Latest Rumor: Greece To Hold Referendum On EUR Membership, i.e. Much Hated Austerity

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Mon, 09/19/2011 - 16:35 | 1686055 mayhem_korner
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A referendum on austerity?  That's the economic equivalent of handing out condoms to 5 year olds.

Mon, 09/19/2011 - 17:03 | 1686066 LawsofPhysics
LawsofPhysics's picture

I agree.  

I can see it now;

Political puppets; "Do you want austerity measures to be enacted?"

Sheeple; "NO!  Pass the Ouzo!"

Let them default and let the Greeks deal with one another.  Their massive shipping fleet is screwed until world consumption picks up again anyway, so let the Greeks solve the Greek problem.  It will be good for all.  Junk away sheep, cause I like mutton!


Mon, 09/19/2011 - 17:51 | 1686292 j0nx
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Why would anyone junk you? Your advice is sound and shouldn't be disputed.

Mon, 09/19/2011 - 17:53 | 1686295 max2205
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They should have a bake sale.

The election' will be fixed anyway. Who cares, they are still not gonna pay back anything

Mon, 09/19/2011 - 19:35 | 1686640 sushi
sushi's picture

They can afford elections??


How is this possible? Do the Greek people have no consideration for French and German banks?

Mon, 09/19/2011 - 23:04 | 1687264 jmc8888
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Well sort of.  The debts which are fraudulent should be canceled. Not just in Greece, but worldwide.  Here in America, that's the vast majority of our 'national debt'.

The difference might seem like semantics, but it's a bit like allowing oneself to blame themselves for rape, as opposed to arresting the perpetrator that did the rape.

In one, it's YOUR fault, supposedly, in the other it's THEIR fault.

There is a big difference.

If the debts of the world are defaulted upon, it appears that the people didn't pay their rightful bills.

If the debts of the world are canceled as the fraud that they are, it shows the people were a victim of a crime.


Which is better going forward? The answer is clear.

Glass-Steagall the fraud. Worldwide.


So is it sound advice to default? Not really.  It's not far from the truth, but that difference is oh but a doozy.


It's not the people's fault they were a victim of a crime.  But default blames the rape victim.


Mon, 09/19/2011 - 19:51 | 1686685 ambrosiac
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As Talleyrand did not say, "This is worse than idiotic, it's unconstitutional"


Someone is sure to make a case in Court that such a referendum is within the ambit of Greece's constitutional prohibition of matters financial, fiscal or monetary policy -related being put to direct vote.  G-Pap is just blowing smoke.


What do you think this is?  California?

Mon, 09/19/2011 - 21:41 | 1687064 Freddie
Freddie's picture

Is there a referendum for Greece staying in the EU?  Let the Greeks vote on it.  Shit the EU did not let Ireland vote on it.   They had to vote twice because they did not get it right the first time.    The EU Stalinesque fascists in Brussells made the Irish vote until they got it right.  Didn't the EU do the same thing to Holland? 

Mon, 09/19/2011 - 16:37 | 1686059 Comay Mierda
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cue riots in 3... 2... 1...

Mon, 09/19/2011 - 17:15 | 1686202 SheepDog-One
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Apparently theyve looked at every possible scenario, and settled on molotov cocktail riots and burning parliament buildings are the best route to take.

Mon, 09/19/2011 - 18:41 | 1686453 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

Default -> exit Euro -> inflation -> riots

No default -> austerity -> riots

Why not put it to a vote?  Let them choose their own misery.  Maybe they will be less inclined to protest the consequences if they think they made the decision.

Or, maybe since default is inevitable they're putting on the democracy show to maintain respectability.

Mon, 09/19/2011 - 21:43 | 1687069 Freddie
Freddie's picture

LOL!  The country that created Democracy too.   Let em vote. I agree. 

The EU made Ireland "vote" until they got it right.

Mon, 09/19/2011 - 16:37 | 1686062 spiral_eyes
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Let's get this default on the road!

