greek flavoured expressions  really soon  : 


Greek Programme - Programme which by design - could be never completed 

Grexit - Reverse of widele know in Poland "Germal Style Exit" ("Na Niemca") - which means that somebody done something that nobody even noticed. 

Greek Tax Collections - soon more rare than unicorns

Greek Democracy -  phrase which is more or less "passe" - so it'll be soon forgoten 

Greek PSI Deal -  assf**ing deluxe - two hot black rods without drop of lube. 

Greek Default Drama - unlike Greek Tragedies - no point , no sense, not even Greek taste. Soap opera with stoneddead writers 

Greek Swap - don't even ask ... i'm to prudent 


excuse my poor english 


Doña K's picture

The "Greek God" expression of Euro-girls for good looking Greek studs, has evolved to "God damn Greeks" by the Euro-banksters 

Whoa Dammit's picture

Akrasia  -  (ancient Greeklacking command over oneself.

 Greek, from a- 'without' + kratos 'power, strength'.

The state of mind in which someone acts against their better judgement through weakness of will.

CrashisOptimistic's picture

Wait WHAT THE FUCK IS THIS.  I got up late this morning and THERE'S STILL NO DEAL??????

And the Euro is up on there being STILL NO DEAL????

Irish66's picture

Dutch demanding imf-eu  control over Greece

Oracle of Kypseli's picture

Greek politician heads will start rolling soon, if such idea is even considered.

DOT's picture

Extend and pretend has become "pretend and pretend".

riphowardkatz's picture

What I do not get is why the EU?ECB doesnt go populist. Demand control of tax collection of top 20% in greece. Vow to get the non payers, threaten jail time the typical populist divide and conquer. Make the rich Greeks the fall guys. Or are there any rich greeks left? 

DeadFred's picture

Still a lot of rich Greeks. That's why you can't find a safety deposit box in Zurich to save your soul.

i-dog's picture

Why should any individual -- rich or poor -- be made to pay for the reckless games of the banks and the excessive military spending of their political pawns?

The Greek people, like the Icelanders before them, should rout every snake out of the parliament building and just tell the ECB, IMF, DB and other parasites to go fornicate with themselves (or with each other).

It's time to end the charade.

riphowardkatz's picture

Blaming the banks won't fix this problem. The problem is the greek people's philosophy. You have no right to retire, you have no right to healthcare, you have no right to work a certain number of hours. Those are values not rights. When people see them as rights they must be taken from one person to be given to another. Blame the banks all you want it won't help. They are not the cause only a symptom. Yes they may feel better by relieving the symptom (removing the banks) but it will only be temporary and will fester once again in the form of outrageous inflation, boom and busts.

i-dog's picture

The deliberate fudging of the Greek books by Goldman to get Greece into the Euro, followed by ridiculous purchases of unnecessary military hardware by the Greek government as a quid-pro-quo, had absolutely nothing to do with the Greek people and was the primary cause of the budget deficits.

Further, the hiring of excessive government employees and their significant overpayment was totally within the control of the government and outside the control of the Greek people.

Don't blame "the people" for the problems caused by collusion between the banks and certain key members of the government (particularly the Bilderberg attendees). The globalists' plan -- right from the beginning -- was to encourage reckless government spending and force the government into a position under which it would have to cede sovereignty to Brussels and the central banks.

The average gyros vendor, olive grower and shipowner had absolutely nothing to do with it.

Like I said, the Greek people should tell Brussels and the banks to go fuck themselves.

riphowardkatz's picture

What I do not think you understand is that to fund their unethical philosophy requires Goldman or some other bank, it required the Euro. That is how wealth redistribution works. People do not want to redistribute their wealth through taxes so instead they do it through deficits and can kicking, and changing monetary regimes. See any South American country for reference. The military stuff is again a symptom of the lust for wealth redistribution going awry. It just got redirstributed into a place they were not happy with.

Treating symptoms won't cure the disease.  

i-dog's picture

You're not making much sense, but I'll have a go at answering.

