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Greek Referendum Is On
Contrary to rumors that the entire referendum will be called off, and be replaced with elections instead, it appears that it won't be, and instead, per the BBC, will progress based on G-Pap's fatal assumption that the public will actually vote for the bailout, the loss of sovereignty, and perpetual austerity. Via Bloomberg:
- Papandreou Adviser Sees Greek Public Backing Bailout Plan: BBC
and it's official:
- GREEK GOVERNMENT SPOKESMAN TOLKAS SAYS REFERENDUM TO GO AHEAD
Good luck.
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Until it's off.
G-pap going to get banged up bad by the pro-Euro posse in Cannes tommorrow: Germany's Merkel, France's Sarkozy, ECB's Draghi, IMF's Largarde will meet tomorrow in Cannes at 1800 CET
- Greek PM will join at 2100 CET
And right now stocks are shitting the bed, getting ready for tomorrow's stick save that will squeeze shorts for the 187th time since March 2009.
We need to compare notes. I count only 186.
Oh wait, I missed this one. You're right...187.
Your math is getting as bad as the Germans and the Irish except theirs are always positive corrections !
FUCKING A - had to share this dipshit...explains why gold is no good and stock market ready for mega bull...oyveeee!!!
http://finance.yahoo.com/blogs/breakout/bull-market-taking-pause-don-hays-123632436.html
http://blogs.marketwatch.com/thetell/2011/11/01/the-magic-number-for-the...
Not looking good for the S&P for November. Not good at all.
Of course the Greek Referendum Is On /Off /On.
MF Global was going to privately finance the Geek debt.
Back to buy the rumor, sell the news again.
Now we just have to convince the Greek people to vote the same way as Iceland.
Screw the bankster bitches.
Was Iceland a Target for Economic Hit Men?
As if there aren't a room full of Euro spooks working hard to rig the vote now.
Come on folks. This is a rigged game.
Yes the Greek people want to shove this up the ass of the Germans.
No, no one will ever know about it.
Iceland isn't a nation of crooks sucking the government teet.
Good luck to Greeks when their currency is worthless and they're trying to collect on their socialist entitlements!
At the end of the day, their currency won't even allow them to pay for the gas to drive to work.
Socialist former Yugoslavia was able to deal with this issue because as part of the former USSR, they were supplied by the Russians with fuel no matter what the currency was worth.
Greece doesn't have that "luxury". If they vote against the package, they're on their own. Period.
Do you really understand what that means for a former industrial nation gone bankrupt with liabilities up the ying yang and a worthless currency?
Hanging CHADS will confuse the issue no doubt
G-pap holds all the cards. He essentially holds the nuclear option in his hand. It's why Merkozy will be begging for mecry tomorrow. Remember, everyone has a price.
Yep...Maybe G-pap is holding out for 100% haircut. Get rid of our debt or the EU and euro dies...politically a smart manuever.
A fresh greenie vote for you.
THEY WILL NEVER ALLOW A VOTE. TPTB will never let the fate of the free world rest in the hands of some over-entitled Greeks. Too much at stake...
Should I sell my shares of Grecian Formula???
I've gone long diners.
Democratic Votes by Greek people with paper ballots are so OLD SCHOOL. I have some better ideas:
--> DIEBOLD voting machines.!! They are very modern, easy to program, easier to count! Just pick the result you want and JUST LIKE MAGIC...DONE!
--> How about asking the U.S. Supreme Court to vote? They are very Wise, we know that. (That's why they are there!!!) Instead of 9 million crazy Greeks voting, just leave it up to 9 old people in Black Robes. Much faster, cleaner and slicker!!! Besides all 9 of them will fit in a clown car!
--> Before we do all of this, we should set up an ETF so we can bet on the outcome, or a SIV so we can leverage the results to out favour.
LET'S BE MODERN ABOUT THIS!
It'll be easy for them to win the referendum - don't forget:
It's not who votes that counts; it's who counts the votes...
