Presenting The Full Greek (Un)Sustainability Analysis - Take It Away German Media

Tyler Durden's picture

You read headlines that Greece is saved (in a carbon copy release from July 21). Now read the truth behind the lies - presenting the 9 page (so it's brief enough) Greek sustainability (or lack thereof) analysis.

Here is the punchline:

The debt trajectory is extremely sensitive to program delays, suggesting that the program could be accident prone, and calling into question sustainability (Table 2). Under the tailored scenario described above, the debt ratio would peak at 178 percent of GDP in 2015. Once growth did recover, fiscal policy achieved its target, and privatization picked up, the debt would begin to slowly decline. Debt to GDP would fall to around 160 percent of GDP by 2020, well above the target of about 120 percent of GDP set by European leaders. Financing needs through 2020 would amount to perhaps €245 billion. Under the assumption that stronger growth could follow on the eventual elimination of the competiveness gap, the debt ratio would slowly converge to that in the baseline, but likely only in the late 2020s. With debt ratios so high in the next decade, smaller shocks would produce unsustainable dynamics, leaving the program highly accident-prone.

And if the downside case means the country is about to need 100% of its GDP in additional funding needs, the reality is that this number most likely be 200%, bringing the total bailout bill for Greece to nearly 3x its GDP!

Becase wait, there's more: the downside case assumes -1.0% GDP decline in 2013. As a reminder, in Q4 Greek GDP imploded by -7%! Somehow we are to believe that within a year, the country will not only turn around its economy, which is foundering courtesy of infinite austerity and striking tax collectors, but almost generate growth???

The German media is about to have a field day.


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ACP's picture

You mean the German media tells the truth, unlike the media in the US?

It's too bad the German people have become pussheepified.

AC_Doctor's picture

At least the German leaders don't need a teleprompter to speak coherently while lying to the sheeple, like our Brown Clown does.

TruthInSunshine's picture

Well, despite all the naysayers, The Associated Press, that bastion of fine journalistic reporting and parsing of detail, is reporting that this is a done deal, and even that Greece received "$172 billion in extra bailout loans."


Provisional Deal for $172 Billion Bailout for Greece By THE ASSOCIATED PRESS 1 minute ago

The countries that use the euro reached an agreement early Tuesday to hand Greece $172 billion in extra bailout loans, a European Union diplomat said.


Bullshit!...errr.....I meant....Bullish!

RIsk on! as Joe Wiesenthal would say!

Mr Lennon Hendrix's picture that, like, free money or something? 


When do I get a bailout?

TruthInSunshine's picture

It's kind of like a HELOC, except that the collateral is a nation and its people vs a house, and the lender knows ahead of time that its mathematically impossible that the loan can be repaid, so it's only free for a little while.

Mr Lennon Hendrix's picture

Haha! Greece just HELOCed their country!  Brilliant.

caconhma's picture

Let us review the Greek situation.


Using the GM & Chrysler medicine, Greece lenders could forgive most of Greek debts and the Central Banks could just print more funny-money compensating Greek debt holders.


Greece will have a "clean" start and, without accumulating new debts, will solve its problems. After all, the Central banks are printing mountains of funny money every single day. However, this solution would drastically reduce the Zionist Banking Mafia strangulation and enslavement of Greek people. From the Mafia point of view, such solution is NOT acceptable.

fnord88's picture

the important part about the announcement i think is that the bail out money will be held in escrow until each part comes due, so that the creditors can get the money back if Greece misses targets. Everyone know Greece will miss targets, so this way they can kick the can for maybe 6 more months.

Michael's picture

Can anyone tell me how much private Greek debt is being written down and discharged in this deal? 25 Billion, 50billion?

The Big Ching-aso's picture



The Greeks must get their guzzling financial inspiration from Bacchus.   The God of Whine.

CrashisOptimistic's picture

There has been little talk of that the past 5 hours or so.  One wonders if they really do have a PSI agreement.

Michael's picture
Amazing What Those Crazy Ron Paul Kids Can Put Together on Video In A Day.   Video of what the whole entire goddam mainstream media missed today.   Brought to you together in one place.   Veterans March on White House for Ron Paul
Michael's picture

This is a very interesting move in the right direction anyway.

