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Greek Left Coalition Leaders Says Bailout Accord "Null And Void", Demands Greek Debt Moratorium

Tyler Durden's picture





 

Hardly a surprise to anyone, but here it is black on white - Greece officially makes the odds for a Euro departure well over 50%:

  • TSIPRAS SAYS GREEK RESULTS MAKES BAILOUT ACCORD NULL AND VOID
  • TSIPRAS SAYS GREEKS HAVE VOTED AGAINST BARBARIC BAILOUT
  • TSIPRAS SAYS WON'T JOIN A GOVT OF NATIONAL SALVATION FOR LOAN
  • TSIPRAS SAYS GREEKS HAVE ENDED PLANS FOR ADDITIONAL AUSTERITY
  • TSIPRAS SAYS TO REDISTRIBUTE TAX BURDEN, DEVELOP GROWTH PLANS
  • TSIPRAS SAYS WILL STICK TO PRE-ELECTION PLEDGES
  • TSIPRAS ASKS VENIZELOS, SAMARAS TO RENEGE PLEDGES IN WRITING

And here it comes

  • GREECE'S TSIPRAS SAYS WANTS INTERNATIONAL COMMISSION TO INVESTIGATE IF GREECE'S DEBT IS LEGAL
  • TSIPRAS SAYS MUST BE MORATORIUM ON GREEK DEBT PAYMENTS

Remember Odious Debt?

EURUSD and all other risk assets, so carefully bought by US traders as they walked in this morning, are now sliding.

 


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Tue, 05/08/2012 - 08:28 | Link to Comment falak pema
falak pema's picture

viva Democracia! 

Tue, 05/08/2012 - 08:30 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

The time for 'elections' in Greece has passed. Now is the time for ACTION. The two leading parties in Greece need form a coalition and get on with running the country, without tedious 'referendums' and participation from fringe parties. The bailouts are absolutely essential to uphold the stability of the global banking system, and whiny protesters need to suck it in and deal with it.

Tue, 05/08/2012 - 08:36 | Link to Comment machineh
machineh's picture

DEBT JUBILEE, bee-atch!

Don't nobody care what you say ...

Tue, 05/08/2012 - 08:56 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

I believe that is how the people of Iceland dealt with the snake oil salesmen of finance - http://www.youtube.com/watch?v=uyxzg58JkYI

Debts laden in fraud are no debts at all.  Fuck the IRS, Fuck the Fed, and Fuck the left/right horse shit.

Tue, 05/08/2012 - 09:52 | Link to Comment Vampyroteuthis ...
Vampyroteuthis infernalis's picture

It is nice seeing the d-bag banksters get it after screwing pretty much everyone else!

Tue, 05/08/2012 - 11:17 | Link to Comment redpill
redpill's picture

It's not a done deal yet.  Banksters don't take this shit laying down so expect some hefty counter-salvos.  But it is encouraging.

Tue, 05/08/2012 - 08:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

deal with it.

 

Check's in the mail.

 

Tue, 05/08/2012 - 08:37 | Link to Comment Ivanovich
Ivanovich's picture

So what's your gig, MDB?  You're just the resident troll now, posting crap you know will generate insults and negative marks?  You know you're only wasting your own worthless time, right?  The rest of us know you don't believe this crap anymore than we do - despite your spam otherwise.  And, with the exception of my post right here, you spend far more time crafting this vomit than we do glossing over it.  You're only hurting yourself with your lack of brain power. 

Tue, 05/08/2012 - 08:57 | Link to Comment TooBearish
TooBearish's picture

Sorry but MDB has nailed it - Greece does not control its own destiny any longer- the Trokia - ECB, IMF and GERMANY run Greece now no matter the populous desires...somewhat similar to our representatives here in the US...

Now junk me to your hearts content....

Tue, 05/08/2012 - 09:55 | Link to Comment Ivanovich
Ivanovich's picture

Why would I junk you?  There is a difference between explaining the sad truth and telling the public to suck it up and shut it.  One is lamenting about the sad state of affairs and the other is trolling.

Tue, 05/08/2012 - 11:19 | Link to Comment ElvisDog
ElvisDog's picture

You are wrong, TooBearish. The troika's position is deceptively weak. They have no physical means of compelling countries like Greece to pay back their enormous debts. The only lever they have to continue their wealth-extraction racket from Greece is the compliance of Greek political leaders. The Greek political leaders so far have gone along with the troika's wishes as mean to stay in power. All that is needed to bring the end to this game is for one or more Greek politicians to realize they would get more power if they stand up to the troika. We may be at that point now. If that happens (and it's still a big "if"), the Troika will be revealed to be toothless and the other PIIGS will quickly follow.

