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Scandal: Greece To Receive "Negative" Cash From "Second Bailout" As It Funds Insolvent European Banks

Tyler Durden's picture





 

Earlier today, we learned the first stunner of the Greek "bailout package", which courtesy of some convoluted transmission mechanisms would result in some, potentially quite many, Greek workers actually paying to retain their jobs: i.e., negative salaries. Now, having looked at the Eurogroup's statement on the Greek bailout, we find another very creative use of "negative" numbers. And by creative we mean absolutely shocking and scandalous. First, as a reminder, even before the current bailout mechanism was in place, Greece barely saw 20% of any actual funding, with the bulk of the money going to European and Greek banks (of which the former ultimately also ended up funding the ECB and thus European banks). Furthermore, we already know that as part of the latest set of conditions of the second Greek bailout, an 'Escrow Account" would be established: this is simply a means for Greek creditors to have a senior claims over any "bailout" cash that is actually disbursed for things such as, you know, a Greek bailout, where the money actually trickles down where it is most needed - the Greek citizens. Here is where it just got surreal. It turns out that not only will Greece not see a single penny from the Second Greek bailout, whose entire Use of Proceeds will be limited to funding debt interest and maturity payments, but the country will actually have to fund said escrow! You read that right: the Greek bailout #2 is nothing but a Greek-funded bailout of Europe's insolvent banks... and the Greek constitution is about to be changed to reflect this!

The smoking gun quote:

The Eurogroup also welcomes Greece's intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece's debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter's debt service directly to a segregated account of Greece's paying agent.

As for the priority of payments - it is more than clear:

Finally, the Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.

So there you have it: the Second Greek bailout is nothing but the first Greek bailout of Europe's banks! And the Greek constitution is about to be changed to reflect that.

Congratulations Greece - you just got royally raped by your own unelected rulers and you didn't even know it.

Full Eurozone document (source).

 

 


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Wed, 02/22/2012 - 13:20 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What should we expect from a bunch of thieving technocratic banksters?

Wed, 02/22/2012 - 13:21 | Link to Comment Harlequin001
Harlequin001's picture

Ah the ability to call a debit a credit and a credit a debit is a wonderful thing...

and an insult to humanity...

Wed, 02/22/2012 - 13:22 | Link to Comment bigdumbnugly
bigdumbnugly's picture

"So there you have it: the Second Greek bailout is nothing but the first Greek bailout of Europe's banks! And the Greek constitution is about to be changed to reflect that."

 

constitutions are so 18th century lately.

Wed, 02/22/2012 - 13:26 | Link to Comment Harlequin001
Harlequin001's picture

and in a stunning move, Harlequin001 was found living half way around the world and showing nothing if not a middle finger to Europe.

Go fuck yourselves, twats, and take your Tax Information Exchange Agreements with you...

 

Wed, 02/22/2012 - 13:27 | Link to Comment Troll Magnet
Troll Magnet's picture

Let's just be thankful that these guys are in charge and go fuck ourselves.  

Wed, 02/22/2012 - 13:30 | Link to Comment Harlequin001
Harlequin001's picture

I've been trying to fuck myself all my life but it seems the easiest way is to simply move to Greece.

Et Voila, instant shagging...

Wed, 02/22/2012 - 13:54 | Link to Comment nope-1004
nope-1004's picture

Greedy broke bansksters are gettin' desperate.

LOL.  Watch the world crumble in a matter of months.  Fuckers are ruining all forms of finance.  Idiots.

Wed, 02/22/2012 - 13:58 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

 

 

Yesterday what was real is now surreal.   Tomorrow what's surreal will be unreal.

Wed, 02/22/2012 - 14:04 | Link to Comment TruthInSunshine
TruthInSunshine's picture

Banksters own the earth, thanks to Deep Capture & the fractional reserve banking Ponzi of a foundation that the economy is built upon.

Any questions?

Wed, 02/22/2012 - 14:23 | Link to Comment BaBaBouy
BaBaBouy's picture

EU Bailout ...

 

Giant Ponzi Fraud ???

(( Maddoff Wondering WHY He Is In Prison... ))

 

Wed, 02/22/2012 - 14:25 | Link to Comment Careless Whisper
Careless Whisper's picture

The really important part of the deal is that the Greek Constitution is being amended so that imterest and principal on Greek Bonds will be paid FIRST, before anything else.  Think about that.

Wed, 02/22/2012 - 14:21 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

@ Truth

They don't own ALL of the gold.

Wed, 02/22/2012 - 15:47 | Link to Comment TruthInSunshine
TruthInSunshine's picture

From someone far more of an insider (and vastly more intelligent) than myself:

 

"The Bankers own the earth. Take it away from them,
but leave them the power to create deposits,
and with the flick of the pen they will
create enough deposits to buy it back again."

Wed, 02/22/2012 - 17:15 | Link to Comment caconhma
caconhma's picture

People are stupid and get what they deserve.

To long Greek people lived in paradise of promises and "credit cards" spending. Greeks continuesly elected polititions who promise a lot for notyhing.

What do they expect now? Jewish Banking Mafia will take care of them. Another general strike.  It is really the time to face reality and to take care of trators among them.

Wed, 02/22/2012 - 18:31 | Link to Comment sgorem
sgorem's picture

ahhh, i love the smell of tear gas in the morning..........

