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Official Greek Response To Internet "Rumors" Of Imminent Greek Default

Tyler Durden's picture


Just as to Italy it is suddenly America's fault the "crisis was sparked", so now it is "internet rumors" who are to blame that the market, at least in the form of CDS, estimates that the country's probability of going bankrupt is, oh, 100%.

From the Ministry of Finance:

Deputy Prime Minister and Finance Minister, Evangelos Venizelos, answering journalists' questions on various reviews and rumors circulated on the Internet alleging that failure of Greece through the weekend, said: 


"It is the first time you get this organized wave of "rumors" on alleged failure of Greece. This is a bad game, an organized speculation, which is directed against the euro and the eurozone as a whole.


Basic selection and priority of Greece is the full implementation of the decisions of 21 July and of course the full implementation of obligations arising from agreements with its institutional partners.


This is the clear position of the Greek government that does not take into account any element of political cost. "

Judging by the market reaction, and considering that where there is a putrid pyroclastic cloud, there is usually fire (not to mention a volcanic explosion), this may be a little more than just "organized, internet-based speculation."

Full release:



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Fri, 09/09/2011 - 14:12 | 1651752 RealitiveMind
RealitiveMind's picture

Thank God I am fluent in Greek.

Fri, 09/09/2011 - 14:14 | 1651761 mfoste1
mfoste1's picture

Dont worry I speak and read greek. It says we are going to default, then the US taxpayers must bail us out....

Fri, 09/09/2011 - 14:16 | 1651776 MsCreant
MsCreant's picture

I read "Full throttle forward on the printer, bitchez."

Fri, 09/09/2011 - 14:23 | 1651823 spiral_eyes
spiral_eyes's picture

zero hedge frontrunning the market, bitchez.

if bernanke is now the biggest hedge fund manager in the world, tyler durden is making the entire old media industry look fucking irrelevant.

Fri, 09/09/2011 - 14:33 | 1651873 Ahmeexnal
Ahmeexnal's picture

short the greek ETF

Fri, 09/09/2011 - 15:07 | 1652021 Herd Redirectio...
Herd Redirection Committee's picture

How do you know a Finance Minister is lying?


His lips are moving!

Check out the latest from the Capital Research Institute "BiMetallic Standard, FAQ":

"To anyone who tells you that private banks or central banks or ‘the Elite’ will benefit the most from the Gold Standard, this is why they are wrong. Yes, holders of gold would benefit from the initial changeover, from fiat to sound money, but after that it is a system that is more fair (nothing is perfect in this world) for everyone. An initial one time gain (of perhaps 300%) on the 10 ounces you hold might seem like a big deal, but the real change in the switch to sound money would come from banks losing the ability to create money, and the average person gaining that ability.

How would you feel if your retirement savings increased 66%, but your income decreased to almost zero? Probably mixed emotions! So now you know why private banks (and hence, their employees, analysts, researchers, etc.) will not be supporting a BiMetallic Standard without some, erghm, persuasion."

Fri, 09/09/2011 - 15:13 | 1652064 redpill
redpill's picture

This is outrageous!  Such irresponsible rumors.  ARREST THE INTERNET!

Fri, 09/09/2011 - 19:38 | 1652929 Rahm
Rahm's picture

Looks like Greek to me.

Sat, 09/10/2011 - 04:57 | 1653972 Blank Reg
Blank Reg's picture

I was hoping everyone would resist the urge to say that.

Fri, 09/09/2011 - 15:26 | 1652115 Smiddywesson
Smiddywesson's picture

I don't think TPTB are going to handcuff themselves with the move to a pure gold standard.  Any "gold standard" supported by this lot of international criminals is as likely to resemble a true gold standard as Chicken McNuggets resembles a real chicken.

Fri, 09/09/2011 - 14:34 | 1651876 Fish Gone Bad
Fish Gone Bad's picture

Fuck Greece.  It is not even a real country.  What is this, its 25th default???  Please tell me that no one honestly saw this coming.

Fri, 09/09/2011 - 14:45 | 1651920 Popo
Popo's picture

As they say,  nothing is true until it is officially denied.

We can now rest assured that Greece is well and truly fucked.

Fri, 09/09/2011 - 15:28 | 1652123 Smiddywesson
Smiddywesson's picture

No, it's the countries that needed Greece to stay solvent that are screwed, not Greece.  Default wipes all the old concerns away.