The "lust for wealth distribution" you mention is not on the part of the people, it's on the part of the central governments ... to redistribute wealth from the middle class to the central powers and their lobbyist benefactors. It's called fascism.

Neither the wealthy shipowners nor the poor gyros vendors have any desire to steal from someone else. All "wealth redistribution" schemes arise within central governments and are then "sold" to the masses under false pretenses. This goes for Social Security, Obamacare, Cash for Clunkers, the British NHS and a thousand other such schemes around the planet.

"The people" vote for politicians who promise to "reduce governmetn spending" and "end the wars", then end up (no matter which party wins) with more government spending, more military spending and more wars.

riphowardkatz's picture

How am I not making sense? You answered as if I was perfectly clear.

If you believe that most people want to reduce the size of government and vote that way then I do not know what to say besides that is one heck of a proposition. I see no facts to support it.
For reference you might want to check Ron Paul's candidacy, you may want to check the polling numbers for support of Social Security, you might want to listen to what happens when you threaten to shut down a military base in the US, you may want to check what happens when you try to close a factory that builds fighter jets. If you really believe that people do not become outraged you need to pull your head out of the sand. 

Element's picture

For reference you might want to check Ron Paul's candidacy, you may want to check the polling numbers for support of Social Security, you might want to listen to what happens when you threaten to shut down a military base in the US, you may want to check what happens when you try to close a factory that builds fighter jets. If you really believe that people do not become outraged you need to pull your head out of the sand.


Yes, not to negate your point, but let's not pretend 'the people' are not pump-primed (stimulated, if you will) to react in that way.

It's not as if this is an unsolicited response. The USAF spends a fortune on display aircraft and pilots at airshows, and much propaganda (staggering quantities of it) to win-over and maintain support for their uber-cool jets and missiles. And military thrives off the emphasising of threats and raw-fear of geopolitical 'what-ifs'.  Fear of economic malaise is a free-kick, and one the US Military loves to emphasise, at every turn.

Not that this is incorrect per-sec, just that it's done to maintain a prodigious misallocation of economic resources toward destructive and ultimately evil, barbarous, cruel and unforgivable acts of savagery.

Bully with guns, sans effective deterrent, will slaughter rapaciously, until slaughtered in kind.


WWII stopped when the numbers and rate of US deaths became intollerable to the public.

'Peace', or a lack of open combat, simply became the preferable state, on all sides.

At the moment this is clearly not the case.

And that is going to create a much bigger problem, and soonish.

It will stop when we (especially USA) are revolted and profoundly dismayed by the shear idiocy of "kill or be killed", as a means to even survive as a country, or a community.

Until then, the war-drums will endlessly amplify to a deafening squal of slaughter.


Banksters die first please.

Omen IV's picture

what you don't understand is there isnt an "unethical philosophy" by the greek people - there are only bankster/politicians collusion - deviant behavior that creates opportunities  to be looted -

the banks created fraudulent mortgages and practices in the US housing market to  create the opportunity to short the market - the borrowers were just stick figures and names on documents meant to be used for the objective

same in Greece - the banks would do the same thing and loot greece  - without ANY people in greece - the looting doesnt require consumption by people only the control of the system.

Matt's picture

Oh, are the majority of Greeks rioting to increase taxes and cut pension benefits so that they are 100 percent prepaid?

Ghordius's picture

i-dog, I mostly agree with you - one little detail, though: the Greek military shopping list was already ridiculous - Greece joined NATO in 1952 - before the UK and the US pushed for an entry of Greece in the two european clubs. I don't "see" the quid-pro-quo you are mentioning in relation to "Brussels".

i-dog's picture

Agreed that Greek military expenditure has always been "ridiculous", though in decades past this was firstly due to them bordering the Soviet bloc and, secondly, due to the ongoing ructions with Turkey over Cyprus. However, those have not been such a factor for many years now ... yet Greece moved up from 28th in the world to 20th in military spending between 2005 and 2010 -- and spends over $5 billion per annum more than they would spend if they were to devote the same percentage of GDP (or per capita) as other European NATO members.