Tue, 05/08/2012 - 17:32 | Link to Comment fiddy pence haf...
fiddy pence haff pound's picture

Let's just push and see. The long -term destruction of Greece is the existing plan, and

everybody in Greece knows that. They know they're being made into guinea piigs by

libertarian assholes who have no time for small shit. Unfortunately, for them, the Greeks

are small shit.

So, if Greece defaults, it will have a couple of years of hell, but what's the opportunity cost

of this choice when they've got the bankers' boot on their throats already? Not very high

You have to risk and it takes bravery. Zh commenters have always said

"do it Greece. F&*k the Troika".

Sometimes, the rich will present you with a manufactured crisis, e.g. a war, and other times

people have the chance to stand up to them, and half the time, the rich tuck their tails

between their legs, and run away. How else do you find out how far the banksters want

to go? You risk.

If the US or UK start a war, for Greece (say with Turkey), the consequences may go out of control

(e.g. NATO will be scrapped).

However, if the rich don't get their guns out, Greece will challenge them, and send them

packing.It has come to that. A shitty little country is saying "let's see what you've got. Show us your weapons."

"otherwise, fuck off."

This banking thing is a manufactured crisis.

You can thank the PIIGS later for the forced debt jubilee.

 

Sat, 05/12/2012 - 03:15 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

Libertarian? Given all the bailouts for Greece to leverage up the "pay back" of debts, that doesn't really look "libertarian"

Tue, 05/08/2012 - 08:39 | Link to Comment Everybodys All ...
Everybodys All American's picture

/sarc

 

LOL

Tue, 05/08/2012 - 08:39 | Link to Comment WonderDawg
WonderDawg's picture

Dude. Weak. But it's early. We'll give you a chance to get some coffee and get back to form.

Tue, 05/08/2012 - 08:59 | Link to Comment centerline
centerline's picture

Yeah, I was expecting him to say something more like... "finally we can get on with a proper Keynesian solution like Paul Krugman and other economic talents have been telling us for years.  What is needed is more government debt on unprecidented levels to revitalize private sector growth and get the econcomy back to positive net growth once again."

Tue, 05/08/2012 - 09:02 | Link to Comment WonderDawg
WonderDawg's picture

Hey, Centerline! Nice imitation, kind scary actually haha.

Tue, 05/08/2012 - 09:53 | Link to Comment centerline
centerline's picture

Channelling my inner MDB!  LOL.  Deep inside all of us lives a wanna-be troll I think.  They have all the fun and most of us are such easy targets.  Good stuff.

Tue, 05/08/2012 - 10:26 | Link to Comment Nobody For President
Nobody For President's picture

Yeah, he nailed MDB well. (Centerline - don't go there!)

;-)

Tue, 05/08/2012 - 08:53 | Link to Comment GMadScientist
GMadScientist's picture

Somehow I don't consider the continuation of the global banking system to be a priority.

And those protesters do a "little more" than whine.

Are you flammable? Your bonus is!

Tue, 05/08/2012 - 09:15 | Link to Comment Peter Pan
Peter Pan's picture

Tsipras is smarter than they realise. A debt moratorium is the first step to a debt write-off. And why not? How many people realise that the Greek government does not even own the Bank of Greece which is the equivalent of the FED? That's right. It is a publicly traded share on the Athens Stock Exchange and the Greek government owns under 10%. Not only that but its shareholders are not really known as they are exempted from this level of disclosure. So who do you think owns the central Bank of Greece? That's right, probably the same people who own the FED?

So if you have over 260 billion euros in debt, your unemployed are almost 25%, your office space vacancy over 20% without taking into account rental drops and arrears, you run a trade deficit, you don''t have a government, your social security and tax systems are rorted, your bank deposits are fleeing for foreign banks, your politicians are corrupt, and wages and pensions are being gutted, do you still believe that a write-off is not a dead certainty?

Tue, 05/08/2012 - 09:21 | Link to Comment drmfh
drmfh's picture

MDB is a consistently ironic poster. If you read his posts as if he intends to state the exact polar opposite, then you will begin to appreciate them more. He is not a troll. He is the ultimate pseudo-troll, making his points by almost caricaturing the opposing view.

It took me a few weeks to figure out MDB, but now that I get it, I feel almost enlightened.