Fri, 09/09/2011 - 15:55 | 1652254 knukles
knukles's picture

I know a guy who didn't see this coming.  He's the blind, deaf, dumb, paraplegic who works as the senior press secretary to the ECB.  You know, the fellow who sits in the back waving his hands about madly.  He didn't know.

Fri, 09/09/2011 - 15:00 | 1651996 breezer1
breezer1's picture

its been irrelevant for a while now...

Fri, 09/09/2011 - 15:56 | 1652255 knukles
knukles's picture

Buy on the tumor, sell on the booze.

Fri, 09/09/2011 - 15:06 | 1652019 richard in norway
richard in norway's picture

well as soon as i saw the post i rushed off to another blog to tell all my freinds and the market took a nosedive five miniutes later

Fri, 09/09/2011 - 14:54 | 1651974 hunglow
hunglow's picture

Roger, go for throttle up.

Fri, 09/09/2011 - 14:41 | 1651909 Transitory Disi...
Transitory Disinflation's picture

First rule of rumour club is:

Never believe anything until it is denied!


I wonder how the Feral Reserve will react?

Fri, 09/09/2011 - 14:45 | 1651921 Snidley Whipsnae
Snidley Whipsnae's picture

"I wonder how the Feral Reserve will react?"

Not hard to figure, since they only know how to do one thing...print.

You can guess print or not print... even odds you are right.

Fri, 09/09/2011 - 14:51 | 1651952 Transitory Disi...
Transitory Disinflation's picture



The thing is I cannot decide if they are Stupid or Devious, Clueless clowns or planned precision......

Fri, 09/09/2011 - 15:08 | 1652030 topcallingtroll
topcallingtroll's picture

stupid....there are many that really believe that this is a conspiracy of financiers to take down an innocent country that is doing nothing wrong.

Clueless clowns for the same reason above.....also because they were stupid enough to get themselves in this situation in the first place.

Devious.....they kinda know what's going down, but they are trying to stall it as much as possible and hope for a deux ex machina from the ECB.

Planned Precision?  Ha.  No one can take advantage of a person who is neither a borrower or a creditor.  Sure there is a little piling on around the edges, but the Greeks fully and totally did this to themselves.


Sat, 09/10/2011 - 11:52 | 1654435 Marco
Marco's picture

Then which of us is innocent? Most first world countries are running twin deficits just like the Greeks, we are doing the exact same things to ourselves ... Greece is simply the first to fall.


I guess there are a couple grand capitalist experiments like Sweden and Denmark which can claim innocence ... but otherwise I don't know too many which don't only manage surpluses because of natural resources which are fast running out.

Fri, 09/09/2011 - 15:12 | 1652056 tunckar
tunckar's picture

Which one dou you believe?

politicians or gold?

Fri, 09/09/2011 - 15:31 | 1652137 Smiddywesson
Smiddywesson's picture

I wonder how the Feral Reserve will react?

Oh, I don't know, perhaps bail out Europe and raise margins on gold, twice?  This is all about kicking the can and buying cheap gold to fill their vaults, the rest is smoke and mirrors.

Fri, 09/09/2011 - 14:22 | 1651815 max2205
max2205's picture

100%...gee wally just like the bond yiels, go figure huh

Fri, 09/09/2011 - 14:39 | 1651898 dwdollar
dwdollar's picture

Come on, let's not exaggerate.  The chance of default is only 99.99%.  ;)

Fri, 09/09/2011 - 14:42 | 1651913 Transitory Disi...
Transitory Disinflation's picture

.999 :)

Fri, 09/09/2011 - 14:26 | 1651830 Id fight Gandhi
Id fight Gandhi's picture

You need to fluent in bullshit too. Who they think we are?

Fri, 09/09/2011 - 14:27 | 1651838 Agent P
Agent P's picture

He speaks fluent Russian.

Stay thirsty my friend.

Fri, 09/09/2011 - 14:37 | 1651891 vast-dom
vast-dom's picture

Fluency in Greek financial fuckery = scary shit.


Silver down sharply all of a sudden........something is starting to stink....

