New Democracy Unable To Form Government, Anti-Bailout Parties Now Get Opportunity To Eject Greece From Euro

Tyler Durden's picture




 

Well, that lasted far less than the three days expected:

  • SAMARAS SAYS WAS UNABLE TO FORM GOVERNMENT
  • SAMARAS SAYS DID ALL POSSIBLE TO FORM GOVERNMENT
  • SAMARAS HANDS BACK MANDATE TO PRESIDENT PAPOULIAS
  • SAMARAS SAYS AIM TO KEEP GREECE IN EURO

And now the broad-left coalition Syriza gets the mandate to form a coalition government. If successful, and with nearly 60% of the parties in parliament being anti-bailout it would not take much for differences to be resolved, all bets are off as the anti-bailout powers will finally gain control of Greece, effectively ending European control over Greece. Alternatively, if nothing is achieved, then it is very likely that Greece will have another election within 3-4 weeks. And then another. And then another.

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Mon, 05/07/2012 - 13:31 | 2403949 slaughterer
slaughterer's picture

CNBC is spinning this as bullish.  

Mon, 05/07/2012 - 13:32 | 2403957 derek_vineyard
derek_vineyard's picture

Heard that shit....one country ejected is bullish...2,3 or 4 will spark parabola

Mon, 05/07/2012 - 13:36 | 2403977 zaphod
zaphod's picture

Greece has no money in the bank and relies on the EU to provide day to day financing of all government employees plus pensions.

What will happen when that funding is cut off? The Greece government will be unable to operate and the whole thing will collapse. Lemmings.

Mon, 05/07/2012 - 13:43 | 2404003 redpill
redpill's picture

It's the Greek peoples' best chance at living as something other than debt slaves, so while it may suck in the short term, in the long run it's better than remaining under the banksters' boots.

Mon, 05/07/2012 - 13:45 | 2404015 Seize Mars
Seize Mars's picture

If that's true then that must mean there are "boots on the ground," i.e. Men In Black running around and the bribes are flowin'.

Because escape from debt slavery is

just

not

allowed.

Mon, 05/07/2012 - 13:46 | 2404036 redpill
redpill's picture

Oh it's far from a done deal.  Expect the other party leaders to wake up to the Greek version of severed horseheads on the pillow next to them.  The bankers know how to drive a hard bargain.

Mon, 05/07/2012 - 13:52 | 2404066 midgetrannyporn
midgetrannyporn's picture

Waking up next to a live abby cohen would be scarier imo.

Mon, 05/07/2012 - 13:55 | 2404078 Ahmeexnal
Ahmeexnal's picture

The emperor returns:

http://www.irishtimes.com/newspaper/breaking/2012/0507/breaking4.html

 

 

Vladimir Putin took the oath as Russia's president today with a ringing appeal for unity at the start of a six-year term in which he faces growing dissent, economic problems and bitter political rivalries.

Mr Putin (59) was sworn in with his right hand resting on the Russian constitution in a glittering ceremony in the Kremlin's former throne room attended by 2,000 dignitaries who applauded his every step along a long red carpet to the podium.

Mon, 05/07/2012 - 14:24 | 2404191 Logans_Run
Logans_Run's picture

Mr. Putin then proceeded to his private restroom where he used that copy of the constitution to wipe...

Mon, 05/07/2012 - 14:28 | 2404205 redpill
redpill's picture

Listening to Putin talk about protecting freedom and the nation's constitution would almost be as absurd as hearing Obama talk about protecting freedom and the nation's constitution...

 

oh wait...

Mon, 05/07/2012 - 15:06 | 2404334 gatorengineer
gatorengineer's picture

Mr. Obama ........    There fixed it for ya....

Mon, 05/07/2012 - 16:16 | 2404564 jamezelle
jamezelle's picture

^

Mon, 05/07/2012 - 16:29 | 2404599 caconhma
caconhma's picture


Putin is not Gorbachov. He is just a pathological thief and assassin with nowhere to run.

 

As many time before, Russia and China will change the history. Greece, Ireland, and Portugal are just pawns.  Remember, Iceland has changed nothing.


 

 

Mon, 05/07/2012 - 14:12 | 2404154 Poetic injustice
Poetic injustice's picture

In Greek version that would be goat heads. But I do expect some nice offers that nobody can refuse.

