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Greek PM Releases Statement On Troika Deal

Submitted by Tyler Durden on 02/09/2012 10:57 -0400

A brief, three sentence press release which talks about issues "left open for further elabortaion and discussion" but which certainly notes that the agreement's so called passage opens up the way for €130 billion in fuirther financing. It remains to be seen what the Troika's response to this PR is. We already know how the Greek people feel.

Google translated from the PM's office:

PRIME MINISTER'S PRESS

Athens, February 9, 2012

Completed this morning with the success of government consultation with the Troika on the subject, which was left open for further elaboration and discussion. The political leaders agreed on the outcome of these consultations.

Therefore there is a general agreement on the new program in view of tonight's meeting and the Giourogkroup. As is known, the program came with the new loan agreement with which Greece will be financed with 130 billion euros.

And the re-release in English:

The agreement with the troika has been completed

Prime Minister’s Press Office
Thursday, February 9, 2012

The government’s discussions with the troika were concluded successfully this morning on the issue which had remained open for further elaboration. The political leaders have agreed on the result of these discussions.

Thus there is general agreement on the content of the new program, in view also of this evening’s Eurogroup meeting. This program accompanies the new loan agreement to finance Greece with 130 billion euro.

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Thu, 02/09/2012 - 10:59 | 2141515 battle axe

Translation: 'We are screwed"

Thu, 02/09/2012 - 11:29 | 2141722 PORTA PORTA

Not "WE"... THEY-the people are screwed

"We are fine, WE executed the given plan successfully"

Thu, 02/09/2012 - 12:09 | 2141947 PhilB

ZH has got to stop using Google Tranlsator!

Here is the proper translation via NY Times. As you can see, its quite clear that a deal has gone through. What ZH published was Greek to me...

“Talks between the government and the troika on the issue, which had remained open for further elaboration and discussion, concluded successfully this morning,” the statement said. “As is well-known, the program accompanies the new loan deal with which Greece is to receive €130 billion in funding.”

Thu, 02/09/2012 - 19:20 | 2143947 PhilB

Not even a thank you Tyler?

Thu, 02/09/2012 - 12:12 | 2141958 He_Who Carried ...

...

Problem is: The Greek screwd Europa and now they pay the price for lying and cheating...

Those who are suffering the most are AS ALWAYS the innocent and those who cheated the Greek population and robbed the future of the Greek youth are always the same three Greek families: Papandreu, Karamanlis, Mitsotakis. These should be hung, no doubt!

This is not going away, this won't prevent them from defaulting in 2013 (what Merkel hinted at in April 2011).

Thu, 02/09/2012 - 10:59 | 2141516 Jefferson

Lost in Translation

Thu, 02/09/2012 - 10:59 | 2141519 El Hosel

Aaaahhhhh, Agree to not disclose details of agreement. Nice touch.

Thu, 02/09/2012 - 11:05 | 2141548 GeneMarchbanks

'We've reached a final, conclusive, unconditional deal. However it's all still ammendable.'

Stay tuned for further rumors.

Thu, 02/09/2012 - 11:12 | 2141568 Mr Lennon Hendrix

All these meetings must be costing taxpayers a fortune. What's that? The Greeks don't pay taxes?

So then all these meetings are costing Germans a fortune.

Thu, 02/09/2012 - 11:12 | 2141601 GeneMarchbanks

No matter, Germans aren't allowed to show or display any emotion similar to or like: disgust, dismay, contempt, upset-ness ever again otherwise the (oh so subtle)BBC will come out and claim an uprising of the Fourth Reich.

Thu, 02/09/2012 - 11:20 | 2141652 Mr Lennon Hendrix

It rubs the lotion on its skin or it will get the hose again.

I shouldn't make light of it; it is really sad that Germany's expression has been put in a box for the last century and been told to shut up and not to move.

Still, they could excercise their fear of being labeled and express themselves if they chose. The propoganda machine can only do so much.

Thu, 02/09/2012 - 11:23 | 2141680 GeneMarchbanks

Why do you suppose these MSM outlets are 24hr? The machine has an army backing it that doesn't even suspect itself complicit.

Thu, 02/09/2012 - 11:32 | 2141740 PORTA PORTA

Can you please define " The Germans " ?

The people? The Biundesbank? who is "the Germans"?

Then i will give you the definition of "cost" and the actual Cr/Dt

Thu, 02/09/2012 - 12:20 | 2142004 walküre

dbl

Thu, 02/09/2012 - 12:20 | 2142005 walküre

Does money grow on trees? Of course the people!

Thu, 02/09/2012 - 12:59 | 2142269 PORTA PORTA

You dint answer the question.

According to MR Soible, Germany HAS NEVER PAID not one Euro to Greeec wunti today ( including the 1st facility of 110bill ! ) .. German Gov only pledged GUARANTEES and RECEIVED real MONEY as INTEREST... !

Ask mr Soiblre not me. The Austrian MINFIN also said... "we made money from Greece, about 19mill in interest. we have no problem"

You want me to continue?

What exaclty is the Kfw ?? I assume you are aware that this PRIVATE institutiion entres the Facilities as a Lender for the German Government... SO do you know WHO is Kfw ?? Why not Bundeshbank ?

Climb don from the tree, Do your research, and come back to me... i love humour.. but i adore more people with knowledge even better than mine !

