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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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Mon, 02/20/2012 - 23:52 | 2179805 ACP
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.

Tue, 02/21/2012 - 00:01 | 2179840 AC_Doctor
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.

Tue, 02/21/2012 - 00:08 | 2179883 TruthInSunshine
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!

Tue, 02/21/2012 - 00:10 | 2179887 Mr Lennon Hendrix
Mr Lennon Hendrix's picture that, like, free money or something? 


When do I get a bailout?

Tue, 02/21/2012 - 00:36 | 2179963 TruthInSunshine
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.

Tue, 02/21/2012 - 00:40 | 2179974 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Haha! Greece just HELOCed their country!  Brilliant.

Tue, 02/21/2012 - 01:26 | 2180086 caconhma
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.

Tue, 02/21/2012 - 01:54 | 2180125 fnord88
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.

Tue, 02/21/2012 - 02:16 | 2180138 Michael
Michael's picture

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

Tue, 02/21/2012 - 03:03 | 2180151 The Big Ching-aso
The Big Ching-aso's picture



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

Tue, 02/21/2012 - 02:56 | 2180163 CrashisOptimistic
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.

Tue, 02/21/2012 - 03:10 | 2180173 Michael
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
Tue, 02/21/2012 - 04:25 | 2180221 Michael
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

Tue, 02/21/2012 - 06:05 | 2180247 cranky-old-geezer
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.

Tue, 02/21/2012 - 07:20 | 2180272 i_fly_me
i_fly_me's picture

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

Tue, 02/21/2012 - 07:51 | 2180283 Mentaliusanything
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

Tue, 02/21/2012 - 07:55 | 2180287 Mentaliusanything
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

Tue, 02/21/2012 - 08:23 | 2180328 ndotken
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

Tue, 02/21/2012 - 00:48 | 2179998 Nobody For President
Nobody For President's picture

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

Sorry about that.

Tue, 02/21/2012 - 01:08 | 2180052 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Tue, 02/21/2012 - 01:17 | 2180074 TruthInSunshine
TruthInSunshine's picture

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

Tue, 02/21/2012 - 02:35 | 2180149 Al Gorerhythm
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.

Tue, 02/21/2012 - 03:08 | 2180159 The Big Ching-aso
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."





Tue, 02/21/2012 - 07:56 | 2180288 Mentaliusanything
Mentaliusanything's picture

or completed Homes

Tue, 02/21/2012 - 06:55 | 2180264 Uchtdorf
Uchtdorf's picture

You wont. Because your a terrist.

Tue, 02/21/2012 - 00:16 | 2179913 SAT 800
SAT 800's picture

"What fools these humans be--"

Tue, 02/21/2012 - 00:35 | 2179962 fourchan
fourchan's picture



Tue, 02/21/2012 - 00:42 | 2179981 Milestones
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

Tue, 02/21/2012 - 00:51 | 2180010 Bookdoc
Bookdoc's picture

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

Tue, 02/21/2012 - 00:58 | 2180034 Milestones
Milestones's picture

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

Tue, 02/21/2012 - 01:10 | 2180057 Ponzi Unit
Ponzi Unit's picture


Tue, 02/21/2012 - 06:32 | 2180257 merizobeach
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].
Tue, 02/21/2012 - 02:16 | 2180139 piceridu
piceridu's picture

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

Tue, 02/21/2012 - 04:31 | 2180224 disabledvet
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?

Tue, 02/21/2012 - 07:58 | 2180290 TheFourthStooge-ing
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.


Tue, 02/21/2012 - 03:09 | 2180172 JennaChick
JennaChick's picture

Developments in Eurozone resemble some surreal movie:

Tue, 02/21/2012 - 07:45 | 2180278 TheFourthStooge-ing
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

Tue, 02/21/2012 - 03:35 | 2180192 roadlust
roadlust's picture

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

Tue, 02/21/2012 - 07:59 | 2180293 gnomon
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.

Tue, 02/21/2012 - 08:15 | 2180314 Mentaliusanything
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 


Tue, 02/21/2012 - 00:27 | 2179947 withnmeans
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

Tue, 02/21/2012 - 00:41 | 2179980 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Tue, 02/21/2012 - 01:22 | 2180081 victor82
victor82's picture

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

Tue, 02/21/2012 - 07:48 | 2180281 LongSoupLine
LongSoupLine's picture

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

Tue, 02/21/2012 - 08:49 | 2180393 TheFourthStooge-ing
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.