Wed, 02/22/2012 - 20:49 | Link to Comment Element
Element's picture

What if Greeks just physically abandoned the EU (pronounced EeeewwwWWW!!) and started getting in little boats to cross the Mediterranean bound for Libya, declaring themselves to be refugees fleeing an unelected tyrannical dictatorship that was starving them to death, and robbing them of what little they have remaining, and enslaving their children, and vociferously lobbied the UN for sanctions to be imposed on the Eeeeewwww's exports, and an oil embargo, plus relentless precision airstrikes on Brussels, in advance of a Russian and Chinese backed regime-change, to rid the world of a barbarous dictatorial vermin class?

da sickurity council will savor us!

Wed, 02/22/2012 - 14:01 | Link to Comment Troll Magnet
Troll Magnet's picture

this is finance?  is this what they teach in college?  damn...the best major ever?

Wed, 02/22/2012 - 13:29 | Link to Comment Manthong
Manthong's picture

What do you expect from a world that considers a liability to be an asset?

Wed, 02/22/2012 - 13:35 | Link to Comment Harlequin001
Harlequin001's picture

a freebie handout per chance?

Wed, 02/22/2012 - 14:23 | Link to Comment snowball777
snowball777's picture

A pound of flesh?

Wed, 02/22/2012 - 13:45 | Link to Comment Muddy1
Muddy1's picture

Whatever you call it, debit, credit, royal screw job, the bankers win again.  Can I get the franchise rights for selling KY jelly in Greece?

Wed, 02/22/2012 - 13:49 | Link to Comment Harlequin001
Harlequin001's picture

You can, but I don't think anyone's got any money...

Wed, 02/22/2012 - 14:25 | Link to Comment blindfaith
blindfaith's picture

 

 

No, but you will be able to sell a truckload of KY on the streets of America very soon. 

We are going to need more than what Walmrts has in order to take the cost of this up the USA's ass....because we all know who is going to pay for it and it is NOT the French and it is not the wealthy.

Wed, 02/22/2012 - 15:50 | Link to Comment knukles
knukles's picture

Why would Greeks want Kentucky Jelly?

Wed, 02/22/2012 - 15:54 | Link to Comment johnQpublic
johnQpublic's picture

1)better than sand

2)astroglide supplies are depleted

Wed, 02/22/2012 - 13:42 | Link to Comment vast-dom
vast-dom's picture

Don't expect anything. Just sit back and watch the well deserved failure to fall out of this venal nonsense. We are dealing with thieving gold-diggers (don't want to give whores a bad name). 

I remember this one POS gold digger chick who would have her real estate pal illegally check out the income of guys she would go on prospective dates with from online sites where she would troll -- funny how in the end she ended up screwing a broke bum in the backseat of her car all while living at her mom's house to better afford her fake lips -- this is karma boys and this is what is going to happen to our pals in Greece -- let's just hope after this shit gets cleared up Greece can model herself after Iceland, though i doubt it....

Wed, 02/22/2012 - 13:49 | Link to Comment Bring the Gold
Bring the Gold's picture

Your analogy is rather poor. A better analogy would be to blame the teen addict who took heroin free of charge from a 40 year old multiple felon drug dealer with the promise of more. Eventually the drug dealer wanted money and when the teen couldn't pay, the dealer forced him out on the streets to suck the cocks of bankers to pay for his own addiction.

Were the Greeks dumb for taking the money? Sure. Did they have a choice? Probably not really. By the way pal unless you live in Singapore your government is borrowing money in YOUR name and you will get Greeked in due time.

The difference between Greece and Iceland is that Iceland was slightly less corrupted and controlled. Sounds like Iceland is getting it in the can from vulture funds instead of banks which are probably owned by the same people. No where to run from the New World Order. Keep thinking you are morally superior though, you'll learn...the hard way.

Wed, 02/22/2012 - 14:04 | Link to Comment vast-dom
vast-dom's picture

My analogy is not poor at all, it is just incomplete: the women in question WAS an ADDICT! So thanks for filling it in. And yes I am morally superior to the trash, maybe not to you and your sanctimonious judgements of posters here! 

 

And don't you find it funny that you equate an ancient culture and nation like Greece, home of Plato and Aristotle and essentially origin of all Western thought, to a child whereas the criminals of Europe are the 40-somethings -- that is the poor analogy! 

Wed, 02/22/2012 - 14:34 | Link to Comment snowball777
snowball777's picture

They did run around talking about 'the gods' a lot and buggering both little boys and slaves. Can you really blame us?

I hope Heraclitus can get an exit visa.

Wed, 02/22/2012 - 14:40 | Link to Comment vast-dom
vast-dom's picture

i guess greece today is the little slave boy to europe. oh well, the ANALogy is quite apropos. and the gold digger chick is still probably getting it in the you know where...

Wed, 02/22/2012 - 14:42 | Link to Comment vast-dom
vast-dom's picture

And just like the greek politicians knew exactly what they were doing, so did the bankers. but alas, the gold digger and the banker always revert to the identical excuse: we didn't know what we were doing. getting fucked (over) with a smile. 

Wed, 02/22/2012 - 13:54 | Link to Comment sgorem
sgorem's picture

vast', pardon the rude interjection here, but would you happen to have her phone number? I'm kinda low on cash right now, but I've cleaned out the back seat of my '91 gmc pickup. thanks in advance....... 

Wed, 02/22/2012 - 13:57 | Link to Comment vast-dom
vast-dom's picture

Hah! No I don't have her digits. But I'm sure you can get some VD from fake-titted fake-lipped gold diggers elsewhere, no? And '91 is nice vintage for ur GMC btw.

Wed, 02/22/2012 - 13:59 | Link to Comment WonderDawg
WonderDawg's picture

You knew that chick, too? Good news is, I'm not a bum anymore. I must say she did have a nice backseat.

Wed, 02/22/2012 - 14:07 | Link to Comment vast-dom
vast-dom's picture

let me assure you that the bum is still a bum and the gold digger is, well, fatter and older and still a sad case, more at cationary tale.