Mon, 05/07/2012 - 13:49 | 2404044 AccreditedEYE
AccreditedEYE's picture

Iceland proves you wrong Seize Mars.

Mon, 05/07/2012 - 15:13 | 2404318 Doña K
Doña K's picture

Greece will print its own currency, pay its employees, wipe out all debt and start over. Reduce public workers by freezing hiring, increase the retirement to 62-65 incrementally, and by exporting agri products and tourism will grow again. Let's not forget that Greece has one of the largest shipping fleets in the world by tonnage.

http://propaganda-dimitrios.blogspot.com/2011/01/greece-has-bigest-merchant-marine-fleet.html

  

Mon, 05/07/2012 - 15:26 | 2404381 CrashisOptimistic
CrashisOptimistic's picture

After all these months, how can ZH still not understand.

Greece pulling out of the euro and printing drachmas and saying to the IMF and ECB, the holders of its remaining debt, "go to hell" 

ACCOMPLISHES NOTHING.

The ECB and IMF can ignore their statement and carry the debt and compound it.  Forever.  

They can't escape it by saying "we aren't paying".  That doesn't work.  They owe the money and they will pay or it will be collected by confiscating goods they might ever export.  The EU could put a special tax on any oil allowed into Greece.  There are many things that can be done to collect the debt.

They can't just walk in front of a microphone and declare that they default and think that the debtors have to accept that.  

There is no EU charter mechanism for leaving the Euro or the EU.  Either voluntarily or involuntarily.  The debt they owe is in Euros.  They can't print drachmas and pay it because the debtors will refuse that and demand payment in Euros.

None of this is going to work.  This is all posturing.

Mon, 05/07/2012 - 16:04 | 2404530 CharlieSDT
CharlieSDT's picture

Didn't Iceland do just that?

Mon, 05/07/2012 - 20:26 | 2405201 smiler03
smiler03's picture

No. Iceland did not default on it's Sovereign debts.

Tue, 05/08/2012 - 00:08 | 2405529 CompassionateFascist
CompassionateFascist's picture

Lead is heavier than paper.

Mon, 05/07/2012 - 16:29 | 2404604 Elwood P Suggins
Elwood P Suggins's picture

Oil? What the fuck would Greece use to pay for oil?  Seriously doubt the oil producing countries would accept the toilet paper drachma.

Mon, 05/07/2012 - 16:32 | 2404612 caconhma
caconhma's picture

"The EU could put a special tax on any oil allowed into Greece."

Iran will be delighted and Israel will be screwed. Greece, let go for it!

Mon, 05/07/2012 - 17:47 | 2404828 Cole Younger
Cole Younger's picture

If they can't form a coalition government, then there is no givernment. Odius debt comes to mind...it is international law...

Mon, 05/07/2012 - 17:54 | 2404844 Hi Ho Silver
Hi Ho Silver's picture

Export agri?

The Greeks can't farm enough to feed themselves.

Mon, 05/07/2012 - 20:18 | 2405170 Seize Mars
Seize Mars's picture

AccreditedEye: I'm not sure. When I look at Iceland, I see a country that has fiat money, whose rate is pegged to the Loonie, which in turn has the USD as its reserve currency. So American inflation is exported to Iceland. No escaping it - Iceland, though brave to decline the usual IMF-ing, is still stuck in the tar pit. They will have inflation, and the first principal component of it will be from the Bernank.

Jekyll Island wins again.

Mon, 05/07/2012 - 13:47 | 2404032 docj
docj's picture

Which is probably why nobody talks about Iceland anymore.

I'm waiting for the "28 Days Later" scenario for that island to be launched.

Mon, 05/07/2012 - 15:33 | 2404412 CrashisOptimistic
CrashisOptimistic's picture

You might want to read the Iceland wiki.

Iceland was an FDIC-style guarantor of deposits.  Not a borrower of money.  They reached agreement with the creditors and paid portions of money.  

They didn't default and walk away.  They walked two steps away and then came back to the table and worked out deals that required them to pay significant money.

But the key point was this was not money owed from run up deficits.  It was depositor money that disappeared when banks folded.  Significantly different thing.