Fri, 09/09/2011 - 15:33 | 1652149 Smiddywesson
Smiddywesson's picture

Oh yeah.  PMs cannot be ignored by the Fed this weekend or the jig is up.  Lot's of pressure coming for paper traders.  They can't touch my physical though. 

Fri, 09/09/2011 - 14:27 | 1651758 TruthInSunshine
TruthInSunshine's picture

If you lay down with sheep/sheeple, you're going to get sodomized.

Fri, 09/09/2011 - 14:38 | 1651894 luster
luster's picture

Better spray some Windex on that ass.

Fri, 09/09/2011 - 14:44 | 1651919 mudduck
mudduck's picture

"This is a bad game, which is directed against the euro and the eurozone as a whole." Should be; "This is as bad game, which is directed into the eurozone a-hole. Please make the bad men stop."

Fri, 09/09/2011 - 14:50 | 1651954 TruthInSunshine
TruthInSunshine's picture

DSK spoke fluent greek, frequently.

Fri, 09/09/2011 - 14:14 | 1651762 Mongo
Mongo's picture

It's all greek to me

Fri, 09/09/2011 - 14:27 | 1651840 hambone
hambone's picture


Fri, 09/09/2011 - 14:14 | 1651764 Segestan
Segestan's picture

I'm surprised Sovereign Bitch isn't all over this.....

Fri, 09/09/2011 - 14:14 | 1651765 1835jackson
1835jackson's picture

It's all Greek to me

Fri, 09/09/2011 - 14:15 | 1651767 Zenster
Zenster's picture

I guess the real question now is when exactly they go bust, weeks/months?

Fri, 09/09/2011 - 14:24 | 1651813 Capitalist10
Capitalist10's picture

days, hours...

eerily reminiscent of the rumors of a US downgrade on a Friday not too long ago that were denied, retracted, etc., until around 9:00 PM EST...

Fri, 09/09/2011 - 14:49 | 1651943 Snidley Whipsnae
Snidley Whipsnae's picture

Monday... hell coming to breakfast... prepare accordingly.

...and include bull shit repellent in your bug out bag.

Fri, 09/09/2011 - 15:04 | 1652007 Hephasteus
Hephasteus's picture

I've been watching main stream media twist thier spines into bullshit storm bent all week.

Fri, 09/09/2011 - 15:58 | 1652266 Lord Welligton
Lord Welligton's picture

Great movie.

@1:57 "Get ready little lady. Hell is comin to breakfast".

Fri, 09/09/2011 - 16:47 | 1652452 LFMayor
LFMayor's picture

"careful Abe. I seen him do... some things".

Fri, 09/09/2011 - 14:15 | 1651768 1835jackson
1835jackson's picture

me to Greek all It's

Fri, 09/09/2011 - 14:15 | 1651769 nantucket
nantucket's picture

i love baklava, can we forgive greek debt in exchange for that stuff?

Fri, 09/09/2011 - 15:58 | 1652268 knukles
knukles's picture

Ouzo and stale baklava have already been pledged to Finland as collateral in place of the Gold.  WTF, can't eat Gold, eh?

Fri, 09/09/2011 - 14:15 | 1651772 Putty
Putty's picture


Fri, 09/09/2011 - 14:30 | 1651856 Agent P
Agent P's picture

Made me laugh.

Fri, 09/09/2011 - 14:16 | 1651773 Cdad
Cdad's picture

Greece is NOT fixed again....and it TYLER's fault!

Fri, 09/09/2011 - 14:26 | 1651828 espirit
espirit's picture

Why don't they just say it's ZH'ers fault?

Buahahahaha! Long live the Silver Eagle.

Fri, 09/09/2011 - 14:16 | 1651778 Tense INDIAN
Tense INDIAN's picture

In the meantime time , we ask , will the SnP break that channel::

Fri, 09/09/2011 - 14:19 | 1651797 TradingJoe
TradingJoe's picture


Fri, 09/09/2011 - 14:20 | 1651804 BORT
BORT's picture

I believe we will.  failure at 61.8% of last drop was key

Fri, 09/09/2011 - 14:32 | 1651863 caerus
caerus's picture


Fri, 09/09/2011 - 14:17 | 1651783 dick cheneys ghost
dick cheneys ghost's picture

wish they would hurry up and default............

Fri, 09/09/2011 - 14:17 | 1651784 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

So, how will we know that Greece has officially defaulted?