Tue, 02/21/2012 - 06:38 | 2180260 PY-129-20
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?


Tue, 02/21/2012 - 07:30 | 2180276 Ghordius
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?

Tue, 02/21/2012 - 08:04 | 2180298 TheFourthStooge-ing
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.


Tue, 02/21/2012 - 08:12 | 2180307 Ghordius
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 ;-)

Mon, 02/20/2012 - 23:51 | 2179806 CClarity
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?

Tue, 02/21/2012 - 00:15 | 2179907 JPM Hater001
JPM Hater001's picture

"Fix" is a misnomer.

More correct to say this "extends" the situation.

Tue, 02/21/2012 - 00:52 | 2180011 withnmeans
withnmeans's picture

I think we would all agree this is not a fix, its a NEUTER.

Tue, 02/21/2012 - 01:46 | 2180109 Manthong
Manthong's picture

It's an exacerbation.

More debt, more time, more fraud, more fake fiat, more contagion.

Tue, 02/21/2012 - 01:11 | 2180062 Ponzi Unit
Ponzi Unit's picture


Tue, 02/21/2012 - 07:52 | 2180284 LongSoupLine
LongSoupLine's picture

"fix" is all relative to the half-life of such fixes.  In this case, very in the half-life formula for "rumors"

Mon, 02/20/2012 - 23:51 | 2179807 Lincolns Mullet
Lincolns Mullet's picture

The graphs prove everything!!

Mon, 02/20/2012 - 23:52 | 2179812 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The graph looks like Mordor.

Mon, 02/20/2012 - 23:55 | 2179832 Lincolns Mullet
Lincolns Mullet's picture

If these graphs are even half as effective at predicting the future as the ones here in the US, then we can expect Greece's debt to GDP will hit 2000% within 3 months.

Tue, 02/21/2012 - 00:16 | 2179911 JPM Hater001
JPM Hater001's picture

I'll take the under and bet....the fucking house.

Tue, 02/21/2012 - 00:14 | 2179866 asdasmos
asdasmos's picture

One does not simply

give money to the Greeks

Tue, 02/21/2012 - 01:06 | 2180051 Manthong
Manthong's picture

Some do if they want some Greek action..

and there is a lot of that happening.

Tue, 02/21/2012 - 03:25 | 2180188 Chicken_Little
Chicken_Little's picture

The graph looks like a pair of knockers from the 4 o'clock position.

Tue, 02/21/2012 - 00:14 | 2179902 williambanzai7
williambanzai7's picture


Tue, 02/21/2012 - 00:19 | 2179922 SAT 800
SAT 800's picture

I'll gladly pay you $5.00 Tuesday, for a Cheeseburger today.

Tue, 02/21/2012 - 04:55 | 2180231 Al Gorerhythm
Al Gorerhythm's picture

Sorry, by then you just might get it for $10.

Tue, 02/21/2012 - 01:34 | 2180100 r00t61
r00t61's picture

This might be WB7's greatest work of all time.

Tue, 02/21/2012 - 02:07 | 2180135 Unprepared
Unprepared's picture

Doesn't that graph makes mockery of the laws of physics? The projectile (dotted line) is supposed to shoot higher and come down to the downhill much faster:

Mon, 02/20/2012 - 23:52 | 2179808 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The graph looks like a volcano.

Mon, 02/20/2012 - 23:53 | 2179816 ACP
ACP's picture

Interesting. Hey, maybe the graph is actually upside-down.

Mon, 02/20/2012 - 23:52 | 2179809 diogeneslaertius
diogeneslaertius's picture

1.5T zone football

Javol, mein Führer!


"accident prone," = rigged to implode

Mon, 02/20/2012 - 23:52 | 2179811 Death and Gravity
Death and Gravity's picture

Hopium vapor.

Mon, 02/20/2012 - 23:53 | 2179815 slewie the pi-rat
slewie the pi-rat's picture

tranche warfare, BiCheZ!

Mon, 02/20/2012 - 23:54 | 2179824 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Sssshhhhhhh!  The tranches are sleeping!

Mon, 02/20/2012 - 23:54 | 2179819 AC_Doctor
AC_Doctor's picture

Quick, call Rumplestiltskin!  Maybe that nasty looking little fucker can conjur the EU up some more bailout money...

