Live Blogging The Second Greek Bailout At The German Bundestag

Tyler Durden's picture

That the German vote to pass the second Greek bailout package would be problematic is an understatement. Even as German parliamentarians are expected to pass the latest (but certainly not last as the G-20 meeting over the weekend demonstrated) hurdle to fund the Greek rescue, new revelations out of Greece have come to light exposing the true degree of capital flight out of the country, spearheaded by none other than the country's own corrupt politicians. Kathimerini reports: "As a political outcry grew on Friday over the revelation that an MP had transferred 1 million euros out of the country in May when authorities were struggling to appease Greek citizens’ fears of the repercussions of a possible default on their savings, Finance Minister Evangelos Venizelos told Parliament that a significant number of lawmakers had moved sums in excess of 100,000 euros out of the country. Earlier, addressing a cabinet meeting, Venizelos had told fellow ministers that there are several public figures among the Greeks who transferred a total of 16 billion euros abroad over the last two years. According to research conducted by the Finance Ministry’s information systems department, 9 percent of this money ended up in Swiss bank accounts." As such, it is obvious why German popular tabloid Bild has called for German lawmakers to reject the Greek bailout: at this point the farce is arguably too much for everyone, and the situation is playing out just as predicted here back in July. Merkel is due to address the Bundestag at 3 pm local time, or in just over an hour. Those curious about the blow by blow, can follow the developments out of Germany at the following live blog by Bild.

From Bild - click here for real time blog.

13.28 clock - Brüderle expects dissenters: FDP parliamentary leader Rainer Bruederle expected only up to five dissenters within their own ranks when voting in parliament on the second package Greece. It will move in the range of previous polls, Bruederle told a special session of the group.

13.23 clock - Crisis pushes bankers mind again: Given the unresolved euro debt crisis and the deteriorating economic outlook, the mood deteriorated with the banks. In January, 90 percent of the rated banks for their financial situation positively, the weakest level since 2009, as appears from a survey published on Monday the economic consulting firm Ernst & Young. In June 2011, yet 98 percent of the banks were satisfied with the business.

12.54 clock - Greek banks remain private: Greece's ailing banks come despite billions in capital injections by the government around a full nationalization. As is evident from a bill, the state should indeed participate in much larger range of new shares and convertible bonds at the institutes. Join the conversation he wants in the daily operations not. The shares give the government a say only in strategic decisions - such as mergers or the sale of assets. The Parliament will vote on Tuesday on the draft.

11.38 clock - Merkel remains on course: When asked whether the Chancellor concurs with the assessment of its interior minister, said government spokesman Steffen Seibert at the National Press: You do not share this view. She was fully behind the proposal is voted on today in the Bundestag.

11.29 clock - Fox pushes for smooth vote: Union Group Vice Michael Fox is pushing for a smooth adoption of the second package of Greece in the Bundestag. At this stage it was important "that we adopt this Covenant, so that no damage can happen quickly in other countries in Europe and also in banks in Europe," said the conservative politician. He believes that "together we will take a sensible decision," he said, referring to statements made by the CSU Interior Minister Hans-Peter Friedrich.

11.28 clock - EU Parliament chief speaks in Athens: The President of the European Parliament, Martin Schulz wants to speak on Tuesday before the Greek Parliament. It will also indicate this on the solidarity benefits of Germany and other EU countries and the need for structural reforms, said the SPD politician. However, should now give more consideration to how the country will be back on its feet economically. For example, could not so far fetched from Athens EU structural funds will be used to stimulate growth.

10.24 clock - refused consent Bosbach: Wolfgang Bosbach (CDU) is not the second rescue package for Greece as opposed to first agree. The expectations of the donors had not been fulfilled. "I'm afraid the situation will not in future be fundamentally different than in the past. But the risk of failure in Germany continues to rise significantly, "the chairman of the Interior Committee, said in an interview with Phoenix TV station. However, Bosbach expects to own the majority coalition in parliament during the vote today.

Clock 9.18 - Dax starts weaker: The German stocks are negative due mainly to losses in requirements started the new week. The Dax lost 0.67 percent shortly after the start of trading at 6818 points. The MDAX fell by 0.57 per cent to 10 411 points and by 0.39 percent on the TecDax 770 points.