The quid pro quo was exactly this ramping of military expenditure in the past decade that represents an addional $50 billion siphoned from Greek taxpayer accounts (ie. IOUs) to the MIC -- an amount roughly equal to the alleged "shortfall" that the Greek government was being forced to borrow from the bankstas when the charade started last year. "Brussels" is simply a reference to the political control mechanism of the globalists in Europe.

nmewn's picture

Well said.

Whoever loaned the money to the Greek government made a bad "investment decision"...provided the Greek people tell them & their own government to go pound sand.

Debt slavery is still slavery, now they are asking for Greek generations unborn to be slaves, just repudiate it and move on.

Element's picture

The Greeks can force default--just don't pay ANY tax installment.

Default and reset will take place, without further ado, nor prompting.

And this will take place.

I think we can all recognise this, deep-down.

We can't all accept it though.

Catullus's picture

Politicians slaying the Bullshit Monster. It's that lingering feeling that people have the whole thing is a house of cards. That's the single biggest threat to fractional reserve banking: a realization that the banks and the complacent governments around the world don't have the money that they say they do. They're full of shit. Each and every one of them. And the people who call bullshit on them first are the ones first in line for a share of money that they don't have. They're rescuing us from the Bullshit Monster that threats the entire system.

JohnKozac's picture
  Definition of RESCUE transitive verb : to free from confinement, danger, or evil : save, deliver: as a : to take (as a prisoner) forcibly from custody b : to recover (as a prize) by force c : to deliver (as a place under siege) by armed force res·cu·able adjectiverescue nounres·cu·er noun See rescue defined for English-language learners » See rescue defined for kids »
rupeshpatel's picture

its a circular arrangement .. a transfer from european states to the banks (albeit via greece) .. which are international corporations. whats the point of this farce .. perhaps not wanting to upset the apple cart before elections in germany and france .. wanting to keep the (sh8t)show on the road and make things look like they are improving. These politicians dont care if huge amounts of money are squandered in short lived plans, and the people in greece and other southern countries are suffering under 'austerity' (double speak for poverty). they dont care if the pips squeak.

the agenda has been pushed through using the tactic favoured by other totalitarian regimes FEAR. politicians say DEFAULT WOULD BE A DISASTER/REALLT BAD/REALLY REALLY BAD/(submit any other negative phrase here). they are playing on peoples fear of the unknown to drive these policies through. democracy .. what a joke, no options given to the people apart from 1.  






asteroids's picture

The incomptance will disregard the rule of law and moral hazard and change the rules to save their own asses. The decline and fall of civilization folks.

alien-IQ's picture

The people of Spain, Italy, Ireland, Portugal and a few other European nations should look to what is happening to the people of Greece and arrive at one very clear, unescapable conclusion: "We're next".

Now what?

stocktivity's picture

Now what?   Those countries begin to ask themselves why they too should not receive a 75% haircut on their bonds.

hackerinspace's picture

Open Letter by Mikis theodorakis (87 year old Greek composer):


There is an international conspiracy whose target is the complete destruction of my country. They began in 1975 aiming at Modern Greek civilization, continued with the distortion of our modern history and our national identity and they are now trying to eliminate us biologically as well through unemployment, hunger and impoverishment. If Greek people don’t rise as one in order to prevent them, the danger of Greece becoming extinct is evident. I place it within the next ten years. There will be nothing left of us but the memory of our civilization and our battles for freedom. 

Until 2009, there was no serious economic problem. The major wounds of our economy were the enormous expenses related to the purchase of war material and the corruption of a part of the political and economic-journalistic sector. For both of these wounds, foreigners are jointly responsible. Germans, for instance, as well as French, English and Americans, earned billions of Euros from annual sales of war material, to the detriment of our national wealth. That continuous hemorrhage brought us to our knees and did not permit us to move forward, while at the same time it made foreign nations prosperous. The same was true of the problem of corruption. The German company Siemens, for instance, maintained a special department for buying off Greek stakeholders in order to place its products in the Greek market. Hence, the Greek people have been victims of that predatory duo of Greeks and Germans, growing richer at their expense. 

