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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.

 

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Fri, 03/09/2012 - 14:48 | 2240462 Ahmeexnal
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RISE UP!

Fri, 03/09/2012 - 14:57 | 2240508 OneEyedJack
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 The best thing the Greeks could do to stop what is happening to them, is to just not participate.

Stay home, play cards, watch TV.  The Govt knows full well how to respond to a riot, but if no one participates in the economy??

Fri, 03/09/2012 - 15:03 | 2240543 GeneMarchbanks
GeneMarchbanks's picture

That, my friend, has a name it's called apathy and is now taking over in the good ol' US of A.

Create black markets and bypass the rent seeking bankster. No violence, no fuss. Just exclude a certain type of mentality from the community.

Fri, 03/09/2012 - 15:07 | 2240565 Ahmeexnal
Fri, 03/09/2012 - 15:07 | 2240567 LowProfile
LowProfile's picture

 

The best thing the Greeks could do to stop what is happening to them, is to just not participate.

And for the army to take control of the gold.

Fri, 03/09/2012 - 15:15 | 2240598 GeneMarchbanks
GeneMarchbanks's picture

I wasn't clear enough apparently. 'Not participate' doesn't put goods and services in front of people. I'm asking for true market capitalism within communities at perhaps the most economically challenging and emotionally taxing time of peoples lives. An ideal worth participating in as long as you are honest and stand behind your word and work.

Guess I'm an idealist.

Fri, 03/09/2012 - 15:50 | 2240775 Oracle of Kypseli
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They are destroying North African countries by revolutions and European countries by financial terrorism.

Fri, 03/09/2012 - 17:40 | 2241473 agent default
agent default's picture

They are destroying North African countries by revolutions, and have managed to destroy European countries by raising an apathetic, numerically and politically illiterate population, incapable of critical thought, living on entitlements and benefits, without a real education.  The European destruction project has been  going on for a few decades now.  I don't know how long they were planing the North Africa thing.

Fri, 03/09/2012 - 15:08 | 2240569 LawsofPhysics
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There you go.  The game can continue only so long as there are players.

Fri, 03/09/2012 - 15:09 | 2240574 iDealMeat
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Exactly..  Cut your consumption / consent in half.. 

Fri, 03/09/2012 - 15:44 | 2240734 Doña K
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The right side mid-section of the newspaper has an interesting comment:

The MP's of the governing party are doing post-voting theatrics in order to avoid being lynched as the revolt is brewing.

The MP's of the opposition party are walking a tight rope between their concience and the party line.

Fri, 03/09/2012 - 16:49 | 2241218 Zero Govt
Zero Govt's picture


Papademos Speaks

Papa(un)demo(cratic)s Speaks

there Fixed ........it was!

Fri, 03/09/2012 - 15:08 | 2240558 BigJim
BigJim's picture

Because they'll send their storm-troopers round to throw you out of your house when you fail to pay 'your' taxes.

People say fiat currencies are unbacked, but that's not true - they're backed by their respective governements' ability to extract value from their citizens. Fail to cough up enough dollars/euros/yen at the end of every year and it's into the cage! you go.

(edit) so - non-participation can only work if enough citizens say enough! and the state can no longer impose its wealth extraction schemes. We may be approaching that point in Greece, but we're a long way away from it in the US and most of the West.

Fri, 03/09/2012 - 15:09 | 2240573 LowProfile
LowProfile's picture

 

Because they'll send their storm-troopers round to throw you out of your house when you fail to pay 'your' taxes.

That works.  ...For awhile.

Fri, 03/09/2012 - 15:10 | 2240579 LawsofPhysics
LawsofPhysics's picture

Works until the people that are "stormtroopers" are called up to throw themselves in the cage.  Don't forget, America has a volunteer military. 