Mon, 05/07/2012 - 13:47 | 2404038 Oh regional Indian
Oh regional Indian's picture

It is unrealistic to expect a "People" to form anythign close to balanced self-rule after this century of madness.

ochlocracy, the worst of all possible out-comes. Democracy is a close second.

In-dependence, FTW!

ori

/the-year-the-time-and-the-place-of-our-dam-ming/

Mon, 05/07/2012 - 13:57 | 2404092 GeneMarchbanks
GeneMarchbanks's picture

Ochlocracy is the degenerate form of democracy. Worked in the polis in Antiquity times in regards to a very specific peoples: the Greeks.

You mean to tell me the same concept can't be applied to the 10+ million metro populations world-wide thousands of years later?

Mon, 05/07/2012 - 14:08 | 2404135 Oh regional Indian
Oh regional Indian's picture

Learned it from you Gene. So Grazzi and yes, exactly, that is what I'm telling you. ;-)

ori

Mon, 05/07/2012 - 14:17 | 2404170 GeneMarchbanks
GeneMarchbanks's picture

BTW, I got some Greek sayings that are less clever but more wise than the Romans:

https://en.wikipedia.org/wiki/List_of_Greek_phrases

 

Mon, 05/07/2012 - 15:40 | 2404442 slewie the pi-rat
slewie the pi-rat's picture

this is true

but i have tried to also point out, throughout, that it doesn't matter what the "form" of goobermint is here, in a way:  it is the COST of the governance that is primarily fuking this up, imo

so: the form is negotiable, in many ways, but the functions of the governance and the amount of resources devoted to governance seem to me to be the key issues, guys

if you need clever and wise sayings about this, please check my prior posts on the subject, ok?

Mon, 05/07/2012 - 15:12 | 2404337 ArrestBobRubin
ArrestBobRubin's picture

Darn straight! Just look at Iceland: it told the banksters to f*ck off and is doing very nicely thank you. It's amazing what a nation can do without a gaggle of Energy Vampires sucking its vitality out through its jugular.

Imagine what America would have been capable of, what we and the world would be today, had the Money Power not transformed it into a fiefdom of the undead?

Imagine the world without Them, it's where it all starts

Mon, 05/07/2012 - 13:44 | 2404021 Gully Foyle
Gully Foyle's picture

zaphod

Um maybe not. It's all perception.

Pre European Union Greece operated, maybe all smoke and mirrors, but it ran.

Then when the ugly truth seemed to be revealed, shit fell apart starvation, parents abandoning their children.

Why not return to a Pre European state? It may run on illusion, but frankly all currency is run on illusion.

It isn't like debt is paid with real currency, it's all numbers on some server.

The whole debt scam is based on the perecption of owing something physical for something illusory. A cow for magic beans, European magic carpet ride.

Isn't that what Iceland did? A nation of Amazing Randi's stood up and said fuck off to the weak trickery of financiers.

Mon, 05/07/2012 - 13:50 | 2404046 Manthong
Manthong's picture

They can survive in that climate without heat and AC.. plenty of fish in the sea… its growing season.. do what you need to keep the tourists coming and the bare essentials going.. cut the government to the bone.

It would be well worth the pain to be free of the banks

If they do it right, they can be the envy of the South.. anything less and it will be nothing but crap there.

Mon, 05/07/2012 - 15:25 | 2404388 Nussi34
Nussi34's picture

They will have to learn agaon to get up in the morning and work in the fields. The days of buying cheap Dutch tomatos wit hard Euros are gone!

Mon, 05/07/2012 - 23:04 | 2405434 sterling effort
sterling effort's picture

 

 

"plenty of fish in the sea…"

No, there aren't. The Mediterranean around Greece is long fished out.

I was there not so long ago and any decent fish was imported and 50 euro per kilo.


Mon, 05/07/2012 - 13:45 | 2404022 LetThemEatRand
LetThemEatRand's picture

From everything I've read on the subject, the bailout money is not going to the Greek pensioners.  Almost all of it is going to bondholders and banks.    The ECB has convinced the Lemmings that they need to take on more debt to save themselves, but they have been taking on more debt to save the banks.

Mon, 05/07/2012 - 13:52 | 2404060 Ahmeexnal
Ahmeexnal's picture

That's the purpose of socialism.