Wed, 02/22/2012 - 14:23 | Link to Comment WonderDawg
WonderDawg's picture

Ah, different gold digger then. They all get what they deserve, in the end. Karma, bitchez.

Wed, 02/22/2012 - 13:55 | Link to Comment carbonmutant
carbonmutant's picture

The real thieves here are the members of the Hellenic Parliament who bought the story that there was nothing that could be done to save the people of Greece but if they voted to change the constitution they could at least save themselves...

Wed, 02/22/2012 - 14:09 | Link to Comment FL_Conservative
FL_Conservative's picture

At least the banksters are happy: that's what we're all here for anyway.

Wed, 02/22/2012 - 14:42 | Link to Comment non_anon
non_anon's picture

sounds just like the AIG "bailout"

Wed, 02/22/2012 - 18:07 | Link to Comment LookingWithAmazement
LookingWithAmazement's picture

Storm in a teacup, as ever. Greece will be saved next month. Believe me, "they" will not let Greece default, on a lousy 14 billion euros. In the end, mr Draghi will simply print that tiny amount and Greece can pay off. No default, no collapse. Markets will rally. Boring world we live in.

Wed, 02/22/2012 - 19:28 | Link to Comment Buck Johnson
Buck Johnson's picture

They will start to know later in the week when it hits them how much they have been robbed.

Thu, 02/23/2012 - 17:19 | Link to Comment robertsgt40
robertsgt40's picture

I wonder if Greece gets a toaster with the deal?

Wed, 02/22/2012 - 13:18 | Link to Comment oogs66
oogs66's picture

Squeal like a pig

Wed, 02/22/2012 - 13:19 | Link to Comment oogs66
oogs66's picture

For about the 100th time, maybe Greece shouldn't have a technocrat in charge?

Wed, 02/22/2012 - 13:28 | Link to Comment Ghordius
Ghordius's picture

For about the 1000th time, maybe Greece has a legally and freely elected PARLIAMENT that is responsible to put a government in charge? http://en.wikipedia.org/wiki/Hellenic_Parliament AND http://en.wikipedia.org/wiki/Parliamentary_system

Wed, 02/22/2012 - 13:31 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Complete loss of faith in the political system unless they actually get an opposition that understands the innerworkings and has the courage to halt the corruption. Short of that, it only gets worse.

Wed, 02/22/2012 - 13:35 | Link to Comment falak pema
falak pema's picture

the cupid leading the blind leading the impoverished. Greek hamburger, three layers, all to be eaten by the banks.

Wed, 02/22/2012 - 13:48 | Link to Comment 12ToothAssassin
12ToothAssassin's picture

I thought the only reason to undertake an opposition stance was to muscle in on your share of the corruption?

Wed, 02/22/2012 - 14:15 | Link to Comment Ghordius
Ghordius's picture

this applies to many politicians - though not for (careful, heavy word incoming) patriots

every nation get's in some tight spots, from time to time, I have some faith in the Greek spirit of patriotism, I personally witnessed some. It just has to emerge...

Wed, 02/22/2012 - 21:15 | Link to Comment Element
Element's picture

I notice a lot of rubes saying Greece is just taking it and not doing much.  But I've seen a lot of Greek riots, bombings of banks, burning buildings, and even burning people since March 2010, plus regular massive strikes and demonstrations, and relentless attempts to storm the parliament, as well as prominent politicians being attacked, bashed and fleeing for their lives, while being denied the ability to vote on any of it, in the home of democracy, and even resorting to covering gigantic monuments with even larger banners, telling the Eeeeewwww to get-stuffed.

The Greeks are making it very clear what they think.

Only the traitors in cushy high official positions are ignoring this and you can be sure their names are known and they are on very lengthy 'TO-DO' lists.

Thu, 02/23/2012 - 07:21 | Link to Comment Ghordius
Ghordius's picture

element, before you criticize the Greek political process please state what exactly your ideal political process would be. there are very few republics based on democratic principles that use referendums. is referendums you are asking for? and if yes, do you hold referendums as binding?

in theory you can have some 10% of the population rioting, 20% sympathizing and 70% sitting at home and being against it - what would your response be?

Wed, 02/22/2012 - 13:35 | Link to Comment Tortfeasor
Tortfeasor's picture

There is some good news.  Greece cannot institute a new amendment to its constitution until 2013.  So any new bailout provisions that require one can be blown off, assuming the Greeks stick to what their constitution actually says.

Wed, 02/22/2012 - 13:57 | Link to Comment V in PA
V in PA's picture

Greece cannot institute a new amendment to its constitution until 2013.

Didn't you get the memo? Policy and law don't matter anymore. If the banksters want this year, they will get it this year.

Wed, 02/22/2012 - 14:10 | Link to Comment Vince Clortho
Vince Clortho's picture

ahhh yes... the Golden Rule ...

Wed, 02/22/2012 - 14:35 | Link to Comment snowball777
snowball777's picture

Or the principle which states it's easier to bribe one room full of men than each citizen directly.

Wed, 02/22/2012 - 13:58 | Link to Comment NotApplicable
NotApplicable's picture

For about the 1000th time, a parliament is nothing but a collective abstraction, therefore "it" has no capacity for responsibility, let alone a means of acting, or thinking, or anything. Is it really so hard to recognize these things called governments are nothing more than covers for the criminals (a.k.a. real, tangible beings) operating within them?

Please put down the Kool-Aid and step away from the bar. If you believe that a ruling-class criminal cartel shares any interest with the commoners they lord over, then you are but their servant, witting or not.