Then who burns down the building the votes were counted in!
Just ask Kirov. He can tell you about rigged elections. Oh, wait, you can't. Stalin had him killed for getting too many votes. Here we are 77 years later and how little the world has changed.
Boy ... I can't wait to see the referendum ads come out for this.
I guess that means buy stock in Greek ad agencies
...sad but true Pool Shark...but since the referendum is on, I am going to hope for a true count!!!
Komrade Stalin is that you??
Have been thinking the same thing ever since referendum was announced. Question is - if you fake the results with greece already at the boiling point would it matter?
If G-Pap sees the referendum polling at 30% and tries to cancel, Greece is done. The backlash will be ungodly.
There was never a solution to the Greek problem, that's why Europe never "got it."
If I didn't like to pretend, I would officially announce that this seems to be a staging ground of numerous dog turds.
Perhaps a circle jerk with whole global neighborhood.
A bad TV season of american idol.
Or maybe a defective board game of CLue. (to be remamed clueless)
No referendum/election will be held until the results are known!
HAH! and who counts the ballots? I'm guessing G-Pap and his socialist scum party.
Sweet, a simple on/off switch for the corresponding market melt down/up.
Awww, my friend we are only at the beginning of the race. The camals are all getting lined up and the bets are being laid. We will soon see the shakeout.
Furthermore, besides my doublepost, Why is CNBC running this story so hard into the close?
Perhaps they have had enough (the eurofriends) with Greece?
So lets just say that it isn't going to be called off. All that will happen is there will be unrest in Greece, they will exit the Euro and leaders will print money to save Italy. The question becomes, how much and when.
So lets just say that it isn't going to be called off. All that will happen is there will be unrest in Greece, they will exit the Euro and leaders will print money to save Italy. The question becomes, how much and when.
On that very day of that ominous Referendum Greece needed to be isolated economically in order to shield the rest of the union from a possible NO. If the Greek say NO Greece must leave, but not because its the economically most viabble solution but because it would be nigh impossible to explain to anybody that a NO TO REFORMS AND AUSTERITY should merit further aid. Checkmate!
I think this government won't survive the next confidence vote.
what is the date
Is the middle of next week too late ?
What? You can't have market crushing headlines the last 30 minutes of trading. Only happy rally inducing vapor headlines are allowed.
....ha said as he watched the red on the screen deepen...
It looks like the market IS melting right back down. Good for the market.
I was watching QQQ this afternoon on Yahoo. At exactly 1:30 the thing went apeshit. I knew something was funny. I figured I would wait a while and then check out ZH. I read a few articles, surfed around a little and then went back over to ZH. Sure as shit, there was a rumor about no Greek referendum that caused the sudden rise, like a 90 year old taking half a bottle of Viagra.
It is really a sick system. The fact that we even have to debate whether Corzine will go to prison is ridiculous. All of the shitheads that bought into Obama's bullshit should be looking at this and realize what a fraud he is. Don't get me wrong. The Republicans suck, too, but Obama is the most blatant of the hypocrites so he deserves special mention.
If I gave you a few billion and the exact timing on when these announcements would be made, could you make us rich?
G-Pap is the real honey badger. He doesn't give a shit.
As a recovering FAZ owner, it's nice to know that those happy vapors will not ruin my day today.
Tomorrow S&P sub-1200 if this is true.
Until the next rumor of bailout by ________________ (fill in the blank). It could be the IMF, The Fed, The ECB, China, Little Sisters of the Poor and Meek.
I don't remember this many rumors going around in junior high. At least in junior high you could get a handjob from some impressionable young girl. You might even get to feel her up. This market is far less pleasing.
i think g-pap is going to have a change of heart at last minute, negotiate some back up finding from china, and tell the people to vote against...and get re-elected
Wax on, wax off.
Send in the Jackals.
Harvest time cometh.
Insiders LOVE harvest time.