Mon, 09/19/2011 - 16:47 | 1686103 HpDeskjet
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The September tranche will be paid, politicians need more time to prepare their (anyway insolvent) banks. Greece's default will happen in December at the next tranche. In the meantime, ECB will be the only buyer of PIIGS debt since both the EFSF and the ESM will NEVER be loaded with money (although TIMMAAAHHHHH thinks differently). Within the EU-commission there are soooo many utterly frustrated/irritated people that it is impossible something good will come out of it. Only when (not if) bigger countries like Italy/Spain/France will be at the brink of collapse, the political pressure will be there to start seriously discussing Eurobonds + fiscal unity.

Mon, 09/19/2011 - 18:35 | 1686420 SheepDog-One
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Right it will happen in December, of course by December there will be many other reasons why the can will have to get kicked yet again Im sure. Whatever, place yer bets on the loaded wheel.

Mon, 09/19/2011 - 16:38 | 1686064 Spirit Of Truth
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If so, then Greece defaults.  Markets will anticipate this of course.

Mon, 09/19/2011 - 16:41 | 1686068 unky
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This way, At least the politicians can blame the default and the exit of the Euro (which will lead to economic chaos in Europe) on the greek people.

Mon, 09/19/2011 - 17:26 | 1686240 IQ 145
IQ 145's picture

I don't care who they blame it on, as long they get it done; it's inevitable. The "Payers" in the system can't send Greece their monthly welfare check anymore; it's impossible.

Mon, 09/19/2011 - 17:43 | 1686273 X.inf.capt
X.inf.capt's picture

great point unky

i think this whole thing ( revolutions,regime changes) around the MENA is just a ploy by the globalist to resolidify TPTB's power on these poor people.and thier resources.

i would exspect more of these 'revolutions' to expand to south america and then go north. just too much 'support' for the rebels from europe and N,A, on these resource rich nations.

nothing ever happens positive for the little guys in these armed revolutions.

just a different fox in the henhouse,

 all just get co-op'ed by the rich, these movements.

even here...

Mon, 09/19/2011 - 16:41 | 1686071 DonnieD
DonnieD's picture

Nice negotiating ploy.

Mon, 09/19/2011 - 16:41 | 1686072 Lord Welligton
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Won't happen.

If it were confirmed the €8bn would have to be put on hold until the result was known.

Mon, 09/19/2011 - 16:42 | 1686076 Let them eat iPads
Let them eat iPads's picture

For the love of Hermes, just default already!

Mon, 09/19/2011 - 16:43 | 1686081 malikai
malikai's picture

Ever since Brown talked about TEOTW in Europe, I've started considering this might be the turn around point. We may be surprised by this, or, maybe not.

Mon, 09/19/2011 - 16:43 | 1686082 kito
kito's picture

and in other news, the sun will set tonight, and rise tomorrow morning.......and then set again...and then rise......

Mon, 09/19/2011 - 17:08 | 1686179 robertocarlos
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Aren't you worried about being wrong one of these days?

Mon, 09/19/2011 - 17:24 | 1686235 kito
kito's picture

my statement is NOT a prediction, its representative of my frustration that this never seems to boil over. my stored food is getting spoiled and i think i detected some rust on my gold coins.......


Mon, 09/19/2011 - 17:57 | 1686301 Crisismode
Crisismode's picture

Oh, you bought those Chinese counterfeits, did you?

Mon, 09/19/2011 - 18:13 | 1686342 kito
kito's picture

those chinese panda were sooo nice.....

Mon, 09/19/2011 - 18:13 | 1686346 NotApplicable
NotApplicable's picture

You have to make the stored food part of your regular diet. Cycle out the old, restock with the new.

Mon, 09/19/2011 - 22:12 | 1687138 Calmyourself
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The tools in their box (tptb) are legion.  They have known of systemic weaknesses and tipping points for quite some time, this is going to take a while and we will not be allowed a reset unless and until we demand it.  That demand will take different forms in different places.  What form it will take in your locale who knows, in the U.S., it will need to be widespread and unfortunately for us very insistent.

Mon, 09/19/2011 - 16:45 | 1686087 Long-John-Silver
Long-John-Silver's picture

Currently the only way a country can leave the union is to ask to leave. They can't be forced. Perhaps someone is pushing a gun in Papandreou's back and whispering in his ear.