Wed, 02/22/2012 - 15:18 | Link to Comment Ghordius
Ghordius's picture

the Greek Parliament is not an abstraction, they are 300 very real citizens that were elected by the people to take care of the state, by appointing a government and making or amending laws.

I don't know where you live, perhaps in some dictatorship. I, for myself, live in a democracy and want to preserve that. and so I feel I have to respect the democratic procedures of a foreing country. I might disagree with them - respect is still due.

Wed, 02/22/2012 - 13:19 | Link to Comment The Fonz...befo...
The Fonz...before shark jump's picture

Fraud fraud fraud

This is a ponzi with a three card Monty game tacked on it to give it the veneer of legitimacy

What a scam

Wed, 02/22/2012 - 13:19 | Link to Comment monopoly
monopoly's picture

They cannot be that stupid. The people will find out about this and the riots will move to the next level. European bankers and politicians have turned into mass rapists. 

This cannot Stand!

Wed, 02/22/2012 - 13:23 | Link to Comment john39
john39's picture

it has been this way all along, and will end the same way in all countries with rothschild controlled central banks.   The New World Order is in essence a banker controlled world government.

Wed, 02/22/2012 - 14:11 | Link to Comment newworldorder
newworldorder's picture

Your thoughts and conclusion makes you a genious. You have just articulated what many fear to acknowledge. Greece is the blue print for total bankster domination. Their financial schemes give them implied control. The undermining and destruction of national governments through fraud and debt slavery give them actual control.

Supra national, unelected organizations have been doing bankster bidding, since WW 2.

Wed, 02/22/2012 - 13:25 | Link to Comment Gordon Freeman
Gordon Freeman's picture

Right--the Greeks will also hold their breaths until their faces turn blue...

Wed, 02/22/2012 - 13:38 | Link to Comment illyia
illyia's picture

First thought: Of course, we knew that this was the whole point.

Second thought: Ha-Ha-Ha-Ha-Ha-Ha-Ha-Ha-Ha- <<sarcasm>>

Third thought: Wars are fought over this sort of thing. Big wars.

Wed, 02/22/2012 - 14:06 | Link to Comment WonderDawg
WonderDawg's picture

If someone wrote a novel and fictionalized what is going on in the world today, it would never get published. The publisher would tell you it's too far-fetched, no one would believe it.

Wed, 02/22/2012 - 14:38 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

nah  L0L!!!

eat, sleep, shit, fuk, + ?

oh!  and blog on zH!

 

 

Wed, 02/22/2012 - 21:30 | Link to Comment Element
Element's picture

Slewie, I think you forgot ... WORK

Wed, 02/22/2012 - 14:24 | Link to Comment chubbar
chubbar's picture

I think they need to start naming names. I would like to see all the names of negotiators on both sides being published along with the names, if any, of the executives directing them if they are not involved directly. They should also publish home addresses and family members names. These assholes need direct confrontation by the masses.

Can someone confirm that if Greece fails to fund this "escrow" account, with money they don't have and that is earmarked to fund EU banks, that they have agreed to forfeit their gold holdings? Wouldn't that be the absolute biggest kick in the balls yet? These pirates need to be stopped ASAP.

Wed, 02/22/2012 - 13:21 | Link to Comment Zola
Zola's picture

Greek citizens = slaves to the new pharao(s) (ECB & money center banks)

Wed, 02/22/2012 - 13:22 | Link to Comment Joebloinvestor
Joebloinvestor's picture

The Greeks let this shit happen while the getting was good, so the bankers and politicians (even the un-elected ones) aren't totally to blame.

The EU is complicit also for accepting the fudged #'s from Greece to join the EU (they were turned down twice).

Nice to see the "evil ratings agencies" have started to give their $0.02 on the results (downgrades).

Wed, 02/22/2012 - 13:34 | Link to Comment Peter Pan
Peter Pan's picture

My dear friend, the people got their cue from vote buying politicians and from bankers buying politicians everywhere. As they say, a fish smells from the head.

Wed, 02/22/2012 - 14:01 | Link to Comment V in PA
V in PA's picture

Isn't this about Greece? Why all the discussion on how America is run? Oh wait... My bad. 

Wed, 02/22/2012 - 13:46 | Link to Comment AndTheRest
AndTheRest's picture

I reject your anti-Democratic and anti-liberty argument that individuals can be held responsible for the debts and deeds of other individuals simply because they happen to be citizens of the same country.  Most Greeks never had a say in the matter, and the young Greeks are feeling all of the pain without any of the benefit.  How about I run up $50,000 in credit card debt then send you the bill?  Sound fair?

Wed, 02/22/2012 - 14:01 | Link to Comment NotApplicable
NotApplicable's picture

What's funny is that no matter where JoeBlo lives, somebody's already borrowing and spending in his name.

Wed, 02/22/2012 - 13:22 | Link to Comment Bluntly Put
Bluntly Put's picture

There is an unstated order to this socialism: wealthfare first welfare second, or put another way all PIIGS are equal but some pigs are more equal than others.

 

 

Wed, 02/22/2012 - 13:36 | Link to Comment Xanadu_doo
Xanadu_doo's picture

"some pigs are more equal than others"

Makes me remember this line:

Four legs GOOD. Two legs BAD.

http://en.wikipedia.org/wiki/Animal_Farm

The novel addresses not only the corruption of the revolution by its leaders but also how wickedness, indifference, ignorance, greed and myopia corrupt the revolution. While this novel portrays corrupt leadership as the flaw in revolution (and not the act of revolution itself), it also shows how potential ignorance and indifference to problems within a revolution could allow horrors to happen if a smooth transition to a people's government is not achieved.

