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Juncker Warns Of Greek Default As Europe's Patience With Greece Runs Out

Tyler Durden's picture


Following up on our report from this morning that according to former Greek defense minister, German submarine chief procurer, and not to mention Jenny Twenty repeat offender, Evangelos "Xanax" Venizelos, we learn that the god of Deus Ex Machinae is about to abandon Greece, after an announcement by that most magic unicorn-infatuated of bureaucrats, Eurogroup head Jean-Claude Juncker made it clear that Greece is all but finished. As Reuters reports, "The possibility of a sovereign default by Greece cannot be ruled out, Jean-Claude Juncker, head of the Eurogroup of finance ministers from the single currency zone, said in a German magazine on Saturday." Translation: A Greek default on that €14.5 billion bond maturity D-day of March 20, is now inevitable. In an advance copy of comments to news weekly Der Spiegel, Jean-Claude Juncker was quoted as saying Greece could no longer expect solidarity from other euro zone members if it cannot implement reforms it has agreed. "If we were to establish that everything has gone wrong in Greece, there would be no new programme, and that would mean that in March they have to declare bankruptcy," he said. So after years of delaying the inevitable sovereign Lehman weekend, it is finally here. As a reminder, when Lehman filed, everyone, at least those in charge, thought the fall out could be contained. It couldn't, and the Fed had to step in with roughly $30 trillion in backstops, guarantees, and asset purchases. The same will happen this time.

Curiously, it was none other than Zero Hedge who said back in April of 2010, that Greece should just cut the cord and get on with it, because "Not only will a delay in defaulting do nothing for the economy except bleed it to death slowly, but ever more frequent risk flare episodes culminating in bank runs will intensify the deposit outflows and impair the banking system beyond repair (for depositors to keep their money in Greek banks, they need to be compensated for the risks: double digit rates sound about right), thus dooming any hope for an economic recovery." Funny how correct we were on that assessment, just two years ahead of the Eurozone's kleptocrats. On the other hand, having called Europe's bluff for as long as it did, is also an admirable development, if only instead of recycling the cash mooched out of Germany to pay European banks, it had been injected back into the economy and not into German submarines....

As for next steps, the only question now is what happens in that critical interval between February 29 when the second ECB 3-year LTRO takes place, and March 13, when the next FOMC statement is due, incidentally just after the BLS announce that all the labor numbers in the past few months were really just a joke, and the economic contraction is about to hit the US despite what those who believe that the market, and thus the economy, is really just a reflection of one month's seasonal labor adjustment.

And while in the past imminent deadlines were always promptly forgotten this time around, Greece may have boxed itself into a corner, having said earlier today that all must be set in under 24 hours or else the bailout is off the table. Alas, there will be no resolution tomorrow.

On the brink of bankruptcy, Greece must wrap up talks with foreign lenders on the bailout and quickly get political approval to ensure funds begin flowing in time for it to pay back 14.5 billion euros of bonds falling due in mid-March.


But negotiations with its 'troika' of international lenders have stumbled over their demands that include cutting labour costs by axing holiday bonuses and lowering the minimum wage - proposals strongly opposed by Greek political party leaders.

Some more from Reuters why tomorrow may be finally the day when the foreplay officially ends:

Euro zone finance ministers told Greece on Saturday it could not go ahead with an agreed deal to restructure privately-held debt until it guaranteed it would implement reforms needed to secure a second financing package from the euro zone and the IMF.


Euro zone ministers had hoped to meet on Monday to finalize the second Greek bailout, which has to be in place by mid-March if Athens is to avoid a chaotic default. But the meeting was postponed because of Greek reluctance to commit to reforms.


Instead, the ministers held a conference call on Saturday to take stock of progress on the second financing package, which euro zone leaders set at 130 billion euros back in October.


"There was a very clear message that was conveyed from all participants of the teleconference ... to the Greeks that enough is enough," one euro zone official said. "There is a great sense of frustration that they are dragging their feet.


"They should get their act together and start talking honestly, decisively and speedily with the Troika on the aspects of the programme that remain to be finalized - on fiscal and labor market reforms," the official said.


"There is a great sense of frustration with Minister Venizelos, who is very hard to get hold of because he is very busy campaigning for the leadership of (the Greek party) PASOK, so he is not available to meet with Troika members," the first official said.


"He is preparing his own political future, rather than the future of his country. People are seriously disgruntled about that and have conveyed this very clearly to him this afternoon," the official said.


"There is an increasing sense of frustration that why should we honour our part of the bargain, which we have in the past, while Greece does not seem to care that much, and has not delivered their part of the bargain," the official said.

Alas, if Venixanax is now unreachable, it pretty much seals the deal. Or lack thereof.


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Sat, 02/04/2012 - 21:18 | 2127522 Michael
Michael's picture

Complete and total economic collapse bitches.

Sat, 02/04/2012 - 21:23 | 2127533 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Canned hamz in the backyard bitchez!!!!

Oh shit, signed on on the wrong avatar.

My bad....

Sat, 02/04/2012 - 21:38 | 2127570 Hulk
Hulk's picture

you got the new spelling wrong too, gotz to keep up with the times...

Sat, 02/04/2012 - 21:47 | 2127583 Ahmeexnal
Ahmeexnal's picture

PMs, guns, and lembas bread!