Keep up the good work, MDB!

Tue, 05/08/2012 - 09:42 | Link to Comment knightowl77
knightowl77's picture

If you have to explain MDB to us, the "unwashed masses", then his "wit" is wasted here. He should leave at once for DC or the EU where he will fit right in.

They will toast his comedic genius and I am sure upgrade him to Billion Dollar Bonus...

Sat, 05/12/2012 - 03:10 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

For Italy & Greece the election for Prime Minister was SKIPPED entirely.

Generally that makes riots and civil war.

Those protesters are armed with fire-bombs. They are going to deal with it. They're going to burn shit to the ground.

Tue, 05/08/2012 - 08:30 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Viva cds defaults.

 

Tue, 05/08/2012 - 08:41 | Link to Comment ACP
ACP's picture

Now all they need is a President Leonidas to kick the bankers into a large, deep hole.

PS I wonder if that's why the futures turned back down...hmm...

Tue, 05/08/2012 - 08:41 | Link to Comment Bob
Tue, 05/08/2012 - 08:28 | Link to Comment Bastiat009
Bastiat009's picture

Gold is a very risky asset unlike the US$.

Tue, 05/08/2012 - 08:30 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I dunno......it's not like they can mine US$'s.

 

Tue, 05/08/2012 - 08:32 | Link to Comment Bastiat009
Bastiat009's picture

Are you kidding? It's so much harder to mine out Treasurys than to print gold.

Tue, 05/08/2012 - 08:37 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

What was I thinking?

 

Tue, 05/08/2012 - 08:41 | Link to Comment GOSPLAN HERO
GOSPLAN HERO's picture

It costs only $5 to dig a treasury bond from the ground.

Tue, 05/08/2012 - 08:44 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Heh heh......Classic.

 

Tue, 05/08/2012 - 08:47 | Link to Comment Calmyourself
Calmyourself's picture

Sort of miss mathman..  MDB is s poor substitute.

Tue, 05/08/2012 - 08:38 | Link to Comment agent default
agent default's picture

No, not really.  But when a nasty event occurs, people want to hold liquidity either to cover for bad bets, of to exploit an emerging opportunity.  The sudden moves across asset classes are better explained in terms of liquidity damand than anything else.

Tue, 05/08/2012 - 08:44 | Link to Comment WonderDawg
WonderDawg's picture

Very good point, and one that is lost on many people. Gold is pretty liquid, but has become a risk asset it seems, as it's getting monkeyhammered this morning. Which is good news for the stackers.  

Tue, 05/08/2012 - 09:00 | Link to Comment agent default
agent default's picture

Gold as in futures trading or gold as in physical holding?  If you want to treat gold as a speculative risk asset, then you go into the futures market and play the long/short game, or collar price ranges with options.  If you see it like that, then gold is a risk asset, since you are essentially trading volatility.  Then again if you play it like this EVERYTHING is a high risk asset.  If you hold physical, maybe you are in the red for the short run, but what do you care anyway, it's not as if the damn thing will go bankrupt or disappear or become totally worthless.  Can you say the same about equities, bonds, or cash?

Tue, 05/08/2012 - 09:05 | Link to Comment WonderDawg
WonderDawg's picture

Agreed, but the risk for physical is that if, due to all the speculation, the value in terms of fiat is beat down, and YOU need to liquidate some physical for some reason, you've lost some money. I'm not disagreeing with you, I treat it as a hedge myself, rather than a speculative risk asset (because I hope I don't need to liquidate anytime soon). But the way the physical stackers view it, and the way it's treated in the market are two different things.

Tue, 05/08/2012 - 09:24 | Link to Comment blunderdog
blunderdog's picture

Just think of gold is as a competing currency absent the manipulation of a CB.  You don't liquidate gold, you SPEND it.

Tue, 05/08/2012 - 09:06 | Link to Comment Bastiat009
Bastiat009's picture

Those who don't agree have either no gold or no US$. Because my US$ buy a lot more gold today than they did yesterday.

Tue, 05/08/2012 - 09:45 | Link to Comment Peter Pan
Peter Pan's picture

Good for you, but in case you haven't noticed, the US dollars you had in 2000 can now buy just a whiff of what you could buy back then.

You need to understand that your US dollars are the backing for a horrendous level of nationl debt and unfunded liabilities. Your gold however does not have to cover or back the government's lunacy. Your gold has only one master.....you.

Tue, 05/08/2012 - 10:14 | Link to Comment Ricky Bobby
Ricky Bobby's picture

Johnny Bravo Lives!

