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Samaras Pledges To "Renegotiate" Bailout Pact After April Elections

Tyler Durden's picture


If there was one thing the Troika needed not to hear less than 24 hours after the latest bailout demand vote passed, it is that the leader of Greek ill-named "New Democracy" party who is likely to replace Papademos as the next leader of Greece following the April elections, is that at best the new "deal" will last for two months, or until after the next local election. Needless to say, this it the only "pledge" out of Greece in the past week that is 100% certain to be kept. From The Guardian: "Samaras, the current front-runner to replace Lucas Papademos, told parliament last night: "I ask you to vote in favour of the new loan agreement today and to have the ability to negotiate and change the current policy which has been forced on us"." While hardly surprising, Guardian goes on to point out "that would rather thwart the Troika's demands that Greece's leaders all pledge to implement the current plan, as Megan Greene of Roubini Economics pointed out on Twitter: 'Samaras demands bailout be renegotiated after elections and troika insists he sign that he'll uphold 2nd bailout. We still have a problem.'" Indeed - it is called Merkel seeks guarantees that what the next Greek leader said is a joke before it agrees to send even more billions in taxpayer cash down what Schauble earlier called a "bottomless pit."

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Mon, 02/13/2012 - 09:14 | 2153053 Dick Darlington
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Mon, 02/13/2012 - 09:21 | 2153084 Harlequin001
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That will go down well with the Germans, not...

Mon, 02/13/2012 - 09:27 | 2153105 trav7777
trav7777's picture

I'm not sure why the greeks continue to play as if they have any cards in their hands.

the ECB can always print and hand it directly to the banks...why even include the greasy, lazy greeks in the loop?

Mon, 02/13/2012 - 09:47 | 2153155 ratso
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Mon, 02/13/2012 - 09:51 | 2153167 jekyll island
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That would be Germany.  They will abandon the euro (not the EU) if the ECB prints like the Bernank.  Scylla and Charibdas, I say. 

Mon, 02/13/2012 - 09:57 | 2153185 Bicycle Repairman
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Other than the reaction of the other PIIGS, a fear of Weimar & the EU breaking up, I can't think of a reason.

Mon, 02/13/2012 - 10:24 | 2153252 Eally Ucked
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First of all Greeks defaulted and the deal wont be accepted, just moves on chessboard to find excuses. Secondly if Greeks are greasy, lazy..... you are not far behind them with 46 mln on food stamps, and half of population working in greasy fast food outlets, the rest are thinking they're on top of the world preparing CDS's, CDO's and lending freshly printed money to charge interest on nothing.  

Mon, 02/13/2012 - 10:29 | 2153268 FlyoverCountryS...
FlyoverCountrySchmuck's picture

Like most of the Sheeple, everywhere, they just won't get it until the street lights go out, and the neighbors start coming for thier stuff. Imagine what will happen in California on the day the EBT/SNAP cards start declining...

Mon, 02/13/2012 - 12:41 | 2153851 JW n FL
JW n FL's picture




not sure why the greeks continue to play as if they have any cards in their hands.

the ECB can always print and hand it directly to the banks...why even include the greasy, lazy greeks in the loop?

To take that a step further.. why didnt the Banks.. get the Loans.. in secret... and mmake the loans to the Government.. in secret... like they have for the last couple of hundred years?

Why is this information in the public view now?

Why is this information being made public?

It does not help the Nation?

It only causes drama or violence.




Everyone is ignoring the most important fact of ALL!


Why are the sheep being allowed to upset themselves around the World?

It is almost like someone wants the World in an uproar!



Mon, 02/13/2012 - 09:42 | 2153139 Colombian Gringo
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Beware of Greeks bearing gifts to bankers :-)

Mon, 02/13/2012 - 09:54 | 2153176 Sudden Debt
Sudden Debt's picture



Greek: Here's a gift from me to you!

Banker: A bottle?

Greek: NOT JUST ANY BOTTLE!! Please, let my light it for you...

Banker: so now.... it's a bottle that serves as a torch?

Greek: Yeah.... sure.... OEPS! I forget something in my car! I'll be right back! See Ya!



Mon, 02/13/2012 - 09:52 | 2153168 Sudden Debt
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Mon, 02/13/2012 - 17:22 | 2155167 AAA21
AAA21's picture

That saying about not trusting Greeks bearing gifts should be changed to DON'T TRUST GREEKS PERIOD!!  The sooner these people are given the boot form the EMU the better everyone else will be.  DUMP 'EM!

Mon, 02/13/2012 - 09:15 | 2153060 eigenvalue
eigenvalue's picture

Why does Merkel have to care about German taxpayers' money? It's not her own money after all.

Mon, 02/13/2012 - 09:23 | 2153086 Harlequin001
Harlequin001's picture

Well I'd lend them money, why not?

In fact I was just about to load up on a few GGB's myself...