Sat, 02/04/2012 - 21:50 | 2127589 Spastica Rex
Spastica Rex's picture

Cram, for you.

Sat, 02/04/2012 - 22:08 | 2127623 Thomas
Thomas's picture

In a recent Puplava interview, Ralph Acampora waxed on about how "Greece was priced into the markets." I left an email message to Puplava saying that "Lehman was priced into the markets too." That really worked out well, eh? Greece should flip off Europe 100% and move on. Selling assets is for junkies. They need to sober up, but without Europe stuck on their backs.

Sun, 02/05/2012 - 00:20 | 2127727 The Big Ching-aso
The Big Ching-aso's picture



Greeks, debt, riots, idle unemployed horny youth, and ouzo.   It's gonna be one hell of a year.

Sun, 02/05/2012 - 03:08 | 2128098 Manthong
Manthong's picture

Everything is good for Mr. Puplava's market... the Leading Economic Indicators told him so.

But some problems later in the year..

at least he he gets great interviews and likes gold.



Sun, 02/05/2012 - 06:45 | 2128204 _ConanTheLibert...
_ConanTheLibertarian_'s picture

I used to listen to the FS newshour but decided reading is more efficient. Besides two things annoy me now:

1) J-Pup is no longer in the studio. It sounds like he's in his boat (he probably actually is) sending in comments. Sounds a bit forced. Either do the show in the studio or just go sailing!

2) His son has a very inappropriate and outright annoying voice for radio. He sounds like a teenager. This is a classic example of daddy helping his son.

Another great example of this is Aaron Spelling who brought in his very ugly daughter Tori. She would never have made it otherwise.

Sun, 02/05/2012 - 10:11 | 2128329 Stax Edwards
Stax Edwards's picture

Lets hope they make it official this time.  Wife and I been waiting over two years to schedule that half price vacation to the Greek Isles.  Was thinking it might never come.

Sat, 02/04/2012 - 23:10 | 2127743 Ponzi Unit
Ponzi Unit's picture

Hurry up! How much for my radio, man?

Sat, 02/04/2012 - 22:12 | 2127594 greyghost
greyghost's picture

i don't know about anyone else, but i just want to dive for the foxhole everytime i  see junckers name...and yes i know the real one was junkers...for the historically handicapped see ju87....ju88 etc

Sun, 02/05/2012 - 00:59 | 2127962 akak
akak's picture

You can really start to panic when they introduce the new head of the IMF, Herr Stuka.

Sun, 02/05/2012 - 02:40 | 2128073 francis_sawyer
francis_sawyer's picture

Wouldn't you like to be a prepper too?

Sun, 02/05/2012 - 03:33 | 2128112 Manthong
Manthong's picture

Looks like there a lot of that going around.!

Sun, 02/05/2012 - 05:56 | 2128174 DaBernank
DaBernank's picture

I like how the woman in Phoenix is preparing for hyperinflation and worried about keeping a low profile, yet chooses to be featured on a television program.

Sun, 02/05/2012 - 06:35 | 2128199 jeff montanye
jeff montanye's picture

the bushobama administration, reality television, the (certainly possible) world envisioned by "preppers", ....

making the acceptance of the inevitability of death easier.  silver linings.

Sat, 02/04/2012 - 22:03 | 2127614 westboundnup
westboundnup's picture

/rhythmic slapping sounds

Sat, 02/04/2012 - 23:18 | 2127767 CrashisOptimistic
CrashisOptimistic's picture

It is my understanding that the ECB and IMF now collectively hold most of the Greek debt.

A default hits THEM more even than the banks.

Europe can't tolerate this.  They'll have to invade and confiscate assets.

Sat, 02/04/2012 - 23:24 | 2127788 LookingWithAmazement
LookingWithAmazement's picture

Market relief rally after Greek default, bitches.

Sat, 02/04/2012 - 23:34 | 2127810 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Is that like makeup sex?  Or an anger fuck?

Sun, 02/05/2012 - 11:57 | 2127821 LookingWithAmazement
LookingWithAmazement's picture

Reality. Recently a sneak preview was given, when a Greek deal was supposed to be at hand. An acute market-orgasm broke loose. The markets are dying for a Greek default. Otherwise the Total Collapse would have happened by now, because for sure Greece cannot pay back its debts.

Sun, 02/05/2012 - 14:05 | 2128889 donsluck
donsluck's picture

I think you are correct, for very short trades, sell on the rumor, buy on the news.

Sun, 02/05/2012 - 06:28 | 2128194 cnx
cnx's picture

Let's see.. when will be the next banking holiday in Greece?

Sat, 02/04/2012 - 21:18 | 2127523 wisefool
wisefool's picture

If at 138 times you dont suceed, setup a conference for 139.

Sat, 02/04/2012 - 21:52 | 2127593 holdbuysell
holdbuysell's picture

The boy who cried 'wolf' would be envious to be able to con people so many times.

Sat, 02/04/2012 - 22:00 | 2127609 Long-John-Silver
Long-John-Silver's picture

All those people wanted the con, believed the con, and lived the con. It's how Bernie Madoff was able to operate his ponzi for so many years before it collapsed. 