Wed, 02/22/2012 - 13:46 | Link to Comment AndTheRest
AndTheRest's picture

Unstated order?  Yea, like the New World Order.

Wed, 02/22/2012 - 13:23 | Link to Comment Cdad
Cdad's picture

Cdad is taking the under on the number of days until the Greek Parliament building catches fire.  Cue StopCartel TV. 

Wed, 02/22/2012 - 13:24 | Link to Comment ziggy59
ziggy59's picture

Rod Serling is jealous!

Wed, 02/22/2012 - 13:24 | Link to Comment Rynak
Rynak's picture

They really want to push this beyond tear-gas and burning buildings, do they?

Wed, 02/22/2012 - 14:03 | Link to Comment NotApplicable
NotApplicable's picture

Gotta create the casus belli for WWIII somehow. After all, it isn't like wars start on their own accord.

Wed, 02/22/2012 - 14:09 | Link to Comment Rynak
Rynak's picture

Rynak in a messenger window 5mins ago: "There is no interest anymore in keeping the host alive. They're now looting on fire until the host drops dead."

Wed, 02/22/2012 - 13:24 | Link to Comment The Reich
The Reich's picture

Why didn't occurr  that to me?

Wed, 02/22/2012 - 13:25 | Link to Comment Ralph Spoilsport
Ralph Spoilsport's picture

Never trust a Press Release where they spell program as "programme".

Wed, 02/22/2012 - 14:16 | Link to Comment bpom
bpom's picture

Au contraire I find lots of UK press objective and interesting.  Many BBC programmes are exceptional.  Adam Curtis comes to mind.  His latest documentary, "All watched over by machines of loving grace" is good as are his other works, e.g. "The Living Dead" and "The Trap."

http://www.youtube.com/watch?v=hc-YMpgcqKg

Wed, 02/22/2012 - 14:25 | Link to Comment Ralph Spoilsport
Ralph Spoilsport's picture

"Au contraire" is French BTW. And the presumably excellent "programmes" you mention are entertainment and not specious documents issued by onerous banksters.

Wed, 02/22/2012 - 14:29 | Link to Comment bpom
bpom's picture

The documentaries are entertaining and educational.

Wed, 02/22/2012 - 14:37 | Link to Comment Ralph Spoilsport
Ralph Spoilsport's picture

I get it. You work for the BBC. Thanks.

Wed, 02/22/2012 - 15:03 | Link to Comment bpom
bpom's picture

I am not not trying to raise your ire by speaking Francaise about British programmes.  I referenced the BBC and a press "programme"  to provide continuity between our comments.  I think Adam Curtis documentaries are entertaining, as you said, and they also cover many aspects of our current financial quagmire.  For example they mention that after the IMF bailed out countries during the Asian Crises and the bankers got their money, all of the economies collapsed.  The bailouts were so that the bankers got their money.  Will probably see something similar in Greece.  I did not red or green flag you.  I have finished working for anyone else.  You're welcome.

 

Wed, 02/22/2012 - 13:26 | Link to Comment YesWeKahn
YesWeKahn's picture

"the Greek bailout #2 is nothing but a Greek-funded bailout of Europe's insolvent banks."

 

Of course, what else that can be? QE, LTRO are all designed for the same purpose.

Wed, 02/22/2012 - 13:26 | Link to Comment Marge N. Callz
Marge N. Callz's picture

None of this matters because it will all be repealed after elections.  Oh wait, can homeless people vote?

Wed, 02/22/2012 - 14:30 | Link to Comment MsCreant
MsCreant's picture

Hi Marge, 

We need you, desperately, to bring this shit shack down. Pay no attention to what they say. Not only has Greece defaulted, they have double dutch helix negative feedback relapse defaulted. They have defaulted in five known dimensions and a sixth one is being created by God, as we speak, just to accomodate the black hole event horizon forming around this shit. Credit event indeed.

Marge, let it rip, unwind this bitch before the stability of the known multiverse itself is in peril.

Let the Margin Calls from hell, ring around the globe. 

Set it straight Marge, you know you can do it.

Wed, 02/22/2012 - 14:41 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

LET THEM FAIL!!!

[and try not to get any on ya!]

Wed, 02/22/2012 - 13:28 | Link to Comment Peter Pan
Peter Pan's picture

It's all very clever. The bankers who had no mortgages or control over Greece, have now been replaced by the Troika which will hold mortgages and control over everyone and everything. The price for achieving this? Just don't touch the salaries of the politicians. Good deal eh?

Wed, 02/22/2012 - 13:41 | Link to Comment Mercury
Mercury's picture

Well yeah but if you give your profligate brother-in-law enough money to continue making his mortgage payments so he doesn't get foreclosed on - you're essentially bailing out his bank too by keeping their loan in the "performing" category.

But it is notable that choosing bankruptcy/default, which is what Greece should have done the first time around, is now unconstitutional.

Yikes.  That's something akin to colonialism or reparations payments.  Wars have been started over less.

Wed, 02/22/2012 - 14:09 | Link to Comment NotApplicable
NotApplicable's picture

Coming soon, to a constitution near you!

There will be NO sovereign defaults, but instead, permanent enslavement (for all of you good citizens).

One can only imagine the new crowd control weapons that are being prepared for use to protect the status quo.

Another thing, how much longer until we never, ever see them out in public, but instead via satellite from an "undisclosed location?"

Wed, 02/22/2012 - 14:53 | Link to Comment g speed
g speed's picture

but some POS inforcer has to have a mom somewhere   no? --

Wed, 02/22/2012 - 21:23 | Link to Comment Element
Element's picture

And good luck with negotiations for year three's bailout tranche ... the German plebs may finally have woken up by then ... with a strangely red-raw bum-hole.

