Merkel Just Says "Nein"

Tyler Durden's picture




 

Any hopes that Germany may bend and allow Greece a little leeway in its bailout negotiations, buying at least a little goodwill with its people have just been dashed. Not only that, but readers may recall last week's Die Zeit article that a third Greek bailout may be in the workd. Well, forget it. From Reuters:

  • GERMANY'S MERKEL SAYS CANNOT ACCEPT ANY LOOSENING OF AGREED REFORM PLEDGES IN GREECE AFTER ELECTION 
  • MERKEL SAYS DOES NOT SEE ANY REASON TO SPEAK ABOUT A NEW AID PACKAGE FOR GREECE ON TOP OF THE TWO ALREADY AGREED
  • GERMANY'S MERKEL EXPECTS QUICK FORMATION OF NEW AND STABLE GOVERNMENT IN GREECE

Good luck with that, and good luck to everyone whose entire investing strategy is based on the assumption that Germany will blink when it comes to Greece.

EURUSD slides to the day's lows in the aftermath of reality once again offsetting speculation of unicorns and magic money growing trees.

 

To summarize:

Q: "Merkel: What is best in life?"

A: "To crush the Greeks, see them driven before you, and to hear the lamentation of their women"

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Mon, 06/18/2012 - 11:14 | 2536260 Fips_OnTheSpot
Fips_OnTheSpot's picture

NEIN - NEIN - NEIN

Mon, 06/18/2012 - 11:16 | 2536270 maxmad
maxmad's picture

Check mate!  Bitchez!!

Mon, 06/18/2012 - 11:17 | 2536276 camaro68ss
camaro68ss's picture

Awww man, I really love unicorns too.  :-(

Mon, 06/18/2012 - 11:25 | 2536294 maxmad
maxmad's picture

Urkel's basically saying "look Bitchez, you voted the wrong way, now you are forcing our hand!"

Mon, 06/18/2012 - 11:32 | 2536323 Abraxas
Abraxas's picture

Ja, Herr Stumbafurer! Ze Greeks haf to be punished fur their disobedience.

Mon, 06/18/2012 - 11:52 | 2536391 Manthong
Manthong's picture

So do the Greeks say “Nuts!” or do they turn into peanut butter?

My money’s on peanut butter.

http://www.youtube.com/watch?v=73OiRZf7DsM

Mon, 06/18/2012 - 11:56 | 2536404 Abraxas
Abraxas's picture

They will be made to vote until they do it properly. That's democracy for you.

Mon, 06/18/2012 - 13:58 | 2536826 Lednbrass
Lednbrass's picture

The Greeks can do as they please, but if they expect Germany to fork over massive amounts of cash due to continual Hellenic incompetence the Germans quite rightly and rationally expect conditions to be met.

Pouring continual money into the black hole of Athens is not an option.

 

Mon, 06/18/2012 - 21:12 | 2537998 Buck Johnson
Buck Johnson's picture

Yep, your dead on about it.  Germany was hoping the vote would go the other way and so Greece can be blamed for the calamity instead of them when they leave the Euro and EU.  Now Germany's hand is forced and they aren't giving them one red dime and not more time.

Mon, 06/18/2012 - 11:25 | 2536295 bdc63
bdc63's picture

unicorns ... the other white meat ...

Mon, 06/18/2012 - 11:34 | 2536327 Dr. Engali
Dr. Engali's picture

Racist basturd

Mon, 06/18/2012 - 14:19 | 2536894 bdc63
bdc63's picture

... it's particularly yummy with some fava beans and a nice chianti ...

Mon, 06/18/2012 - 11:26 | 2536299 Atlas_shrugging
Atlas_shrugging's picture

Krom!

Mon, 06/18/2012 - 11:30 | 2536315 Gully Foyle
Gully Foyle's picture

CROM!

Crom is a grim and gloomy and unforgiving god, ever watching from atop his mountain in dark clouds and obscuring mists, ready to pass a disapproving judgment on any and all.

Mon, 06/18/2012 - 11:57 | 2536416 100pcDredge
100pcDredge's picture

Crom Cruach or Cromm Crúaich (Classical Irish/Gaelic pronunciation /?k???m? ?k??u?ç/), also known as Cenn Cruach /?k??n?: ?k??u?x?/ or Cenncroithi /?k??n?: ?k??o???/, was a deity in pre-Christian Ireland, reputedly propitiated with human sacrifice, whose worship is said to have been ended by St. Patrick.

<snip>

In the old Irish tale from the Book of Lismore, "The Siege of Druim Damhgaire or KNOCKLONG" (Forbhais Droma Dámhgháire), Crom is associated with Moloch.

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

 

OR ehm...