Sat, 02/04/2012 - 21:23 | 2127525 lolmao500
lolmao500's picture

What about Hungary?

Hungary is seeking an international credit line of 15 to 20 billion ($20 to $26.3 billion) euros, the secretary of state heading the prime minister's office, Mihaly Varga, was quoted on Saturday as saying.

And don't count on China...

Wen says China has no intention to 'buy Europe'

And Russia is planning the biggest military buildup since the Soviet Union...

Russia will start producing six submarines and one aircraft carrier annually starting in 2013, Deputy Prime Minister Dmitry Rogozin said on Thursday.

“By 2013, production capacity [at Russian shipyards] will allow us to build six submarines and an aircraft carrier every year,”

As a result, the production output will surpass that of the Soviet era when Russia built an average of five submarines annually, he said.

Sat, 02/04/2012 - 21:36 | 2127559 Randall Cabot
Randall Cabot's picture

Now that you mention it, I am getting hungary. I think I have a half of a turkey hoagie in the fridge. Be back in a bit.

Sat, 02/04/2012 - 21:36 | 2127560 T-roll
T-roll's picture

You forgot to metion that Israel is going to attack Iran witihin a few months.

Sat, 02/04/2012 - 21:48 | 2127585 Ahmeexnal
Ahmeexnal's picture

Trolls have been saying that for the last....60 years.

Sat, 02/04/2012 - 21:55 | 2127600 lolmao500
lolmao500's picture

More like 33 years.

Sat, 02/04/2012 - 21:36 | 2127562 navy62802
navy62802's picture

... because the first Cold War didn't bring us close enough to annihilation, now we get another one.

Sat, 02/04/2012 - 22:36 | 2127650 xela2200
xela2200's picture

Life is all about second chances.

Sat, 02/04/2012 - 21:21 | 2127529 Asher88
Asher88's picture

Yeah, THIS time there really IS going to be a default...this isth theriuth sththuff Beavis!!!

Sat, 02/04/2012 - 21:21 | 2127530 Troy Ounce
Troy Ounce's picture

A Drama

Sat, 02/04/2012 - 21:25 | 2127537 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

A Drachma

Sun, 02/05/2012 - 01:08 | 2127982 akak
akak's picture

A dram of Dramamine.

Sun, 02/05/2012 - 02:33 | 2128067 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Drama yo Mama!


Sat, 02/04/2012 - 21:22 | 2127532 The Deleuzian
The Deleuzian's picture

Die Empire Die!!

Sat, 02/04/2012 - 21:24 | 2127536 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Di, Opus Di!

Sat, 02/04/2012 - 21:29 | 2127546 The Deleuzian
The Deleuzian's picture

Get em' LH!!!

Mon, 02/06/2012 - 01:08 | 2129879 ucsbcanuck
ucsbcanuck's picture

You meant "Die, Opus Dei" right LH?

I wonder - did Blankfein read Da Vinci Code before the infamous "God's work" speech?

Sat, 02/04/2012 - 21:23 | 2127534 Mr.Kowalski
Mr.Kowalski's picture

Scenario Two involves a meltdown in Greece-- riots, protests and strikes reach a point where Greece becomes ungovernable, with the government unable to do anything to help the situation. Should this type of scenario play out, I look for the Greek Army to throw out the (incompetent) civilian government. The military only handed over power back to the civilians in the early 1980's. It could easily happen again. At this point, there begins a chain reaction: depositors will immediately empty out any money they have in Greek banks-- if the Army allowed them to even open for business

Sat, 02/04/2012 - 21:26 | 2127539 lolmao500
lolmao500's picture

That would be neat.

Sat, 02/04/2012 - 21:34 | 2127555 Michael
Michael's picture

Iceland is sending consultants to advise on how to get er done.

Sat, 02/04/2012 - 22:05 | 2127617 HardlyZero
HardlyZero's picture

Maybe a new type of Club Med..."Fire and Ice".  You get to visit either location and pick your own crisis crash pad.  Fully stocked and 24/7 entertainment.

Then take a dip in the icy - volcanic heated waters...or go to the Greek Isles for a dip.

It could be a very tantalizing 

Sat, 02/04/2012 - 22:14 | 2127637 kito
kito's picture

Get what done! Greece is the problem. Greece itself can't pay the piper. Totally different than Iceland.

Sat, 02/04/2012 - 22:20 | 2127646 Conrad Murray
Conrad Murray's picture

I think he was referring to luring the piper into a dark alley, beating him mercilessly, hanging him from a lamp post in front of Parliament, and slicing him open from throat to sack to the amusement of on-lookers as he flails about momentarily while his guts plop to the pavement.

Sat, 02/04/2012 - 22:36 | 2127675 Michael
Michael's picture

Conrad read my mind in the most delightful way.

Sun, 02/05/2012 - 05:39 | 2128166 Oliver Jones
Oliver Jones's picture

Nice imagery!

Sun, 02/05/2012 - 08:48 | 2128259 falak pema
falak pema's picture

You sound like Jack of East End, but he had a preference for floozies; misogynists are as bad as bankers 'cos they love the wrong end of the bloody "stick it in the gut" for the same reasons : hubristic, uber-alles, immune to sheeple sentiment. 