Fri, 03/09/2012 - 17:49 | 2241501 Zero Govt
Zero Govt's picture

be assured the Parasite Club has siphoned off the most deranged and aggressive US soldiers for their dirty (civil) work, heads pumped full of propaganda and probably drugged up too

the only way of stopping these last couple of years acceleration into totalitarism is a simple one:

Stop Paying Your Taxes (stop feeding the anarchists)

Sat, 03/10/2012 - 03:36 | 2242737 StychoKiller
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Anarchy != Chaos;  Check yer premises.

Fri, 03/09/2012 - 14:50 | 2240470 surf0766
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Is there anyone from Greece on this board who can comment on what is going on within the country? First hand account would be nice. What the average person's life has become...

Fri, 03/09/2012 - 14:55 | 2240496 resurger
resurger's picture

They are celebrating their slavery Alex Hope style ..

 

Congratulations Greece

Fri, 03/09/2012 - 15:15 | 2240585 Arius
Arius's picture

As far as regular folks are concerned ... small factories are closing, people losing their jobs ... the ones who still have one are forced to accept lower and lower salaries, and cuts every few months, pensions are being cut almost everywhere ... everything seems to be cheaper ... there is no money basically ....

on the macro things discussed on ZH, regular folks do not understand ... the information they get is from MSM ... Michelle Cabrera of CNBC made a live comment yesterday which summarizes everything saying people have no idea on the importance of yesterday's deadline ...

Fri, 03/09/2012 - 23:43 | 2242394 connda
connda's picture

The majority of Greeks drink the same Kool-Aide as the majority of Americans.  The Greeks are just first on the Timeline. 

Near the end of the timeline we'll just reach a point that the only players left are the Banks and the Governments engaged in an orgy of mutual financial masturbation with the public relegated to the role of the occasionally "fluff".

Fri, 03/09/2012 - 15:31 | 2240647 miltiadis
miltiadis's picture

European Country when it comes to prices and services... and African Country when it comes to salaries . We still have internet but i guess African countries have internet too. Although Greece has the has the largest merchant fleet in the world but the state doesn't give a damn to promote it or to promote anything here... maybe there are busy paying useless loans and interests

Fri, 03/09/2012 - 18:07 | 2241557 Danjo
Danjo's picture

I live in Athens, in a relatively well-off area. Like everywhere else, though, in Greece there is no average person, and like everywhere else, one of the defining features of this slump is that it doesn't have much of a public face (the melodramatic and puerile riots in the center of Athens from time to time do not represent the public face of the economic crisis, but the public face of idiotic, borderline nihilistic, middle class youth - similar to last year's rioting in parts of England). I think it's like the States: people are suffering in silence. You understand the situation when you lose your job, or your kid can't get a job.

The pay and pension cuts have been large, but much of the large middle class has been buffered against these cuts so far, either because they managed to put quite a bit away during the gravy years and/or have a house, or still have jobs that  can get them through the month by sacrificing some thrills - private lessons for their kids, private school, holidays, extra items at the supermarket.

Another ameliorating factor in the level of hardship expressing itself is the extent to which people are not making payments on commercial, mortgage, and credit card debt. A huge stabilizing factor would seem to be the government ban on banks auctioning off first homes if the debt is under 200,000 euros. This would appear to be the reason why the housng market has not corrected seriously, especially in better-off neighborhoods, despite the fact that mortgage lending has dried up. 

I have a friend who lost his job as a journalist at a newspaper where he was making 2,000 euros a month net. His wife works at Ikea and takes home 1,000 a month and they have two children. He lost his job 4 years ago when the paper closed and got 20,000 euros severance pay after working there for 3 years. When he lost his job, he was in the process of finishing building a house that he was in hock to the bank for to the tune of 200,000 euros. Last year he tried his hand at driving a cab, but the rent was high and he'd have to work it for 12 hours a day to make 20 euros clear, so he dropped it after a couple of weeks. He then went to Germany to stay with a friend and look for work ther, to no avail. Now he's back and still unemployed. His family is living off the 1,000 euros from Ikea. They key to their survival is the fact that they've stopped paying their loans. They've tried to sell the house, but with banks not lending there are just no buyers, especially at the unrealistic prices people are asking.          