If it's good enough for my pension fund, it's good enough for me...

Mon, 02/13/2012 - 09:17 | 2153074 Ghordius
Ghordius's picture

Samaras, get elected with a sound majority and propose some tough bargaining positions

Mon, 02/13/2012 - 09:25 | 2153093 eigenvalue
eigenvalue's picture

I think the public opinion may have shifted after the vote. Perhaps LAOS will be the biggest winner in the next election.

Mon, 02/13/2012 - 10:04 | 2153210 Tortfeasor
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Elections don't matter. Remember Ireland?

Mon, 02/13/2012 - 10:08 | 2153220 Sudden Debt
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Mon, 02/13/2012 - 09:31 | 2153114 trav7777
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Greece has NOTHING to bargain with!  They don't have anything to offer.

The sole issue is whether German and other banks have to take losses.  Greece is behaving like a junkie in this process.

Ideally, greece would be cut loose and left to rot and the banks that lent them money would take losses and those banks' executives would be tried and incarcerated.  Absent that, the ECB should just print and give the money directly to the banks to close up the accounting holes left by greece and enforce no bonuses paid rules on the money.  And greece should be expelled from the EU.

People act like the drachma is their savior; the drachma is a piece of shit that is worthless.  Austerity is coming whether the lazy greeks want it or not.  Their days of spendthriftiness while lounging in cafes are over.

Mon, 02/13/2012 - 09:37 | 2153131 battle axe
battle axe's picture

Germans and French buying time to ring fence their banks for the upcoming default, end of story...

Mon, 02/13/2012 - 09:44 | 2153143 GeneMarchbanks
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'Austerity is coming whether the lazy greeks want it or not.  Their days of spendthriftiness while lounging in cafes are over.'

You seem to repeat this as if you wish to either convince yourself or others of this nonsense. Hopefully you're at least getting paid.

Lastly, I absolutely love this sad 'productivity' meme emerging from the US. This pathetic obsession with being "productive" backed by idiotic Protestant ethics. And where has it led you? Foxconn? The walls are closing in on you, that much is obvious. What an incredibly horrid creature you are. Mom should've swallowed.


Mon, 02/13/2012 - 09:53 | 2153171 Canucklehead
Canucklehead's picture

Let me guess, "productive", "pillar", "strength" are not words used by you and your relatives.

Mon, 02/13/2012 - 10:22 | 2153246 dwdollar
dwdollar's picture

What really gets me is the "Honest day's work" or "The working man" memes...

Honest day's work you say? While you're busying working hard to be honest, others are barely working to enslave you.

Exhibit A: Early America

It takes more than a hard work ethic to build a lasting civilization and to stay free. It's childish to think otherwise.

Mon, 02/13/2012 - 09:49 | 2153148 Caggge
Caggge's picture

Greece has nothing to bargain with? They could say go to hell and let the banks eat their bad loans. They could take the lead from Iceland. Last I read Iceland wasn't feeling too bad about their decision. This isn't a bailout of Greece. It's a bailout of the banks who lent Greece all that money. It isn't a bailout of the Greek people. It's a bailout of the elitist criminal banking cartel. I bet if Greece walks from their loans and is left to "rot" that they will have a great headstart on the rest of the world which will soon be following in their footsteps.

Mon, 02/13/2012 - 10:08 | 2153218 ZeroPower
ZeroPower's picture

Ya you know, just mass riots and havoc for a few years, no big deal.

Remind me how Argentina did after their hard default? 

Iceland is a joke of a country, you cant possibly extend what some 300k people did or didn't do onto a nation of Greeks, which by the way, actually love being at war.

Mon, 02/13/2012 - 12:08 | 2153660 smiler03
smiler03's picture

More morons sent to torment me.

Mon, 02/13/2012 - 12:16 | 2153716 Caggge
Caggge's picture

Mass riots and havoc for a few years? Maybe.

Take the deal and you have ..umm  mass riots and poverty for sure for a few years.

Default and let the assholes who created this mess in the first place suffer.

PRICELESS!! At least they would go to bed with the satisfaction of starting to fix the worlds problems.

The greeks, and the rest of us, are going to suffer no matter what. Why let the bankers off the hook? Actually, they will be let off the hook. They should be in jail and not in charge of negotiating the solution to the problem they caused.

Mon, 02/13/2012 - 09:58 | 2153179 jekyll island
jekyll island's picture


Oh yes they do.  They are the beta test case for Portugal, Spain, Italy, et al.  That's why ECB is spending so much effort on them.  I personally agree with you, cut 'em loose, I'm tired of hearing about making a bankrupt country try to be responsible when they clearly aren't interested. 

Mon, 02/13/2012 - 10:08 | 2153221 Bicycle Repairman
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Of course the Greeks are facing austerity in any case.  The question is: what comes after the austerity?