I'd hate to become like them, tempting though it be to rip open a pot belly full of fiat hot air, in the alleys of power of shitty City, magical square mile of Her royal highness of Windsor; not Whitechapel. Here's to the women who mother these monsters, so ordinary that they be like you and me. Until you look at their bank acounts!

Sat, 02/04/2012 - 22:21 | 2127647 Michael
Michael's picture

Doesn't matter. The goal is to be like Iceland.

Sat, 02/04/2012 - 21:40 | 2127573 yabyum
yabyum's picture

Greece today: Any town USA this year....go buy some <64 US dimes.

Sun, 02/05/2012 - 09:07 | 2128268 fiddy pence haf...
fiddy pence haff pound's picture


All the Greek army needs is a powerful American cabal to back it up.

I think somebody in Washington wants Greece to pay the American banks.

Somebody get Timmie on the fone.

Sat, 02/04/2012 - 21:23 | 2127535 SMG
SMG's picture

Let's flipping do this already and get it over with.  I'm tired of waiting and ready to rebuild a better world.

Sat, 02/04/2012 - 23:14 | 2127754 Ponzi Unit
Ponzi Unit's picture

Yeah, crisis fatigue...

Sun, 02/05/2012 - 01:17 | 2127993 CynicLaureate
CynicLaureate's picture

It's tempting to think that way, but I prefer to enjoy another day of central air and heating, another day of satellite TV, and another day to buy in bulk at the Big Box Store.

There'll be plenty of "starting over" to go around soon enough.


Sat, 02/04/2012 - 21:25 | 2127538 lolmao500
lolmao500's picture

I hope the stock market crashes.

Sat, 02/04/2012 - 21:39 | 2127569 ekm
ekm's picture

Stock market depends on one factor only:

Whether the Plunge Protection Team= Primary Dealers have run out of money or not.

Nothing else matters.

Sat, 02/04/2012 - 22:06 | 2127622 HardlyZero
HardlyZero's picture

Timing is everything...and SuperBowl Distractions.

Sun, 02/05/2012 - 04:13 | 2128130 cranky-old-geezer
cranky-old-geezer's picture



Stock market never will crash again. Ben will print like crazy to keep it inflated ...and keep banks going ...and keep the government going.

I fully expect 20,000 DOW and $20 trillion US govt debt, and it'll keep on going. 

But food and fuel and other necessities wil be double (or triple) what they are now as the dollar lives out its last days.

Sun, 02/05/2012 - 05:43 | 2128169 Troy Ounce
Troy Ounce's picture



Is it not amazing? The whole world masturbating on the stock exchange performance, desperately trying not to look the other way of cataclysmic failure, bank runs, riots and war. Fuck, how stupid can they be?

May the crash be deafening.

Sun, 02/05/2012 - 09:10 | 2128270 fiddy pence haf...
fiddy pence haff pound's picture

HFT and QE do not allow for crashing.


The model now, as always, is to fools suckers into putting their money in

so that the next bunch of MFs can steal it.

Pure larceny. There is no stock market. no capitalism. just debt.

Sat, 02/04/2012 - 21:42 | 2127577 Dr. Engali
Dr. Engali's picture

There would be a good possibility of that if we had a stock market instead of a policy tool. This market won't go down until either war with Iran starts or the 2012 elections are over.

Sun, 02/05/2012 - 02:37 | 2128070 caerus
caerus's picture

es 1500 territory will be the beginning of the end

Sun, 02/05/2012 - 02:49 | 2128078 francis_sawyer
francis_sawyer's picture

I hate to say it but I agree...

There will be one dumbfoundedly shocking rally before the knockout punch comes in from left field...

The BLS bullshit was just the start of things...

Sun, 02/05/2012 - 02:59 | 2128092 caerus
caerus's picture

the december ltro killed what little market honesty there was...back door european qe bullshit...

the loser now may be later to win...for the times they are a changing...


Sat, 02/04/2012 - 21:27 | 2127542 Angel Face
Angel Face's picture

Good grief!  This is like Groundhounds Day....deja vu.  Just default already!

Sat, 02/04/2012 - 21:28 | 2127544 Freebird
Freebird's picture

The bastards have had a long time to prepare & ensure their positioning post upheavel.
Cunts the lot of them.
Hope you guys & girls are prepared.

Sat, 02/04/2012 - 23:19 | 2127764 Ponzi Unit
Ponzi Unit's picture


Canny Greek kleptocrats, leaders of a country that has defaulted on numerous occasions - is it six or seven? -- are simply taking the money as long as they can scam it out of the northern tier and then walk, as planned, er prepared for, all along.

Sun, 02/05/2012 - 09:13 | 2128271 fiddy pence haf...
fiddy pence haff pound's picture

Ponzi Unit, your name says it all.

you would expect honesty, from Greece, in such conditions as we live in today?

The guy on Keiser's Edge yesterday says the real moral hazard is that,

when everybody sees that theft goes unpunished, they'll just start stealing too.

the police cutbacks will mean insufficient deterent, and all hell breaks loose.


Sat, 02/04/2012 - 21:29 | 2127545 flyonmywall
flyonmywall's picture

This has been going on so long, I don't even care anymore. But, if volatility increases, I'm all for it. Screw it all.