Clock 8.59 - Schäuble and Rösler doubt Greeks rescue: According to the "Süddeutsche Zeitung" also believe the Federal Finance Minister Wolfgang Schäuble (CDU) and the Federal Minister of Economics Philip Rösler (FDP), hardly a success of the previous crisis management strategy.

Clock 8.45 - Loud criticism of the Greens: The President of the Greens, Juergen Trittin, has criticized the discussion of a possible withdrawal of Greece from the euro zone sharply. The recent discussion of the federal interior minister Hans-Peter Friedrich (CSU) for a € outlet he called on Monday in Germany as a radio "absurd process." "I wonder how long the Chancellor watch the goings-on in their coalition wants more," he further said.

Clock 7.51 - € makes losses, the euro has seen after the G20 summit in Mexico, a slight decline. In the morning, the common currency with 1.3437 U.S. dollars traded, slightly lower than on Friday evening. The European Central Bank (ECB) was the reference rate at 1.3412 on Friday afternoon (Thursday: 1.3300) dollars.

Clock 7.49 - Altmaier confident: The parliamentary secretary of the CDU / CSU parliamentary group, Peter Altmaier, expects a majority in the parliamentary vote on the second aid package to Greece. "I expect that we now have a comfortable majority with the Greens and with SPD, and that we will also have its own majority of CDU, CSU and FDP," Altmaier said in the ARD "Morning Magazine".

Clock 7.47 - Tokyo closes mixed: The Tokyo Stock Exchange has closed mixed on Monday. The Nikkei index of 225 leading values ??were intermediate premiums as a result of profit taking off again and went with a fall of 13.45 points or 0.14 percent at 9633.93 points as of the trade. The broader Topix rose slightly, however, given the continuing weakening of the yen by 0.96 points or 0.12 percent to 835.25 points.

Clock 7.02 - opposition to the majority: a majority FOR the current aid is considered safe, as well as the SPD and the Greens have already indicated a yes.

Clock 6.58 - CSU, is skeptical from the CSU are further doubts about the bailout of heavily indebted Greece. Secretary Alexander Dobrindt said in Bild: "Greece has always been a bankruptcy candidate." A change in strategy, including an outlet in the country from the euro area should not be a taboo.

Clock 4.02 - FDP holds for late withdrawal proposal: The FDP financial expert Hermann Otto Solms, the advance of CSU Interior Minister Hans Peter Friedrich for a possible withdrawal of Greece from the euro zone has been criticized as ineffective. "This proposal comes too late Frederick," Solms said the "Saarbrücken newspaper." "The first time Greece package that would have been useful," said Solms.

Clock 1.33 - Westerwelle confused about exit speculation: Federal Foreign Minister Guido Westerwelle (FDP) has turned against speculation about a withdrawal of Greece from the euro zone. "I understand the political speculation about Greece outside the euro zone is not," said Guido Westerwelle to the newspaper. "What shall be negotiated and agreed upon, should, on both sides." The aid package was "just a chance to restore lost confidence, if not immediately talked down again," said Westerwelle.

Clock 0.02 - Gröhe expects majority: CDU Secretary General Hermann Gröhe expects a large majority in the coalition parties in the Bundestag vote on the second Greek aid package. "I am very confident that the coalition parties will make a very great unity behind the rescue package for Greece," said Gröhe the "Rheinische Post". At the same time warned the CDU politicians, the government in Greece, the rapid implementation of the donors agreed austerity measures.

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Manthong's picture

I'm good with STOP.

Bobbyrib's picture

OT: Probably has been posted:!.

Got this one off of reddit.

Dr. Engali's picture

Gives a new meaning to Beer Hall putsch.

PaperBear's picture

Our wise overlords can move their money out of harms way but good citizens are expecting to keep their money in a burning building.

GeneMarchbanks's picture

'Schäuble and Rösler doubt Greeks rescue:'

That is about the only thing that matters, the rest is to benefit those who believe the controlled opposition is capable of influence.

Ghordius's picture

good grasp of German politics, even though I disagree with the "controlled" opposition part.

the majority of the opposition is the SPD and the Greens, both fervently pro-european parties. it goes against their convictions to strike a "Germany first" stance

GeneMarchbanks's picture

read Sandmann below, I'd say he just about says it all.

