This page has been archived and commenting is disabled.
Official Greek Response To Internet "Rumors" Of Imminent Greek Default
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:
»
- 15631 reads
- Printer-friendly version
- Send to friend
- advertisements -
Thank God I am fluent in Greek.
Dont worry I speak and read greek. It says we are going to default, then the US taxpayers must bail us out....
I read "Full throttle forward on the printer, bitchez."
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.
short the greek ETF
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":
http://www.capitalresearchinstitute.org
"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."
This is outrageous! Such irresponsible rumors. ARREST THE INTERNET!
Looks like Greek to me.
I was hoping everyone would resist the urge to say that.
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.
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.
As they say, nothing is true until it is officially denied.
We can now rest assured that Greece is well and truly fucked.
No, it's the countries that needed Greece to stay solvent that are screwed, not Greece. Default wipes all the old concerns away.
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.
its been irrelevant for a while now...
Buy on the tumor, sell on the booze.
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
Roger, go for throttle up.
First rule of rumour club is:
Never believe anything until it is denied!
I wonder how the Feral Reserve will react?
"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.
Absolutely.
The thing is I cannot decide if they are Stupid or Devious, Clueless clowns or planned precision......
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.
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.
Which one dou you believe?
politicians or gold?
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.
100%...gee wally just like the bond yiels, go figure huh
Come on, let's not exaggerate. The chance of default is only 99.99%. ;)
.999 :)
You need to fluent in bullshit too. Who they think we are?
He speaks fluent French...in Russian.
Stay thirsty my friend.
Fluency in Greek financial fuckery = scary shit.
Silver down sharply all of a sudden........something is starting to stink....
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.
If you lay down with sheep/sheeple, you're going to get sodomized.
Better spray some Windex on that ass.
"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."
DSK spoke fluent greek, frequently.
It's all greek to me
Oooopa!!!
I'm surprised Sovereign Bitch isn't all over this.....
It's all Greek to me
I guess the real question now is when exactly they go bust, weeks/months?
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...
Monday... hell coming to breakfast... prepare accordingly.
...and include bull shit repellent in your bug out bag.
I've been watching main stream media twist thier spines into bullshit storm bent all week.
Great movie.
@1:57 "Get ready little lady. Hell is comin to breakfast".
http://www.youtube.com/watch?v=ZX56rbqZhto
"careful Abe. I seen him do... some things".
me to Greek all It's
i love baklava, can we forgive greek debt in exchange for that stuff?
Ouzo and stale baklava have already been pledged to Finland as collateral in place of the Gold. WTF, can't eat Gold, eh?
TG;DR
Made me laugh.
Greece is NOT fixed again....and it TYLER's fault!
Why don't they just say it's ZH'ers fault?
Buahahahaha! Long live the Silver Eagle.
In the meantime time , we ask , will the SnP break that channel::
http://markettechnicals-jonak.blogspot.com/
DA!
I believe we will. failure at 61.8% of last drop was key
yes
wish they would hurry up and default............
So, how will we know that Greece has officially defaulted?
They're outof greek salad?!
When the name "Barclay's Parthenon" is unveiled
The ancient Greeks were incredibly ahead of their time.
Did you know the Parthenon was cable-ready?
no prescriptions at your pharmacy in T+10 days...
There's a worldwide ouzo shortage!
All the better. That stuff tastes worse than warm Saki.
Not after half a bottle....
They stand up and say thank you.
leo souvlaki could anwser that, you out there leo???
His head exploded when all the solars died.
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?!
Cool so by extension are us people who comment on blogs to blame too?
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.
We are the barbarians at the gate?
Only if you are a holder of 'Barbarous Relics'.
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.
San Diego Blackout will get top billing.
Pity that by now the people who started the Ponzi schemes own all the land which you want to grow crops on.
Yes, I am sitting here in my dirty wife beater's tank top, swilling cheap beer and flushed with power.
if a sovain giverment fails and no one is around to hear it,does it make a sound?
It says,
"Relax Bitchez and pass this fucking jobs bill."
It's not a rumor if it's true. Reminds me of "rumours" about the biggest slut in high school.
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......
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.
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.
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.
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.
Thank goodness. Feel much better now. Thought we had some problems.
seems like trade wars have started.....trading insults and blame! go figure.
Is that the lunch menu? I'll have some Pastichio with a bottle of Ouzo please.
Baaa Baaaa Baaaa Clavaaaaa!
Remember he is a politician. This is his position today, not so tomorrow maybe.
Baa baa baaaa clavaaa!
V
Signs Of Decline
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.
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.
Weekend follies, Weekend With Bernanke, call it what you will....
http://www.youtube.com/watch?feature=player_embedded&v=GTfUENx6uRs
Yes, I too blame the Internet for Germany having a Plan B.
Damn you, Internet. They should have been blindsided.
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!
Nice old school Pacers avatar. Stipanovich wasn't Greek was he?
$ 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.
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
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...
is this some kind of tacit admission that CNBC is irrelevant?
(not that we needed any further confirmation....)
http://www.youtube.com/watch?v=Ct9xzXUQLuY
Jay Rockefeller: Internet should have never existed
http://www.youtube.com/watch?v=ClqUcScwnn8
David Rockefeller speaks about population control.
http://www.youtube.com/watch?v=Ciy8OPJYqWU
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.
the Rockefellers Agree!! Damn Internet!!
tyler, your translation is NOT correct. it states that it is NOT the first time .... while you translate ...it 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...
http://www.youtube.com/watch?v=7qjBkOSel-w
Tyler is a Russian.. Not a WOP (with out papers).
Hmm, now what's that appropriately diplomatic word I was looking for again? Oh, here it is:
BULLSHIT
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.
Greece should just sell the rights to John Stamos and all will be well. Best thing Greece ever made.
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?
jal
Talking of "rumors" Faux Business News just floated "a rumor" that someone was unwinding a huge Gold position in Europe.
LOL
Unwinding into what ?
Spreading rumors to corral everyone into the dollar and equities ? No, they wouldn't do that ! Would they ?
greek gold?
I had heard Baghdad Bob was M.I.A. It is good to hear he has shown up safe in Greece.
We're boned. Should have listened to Perot.
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.
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."
http://www.telegraph.co.uk/finance/financialcrisis/8751180/Germany-pushe...
Greek Default, Is it a big deal??? reallly
Greek Default, Is it a big deal??? really
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
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.
They will go to your house and change your new oil with old. Surely not those 200,000 kilometers you drove were at fault?
go tell the spartans. thier check bounced
This must be bullish for the gyro?
Damn. He didn't deny the rumor. Smart bastard.
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.
For Greece:
Gold Dust Woman, Stevie Nicks
http://www.youtube.com/watch?v=Ygj7tawGiug
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.
I've found the organizer of the rumors.
It's captain obvious. AGAIN!!!!!
He's tireless. A machine that won't stop coming ever.
http://failblog.org/2011/08/01/epic-fail-photos-oddly-specific-captain-o...
Shouldn't it be "internet" in quotes instead of rumors?
And for those dear ZH readers who cannot speak Greek here is translation of the Statement:
PRESS RELEASE
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."
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
http://www.youtube.com/watch?v=9URmsFUsev0