Fri, 09/09/2011 - 14:18 | 1651793 TradingJoe
TradingJoe's picture

They're outof greek salad?!

Fri, 09/09/2011 - 14:20 | 1651801 Josh Randall
Josh Randall's picture

When the name "Barclay's Parthenon" is unveiled

Fri, 09/09/2011 - 14:27 | 1651834 Let them eat iPads
Let them eat iPads's picture

The ancient Greeks were incredibly ahead of their time.

Did you know the Parthenon was cable-ready?

Fri, 09/09/2011 - 14:20 | 1651810 Nate H
Nate H's picture

no prescriptions at your pharmacy in T+10 days...

Fri, 09/09/2011 - 14:22 | 1651814 Jonas Parker
Jonas Parker's picture

There's a worldwide ouzo shortage!

Fri, 09/09/2011 - 14:28 | 1651843 espirit
espirit's picture

All the better. That stuff tastes worse than warm Saki.

Fri, 09/09/2011 - 15:07 | 1652024 JohnG
JohnG's picture

Not after half a bottle....

Fri, 09/09/2011 - 14:57 | 1651987 PartysOver
PartysOver's picture

They stand up and say thank you.

Fri, 09/09/2011 - 15:05 | 1652010 breezer1
breezer1's picture

leo souvlaki could anwser that, you out there leo???

Fri, 09/09/2011 - 15:07 | 1652028 JohnG
JohnG's picture

His head exploded when all the solars died.

Fri, 09/09/2011 - 14:17 | 1651786 TradingJoe
TradingJoe's picture

Ahh Fiday's Greek Salad! Or will it be on Sunday?!?! Algos sweating hard to keep S&P above 1150 and it's only 2:15ish!!! Next week will be a killer, Monday's gap down will be EPIC! But...there's always a But when you (don't) need it, it will all be in time for the 21st, eh?!

Fri, 09/09/2011 - 14:17 | 1651787 Global Hunter
Global Hunter's picture

Cool so by extension are us people who comment on blogs to blame too? 

Fri, 09/09/2011 - 14:23 | 1651824 TruthInSunshine
TruthInSunshine's picture

We have the power. We are the Young Turks & The New Mongol Horde.

We're coming for all welfare states, Ponzi schemes, fractional reserve economies, and especially, the central bankster dominated economies.

We burn the toxic fields & destroy the malignant soil, so as to enable growth of nutritious crops once again.

Fri, 09/09/2011 - 14:27 | 1651837 fuu
fuu's picture

We are the barbarians at the gate?

Fri, 09/09/2011 - 22:21 | 1653307 Ms. Erable
Ms. Erable's picture

Only if you are a holder of 'Barbarous Relics'.

Fri, 09/09/2011 - 15:42 | 1652192 Smiddywesson
Smiddywesson's picture

So, will Bernanke's next speech blame the recession on the weather, the Japanese earthquake, AND ZeroHedge?

We uncouth non-banker types would like to know.

Fri, 09/09/2011 - 16:00 | 1652275 fuu
fuu's picture

San Diego Blackout will get top billing.

Sat, 09/10/2011 - 11:58 | 1654447 Marco
Marco's picture

Pity that by now the people who started the Ponzi schemes own all the land which you want to grow crops on.

Fri, 09/09/2011 - 15:40 | 1652182 Smiddywesson
Smiddywesson's picture

Cool so by extension are us people who comment on blogs to blame too? 

Yes, I am sitting here in my dirty wife beater's tank top, swilling cheap beer and flushed with power.

Fri, 09/09/2011 - 14:18 | 1651790 unum mountaineer
unum mountaineer's picture

if a sovain giverment fails and no one is around to hear it,does it make a sound?

Fri, 09/09/2011 - 14:19 | 1651800 Cassandra Syndrome
Cassandra Syndrome's picture


It says,


"Relax Bitchez and pass this fucking jobs bill."

Fri, 09/09/2011 - 14:20 | 1651803 LRC Fan
LRC Fan's picture

It's not a rumor if it's true.  Reminds me of "rumours" about the biggest slut in high school. 

Fri, 09/09/2011 - 14:20 | 1651807 kito
kito's picture

surprises me that jim rogers, well respected with regards to currencies, feels that the euro will not only survive, but that he will buy after the defaults settle.

hes also long rmb.

id love to know under what scenario he sees the euro surviving...... 


