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Greek Parliament Passes Latest Austerity Vote
The Greek parliament just passed the latest proposed austerity plan with a majority voting Yes. Judging by the reaction of the EURUSD, which experienced a modest 40 pip short covering squeeze in the last few minutes, one would imagine that today's Greek vote outcome is surprising. It isn't: after all, all Greece has done is promise to do something it won't do in hope it can get another bailout package, this time amounting to €210 billion (of which its people will pocket a de minimis 19%). As we said earlier: "The only real questions are i) what the Greek population may do in response to this latest selling out of a population "led" by an unelected banker, which if history is any precedent, the answer is not much, and ii) how Germany will subvert this latest event, and put the bail [sic] back in Greece's court once again." Sure enough, to paraphrase what we said before, the question now is what the popular Greek response will be having learned its politicians sold it out yet again, which will likely be nothing much, as it is 1 am local time, and as everyone knows revolutions in heavily socialist countries only start between 9 am and 5 pm, with a 2 hour break for siesta. More importantly, keep a close eye on headlines out of Germany. That is all that matters now.
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I listened to the vote. Cheered each no vote while cursed every bankster yes vote. This isn't over it. Elections in April, throw the traitors out
I think you have it reversed. Austerity hopefully (eventually) leads them to not needing to sell bonds, thus eliminating the bankster gravy train. No austerity -at this point- leads to nobody buying Greek bonds (austerity to the max) and forces the Greeks to find their own new monopoly money. Yeah the banksters would get hurt, but not nearly as bad as the people. They elected the people who spent the money (just as we have) and now it's time to learn some lessons and not let it happen again.
i've been following this for a while
i hope i understand this:
close?
how'm i doin?
That's pretty much the way I understand it, but that doesn't mean anything, I'm just a dumbass country boy trying to figure this shit out. I don't know why anyone was surprised by this, I thought it was obvious the Greek pols would fold. It's the Germans who have to agree for this to make a difference, the way I understand it. But, hell, I could be way off.
And, unless I'm wrong, the Greeks never lived up to the criteria for the first bailout, so do we really expect them to live up to these? It's all bullshit.
tyler has metabolized enuf ouzo to come to the same conclusion, dawg
wtf does greece care what they agree to at this point? maybe they need more submarines for national defense, let's do some more loans, here, ASAP, ok?
(tyler): all Greece has done is promise to do something it won't do in hope it can get another bailout package, this time amounting to €210 billion
pretty subtle, huh?
it's not bullshit till germany sez its bullshit, dawg
stay tooned... L0L!!!
210 BILLION EUR!!!
keep drinking, BiCheZ!!!
http://en.mercopress.com/2012/02/09/argentina-limits-daily-financial-tra...
Because currency controls went over sooo well last time.
*Pushes away from the desk...
Euro up, Dollar down, Gold/Silver vertical...
Good God....
And the tape is starting as well.
Looks like I better go ahead and execute some buys.
How long 'til this bailout falls apart? I'm thinking 10 months (half the 20 months the last one took to fall apart).
Why hasn't the final count been released? or What is the final count?
AthensNewsEU Athens News
In the final tally, 199 MPs voted in favour and 74 against the second bailout memorandum.
Why hasn't the final count been released? or What is the final count?
It is quite telling that the austerity measures have gutted workers, pensioners and the unemployed but have almost not touched the fat paypackets of the politicians.
Secondly, the politicians voted for this package to save their paypackets and to extend and pretend a little longer.
Finally, if the first aid package has led to a worsening of virtually every single economic indicator, then how will a continuation of the same lead to an improvement?
The rage of the people will subside for just a while until the intellectual, moral and financial bankruptcy of the whole aid package and the politicans is confirmed yet again.
Surely you don't expect all those fat pricks to leave on one choppah, do you?
"zerohedge @zerohedge
This. Is. Democracy RT @AthensNewsEU: Papandreou has expelled 21 MPs who didn't back the austerity package from Pasok, incl some big names"
WTF!!!!!!!!!!!
that is soooo so wrong...
If this is real, that fucker must be hung in a public square immediately.
WTF is right.
"zerohedge @zerohedge
Final tally: Greek coalition government expels 43 deputies - AP"
even more WTFFFFFFF.......!!!!!!!!