What I'm saying is that the state has been the decisive factor in the effort to prevent the new economic reality from expressing itself. And I think this is something that has happened throughout the West. The Greek government has just passed a law, for example, extending public sector employees' mortgage loans to compensate for their large pay cuts. The fact that Greek banks can still get funding from EU sources and must do the state's bidding means the government can release people with high levels of debt from their immediate obligations.  

It's clear that living standards are being ground down over a long period of time, and this is just the beginning. Debt writedowns don't do much apart from hurt creditors, as debt writedowns do not create or free up capital for productive investment, so the stagnation continues. Greek and EU leaders understand this, of course. For them, the debt crisis is not so much an issue of accounting but of managing and lowering people's expectations, which they've done an excellent job of so far.

What is happening in Greece does not match what is depicted in the Western media. There is no revolution brewing, but is slipping into poverty for wide sections of the population. Greece is not a country on the verge of upheaval and chaos. Polls show widespread opposition to the EU/IMF/Greek government austerity program, but they also show very high levels of support for staying in the euro. In other words, people want it to be 2005 again.

One of the most striking effects of the debt crisis has been collapse of Pasok, which was the natural party of government for three decades, buoyed by its ability to funnel funds and benefits to important groups: civil servants, farmers, pharmacists, lawyers, civil engineers. Without its credit card from the Bundesbank, Pasok  can no longer keep its constituents in the manner to which they have become accustomed. Which is why its voter support is down to a remarkable 8%.        

Fri, 03/09/2012 - 19:21 | 2241742 flyweight
flyweight's picture

I can comment on unemployment for people from 18-24 years of age, 51% officially as I heard today. But in reality I think it might be worse because I guess less than one in two people I know under 30 have a serious job.

You will be surprised how many people are studying or doing nothing, depending on their parents until that age (30).

Fri, 03/09/2012 - 14:51 | 2240474 Dr. Engali
Dr. Engali's picture

What a bunch of dipshits. They are giving all their gold to the bankers in exchange for more debt and the feel good about it. I certainly hope we aren't that pathetic when it's our turn.

Fri, 03/09/2012 - 14:53 | 2240480 surf0766
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How many more debt ceiling increases before it is our turn?

Fri, 03/09/2012 - 15:57 | 2240831 Vince Clortho
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Until the Fed warns everyone that the debt ceiling is too high.

Fri, 03/09/2012 - 14:52 | 2240479 DavidC
DavidC's picture

Madness, pure madness.

DavidC

Fri, 03/09/2012 - 14:54 | 2240493 Temporalist
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Your Keynesian overlords have your 4x4 cell chilled and waiting for you.

Fri, 03/09/2012 - 14:52 | 2240481 sablya
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Can anyone explain where the money went?  If the PS took a huge hit on the bonds and Greece was freed from that debt burden, how did they end up with a greater debt load?  It doesn't make sense.  I read the other article but don't see any explanation of it.

Fri, 03/09/2012 - 14:56 | 2240500 GenX Investor
GenX Investor's picture

It doesn't need to make sense, "restructure" is only a word and only has meaning that you intend it to have. That is why you need to follow the math, which has implicit meaning and can only mean one thing. Don't be confused by the elliptical narrative orbiting the math. The math is the math, the words are whatever you think they mean.

Fri, 03/09/2012 - 15:09 | 2240572 carbonmutant
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Strangely the market doesn't seem to be Math dependent...

Fri, 03/09/2012 - 15:25 | 2240645 sablya
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I'm not math-challenged, but no one has, so far, presented the math.  I understand that the bond exchange is a reduction in debt.  Where does the increase in debt come from?  The other article doesn't give any details, just states the numbers without any accounting.  I just want to understand, that's all.

Fri, 03/09/2012 - 14:53 | 2240482 NotApplicable
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I can't read the text in the photo, but it looks like they're wishing Merkel good luck.