Mon, 02/20/2012 - 23:54 | 2179827 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And bring some hay, stat!

Tue, 02/21/2012 - 00:00 | 2179859 AC_Doctor
AC_Doctor's picture

No shit, that ugly little sorceror had himself a "special" spinning wheel.  

Tue, 02/21/2012 - 00:11 | 2179890 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Now that I think about it, Tim Geithner could play the perfect Rumplez.

Tue, 02/21/2012 - 02:55 | 2180131 TruthInSunshine
Tue, 02/21/2012 - 08:15 | 2180318 TheFourthStooge-ing
TheFourthStooge-ing's picture

Mr Lennon Hendrix said:

Now that I think about it, Tim Geithner could play the perfect Rumplez.

Timmah is more like an ass-faced Rapunzel. If you want a good Rumplestiltskin, you need and evil little under-the-bridge-dwelling troll like Lloyd Bankfiend.


Tue, 02/21/2012 - 00:16 | 2179914 Conman
Conman's picture

You are so right, I was watching that fuckin hobbit on cspan the other day trying to sell the buget and it was mesmerizing.  He is one ugly mofo straight out of middle earth.

Mon, 02/20/2012 - 23:54 | 2179826 Dr. Engali
Dr. Engali's picture

Correct me if I'm wrong, but doesn't 100% of nothing still equal nothing? The way the Greek GDP is going backwards in this upside down world they will be paying off their debt by receiving welfare checks. A new financial spin on negative amortization.

Mon, 02/20/2012 - 23:57 | 2179849 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

All the cool kids are doing it.

Tue, 02/21/2012 - 00:12 | 2179893 surf0766
surf0766's picture

Your comment is a classic.

Tue, 02/21/2012 - 00:23 | 2179933 SAT 800
SAT 800's picture

It is, really, I voted him up too. It's not really that new, it's going on all around us.

Tue, 02/21/2012 - 00:13 | 2179898 Desert Irish
Desert Irish's picture

You sir obviously know nothing of Keynesian economics - 100% of nothing is indeed 100% of something if that 100% goes towards keeping up the status quo.

Tue, 02/21/2012 - 00:18 | 2179919 JPM Hater001
JPM Hater001's picture

You are right and wrong...
100% of nothing is null...and technically null is a value .... Albeit zero.

Tue, 02/21/2012 - 01:54 | 2180122 Stack Trace
Stack Trace's picture

The absence of something is a vacuum. As in Greece is in such debt it mind as well be in outer space. Too bad the pile of printed money all the way to Jupiter is the only way to keep Greece from simply floating away.

Another way to think of Greece is the tale of Atlantis. only instead of being swallowed by the sea it is swallowed by debt. Too bad the EFSF is a small sippy-cup and it just can't hold back the tide. What really needs to happen to save the Euro according to the morons in Brussels is a massive dilution of the Euro and therefore by extension in their minds the sippy-cup becomes a bazooka. Too bad that bazooka has back-blast with responsible people in the zone of danger.

Mon, 02/20/2012 - 23:54 | 2179828 Pairadimes
Pairadimes's picture

All powered by unicorn farts, as near as I can tell.

Tue, 02/21/2012 - 00:20 | 2179928 JPM Hater001
JPM Hater001's picture

Congrats on a successful unicorn reference. Now go milk your's a unicorn's favorite meal...

Tue, 02/21/2012 - 00:24 | 2179939 SAT 800
SAT 800's picture

Well, tht's "close enough for government work".

Mon, 02/20/2012 - 23:57 | 2179831 Schmuck Raker
Schmuck Raker's picture

"Accident prone" as if we're talking about a five year old, not billions of Euros, and the futures of millions of people.

Tue, 02/21/2012 - 01:53 | 2180121 Unprepared
Unprepared's picture

This is what I think they meant by accident prone:

Tue, 02/21/2012 - 04:50 | 2180230 Gief Gold Plox
Gief Gold Plox's picture

It's a code-phrase for: "This shit's gonna crash and burn"

Mon, 02/20/2012 - 23:55 | 2179833 Eireann go Brach
Eireann go Brach's picture

If I was a Greek citizen and happened to run into their local politician in public, I would take a run at him and land my fist on his jaw and hopefully break it! If it did not break, I would find the nearest physical object to crack his jaw again until it broke!