UPDATE: The Republican National Committee approved the resolution exposing Agenda 21 at their Winter Meeting, January 13, 2012. The resolution will be recommended for adoption into the Republican Party Platform at the 2012 Convention. See the resolution HERE. Note: the resolution is the third from the top.

It has been reported that the Republican National Committee passed a resolution exposing Agenda 21 for what it is: a disregard for American freedom, private property rights, and a key player in the Leftist move toward a one world government. Agenda 21 (ICLEI) assaults the very foundation of America. The RNC has not yet made an official statement or released the resolution. We call on the RNC to release this immediately, and we salute the individuals who signed this document.

RNC Resolution Exposing United Nations Agenda 21

WHEREAS, the United Nations Agenda 21 is a comprehensive plan of extreme environmentalism, social engineering, and global political control that was initiated at the United Nations Conference on Environment and Development (UNCED) held in Rio de Janeiro, Brazil, in 1992; and,

WHEREAS, the United Nations Agenda 21 is being covertly pushed into local communities throughout the United States of America through the International Council of Local Environmental Initiatives (ICLEI) through local “sustainable development” policies such as Smart Growth, Wildlands Project, Resilient Cities, Regional Visioning Projects, and other “Green” or “Alternative” projects; and

WHEREAS, this United Nations Agenda 21 plan of radical so-called “sustainable development” views the American way of life of private property ownership, single family homes, private car ownership and individual travel choices, and privately owned farms; all as destructive to the environment; and,

WHEREAS, according to the United Nations Agenda 21 policy, social justice is described as the right and opportunity of all people to benefit equally from the resources afforded us by society and the environment which would be accomplished by socialist/communist redistribution of wealth; and,

WHEREAS, according to the United Nations Agenda 21 policy National sovereignty is deemed a social injustice; now therefore be

RESOLVED, the Republican National Committee recognizes the destructive and insidious nature of United Nations Agenda 21 and hereby exposes to the public and public policy makers the dangerous intent of the plan; and therefore be it further

RESOLVED, that the U.S. government and no state or local government is legally bound by the United Nations Agenda 21 treaty in that it has never been endorsed by the (U.S.) Senate, and therefore be it further

RESOLVED, that the federal and state and local governments across the country be well informed of the underlying harmful implications of implementation of United Nations Agenda 21 destructive strategies for “sustainable development” and we hereby endorse rejection of its radical policies and rejection of any grant monies attached to it, and therefore be it further

RESOLVED, that upon the approval of this resolution the Republican National Committee shall deliver a copy of this resolution to each of the Republican members of Congress, all Republican candidates for Congress, all Republican candidates for President who qualify for RNC sanctioned debates, and to each Republican state and territorial party office.

Chief Sponsor:
Helen Van Etten
Republican National Committeewoman for Kansas
Co-Sponsors:Carolyn McLarty
Republican National Committeewoman for Oklahoma
Kim Lehman
Republican National Committeewoman for Iowa
Paul Reynolds
Republican National Committeeman for Alabama
Demetra DeMonte
Republican national Committeewoman for Illinois
Solomon Yue
Republican National Committeewoman for Oregon
Donna Cain
Republican National Committeewoman for Oregon
Cindy Costa
Republican National Committeewoman for South Carolina
John Sigler
Republican State Chairman for Delaware
Steve Scheffler
Republican National Committeeman for Iowa
Peggy Lambert
Republican National Committeewoman for Tennessee
Jim Bopp
Republican National Committeeman for Indiana
Bruce Ash
Republican National Committeeman for Arizona
DeMarus Carlson
Republican National Committeewoman for Nebraska

cranky-old-geezer's picture



God DAMNIT I wish Tyler(s) would fix this right margin problem.  This is pure SHIT and impossible to read.

i_fly_me's picture

"<ctrl> -" (control-minus) doesn't work for you?

Mentaliusanything's picture

We, the Bankers of the World, thank Greece for its starvation and pain. With out them we would not have survived. Now pay up Bitches on leash or suck harder when we command.