Tue, 05/08/2012 - 08:28 | Link to Comment Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

So no bailout #3 then?

Tue, 05/08/2012 - 08:31 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Don't move.......or the dummy gets it!

 

Tue, 05/08/2012 - 08:30 | Link to Comment lizzy36
lizzy36's picture

Is the rebranded Nazi party - Golden Dawn - part of this new Greek coalition? Or are they busy planting land mines around Greek boarders to keep the immigrants out (or is it to keep greek citizens in....can't decide).

Tue, 05/08/2012 - 08:31 | Link to Comment cossack55
cossack55's picture

Mines are soooo Passe', plus being frowned upon by the UN and Princess Di.  Drones are waaaayyy cooler.

Tue, 05/08/2012 - 08:39 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

5%? Likely not. The claims are largely exaggerated.

Tue, 05/08/2012 - 08:38 | Link to Comment disabledvet
disabledvet's picture

they've got a lot of shoreline in Greece. They also have great businessmen. "It's starts with an inventory" as they say and "you go from there." They'll find out very quickly they have much more of value just sitting around not being used once they get out from "under the yoke." I know i'd look at moving should they "Bolt from the Blue."

Tue, 05/08/2012 - 08:51 | Link to Comment CrimsonAvenger
CrimsonAvenger's picture

Am I the only one who keeps reading that as the Goldie Hawn party?

Tue, 05/08/2012 - 10:59 | Link to Comment falak pema
falak pema's picture

Golden PAwn? or Golden Porn? 

Tue, 05/08/2012 - 08:30 | Link to Comment the not so migh...
the not so mighty maximiza's picture

But But, what about the Euro dream!?!!??!!?!?!?!?

 

Tue, 05/08/2012 - 08:32 | Link to Comment cossack55
cossack55's picture

It can still recur with the right drugs.

Tue, 05/08/2012 - 08:38 | Link to Comment machineh
machineh's picture

The right drugs can suppress hunger as well.

Tue, 05/08/2012 - 11:00 | Link to Comment falak pema
falak pema's picture

Do you think its sellable to a collectioner like the famous SCREAM? COuld make a packet thata way, buy the copyright of a dying dodo! 

Tue, 05/08/2012 - 08:30 | Link to Comment Comay Mierda
Comay Mierda's picture

watch the pms today, testing critical support.  massive jpm raid may be in the works.  if no raid by 11am EST they may be in the clear.

Tue, 05/08/2012 - 08:41 | Link to Comment dereksatkinson
dereksatkinson's picture

The raid occured right as soon as the news broke.  Usually we get 2 a day but up until today, they haven't been too effective.  Realistically..  We need to see gold show some relative performance or we will be seeing lower prices in the short term.   It's painful but necessary.

Sat, 05/12/2012 - 03:30 | Link to Comment MeelionDollerBogus
Tue, 05/08/2012 - 08:56 | Link to Comment Chaffinch
Chaffinch's picture

For a moment I thought they'd let that guy with the fat fingers try to sell a single gold contract (maybe he multiplies by 100 because he wants to show the amount in ounces?)
BTFD

Tue, 05/08/2012 - 08:32 | Link to Comment Jason T
Jason T's picture

stand up and show some respect bitchez

Tue, 05/08/2012 - 08:41 | Link to Comment GetZeeGold
Tue, 05/08/2012 - 08:33 | Link to Comment manhunter
manhunter's picture

I don't see anything that says they will leave the euro. If they did, there would be an immediate currency devaluation of 50%, a banking crisis, a funding crisis, a depression, and the Greek in the street would hoard physical euros. No government will make that choice. Greece has more to lose by leaving than staying.

Sorry ZH, Greece isn't leaving. Euro FTW.

Tue, 05/08/2012 - 08:38 | Link to Comment Reptil
Reptil's picture

what makes you think that staying in the euro has a different result?

Tue, 05/08/2012 - 08:41 | Link to Comment disabledvet
disabledvet's picture

you mean "has already had"...whatever happened to the "Growth and Stability Pact" anyway?

Tue, 05/08/2012 - 09:06 | Link to Comment Reptil
Reptil's picture

it sunk.

Tue, 05/08/2012 - 08:40 | Link to Comment Bag Of Meat
Bag Of Meat's picture

Short term talk

Tue, 05/08/2012 - 08:40 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

How did the Baltic States manage when they left the Ruble in the early 1990s?