Wed, 02/22/2012 - 13:30 | Link to Comment Piranha
Piranha's picture

long vaseline

Wed, 02/22/2012 - 13:32 | Link to Comment Manthong
Manthong's picture

If the people do not dismantle the oven then they will roast in it.

Wed, 02/22/2012 - 13:33 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

Dont all bailouts go to BANKERS?

Wed, 02/22/2012 - 13:33 | Link to Comment Fix It Again Timmy
Fix It Again Timmy's picture

Bankers' Oath: "We don't need no stinkin' laws."

Wed, 02/22/2012 - 13:34 | Link to Comment CapitalistRock
CapitalistRock's picture

If the bailout money was not for the purpose of helping Greece with its debt obligations, then exactly what was it for? This article is putting a huge spin on the reality,, and by the comments, if appears most ZH readers are falling for the spin.

Greece is way far in debt. Bailouts will be to assist with the debt obligations, not to support the population's standard of living.

Wed, 02/22/2012 - 13:40 | Link to Comment forward ho
forward ho's picture

CR, we get it. it's the greek people who won't.

Wed, 02/22/2012 - 13:43 | Link to Comment lizzy36
lizzy36's picture

So, the EU is lending itself money using Greece as the middlemanÉ

Because this is about protecting the EU banking system and about keeping the myth of `risk free`sovereign debt alive.

You see Greek should have defaulted 2 years ago. Then they wouldn`t be servicing the 1st bailout and the ECB special senior class of bonds.

This was NEVER about greece. It was about keeping the myth alive. Subprime sovereign lenders are being kept whole at the expense of......

Wed, 02/22/2012 - 13:44 | Link to Comment Goofy Bastard
Goofy Bastard's picture

I'd say the EU request to make an unelected government change a national constitution is at least note-worthy, don't you?  

At what point do we just consider Greece a colony of the rest of Europe?

Wed, 02/22/2012 - 13:58 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

 

'goofy' ainit the half of it, 4u, kurt!

  • who cares when you consider anything except you?
  • what do you call that mouse in your pocket?
  • who put you in charge?
  • why don't you let the greeks take care of greece?
  • how long have you had this problem?
Wed, 02/22/2012 - 14:52 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

you asswipe toy-boys go ahead and junk me!

anybody ever seen this worthless 4-eyed pussy fight HUH? 

cowards and muddle-headed momma's boyz, galore!  i'll bet tyler's really impressed with you shitheads!

Hahahahahahahaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaa!

 

Wed, 02/22/2012 - 13:47 | Link to Comment Spooky Polish
Spooky Polish's picture

True but :

- Oil / Gasoline /  Energy
- Water
- Waste
 

Which are only few of gov dependend goods . Get point by Yourself, or even try to have lifestyle without water and electricity. Do it . 

Wed, 02/22/2012 - 14:08 | Link to Comment Village Smithy
Village Smithy's picture

There is a "population" of bankers on Wall St. who seem to be well supported by their bailouts. Silly for the Greeks to expect some life support while this global debt tsunaimi comes ashore. According to your perspective Jamie Dimon should be coming in to work every day and then going home to curl up under an old blanket in his cardboard box.

Wed, 02/22/2012 - 14:09 | Link to Comment Peter Pan
Peter Pan's picture

Possibly you miss the point. The banks made bad loans and now they are using the governments of Europe as debt collectors. French and German banks KNEW that th Greek government was not a good creit risk at least ten years ago. But they went ahead and now MERKOZY are taking care of business.

Wed, 02/22/2012 - 13:34 | Link to Comment adr
adr's picture

So Greece has been demoted to a Mafia bag man.

Wed, 02/22/2012 - 13:35 | Link to Comment goldnguns
goldnguns's picture

118 drachmas of lead cures a lot of problems

Wed, 02/22/2012 - 13:35 | Link to Comment forward ho
forward ho's picture

so wait, let me catch this. greece is being bailed out, and can use $$ to only payback current debt. wow, a planitary circle jerk.

Wed, 02/22/2012 - 13:42 | Link to Comment Debugas
Debugas's picture

none of my money except last month salary (which i take out asap) is in the banks' acounts

i do not understand why the greeks still keep their money in the banks

Wed, 02/22/2012 - 13:43 | Link to Comment Seasmoke
Seasmoke's picture

sounds like the same scam the banks are pulling on the sttlement with US homeowners they defrauded.....

Wed, 02/22/2012 - 13:38 | Link to Comment lizzy36
lizzy36's picture

Fuck it chaps.

Civil war it is. 

The technocrats, kleptocrats and status quo can change any piece of paper they want. Short of tanks, guns, and RPG`s they can`t enfource this.

Greeks should start organizing hard default marches NOW. ahead of the LTRO next week and the March 20th bond payment. They are getting fucked no matter what. Time to start organizing and fighting back. 

NO MARCH 20th PAYMENT. 

“An appeaser is one who feeds a crocodile, hoping it will eat him last.”
? Winston S. Churchill

Wed, 02/22/2012 - 14:29 | Link to Comment walküre
walküre's picture

Greeks should start moving across borders towards Brussels. Imagine a march of thousands or millions of Greeks towards the self proclaimed Capitol of Europe. Of course they'd come moving through Germany's backyards and occupy Frankfurt en route. Now that would set something in motion which the elite can neither comprehend nor control. The elite would have only one option and that is to flee.

 

Wed, 02/22/2012 - 13:39 | Link to Comment Rogier
Rogier's picture

So Greece pays a bit of money to service (parts) of its debt. Much to do about nothing.

