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 | 2405897 falak pema
falak pema's picture

viva Democracia! 

Tue, 05/08/2012 - 08:30 | 2405904 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 | 2405932 machineh
machineh's picture

DEBT JUBILEE, bee-atch!

Don't nobody care what you say ...

Tue, 05/08/2012 - 08:56 | 2406015 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 | 2406259 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 | 2406700 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 | 2405939 GetZeeGold
GetZeeGold's picture

 

 

deal with it.

 

Check's in the mail.

 

Tue, 05/08/2012 - 08:37 | 2405942 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 | 2406020 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 | 2406277 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 | 2406668 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 | 2408242 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 | 2419529 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 | 2405954 Everybodys All ...
Everybodys All American's picture

/sarc

 

LOL

Tue, 05/08/2012 - 08:39 | 2405957 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 | 2406029 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 | 2406037 WonderDawg
WonderDawg's picture

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

Tue, 05/08/2012 - 09:53 | 2406269 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 | 2406451 Nobody For President
Nobody For President's picture

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

;-)

Tue, 05/08/2012 - 08:53 | 2406000 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 | 2406087 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 | 2406117 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 | 2406205 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 | 2419525 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 | 2405908 GetZeeGold
GetZeeGold's picture

 

 

Viva cds defaults.

 

Tue, 05/08/2012 - 08:41 | 2405945 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 - 08:28 | 2405899 Bastiat009
Bastiat009's picture

Gold is a very risky asset unlike the US$.

Tue, 05/08/2012 - 08:30 | 2405913 GetZeeGold
GetZeeGold's picture

 

 

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

 

Tue, 05/08/2012 - 08:32 | 2405923 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 | 2405943 GetZeeGold
GetZeeGold's picture

 

 

What was I thinking?

 

Tue, 05/08/2012 - 08:41 | 2405953 GOSPLAN HERO
GOSPLAN HERO's picture

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

Tue, 05/08/2012 - 08:44 | 2405977 GetZeeGold
GetZeeGold's picture

 

 

Heh heh......Classic.

 

Tue, 05/08/2012 - 08:47 | 2405988 Calmyourself
Calmyourself's picture

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

Tue, 05/08/2012 - 08:38 | 2405938 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 | 2405971 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 | 2406024 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 | 2406051 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 | 2406120 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 | 2406050 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 | 2406226 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 | 2406388 Ricky Bobby
Ricky Bobby's picture

Johnny Bravo Lives!

Tue, 05/08/2012 - 08:28 | 2405903 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

So no bailout #3 then?

Tue, 05/08/2012 - 08:31 | 2405917 GetZeeGold
GetZeeGold's picture

 

 

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

 

Tue, 05/08/2012 - 08:30 | 2405906 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 | 2405916 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 | 2405946 GeneMarchbanks
GeneMarchbanks's picture

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

Tue, 05/08/2012 - 08:38 | 2405950 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 | 2405998 CrimsonAvenger
CrimsonAvenger's picture

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

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