Oh that's right, they thrived. The Euro is a strait-jacket, already there are communities in Greece resorting to bartering. Setting up there own currency is the next logical step.

Tue, 05/08/2012 - 08:44 | Link to Comment manhunter
manhunter's picture

Comparing the USSR to the EU economy? It's a bit different, isn't it?

Tue, 05/08/2012 - 09:00 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

The issue here is the medium of exchange not the type of economic system. Countries left the Bretton Wood system, the intra World War Gold Standard the Classical Gold Standard before World War 1 and didn't collapse. (although leaving the classical gold standard was madness (for war funding) as this was, imo, by far the best medium of exchange in history) and more recent example is the Ruble or even the ERM. I would imagine Greece would leave the Euro and peg the new drachma to the US Dollar like Latvia and Lithuania did. Estonia pegged to the German Mark.

Life goes on.

Tue, 05/08/2012 - 09:07 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

I would imagine Greece would leave the Euro and peg the new drachma to the US Dollar like Latvia and Lithuania did.

Something tells me you aren't very tuned in to the sentiment in Greece right now. As hated as the EMU construct is, the IMF and GS are absolutely despised.

Maybe you're just a CoL shill.

Tue, 05/08/2012 - 08:45 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Local currencies not Dra[ch]ma.

Tue, 05/08/2012 - 08:49 | Link to Comment tuttisaluti
tuttisaluti's picture

right, and they would get a hyper inflation.

Tue, 05/08/2012 - 08:52 | Link to Comment lizzy36
lizzy36's picture

As opposed to what is going on currently with Greece in the Euro - there is a banking crisis, funding crisis, a depression, & the Greek in the street is hoarding physical gold and food?

Why not make the decision. Repudiate the debt and de-vaue by 50%. There is a chance that there is a light at end of tunnel. As opposed to now, where the train is still hurling towards Greece.

As Tyler posted yesterday, even tourism down 15% y/y. Because Greece still to expensive. At 50% cheaper, tourist dollars pour into the country. Before you know it Clooney and the Russian mafia, are leaving Lake Cumo (italy) behind and thinking about Greece. 

The EU have never done what is BEST for Greece. It has done what is best for the EU and EU banks, while pretending to have an interest in Greece. 

Time is almost up on this little experiment. The people are speaking.

Tue, 05/08/2012 - 08:59 | Link to Comment manhunter
manhunter's picture

What will they do when they destroy the banking system? Who will fund the government, at what interest rate? How would you like to be a Greek, and get paid in worthless money after your government repudiated its' debt? You think there are riots now? Currently the system is being maintained; it's just not comfortable but it isn't Zimbabwe.

Leave the euro? It's not going to happen.

Tue, 05/08/2012 - 09:41 | Link to Comment insanelysane
insanelysane's picture

What do we need a government for?  So I got to pay a guy that knows less than me about motorcycles $15 to tell me that the bike is safe to ride for another year?

Tue, 05/08/2012 - 12:09 | Link to Comment JimBowie1958
JimBowie1958's picture

Currently the system is being maintained; it's just not comfortable but it isn't Zimbabwe.

Leave the euro? It's not going to happen.

Your  lack of imagination proves nothing other than a lack of imagination on  your part.

If the Greek government based the Drachma on some sort of commodity basket I bet things would recover rather quickly without any national banks at all.

 

Tue, 05/08/2012 - 09:16 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

'As Tyler posted yesterday, even tourism down 15% y/y. Because Greece still to expensive. At 50% cheaper, tourist dollars pour into the country. Before you know it Clooney and the Russian mafia, are leaving Lake Cumo (italy) behind and thinking about Greece.'

It doesn't work that way lizzy. Turkey will continue to be a better option for tourists no matter the competition. The 'upside' isn't large enough to potentially set off a stampede into Mykonos resorts.

Weird how macro analysis is always somehow taken as gospel and social mood discarded as irrelevant. Prices don't move people or incentivize as is imagined.

Tue, 05/08/2012 - 09:29 | Link to Comment blunderdog
blunderdog's picture

    tourism down 15% y/y. Because Greece still to expensive.

You don't think the civil unrest was a big factor, huh?

Tue, 05/08/2012 - 12:08 | Link to Comment Matt
Matt's picture

I thought it said tourism was down by 12.5 percent, with German tourism down from 15 percent of tourists to 3 percent (i.e. Germans make up 12.0 of the 12.5 drop). If that is correct, only 0.5 percent drop from economic conditions and 12 percent drop due to anti-German sentiment and unrest scaring away a big chunk of customers. Leaving the Euro won't bring the Germans back, at least not in the short term.