It was rumored to be AM Rothschild's favorite time of the year ("Oh the most wonderful time of the year").
I recommend reading Paul Krugman's latest books:
-or-
I just bought those for my Kindle.
That's strange. I bought them for kindling.
Interview - Confessions of an Economic Hit Man
Don't worry about that, just buy amzn, you'll be fine.
You've got to figure an insider like GPap, to go this way all alone, knows the potential ramifications: both personally (assisination) and politically (loss of his PASOK majority and position). There is something more going on here. Do sociopaths all of a sudden get a conscience? Saul to Paul? No, more likely does not want to be remembered as a traitor and wants to spread the blame like that Kew Gardens murder we all learn in psychology 101.
Oh and as soon as you printed this, markets tanked. I love ZH.
still would the greek people reeeaally want it? if so, everything was for nothing.
Sheeple are and will always be sheeple, that is where we come in. We know the Greek people are against this specific bailout, our job is to teach them that giving in to the EU in any way will continue this into the future. Same stuff different year. We need to teach them that independent auditors found over 90% of Iceland's debt was from the bank and derivatives, not from them "living beyond their means." Now, 3 years later, their debt is back to investment grade. The greedy hedge fund manager have a short memory when they can make an even quicker buck.
In that vein, ZH / Tylers, can we get a Greek translator in here (Greeks do not speak as much English as a second language as their Northern European "benevolent" bailouters)? We need to get your crucial information and any research ZHers do about who really owes the "Greek" debt onto every Greek language board and make it go viral to voters on the Pelepponesis (sp?).
Great idea for ZH to have links translating their articles about the referendum into Greek.
They keep trying to rally this pig. Looks like Robo is out of luck today.
roboplunge team is doing some heavy lifting today.
the markets have ten minutes to comply.
I am sure Robo zigged and zagged in and out of all the momo stocks today like an Olympic slalom skier. He is now partying with a plate full of blow and a lap full of hookers on Sunset Boulevard.
+1
RoboMomoRearViewMirrorPaperTrader&Fader has timed the millions of tops and bottoms perfectly, whether intrasecond, intraminute,intrahour, intraday, intramonth, intrayear, intradecade or intracentury, and in fact, is a singular, perfect track record endowed, HFT-AlgoBot-CarbonLifeForm hybrid variant.
<golf clap>
Greece to markets:
TEOTWAWKI
ARGLEBARGLE
DERP
Place your bets accordingly.
Very strategic by G-Pap, now we will here rumors that they will pass the referendum and all is normal!! The CAT , I mean Italian Bonds, is out the BAG!! Game on!!
Wait - Wait - rumor of a nursing home womens investing group steping to bail out the euro zone now...markets should react shortly
That seems fitting since stocks are drooping like an old lady's tits right now.
Reset the Motherfucker. I beg you Greek people.
and....... there goes equities
Wow, they got their gags off and managed to get that out before the market closes!
Does the G-Pap actually think they will pass this? Or is he just using this as a convenient 'out' so he can say "I couldn't just pass it without a vote, and they said no, so what do you want me to do?"
I have a really hard time thinking that he actually thinks it will pass. Unless the fix is in.
Everyone know it will not pass. It just sets the stage for him to say we must default and leave the Euro. It is just a cya game now. He now puts the defaut on the sholders of the people . If they complain he can say they voted against it.
That's kinid of what I thought. Good.
I don't know that it won't pass. It will likely be phrased as -- Do you want to stay in the euro or go back to the drachma? They could use a lot of scare tactics about the drachma, and people will vote to maintain the status quo.
Get ready, here comes the banker bullshit bible:
Quantitative easing: printing
Accommodative policy: printing
Open market operations: printing
Stimulus: printing
Measures: printing
one important clarification....
Golden shower: not printing and different than BB helicopter w/ cash...please don't get confused but bankers love this one
The banker bible? That's it? 1 quarter page? I thought stealing and fraud might be embolded somewhere.