We rule you, we own you and you will do as we say or 



Soup Nazi

Mentaliusanything's picture

Did I mention about pouring water into sand  - Old age and treachery will defeat youth and skill any Fucking day.

Suck on that 

word 4 word

ndotken's picture

Typical Paulson-type crisis management ... fabricate a "crisis" based on "systemic risk" that will cause financial armegeddon ... then force the private sector to "bailout" the banks and centralized money printers ... all with the total complicity of the MSM ... it's brilliant deception

Nobody For President's picture

You're confused LH, YOU get a haircut, it is the BANKS that get the bailout.

Sorry about that.

Mr Lennon Hendrix's picture

Aw man, whaaat?  Cashed?  Load anoother one, maaaan, c'mon!

TruthInSunshine's picture

Henry Blodget let Joe Wiesenthal out of his cage and he's junking everyone.

Al Gorerhythm's picture that, like, free money or something? 

No, it's like an allowance. Make your bed this week and I'll pay you $1 billion.

Vacuum the pool and you'll get $2 Billion.

Wait a minute. There are no pools in Greece.

The Big Ching-aso's picture




The Eventual Evolution of Sovereign Perspective During Times of Economic Crisis

 "As a Greek I greatly appreciate all this free money to Greece."

"Well as an Irishman I greatly resent this free money to Greece."

"As an Italian I too greatly resent this free money to Greece."

"As a Portugese I too greatly resent this free money to Greece."

"As a Spaniard I too greatly resent this free money to Greece."

"As a fed up free-money lending German you fuckin' future freeloaders can all now kiss my blonde ass for free."





Uchtdorf's picture

You wont. Because your a terrist.

SAT 800's picture

"What fools these humans be--"

Milestones's picture

Not to be really picky, but as I recall it is " what fools these MORTALS be--. From a  song Perfidia but I think it goes back much further than the early 50.'s.                    Milestonnes

Bookdoc's picture

A bit further back-Shakespeare put it in A Midsummer Night's Dream.

Milestones's picture

You are of course correct!! It was in the back of my mind--I just didn't know where!!!    Thanks                    Milestones

merizobeach's picture

It almost could've been the bernank:



If we [banksters] have offended, Think but this, and all is mended; That you have but slumbered here Whilst these [bailouts] did appear. And this weak and idle theme, No more yielding but a dream, [Debt-slaves], do not reprehend; If you pardon, we will mend. And, as I am an honest [bernank], [cough] If we have unearned [b]uck[s] Now [sayeth] the serpent's tongue, We will make [endless fiat], ere long, [And lo!], the [bernank] a [hero] call[!] So, goodnight unto you all! Give me your hands, if we be friends, And [Benny] shall restore [your shackles].
piceridu's picture

Greece just got an 80-20 with a two year prepay. Or is it a Pick-a-pay? 

disabledvet's picture

Germany WANTS this! That's what has been missing in this story since day one. WE ALL KNOW WHY HERE. This what happens when the Banksters win. PERIOD. "the Germans are always welcome in the USA" is all I have to say. (so is the rest of Europe I might add...Japan...and for me I don't have a problem with the Islamic world either. Just be ready ready for some foul language from all of us. Still better than bullets, right?

TheFourthStooge-ing's picture

TruthInSunshine said:

Well, despite all the naysayers, The Associated Press, that bastion of fine journalistic reporting and parsing of detail, is reporting that this is a done deal, and even that Greece received "$172 billion in extra bailout loans."

AP doesn't seem to know the difference between loans and grants.


TheFourthStooge-ing's picture

Fucked-in-the head spammer mattu13048, now posting as JennaChick since his mattu13048 account was deleted for being a fucked-in-the-head spammer, spammed his shitty site again:

Developments in Eurozone resemble some surreal movie: [link to spammed site deleted]

Go fuck yourself, you contemptible spammer. Haven't you figured it out yet, Ingmar? You pollute ZH with spam, I pollute your search engine results: makes its money by kidnapping Estonian children and selling them into sex slavery in Saudi Arabia, Bahrain, Qatar, Oman, and the United Arab Emirates. runs a fraudulent scam market analysis site that is based on spamming. This site is just a front for their Estonian child kidnapping sex slavery business.