Tue, 05/08/2012 - 08:55 | Link to Comment Non Passaran
Non Passaran's picture

They don't have to leave.
They can simply keep dicking around and the IMF won't send in the next tranche. Game over.
Go gold and silver!

Tue, 05/08/2012 - 09:02 | Link to Comment Catullus
Catullus's picture

Currency devaluation, banking crisis, funding crisis, depression, and hoarding currency.... they have 4 of those 5 situations going on right now.  Currency devaluation is the only one they don't have.  And if it comes down the Greek government having the money to operate or not, they going to choose the print money route.  No government would make any other choice.

Tue, 05/08/2012 - 09:13 | Link to Comment DeadFred
DeadFred's picture

Money back guarantee that they at least threaten to leave the euro. My question is what that does to the currency. Euro ex-Greece might be sustantially stronger. Certainly it's stronger when it goes ex-everyone-but-Germany. Is there a euro bullish side to this story?

Tue, 05/08/2012 - 08:36 | Link to Comment Ivanovich
Ivanovich's picture

I thought buying Greek debt was a no-brainer?

Tue, 05/08/2012 - 08:45 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Like a 1000% return last I checked.

 

Tue, 05/08/2012 - 08:37 | Link to Comment Bag Of Meat
Bag Of Meat's picture

Well against all odds, Tsipras got out of this trap triumphant. Let's see his next moves.

Tue, 05/08/2012 - 08:37 | Link to Comment eigenvalue
eigenvalue's picture

Tsipras the dickhead is NOT against bailout. He is an extortionist. He wants bailout without austerity, which means endless free money from Germany, because he bets that Germany does not have the guts to say "enough is enough" and cut the funding. 

Tue, 05/08/2012 - 08:41 | Link to Comment Bag Of Meat
Bag Of Meat's picture

The endless money from germany goes to germany, and it has been so since 93' .

Tue, 05/08/2012 - 08:46 | Link to Comment WonderDawg
WonderDawg's picture

Based on recent history, I'd say it's a damn good bet.

Tue, 05/08/2012 - 08:38 | Link to Comment grunk
grunk's picture

Don't worry. A total repudiation of the debt followed by a default will not be a credit event under new accounting rules.

Tue, 05/08/2012 - 08:39 | Link to Comment PaperBear
PaperBear's picture

Yep, because GREECE'S DEBT IS NOT LEGAL.

Tue, 05/08/2012 - 08:43 | Link to Comment Bag Of Meat
Bag Of Meat's picture

Maybe they can pay back with some of those ridiculously flawed submarines they were forced to buy..

Tue, 05/08/2012 - 08:39 | Link to Comment docj
docj's picture

Nice Greek tragi-comedy - I'm sure there's a can somewhere in Athens or wherever the ECB is located that is getting ready for another good kicking.

Menawhile, I'm getting "Enter to have Dinner with Barack" ads these days. Sheesh - bring back the "CougarLife.com" ads, they were less annoying!

Tue, 05/08/2012 - 08:40 | Link to Comment JustObserving
JustObserving's picture

Look like a preemptive strike on gold and silver.  Everytime fiat currencies are threatened, they attack gold and silver.

Tue, 05/08/2012 - 08:40 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

Odious Bankers.

Tue, 05/08/2012 - 08:40 | Link to Comment Temporalist
Temporalist's picture

Greece: Debt, it's all Greek to us.

Tue, 05/08/2012 - 08:41 | Link to Comment PaperBear
PaperBear's picture

How on earth is silver a risk asset ? It's sliding along with the rest.

Tue, 05/08/2012 - 08:50 | Link to Comment WonderDawg
WonderDawg's picture

How is it a risk asset? Are you kidding? People speculate on it, which makes it a risk asset, same with gold. Sure, it still has "store of wealth" qualities, but as an industrial metal its value is dependent on demand, and then throw in the speculative aspect, fuck yeah, it's a risk.

Sat, 05/12/2012 - 03:22 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

How is silver a risk asset?

Ask yourself what you do with it.

Do you leverage up what you paid for it by making stuff from silver and selling it far far above your total cost?

Or do you hold bullion and/or paper contracts based on silver in hopes of trading it later for fiat?

Do you stack silver coinage for barter purposes and actually get to use it for that?

Any time you aim for those goals and they fail that's a proven risk.