Sat, 02/04/2012 - 21:30 | 2127549 JPM Hater001
JPM Hater001's picture

"A Greek default on that €14.5 billion bond maturity D-day of March 20, is now inevitable."

I have 20 clams says they start stealing retiree funds and other loose change from the couch's before we are anywhere near a default.  Ive been riding this train long enough to know there is never, and I do mean never, a D-Day in the happy go lucky world of debt and default.

Having said that Green Bay has a better chance of winning the Super Bowl tomorrow than Greece not defaulting but only just slightly.

Sat, 02/04/2012 - 21:51 | 2127591 q99x2
q99x2's picture

A false flag has an equal chance. I'm not going to the Super Bowl. Anyone notice if short interest shot up on Friday?

Sat, 02/04/2012 - 21:32 | 2127552 Fozzy Slippers
Fozzy Slippers's picture

Jubilee you fucking squid bitchez!!!  You get nothing but a steaming pile of Greek shit for your criminal actions.

Greeks! Grab your criminal officials and throw em in jail.

Sat, 02/04/2012 - 21:33 | 2127553 LeBalance
LeBalance's picture

"If we were to establish that everything has gone wrong in [Greece>Portugal>Italy>France>Germany>UK>US>China>Russia>Africa>South America>Everywhere Else], there would be no new programme, and that would mean that in March they have to declare bankruptcy,"

its a Con-tag-ion!

new program is "rat on a stick" a little bit gamey, but that would be a good night.



(oh, the dilemma!)

Sat, 02/04/2012 - 21:34 | 2127556 tao400
tao400's picture

Don't count on a default yet. The Greeks are some wiley sons of bitches. There is no default until March 20th. And even then, the Greeks will find a way to extend the due date. The best part of the quotes is that they just don't care. I love it. Maybe they are not playing the game anymore because they knew all along they would not pay and are now, even them, getting a guilty conscience. They've defaulted before, they will default again. I must say, today I am Greek, even though I really Irish American.

Sat, 02/04/2012 - 21:51 | 2127592 my puppy for prez
my puppy for prez's picture

al they need is a good greek wedding come march 19th.  invite the entire the extended ceremony, the dance line and the uzo. and that should get them to march 28, if not later...providing they break out the jordan almonds at the right time;

Sun, 02/05/2012 - 02:53 | 2128083 francis_sawyer
francis_sawyer's picture

I hate to say it but I agree with this assessment as well...

It's the same MFing thing as the GD "Supercommittee" (remember that bullshit)? How many DEBT CEILINGS have we passed since then...

"the can" bounces merrily along down the street... Time to embrace the horror!

Sun, 02/05/2012 - 06:10 | 2128185 Nachdenken
Nachdenken's picture

And your Avatar is Chinese.  Cover all bases Irish, the only way to go. Are we not all Greeks in someway?

Sun, 02/05/2012 - 09:20 | 2128277 fiddy pence haf...
fiddy pence haff pound's picture

who's got guilt, tao400?

everybody's being scammed, if they're not scamming.

your real wages and mine have fallen for 30 years, while bosses have been

lining their pockets and arbitraging your neighbour.


You're all invited to the party if Greece defaults on 20 March, where Greeks will open...

pandora's box.

The porn industry is already working on this one.

Sat, 02/04/2012 - 21:35 | 2127557 BigDuke6
BigDuke6's picture

'Evangelos "Xanax" Venizelos'....


To those who dont know allow me to explain xanax, the anxiolytic medication.

i was introduced to it by a friend of mine.

Xanax is the latest uprade of valium... mogadon... the mothers little helper of the 1970's.

a benzodiazapine of pure quality which hits you with a clear punch of velvetty greyness.

its basically an upgrade when flying economy.

i took my usual elephantine dose when flying pan pacific thro LAX to vegas.  Cant remember the journey and arrived with only a faint mist which cleared with 5 vodka red bulls.

Just sayin'

Sat, 02/04/2012 - 21:37 | 2127563 ekm
ekm's picture

Your eloquency capabilities and not xanaxed.

Sat, 02/04/2012 - 21:35 | 2127558 non_anon
non_anon's picture

time for another gyro

Sat, 02/04/2012 - 21:41 | 2127574 ekm
ekm's picture


Sat, 02/04/2012 - 21:38 | 2127565 Dr. Engali
Dr. Engali's picture

Here we are two years later in the same fucking place. "Greek default any day now". I'm not bashing you Tyler. It's just getting old waiting for them to finally come to the same conclusion that the rest of the world already knows.

Sat, 02/04/2012 - 22:22 | 2127651 kaiserhoff
kaiserhoff's picture

And Calipornia still has a chance to Smokem.  Go Moon Beam Go.

Sat, 02/04/2012 - 21:38 | 2127567 FreedomGuy
FreedomGuy's picture

There would be no need for containment if central banks/governments quit bailing each other out. The necessary rates to attract real investors wpuld enforce discipline much earlier. Most governments ( like ours) will raid pension and retirement funds of their own country. If they default most of the pain will be felt in the defualting it should.

Using central banks makes the innocent pay for the guilty, e.g., foreign taxpayers.

Sat, 02/04/2012 - 21:41 | 2127575 Totentänzerlied
Totentänzerlied's picture

The problem with timing a Greek default is that unless you've been high non-stop for the last 3 years, you thought to yourself "they should default yesterday" each and every time you heard the word "Greece" in any context.