Mon, 02/13/2012 - 10:35 | 2153265 Eally Ucked
Eally Ucked's picture

It's coming to neighborhood of yours too, still it's better to spend 5$ on coffee in cafes than to smoke crack in your basement for 500$ you've never earned.

Mon, 02/13/2012 - 17:24 | 2155178 AAA21
AAA21's picture

AMEN to that!

Mon, 02/13/2012 - 09:18 | 2153076 LongSoupLine
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Long printer ink and machine roller lubricating oil.

Mon, 02/13/2012 - 09:18 | 2153077 GeneMarchbanks
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Guarantees? Supposedly Merkel studied physics yet she is looking for certainty... from angry Greeks no less.

Mon, 02/13/2012 - 09:24 | 2153092 LongSoupLine
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Knowledge in the ways of physics, does not preclude political stupidity and its thirst for greed and power.

Tue, 02/14/2012 - 06:47 | 2156766 mjcOH1
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It's pretty clear to Merkel, the EU finance ministers, and private debt holders that Greek politicians can be relied on to reneg on whatever promises of austerity they make while begging others to cover their budget shortfall.   Greek involvement in 'negotiations' at this point is irrelevent.   Their creditors are simply maneuvering to distrbitute losses among themselves before pulling the plug.  

Samaras could probably buy a small amount of additional time before that occurs simply by keeping his mouth shut.   But the pandering gene is strong in that one.   He's telling his people what they want to hear at the expense of getting them what they want (German tax dollars).

Mon, 02/13/2012 - 09:19 | 2153079 agent default
agent default's picture

I thought this agreement was designed to be pretty binding and airtight because nobody trusts Greece anymore.  I think his electoral base is being eroded to the point he is becoming delusional.

Mon, 02/13/2012 - 09:24 | 2153083 Zero Debt
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Mon, 02/13/2012 - 09:22 | 2153088 mrbalfour
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You cant make this stuff up!  But the HFT's just keep on buying - until the rug gets pulled.  It does feel like the rally is in the 9th inning.  Looking forward to GDP numbers on Wed.

Mon, 02/13/2012 - 09:22 | 2153089 Rip van Wrinkle
Rip van Wrinkle's picture

But...but, I thought Greece wasn't a problem. You know, it's 0.00002% of the Europe's GDP. It's a gnat bite on an elephant's arse.


Well, that's what I was told, anyway.

Mon, 02/13/2012 - 10:03 | 2153205 Sudden Debt
Sudden Debt's picture

Actually, Greece it's industry is vital for the rest of Europe.

They supply 50% of the olive industry, and as we all know : You can't have coctail hour without olives.

And without coctail hour... what would we do during the day? Those.... would become long.... very long working days....


Mon, 02/13/2012 - 09:25 | 2153094 fonzannoon
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Greece will get the money. Germany will approve it. Markets will celebrate. People will not.

Mon, 02/13/2012 - 09:36 | 2153125 agent default
agent default's picture

Until the next round, an at some point they will not be able to kick the can any further.  And then everything will come crashing down.

Mon, 02/13/2012 - 09:26 | 2153098 Al Capowned
Al Capowned's picture

Latest greek deal was nothing more than pure desperation to stop the CDS trigger which will bring the global ponzi down.

Better start printing the 'X' Trillion needed to prevent contagaion for a whole month or two - I have heard it will need 30 trillion to stop a immediate collapse of all debtor countries when greek finally defaults, but who knows anymore?!

Mon, 02/13/2012 - 09:26 | 2153101 Mongo
Mongo's picture

How do you say "epic LOL" in greek?

Mon, 02/13/2012 - 15:12 | 2154538 _ConanTheLibert...
_ConanTheLibertarian_'s picture

<greek>epic LOL</greek>

Meh. Doesn't work yet

Mon, 02/13/2012 - 09:27 | 2153103 falak pema
falak pema's picture

ha, ha, ha, ha.

Greek Oligarchs love tarama salad, a dish no Schauble can make or stomach! Bottomless pit of Hades, Not even Stasi land was that crooked! Merkozy now hamstrung; oh, to pay or not to pay, that is ze kestion!

What says comrade Juncker, Prince of Luxembourg? Uber Euro watchdog, Cerberus to its white-washed stash of Luxembourg banked cash underworld?

Mon, 02/13/2012 - 09:28 | 2153106 Sandmann
Sandmann's picture

It is impossible to go into an Election already committed to a policy agreed between all major parties and opposed by the Voters.......unless you are British where ALL the parties agree not to mention a) EU  b) Immigration c) Taxes  d) Accountability


Then you get a system where noone wanted any of the parties to form a Government and two got together to subvert democracy

Mon, 02/13/2012 - 09:30 | 2153110 HD
HD's picture

Let me fuck you first - then we can "negotiate" if we should have used a condom.

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