It is obvious that these two big wounds could have been avoided if the leaders of the two pro-American parties in power hadn’t been eroded by corrupt elements who resorted to excessive loans in order to cover the leakage of wealth (the product of the Greek people’s labor) into the hands of foreign countries, resulting in the public debt reaching 300 billion Euros, i.e. 130% of GDI (Gross Domestic Income). 

Due to that confidence trick, the foreigners I mentioned before made a double profit: firstly from the sales of the weapons and their products. Secondly, from the interest on the money they lent to the governments and not to the people. As we have seen, the people were the primary victims in both cases. A single example should convince you: the interests on the one billion dollar loan that Andreas Papandreou received in 1986 from a big European country reached 54 billion Euros and was eventually paid back in … 2010! 

Mr Juncker declared a year ago that he had realized the Greeks’ financial hemorrhage caused by the excessive (and compulsory) expenses in buying war materials exclusively from Germany and France. And he concluded that our sellers were leading us on a path to destruction. However, he confesses that he didn’t take any action in order not to hurt the interests of friendly countries! 

In 2008 came the big financial crisis in Europe. It was therefore only logical that the Greek economy should be affected. However, our living standards, high enough for Greece to be ranked among the 30 richest countries in the world, remained unaffected. There was an increase, though, in public debt. But public debt doesn’t necessarily lead to financial crisis. There are big countries, like the U.S. and Germany, with debts amounting to trillions of Euros. The key is in economic growth and production. In that case, one can borrow from large Banks with an interest rate of up to 5%, until the crisis ends. 

That was exactly our position in 2009, when the government shift took place in November and G. Papandreou took over as prime minister. In order for the current opinion of the Greek to become clearer I cite two figures: in the elections of 2009 PASOK gained 44% of the votes. Today the polls give PASOK 6% of the public support. 

Mr. Papandreou could have dealt with the financial crisis (which as I have said reflected the European one) by borrowing from foreign Banks under the usual interest rate of under 5%. If he had done that, there wouldn’t have been the slightest problem for our country. In fact, the opposite would have occurred; because we were on an economic growth path, our standard of living would certainly have risen. 

However, Mr. Papandreou had already begun his conspiracy against the Greek people since the summer of 2009, when he secretly met with Strauss-Kahn, with the objective of driving Greece under the domination of the IMF. The information concerning this meeting was released by the former President of the IMF himself.

For the situation to reach that end, the country’s real financial status had to be distorted, so that foreign Banks would become nervous and raise the loan interest rates to prohibitive figures. That odious project began with the phony raising of the Public Deficit from 9,2% to 15%. For that felonious deed, the District Attorney, Mr. Peponis indicted Messrs Papandreou and Papakonstantinou (Minister of Finance) 20 days ago. What followed was the systematic campaign by Mr. Papandreou and the Ministry of Finance throughout Europe that lasted 5 months, during which they tried to persuade the foreigners that Greece was a Titanic about to sink, that Greeks were corrupt, lazy and therefore incapable of dealing with the country’s needs. After each of their declarations the interest rates increased, so that it became impossible for us to borrow any more, giving IMF and the European Bank the appearance of being our slavation, when in reality it was the beginning of our death. 

In May 2010 a single Minister signed the notorious Memorandum, our complete subservience to our lenders. Greek law stipulates, in such situations, that the adoption of such an important agreement must be decided by three fifths of the Parliament. Therefore, in essence, the Memorandum and the Troika that essentially govern us today, operate illegally not only under Greek but also under European law. 