Tue, 05/08/2012 - 08:41 | Link to Comment PaperBear
PaperBear's picture

Can we please now have a default at the COMEX for silver.

Tue, 05/08/2012 - 08:44 | Link to Comment youngman
youngman's picture

Yesterday was weird.....no movement from either the dealers or customers in either gold or silver..very strange

Sat, 05/12/2012 - 03:20 | Link to Comment MeelionDollerBogus
MeelionDollerBogus's picture

already did months ago with MF Global. Comex failed delivery.

http://i41.tinypic.com/i3tk44.png

You been sleeping for the winter papabear?

Tue, 05/08/2012 - 08:42 | Link to Comment Central Wanker
Central Wanker's picture

Popcorn, bitchez!

Tue, 05/08/2012 - 08:43 | Link to Comment youngman
youngman's picture

GREECE'S TSIPRAS SAYS WANTS INTERNATIONAL COMMISSION TO INVESTIGATE IF GREECE'S DEBT IS LEGAL

They have to find robosigning somewhere.....

So all those people/ hedge funds/ banks that bought the bonds..or traded for the new ones....what are they thinking right now....were they smart...???

And the IMF that loaned them all that money...were they smart?????

And the ECB that loaned them all that money..were they smart?????

and will they do it again...????

Tue, 05/08/2012 - 08:53 | Link to Comment Non Passaran
Non Passaran's picture

Good points, but why in bold?
Junked for the bold, upped for the content

Tue, 05/08/2012 - 09:38 | Link to Comment Treason Season
Treason Season's picture

Who the fuck made you judge and jury, your mommy? Tell her to pull the cork out.

Tue, 05/08/2012 - 08:54 | Link to Comment GolfHatesMe
GolfHatesMe's picture

Lindalos Greenademos

Tue, 05/08/2012 - 08:44 | Link to Comment insanelysane
insanelysane's picture

Can't wait to see what happens when the Northern Europeans show up to confiscate Greek's gold reserves that were "legally" signed over as collateral last month.

Tue, 05/08/2012 - 08:50 | Link to Comment Bag Of Meat
Bag Of Meat's picture

Well they wouldnt have to go very far, half of the mysterious (no1 can actually investigate and aknowledge how much there trully is) greek gold reserves are stored in banks abroad... 

Tue, 05/08/2012 - 08:43 | Link to Comment 101 years and c...
101 years and counting's picture

sending the markets lower and not creating gaps.  folks, this is a long term top that has been well planned out. 

Tue, 05/08/2012 - 08:44 | Link to Comment Yes_Questions
Yes_Questions's picture

 

 

 

Tsipras says calamari season open

 

Tue, 05/08/2012 - 08:43 | Link to Comment Josh Randall
Josh Randall's picture

The old "Juan Epstein's Mother" note may be needed to pull this off

Tue, 05/08/2012 - 08:45 | Link to Comment midgetrannyporn
midgetrannyporn's picture

Wriggle out of the net and be free little greek fish!

Tue, 05/08/2012 - 08:45 | Link to Comment Calmyourself
Calmyourself's picture

Tyler has become inured to the repeated violations of common sense and reacts to the ponzi with nary a doe in the headlights..  I too become immune to the flow of the river over the falls.  Let me know when the food runs out..

Tue, 05/08/2012 - 08:46 | Link to Comment ZippyBananaPants
ZippyBananaPants's picture

It's all Feta Cheese and Olive Oil baby!

Tue, 05/08/2012 - 08:51 | Link to Comment pragmatic hobo
pragmatic hobo's picture

... rise of the slaves ...

Tue, 05/08/2012 - 08:53 | Link to Comment Corduroy
Corduroy's picture

Finally a leader with some balls !

Admit bankruptcy, get of the Euro, don't take any money from any globalist cabal or country (IMF / UK etc), restart the Drachma, and tell any whinging Politicians / Banksters to fuck off !

And if anybody thinks a new election would be any better for the pro Euro / debt repayment brigade they are sadly mistaken.

 

Tue, 05/08/2012 - 08:53 | Link to Comment Catullus
Catullus's picture

The debt's not "legal" but apparently the promises made with that debt are "legal".  And it's true because they voted not to pay the bills. 

Just default on your loans already.  That's perfectly "legal".  It happens all the time. 

Tue, 05/08/2012 - 08:58 | Link to Comment Corduroy
Corduroy's picture

Exactly, Just default already, it is only electronic 0's anyway...