Fri, 09/09/2011 - 14:28 | 1651846 Hephasteus
Hephasteus's picture

Once a fiat junky always a fiat junky. I'm sure he believes his having a shit fit in some store when they tell him to fuck off with his euro garbage will be all you need to keep it alive.

Fri, 09/09/2011 - 14:38 | 1651896 NotApplicable
NotApplicable's picture

Well, the Freegold folks say that gold will be for saving, while the Euro will be for spending. Given that things will be priced in Euros though, I don't see how it is any more viable long-term than the dollar. Just because it can't hyper-inflate, means little when your salary is set in a depreciating currency.

Fri, 09/09/2011 - 15:46 | 1652213 Smiddywesson
Smiddywesson's picture

Just because it can't hyper-inflate, means little when your salary is set in a depreciating currency.

Bingo!  If they want to set up a viable monetary system, where trade is more realistically balanced, don't they want the standard of living lower in certain Western countries and higher in certain Asian countries?  And just exactly where are people being encouraged to buy gold and where are they being discouraged to buy gold, hmmm?  Probably a coincidence.

Fri, 09/09/2011 - 15:34 | 1652148 Marx_it_2_market.
Marx_it_2_market.'s picture

Jim Rogers was interviewed in early July and said he was slighly bullish on the Euro.  To be exact, he implied, IIRC, that he wasn't interested in dumping his Euro holdings.  Rogers said the Euro could be strengthened by the departure of the PIIGS. 

There are some problems with that simplistic view.  It's not clear who will leave the Euro, the PIIGS or the Germans.  Also of course, there will be a period of chaos (economic freefall) while new currencies are issued, etc. Given the low quality of European leaders, it could take some time to rewire things.

I'd bet that Jim Rogers has his "Euros" parked in Germany and/or satellite countries, so he's well-off either way, and earning interest in the meanwhile.  What could screw up this system is if the Germans do the masochistic thing, and agree to the long-term drag of bailing out the other EU nations forever.  Then Rogers investments wouldn't look so smart.

Fri, 09/09/2011 - 14:20 | 1651808 monopoly
monopoly's picture

Thank goodness. Feel much better now. Thought we had some problems.

Fri, 09/09/2011 - 14:22 | 1651816 ziggy59
ziggy59's picture

seems like trade wars have insults and blame! go figure.

Fri, 09/09/2011 - 14:22 | 1651817 NumberNone
NumberNone's picture

Is that the lunch menu?  I'll have some Pastichio with a bottle of Ouzo please.

Fri, 09/09/2011 - 14:22 | 1651818 Oh regional Indian
Oh regional Indian's picture

Baaa Baaaa Baaaa Clavaaaaa!

Remember he is a politician. This is his position today, not so tomorrow maybe.

Baa baa baaaa clavaaa!


Signs Of Decline

Fri, 09/09/2011 - 14:22 | 1651822 Quantum Nucleonics
Quantum Nucleonics's picture

In a way, he's right.  Absent information about Greece's terrible financial position being available and discussed on the internet and sites like ZH, politicians could have kept their troubles under the rug and their bonds at par.  Basically, he's ranting that he/they got caught.

Fri, 09/09/2011 - 15:51 | 1652231 Smiddywesson
Smiddywesson's picture

Absolutely.  Tolken wrote in the Lord of the Rings about the outrage of thieves when something is stolen from them, and of liars when they once tell the truth and are disbelieved.  There's lot's of interesting tid bits in his works.

Fri, 09/09/2011 - 14:29 | 1651851 Fix It Again Timmy
Fix It Again Timmy's picture

Weekend follies, Weekend With Bernanke, call it what you will....


Fri, 09/09/2011 - 14:32 | 1651865 Jim in MN
Jim in MN's picture

Yes, I too blame the Internet for Germany having a Plan B.

Damn you, Internet.  They should have been blindsided.

Fri, 09/09/2011 - 14:35 | 1651878 InMisesITrust
InMisesITrust's picture

Summer lovin' had me a blast

Summer lovin' happened so fast

Summer dreams ripped at the seams,

bu-ut oh, those su-ummer nights....

Tell me more, tell me more!