In the words of someone with a masterful grasp of system dynamics theory, "it works until it doesn't (bitchezzz)."

Sun, 02/05/2012 - 01:12 | 2127988 akak
akak's picture

No, the real problem is that the default already happened over two years ago now --- now we're just waiting for the official acknowledgement and the tears.

Sun, 02/05/2012 - 03:01 | 2128094 francis_sawyer
francis_sawyer's picture

Yeah... Just think... In another sense, that 'crafty' old Bin Laden kept cave hopping along for a decade before he finally made the tragic mistake of heading over to a local suburb to catch an episode of 'Pakistani Idol'... right? RIGHT?...

This shit goes on longer than anybody possibly has the will to endure...

The TRUTH is what they tell you it is (as long as it comes with a gyro & side of rice)...

Sat, 02/04/2012 - 21:42 | 2127576 q99x2
q99x2's picture

Fed had to step in with roughly $30 trillion.

Where's my atavan?

That is roughly $100,000 per US citizen. I noticed no such payment. Who's FED are they anyhow? The're history dude. That's it. The bernank's next suit is going to be made of tar and feathers. I'm voting for Ron Paul if I have to write him in.

Sat, 02/04/2012 - 21:42 | 2127578 Frank N. Beans
Frank N. Beans's picture

Super Bernanke to the rescue.

Sat, 02/04/2012 - 21:42 | 2127579 ekm
ekm's picture

They are just trying to keep attention of irrelevant Greece in order to keep attention away from Portugal, Italy and Spain.

It may continue like this until media gets focused on Portugal or Italy or Spain.

Sat, 02/04/2012 - 21:46 | 2127581 Freebird
Freebird's picture

You can come out now junker Lloyd

Sat, 02/04/2012 - 21:47 | 2127582 gun4A
gun4A's picture

looks like EURUSD 1.15 - call from morgan stnley is going to materialize soon

Sat, 02/04/2012 - 21:47 | 2127584 Yen Cross
Yen Cross's picture

 Bonds) mid March?  That is some Junkster " Bull Shit"!

Sat, 02/04/2012 - 21:49 | 2127586 holdbuysell
holdbuysell's picture

It's ironic that after all the complexity that is the financial system with derivatives, swaps, etc. that at the end of the day all central banks really can do is to simply print worthless paper.

What a sham.


Sat, 02/04/2012 - 21:49 | 2127587 Yen Cross
Yen Cross's picture

JUNKER? WTF? The name says it all.... Poof

Sat, 02/04/2012 - 21:51 | 2127590 ekm
ekm's picture

In german is pronounces "yunker" but the pronunciation in english is fitting.

Sat, 02/04/2012 - 21:54 | 2127597 Yen Cross
Yen Cross's picture


Sat, 02/04/2012 - 21:56 | 2127602 ekm
ekm's picture

God bless you.

Sun, 02/05/2012 - 06:39 | 2128200 falak pema
falak pema's picture

I lie corrected...will the devil bless me in irish? As I'm male but a little stale, my route 66 map out of date. Drawl or no drawl the crawl was always my strong point so I have to catch up on the breast stroke.

Sat, 02/04/2012 - 21:50 | 2127588 Atomizer
Sat, 02/04/2012 - 21:54 | 2127596 ekm
ekm's picture

Oh come on man,

Why do you show the naked truth. Jamie Dimon said that nothing could happen to US.

Do you have some naked ladies links? Please be merciful.

Sat, 02/04/2012 - 22:00 | 2127608 Yen Cross
Yen Cross's picture

 jAMIE dIMON is a new thread! Let's Discuss!

Sat, 02/04/2012 - 22:02 | 2127611 ekm
ekm's picture

He's partly of greek descent.

Sat, 02/04/2012 - 21:58 | 2127604 Irish66
Irish66's picture

I'm booking a month in Lefkada.

Sat, 02/04/2012 - 22:00 | 2127607 ekm
ekm's picture

Wait until the euro gets cheaper.

Sat, 02/04/2012 - 22:02 | 2127612 Irish66
Irish66's picture

They are giving me a 4 bedroom villa for $1200 for the month

Sat, 02/04/2012 - 22:04 | 2127616 ekm
ekm's picture

Troika just asked for 25% instant wage reduction.

If you wait longer you may get it for $600/month. In Drachmas, add as many zeros as you want.

But, if $1200/month is cheap for your majesty, go ahead brother.

Sat, 02/04/2012 - 22:07 | 2127625 Irish66
Irish66's picture

Thank you,  I'll wait as possible.  Any other tips?  I have never been.

Sat, 02/04/2012 - 22:14 | 2127638 ekm
ekm's picture

If you have no wife or girlfriend, mediterranean women are so beautiful.

Sat, 02/04/2012 - 22:17 | 2127642 ekm
ekm's picture

But if you do have wife and kids, you may want to jump to Albania for few days, Saranda probably, capital Tirana is ok. I may meet you there since I go every August for three weeks from Toronto to see mother and brother.