 

Crom (pronounced /?kr?m/) is a deity created by American author Robert E. Howard. He is mainly mentioned in swearing by his character Conan the Cimmerian, and "worshipped," it is presumed, by the bulk of the Cimmerian people. His name is probably derived from the ancient Celtic deity Crom Cruach, with the Cimmerians functioning as proto-Celts in Howard's pre-historic Hyboria.

http://en.wikipedia.org/wiki/Crom_(fictional_deity)

 

 

Mon, 06/18/2012 - 12:42 | 2536562 cavanman2
cavanman2's picture

sacifrice the first born

Mon, 06/18/2012 - 20:44 | 2537950 StychoKiller
StychoKiller's picture

Mmm, unicorn chops in skittle sauce...Good Eats! :>D

Mon, 06/18/2012 - 11:35 | 2536331 InsurgoCasca
InsurgoCasca's picture

Checkmate is right. They just got screwed. I think this could kill coalition talks. Should have released this after they formed a government.

Mon, 06/18/2012 - 11:17 | 2536272 SHEEPFUKKER
SHEEPFUKKER's picture

You like your game of chicken fried or baked? 

Mon, 06/18/2012 - 11:22 | 2536285 LeisureSmith
LeisureSmith's picture

Stop plagiarizing Herman Cain.

Mon, 06/18/2012 - 11:41 | 2536347 slaughterer
slaughterer's picture

Somehow I think it might start to get real ugly before and during the Greece -vs- Germany European Cup game this week. 

Mon, 06/18/2012 - 12:45 | 2536569 slewie the pi-rat
slewie the pi-rat's picture

w.w.colored-cardDrinkingGame.ouzostein.BiCheZ

Mon, 06/18/2012 - 12:12 | 2536460 Jack Sheet
Jack Sheet's picture

"fick mich" would be more appropriate

Mon, 06/18/2012 - 11:14 | 2536261 mayhem_korner
mayhem_korner's picture

 

 

Shocker.

Mon, 06/18/2012 - 11:15 | 2536264 NooooB
NooooB's picture

So, Ms Fox, How are things going in the Hen house?

Mon, 06/18/2012 - 11:30 | 2536316 GMadScientist
GMadScientist's picture

Almost finished.

Mon, 06/18/2012 - 11:57 | 2536411 valley chick
valley chick's picture

still got to get the Leghorn... (Livorno)

Mon, 06/18/2012 - 11:15 | 2536266 bmusic
bmusic's picture

Just that means the door is open for Ireland and Portugal to re-negotiate, right? Right?

Mon, 06/18/2012 - 11:15 | 2536267 disabledvet
disabledvet's picture

Really? That's not what I hear. Supposedly if you "bring up her days back on the communal farm with Hans" she get's all sorts of chatty.

Mon, 06/18/2012 - 11:16 | 2536268 mayhem_korner
mayhem_korner's picture

GERMANY'S MERKEL EXPECTS QUICK FORMATION OF NEW AND STABLE GOVERNMENT IN GREECE

 

All I can say is...ROTFL

Mon, 06/18/2012 - 11:17 | 2536271 MassDecep
MassDecep's picture

That is, until the TPTB instruct her otherwise. Puppets, just Puppets.......

Mon, 06/18/2012 - 11:17 | 2536275 Stuart
Stuart's picture

when the iron bitch's own economy and banks start reeling, lets see her reaction then.   

Mon, 06/18/2012 - 11:23 | 2536290 Village Smithy
Village Smithy's picture

No doubt that she will feel the pain but allowing someone who hasn't paid their bill in 5 years to keep borrowing isn't going to make that pain go away. The game is up. Time to face the real facts with real solutions. Time to turn on the lights assess the damage and start re-building.

Mon, 06/18/2012 - 11:31 | 2536320 schatzi
schatzi's picture

What would her reaction be? Agree on more bailouts without any reform concessions? She's highly popular in Germany because she's balking. Way more popular than Obama or any other prominent western leader. If you have a look at the massive trade deficits expanding to new records especially in the UK, thanks to debt fuelled private and public consumption, the Germans have nothing to worry about. Their products are easily finding markets - now that the € is depressed even more so. The only ones that have time on their side are the Germans. I'll concede that they have lost quite a sizable export market chunk in €-Europe but have surprisingly more that made that up in non-European markets. Of all the large western economies, they are by far the healthiest. They will win this game of chicken if need be.

Mon, 06/18/2012 - 11:45 | 2536365 Abraxas
Abraxas's picture

They might win, but only if Greeks, Spaniards, Irish etc. do not lift their heads from the sand and follow the Iceland's example. The Germans are betting that the lesser nations will not have the balls.