Wed, 02/22/2012 - 13:42 | Link to Comment Tyler Durden
Tyler Durden's picture

You wouldn't happen to work for Credit Agricole by any chance?

Wed, 02/22/2012 - 13:49 | Link to Comment Rogier
Rogier's picture

Nope. And not for any other bank either. I'm perfectly fine with Greece doing a 100% default, don't get me wrong, but as long as that's not the case, they should continue to service their debt.

Wed, 02/22/2012 - 13:58 | Link to Comment walküre
walküre's picture

they should continue to service their debt

There is NO such thing as debt when the sources of financing are all managed by one group who stole wealth from the rest over centuries.

Theft is ok for them. Theft should be ok for all of us. As long as nobody gets hurt, right?

It's always been financial anarchy and piracy. What's good for the Queen is good for me.

The rule of law never existed.

Before you respond. Think it through.

Wed, 02/22/2012 - 14:03 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

tough sledding, huh?

will they be able to goose-step without you? 

Wed, 02/22/2012 - 14:12 | Link to Comment walküre
walküre's picture

WORK, WORK, WORK

Ora et Labora!

always only applies to the 99%

Wed, 02/22/2012 - 14:23 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

L0L!!!

communism uber alles, comrade BiCh! 

Wed, 02/22/2012 - 14:31 | Link to Comment walküre
walküre's picture

sshht !! don't awake the sheep

Wed, 02/22/2012 - 14:36 | Link to Comment The Reich
The Reich's picture

Work for free! Work for free! Work for free!

Wed, 02/22/2012 - 14:00 | Link to Comment sgorem
sgorem's picture

yeah, they are being "serviced" alright..... the new normal slogan, "WE'VE BEEN GREECED!!"

Wed, 02/22/2012 - 14:18 | Link to Comment Village Smithy
Village Smithy's picture

Perhaps we need more articles that focus on the current un-ravelling of Greek society. Euro bankers are having their bonuses reduced while Greek people are going hungry.

Wed, 02/22/2012 - 13:41 | Link to Comment Goofy Bastard
Goofy Bastard's picture

Someone here thought this bailout was about anything other than keeping the banking interests whole?  

Wed, 02/22/2012 - 14:09 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

who cares?

Wed, 02/22/2012 - 13:43 | Link to Comment blu
blu's picture

The Greek bailout was about bailing out Euro banks holding Greek paper from the very start.

I mean, everybody man and boy here knew that. Right? I mean seriously, everyone knew that.

The Greeks will just have to default, that's all, but that was the case all along. The Euro banks got their backdoor bailout (properly sanitized as the Greeks will now eat the inflation) and the Greeks can walk away from their bad paper. When they leave the EU and reinstate the Drachma, they will have returned to their prior status as sweet, old indebted and backward uncle of the European experience.

Note, the ones getting the shaft here are the German workers. Their money was taken from them to "save the Eurozone" by "preventing a disastrous Greek default" when in reality it was all just a way to take German middle-class wealth and distribute that into the vaults of insolvent Eurozone banks.

Nobody gets this. Why doesn't anybody get this?

The ones should be rioting are not the Greeks. It is the German middle-class.

Wed, 02/22/2012 - 13:53 | Link to Comment walküre
walküre's picture

Germans don't get it because their media is portraying an image of absolute financial and economic LaLa Land. As if the quality of life had improved for the majority of Germans because their economy had strong exports to China.

I'm not sure if the timing of the political scandals in Germany is a coincidence. Who cares who holds the office of the Bundespräsident? That office has absolutely no power over anything whatsoever. And yet, the headlines are dominated by the affairs of the last President and the qualifications of the next contestants. Who cares?

Greece is a big deal for Europe. Small economy, huge debt. Italy has the very same problems although Italy has a much bigger industrial capacity which is all located in Northern Italy. The South of Italy is as poor as plain pasta. The North cannot finance the entitlements of the South. In a sense, you have the problems of Europe and the Euro compressed into ONE country in Italy.

Greece is in depression. Italy is sliding into recession. Germany thinks they can outsmart the world and holding their own and selling to China. That works as long as China has customers to sell their crap to.

Retail numbers in North America and Europe are fucking ugly. Everyone is waking up from their cheap credit induced spending binge party.

2012 will make look 2008 like a walk in the park.

Wed, 02/22/2012 - 13:57 | Link to Comment Sandmann
Sandmann's picture

The Presidency in Germany is totemic. Horst Koehler, ex IMF MD was not bad at the job but the Left attacked him and he threw in the towel. Gauck was a candidate but Merkel forced Wulff into place to show her power - he became the second to resign in 2 years. She could not force her choice again and Gauck is there - so Merkel is eclipsed and her Coalition may break. That is why this issue is resonant. The Taxpayer Federation wants MdBs to reject this vote on Monday.......it might be Merkel could fall over Greece, who knows ? She is much much weaker

Wed, 02/22/2012 - 14:01 | Link to Comment walküre
walküre's picture

I'm starting to believe that Merkel wants out before the shitstorm starts on March 20th. She knows there's no solution to Greece's debt problem and she would not want to take Germany down the road of Greek default and more bank bailouts.

What about this Nazi hunting woman they're presenting? Where is she coming from and who are they hoping to appease with her?

Wed, 02/22/2012 - 14:13 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

she has already been beaten like a rented mule by the banksters and nannies

now maybe someone can pound some sense into her thick skull?

slewie hopes so, too!

on a long enuf timeline...

...i s'pose almost anything could be possible...

Wed, 02/22/2012 - 13:42 | Link to Comment Sgt. Oddball
Sgt. Oddball's picture

So how long will it be before the bankers start declaring themselves nobles and begin demanding the privilige of having the Greek men's wives and children whenever they please.