Sat, 02/04/2012 - 22:21 | 2127649 Irish66
Irish66's picture

You assume incorrect gender

Sat, 02/04/2012 - 22:22 | 2127652 ekm
ekm's picture


Sat, 02/04/2012 - 22:29 | 2127659 ekm
ekm's picture

I am so sorry again, but I stand by my statement, in an anthropological sense. Northern Mediterranean women from Portugal over to Greece are so beautiful.

Sat, 02/04/2012 - 22:30 | 2127665 Irish66
Irish66's picture

Accepted.  A lot of assumptions happen here and no one knows.

PS.  you have one other one wrong

Sat, 02/04/2012 - 22:31 | 2127666 ekm
ekm's picture


Sat, 02/04/2012 - 22:37 | 2127677 Irish66
Irish66's picture

I once heard a wise tale that Greeks love Irish females?  I'll let you know if it is wise or not.

Sat, 02/04/2012 - 22:41 | 2127688 ekm
ekm's picture

God, particularly with your english accent. It's a loveable killer.

Sat, 02/04/2012 - 22:48 | 2127699 ekm
ekm's picture

It's been a couple of months, but the lady that calls the traffic on Bloomberg Radio in the morning, has such a smooth irish accent that it melted me down. You just reminded me of her. I'll try listening on Monday. Thx a lot.

Sat, 02/04/2012 - 22:52 | 2127704 Irish66
Irish66's picture

Does a southern drawl work?

Sat, 02/04/2012 - 22:54 | 2127710 ekm
ekm's picture

As long as you're blond.....

Sat, 02/04/2012 - 22:57 | 2127715 ekm
Sat, 02/04/2012 - 23:06 | 2127734 ekm
ekm's picture

I gave you a lot of tips.

Sat, 02/04/2012 - 22:39 | 2127684 ekm
ekm's picture

If you are single, I warn you.

Mediterranean men are very aggresive. You'll never hear more compliments in your life than there.

Moreover, if you are romantic, you are in trouble.

Sat, 02/04/2012 - 22:40 | 2127685 Irish66
Irish66's picture


Sun, 02/05/2012 - 14:11 | 2128765 smiler03
smiler03's picture

It's easy enough to arrive in Greece without accommodation and get a "room" for the first night. Then let it be known to a taxi driver/taverner owner etc (travel agent but more $$$) that you're looking for a place for four weeks. You'd be bombarded with offers.

My main concern for you booking in advance is that things are changing so quickly with bankruptcies etc, and will get worse, that you could end up losing all your money before you even get there.

Take care ;O)

PS - I forgot to mention, in Greece cash is king!

Mon, 02/06/2012 - 01:11 | 2129885 ucsbcanuck
ucsbcanuck's picture

"I forgot to mention, in Greece cash is king!"

Like most of Africa, Asia and LatAm then...

Sat, 02/04/2012 - 22:07 | 2127621 Long-John-Silver
Long-John-Silver's picture

Like all currencies that lose value it will happen almost overnight. The moment confidence is lost the game is over and it's value becomes 12.44 BTU per paper note. If your holding digital notes all the digits read 00000000.

Sat, 02/04/2012 - 22:01 | 2127610 ekm
ekm's picture

If you wait until March 20, you may book it in Drachmas.

Sat, 02/04/2012 - 22:05 | 2127618 phraseshifter
phraseshifter's picture

Juncker Juncks Junck...Juncked!

Sat, 02/04/2012 - 22:07 | 2127624 Atomizer
Atomizer's picture

BIS link from above.


Quarter Reporting

country Details Assets| Liabilities

2011-Q3 Belgium Reorganisation and transfer of activities of reporting bank. 14.8| 16.8

2011-Q3 Finland Changes in reporting practice. -40.2| -40.3

2011-Q3 Norway Changes in the reporting population. 5.2| 7.7

2011-Q3 United Kingdom Improvements in reporting practice and changes in the

reporting population 416.5 309.1

Quarters Reporting

country Details Assets Liabilities

2009-Q1 United States Revisions from reporting banks. -3.5| 15.2

2009-Q2 United States Revisions from reporting banks. -1.5| 5.2

2009-Q3 United States Revisions from reporting banks. 0.6| 7.0

2009-Q4 United States Revisions from reporting banks. -0.6| 4.0

2010-Q1 United States Revisions from reporting banks. -5.4 |16.8

2010-Q2 Italy Revisions from reporting banks. 4.9| 5.0

2010-Q2 Sweden Revisions from reporting banks. 3.6 |4.4

2010-Q2 United States Revisions from reporting banks. -4.5| 15.2

2010-Q3 Italy Revisions from reporting banks. 10.8| 16.3

2010-Q3 Sweden Revisions from reporting banks. -3.2| 5.3

2010-Q3 Japan Revisions from reporting banks. -1.7| 3.2

2010-Q3 United States Revisions from reporting banks. -6.7 |19.2

2010-Q4 Japan Revisions from reporting banks. -1.5| 2.6

2010-Q4 United States Revisions from reporting banks. -19.9| 36.8

2011-Q1 Japan Revisions from reporting banks. -1.4| 2.4

2011-Q1 United States Revisions from reporting banks. -13.6| 26.1

2011-Q2 Italy Revisions from reporting banks. -4.1| 5.5

2011-Q2 Norway Revisions from reporting banks. -7.4| 12.2

2011-Q2 Australia Revisions from reporting banks. -28.6| 53.2

2011-Q2 Japan Revisions from reporting banks. -0.9| 2.1

2011-Q2 United States Revisions from reporting banks. -3.8| 8.2

Breaks in series¹

Data revisions of previous quarters (exclusive of breaks in series)

Breaks in series and major data revisions processed in 2011-Q3

The changes in locational banking statistics discussed in the statistical commentary are net

of the breaks listed below

A. Locational banking statistics by residence

In billions of US dollars


Modified document to include " | "mark to separate asset vs. liabilities.