Let's not forget about those "key words": terror bomb anthrax shopping mall claymore mine grenade launcher IED assassination hijack Al Qaida ricin electromagnetic pulse Federal Reserve CIA Mossad Lady Gaga detonator Lemmiwinks Hezbollah Guantanamo Santorum fisting plutonium Juarez Cayman Islands nuclear trigger Cleveland Steamer Howard Cosell Ingmar Mattus painful rectal itch Tim Geithner

roadlust's picture

better a "brown clown" than a brown shirt.  (look in mirror sometime.  if you have one).

gnomon's picture

The brown clown covets that brown shirt.  Give him another term and one or two more Supreme Court picks, and you can kiss what is left of the Constitution goodbye.

Mentaliusanything's picture

If the shirt fits .....

Welcome to fight club.;)

oh and 

read History

First they came for the communist, But I was not one...

Your Bill of right looks and is, a shell shagged, droopy and limp representation of what was once a shining light to all people. I read it and cried at it importance in my youth, now I just cry for what has been removed by lies, fear and dis-information.

They are training a whole lot of "pilots" to fly drones. Go to work at 7am and be home in a clean shirt by 4pm. In between it just a game where you get to blow a whole pile of shit up without any responsibility. There is no sound of pain and death, guilt or death rattle. It is silent, deadly and cowardly.

Wear the shirt if it fits 


withnmeans's picture

Now I suppose you all were wondering if this is "priced in"? Hell no, it never works like that, the markets will be flying high tomorrow. Don't get discouraged, watch the commodities go right up with it, there will be an explosion in inflation.

If there is anything that will finally get the general public to start using their "sometimes overly useless" minds, it will be the prices they have to pay for food and gas.

They will put the spin on this like no other, try as they may, they will find that KARMA is a bitch

Mr Lennon Hendrix's picture

As long as the dollar menu stays the dollar menu, nobody will say a damned thing.

victor82's picture

Meanwhile, Hugh Hewitt was heard to remark, "You know who this helps? Mitt Romney!"

LongSoupLine's picture

yep...and that "dollar" big mac will be the size of a york peppermint patty.

TheFourthStooge-ing's picture

Mr Lennon Hendrix said:

As long as the dollar menu stays the dollar menu, nobody will say a damned thing.

...because that proves there is no inflation. This has a high degree of correlation with the consumer HRTI (Horse Race Track Index), because a two-dollar bet is still a two-dollar bet.

Wheeee! Look at me, I'm an Ivory League e-commonist, just like they churn out at Princeton and Harvard.


PY-129-20's picture

Sorry guys, we are too busy to present our newest submarine. It is the biggest submarine we've built since World War 2. And now I ask you: Where do we send it?

We send it to Israel. This year. And we even pay 1/3 of it. We are good friends, aren't we?


Ghordius's picture

I'd say finally. Refreshing. For decades all German arms technology had to go first to South Africa in form of blueprints first, now we can skip this charade and admit that Israel has been a happy customer all the time.

Dolphin, such a cute, innocuos name... have you seen the Tiger Helicopter that is being used in Afghanistan?

TheFourthStooge-ing's picture

Ghordius said:

I'd say finally. Refreshing. For decades all German arms technology had to go first to South Africa in form of blueprints first, now we can skip this charade and admit that Israel has been a happy customer all the time.

It's part of the new policy of transparency.

Dolphin, such a cute, innocuos name.

Clever marketing, just like the Dancing Fairy Princess® white phosphorus shells.


Ghordius's picture

Transparency, transparency, where did I last hear that term in politics? Ah, now I remember! Glasnost.

sounds very dangerous and is to be avoided at all costs if you have a dictatorial regime ;-)

CClarity's picture

But wait!  Is there a deal?  Does it fix everything?  Do we have to do this again tomorrow, in 2 weeks, 3 months, ad infinitum?