Mon, 02/20/2012 - 23:55 | 2179834 infiniti
infiniti's picture

Another $200 billion in financing needs over the next few years... what could go wrong?

Mon, 02/20/2012 - 23:56 | 2179842 sodbuster
sodbuster's picture

Tune in next week for "Greece: Deal or No Deal!?" It's on right after "The Walking Dead"!!!???

Tue, 02/21/2012 - 00:00 | 2179857 Dr. Engali
Dr. Engali's picture

I think next week is no deal week followed up by we have a deal week.

Tue, 02/21/2012 - 00:22 | 2179931 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What if we never have a deal and the debt begins to fund itself? 

It's alive!!!!  It's alive!!!!!!!!

Tue, 02/21/2012 - 00:27 | 2179944 SAT 800
SAT 800's picture

LOL! You're cracking me up. At least one "important official" is probably hoping this is possible.

Mon, 02/20/2012 - 23:57 | 2179845 Lincolns Mullet
Lincolns Mullet's picture

"Why don't you knock it off with them negative waves? Why don't you dig how beautiful it is out here? Why don't you say something righteous and hopeful for a change?"

Tue, 02/21/2012 - 00:29 | 2179952 SAT 800
SAT 800's picture

Yeah! Surfs up, Dude!. What?

Tue, 02/21/2012 - 00:47 | 2179990 SillySalesmanQu...
SillySalesmanQuestion's picture

+1 for the Kelly's Heroes reference

Tue, 02/21/2012 - 08:28 | 2180351 Mentaliusanything
Mentaliusanything's picture

Odd ball represents that

Tue, 02/21/2012 - 00:01 | 2179860 Conman
Conman's picture

I'd be the first to advocate the germans revolting agaisnt this but being a realist, i supose they will do the same as Americans. Nothing. Whata fuced up world we live in. God save us.

Tue, 02/21/2012 - 00:06 | 2179877 williambanzai7
williambanzai7's picture


Tue, 02/21/2012 - 00:12 | 2179892 Pairadimes
Pairadimes's picture

Great map, but that is not how I pictured the Troika.


I was thinking Mr. Howard, Mr. Fine and Mr. Howard.

Tue, 02/21/2012 - 00:15 | 2179906 MinnesotaMD
MinnesotaMD's picture

There are no market for the reaper to visit. They will not allow " bond vigilantes" to trump their power on this one. That is why the fed is buying the grand majority of tbills it prints.

This reminded of Monty python though and I love the graphics.

Tue, 02/21/2012 - 02:38 | 2180154 Al Gorerhythm
Al Gorerhythm's picture

And print they will. Print baby, print.

Tue, 02/21/2012 - 00:18 | 2179921 kito
kito's picture

I hear the market reaper is a myth.........

Tue, 02/21/2012 - 00:30 | 2179954 SAT 800
SAT 800's picture

You're a dangerous man William. Once again, I need one of these.

Tue, 02/21/2012 - 00:07 | 2179882 surf0766
surf0766's picture

But Fareed said it was fix didn't he?

Tue, 02/21/2012 - 00:11 | 2179891 MinnesotaMD
MinnesotaMD's picture

We are all subordinates if they keep "fixing" every sovereign debt issue like this ad infinitum.

Money, contracts, bonds, etc. are personal property, and it would seem they are either being outright stolen, or devalued to the point of absurdity. What system of finance do we "evolve" to when the numbers and words are all meaningless? Who works or tries to outperform in a valueless, property-less system? Serfs. Hayek was right about that too.

Tue, 02/21/2012 - 00:14 | 2179903 lizzy36
lizzy36's picture

This is just stupid.

I am making a deal with my ass, gravity is hereby suspended until 2020. 

Now where the fuck is my bailout pony.

Tue, 02/21/2012 - 00:19 | 2179920 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I'll be your pony.

Tue, 02/21/2012 - 00:34 | 2179959 SAT 800
SAT 800's picture

Well, you got in there first; can I be the cool down rider?

Tue, 02/21/2012 - 00:21 | 2179929 cnhedge
cnhedge's picture

greece is beyond save.

Tue, 02/21/2012 - 00:23 | 2179935 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Did you mean suave?  I think you meant suave. 

Tue, 02/21/2012 - 00:23 | 2179934 kito
kito's picture

Sigh...time to eat all canned and packaged food with 2012 expiration dates.....not gonna need them this year with the way things are going....