Fri, 03/09/2012 - 15:18 | 2240616 miltiadis
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Actually there isn't any mention but only a photo that says a lot :P

Fri, 03/09/2012 - 14:53 | 2240485 GenX Investor
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You can't tear it down, unless you build it up.  Power to the plebes!

Fri, 03/09/2012 - 14:57 | 2240505 Temporalist
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See: The Acropolis

On a long enough timeline all things are torn down; on a shorter timeline by kleptocrats.

Fri, 03/09/2012 - 14:53 | 2240486 Rusty.Shackleford
Rusty.Shackleford's picture

The Greeks will continue to take it up the ass.

Fri, 03/09/2012 - 14:53 | 2240488 Marge N. Callz
Marge N. Callz's picture

A great victory for the puppet regime that was put in place by the EU/ECB in order to sell out the citizens of Greece and make them slaves to the German republic.  How many of these "leaders" will be in power after the elections?  Regardless all this does is lift some debt of their shoulders, only to pile more on, as none of the bailout money will actually stay in Greece.  A pure tragedy.

Fri, 03/09/2012 - 15:16 | 2240605 BigJim
BigJim's picture

Kinda.

What this really does is transfer more Greek debt from the 'private' sector to the public sector, the public (in this case) being every other Euro currency holder/user. And as our beloved Fed has been extending free USD to bailout the ECB and European banks, the debt transfer is also to everyone who uses/holds USD in the form of inflation - which, given that the USD is world reserve currency, means all of us.

Of course, as banks are really an arm of the state given cartel privileges to create legal tender out of thin air, describing them as 'private' is a bit problematic.

What an amazing scam. Where can I sign up?

Fri, 03/09/2012 - 15:20 | 2240627 SillySalesmanQu...
SillySalesmanQuestion's picture

Can you say"puppet squid".

Fri, 03/09/2012 - 14:54 | 2240490 GeneMarchbanks
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'2. PAPADEMOS SAYS UP TO GREEKS TO DETERMINE THE COURSE OF COUNTRY'

Classic. Feel free to choose now that everything has been pre-determined.

Fri, 03/09/2012 - 14:56 | 2240499 resurger
resurger's picture

this must be the joke of the day

Fri, 03/09/2012 - 16:03 | 2240890 Vince Clortho
Vince Clortho's picture

What rock did this piece of work crawl out from under?

What Little wealth Greece had has been confiscated.  You are now all Debt Serfs to the CBs.

Now make merry and be joyous!

Fri, 03/09/2012 - 14:55 | 2240495 Peter K
Peter K's picture

A rack and two squares daily! Just like in boot camp:)

Fri, 03/09/2012 - 14:56 | 2240498 Josh Randall
Josh Randall's picture

.33 the Masonic number added to your debt -- nice subtle reminder of who runs things

Fri, 03/09/2012 - 14:56 | 2240503 Everybodys All ...
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so it would seem the only reason for the debt restructuring of Greece would be to get better pillaging terms.

Fri, 03/09/2012 - 14:57 | 2240513 Dr. Engali
Dr. Engali's picture

Are they too fucking stupid too understand that if the bankers want their gold, there just might be some value there? Man I just want to punch a Greek in the face. I'll probably get the shit junked out of me but I'm pissed.

Fri, 03/09/2012 - 15:00 | 2240527 fuu
fuu's picture

Isn't the country run by banksters now? Banksters helping banksters go for the gold. Bonus time!

Fri, 03/09/2012 - 15:18 | 2240612 BigJim
BigJim's picture

You think the sheep here are any wiser?

Fri, 03/09/2012 - 14:58 | 2240517 fuu
fuu's picture

Rock me Papademos.

Fri, 03/09/2012 - 14:59 | 2240518 bnbdnb
bnbdnb's picture

Trips to Greece, on the house.

Fri, 03/09/2012 - 14:59 | 2240521 Peter K
Peter K's picture

Derivatives Intelligence via Forexlive is confirming a ISDA credit event.