Fri, 09/09/2011 - 15:34 | 1652151 Shitters_Full
Shitters_Full's picture

Nice old school Pacers avatar.  Stipanovich wasn't Greek was he?

Fri, 09/09/2011 - 14:37 | 1651885 Gringo Viejo
Gringo Viejo's picture

$ index up 300 basis points from Monday.

Put on a happy, albeit fraudulent face.

At times, the utter corruption of it all weighs upon my psyche.

Fri, 09/09/2011 - 14:36 | 1651888 La Belle Vie
La Belle Vie's picture

LOL … per Greek finance minister  “ all this is default rumors are directed against Euro “ , once all Greek gold collateral is gone , game over … he can go back to herding goats n picking olives

Fri, 09/09/2011 - 14:37 | 1651889 web bot
web bot's picture

You know the old saying about where there's smoke, there's fire?

Just ignore the smoke, it will be replaced with something else shortly...

Fri, 09/09/2011 - 14:44 | 1651917 alien-IQ
alien-IQ's picture

is this some kind of tacit admission that CNBC is irrelevant?

(not that we needed any further confirmation....)

Fri, 09/09/2011 - 14:50 | 1651948 JW n FL
JW n FL's picture

Jay Rockefeller: Internet should have never existed


Fri, 09/09/2011 - 14:58 | 1651990 JW n FL
JW n FL's picture

David Rockefeller speaks about population control.

The Rockefellers Are Baby Killers: Ludlow Massacre


Our Country.. Our Manufacturing Base was shipped off to China.. and the Tax Base that it represented as well. One World is Killing America and everyone is busy watching Feel Good Stories on Cable News.

Fri, 09/09/2011 - 15:00 | 1652000 JW n FL
JW n FL's picture



Just as to Italy it is suddenly America's fault the "crisis was sparked", so now it is "internet rumors" who are to blame that the market,

the Rockefellers Agree!! Damn Internet!!

Fri, 09/09/2011 - 14:53 | 1651963 daggerwolf22
daggerwolf22's picture

tyler, your translation is NOT correct. it states that it is NOT the first time .... while you translate IS the first time...


anyway things do seem bleak but the most probable outcome is austerity,bailout and so on...nothing else is productive for europe for europeans at this time...

Fri, 09/09/2011 - 15:07 | 1652023 JW n FL
JW n FL's picture

Tyler is a Russian.. Not a WOP (with out papers).

Fri, 09/09/2011 - 14:53 | 1651969 Mediocritas
Mediocritas's picture

....full implementation of obligations arising from agreements with its institutional partners.

Hmm, now what's that appropriately diplomatic word I was looking for again? Oh, here it is:


But never you mind, I'm sure he's only lying about that one thing and the part about the evil blogosphere being to blame for 20%+ 10yr yields is perfectly true. Uh huh, yep.

Fri, 09/09/2011 - 14:58 | 1651989 Jay the savage
Jay the savage's picture

Greece should just sell the rights to John Stamos and all will be well.  Best thing Greece ever made. 

Fri, 09/09/2011 - 15:08 | 1652022 jal
jal's picture

All the financial advisors are saying "Buy the Dips".

I'm not a financial advisor.

Did anyone find a way to hack into the G7 communication and find out what will be their miricle package to save the Greeks?


Fri, 09/09/2011 - 15:12 | 1652044 Threeggg
Threeggg's picture

Talking of "rumors" Faux Business News just floated "a rumor" that someone was unwinding a huge Gold position in Europe.


Unwinding into what ?

Spreading rumors to corral everyone into the dollar and equities ? No, they wouldn't do that ! Would they ?

Fri, 09/09/2011 - 15:41 | 1652187 richard in norway
richard in norway's picture

greek gold?

Fri, 09/09/2011 - 15:10 | 1652045 kahunabear
kahunabear's picture

I had heard Baghdad Bob was M.I.A. It is good to hear he has shown up safe in Greece.

Fri, 09/09/2011 - 15:11 | 1652053 mainuh1
mainuh1's picture

We're boned. Should have listened to Perot.

Fri, 09/09/2011 - 15:13 | 1652062 Pretorian
Pretorian's picture

I say bend over that lying lazy fat Greeks and hit them with the stick 10 times  but count 1.  They never changed since Troy Horse. They have fuk the world once more.


