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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RealitiveMind's picture

Thank God I am fluent in Greek.

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....

MsCreant's picture

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

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.

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."

redpill's picture

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

Rahm's picture

Looks like Greek to me.

Blank Reg's picture

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

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.

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.

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.

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.

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.

breezer1's picture

its been irrelevant for a while now...

knukles's picture

Buy on the tumor, sell on the booze.

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

hunglow's picture

Roger, go for throttle up.

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?

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.

Transitory Disinflation's picture



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

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.


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.

tunckar's picture

Which one dou you believe?

politicians or gold?

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.

max2205's picture

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

dwdollar's picture

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

Id fight Gandhi's picture

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

Agent P's picture

He speaks fluent Russian.

Stay thirsty my friend.

vast-dom's picture

Fluency in Greek financial fuckery = scary shit.


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

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. 

TruthInSunshine's picture

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

luster's picture

Better spray some Windex on that ass.

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."

TruthInSunshine's picture

DSK spoke fluent greek, frequently.

Mongo's picture

It's all greek to me

Segestan's picture

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

1835jackson's picture

It's all Greek to me

Zenster's picture

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

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...

Snidley Whipsnae's picture

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

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

Hephasteus's picture

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

Lord Welligton's picture

Great movie.

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

LFMayor's picture

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

1835jackson's picture

me to Greek all It's

nantucket's picture

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

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?