Tue, 02/21/2012 - 01:02 | 2180043 MinnesotaMD
MinnesotaMD's picture

Canned ham bitchez

Tue, 02/21/2012 - 00:24 | 2179937 flyonmywall
flyonmywall's picture

Europe solves Greek bailout problem. Check.

Next week, S&P downgrades rest of Europe credit ratings, including Germany. Check.

Rinse and repeat. Greece is the drowning man of Europe. You try to save a drowning man, you get drowned yourself.

Life is a bitch.

Tue, 02/21/2012 - 00:37 | 2179968 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

When I was in college, I was a lifeguard at a summer camp, and the fat kid (I mean real fat too) swam out to the oil drum I told the kids not to swim to (I still don't know how we made it out there).  I had to put him on my back and crawl back to shore with one arm.

Halfway back I paused and he slipped like a rock under water.  It was the only time that summer we had a problem I wasn't sure would turn out fine.

So with Europe, this looks like the fat kid made it out to the oil drum, and the lifeguard is drunk and too blitzed to swim, and if the lifeguard tries to save the fat kid, they could both drown.

Tue, 02/21/2012 - 03:15 | 2180177 HungrySeagull
HungrySeagull's picture

We spent our time testing the "Dead Line" between the girls side and the boys.

So too was the Staff.

Tue, 02/21/2012 - 00:38 | 2179969 AU5K
AU5K's picture

Its interesting the analysis has a "lower growth" projection (in other words, the "likely" case) that only brings debt to GDP down to 143%.


Even that's unlikely, yet the MSM spin is "Greece is solved", lets rally.


Tue, 02/21/2012 - 00:43 | 2179984 darkpool2
darkpool2's picture

But wait......its fucking brilliant really...... assuming additiional bailout monies=GDP increments ( a la BLS we can adjust the usual formulas ), therefor over time , near infinite debt, Debt/GDP ratio will converge towards 100%. Here we were all expecting 120% ! Ace move guys, you have us. EUR/USD 1.50 here we come

Tue, 02/21/2012 - 01:35 | 2180102 Ponzi Unit
Ponzi Unit's picture

BLS did spin consulting for this one.

Tue, 02/21/2012 - 00:52 | 2180012 sbenard
sbenard's picture

(Sigh!) This is really getting old!

Tue, 02/21/2012 - 00:52 | 2180014 Assetman
Assetman's picture

Take note, Italy, Portugal and Spain... Greece has set the precedent for bailouts ad infinitum.  

Think large.  Think often.

Everyone and their grandmother knows that these debt goals for Greece won't be met anywhere close to 2020.

The reactions to this deal is going to be interesting... in any number of places.


Tue, 02/21/2012 - 00:56 | 2180025 Atlas Shrugs
Atlas Shrugs's picture

Well, I guess we can all go to bed now and have dreams of warm, fuzzy happy things. Everything will be better now starting Tuesday.

Tue, 02/21/2012 - 00:59 | 2180036 q99x2
q99x2's picture

Everything is going to work out fine. Legarde is going to discuss the 2nd bailout package at a conference during the 2nd week in March. In preparation she's going to work on reprimands for little men that stay in the restroom too long.

Tue, 02/21/2012 - 00:59 | 2180037 chump666
chump666's picture

* Dutch demand permanent EU-IMF control in Greece - DowJones.


C'mon Greece you are dying, soon-to-be dead.  Wanna ya gonna do?  Allow yourselfs to be f*cked again and again.  Crazy. 

Tue, 02/21/2012 - 01:10 | 2180058 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Damn, that's like, necrophilia.

Tue, 02/21/2012 - 01:12 | 2180064 MinnesotaMD
MinnesotaMD's picture

Greeks DID invent the term.

Tue, 02/21/2012 - 04:16 | 2180215 jomama
jomama's picture

a word that sums up this whole charade quite apropriately.

Tue, 02/21/2012 - 01:34 | 2180099 chump666
chump666's picture

haha, what is the term for f*cking a zombie?


Tue, 02/21/2012 - 08:24 | 2180337 TheFourthStooge-ing
TheFourthStooge-ing's picture

Stiffing a stiff.