Funny how the idiots believe it is intended to help "the little people".

Mon, 05/07/2012 - 14:00 | 2404103 LetThemEatRand
LetThemEatRand's picture

That's the purpose of facsism and/or feudalism.   According to Webster's, Socialism is:  "any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods, or 2 a: a system of society or group living in which there is no private property b: a system or condition of society in which the means of production are owned and controlled by the state."

Feudalism is:  "the system of political organization prevailing in Europe from the 9th to about the 15th centuries having as its basis the relation of lord to vassal with all land held in fee and as chief characteristics homage, the service of tenants under arms and in court, wardship, and forfeiture."

We are heading from facsism to feudalism.

 

Mon, 05/07/2012 - 14:08 | 2404128 GeneMarchbanks
GeneMarchbanks's picture

Stop confusing with your clear definitions, the socialism forced them to their bunkers.

Mon, 05/07/2012 - 14:58 | 2404305 macholatte
macholatte's picture

 

 

Cultural Dictionary

fascism  [( fash -iz-uhm)]

A system of government that flourished in Europe from the 1920s to the end of World War II. Germany under Adolf Hitler, Italy under Mussolini, and Spain under Franco were all fascist states. As a rule, fascist governments are dominated by a dictator, who usually possesses a magnetic personality, wears a showy uniform, and rallies his followers by mass parades; appeals to strident nationalism; and promotes suspicion or hatred of both foreigners and “impure” people within his own nation, such as the Jews in Germany. Although both communism and fascism are forms of totalitarianism, fascism does not demand state ownership of the means of production, nor is fascism committed to the achievement of economic equality. In theory, communism opposes the identification of government with a single charismatic leader (thecult of personality”), which is the cornerstone of fascism. Whereas communists are considered left-wing, fascists are usually described as right-wing.

Note : Today, the term fascist  is used loosely to refer to military dictatorships, as well as governments or individuals that profess racism and that act in an arbitrary, high-handed manner {see Obama}

 

Mon, 05/07/2012 - 15:15 | 2404360 GeneMarchbanks
GeneMarchbanks's picture

Cultural Dictionary

Is it similar to UrbanDictionary.com?

Mon, 05/07/2012 - 16:54 | 2404705 Bag Of Meat
Bag Of Meat's picture

Everything done IN THE NAME of socialism,IS NOT socialism

Mon, 05/07/2012 - 14:40 | 2404249 Chupacabra-322
Chupacabra-322's picture

@ LetThemEatRand,

Absolutely!  The French got duped, just like the Americans. You think Sarkozy was bad? Just wait until this guy is in full control.

The NWO wants global Fascism.

Resist or become the NWO.

Americans are not allowed to challenge the two-party duopoly/false Right/Left Paradigm.

Romney/Obamney is really no change in the NWO order agenda, as well. Look at the folks Romney has surrounded himself with. Same old games from both political parties in this country.

Mon, 05/07/2012 - 14:47 | 2404275 tarsubil
tarsubil's picture

So essentially, socialism is the same thing dressed up in BS marxist terminology.

Mon, 05/07/2012 - 15:16 | 2404357 Chupacabra-322
Chupacabra-322's picture

The Fatherland- Socialist/Nazi German

 The Motherland - Communist Russia

The Homeland (USA)? – An Unspeakable Bastard crossbreed of the two above!

Mon, 05/07/2012 - 14:00 | 2404106 sunaJ
sunaJ's picture

Because Greece has no euros, they will start using local or a national currency locally.  That way, Greeks can buy bread and pay for electricity, and they can begin to pay back the Euro.  A first period of payments would be devastating to their economy; however, how long do you think the Euro - with it's current purchasing power - will last after that?  I think the chances are favorable to Greece that the exchange rate over time will work in their favor.  That is, if they do not plunge into violent civil war.

Mon, 05/07/2012 - 16:58 | 2404713 Bag Of Meat
Bag Of Meat's picture

Using 2 currencies will directly lead to hyperinflation for the local currency . The local currency wont be accepted by anyone and everyone will be asking for euros.

Mon, 05/07/2012 - 14:01 | 2404108 ebworthen
ebworthen's picture

Zaphond,

Drachmas.

Greece leaves the Euro and prints its' own currency.

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