Moreover, the steering of this vassal continent will continue until mass eruptions in discontent and mismanagement of disasters becomes visible to the already panicky masses.

German politics? Not sure the Germans are relevant as people(especially Anglo-Analcysts) make them out to be.


Ghordius's picture

I just disagreed with Sandmann, below. A vassal continent? Perhaps, and still not incompatible with full sovereignty. Many cases of similar situation since the end of the Thirty Years War and the birth of the modern concept of sovereignty.

The AngloSphere "Analcysts" have no bloody idea of the Germans, agreed. But their politics are as consensual as possible. This makes is seem sluggish and analysis from people used only to confrontational/adversarial politics difficult.

Ghordius's picture

in the context of several discussions we had: all politics inside of the EU start after the hegemon has expressed it's wishes, and then a good part of it is fulfilling those wishes - or finding good excuses not to

but the mass eruptions of discontent and the panicky masses? I really don't think we are there yet for quite a time

I'll make a small example: anti-Berlusconi demonstrations before 2007 brought 3 bloody million people to Rome's streets. The whole city has this kind of population! I could cite several cases where every european capital had humungus demonstration for this or for that.

no, the "will of the people" in Europe is just that: undecided and unclear what to think or to do

DutchDude's picture

Mo' money, mo' problems... Greek will néver be sustainable because they'll néver be competative compared to other, stronger EU countries.

The only reason they were able to come close to EU demand figures was the fact they had the cheap Draghme for all those years. Cheap fèta FTW!

williambanzai7's picture

Blow job, by blow job...

navy62802's picture

Getting money out of the country before it implodes. Not entirely unexpected. That's what happened in both Libya and Egypt. It isn't unreasonable to expect Greek politicians to do the same thing prior to a collapse.

EL INDIO's picture

Motherfuckers, they could bailout themselves !

aleph0's picture


Bild STOP sign... should read :

"STOP the Billions for EU BigBanks Scam - using Greece as a distraction"

alt-shift-x's picture

 you´re right but the typical Bild reader cannot handle sentences that long ...

noses's picture

The typical Bild reader cannot handle sentences.

Ghordius's picture

why should they if you can turn to page 3 (or is it 2?) and get your daily dose of gorgeous...

slewie the pi-rat's picture


here's the german finiMini coming outa the G20 merkel-jerk (paste):

"For all of the decisions the German government has made in this context, it's got the necessary approval in the German Bundestag. And so you can definitely assume that if the German government makes these decisions, it will get the necessary approval for them in the German Bundestag."

yes, that's a 'you can definitely assume', there!

more popcorn, colonelHogan?  why, thank you, shultz!

GoinFawr's picture

"I hear nothing, I see nothing, I know nothing!"

SirPlayomic's picture

I can't see the German public applying the necessary pressure to halt this lunacy by their bought and paid for politicians. Most germans I know don't think much about any of this stuff and would rather talk about something else... anything else! They want to believe that everything will somehow turn out fine and rosy -> magical thinking.

Greedion (now with short-selling)

Sandmann's picture

How do you do it ? Having tried to pressure a German MdB to do something years ago I noted profound disdain for voters. The List System means they can ignore voters. The German Political System was IMPOSED by the Allies to prevent any Government being responsive to Popular Will. The whole structure of Germany created by the Occupiers was to create a pliant elite working for NATO and rejecting the offers from the USSR for a Unified and Neutral Germany. The System has become one immune to public wishes and docked into the EU Structure because that was the price the French and Americans demanded for Germany to have an Army again in 1957 and at the same time they were told the D-Mark had to be made convertible.

Stop talking about the German public as if it mattered. The fact is Germany has not been a Sovereign Nation since 1945 and Politicians know that they are an Elite imposed on the German People

Ghordius's picture

Sandmann, usually I agree with most of what you say, but here? Yes, this applied until 1989 to a decreasing degree, but since then?