By now since then, if the steps leading us to our death are twenty, we are already more than half way there. Imagine that with this Memorandum we concede to foreigners our National Independence and our National Property. That is, our harbours, airports, road networks, electricity, water supply, subterranean and underwater wealth, etc., etc. Add to that our historical monuments, like the Acropolis, Delphi, Olympia, Epidaurus and such sites, since we have waived all our legal defenses. 

Production has come to a standstill, the unemployment rate has reached 18%, 80.000 shops have closed down, along with thousands of small businesses and hundreds of industries. In total, 432.000 enterprises have shut down. Tens of thousands of young scientists are abandoning the country, which is every day sinking into medieval darkness. Thousands formerly wealthy citizens are scavenging on rubbish heaps and sleeping on the pavement. 

In the meantime, we are supposed to be surviving thanks to the magnanimity of our lenders, the Europe of the Banks and the IMF. In reality, every package deal which charges Greece with tens of billions of Euros is repaid in full, while we are burdened with new unbearable interest rates. And since it is necessary to maintain the State, the Hospitals and the Schools, the Troika is burdening the middle and lower economic strata of society with excessive taxes, leading directly to starvation. A famine took place at the beginning of the German occupation in 1941, with 300.000 people dead in a period of 6 months. Since then, the ghost of hunger is now returning to our defamed and unfortunate country. 

If one considers that the German occupation cost us one million people dead and the total destruction of our country, how is it possible for us Greeks to accept Ms Merkel’s threats and the Germans’ intention to impose on us a new Gauleiter… This time wearing a tie… 

And to prove just how rich a country is Greece and how hard working and conscious the Greek people (conscious of their Debt to Freedom and love of their country), I cite as an example the time of the German occupation from 1941 until October of 1944. 
When the SS and hunger killed one million citizens and the Wehrmacht was systematically destroying the country, and stealing all its agricultural production and the gold from the Banks, Greeks saved the people from hunger by creating the National Solidarity Movement and a partisan army of 100.000, which tied down 20 German divisions in our country. 

At the same time not only did Greeks manage to survive thanks to their hard work, but there was also a large growth in Modern Greek art -especially in literature and music- under the terrible conditions of the occupation. 
Greece chose the path of self-sacrifice for the sake of freedom and simultaneously of survival. 

That is when we were unnecessarily punished, and we responded with Solidarity and Resistance and we survived. Now we are doing exactly the same thing, with the certainty that the Greek people will be the ultimate victors. This is the message I am sending to Ms Merkel and Mr Schäuble, declaring that I remain always a friend to the German People and a fan of their great contribution to Science, Philosophy, Art, and especially Music! And the ultimate evidence of that is probably that I have entrusted the whole of my musical work to two German Publishers, Schott and Breitkopf, who are among the greatest publishers of music in the world and my co-operation with them is extremely friendly. 

They are threatening to throw us out of Europe. If Europe doesn’t want Greece to be a part of it, Greece, for her part, is 10 times more unwilling to be a part of this Merkel- Sarkozy Europe. 

Today, Sunday February 12, 2012, I am about to take part in the demonstrations, along with Manolis Glezos, the hero who, in the past, took the swastika down from the Acropolis, signaling the beginning of resistance against Hitler, not only in Greece but throughout Europe. Today, our streets and our squares will be flooded with hundreds of thousands of citizens who will demonstrate their rage against the government and against theTroika. 
I heard, yesterday, the banker-prime minister proclaiming to the Greek people that “we have reached point zero”. But who has led us to this ZERO point within two years? Those same people, who instead of having been imprisoned, blackmail the members of the parliament to sign the New Memorandum, which is even worse than the first one and which will be implemented by the same people following the same methodology which brought us to this point ZERO. Why? Because this is what the IMF and the Euro-Group dictates, blackmailing us that if we disobey, we will go bankrupt…This is a play of the theater of the absurd. All these parties who in fact hate us (foreigners and Greeks) and are the only ones responsible for the dramatic situation to which they have led our country, threaten and blackmail, aiming at continuing their devastating work, i.e. to lead us even beyond point ZERO, to our final elimination. 