Bitchezz don't even respect their own bible. That's crazy....
It's an idea of Central Banks, dont be afraid, if they have decided to tell Papandreu go for a referendum it must be good for economy, so very soon, with the same news, stocks will arrive to the sky...because merkozy is going to meeting again and again and again , and bernanke is going to promise "all necessary" to keep SP above 1100... don't worry, the printer machine is working fine, just one or two more bad news and lets go UP UP UP again....
MODERN ECONOMY IS FINE, ONLY CENTRAL BANKS PRINTING IS ENOUGH TO KEEP QUIET EVERYBODY, WITH CHINA AND JAPAN AND BRICS READY TO HELP JUST IN CASE. PEOPLE UNEPLOYED...WELL, THIS IS NOT TO BAD IF THERE IS PEOPLE RICH SPENDING MONEY. THIS IS CALLED THE NEW MODERN COMUNISM IS REPLACING CAPITALIST SYSTEM, WITH THE SAME PRINCIPLE, MONEY IS GOD AND CENTRAL BANKS ARE ANGELS.
AMEN.
HAHAHAHAHAHAH!
Looking With Amazement, wrong again!
Democratic Jiu-jitsu, or advanced Greek negotiating techniques. If they make it until the referendum, the deal is guaranteed to get even better than it is now.
Let the Re-Tankage begin. Bye bye S&P 1200.
Also, is Corzine still not getting pounded in the ass yet? JAIL NOW PLEASE.
Everything is OK, Benny is manning the helicopter and taking it across the Atlantic tonight.
Deibold Machines to Greece, STAT.
I think it will be very difficult to vote in Greece, you will have to dodge the tanks and the snipers to get to the voting booth, it will pass.
I am enjoying this: the black hole vortex of Greece is self-destructing, and will stop sucking attention, resources and money.
Greece will vote against the deal and will get (kicked) out of Euro. That will open the gates for Northern block to escape Euro as well. When that movement becames apparent, I trust the whole Euro will break up to 17 national currencies at 1:1 exchange rates.
Sanity is worth a few % of losses.
Dont be surprised out how stupid the average voter is. Look who is president of the United States. One of the countries in Europe voted to stay in the Union. Look at who is president of France or Britain. There is no limit to the stupidity of the average voter.
the person to create the last rumour of the day wins look for these stories to come out closer and closer to the bell
New rumor: S&P downgrade of France after the close.
time to bring out the deer?
GAME ON
And by the way:
That sound you're hearing is the market augering in like a P-51 at the Reno Air Races...
[closing at LOD]
Vote wisely Greek Pols, or prepare to face Riot Dog for the last time
Let's see who can come up with the best 'story' of how/why this went down. I believe that G-Pap announced the referendum after being unable to get a bailout from Uncle Benny. Benny calls G-Pap and was like "WTF!?". G-Pap 'calls-off' the referendum to show Benny how much power he has right now. After a few hours of "negotiating" and G-Pap not getting everything he wants it's referendum back on time. Tomorrow, Benny will be begging G-Pap to back off the referendum and will suck his dick.
G-Pap can only hope this is the "outcome"....
Put up Donkey Kong!
I am sure that it will pass, with german gun pointing at the head.
You have to smell more than a few rats here. This will likely be a rigged referendum if in fact, it goes forward. But on the very slim chance that it is honestly on, the Greeks will not be voting in favor of the banksters and the Euro experiment.
In polls, Greeks say they do not want austerity. They also say they want to stay in the euro. If given the referendum, they would have to decide which one is going to give.
Well...next headline will be Merkozy permit Greece to leave the Euro.
That would absolutely be the smartest move of the Berlin-Paris axis of Euro.
time for the Cage Match!
must not finish 300 pts. down.
must continue to go down below 300 pts. (so the Ben-effect is even greater tomorrow).