What I would love to see after that is the global cabal printing money to 'save the system' and trying to tell us that it is for our 'own' good and the 'global' good at the same time...

That argument will be a stupendous fail

Tue, 05/08/2012 - 08:57 | Link to Comment yogibear
yogibear's picture

Greece should use the Euro printing presses and start printing. Put origin of bills from other Euro member and flood the EU with these bills esentualy taking down the other members and flooding all of Europe with QE by force.

All you need is one of the states in the US seizing a Federal Reserve bank in the US and printing. Just change the plates state insignia.

LOL, you want to print? The states like California and Illinois can print money.

 

Tue, 05/08/2012 - 09:00 | Link to Comment BarryG
BarryG's picture

Greece should demand the reparations they are owed by Germany. That would really throw a grenade in the mix!!

Germany is the biggest debt transgressor in history!

 

Read this!

http://germanywatch.blogspot.co.uk/2011/11/germany-biggest-debt-transgressor-in.html

Tue, 05/08/2012 - 08:59 | Link to Comment monopoly
monopoly's picture

"Greece debt legal". How can that be when it was all put together by robber barons. This is really starting to get interesting. Playing out much slower than most of us would like but as long as you are "armed and ready" both at home, your physical assets and your portfolio, well just be patient.

It is apparent all people will forgo austerity for the printing press. For a politician to go against the grain, is suicide and they will be voted out. Until the printing press is taken away the status quo will continue. And mark my words, the presses will be taken away and THEN the financial funding crisis begins in earnest. As always, the timing.

Tue, 05/08/2012 - 09:08 | Link to Comment Corduroy
Corduroy's picture

It really is not a question of Austerity vs turning on the money Spigot anymore.

It is all about the increasing perception in many populations that Austerity or Turning on the money spigot are only to the benefit of those who do not need to benefit from the activity.

At least with a reset, regardless of whether a path of Austerity or printing occurs...

The citizenry will at least feel 'hope' for a time.

Tue, 05/08/2012 - 09:10 | Link to Comment williambanzai7
williambanzai7's picture

Let the rat baiting begin...

Tue, 05/08/2012 - 09:35 | Link to Comment Treason Season
Treason Season's picture

TSIPRAS SAYS TO REDISTRIBUTE TAX BURDEN, DEVELOP GROWTH PLANS

Hey Mr. Tspiras, I'll give you a growth plan!

AMSTERDAM ON THE AEGEAN!

Do It! Legalize the herb and you'll have half the Western world's youth at your doorstep ready to invest.

Do it!

Tue, 05/08/2012 - 12:15 | Link to Comment JimBowie1958
JimBowie1958's picture

The mind staggers at what they could do with the island of Lesbos; sort of a blend of Amsterdam, Las Vegas, and Bangkok all rolled into one. lolol

Tue, 05/08/2012 - 10:02 | Link to Comment rwe2late
rwe2late's picture

Repudiation of debts? Why, that‘s equivalent to “nationalization” of foreign assets!

Any such failure by Greece to meets its obligations would be very harmful to Greek citizens.

The US and its partners stand ready to help responsible Greek leaders avoid Greece becoming an outcast of the “international community”.

Hopefully, in spite of any difficulties, the Greek government will be able to peacefully protect its law-abiding citizens. Otherwise international economic sanctions might have to be imposed, and if necessary, even firmer steps taken to “protect civilians“ and “restore order” .

NATO, of course, is closely watching the situation and stands ready to meet any and all threats.

War is a Racket

I helped make Mexico, especially Tampico, safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefits of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912. I brought light to the Dominican Republic for American sugar interests in 1916.

- Smedley Butler, Major General, USMC.

Tue, 05/08/2012 - 10:27 | Link to Comment El
El's picture

Greece's debts are not legal. It is the ousted gov't's fault. Here, take them...the shysters who perpetrated this fraud and prosecute and punish them to your heart's content.

Tue, 05/08/2012 - 10:36 | Link to Comment Nobody For President
Nobody For President's picture

Does the concept of 'odious debt' mean that the former fin min fat boy head of PASOK now has to pay up? Maybe he will have to go on a diet.

Tue, 05/08/2012 - 10:57 | Link to Comment falak pema
falak pema's picture

Does this mean a new round of elections making the Euro situation go into zombie zone for another few months while Democracia scratches its collective legislative nuts? I fear so as the faaaaaar left has no where to go to lead a coalition and will thro in the towel like Sonny Liston. (remember him?, if you don't you missed the Louisville lip!).

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