Fri, 03/09/2012 - 15:08 | 2240559 GeneMarchbanks
GeneMarchbanks's picture

So now what?

Fri, 03/09/2012 - 15:09 | 2240575 Missiondweller
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Hard to believe though that they'll trigger CDS. They may determine it a credit event but then determine that its "voluntary" therefore does not trigger CDS.

Fri, 03/09/2012 - 15:15 | 2240602 Peter K
Peter K's picture

BBC via DT, ISDA waiting for official Greek announcement before putting out official decision.

http://www.telegraph.co.uk/finance/debt-crisis-live/9132596/Debt-crisis-...

Fri, 03/09/2012 - 15:18 | 2240615 Peter K
Peter K's picture

http://www.isda.org/dc/view.asp?issuenum=2012030901

Decision will be put up in the More Info box.

Fri, 03/09/2012 - 15:21 | 2240628 Peter K
Peter K's picture

Via Forexlive, ISDA denying decision put up on DI.

Go figure.

Fri, 03/09/2012 - 15:02 | 2240533 Chupacabra-322
Chupacabra-322's picture

Off topic but perhaps not:

China to export yuan to BRICS

China is reportedly to begin extending loans in yuan to BRICS countries in another step towards internationalizing the national currency and diversifying from the US dollar.

­The Chinese Development Bank wants to sign a memorandum of understanding with the country's partners from BRICS group of developing countries on increasing yuan-denominated loans, while partners increase loans in their national currencies, The Financial Times reports, citing people familiar with the talks.

The move aims to increase trade volumes between the five nations and diversify from using the US dollar.

Brazil and South Africa were quick to react to the proposal, saying they expect the lending pledge to be included into a master agreement to be signed in New Delhi on March 29.

 “We will discuss the creation of structures and mechanisms for lending in local currencies in order to maximize economic and financial transactions between the countries that are members of the accord,” Brazil’s development bank BNDES said.

China, with 54 per cent of its foreign reserves in US dollars, has been trying to diversify from the currency it believes will weaken soon and for a protracted period.

China agreed to use national currencies with Russia, Belarus and Japan for bilateral trade. The country also decreased its foreign reserves in dollars recently in favor of the Australian and Canadian currencies.

http://rt.com/business/news/china-us-dollar-currency-129/

Fri, 03/09/2012 - 15:03 | 2240537 Rathmullan
Rathmullan's picture

"PAPADEMOS SAYS UP TO GREEKS TO DETERMINE THE COURSE OF COUNTRY"

Yes, Choice A) Submit to the tyranny of the Prussians and the "elie" global banking syndicate o,r B) Freedom and Self determination.

BTW, ISDA has been meeting for 6 hours now. It must be a real bitch crafting a press release stating that you you are clearly going to violate your own "rules" while trying to sustain the integrity and belief in the credibility of a financial instrument -the market for which is clearly broken.   

Fri, 03/09/2012 - 15:18 | 2240613 earnulf
earnulf's picture

The are probably trying to determine if it's time to kick the stool out from under the hanging man!   Or let him stand there until his legs give out and he hands himself.

Fri, 03/09/2012 - 15:22 | 2240635 BigJim
BigJim's picture

Yes, I can't see the average sovereign debt buyer rushing out to buy CDSs in a hurry.

Mind you - they'll just change the banking capital reserve rules to make it more expensive not to hold sovereign debt than to hold it. And they'll promise: this time, we really will make the issuers pay out. No! Really! We mean it this time. Trust us!

Fri, 03/09/2012 - 15:06 | 2240551 Eurogroup
Eurogroup's picture

So they have scared the shit out of everybody and end up with 0,033 Trillion extra debt. iFiat!