Sat, 02/04/2012 - 22:07 | 2127626 Freebird
Freebird's picture

Was the Bank of Portugal's "Optimal Sovereign Default Strategy" seminar this weekend?

Sat, 02/04/2012 - 22:08 | 2127628 Everybodys All ...
Everybodys All American's picture

I don't see anyone with the COURAGE that it takes to lead Greece right now. Otherwise for everyone's sake they would have told the Troika to shove it a long time ago. Until someone shows up on the scene in Greece with some kind of leadership principals I think we'll just see more of the same bs from all of them.

Sat, 02/04/2012 - 22:08 | 2127629 hyper-critical
hyper-critical's picture

Fascinating week of trading coming up. The fuck you trade is still EUR higher, and with the ECB set to potentially disappoint many market participants by keeping rates on hold, the catalyst is there for a final spike higher before collective focus shifts back from Fed easing to the next LTRO/European sovereign implosion. Remember: bond markets are driven by carry and spread, so rates are still king, at least short to intermediate-term.

Also, some really funky (read: central bank) stuff going on Friday in EUR/CHF and other EUR x's...HUGE bids flashing in both the forwards and options markets at various levels below spot. Any combination of major SNB euro buying and/or BOJ yen selling (euro buying) Sunday night/next week could be lighter fluid for the euro (short-term obviously).

I think the equity markets may have topped (aggressively hedged the last 15 minutes of trade last week) but the euro may still have room to go. Everybody should pray for the correlation traders out there to knock PM's down at least a few percent next week so we have an opportunity to load up before shit finally, FINALLY, hits the fan in euroland.

Day of reckoning is so close I can taste it. CAN'T WAIT to put trades on that are actually in accordance with my views of this fiasco/unhedge the ones I already have.


Sat, 02/04/2012 - 22:17 | 2127641 Yen Cross
Yen Cross's picture

 Holy Moly Mosus!  Can we please have a " paragraph"?

Sat, 02/04/2012 - 22:08 | 2127630 Reese Bobby
Reese Bobby's picture

Greece is toast.  The Global Bank Cartel will paper if over.  The beauty of all this is it presents TIME to prepare for the collapse.  LIFE IS GOOD!


Sat, 02/04/2012 - 22:14 | 2127633 ebworthen
ebworthen's picture


Fantastic first sentence.

Of course Venizelos is unreachable; the Greeks have been stalling for years to get as much as possible out of Germany and the rest of Europe.

A definite answer means resolution; delay means more meetings and another resolution of the resolution (or someone finally having to play the heavy and take blame for the fallout).

I have anxiety about real problems therefore solution = Xanax (mmm...Xanax...).

It would be funny if the outcome would hurt the bankers and politicians rather than regular folks and households who have no control over the monumental melange of stupidity, cupidity, and insanity of TPTB.

Sat, 02/04/2012 - 22:16 | 2127639 kito
kito's picture

Tyler makes this default seem like a good if a default in itself will keep its banks afloat....

Sat, 02/04/2012 - 22:18 | 2127644 Yen Cross
Yen Cross's picture

Re-Tardation is for sale,

Sat, 02/04/2012 - 22:34 | 2127670 kito
kito's picture

Hey man I didn't stock up just to see a Greek default NOT set off a global nuclear chain reaction....

Sat, 02/04/2012 - 23:48 | 2127839 fonzannoon
fonzannoon's picture

Kito you know better than to expect a natural reaction. I look forward to your persistent sarcastic rationale that usually plays out. You know this is just another 45 yard touchdown run that will get called back because of a hold. This will go on and on. Don't start drinking the reality juice.

Sat, 02/04/2012 - 22:30 | 2127661 Atomizer
Atomizer's picture



  • We just need another bank stress test to evaluate da' situation.
  • We need American's to step up and eat their peas. We can rebuild American by generating new employment, green energy programs can jump start this economy.
  • I ask Congress to pass the 1.6 trillion bill, don't muck this up.

Getting the picture??

Sat, 02/04/2012 - 22:30 | 2127662 paint it red ca...
paint it red call it hell's picture

When is a default not a default? When  the International Swaps and Derivative Association say it is not. Lets just see if Sinclair is correct on that point. If so, the Greek default is declared a non-event and there never really was counter parties to swaps..

No way does the can stop clanking down the road at this juncture, the banks get off the hook. Any bets on who ends up holding this bag?

Sat, 02/04/2012 - 22:36 | 2127676 Misean
Misean's picture

Sheeesssh! It's just Greece. It's not like it's Credit Anstalt or something...

Sat, 02/04/2012 - 22:49 | 2127701 Yen Cross
Yen Cross's picture

  Louis the 13'th  Misean!  OUZO is Passe'

Do NOT follow this link or you will be banned from the site!