Mon, 06/18/2012 - 12:27 | 2536498 OttoMBMP
OttoMBMP's picture

Schatzi, this game cannot be won anymore. Kicking the can down the road, accumulating even more Target 2 or ESM volumes will not do it forever. At some point the whole thing will blow up and bankrupt Germany. It is too late.

Merkel highly popular = high degree of uninformed/ naïve/ dumb people in Germany.

Merkel may be balking. More important is that she is paying and ruining her country.

Mon, 06/18/2012 - 12:51 | 2536600 schatzi
schatzi's picture

I can't disagree. I'm here in Austria - quasi an economic satellite of Germany, net € and EU contributors, working into the late sixties, paying 50% income tax and watching Hollande make campaign promises his country cannot afford, but expects others i.e. Germany and other northern Europeans to pick up the tab. It makes me sick. Target2 exemplifies how broken the system is. A trillion € if I'm not mistaken. Absolutely crazy numbers. I still believe we can extricate ourselves from this mess. Start anew, maybe a small northern € based on Germany's economy with some small currency satellites like Luxembourg, Baltics, Netherlands and Austria or revert back to our original currencies. Tying in the periphery into the northern core was a massive mistake. Even France is not ready for a currency union. They're completely deluded and have just crossed the 100% debt/GDP threshold. I'd rather this mess end now in massive pain, then dragging this fiasco on till the point we are bled dry. At least Merkel is putting up some resistance, but it won't help anyway. European and US governments will keep insisting you need to make debt to grow out of debt. The grave is just getting dug deeper.

Mon, 06/18/2012 - 14:06 | 2536860 Lednbrass
Lednbrass's picture

As you and Otto are on the ground over there, do either of you think it likely that your countries will finally get tired of this and go your own way, or will your governments cave after being hammered with intergenerational inherited guilt (bad, bad Teutons- you are all big meanies!)?

While some in the US may yell for never ending bailouts with funny money, I think the northern Europeans would also get significant support for saying no and it will probably break down along party lines over here.  Whatever nonsense is in the average American head about Germans and Austrians from watching too much Hollywood propaganda, nobody questions their work ethic.

Mon, 06/18/2012 - 16:24 | 2537302 schatzi
schatzi's picture

It's all very difficult to predict. Generally party lines are very pro €, as it's seen as the pro Europe line which coincides with the post-war new European approach of growing closer all for the benefit of mutual peace and reconciliation. The last war may be 80 years back, but politicians still tread lightly. It carries stigma to renounce the pro European idea. This isn't a United Sates of Europe and there is little solidarity with Greece nor the willingness to financially carry other countries for the greater good. When the own € is being taken from your pocket then that usually means the end of any feelings of solidarity. I think there is a tendency shift towards a more egotistical standpoint within the populace. If the politicians read that correctly and latch on to this new undercurrent, we may see a much more hard-line approach in politics.

Mon, 06/18/2012 - 20:50 | 2537962 StychoKiller
StychoKiller's picture

The USA will not annex Mexico for pretty much the same reason(s) that Greece should not have been permitted to enter the Euro.

Mon, 06/18/2012 - 11:19 | 2536279 the not so migh...
the not so mighty maximiza's picture

Merkel running naked at you wearing a strap on,,, yikes!!!!

Mon, 06/18/2012 - 11:24 | 2536293 mayhem_korner
mayhem_korner's picture

 

 

Frankly, until someone gets a verifiable shot "under the hood," I'm not sure a strap on wouldn't be redundant.

Mon, 06/18/2012 - 11:53 | 2536396 Itch
Itch's picture

She carries a bowling ball in her knickers...when the going gets tough, the tough batter you with a bowling ball.

Mon, 06/18/2012 - 11:20 | 2536283 Dr. Engali
Dr. Engali's picture

Merkel says nein....until tomorrow

Mon, 06/18/2012 - 11:22 | 2536286 icanhasbailout
icanhasbailout's picture

wake me when they figure out that electing a new government does exactly nothing to change the cash flow problem

Mon, 06/18/2012 - 11:23 | 2536291 Conman
Conman's picture

Ok, so how about those relaxed terms for ireland? Also i guess the rumor rolodex is now back to pusing eurobonds again.

Mon, 06/18/2012 - 11:24 | 2536292 evolutionx
evolutionx's picture

No Relief:

PIGS rate exploding again,

Spain 10j 7,25%!!

ECB fearindicator up

 

http://www.cds-info.com

Mon, 06/18/2012 - 11:29 | 2536314 disabledvet
disabledvet's picture

We HAVE liftoff!

Mon, 06/18/2012 - 11:25 | 2536296 the 300000000th...
the 300000000th percent's picture

Erkel says yes or their will be a new leader in Germany. The cartels wont have any crazy talk

Mon, 06/18/2012 - 11:26 | 2536298 fonzannoon
fonzannoon's picture

dow down 3 points on the news. 

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