Thu, 02/09/2012 - 14:35 | 2142816 walküre

The 110 billion was paid out and transfered to Greece. It doesn't matter if the government pledged guarantees and used another facility to pay the loan. KFW is the most suitable in this case. After a default however, the pledge becomes a payment or KFW goes tits up.

KFW is the equivalent to an export bank. They fund German business which wants to expand in other countries. Their loans are not easy to get. KFW is operating similar to the World Bank. KFW is government owned.

http://en.wikipedia.org/wiki/KfW

All that is besides the point. Greece is getting increasingly hostile towards Germany. If it were the other way around, would Greece support Germany financially? Humor me.

Thu, 02/09/2012 - 12:15 | 2141973 He_Who Carried ...

Aaaahhhhh, Agree to not disclose details of agreement. Nice touch.

They are on the internet....

Thu, 02/09/2012 - 11:00 | 2141521 maxmad

This "deal" leads to default, bitchez!

Thu, 02/09/2012 - 11:05 | 2141551 knight99

20% psi should lead to default but that is not the world we live in anymore.

Thu, 02/09/2012 - 11:21 | 2141617 Mr Lennon Hendrix

No, the world we live in is one where we must defeat the evil lord Marmod, who flies on a winged lululemon-demon and carries his staff of fire. We must stop him and his evil beast! To the realm of Hobnokin to meet with our Elvin brethren! There we will unite the tribes of Mithron and using the great unicorn steads of Popmandire we will fly mightily into the night, to defeat our enemies!

Thu, 02/09/2012 - 11:04 | 2141541 buckethead

Hybrid default/fiscal sovereignty surrender

Thu, 02/09/2012 - 11:05 | 2141544 buckethead

bitchez

Thu, 02/09/2012 - 11:05 | 2141542 Dr. Engali

Yeah yeah yeah blah blah blah give us some money and we will pretend like we are making cuts. See you in six months for another dose.

Thu, 02/09/2012 - 11:05 | 2141543 Mr Lennon Hendrix

PRIME MINISTER'S PRESS

We will continue kicking the can as long as possible, which is March 20th. Good day.

Thu, 02/09/2012 - 11:06 | 2141562 The Count

Does anybody take any of this seriously? Of course the Greeks will lie and cheat again. Wait for a repeat of this nonsense in 3 months.

Thu, 02/09/2012 - 11:09 | 2141581 Mr Lennon Hendrix

It's just as bad as the US debt debacle and President Stupid's lies.

Californiacation has gone global.

Thu, 02/09/2012 - 11:08 | 2141572 Bagger

Success: -

The Troika have a deal
Most (some) private investors have a deal
Now the Greek Government has a deal

The next stage is to appoint somebody independent (sic) to compare the three deals and arrange a final meeting to air brush the places where the 3 deals differ.

Maybe they should now involve the Greek people. A referendum on which "deal" they want. Should take everyone quietly past the March "default" that will somehow, magically be given a new title avoiding the words default or event.

That should delay things untill the French elections and/or Greek elections if Greece still exists.

Utter madness...........

Bagger

Thu, 02/09/2012 - 11:09 | 2141576 PicassoInActions

so , we won't get anymore rumors tody? damn need to adjust my automated rumo program.

Thu, 02/09/2012 - 11:14 | 2141608 nobusiness

If we can agree on the things that are not agreeable, we will get $130 billion. We are screwed!

Thu, 02/09/2012 - 11:17 | 2141632 mktsrmanipulated

jpm in their jan 14 2011 earnings http://news.investors.com/Article/560020/201101141906/Low-Loan-Losses-Ar...

stated their loan loss reserves were $3.3 billion well if the numbers of its exposure to Greece is correct $4.5 Billion doesnt a PSI haircut with no trigger of a CDS give them losses equal to their reserves....Why is that a problem they will have to recap again against ANY other future losses...

Either I am looking at this wrong or the entire fucking manipulated market is ignoring it....ANY THOUGHTS

Thu, 02/09/2012 - 11:21 | 2141663 skistroni

Correct translation (don't rely on Google):

"The consultation of the government with the Troika, on the only issue (meaning the pension cuts) which was left open for elaboration and discussion, were completed successfully this morning. "

Now, this means we're terminally fucked, for a few more months at least, and we will be totally screwed shortly after.

Thu, 02/09/2012 - 11:33 | 2141751 PORTA PORTA

Akrivws !

Thu, 02/09/2012 - 11:37 | 2141772 PORTA PORTA

In case you havent seen it yet... 'enjoy'

http://www.scribd.com/doc/81054843/Memorandum-of-Economic-and-Financial-...

??????

Thu, 02/09/2012 - 12:10 | 2141948 skistroni

I saw it, and it makes me want to cry. I can't believe how fucked up things are. They won't leave us alone, until the country will be completely finished.

Piase ta opla sou kai pame eparxia. Sthn Athina tha ginei sfagh.

Thu, 02/09/2012 - 12:18 | 2141995 walküre

So, in all honesty. Do you blame Germany for the clusterfuck?

Thu, 02/09/2012 - 15:47 | 2143165 skistroni

Not only. It takes two to tango.

Thu, 02/09/2012 - 11:28 | 2141714 Roy T