Fri, 09/09/2011 - 15:25 | 1652111 MS7
MS7's picture

Why wouldn't Greece be better off with a default?

"It may be tempting for Greece to precipitate a "hard default" before the second rescue package comes into force and switches a large stock of debt contracts from Greek law to English law, he said."


Fri, 09/09/2011 - 15:30 | 1652130 oa92000
oa92000's picture

Greek Default, Is it a big deal??? reallly

Fri, 09/09/2011 - 15:38 | 1652170 oa92000
oa92000's picture

Greek Default, Is it a big deal??? really

Fri, 09/09/2011 - 15:46 | 1652210 richard in norway
richard in norway's picture

no, it's just lighting the fuse at bit like on the 4 july, you light te fuse and the fireworks go off one after the other building up to the big climax where 20 supernover rockets go up at the same time

Fri, 09/09/2011 - 15:46 | 1652211 MarcusLCrassus
MarcusLCrassus's picture

Yes, because "Internet rumors" were the ones to sneak in and sell toxic CDOs to the Greeks after these same rumors went out and created the rating agency companies S&P and Moodys and then rated these CDOs as AAA. 


Is there anything those rumors can't do?  I'd like them to come over to my house and change my oil. 

Fri, 09/09/2011 - 16:00 | 1652274 Poetic injustice
Poetic injustice's picture

They will go to your house and change your new oil with old. Surely not those 200,000 kilometers you drove were at fault?

Fri, 09/09/2011 - 15:47 | 1652214 stant
stant's picture

go tell the spartans. thier check bounced

Fri, 09/09/2011 - 16:12 | 1652328 quasimodo
quasimodo's picture

This must be bullish for the gyro?

Fri, 09/09/2011 - 16:18 | 1652349 exiledbear
exiledbear's picture

Damn. He didn't deny the rumor. Smart bastard.

Fri, 09/09/2011 - 16:21 | 1652362 kahunabear
kahunabear's picture

Buffet should be able to whip up a preferred deal to fix this whole Greek thing.

I think Gyros and Baklava would fit in well on the Dairy Queen menu.

Fri, 09/09/2011 - 16:49 | 1652459 MsCreant
MsCreant's picture

For Greece:

Gold Dust Woman, Stevie Nicks

Rock on- gold dust woman
Take your silver spoon
And dig your grave

Heartless challenge
Pick your path and I'll pray

Wake up in the morning
See your sunrise- loves- to go down
Lousy lovers- pick their prey
But they never cry out loud

Did she make you cry
Make you break down
Shatter your illusions of love
Is it over now- do you know how
Pick up the pieces and go home.

Rock on- ancient woman
Follow those who pale
In your shadow

Rulers make bad lovers
You better put your kingdom up for sale

Did she make you cry
Make you break down
Shatter your illusions of love
Is it over now- do you know how
Pickup the pieces and go home. 

Fri, 09/09/2011 - 17:29 | 1652576 Hephasteus
Hephasteus's picture

I've found the organizer of the rumors.

It's captain obvious. AGAIN!!!!!

He's tireless. A machine that won't stop coming ever.

Fri, 09/09/2011 - 17:43 | 1652605 Highrev
Highrev's picture

Shouldn't it be "internet" in quotes instead of rumors?

Sat, 09/10/2011 - 05:30 | 1653999 Yperkeimenos
Yperkeimenos's picture

And for those dear ZH readers who cannot speak Greek here is translation of the Statement:


The Vice President of the Goverment and Finance Minister Evangelos Venizelos gave a press conference and while answering the questions of  journalist's concerning rumours and comments circulating the internet about a supposed Greek default,stated the following:

"This is not the first time that an organised wave of rumours ,about a supposed Greek Default,appears.It is a bad joke,an organised speculative attack that turns against the Euro and the Eurozone in general.The main concern and choise of Greece is the full implementation of the decisions taken during the 21 of july summit and of course to comply to the obligations that come as a result from our agreements with the rest of our European partners.This is our strict official position and we will not consider any political cost."


Sat, 09/10/2011 - 05:42 | 1654006 Mayer Amshel
Mayer Amshel's picture

You know it's been on my mind
Could you stand right there
Look me straight in the eye and say
That it's over now

We pay our debt sometime
Yeah, we pay our debt sometime
We pay our debt sometime
Yeah, we pay our debt sometime



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