Remember how Kohl and Genscher pushed down the re-unification against the express will of many, many allies, particularly with the UK Tories actively sabotaging the process and the US diplomacy quite sceptical?

the German electoral & political system is, IMHO, something quite sophisticated and worthy of emulation. it get's the political wishes of several issue-related-majorities quite through and it has a balance between federal and state level that is the secret envy of many.

added-> the list system you are writing about applies only to half of the seats - this creates an unique balance between the parties's power and the power of the directly elected political primadonnas.

now, of course, this can be sometimes quite a quandary for the German voter - but saying that Germany is not sovereign is an exaggeration.

burdened by many promises, compromises and lot's of history, I'd say

TruthInSunshine's picture

My German is bad (blame Google Translate, bitchez), but I will try to summarize the crisis of sovereigns about to unfold (that will positively dwarf Hank Paulson's "tanks in the streets & martial law, too, if I don't get a blank check from Congress within 2 days with which to transfer to the very best friends forever of the New York Branch of the Non-Federal Reserveless Non-Bank"), that's literally going to unleash monumental cascading consequences of a type that will cause IBM's Watson to make a bank run:



Alpha Ihr Vermögen zu schützen und befeuchten Ihre situation.
Scheiße ist alles im Arsch und Stierscheiße.
Glockenspiel tickt, bis er das nicht tut, und die zweite Welle ist über uns,  Hündinnen.
Ghordius's picture

LOL LOL LOL - most is uncomprehensible, though. and there is no Stierscheisse in German, the word used nowadays is the English one, Bullshit.

and Huendinnen does not convey the "Bitch" part of Bitchez - the German word has not that second sense


I do hope we will never forget how Hank promised us tanks in the street or "else"...

TruthInSunshine's picture

Ghord, should I use schweinhund instead?

Ghordius's picture

LOL oh, Schweinehundez ! yes, I think this would do. you just brought my head to spin in the implications, but yes, definitely recognisable in the intent



Alex Kintner's picture

Beware of Greeks Bearing Grifts.

SmoothCoolSmoke's picture

Vote will pass.  Cost of failure dwarfs the cost of buying the need votes.  They don't call them" Banksters" for nothing. 

GoinFawr's picture

Failure dwarfs are expensive...but you never know what will happen when Gandalf is around; wizards are subtle and quck to anger.

JohnKozac's picture

Boom year for Swiss banks evidentally between all the Arab money leaving war torn MENA and Geek flood of euros. No wonder the Swiss are so happy:


"...there are several public figures among the Greeks who transferred a total of 16 billion euros abroad over the last two years. According to research conducted by the Finance Ministry’s information systems department, 9 percent of this money ended up in Swiss bank accounts."

lolmao500's picture


noses's picture

This is just great. Germany never had a revolution as the political class always knew when things got dangerous (by learning from French mistakes, mostly) but if the government is going on like this we could see something completely unbelievable: The people starting to fight for their rights. THis is quite extreme for Germans who are used to sitting on their asses, chanting the mantra of "those in power just know what's god for us".


lolmao500's picture

Germans changing their several centuries old behavior of licking boots of the government no matter how bad it is (Keiser, Hitler, Commies, Merkel)?? Unlikely.

noses's picture

She just explained live why it is good for the people to hand over their money and raise the riterment age to probably 80 years or more so the Greek could keep things like they are and retire at 50. I don't have the feeling that anyone believed her. I don't think she believed herself.

lolmao500's picture

Raise retirement age to 80??? LOL if the Germans will accept that, they'll accept anything... even Hitler if he were to come back from hell.

noses's picture

It has to be 80. At least. See 

Max-Planck-Institut: Bald Rente mit 72

which explains why even without getting help from the friendly Greeks retirement age has to be raised to 72 years by 2050. Sweden will have to increase that to 75.

canuck's picture

The money that is available can better be used to limit damage of a Greek default and let them exit out of the Euro. And potentially help Greece recapitalize their banking system. We all know half of Greek savings is not in Greece any longer. So in the margin this is not good for the Euro. And I don't see any possibility of effective capital controls or even that Greece/Europe will want to tax that money. If more countries need to exit to make their economies competitive again, more money will be needed there. But that LTRO and aid packages are going to work with such a complex situation is unlikely. This is way worse than the currency mess after WWI and they didn't have derivatives or banks and people that can shift money around so easily. We must let the euro die to save Europe. Obviously the periferal banks are doubling up on their bets with LTRO cash and this is just adding more risk of a financial explosion and you know what the last straw is for governments that aren't remotely solvent.