Fri, 03/09/2012 - 15:06 | 2240557 nickels
nickels's picture

Eloi----H.G.Wells

Fri, 03/09/2012 - 15:13 | 2240594 Peter K
Peter K's picture

The Time Machine was just on last weekend. For some reason, watching it this time, it spoke to me:(

Fri, 03/09/2012 - 15:07 | 2240560 Dr. Engali
Dr. Engali's picture

MF Global is paying bonuses. Maybe they can exchange it for some shiny Greek gold.

http://tinyurl.com/7b5ehhb

Fri, 03/09/2012 - 15:07 | 2240566 ziggy59
ziggy59's picture

Papa Demon is more his title....wonder when some irrate farmer or townspeople will show these scum buckets their newly sharpened pitchforks.

Fri, 03/09/2012 - 15:11 | 2240582 Atomizer
Atomizer's picture

3. PAPADEMOS SAYS GREEKS MUST NOT WASTE THIS GREAT OPPORTUNITY

 This financial disaster is best described as playing a game of Jenga 

Go on Greece, you still have a couple blocks to remove. Don't lose your game face just yet.

Fri, 03/09/2012 - 15:10 | 2240583 earleflorida
earleflorida's picture

how will turkey handle the great exodus?

Fri, 03/09/2012 - 15:13 | 2240591 SheepDog-One
SheepDog-One's picture

'Deposits can now safely return to Greek bank accounts'....AHH HA HAH HAH HAAAA!!

Fri, 03/09/2012 - 17:35 | 2241455 Nobody For President
Nobody For President's picture

Yeah, I liked that one too - coming from the non-elected, parachuted in vampire squid trained alumni...

I still so have trouble handling the Greek people putting up with all this shit. My rather weak grasp of history sez this is where democracy started.

 

Apparently, this is where it ends, as well.

Fri, 03/09/2012 - 15:17 | 2240603 slewie the pi-rat
slewie the pi-rat's picture

Including your gold.

keep drinking, tyler! 

we'll get the link later, ok?  L0L!  smoke?~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Fri, 03/09/2012 - 15:18 | 2240617 Tyler Durden
Tyler Durden's picture

Your= Greece's

Fri, 03/09/2012 - 15:19 | 2240620 gatorengineer
gatorengineer's picture

Greek elections next month..... That is an important thing to remember.  The anti-austerity folks are way ahead in the polls, at least per Bloomberg.........  They will hit the German tax payer up again to give money to the German banks who in turn give it to the greeks.

The Ponzi will continue, but the real loosers are the Savers in europe.

 

Fri, 03/09/2012 - 15:25 | 2240653 carbonmutant
carbonmutant's picture

In other news:

"Prime Minister Mario Rajoy told EU officials that Spain would not meet its deficit target for 2012. Other countries, struggling to avoid further recession, may follow suit"

After 4 years of Austerity they're tired of playing the troika's game...

Fri, 03/09/2012 - 15:39 | 2240713 Joebloinvestor
Joebloinvestor's picture

"Great opportunity".

 

The first words of a SCAM.

Fri, 03/09/2012 - 15:47 | 2240755 Nobody For President
Nobody For President's picture

PTB wet dream - huge amount of toxic soverign crap transferred from private to public (taxpayer) billfolds, triggered credit event takes out some weak Euro banks, http://www.derivativesintelligence.com/Article/2993015/News/ISDA-Confirms-Greece-Credit-Event.html

and 'all your gold belong to us',...

Us being the folks on the ISDA 'Determinations Committee:

EMEA

Voting Dealers
Bank of America / Merrill Lynch
Barclays
BNP Paribas
Credit Suisse
Deutsche Bank
Goldman Sachs
JPMorgan Chase Bank, N.A.
Morgan Stanley
Société Générale
UBS

 

Surprise, surprise...The rich just got a bunch richer, and the Greeks got  - well, you know.

Fri, 03/09/2012 - 16:32 | 2241105 GCT
GCT's picture

Really sad to see this happen to the people.  Now the rest of the broke countries will be coming to the table.  I do not think the Greeks will give up their gold.  They may have agreed to it in writing but get it will be a different story.  The Greek people did more then most in the USA would ever do these days unless you cut off the handouts. 

Ok now go buy your new iPad sheeple! 