I cannot imagine this will go without some serious blowback. That's just insane. Has Pap lost his fuckin mind or is he just begging for a lynch mob to come get him?
Crisis over.
Do you EVER have anything meaningful to add here, other than your bland, absurd and unsupported pro-Establishment pronouncements of "All is well"?
As long as the euro has not collapsed and Greece still not defaults: yes, all is well. And that will continue to be. Mark my words: in a few weeks the politicians will come up with the solution that this 130 billion will be used to pay off the banksters. No private deal necessary, no default, no collapse, markets will rally, everybody happy. Boring world we live in.
...Simple things happening all over Europe in exactly the same way. It was the same loansharking Goldman Sachs, that was financing the European Investment Bank and “connived" with Simitis the fiscal data of Greece, so that ECB would be justified to buy Greek bonds using Goldman Sachs money, so that Bobolas could undertake the overcost public works ...Bobolas, who was a Goldman Sachs’ partner ...it's a self-serving behavior ...and who pays for it? Fools of course! After the fall of the Berlin Wall, the loan sharks’ “trashes” have “flooded” Europe. This was the whole trick! Simple, quick and with minimum risk. They corrupted the political leaders of the European Union and they “flattened” everything.
All these beasts –Pronti or Barroso- under the auspices of the loan sharks took important posts in the European mechanisms. Using the cheap borrowed dollars of Germany, they “printed” the cheap ECB Euro in Frankfurt. Using these cheap Euro they grasped the expensive Euro of the countries and turned it into debts. They eliminated the Euro securities and all that was left in the market was the Euro bonds. Euro value was stored in the ECB vaults and the countries were left with debts. That was the “game”!
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
---------------------------------
by PANAGIOTIS TRAIANOU
It's a boring world for you. It was for Louis the XVI, too.
EUR bid, but it's a bulltrap.
AUD is selling. Asian equities will maintain correction
Long and is it sad that I'm entertained by burning cities? Best of both worlds?
If the Greeks burn down enough stuff, then the Germans can finally take over. Its all win-win I think.
Austerity is a double edged sword, it accomplishes nothing. The more Austerity that is brought upon the people, the more the GDP will be reduced by the same percentage. The more people have to pay to just survive the less money they will have to spend in the rest of the economy. The only thing this accomplishes is more money for those who put out the bailout cash in form of interest. It also allows the creditors to pretty much own them, as intended using printed fiat money backed by nothing more then the future sweat of their people. It's what I call looting in plain sight, and pretty much rubbing their citizens noses in it.. STFU and just pay us bitchez is all the care about. You wonder why the Banking Cartel is now the new leaders of these countries? You can't make this shit up... I say all these countries ought to just pull an Iceland and tell these CRIMINALS to fuck off. If the gamblers were allowed to lose their bets as they should be, the line would be drawn and it would be forward momentum from this point. The current situation will continue to drag Greece deeper into the hands of the thieves and eventually they will be left with nothing other then total chaos...
Let me guess, you're voting for Obama this year? GDP resulting from government spending (especially borrowed gov. spending) is fake and gay. And really, the government borrowed the money, should they not have to pay it back? If you don't think they should, could I borrow some money from you? I'll pay you back.... probably.
The problem with this thinking is the government spending portion of GDP is non-productive. The "austerity" that is being proposed is to lower the minimum wage on government jobs and to force Greek government workers to take a haircut on their pension (for work they did decades ago) and possibly contribute more to it. The Greek government is not part of the productive class of Greek society and they're running a fiscal deficit as is, so forcing the greek government to be more austere will not affect the productive capacity of the rest of Greece.
Interesting thought Tahoe,
They Looted first and then took over. Quite the opposite of how Wars used to be won where they took over and then looted.
Now all we need is the Raping of the Women and making the Children eternal Slaves.
I am re-posting my comment to Bruke Krasting's entry, so you guys understand balkanian mentality form a balkanian:
"By the way, for Balkanian standards, this is NOT much of a burn. It's quite normal for an un-supervised soccer game".
Or an average Cypress Hill concert.
Not nearly as many people there as there was at penn state to cheer and defend a kiddy fiddler, kinda tells you everything that is wrong with american sheeple's morality.