We have survived very difficult situations throughout the centuries and it is certain that if they lead us to the brink of death by force, Greeks will not only survive but they will be reborn. 

At this point in time, I have devoted all my efforts to an attempt to dynamically unify the Greek people. I am trying to convince them that IMF and Troika is not a one-way street, that there is an alternative solution. And that solution is to radically change the course of our nation and turn towards Russia for economic co-operation and the setting up of joint ventures in order to exploit our natural wealth under beneficial terms that will safeguard our national interests. 

As for Europe, I suggest we stop buying war material from Germany and France. And that we do everything in our power so that Germany pays back the war reparations they owe us and which currently amount to approximately–including the appropriate interest- 500 billion Euros. 

The only force capable of effecting all these revolutionary changes is the Greek people, unified under a huge Front of Resistance and Solidarity in order to remove the Troika (the IMF and the European banks) from our country. At the same time all their illegal actions (loans, debts, interest, taxes, privatization of national wealth) should be considered as if they never took place. Naturally, their Greek partners, already condemned in our conscience as traitors, will have to be punished. 

I am totally dedicated, body and soul, to this cause (the unification of the People in one Front) and I believe that I will be proved right in the end. I have fought, gun in hand, against Hitler’s occupation. I have experienced the Gestapo’s dungeons. I have been sentenced to death by Germans and have miraculously survived. In 1967 I founded PAF (The Patriotic Anti-dictatorial Front), the first resistance organization against the military junta. I fought underground, was caught and imprisoned in the junta’s “slaughterhouse”. Once again I survived. 

I am today 87 years old and it is very possible that I will not live to see the salvation of my beloved country. But I will die with a clear conscience, because I will continue doing my Duty towards the ideals of Freedom and Justice until the end. 

Athens, 12.2.2012 
Mikis Theodorakis 

riphowardkatz's picture

I understand the Greek people are mad. What I do not understand is what they want in place of the current situation. It is ok to be against something but unless you are for something that is just and moral the same problems will begin anew once you remove the EU. What are greeks for?

If they default go back to drachma there is absolutely no question the mess will come back unless drastic changes are made to the economic structure and the countries philosophy. It is like the mom who blames her sons friends for his drug problem and comes to find out new friends make no difference.

Yes the EU enabled the greeks failed philosophy but removing the EU doesnt change the problem they have a failed philosophy For example Greeks like many people have the belief they have a right to retire at a certain age, right to wealth redistribution, right to work a set number of hours, right to healthcare and on and on. As long as these values are believed to be rights the same problems will result EU or no EU.

Omen IV's picture

Nonsense - their lifestyle will adjust naturally once they devalue to 50% of the Euro and the debt to 15 cents on face and paid over 50 years at 3% interest - they have no problems meeting day to day expenses and the budget will be balanced without miltary expenditures

this current mess is no more than a bank / germany takeover of the country with inside help - tell them no deal  

the greeks have to say "hell no we wont pay" and they will be out of the problem within 5 years - -  the icelandic people said they wouldnt pay and they are doing fine


riphowardkatz's picture

Iceland will be back to their same problems within 5 years. There is no question about it. They put a bandaid on a festering wound without removing the bacteria. For crynig out loud it has been a few months. They still are running a deficit, they still have banks buying debt to fund the deficit. 

Have you ever known someone that went through bankruptcy but didn't change their actions afterwards? Of course they seem better off immediately after, they just wrote off a big bunch of debt.  Who wouldn't be better off in the short term if they did that.

The iceland comparisons are one of the biggest jokes, a more apt comparison would be to almost any Latin American country. 

Matt's picture

Iceland chose not to bail out their banks. The Country itself did not default; they are still paying their every-increasing national debt.

I was unable to find charts of their federal budgets to determine what they would be like, ex military and debt servicing expenses to compare to revenues and GDP, unfortunately.

Element's picture

In which case, would the end of the USD as reserve, equate to a sovereign-debt Jubilee for Ice-lend?

What about other sovereigns?