Mission accomplished. The down draft tomorrow will give him plenty of cover. Don't worry he will print like a fother mucker.
Still; 572 DOW point loss in 2 days is a pretty good selloff...
So market is going down on news that there is going to be referendum. What does it say about the politicians "representing" the people when "elections" are good news and referendums are bad news???
French invasion of Greece up next?
man
can you imagine the money these guys are making from the cboe on timing their rumors
unbelievable says Barnum Bailey
W.C. Fields - never give a sucker a second chance
whoa nellie!
it might be as simple as that, the guy is a slime
Let's not be hasty, and wait for the results of the Diebold voting machines, after the referendum takes place, to be tallied.
/SARC
The guy is just not a slime he is a true socialist ass hole...the people to vote....give me a break
They should do it quick... screw the G20.
Predator drone strike on G-Pap in 3.... 2..... 1.....
They can always blame it on the muslim threat du jour.
start something in beleagured Cyprus and Turkey will fall into line.
Is Chaff a Greek word?
Full damage-control in progress. Corrupt Eurocrats frantically scrambling to prevent the referendum and ensuing Euro-meltdown.
Lates, my b*tch
For GPap to sit quietly while all the European leaders negotiate their 'solution', and then to spring this on them with no warning after everything has seemingly been agreed to is just plain malicious. GPap is clearly jerking the Europeans around, probably hoping for more concessions.
Greece is just not suited to be part of the EZ. The best thing that could happen for Greece (and for Germany) would be for the Greeks to vote for default.
It is reminiscent of Czeckoslovakie 1938. How did that work out?
To me it seems opposite. If I were a German, after all the trouble the Greeks have caused, I would want them out of the EZ.
Honestly, I don't care about whether Greece is part of the EZ or not. I want my country to be out of the EZ. I was against this whole Euro project from the beginning. A liberal (not neoliberal) vision of Europe where nations cooperate - yes.
As a democrat (not the party) I applaud G-Pap's decision. If only German leaders would have asked their population more than ten years ago if they want to be part of this. Because Germans never wanted the Euro. The DM was a fine, not perfect currency. And I want the DM back. That will be a great day for all Germans.
Unfortunately for Greek people they're damned if they do, damned if they don't. If they vote to leave then there will be a run on banks as people desperately try to hoard euros in anticipation of a return to a rapidly devaluing drachma. This will create an Argentina style situation and lockdown of the economy.
Then, once the drachma comes back, Greek people will get their austerity measures anyway via a sharp decrease in purchasing power felt most immediately in the supermarket. Correct me if I'm wrong, but Greece is a net food importer.
If they leave the euro then they're guaranteed to suffer in the short term but will ultimately recover faster. If they stay on the euro, they will suffer less in the short term, but might ultimately never recover. If people understand these terms then they'll likely go for the immediate option and choose to stay on the euro.
Personally, I think they should leave. They were never qualified to join the euro anyway and lied (with help from GS) in order to do so. Punishing inflation, government overthrow, political instability, etc might be the fire Greece needs to actually create a solid foundation for a better economy in the future.....or it might mark the start of a spiral into an even more economically incompetent military dictatorship. One way to find out. Default and leave.
Of course, if G-Pap figures out that leaving might trigger a cascade of CDS that takes down the global financial sector, then he's got some pretty powerful blackmail material to buy his way out of the mess he's in. Perhaps he should start selling "protection" to the world.
If Greece default (or permited to leave) Argentinas missery 10yrs ago will be like a summer breeze compared to the gail force 9 Greece will suffer.
Argentina defaulted but had the "luck" of a neighbor who turned ultra-strong. Greece have just a-fucked all its friendly neighbors.
Good luck Athens...you need all your gods now.
They just destroyed the CDS market. We are having fun without protection.
Agree with your sentiment but your premise is wrong.
The Greeks had 10 FUCKING FANTASTIC YEARS as a member of the Eurozone and the benefits of holding a "hard" currency. They cooked the books and as it turns out, they're a nation of crooks when it comes to accounting and taxation.