Got the feeling the fat lady isn't done yet! Germans will have to "approve" this "extra" cash, ya know?!
those weren't fires, the Greeks just smoke a lot..
http://www.kairos-holidays.com/facts-on-greece.html
as long as they keep their farms they won't pay shit to anyone
Would anyone be kind enough to pass us some factual informations, such as
I second this request... But I'm more curious whether anyone has info from the IMF updating it's estimates of Greek GDP, future deficits and debt.
The IMF said the PSI had to get Greece to 120% debt to GDP by 2020. I have yet to hear of them rerunning the numbers based on the most recent GDP and unemployment estimates. I'm 90% certain that when they do rerun them the PSI will be deemed insufficient and either the banks will have to accept a MUCH bigger writeoff OR the ECB and EFSF will have to take big cuts. If the prior occurrs, don't we have to renegotiate the PSI? If the latter, don't we have to get a bunch of votes on the Europe side?
And last but not least, don't we have to get a promise from every Greek party leader that they won't backslide on implementation after the election?
Would anyone be kind enough to pass us some factual informations
People holding molotov cocktails aren't much interested in facts (sad but true)
Revolution?
Those freakin commies protesting in the streets are too stupid to even know what they are protesting.
If Greece declared bankrupcy the wage cuts and layoffs would be far worse. They would have to cut their deficit to $0 overnight.
Don't get me wrong I think Greece should default because they could marke their debt down to 20%-40% of GDP like Argentina and Russia have today. But that's the thinking of a net tax payer that has to pay the interest - can't understand why the social parasites that put Greece in this position are rioting! They get a few more hits off the crack pipe paid for with German tax payer $$.
If you want to understand how this will play out you have to ignore the communists and anarchists I'n the streets. Look to the business class. They will continue to move their money out of the country to avoid having it confiscated by taxes. GDP will continue to decline not because the government unions are protesting in the streets, but because any educated, successful middle class businessman no longer wants to live and work in Greece and no tourists want to vacation somewhere with anarchists and commies setting off bombs. So you will continue to miss targets on deficit and debt - and 2 years from now we will have to go through this all again - only Greek GDP will be down 50% and all the people with money, education and entrepreneurial drive will be gone.
German tax payees are the ones being royally ripped off - not the Greek parasites. In 2014 it will be the IMF and ECB taking the haircuts not the banks.
That was a cheap shot, and a little bigoted, but I have to admit, it was a funny line.
Anyway, aside from some rioting in Athens, the Greek people don't have much to do (and I don't mean that as a reference to their 20% unemployment). They can either watch their economy collapse quickly through default or in slow motion through austerity. At the end of the day (or perhaps, decade), they still won't be able to pay off their debt, and the EU will either take a big haircut, or watch the rest of their economy crumble.
It's ridiculous to see Germany, the ECB, and the IMF playing such brinksmanship with their own economic future through these extreme austerity demands. What's next, they start bustin' kneecaps? What happens when you make a cancer patient take all their chemo at once? I have a feeling the world is closer to finding out.
And when Greece implodes through austerity, what will that say about Italy and Portugal, or France? Do you suppose they'll be so keen to take Germany's prescribed medicine?
Sympathise with your point but I think you made one major error in your post. "or in slow motion through austerity" there is no slow motion as an option at all, why? Because even by the ECB own estimate the whole program should bring Greece debt to 120% of GDP by 2020. Is it a joke? After next 10 years, from 2020 to 2030, without any haircuts Greece will reduce it's debt load by next whopping 5%? So lets wait for inflation or miracle to save all those people. Fucken jokes, not to say that their numbers are always fake.
in america, we had the superCommittee
so we tell them: listen, give us, like $500 Bil in cuts, and we'll give you 1$Tril in new "money"
and they decide: nah, just give us the money!
so, for the exact same dog & pony show, i think the europeons have this way more elegant and sophisticated
rilly
+14 C in Athens tomorrow. watch the news :)
Schaeuble warns Greek promises on austerity measures no longer suffice http://www.reuters.com/article/2012/02/12/us-germany-greece-idUSTRE81B05N20120212
Cuts drive Greek unemployment to record high http://www.reuters.com/article/2012/02/09/us-greece-unemployment-idUSTRE8180PI20120209
ECB’s Noyer says Greece must accept more cuts http://www.reuters.com/article/2012/02/10/us-france-noyer-idUSTRE8190DC20120210
ECB opens door to indirect Greece aid http://www.reuters.com/article/2012/02/09/ecb-rates-idUSL5E8D90YQ20120209
Greek debt not sustainable with 70% haircut – S&P http://www.reuters.com/article/2012/02/08/us-greece-ratings-sp-idUSTRE8171K920120208
well, that didn't take long!