Mon, 09/19/2011 - 16:48 | 1686104 unky
unky's picture

Yes, and actually currently there is also a no-bailout-clause in the agreement between € member states and they also give a fuck about it. The laws will be changed as needed (by creating exceptions).

Mon, 09/19/2011 - 16:48 | 1686107 kito
kito's picture

hey long john, whats your current take on silver?

Mon, 09/19/2011 - 16:49 | 1686112 scatterbrains
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I don't know if he has to be forced, isn't he and his brother load up on cds ?  This is just a way for himself and the ECB leaders to save face by claiming it's what the Greek people wanted

Mon, 09/19/2011 - 18:14 | 1686350 NotApplicable
NotApplicable's picture

Secede from a union? Unpossible!

Mon, 09/19/2011 - 16:45 | 1686092 falak pema
falak pema's picture

Maybe the colonel's junta is waiting in the wings as in 1967...

Mon, 09/19/2011 - 16:46 | 1686094 LookingWithAmazement
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Greece default will not happen. Because there's too much at stake. They will get the money, Germany will vote in favor of EFSF and the July 21 agreement, like all other europarliaments. The next tranche for October will be paid soon and in a few weeks the eurocrisis-ritual will be over for a few months. Then a rehearsal, but again no Armageddon. Merry Christmas.

Mon, 09/19/2011 - 16:49 | 1686114 HpDeskjet
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Wrong. This tranche will be paid to buy time but the EFSF won't be approved. Greece will default in December (you can and should bet on it).

Mon, 09/19/2011 - 16:55 | 1686134 jdelano
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don't bother.  That guy's just a prototype algo with an AI component.  The engineers are using ZH as a test environment.  

Mon, 09/19/2011 - 17:02 | 1686156 taraxias
taraxias's picture

Fuck, does anyone else find this fucktard's "Boring world we live in" incessant trolling annoying, or is it just me?

Mon, 09/19/2011 - 17:16 | 1686208 SheepDog-One
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Yea, this troll and the other one 'No armageddon today!' ....well their moms could have made wiser abortion choices lets just say.

Mon, 09/19/2011 - 18:21 | 1686371 NotApplicable
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If you find trolls annoying, you should learn to ignore them, as it's your response that amuses them.

Otherwise, learn to sit back and enjoy their craft (the better ones, that is, as they work on perfecting the concept of reductio ad absurdum while promoting the beliefs of others).

Mon, 09/19/2011 - 17:07 | 1686176 LookingWithAmazement
LookingWithAmazement's picture

Greece default now sounds like "Comex crash": never happens, no matter how the game changes.

Mon, 09/19/2011 - 17:21 | 1686223 SheepDog-One
SheepDog-One's picture

Yea right LookingWithAmazement, the bankrupt Western World is simply 'Too Big To Fail'...uh huh. Oh and because it hasnt announced failure yet, thats proof it will not. Oh ok.

Mon, 09/19/2011 - 17:50 | 1686289 LookingWithAmazement
LookingWithAmazement's picture

Indeed, look at Japan. No collapse and a national debt going through the roof. Japan still exists. Even that Fukushima-thing is over. Yaaaaaaaaaaaawn.

Mon, 09/19/2011 - 18:00 | 1686313 Crisismode
Crisismode's picture

Yep, that Fukushima-thing is completely over for all the thousands of Japanese with radioactive exposure.


Well, over until all those diseases and mutations start showing up starting . . . . right . . . about . . .

Mon, 09/19/2011 - 18:19 | 1686363 Maxter
Maxter's picture

The Fukushima disaster is far from over.  It's just that the media stopped reporting it. (Yeah you really though that building this big tent over the reactor would cure the problem?  Guess what, they are only building it to spread the radiation further away from the plant to make their command post a bit safer.  Meanwhile, the corium is slowly falling into the ground)

Mon, 09/19/2011 - 17:19 | 1686219 SheepDog-One
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'The western world will not cave in on its own insurmountable debt....because theres too much at stake' yea sure.

Mon, 09/19/2011 - 17:58 | 1686309 Hedgetard55
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And the Germans would not surrender at Stalingrad. Too much at stake.

Mon, 09/19/2011 - 16:46 | 1686095 There is No Spoon
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Socialist austerity drive - pretty much sums it up.

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