So, you tell me how this nation will ever RECOVER when they return to the Drachma? They can kiss all their entitlements GOOD BYE. They can forget about getting any handouts from the government as their government will be preoccupied securing any fuel to run the operation!
Greece and Greeks would be fast approaching the lifestyle of the common man and woman in Zimbabwe.
There is absolutely nothing of value in Greece! No resources, no manufacturing, no service sector that could compete globally!
They were very fortunate to have had the last 10 years and they know it too. That's why prudent Greeks (the best of the crooks) have taken their money out of the country and deposited in Switzerland, Luxemburg and the UK.
After a "no" vote, Greece will be going the way of Albania.
Greece is a much better tourist destination than Albania. So many historic sites, and the Parthenon at night is absolutely beautiful.
And they have fishing, and tending their olive groves and goat herds.
I think they would get by.
Sure they'll vote, with AK-47's.
send in diebold, count, recount, call it a draw.
then what?
Oh fuck, I just puked a little in my mouth.
And now I'm off to the crapper to pull a Dumb and Dumber.
erm...whats with the post market ramp up? Did someone forget to switch off the bot on the way out?
This is not being reported by the "main stream" press. They get it out good rumors in under 30 seconds...bad rumors not so much
Gotta get going on the overnight gap up.
This is like having a young child that just got big enough to reach a light switch:
On, Off, On, Off, On, Off, On, Off...
Annoying at best.
Papandreou is a hero.
They're about to make him a martyr.
You might all find this shocking, but still no reports on MarketWatch or CNBC of this counter-counter-rumor. Just headlines on Marketwatch of the counter-rumor that some socialist politician doesn't like the referendum.
Do you have the link please from the greek press?
Where did he say that?
and here we go-
Will the Greek referendum snatch economic defeat from the jaws of victory?
can't have people deciding their own fate now, can we?
what a sad twisted little world we live in...
Quoted form another post on zerohedge "10yr Ink Bonds will be sold to finance the printing of the ballots"
Don't forget that Greece has it's own version of the 1% and the 99% too. The 1% are in the Greek legislature or have them by the scrote anyway. Not voting for it is political suicide...they would rather try to spin it to the plebs as good for Greece and live another day.
Strike bitchez!
oh look out of hours futures soar...... what a surprise
Later tomorrow : Greek PM plane crashed due to unknown reasons on his way to Cannes, no survivors.
Uhhh...Is G-Pap flying to the G-20 meeting? I would not fly with him anytime soon.
Perfect timing.. Was just about to cover my S&P shorts, which finally dropped back to my price after last week's run-up. Guess I'll hold them another 24hrs and hope for more bad news from the Pantheon tonight...
So far the vote is One= Yes One = No
I´ll do an exit poll
Most Greeks (about 60%+) are against the ``bailout``...
We could say today that GREECE IS THE MOST POWERFUL COUNTRY IN THE WORLD right now... they hold EVERYONE by the balls.
You right but at the same time 70% of them are for staying in the union, so we will see how they will formulate the referendum questions.
Can Papandreou rig the vote?
I would imagine that the Greeks will get some punishment before the vote, and lots of scary warnings from their leaders.
How about gas, food shortages. Pensions scaled back (temporarily of course pending the vote)....a 5000% tax on liquor....there is no end to how they can be turned into cowering sheep.
Reading the comments on ZH is such great entertainment! There are some very sharp, witty people posting here.
Referendum =
"Do you really wish to leave the EU monetary union and the endless supply of free Eurodollars right when we have them where we want them?
Really?"
___YES
___NO
"Do really you wish to have your pensions devalued by 66% and have fuel and all other import prices increased by 300%?
Really?"
___YES
___NO
Not so sure this referendum will be a slam dunk. Hopefully the Greeks can see past a two year period of pain and see the benifits of a full default.