L0L!!!
i'm not sure of the timeline on that top one, dated today, but the rest are from earlier days, youri_ma
so let's wait a few minutes more, ok?
Yeah, two days is a very, very long time in your silly life. So what do you exactly expect after a few minutes?
Schaeuble warns Greek promises on austerity measures very suffice
Cuts drive Greek unemployment to record low
ECB’s Noyer says Greece must accept less cuts
ECB closes the door to indirect Greece aid
Greek debt very sustainable with 70% haircut – S&P
Lolz
no, but since the greeks just passed this a few hours ago, the "reaction" which tyler was saying to look for PASTE
More importantly, keep a close eye on headlines out of Germany. That is all that matters now.
may not be referring to stuff from b4 the greek deal passed, oh probably not too long b4 tyler posted the story, which actually has a timestamp like the bullshit you are trying to fuk up the site with
so, let's wait a few minutes more, ok?
silly troll!
Yo man. By now its becoming clear to me that the whole greek tragedy theatre has nothing to do with greece per se.
I'm saying, just saying, it's got something to do with Iran. If a financial collapse occurs, who could justify an attack on Iran?
Either simultaneously or right after the attack so everything is blamed on Iran?
- Let's say the PR for the attack starts by March 10.
- Attack by march 19.
- Default on March 20
Any critique to my logic?
Nope. That is what I think too. It's like these fuckers have been waiting for something this whole time and that is why all they do is kick the can down the road to nowhere.
Solar flare, EMP, a bomb, whatever, it feels like they will extend and pretend until a trigger gets pulled.
Thx sir.
I just can't get anybody else at least to chip in, just for fun.
As you said, an alien or sth, whatever, it just makes no sense if mathematically greece, portugal, spain and ireland will default.
well, you've set the agenda now we can see if reality confirms theory.
My personal guess is that Israel may do something in its name but the US will not. How that plays out is not clear...I am not a mouse of the White House brigade.
Ides of March seems to have a lot of adepts around here... Lets see what Greece does in the streets this week.
DEAR DOCTORS AND PROFESSORS OF ZH
CRITIQUE TO MY SPECULATION IS REQUIRED:
By now its becoming clear to me that the whole greek tragedy theatre has nothing to do with greece per se.
I'm saying, just saying, it's got something to do with Iran. If a financial collapse occurs, who could justify an attack on Iran?
Either simultaneously or right after the attack so everything is blamed on Iran?
- Let's say the PR for the attack starts by March 10.
- Attack by march 19.
- Default on March 20
That's lasted about an hour and a half
We are running out of cans.
EUR/USD back down to nearly "pre-bailout" level.
But the /ES refuses to drop. (let's see how long they can keep this up)
I think if the EUR/USD breaks below 1.32, it's gonna tank pretty hard.
Sorry, I'm basically a screw-up and do a lot of things that don't make sense. Maybe I should make a list.
My name is EURO
So, the birthplace of Western Civilization reduced to begging for more debt from the Jew banksters of the IMF.
I don't think the Jews can keep winning this one, though. If they destroy Europe and America, they'll destroy what has sustained them for millenia. Good luck finding refuge in Arab or Eastern lands.
Just a dance to the music of time. Beware the Idus Martii
Greece Signs Austerity Deal (2 yr Greek Sovereign Debt Rises 601 Bps) – Kurt Russell Stars In “Escape From Athens”
http://confoundedinterest.wordpress.com/2012/02/12/greece-signs-austerity-deal-2yr-greek-sovereign-debt-rises-601-bps/
It's day time over there now, we are sleeping at this hour here in the states.
No one will know in the morning what happened in the night or care.
Just fucking great. All kinds of things can be done in the night while good people sleep.
"led" by an unelected banker "
That sounds like a fire to me.