Fri, 03/09/2012 - 16:52 | 2241233 GMadScientist
GMadScientist's picture

pwn'd

Fri, 03/09/2012 - 21:13 | 2241927 Pseudolus
Pseudolus's picture

 

While I am long can-kicking services & patching industries (shame theres no ETF), there seem to be either many contingency plans for Grease, portugal et al - or none at all and theyre making it up as they go along. Most likely the latter, as I tend towards thinking that any default political path is inertial (linear momentum). Even my gran knew Greece would get EU{isNAN( )} for debt service. If there was also concern behind the curtain that Greece would take the money and run (Oh! Those pesky elections) its unlikely now. Without political surety, Greece would have been the lamb separated to save the herd, a la Girard.

However, Papademos here is merely rehashing the obvious - much is subject to the course of events - most notably impedance matching between political will (near 100% for bail out - why would politicos vote for less government?) and popular will - or won't, as the case may be.  It will be a test of political acumen of the public administrators (politicians) in how cleanly they can deliver their constituency - and Papademos is throwing a sop to the sleeping Cerberus. In short, if Greek sovereignty is in the hands of the Greeks - will they act as sovereigns or as proles? My guess is the latter, but much depends on the weather. Damn Orwell (he was conflicted anyway), and damn the proles - they cant be the only hope. So I think it goes like this: world citizen Papademos channels Procrustes - offering up a glimpse into the rationale for "affirmative action" & "Next Generation initiatives" everywhere - before the dynasticos return to their franchise with a clean hands defense and life goes on in the farm.

Still, a week is a long time and all that so who knows how the popular will may be exercised. Media vomit seemed to indicate the Greek sentiment to be against bailout. Yet, the living is good on EZ-street, so this money-shot will be swallowed without reflex. It may be different when the ouzo wears off and maybe a gagging Greece will finally get around to a simulated annealing on the cost-benefit of Euro/other. Then it will be a toss-up as to whether sentiment mutates into riotous anarchy or sublimates into self-examination ("exetastos bios"?). Those who are anti- will have a literal fight on their hands which would result in martial law - to prevent an EU spring/summer. But they will be a minority, as modern Greeks - having no more relation to the heroes of Hellas than FYR Macedonians to Alexander or Albanians to Illyrians (the elites continued their westward migration and the geobound hyperakrioi retained the moniker) - appear to have little appetite for that scenario.

In the wider European/US media both Greece and Germany appear as convenient fall guys - Sybarites & Stormtroopers. Its the dialectic, our vicious elenchus. In the short term Greece has been a crucial narrative, keeping eyeballs off anglosphere activities and franco-german axis issues. Debt has always been the most sophisticated instrument of power (a ruse we slaves succumb too so happily) and everyone is trying to position themselves while nation states revisit the Josephus problem, posed for them by private banking…Neither a debtor nor a lender be anyone? Its journalistic (i.e. lazy) to ascribe Greece's problems to the Greek people or Government as Schauble et al seem to. As if Greeks are either culpable or alone in their ways or their woes - as if agriculture hasn't been decimated by CAP to the extent that Greece is a net importer of olive oil etc. etc; as if we're not all Floundered between the Scylla of corrupt central planners intoxicated with mechanism theory and the Charybdis of capital-light "free" "markets".

O tempora o mores! Isn't Attica just the most fitting symbolic and physical stage for the coming meltdown of sovereignties, in a way that Iceland or Eire couldn't filfull? The hero agonises, the chorus moralizes - and the fates decide everything off-stage. We have much to learn from old wives. Do they not say the fish dies from the head? - and what better place for modern democratic forms to bid farewell than their ancestral seat? Albeit, to be replaced by a, for now, soft Peisistratid tyranny...

"Tumblers!Grumblers!Fumblers!Bumblers!

No royal curse,
No trojan horse,
And a happy ending, of course!
Goodness and badness,
Man in his madness,
This time it all turns out all right!
Tragedy tomorrow!
..."

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