Wed, 02/22/2012 - 13:51 | Link to Comment Calmyourself
Calmyourself's picture

Dude, Greece, not interested in the wives and daughters..

Anyone check on Kaiser Sousa's statement that 111 tons of greek gold is gone to the ECB per this latest bailout?

Wed, 02/22/2012 - 14:00 | Link to Comment pods
pods's picture

No need to give then any ideas. No doubt there are some greek homeless boys being setup for the next bankster orgy snuff film as we type.

pods

Wed, 02/22/2012 - 13:43 | Link to Comment cygnetsong
cygnetsong's picture

So... let's see:  all the nations of Europe demanding "reparations" from a broken (and broke), albeit at fault, nation. 

I'm sure there's no historical analog for this that could portend negatively...

~"rainbows, lollypops, and ..."

Wed, 02/22/2012 - 13:43 | Link to Comment Seasmoke
Seasmoke's picture

the people of Greece would riot HOWEVER they will be tired AND broke when getting done paying to work at their jobs

Wed, 02/22/2012 - 13:43 | Link to Comment walküre
walküre's picture

BDIY is rolling over again. All that "Chinese New Year" seasonal adjustment and the increased capacity bullshit didn't stick.

Demand is way down across the board. Wouldn't be surprised to see negative GDP showing up if not in Q1, in Q2 at the latest.

Eventually the face of this economy is so ugly, no amount of lipstick will help.

Wed, 02/22/2012 - 13:44 | Link to Comment alien-IQ
alien-IQ's picture

I refuse to read any more news until I see the headline "Greek Politicians and ECB Bankers Being Executed on the Streets of Athens".

Until then....I will boycott all news because, quite simply...I just can't take it any more. It's too fucking depressing.

Wed, 02/22/2012 - 14:02 | Link to Comment SMG
SMG's picture

AMEN BROTHER!

Wed, 02/22/2012 - 21:46 | Link to Comment Element
Element's picture

Protocols of the Elders of Zion:

Protocol #13 – Distractions 

 

We need the Goyim to keep silent and be our humble servants. 

 

When we hire Goyim to work at our media companies, we might order them to discuss things which are inconvenient for us to discuss directly via our official documents.  They will raise a din of discussion and create a distraction which will allow us to quietly introduce the laws we want and then present them to the public as an accomplished fact. 

 

No one will dare to demand the cancellation of a law that we’ve put forth, especially since it will be presented as an improvement...  And immediately afterward, the media will distract the current of thought towards new issues.  After all, haven’t we trained people always to be always seeking something new? 

 

The brainless dispensers of opinions and forecasts will then throw themselves into the discussions of these new issues.  Even now those people are not able to understand that they don’t have the remotest conception about the matters which they have chosen to discuss.  Political issues are incomprehensible to all except those who have guided it already for many ages; namely, the creators of our philosophy. 

 

From all this you will see that the apparent public opinion is that we are only carrying out the necessary functions of the government.  And you may notice that it is not our actions but our words which seem to be more important when seeking approval. 

 

We are constantly making public declarations claiming that we are guided in all that we do, by the hope and conviction that we are serving the common good in solving their problems.

 

Disclaimer:  This is of course not a genuine document, according to learned zionists.       </sarc>

Wed, 02/22/2012 - 13:45 | Link to Comment Eally Ucked
Eally Ucked's picture

In any civilized nation with "democracy" as a front it would not be possible to proceed with any major changes in fiscal and constitutional laws 2 months before election. But it's new norm a be aware of it and learn how it works.

Wed, 02/22/2012 - 13:49 | Link to Comment AndTheRest
AndTheRest's picture

Democracy is an illusion and everywhere individual liberty is being sacrificed at the altar of the nation state.  These governments are freakish science experiments come alive, fighting to maintain their own wretched existence.

Wed, 02/22/2012 - 13:46 | Link to Comment PaperBear
PaperBear's picture

Just when I think this could not get any more retarded I am provided incorrect.

Wed, 02/22/2012 - 13:49 | Link to Comment vh070
vh070's picture

Oh the farce of it all!  This is nothing but hatred for being fooled by Greece (with the help of GS) turned into revenge.  You've been had; take your medicine, kick Greece out of the zone, then show some largesse by allowing them to buy their way back in when-and-if they get their house in order and can afford it.

Wed, 02/22/2012 - 13:55 | Link to Comment swani
swani's picture

We knew that this creative criminal stuff would get more and more farcical so that the Central Banks and their enabling cartel of lower ranking bankster criminals could continue with the Ponzi. The US government and the corrupt regulators will squeeze the American tax payers for all that they have, changing the laws that protect investor contracts here too, after the election of course. We should all watch Greece very closely. The Central Bankers of the world are all in the same club, having absolutely no allegiance to any country, they will not stop here, they will continue, and inevitably do to the US, exactly, what they are doing to Greece, only when they are doing it here, the Military or Homeland Security will be in the streets rounding up protestors and taking them to FEMA camps as 'belligerents'.

Anyone who thinks that this is paranoid thinking, only needs to read or study; the Executive Orders that have been signed by Clinton/Bush/Obama, the latest being the NDAA, the fact that Martial Law can be declared in case of an economic 'crisis', the enormous budget that Homeland Security has just received to spend on surveillance and militarized policing of US citizens, using a more militarized police force than those used in the most tyrannical military dictatorships.

 

 

 

Wed, 02/22/2012 - 13:48 | Link to Comment KondaU
KondaU's picture

WTF else did you expect?

Do NOT follow this link or you will be banned from the site!