Loan sharks knew that if they took the dollars printing machines under their control they could suffocate the world ...they could initially suffocate USA and after taking the USA from the Americans, they could move and suffocate the whole world and take the countries from their people.
FED printed cheap money and loansharking multiplied this money in an unnatural way within the American economy boarders and they discarded them abroad so that they did not threaten USA. USA became the first state in the world with artificial “breathing”...
It cannot be possible but just in the USA for only the last year, more than one million houses were seized. It cannot be impossible but the New World has returned to tents and shelters ..has returned to the ages of Columbus. It cannot be possible that we allow to a few loan sharks looting the toils and the assets of people...
http://eamb-ydrohoos.blogspot.com/2012/01/global-debt-crisis.html
------------------------
Global Debt Crisis
The Greek parliamnet voted giving approval to the government to sign. The final act still to play out!
Asia just bought into a bulltrap, EUR bid? Yeah right? Some extreme violence is up next. Greek leaders are seriously demented to think that they just f*ucked their own people via German banks and a lunatic at the ECB...and it's all roses?
Someone is going to get killed.
Syria style in Europe, Greece will set it off.
Germany what are you going to do before it ends up on your doorstep?
Bad vibes.
from FX wires:
Mike Hollows, trading director at HiFX in Auckland, said "it's hard to get too carried away (by the Greek vote outcome) with Athens burning in the background."
"The broader issues still remain. What will Athens look like tomorrow, is there risk of contagion elsewhere as far as civil unrest goes," Hollows said.
http://www.youtube.com/watch?v=ci6RYBDLYbg&feature=youtube_gdata_player
The greeks need to learn a little disipline
* Over 100,000 rally in Lisbon against austerity - Reuters
Another vote another day but in reality money has yet to be disbursed and still lots of little details to work out with bond holders.... Looks like a nice opportunity to get short Euro again...
Greeks ELECT their legislature and when the MP's don't vote the way THEY ARE TOLD TO, THEY GET KICKED OUT! Of 300 members of Parliament: 43 MP's were fired last night. (Another 58 did not have the guts to show up.) As Papedemous said last night before the Parliament voted,"... this is no time for repression."
Greece has a COALITION Government - that means ALL Parties form the Government. Those who do not vote with the Government are expelled from the Government and therefore from their Parties to form an OPPOSITION. That is how Parliaments work so you must be American and not understand Parliamentary Systems
Hey! Herr sandmann. You are part right, I am American and born in Cuba! What I had read about the Greek system did not explain as your good message. Sounds like you don't like Americans.. .. No country is perfect, but remember herr sandmann, the USA has done more for me and other people than your country has ever done or will do. Not too long ago, your country killed millions. My ancestors would probaby be dead too! Arrogance is not a virtue herr sandmann.
NB- you should not vote for yourself! ;)
The demo called by ADEDY, the public sector union, and GSEE, the private sector union, started gathering at 12:30 in Syntagma square. All was quiet until the GSEE union boss Mr Panagopoulos took the microphone to address the protest. Before managing to utter more than five words, the union boss was attacked by all types of protestors who at first heckled him and threw bottles of water and yogurt on his face and then attacked him physically. With bruises, cuts and his clothes torn, he ran towards police lines, as the people attacked. He managed to hide behind the Presidential Guard and retreated up the steps of the Parliament where the austerity measures were being voted on. The crowd below encouraged him to run to the lair of "thieves, murderers and liars".On May 30, 1941, he and Apotolos Santas climbed on top of the Acropolis and tore down the Nazi Swastika flag , which had been there since April 27, 1941, when the Nazi forces had entered Athens.
Glezos was arrested by the Nazi's on March 24, 1942, and he was subjected to imprisonment and torture. He was arrested again on April 21, 1943 by the Italian occupation forces and spent three months in jail. In February 7, 1944 he was arrested yet again, this time by Greek Nazi collaborators. He spent another seven and a half months in jail, until he finally escaped on September 21 of the same year.
Why don't you have a revolution in your own sick country?
You need communism and socialism like you have never needed them before as your millionaires preach tax cuts and your children eat rodents to stay alive...
http://news.bbc.co.uk/panorama/hi/front_page/newsid_9695000/9695217.stm