Papademos Speaks - Point And Counterpoint

Tyler Durden's picture

The fearless ECB-plant leading the Greek people on an unelected basis has spoken. Here are the key points and counterpoints:

1. PAPADEMOS SAYS DEPOSITS NOW CAN RETURN TO GREECE

-> They can... but they won't because as the Greek gold is confiscated, so will the Greek private deposits. In the meantime:

 

2. PAPADEMOS SAYS UP TO GREEKS TO DETERMINE THE COURSE OF COUNTRY

-> Yes indeed.

That. And all those successful referendums...

 

3. PAPADEMOS SAYS GREEKS MUST NOT WASTE THIS GREAT OPPORTUNITY

-> Great opportunity indeed: Total Greek debt pre-restructuring: $1.20 Trillion; Total Greek debt post-restructuring: $1.233 Trillion.

Congratulations Greece - you now have more debt than ever in history following this historic "restructuring", but at least your new foreign overloards have a first lien on everything and then some as the Troika's DIP alone is well 130% of GDP. Including your gold.