Tue, 02/21/2012 - 08:35 | 2180363 Mentaliusanything
Mentaliusanything's picture

Oh fuck - stop it - I'm crying real frigging tears - this is way way to true

Tue, 02/21/2012 - 01:44 | 2180101 Reptil
Reptil's picture

* Dutch demand permanent EU-IMF control in Greece - DowJones.

Aaah dutch politicians. Still no clue. They said exactly the same about Iceland, not so long ago (it's a year,already?)

Their issue is now how to plan their political carreer around the proverbial greek iceberg. Which will be proven to be impossible, since they "promised" all the money that went south will somehow magically be paid back to taxpayers that coughed it up.

Yup, same deal as in july 2010. Nothing learned. Oh and the Netherlands contributed quite a lot to the IMF as well.

Aaaaaand it's gone.

Tue, 02/21/2012 - 01:46 | 2180110 chump666
chump666's picture

It's going to get nasty very quickly.  Holland, great country fine women, just dropped more madness.  The Greeks will lose it completley now. 

Tue, 02/21/2012 - 03:04 | 2180167 anonum
anonum's picture

I the only one who can't mod parent (2180101) up (nor down)? Firefox 9.0

Tue, 02/21/2012 - 01:00 | 2180039 Stuart
Stuart's picture

permabears = dime a dozen cynics

Tue, 02/21/2012 - 01:11 | 2180059 MinnesotaMD
MinnesotaMD's picture

A couple years ago I would agreed with you. But back then we had 10 T in debt, AAA credit and a 20 oz Pepsi cost $1.25 here. None of that shit is true today because we have done 2 or 3 Greenspan Puts too many and the sizes of these puts are beyond scope as proven by demonomics images.

Tue, 02/21/2012 - 01:11 | 2180060 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Just buy stocks and shut the hell up then.

Tue, 02/21/2012 - 01:20 | 2180079 Stuart
Stuart's picture

any central bank of any significance is gong to print.  We all know it.   That is historically good for stocks at least in nominal terms. Zerohedge on twitter is just missing pom poms to cheer collapse. 

Tue, 02/21/2012 - 01:24 | 2180082 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I've been saying to buy stocks or two years now.  In the end it won't mean shit bc you will be paid in worthless iat, but hey, at least you can tell your riends you double bagged WFM.

Tue, 02/21/2012 - 11:49 | 2180931 FreeNewEnergy
FreeNewEnergy's picture

Mr Lennon Hendrix, it looks like the f's on your keyboard are _ucked. Or maybe there's a problem with your le_t index _inger.

Tue, 02/21/2012 - 01:01 | 2180042 Atlas Shrugs
Atlas Shrugs's picture

That's all folks! Handing out Benjamins on President's day. How appropriate.

Tue, 02/21/2012 - 01:03 | 2180046 Peter Pan
Peter Pan's picture

Can you have a debt write-off that exceeds 100% ???

You bet, because what they will eventually write-off will be far more than what they could have written off two years ago.

Tue, 02/21/2012 - 01:15 | 2180066 Nobody For President
Nobody For President's picture

I can't figure out if it is a tragedy, a comedy, a romantic comedy (Merkel and Sarkozy on deck for tomorrow), an action/adventure, or a cliff-hanging Saturday afternoon serial.

I'm gonna have to go with soap opera - probably spnsored by Tide HE with Acti-Lift (R) because there is so much rinse and repeat, AND "Loads of Hope". (TM)

Tue, 02/21/2012 - 01:16 | 2180070 WizofOZ
WizofOZ's picture

You guys are mad.... you seriously think the Europeans are going to let their beloved euro burn as a result of Greece.

Think about it, stronger together, print a few EUR and the problem will be a less of a problem. It's not only uncle Ben who knows to print. The Europeans are moving on the correct path, which is to eventually print and print to match Ben.

Short term this is very good for a EUR bounce. With a massive retail short, this baby will fly when Europe opens for business......


For the TAs - I see an Inv H&S in the 30 min chart,  10/2 - 16/2 - 21/2 - there is potential for a 3 cent move.......





Tue, 02/21/2012 - 01:18 | 2180076 monopoly
monopoly's picture

This just shows the insanity of politicians who know nothing about economics, business, or currencies. They do whatever is needed to continue to get fat, steal money, increase their benefits, perks and learn new ways to take from the people they are supposed to protect and represent. They know this will not work. But it will give them time to shore up their own personal wealth even more, the people be damned.

Yes, I am talking about US. And it is the same in Europe. When will it end? When?

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